TCREUR_Public/051031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, October 31, 2005, Vol. 6, No. 215

                            Headlines

F I N L A N D

BENEFON OYJ: Expects EUR2.9 Million Net Loss this Year
BENEFON OYJ: Rejects Magi.tel Patent Claims


F R A N C E

ALSTOM SA: Sells Boiler Activities to Austrian Group
CHARLES JOURDAN: Guy Laroche Out of Contention
COMPAGNIE MARSEILLE: EC Ruling Sinks Group into Receivership
LAITERIE NAZART: Cash-strapped Dairy Group Collapses
NTS GROUP: Ends FY2004 in the Red


G E R M A N Y

CONSULT HENNIG: Creditors' Claims Due Next Month
DEHA HOLZ: Succumbs to Bankruptcy
DIE MATRATZE: Begins Bankruptcy Proceedings
DIRECT MAILING: Insolvency Report Out Mid-December
DUERR AG: Moody's Downgrades Corporate Family Rating to B2

INFINEON TECHNOLOGIES: Asks Temporary Injunction vs. Union
KLEMM EQUIPMENT: Provisional Administrator Takes over Helm
KREFT-MOBELWERKSTATTEN: Creditors Meeting Set December
NORBERT ASAM: Muenchen Court Opens Bankruptcy Proceedings
OTTO J. UTHOFF: Proofs of Claim Deadline Set Next Month

REAL-KAMINE: Court to Verify Claims January
WUENDSCH WEIDINGER: TACO Offers to Take over Business
ZINSELMEIER-TRANSPORTE: Administrator to Present Report December


H U N G A R Y

CHEMOPETROL LTD.: Removed from Trade Register


I R E L A N D

ELAN CORPORATION: Trims down 3rd-qtr. Loss by 38%
JSG FUNDING: To Discuss Third-quarter Earnings Nov. 9


I T A L Y

FIAT SPA: Launches New Trademark for New Identity
FIAT SPA: Exploring Possible Partnership with Suzuki


L U X E M B O U R G

SBS BROADCASTING: Prepares to Distribute Sale Proceeds
THIEL LOGISTIK: Rating Cut to 'B' on Weakened Financial Profile


N E T H E R L A N D S

ROYAL SHELL: Retains PricewaterhouseCoopers as Auditor


R U S S I A

AEROFLOT: To Beef up Undersized Fleet
BUTURLINOVAKA-ELEVATOR-STROY: Under Bankruptcy Supervision
EASTERN TRANSPORT: Insolvency Manager Takes over Company
ELOVSKIY: Perm Court Brings in Insolvency Manager
FACTORY OF STONECAST: Bankruptcy Hearing Set Next Year

KASHIRSKOYE: Bankruptcy Supervision Procedure Begins
KUVADYNSKOYE: Succumbs to Bankruptcy
OKTYABRSK-AGRO-PROM-STROY: Insolvency Manager Enters Firm
POCHINKOVSKIY HEMP: Hires V. Ivanov Insolvency Manager
SAMARSKOYE FREIGHT: Under Bankruptcy Supervision
SHUMERLINSKIY WOOD: Undergoes External Management Procedure
YUKOS OIL: Appeals Order to Repay Debt to Western Banks


S P A I N

YANKO: Files for Administration


S W I T Z E R L A N D

LEICA GEOSYSTEMS: Rating Withdrawn After Hexagon Acquisition


U K R A I N E

ARGENTUM-MIKRO: Succumbs to Insolvency
COMERC SECURITIES: Declared Insolvent
GALVESTULEAN: Court Appoints Insolvency Manager
NOVAS: Liquidator Takes over Operations
PROCREDIT BANK: Individual Rating Raised to 'D'
SUDAK' AUTO 14337: Insolvency Manager Steps in


U N I T E D   K I N G D O M

AARON ESTATE: Joint Liquidators Enter Firm
ALLSPORTS LTD.: Hires Churston Heard to Sell Store Leases
ANCHORPAC COMPACTORS: Files for Liquidation
AQUADART LIMITED: Hires Administrators from Smith & Williamson
AR BUILDING: Appoints P&A Partnership Liquidator

BORWORK LIMITED: Bar Operator Calls in Administrator
CAD-CAM PROJECTS: Administrators Take over Firm
CHARLES WELPTON: Names Redman Nichols Administrator
C & L MUSIC: EGM Passes Winding-up Resolutions
COMMERCIAL VEHICLE: Hires Liquidator from S. F. Plant & Co.

COMPASS GROUP: Launches Independent Review of Eurest
COMPASS TRADING: Home Trading Firm Liquidates
DOORWAYS UK: Members Decide to Wind up Firm
EXCHEQUER MANAGEMENT: Calls in Liquidator from Tenon Recovery
FOILHOPE LIMITED: Names Liquidator from Mazars

G BLACKBURN: Members Pass Winding-up Resolution
HYDER INVESTMENT: Meeting of Creditors Set Friday
LONDON CONTRACTS: In Liquidation
LONG BUILDING: Calls in Liquidator from X L Business Solutions
MACPHERSON MYSTERY: Goes into Liquidation

MISS MONEYPENNYS: Calls in Liquidator
NET & LACE: Curtain Maker Winds up
OEH GROUP: Appoints Poppleton & Appleby Liquidator
PROTEXE FIRE: Liquidator from Ward & Co. Enters Company
PULSE 8: EGM Passes Winding-up Resolution

QUIETARCH LIMITED: Appoints Begbies Traynor Liquidator
SCOTT TOD: Calls EGM to Consider Board Reshuffle
SPECIAL PAPER: Stationery Maker Winds up
TRETHOWAN (BUILDERS): Calls in Liquidator
ULYTEL LIMITED: Files for Liquidation
VIDEO NETWORKS: Warns of Cash Crunch as Losses Soar


                            *********


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


BENEFON OYJ: Expects EUR2.9 Million Net Loss this Year
------------------------------------------------------
Benefon Oyj on Wednesday said it expects fiscal 2006 revenues
and net income to amount to EUR66.5 million and EUR7.5 million
respectively.  The company also expects to achieve 2005 revenues
of approximately EUR8.46 million and a net loss of approximately
EUR2.9 million; and fourth quarter 2005 sales of EUR2.39 million
and net loss of EUR439,000.

The Company anticipates significant market penetration in the UK
and Ireland after it signed an exclusive distribution agreement
with U.K.'s largest mobile distributor 20:20 Logistics.  20:20
Logistics, is part of the Caudwell Group of companies, which
includes Dextra Solutions and Phones4U.  The agreement will
allow 20:20 to distribute Benefon products and services to
operators, retail outlets and large corporate users.

The Company expects that its partnership with China Putian will
generate significant manufacturing savings from new products
along with sales opportunities commencing in 2006 and beyond.
Consequently, the Company expects to reach profitability in the
first quarter of 2006, generating net profit for the full year
2006, and maintaining profitability on an annual basis
thereafter.

These estimates are based on facts and assumptions the Company
believes to be accurate; however, there is a high degree of
uncertainty in these assumptions.  Specifically, the Company's
ability to achieve its financial forecasts is highly dependent
on its ability to complete funding requirements, its ability to
meet product development timelines, the success of its
partnership with China Putian, its ability to hire and retain
qualified employees, its ability to manage its growth, changes
and trends in the mobile communications industry in general.

The Company will in its interim reports and from time to time,
as needed, provide updated information about the proceeding of
the financing project and the development of the sales and
financial results. The next interim report, covering period
January-September 2005, will be issued on November 10, 2005.

Reasons for Updated Guidance for Benefon

Benefon is updating its prior revenue projection for the year
2005 given on 26 May 2005 and further updated on 1 August 2005.
In the previous earnings projections, the Company highlighted
that they are highly dependent upon its upcoming product
development plans and the securing of additional financing in
the range of 25 million euros by the end of July 2005. The
schedule of the new product program detailed on 13 May 2005 has
stretched, shifting deliveries from the last quarter of this
year into the beginning of next year.  The strategic outlook
provided in the said spring earnings projection has not
essentially changed.  The extraordinary general meeting of the
Company held on 5 September 2005 authorized the Board of the
Company to arrange a rights issue of a maximum of 100 million
shares offered first to shareholders and then to investors, the
preparations of which are proceeding.

About 20:20 Logistics

20:20 Logistics is the U.K.'s leading mobile value added
distributor and was voted 'Distributor of the Year' for the last
seven years by leading industry journal Mobile News.  Supplying
dealers, retailers and networks by utilizing its sales,
marketing and logistical expertise to provide products and
services to its extensive customer base.

About Benefon

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on
April 24, 2003 after failing to get funding on time.  British
Octagon Solutions set the restructuring program as a condition
for its investment of EUR1.65 million in return for a two-thirds
share in the company.  In June this year, Benefon decided to end
the reorganization program ahead of schedule.

CONTACT:  BENEFON OYJ
          Jonathan Bate, CEO
          Phone: +44 1753 752 464
          E-mail: jonathan.bate@benefon.fi
          Web site: http://www.benefon.com


BENEFON OYJ: Rejects Magi.tel Patent Claims
-------------------------------------------
Benefon Oyj says a patent claim raised against the Company by
Magi.tel in Rome, Italy are totally groundless both as to any
alleged infringement as well as to any liability for damages,
and that the Company intends to vigorously defend its no-fault
position against all such claims.

In a hearing in June 2005, the Company provided the court with
additional material substantiating its position and refuting the
claim of Magi.tel, and, in a new hearing on October 19, 2005,
the judge agreed with the requests of the Company to file
further evidence supporting its position.  The next hearing will
be held on 5 April 2006.

                        About the Company

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on
April 24, 2003 after failing to get funding on time.  British
Octagon Solutions set the restructuring program as a condition
for its investment of EUR1.65 million in return for a two-thirds
share in the company.  In June this year, Benefon decided to end
the reorganization program ahead of schedule.

CONTACT:  BENEFON OYJ
          Jonathan Bate, CEO
          Phone: +44 1753 752 464
          E-mail: jonathan.bate@benefon.fi
          Web site: http://www.benefon.com


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


ALSTOM SA: Sells Boiler Activities to Austrian Group
----------------------------------------------------
ALSTOM and Austrian Energy & Environment AG have signed binding
agreements for the sale of ALSTOM's Industrial Boilers business.

The agreements are subject to a limited number of conditions
precedent, and it is envisaged that completion of the
transactions should occur by end November 2005.

The Industrial Boilers activities sold to Austrian Energy &
Environment AG include ALSTOM's German, Czech and Australian
range of industrial boilers, industrial sized heat recovery
steam generators, and thermal waste to energy plants. These
businesses recorded aggregate sales of around EUR400 million and
employ approximately 450 persons.

Austrian Energy & Environment AG is Austria's largest supplier
of thermal energy generation and environmental protection
technology systems.  It is part of the A-TEC Industries group
that employs approximately 7,200 persons and has annual sales of
EUR1.1 billion.

                            *   *   *

Headquartered in 25 Avenue Kleber, 75795 Paris Cedex 16, Alstom
S.A. -- http://www.alstom.com-- is a leading maker of power-
generation systems and constructs power plants, rail equipment,
luxury passenger ships, naval vessels, and natural gas tankers.
Other businesses include electrical drives, motors, and
generators.  The group generates around EUR13 billion in annual
revenue and employs more than 70,000 people worldwide.

While quite sizeable pre-tax losses of EUR0.7 billion and net
losses of EUR0.9 billion persisted in FY05, these levels were
much reduced from EUR1.6 billion and EUR1.8 billion respectively
in FY04, due mainly to lower restructuring and other costs.
Furthermore, EBITDA and net cash generated by operations were
positive at EUR0.4 billion and EUR0.2 billion respectively,
having been a negative EUR0.2 billion and EUR0.7 billion in
FY04.  Net debt was reduced substantially to EUR1.4 billion as
at FYE05 from EUR2.9 billion as at FYE04, due mainly to a EUR2
billion capital increase and EUR0.9 billion raised from
disposals.  The group remains financially complex and continues
to have sizeable off-balance sheet liabilities, being largely
bonding guarantees.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          S. Gagneraud
          Phone: +33 1 41 49 27 40
          E-mail: press@chq.alstom.com

          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: investor.relations@chq.alstom.com


CHARLES JOURDAN: Guy Laroche Out of Contention
----------------------------------------------
Guy Laroche has pulled out its bid for collapsed shoemaker
Charles Jourdan, leaving Swiss group Avendis the remaining
bidder, Les Echos says.

Owned by Chinese group YGM Trading, Guy Laroche had offered
EUR150,000 for the group's assets excluding property, and
EUR500,000 to EUR600,000 for its brands.

Avendis Capital, on the other hand, is offering EUR400,000 for
its subsidiaries and assets and EUR250,000 for the brands; and
is willing to retain 200 employees.  Philippe Cardon, who had
facilitated Guy Laroche's offer, will now join Avendis' bid.
The commercial court of Romans-sur-Isere in Drome was set to
rule on the bid on Oct. 28.

Charles Jourdan filed for bankruptcy on August 22, affecting
three companies: Charles Jourdan Industrie, the manufacturing
unit; Charles Jourdan France, the marketing and administration
division; and Sodepar, which runs the boutiques and factory
shops.

The 80-year-old company, which employs 532, has accumulated debt
of EUR9 million (US$11 million).

CONTACT:  CHARLES JOURDAN
          1 Boulevard Voltaire
          26100 Romans Sur Isere
          Web site: http://www.charles-jourdan.fr


COMPAGNIE MARSEILLE: EC Ruling Sinks Group into Receivership
------------------------------------------------------------
A recent ruling by the European Commission will force ship
repair specialist Compagnie Marseille Reparation (CMR) to apply
for receivership, Lloyds List says.

The EC recently ordered CMR to repay EUR3.5 million in state aid
received three year ago during its launch.  CMR Chairman and
Chief Executive Claude Miguet said he had tried to find ways to
make the payment to no avail.  He said the application for
receivership this week is only meant to temporarily shield the
company from creditors to allow it to participate in a crucial
tender.

The company is bidding for the contract to operate dry docks No.
8 and 9 in the port of Marseilles.  The bid has the backing of
prospective shareholders, which include Spain's Boluda group and
a number of Marseilles shipping companies, the report said.

Mr. Miguet says Boluda remains interested in buying a majority
stake in the company despite the adverse EC ruling.  Lloyds List
says the Spanish investor is understood to be angling for a 55%
stake, but does not want to assume CMR's debt.  Other investors
that remain interested in CMR are ferry operators SNCM and
Compagnie Meridionale de Navigation, tanker operator Fouquet
Sacop and CMA CGM.

Mr. Miguet said he is willing to forfeit his stake if that would
erase the company's debt.  He currently owns 52% of the company;
the rest belong to sub-contractors and the Dietmann group.  CMR
employs 140 people directly and provides work to 300 sub-
contractors.

CONTACT:  COMPAGNIE MARSEILLE REPARATION
          Enceinte Portuaire Mourepiane
          BP 57
          13315 MARSEILLE
          Tel: 04-91-03-52-00
          Fax: 04-91-69-69-61


LAITERIE NAZART: Cash-strapped Dairy Group Collapses
----------------------------------------------------
Family-owned dairy group Laiterie Nazart S.A. has filed for
insolvency at the Commercial Court in Rennes after failing to
obtain fresh funds to stay afloat, Les Echos says.

A source from the local chamber of agriculture said the Common
Agricultural Policy of the E.U., which prohibits export aid to
local dairy groups, badly hurt Nazart, whose Caseinates product
represents almost half its production volume.  Nazart's main
banks -- Banque de Bretagne and Credit Agricole -- have deserted
the group, citing poor prospects and failure to find buyers.

Nazart has already alerted 400 suppliers about its predicament
and advised them to seek alternative outlets for their products.
The dairy group generates EUR35 million in turnover and employs
95 people.

CONTACT:  LAITERIE NAZART S.A.
          2 Rue du Nancon BP 70103
          35300 Fougeres
          Phone: 02 99 99 25 99
          Fax: 02 99 94 17 95
          E-mail: didier.gonin@laiterie-nazart.fr
          Web site: http://www.laiterie-nazart.fr


NTS GROUP: Ends FY2004 in the Red
---------------------------------
NTS Group, which specializes in manufacturing conveying systems
for bottling operations, posted EUR3 million in net losses for
2004/2005 financial year, Les Echos says.

The result, generated on turnover of EUR37.3 million, is a far
cry from last year's EUR2.7 million profit.  The company
attributes the dismal performance to the weakening euro,
"unfavorable weather" and the integration of U.K. unit Ling
Systems.  NTS, which has closed one factory as part of a broad
restructuring of activities, still hopes to break even this
year.

The company provides conveying solutions to a broad range of
sectors within the beverage industry.  Its clients include Coca-
cola Marseille, Findus, Essilor, Amora, Colgate Palmolive, and
Vittel.  It is listed in Paris and owns NTS Shanghai, a
subsidiary in China.

CONTACT:  NTS GROUP
          70 rue du College - BP 2013
          59702 Marcq-en-Baroeul Cedex
          Phone: +33 (0) 3.20.66.85.66
          Fax: + 33 (0) 3.20.66.85.10
          E-mail: france@netra-systems.com
          Web site: http://www.netra-systems.com


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


CONSULT HENNIG: Creditors' Claims Due Next Month
------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Consult Hennig GmbH on Oct. 11, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 25, 2005 to register their
claims with court-appointed provisional administrator Dr.
Alexander Geilert.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2005, 10:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  CONSULT HENNIG GMBH
          Torfstichweg 17 c
          33613 Bielefeld

          Dr. Alexander Geilert
          Otto-Brenner-Str. 186
          33604 Bielefeld


DEHA HOLZ: Succumbs to Bankruptcy
---------------------------------
The district court of Bremen opened bankruptcy proceedings
against DEHA Holz GmbH on Oct. 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 20 to register their claims
with court-appointed provisional administrator Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 11, 2005, 9:35 a.m. at the district court of
Bremen, Ostertorstr. 25-31, 28195 Bremen 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 Dec. 1, 2005, 9:30 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  DEHA HOLZ GmbH
          Beim Industriehafen 57
          28237 Bremen

          Ralph Buenning, Provisional Administrator
          Domshof 18-20
          28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


DIE MATRATZE: Begins Bankruptcy Proceedings
-------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Die Matratze Handels GmbH on Oct. 6, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 5, 2006 to
register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 24, 2005, 10:15 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on March 3, 2005, 10 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  DIE MATRATZE HANDELS GmbH
          Pastor-Niemoller-Platz 2
          13156 Berlin

          Dr. Dirk Wittkowski, Provisional Administrator
          Kirchblick 11
          14129 Berlin


DIRECT MAILING: Insolvency Report Out Mid-December
--------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Direct Mailing I. Neumann GmbH on Oct. 11, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 4, 2005 to
register their claims with court-appointed provisional
administrator Klaus Dippel.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2005, 11:00 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum 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:  DIRECT MAILING I. NEUMANN GmbH
          August-Becker-Str. 10
          45711 Datteln

          Klaus Dippel, Provisional Administrator
          Werner Hellweg 477
          44894 Bochum
          Phone: 0234-26624
          Fax: 0234-234077


DUERR AG: Moody's Downgrades Corporate Family Rating to B2
---------------------------------------------------------
Moody's Investors Service has lowered the corporate family
rating of Duerr AG and secured bank facility to B2 from B1 and
the senior unsecured rating on the notes to Caa1 from B3.  The
ratings action concludes the review for possible downgrade
initiated on the 15th of August and was prompted by the
continuing weak cash flow generation, weakened liquidity profile
and elevated debt leverage.  The outlook on the ratings is
negative.

The ratings affected:

(a) Corporate family is downgraded to B2 from B1.

(b) The five-year EUR360 million senior secured revolving credit
    and guarantee facilities due June 2009 downgraded to B2 from
    B1;

(c) The EUR200 million 9.75% Senior Subordinated Notes due 2011
    downgraded to Caa1 from B3;

The rating downgrade reflects Moody's view that the new
restructuring plan embraced recently by the company, "Focus,"
will involve a considerable degree of execution risks at time of
significantly heightened financial risk due to reduced liquidity
headroom and increase in leverage.  Duerr's available liquidity
remains dependant upon the company renegotiating certain
financial covenants within its credit lines and a reversal of
certain negative working capital movements.  Financial leverage,
measured as Net Adjusted Debt over EBITDAR at 6.6x on a LTM
basis, reflects the weak cash flow profile and the level of
leverage remains high for the rating category and well above
Moody's expectation.  Any improvement in this metric is highly
dependent upon profit improvement through capacity reduction in
the U.S. and across Europe and possible disposal of additional
non-core assets.

Moody's recognizes that the steps taken by management are
expected to support a gradual recovery of the business and
should help the company to weather currently weak market
conditions, however, Moody's also notes that, through the focus
on core assets, the company will be increasingly exposed to the
automotive sector and cost cutting measures to improve
profitability may be offset the weak market conditions.  The
time line and absolute level of profit improvement is therefore
difficult to gauge at this stage.  In this context, Moody's
believes that company's profitability targets of EBITDA margin
of 8% by 2007 will remain challenging.

Alternate liquidity as at June 30, 2005 remain weak with cash
balance of EUR52.3 million and limited availability under its
senior credit facility.  Given the sharp seasonal swings in
working capital investment requirements, this marginal cushion
may be eroded.  The rating action takes also into consideration
Moody's understanding that the company is finalizing the
negotiation with its core group of banks in order to improve
current liquidity headroom.

More positively Moody's acknowledges that the company has
successfully disposed of a number of assets including Premier at
the beginning of the year and of DTS in September 05 and that
the company continues to have good market leadership positions,
which are somewhat protected by high barriers to entry due to
the technology content of Duerr's products.  Duerr's global
presence in the supply of large-scale production systems and
manufacturing support services mainly for the automotive
industry continues to be recognized as a cost-effective and
flexible for end customers.  Duerr has leading technology and
product innovation in its chosen segments and management has
outlined a strong commitment to execute the "Focus"
restructuring program.

The negative outlook reflects concern with regard to the
immediate funding requirements and the longer-term ability to
preserve the expected margin and cash flow improvements from
restructuring.  The outlook also reflects the likelihood that
the auto supply industry will remain extremely challenging over
the next few years.  In this respect, should the company prove
unsuccessful in restoring profitability levels and as a result
witness a deterioration in metrics below the current levels
there is likelihood of a further rating downgrade.

Conversely, Moody's may stabilize the ratings outlook should the
company prove successful in recovering profitability, improving
its cash flow profile (mainly through better working capital
management) in line with its future financial obligations and in
showing good progress in bringing its leverage, measured as
Total Adjusted Debt over EBITDAR, towards a 5x level.

Duerr AG is headquartered in Stuttgart, Germany, and is the
holding company for a global supplier of production systems and
manufacturing support services primarily to the automotive
industry.  The group develops and manufactures paint finishing
plants, final assembly and conveyor systems as well as measuring
systems.  Other services include paint process and manufacturing
support services such as parts cleaning and coolant recycling
under its Ecoclean division.

CONTACT:  MOODY'S INVESTORS SERVICE (MILAN)
          Paolo Leschiutta, Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


INFINEON TECHNOLOGIES: Asks Temporary Injunction vs. Union
----------------------------------------------------------
Semiconductor manufacturer Infineon Technologies has sought a
temporary injunction to the indefinite strike of IG Metall at
its Perlach site, Suddeutsche Zeitung says.

Employees, who have not joined the strike, have complained of
physical violence, including spitting and other forms of
intimidation, to discourage them from entering the premises.
Around 93% of employees at the site voted in favor of the action
on Oct. 21.

IG Metall claims workers have already accepted the plant's fate
and are now pushing for a severance pay equal to three months'
salary for every year of service.  The amount, however, is
higher than Infineon is offering.

Infineon earlier told employees that the strike cannot change
economic realities.  It chided IG Metall for leading these
actions when it did not participate in previous labor talks.
The plan to close the Perlach factory was first announced in
February by Infineon chief, Wolfgang Ziebart, who cited falling
demand and lagging production technology.

                          About Infineon

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

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


KLEMM EQUIPMENT: Provisional Administrator Takes over Helm
----------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Klemm Equipment Sales & Service GmbH on Oct. 10, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 23, 2005
to register their claims with court-appointed provisional
administrator Axel Geese.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 14, 2005, 11:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  KLEMM EQUIPMENT SALES & SERVICE GmbH
          Friedrich-Hagemann-Strasse 64
          33719 Bielefeld

          Axel Geese, Provisional Administrator
          Adenauerplatz 4
          33602 Bielefeld


KREFT-MOBELWERKSTATTEN: Creditors Meeting Set December
------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Kreft-Mobelwerkstatten GmbH & Co. KG on Oct. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 28, 2005
to register their claims with court-appointed provisional
administrator Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 19, 2005, 9:00 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  KREFT-MOBELWERKSTATTEN GmbH & CO. KG
          Dieselstr. 74 - 76
          33442 Herzebrock-Clarholz
          Contact:
          Volker Kreft, Manager

          Frank M. Welsch, Provisional Administrator
          Barkeystrasse 30
          33330 Guetersloh


NORBERT ASAM: Muenchen Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Norbert Asam Transport GmbH on Oct. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 18, 2005
to register their claims with court-appointed provisional
administrator Dr. Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 6, 2005, 10:45 a.m. at the district court of
Muenchen 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:  NORBERT ASAM TRANSPORT GmbH
          Stadtplatz 43
          86542 Aichach
          Contact:
          Norbert Asam, Manager

          Dr. Carlos Mack, Provisional Administrator
          Kanzlei Brinkmann & Partner
          Brienner Strasse 21
          80333 Muenchen


OTTO J. UTHOFF: Proofs of Claim Deadline Set Next Month
-------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Otto J. Uthoff GmbH & Co. KG on Oct. 7, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 21, 2005
to register their claims with court-appointed provisional
administrator Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 12, 2005, 10:15 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  OTTO J. UTHOFF GmbH & CO. KG
          Bornholmstr. 24
          33729 Bielefeld

          Klaus Knetter, Provisional Administrator
          Otto-Brenner-Str. 186
          33604 Bielefeld


REAL-KAMINE: Court to Verify Claims January
-------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Real-Kamine GmbH on Oct. 1, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 6, 2006, to register their claims with
court-appointed provisional administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 28, 2005, 9:00 a.m. at the district court of
Bonn, Wilhelmstrasse 21, 53111 Bonn at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Jan. 3, 2006, 9:10 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  REAL-KAMINE GmbH
          Am Weidenbach 38
          53229 Bonn

          Dr. Jorg Nerlich, Provisional Administrator
          Sternstr. 79
          53111 Bonn
          Phone: 0228/94 59 820
          Fax 0228/9459829


WUENDSCH WEIDINGER: TACO Offers to Take over Business
-----------------------------------------------------
Tata AutoCompSystems is buying auto components manufacturer,
Wuendsch Weidinger.  It is acquiring the operation and 270
employees through a 100% acquisition vehicle.

In March, Wundsch Weidinger filed for insolvency with assets
valued at EUR4 million.  The firm is based in Coburg.  It is
engaged in tool shop, precision injection molding, surface
enrichment and assembly operations.  Its clients include Audi,
Bentley, BMW, DaimlerChrysler, Volkswagen and Volvo.

TACO, a unit of top truck and bus maker Tata Motors Ltd., makes
seating systems, plastic interiors and exterior parts,
radiators, lighting systems and braking systems.

CONTACT:  TATA AUTOCOMP SYSTEMS LTD.
          TACO House,
          V. G. Damle Path,
          Off Law College Road, Erandwana
          Pune - 411 004 India
          Phone: +91-20-5608 5000
          Fax: +91-20-5608 5034
          Web site: http://www.tacogroup.com


ZINSELMEIER-TRANSPORTE: Administrator to Present Report December
----------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Zinselmeier-Transporte GmbH on Oct. 6, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 18 to
register their claims with court-appointed provisional
administrator Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 9, 2005, 9:15 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  ZINSELMEIER-TRANSPORTE GmbH
          Waldstr. 3
          33449 Langenberg
          Contact:
          Antonius Zinselmeier, Manager

          Frank M. Welsch, Manager
          Barkeystrasse 30
          33330 Guetersloh


=============
H U N G A R Y
=============


CHEMOPETROL LTD.: Removed from Trade Register
---------------------------------------------
Tiszai Vegyi Kombinat Company Limited by Shares (TVK Rt.), in
accordance with the requirements of:

(a) the 2001 CXX Law on Capital Markets (Tpt.) 21., and

(b) 11. articles of enclosure 6

hereby informs its shareholders and capital market participants
that as a result of the liquidation of TVK Rt's not fully
consolidated subsidiary, Chemopetrol Manufacturing and Trading
Ltd., the Court of Registration with its resolution dated
October 17, 2005 and received on October 26, 2005, cancelled the
company from the Trade Register as of October 17, 2005, and the
liquidation process was closed.

The process will have no significant impact on TVK Rt's
financial results.

Arpad Olvaso, CEO

The liquidation process of Chemopetrol Ltd. started on May 11,
2005.

CONTACT:   TISZAI VEGYI KOMBINAT RT.
           H-3581, Tiszaujvaros, TVK-Industrial Site,
           Hungary
           Phone: +36-49-522-222
           Fax: +36-49-521-322
           E-mail: tvkinfo@tvk.hu
           Web site: http://www.tvk.hu/tvk/index.jsp


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


ELAN CORPORATION: Trims down 3rd-qtr. Loss by 38%
-------------------------------------------------
           Report of Kelly Martin, President and CEO

Our disciplined execution continued in the third quarter.  On
Tysabri, we completed the patient safety evaluation in both MS
and CD/RA.  In addition, for MS we submitted an sBLA to the FDA
and a similar data package to the EMEA and we look forward to
working with the regulatory agencies during the review process.
In Alzheimer's, we advanced our immunotherapeutic approach.  Our
humanized monoclonal antibody program continues to progress and
is currently in Phase II.  Our second program, an active
immunization conjugate, has entered Phase I clinical trials this
quarter.  These accomplishments, along with progress in our core
businesses, continue to reinforce our commitment to moving
toward profitability and building shareholder value.  We remain
dedicated to meeting unmet medical needs of patients.  This
continues to define us as a company and as individuals.

    Report of Shane Cooke, Executive Vice-president and CFO

The loss for the quarter was reduced by 38% over 2004 to $67.1
million, principally because of the inclusion of litigation
settlement costs and product disposals in 2004.  We are pleased
that the core business, excluding Tysabri, continued to perform
strongly with product revenues up over 40% over last year
despite some disruption to the supply of Maxipime.

We continue to aggressively manage our cost base while not
compromising revenue growth or our ability to re-launch Tysabri,
and are optimistic that the business, excluding Tysabri, is on
track to achieve our target of breakeven, on an EBITDA basis, by
the end of the year.

     Unaudited Consolidated U.S. GAAP Income Statement Data

     Three Months Ended                Nine Months Ended
        September 30                    September 30
        2004    2005                    2004    2005
        US$m    US$m                    US$m    US$m
       ------ ------- --------------- ------- -------
                      Revenue (See
                       page 6)
        85.7   118.4  Product revenue  302.0   325.4
                      Contract
        15.4    10.2   revenue          55.8    24.5
       ------ -------                 ------- -------
       101.1   128.6  Total revenue    357.8   349.9
       ------ -------                 ------- -------

                      Operating
                       Expenses (See
                       page 10)
                      Cost of goods
        39.8    45.6   sold            122.3   146.9
                      Research and
        55.5    60.3   development     185.9   180.5
                      Selling,
                       general and
        77.8    81.0   administrative  232.8   276.4
                      Net gain on
                       divestment of
        (5.6)  (23.3)  businesses      (42.4)  (88.4)
                      Other
                       significant
        55.5     3.2   charges          63.3     2.3
       ------ -------                 ------- -------
                      Total operating
       223.0   166.8   expenses        561.9   517.7
       ------ -------                 ------- -------
      (121.9)  (38.2) Operating loss  (204.1) (167.8)
       ------ -------                 ------- -------

                      Net Interest
                       and Investment
                       Gains and
                       Losses (See
                       page 11)
                      Net interest
        24.6    28.7   expense          73.7    99.4
                      Net investment
        (2.2)   (1.0)  gains           (59.0)  (14.9)
                      Impairment of
         0.3     0.7   investments      44.6    20.8
                      Loss on EPIL II
          --      --   guarantee        47.1      --
                      Net charge on
                       debt
          --      --   retirement         --    52.2
       ------ -------                 ------- -------
                      Net interest
                       and investment
                       gains and
        22.7    28.4   losses          106.4   157.5
       ------ -------                 ------- -------

                      Net loss from
                       continuing
                       operations
      (144.6)  (66.6)  before tax     (310.5) (325.3)
                      Provision
                       for/(benefit
                       from) income
        (6.9)    0.7   taxes            (5.1)    0.6
       ------ -------                 ------- -------
                      Net loss from
                       continuing
      (137.7)  (67.3)  operations     (305.4) (325.9)
                      Net income from
                       discontinued
                       operations
                       (see Appendix
        29.9     0.2   I)               17.8     0.6
       ------ -------                 ------- -------
      (107.8)  (67.1) Net loss        (287.6) (325.3)
      ======= =======                 ======= =======

                      Basic and
                       diluted net
                       loss per
      $(0.28) $(0.16)  ordinary share $(0.74) $(0.80)
                      Weighted
                       average number
                       of ordinary
                       shares
                       outstanding
       391.1   425.5   (in millions)   389.1   409.0
                      Number of
                       shares
                       outstanding at
                       September 30
       391.8   426.6   (in millions)   391.8   426.6



          Unaudited Non-GAAP Financial Information - EBITDA

                         Non-GAAP
     Three Months Ended  Financial       Nine Months Ended
       September 30      Information       September 30
        2004   2005      Reconciliation    2004    2005
        US$m   US$m      Schedule          US$m    US$m

                     Net loss from
                      continuing
      (137.7) (67.3)  operations         (305.4) (325.9)
                     Net interest
        24.6   28.7   expense              73.7    99.4
                     Provision
                      for/(benefit
                      from) income
        (6.9)   0.7   taxes                (5.1)    0.6
                     Depreciation
                      and
        29.8   30.6   amortization         93.3    95.8
       (14.5) (17.9) Amortized fees       (39.9)  (42.8)
                     Revenue
                      received and
          --    3.5   deferred              7.0     4.2
      ------- ------                    ------- -------
      (104.7) (21.7) EBITDA              (176.4) (168.7)
      ======= ======                    ======= =======


                         Non-GAAP
     Three Months Ended  Financial       Nine Months Ended
       September 30      Information       September 30
        2004   2005      Reconciliation    2004    2005
        US$m   US$m      Schedule          US$m    US$m


      (104.7) (21.7) EBITDA              (176.4) (168.7)
                     Net gain on
                     divestment of
        (5.6) (23.3) businesses           (42.4)  (88.4)
                     Other
                     significant
        55.5    3.2  charges               63.3     2.3
                     Loss on EPIL
         --     --   II guarantee          47.1      --
                     Net investment
                     gains and
        (1.9)  (0.3) losses               (14.4)    5.9
                     Net charge on
                     debt
         --     --   retirement              --    52.2
                     Adjusted
       (56.7) (42.1) EBITDA              (122.8) (196.7)
       ============= =======             ======= =======

To supplement its consolidated financial statements presented on
a U.S. GAAP basis, Elan provides readers with EBITDA (Earnings
Before Interest, Taxes, Depreciation and Amortization) and
Adjusted EBITDA, non-GAAP measures of operating results.  EBITDA
is defined as net loss from continuing operations plus or minus
depreciation and amortization of costs and revenues, provisions
for income tax and net interest expense.  Adjusted EBITDA is
defined as EBITDA plus or minus net gains or losses on
divestment of businesses, other significant charges, loss on
EPIL II guarantee, net investment gains and losses and net
charge on debt retirement.

Neither EBITDA nor Adjusted EBITDA are presented as alternative
measures of operating results, cash flow from operations or net
loss from continuing operations, as determined in accordance
with U.S. GAAP.  Elan's management uses EBITDA and Adjusted
EBITDA to evaluate the operating performance of Elan and its
business and these measures are among the factors considered as
a basis for Elan's planning and forecasting for future periods.
Elan believes EBITDA and Adjusted EBITDA are measures of
performance used by some investors, equity analysts and others
to make informed investment decisions.

EBITDA and Adjusted EBITDA are used as analytical indicators of
income generated to service debt and to fund capital
expenditures.  EBITDA and Adjusted EBITDA do not give effect to
cash used for interest payments related to debt service
requirements and do not reflect funds available for investment
in the business of Elan or for other discretionary purposes.

EBITDA and Adjusted EBITDA, as defined by Elan and presented in
this press release, may not be comparable to similarly titled
measures reported by other companies. Reconciliations of EBITDA
and Adjusted EBITDA to net loss from continuing operations are
set out in the tables above titled 'Non-GAAP Financial
Information Reconciliation Schedule.'

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/ELANCORP..htm

About Elan

Elan Corporation plc (NYSE: ELN) is a neuroscience-based
biotechnology company.   Elan shares trade on the New York,
London and Dublin Stock Exchanges.   Visit http://www.elan.com
for additional information.

About Biogen Idec

Biogen Idec (NASDAQ: BIIB) creates new standards of care in
oncology, neurology and immunology.  As a global leader in the
development, manufacturing, and commercialization of novel
therapies, Biogen Idec transforms scientific discoveries into
advances in human healthcare.   For product labeling, press
releases and additional information about the company, visit
http://www.biogenidec.com

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com


JSG FUNDING: To Discuss Third-quarter Earnings Nov. 9
-----------------------------------------------------
JSG Funding plc, incorporating Jefferson Smurfit Group, will
release 2005 third-quarter earnings on Wednesday, November 9 at
12:00 noon BST (7:00 a.m. ET).

The Jefferson Smurfit Group management team will discuss third
quarter financial performance with investors on a conference
call scheduled for 3:00 p.m. BST (10:00 a.m. ET) on that date.

The purpose of the call is to provide investors and analysts
with an overview of the financial results, a perspective on
product market conditions and progress relative to corporate and
financial objectives.

                            *   *   *

In August, Fitch Ratings affirmed the ratings on JSG Funding
plc's Senior Notes at 'B' and Subordinated Notes at 'B-' ('B
minus').  The agency affirmed JSG Acquisitions' Senior Unsecured
rating at 'B+' and Senior Secured rating at 'BB'.  JSG Holdings
plc's Senior PIK Notes are affirmed at 'CCC+'.  The rating
outlook is stable.

JSG's first half 2005 continuing revenues of EUR2,123 million
and continuing EBITDA before exceptionals of EUR238 million were
in line with Fitch's expectations.  EBITDA is down on 2004,
partly as a result of non-core asset disposals, and partly due
to continuing difficult market conditions in Europe.  Free cash
flow generation in H1 05 suffered as a result of lower EBITDA
and a higher working capital requirement, which is in line with
previous years' working capital patterns.

Nonetheless, total debt was reduced to EUR2,630 million
(EUR2,499 million net of cash) from EUR3,161 million (EUR2,913
million net) at FY04 through senior debt prepayments from asset
disposal proceeds and application of the cash flow sweep.  As a
result, senior leverage at H1 05 has fallen to 2.4x on a
continuing EBITDA basis from 3.1x at FY04.  Total cash-pay
leverage stood at 5.2x (5.2x at FY04) and total leverage
including PIK notes at 5.9x.  These ratios are considered to be
at the high end for the rating category.

Michelle De Angelis, Associate Director in Fitch's Leveraged
Finance team, said: "Despite difficult market conditions in
Europe, JSG has continued to significantly reduce debt levels
through non-core asset disposals and from internally generated
cash, unlike its peer Kappa Packaging.

"Fitch considers that JSG has a greater degree of financial
flexibility over the coming two to three years with much-reduced
scheduled debt amortization payments and longer-dated bonds when
compared to Kappa Packaging."

The ratings continue to be constrained by JSG's high overall
financial leverage and moderate cash flow coverage, according to
Fitch.  However, the agency notes JSG's continuing comfortable
liquidity position with cash on balance sheet of EUR131 million,
a substantially undrawn revolving credit facility of up to
EUR425 million, and a low level of scheduled debt repayments
over the next two to three years.  Fitch expects that trading
conditions in Europe will remain challenging for JSG through the
rest of 2005, although JSG's vertical integration affords it
some protection from the cyclicality of the pulp and paper
markets, and its geographical diversification in Latin America
offers some upside in the face of continuing difficult
conditions in Europe.

The Jefferson Smurfit Group is one of the largest European based
integrated manufacturers of containerboard, corrugated
containers and other paper-based packaging products.  The group
has operations in Europe and Latin America.  Fitch emphasizes
that the ratings do not reflect any potential merger at this
stage.

CONTACT:  K CAPITAL SOURCE (for JSG Funding Plc)
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


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


FIAT SPA: Launches New Trademark for New Identity
-------------------------------------------------
The Fiat Group has a new trademark.  It's a square containing
the words FIAT GROUP in blue letters separated by a red sign on
a silver gray ground.  Clear and essential in the message it
carries, the new logo represents on today's Fiat: a company that
concentrates on making motor vehicles, its true vocation for the
past hundred years and more.  A Group that is more compact,
better organized, faster and more efficient in its decisions,
quicker to respond to market needs.  But above all, it is a
company that is making deep-seated changes in its culture and
the mentality of its people, and whose resurgence will hinge on
fast-paced, ongoing product renewal and technological research.
A new logo, then, for a new identity that the trademark sums up
symbolically: with the square that conveys a sense of solidity
and rationality; with the silver gray that stands for
technology; with the blue that is carried over from the old
trademark, but with a different shade.

Another break with the past is the addition of the word GROUP,
matching the word FIAT in size, weight and importance. Together,
the two terms remind us of Fiat's standing as an internationally
prominent manufacturing group.  Finally, the central element of
the logo, a short red sign, a calligraphic symbol that serves a
two-fold purpose: calling attention to the trademark, and
conveying the idea that the closed space of the square is open
to the outside world, maintaining direct, open dialog with it.
Designed by Robilant Associati, the new logo replaces the logo
that has represented the company for nearly forty years: the
four slanting rhomboids that were stylized versions of the
letters in the Fiat name.

                           About the Company

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR34.2 billion
generated for the 9-month period as at 30 September 2004.
Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di
Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and
UniCredito Italiano.

                           Status to date

The company recently converted EUR3 billion bank debt into
shares.  The founding Agnelli family maintained its 30% control
of the company.  S&P said the conversion is very favorable for
Fiat's credit quality.  It will wipe out EUR3 billion of
financial debt at the industrial level and materially decreases
the group's interest burden.  In August, it revised its outlook
on Italy-based automaker Fiat S.p.A. to stable from negative.
At the same time, Standard & Poor's affirmed its 'BB-' long-term
and 'B' short-term corporate credit ratings on the group.

CONTACT:  FIAT S.p.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


FIAT SPA: Exploring Possible Partnership with Suzuki
----------------------------------------------------
The Automobile Sector of Fiat Group and Suzuki Motor Corporation
(SMC) on October 20 announced the signing of a Letter of Intent
(LoI) to analyze the feasibility of the production under license
of the Fiat developed 2 liter JTD Multijet diesel engines,
compliant with emission level EUR5 and future emission
requirements.  Production of engines in Asia is expected to
commence by 2010.  Annual output is initially estimated to be
around 100,000 units with possibility to grow further.  Engines
will power a number of SMC models to be destined to various
markets globally.

Within this framework, Fiat Auto and Fiat Powertrain
Technologies will provide SMC with technological assistance and
training activities during the various stages of the licensing
agreement as well as a supply of 2 liter JTD Multijet until the
start of production at SMC facility.  With the aim of
strengthening the strategic partnership between Fiat Auto and
SMC, Fiat Group's automotive components arm, Magneti Marelli,
will supply next generation engine injection components and
systems to SMC for installation on the licensed engines. This
would allow SMC to benefit from state-of-the-art technology.

About Fiat Group's Automobile Sector

One of the pioneer companies in the automobile industry, Fiat
has produced more than 85 million passenger cars and light
commercial vehicles, including no less than 400 models, since
1899, when the company was founded in Turin, Italy. Some of them
have represented milestones in the automotive industry. The Fiat
Group's Automobile Sector operates worldwide with the following
brands: Fiat, celebrated for value, economy, and innovation and
whose mass produced cars are distributed over almost the entire
price class spectrum; Lancia (acquired in 1969) means prestige
cars noted for their elegant styling, and comfort; Alfa Romeo
(acquired in 1986) is famous as a maker of sport and luxury
vehicles of style and distinction; Maserati (acquired in 1992)
represents a landmark in the history of the automobile; Ferrari
(acquired in 1969), well renowned for unsurpassed design,
performance, and luxury, is a legendary automobile that imparts
special cachet to its owner.

About Suzuki Motor Corporation

Suzuki Motor Corporation -- http://www.globalsuzuki.com-- is a
diversified worldwide automobile, motorcycle, and outboard
motors manufacturer. Founded in 1909 and incorporated in 1920,
Suzuki has been leading the global compact vehicle market.
Especially in Japan, it has maintained the leadership in mini-
car sales in Japan for the past 32 consecutive years.  Suzuki
has automobile manufacturing operations through 15 affiliates in
14 countries, including China, Indonesia and Canada as well as
India, Pakistan and Hungary where Suzuki is the market leader.
Its vehicles are sold in approx. 190 countries.  In 2004
financial year, Suzuki produced more than 2 million automobiles
around the globe. Suzuki's headquarter is located in Hamamatsu-
City, Shizuoka, Japan.

                           About the Company

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR34.2 billion
generated for the 9-month period as at 30 September 2004.
Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di
Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and
UniCredito Italiano.

                           Status to date

The company recently converted EUR3 billion bank debt into
shares.  The founding Agnelli family maintained its 30% control
of the company.  S&P said the conversion is very favorable for
Fiat's credit quality.  It will wipe out EUR3 billion of
financial debt at the industrial level and materially decreases
the group's interest burden.  In August, it revised its outlook
on Italy-based automaker Fiat S.p.A. to stable from negative.
At the same time, Standard & Poor's affirmed its 'BB-' long-term
and 'B' short-term corporate credit ratings on the group.

CONTACT:  FIAT S.p.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


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


SBS BROADCASTING: Prepares to Distribute Sale Proceeds
------------------------------------------------------
As previously announced, TVSL S.A. en liquidation (formerly SBS
Broadcasting S.A.) is preparing to distribute the proceeds of
its recently completed asset sale and certain other amounts to
shareholders and holders of stock options of the former SBS.
The record date for the liquidation distribution is October 18,
2005, the closing date of the asset sale.  Each shareholder of
the former SBS on the record date is entitled to receive payment
of the liquidation distribution. Based on the factors described
in the Shareholders' Circular dated September 1, 2005, the
liquidation distribution is expected to be approximately EUR46
per share.

Each shareholder on the record date should have either received
a Notice of Currency Election or been contacted by their bank or
broker to enquire whether they would like to receive U.S.
dollars instead of euros in the liquidation distribution. As a
convenience to shareholders, TVSL (the former SBS) is offering
each shareholder of the former SBS on the record date the
opportunity to elect to receive the U.S. dollar equivalent of
the euro amount of the liquidation distribution.  For
shareholders that so elect, the euro amount will be converted
into U.S. dollars at a market rate obtained by TVSL (net of
expenses of the conversion of euros into U.S. dollars).

Shareholders are reminded that, if they wish to elect to receive
the liquidation distribution in U.S. dollars, they must complete
and return the Notice of Currency Election so that it is
received no later than November 2, 2005 or respond to their bank
or broker in accordance with the instructions provided by their
bank or broker so that the bank or broker can provide notice of
the currency election by that date. Shareholders who want to
receive euros do not need to take any action.

Shareholders of record as of any date other than October 18 will
not be entitled to receive the liquidation distribution from the
former SBS.  Shareholders who have purchased shares in the
former SBS or have become shareholders of record after October
18, 2005 will need to make arrangements with the holder of these
shares on the record date in order to receive any proceeds of
the liquidation distribution.

If shareholders have any questions in connection with the
liquidation distribution, they should contact Georgeson
Shareholder, the information agent, at the following telephone
numbers:

Georgeson Shareholder
Toll free in the United States:   +1-866-328-5441
Banks and Brokers: +1-212-440-9800
Callers in Europe: 00-800-5555-6666

CONTACT:  SBS BROADCASTING
          Web site: http://www.sbsbroadcasting.com


THIEL LOGISTIK: Rating Cut to 'B' on Weakened Financial Profile
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Luxembourg-based logistics provider
Thiel Logistik AG to 'B' from 'B+', reflecting the group's
weakened business and financial profiles.  At the same time, the
long-term debt rating on the group's EUR130 million ($155
million) senior subordinated notes was lowered to 'CCC+' from
'B-'.  Both ratings were removed from CreditWatch with negative
implications, where they had been placed on July 4, 2005, on
concerns over strategic and management issues. The outlook is
stable.

The downgrade reflects the deterioration of Thiel's business and
financial profiles over the last year, to the extent that they
are no longer in line with a 'B+' long-term rating.

"We note potential weaknesses in Thiel's management structure
and control functions, which leaves open the possibility of
operational indiscipline and failure to meet financial targets,"
said Standard & Poor's credit analyst Jarrad Oberhardt. "We do
not anticipate the group generating positive free operating cash
flow in 2005, which differs from our previous assessment."

The downgrade coincides with the conclusion of a formal review
by Standard & Poor's, in which we assessed recent management
changes and corporate governance issues associated with Thiel's
50.26% majority owner, Delton AG.

The EUR130 million senior subordinated notes are rated two
notches below the long-term corporate credit rating, reflecting
the notes' structural and legal subordination to senior
noteholders.

The stable outlook reflects our expectation that Thiel will
continue to perform in line with the ratings. The ratings have
limited upside potential in the short to medium term, during
which we expect the new senior management team to establish its
operational and financial credibility.

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

CONTACT:  THIEL LOGISTIK AG
          Hans Dettmar
          Head of Corporate Communication
          Phone: 00352/719690-1360
          Fax: 00352/719690-1359
          E-mail: ir-info@thiel-logistik.com


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


ROYAL SHELL: Retains PricewaterhouseCoopers as Auditor
------------------------------------------------------
Early this year it was decided that Royal Dutch Shell plc would
move to a single audit firm.  The decision making process has
now been completed and upon the recommendation of the Audit
Committee, the Board of Directors of Royal Dutch Shell plc has
on Thursday announced that it has decided to retain
PricewaterhouseCoopers as the sole audit firm for Royal Dutch
Shell Plc.

Going forward PricewaterhouseCoopers will perform the audit and
audit related services of the worldwide operations of Royal
Dutch Shell plc, provide the audit opinion on the financial
statements and review the quarterly results.

The engagement of PricewaterhouseCoopers as the sole auditor
will take effect on November 7, 2005. The current joint audit
engagement with both KPMG and PricewaterhouseCoopers ends as of
that date.

KPMG will be resigning as sole auditor of Royal Dutch Petroleum
Company and it is intended that PricewaterhouseCoopers will
become the auditor of Royal Dutch Petroleum Company.

The transition process has started and the 2005 Annual
Report/20-F of Royal Dutch Shell plc will be audited solely by
PricewaterhouseCoopers.

CFO Peter Voser said, "The choice of a single audit firm for the
company is another step towards simplification and
standardization of our processes.  We are pleased to continue
with PricewaterhouseCoopers as our sole auditor.  We also look
forward to working with KPMG as a provider of non-audit
services. We would like to express our appreciation for the
excellent professional service we have received from both KPMG
and PricewaterhouseCoopers over the years."

                           About the Company

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

                           The Trouble

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

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


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


AEROFLOT: To Beef up Undersized Fleet
-------------------------------------
Troubled national carrier Aeroflot will lease five A320
airliners in addition to the new planes it had earlier
announced, says Reuters.

According to board member Leonid Dushatin, the new planes will
add to the seven A321s it is planning to lease. "There is a
shortage of planes, we need new ones.  Besides, there aren't
many planes on the market at the moment," he said.

Earlier this month, Aeroflot said it will acquire 12 Airbus
A320s and as many as 5 Boeing 767 planes to modernize its aging
fleet.  Aeroflot Deputy General Director Sergei Kharitonov said
the company will shop for A320s within the next 18 months.
Aeroflot will also replace outdated Tu-134 planes with foreign-
made used aircraft and; beginning 2008, buy 30 planes,
preferably An-148s or RRJs for its regional flights.

Operating out of Moscow's Sheremetyevo Airport, Aeroflot
controls 11% of domestic and 39% of international markets for
air carriage.  For the first quarter of the year, net loss
doubled to RUB875 million, despite a hike in revenues from
RUB9.986 billion to RUB11.085 billion.

CONTACT:  AEROFLOT - RUSSIAN AIRLINES JSC
          Leningradsky Prospect 37, Bldg. 9
          125167 Moscow, Russia
          Phone: +7-095-155-6643
          Fax: +7-095-155-6647
          Web site: http://www.aeroflot.ru


BUTURLINOVAKA-ELEVATOR-STROY: Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
Buturlinovaka-Elevator-Stroy.  The case is docketed as A14-
10462/2005-69/16b.  Mr. R. Shuvalov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 197535, Russia,
Voronezh region, Buturlinskiy region, Nizhniy Kislyay,
Dzerzhinskogo Str. 15v.  A hearing will take place on December
21, 2005, 11:00 a.m. at Russia, Voronezh, Strednemoskovskaya
Str. 77, Room 302.

CONTACT:  Mr. R. Shuvalov
          Temporary Insolvency Manager
          197535, Russia, Voronezh region, Buturlinskiy region,
          Nizhniy Kislyay, Dzerzhinskogo Str. 15v


EASTERN TRANSPORT: Insolvency Manager Takes over Company
--------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on LLC Eastern Transport
Company.  The case is docketed as A73-8205/05-38.  Mr. A.
Mikhaylovskiy has been appointed temporary insolvency manager.

CONTACT:  EASTERN TRANSPORT COMPANY
          Russia, Khabarovsk region,
          Gogolya Str. 27

          Mr. A. Mikhaylovskiy
          Temporary Insolvency Manager
          680013, Russia, Khabarovsk region,
          Leningradskaya Str. 28, ABK#8, Office 318


ELOVSKIY: Perm Court Brings in Insolvency Manager
-------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on butter and cheese combine company
Elovskiy.  The case is docketed as A50-1862/2005-B.  Mr. B.
Novikov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 617830, Russia,
Perm region, Chernushka, Lenina Str. 36.  A hearing will take
place on November 15, 2005.

CONTACT:  ELOVSKIY
          Russia, Perm region, Elovskiy region, Elovo,
          Kommunisticheskaya Str. 25

          Mr. B. Novikov
          Temporary Insolvency Manager
          617830, Russia, Perm region,
          Chernushka, Lenina Str. 36
          Phone: (34261) 4-03-36
          Fax: (34261) 3-45-75


FACTORY OF STONECAST: Bankruptcy Hearing Set Next Year
------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on OJSC Factory Of Stonecast
Productions And Mineral Raw Materials.  The case is docketed as
A26-4151/2005-18.  Mr. I. Tarasov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 107241, Russia,
Moscow, Post User Box 33.  A hearing will take place on January
18, 2006.

CONTACT:  FACTORY OF STONECAST PRODUCTIONS
          AND MINERAL RAW MATERIALS
          186200, Russia, Kareliya republic,
          Kondopoga, Zavodskaya Str. 2a

          Mr. I. Tarasov
          Temporary Insolvency Manager
          107241, Russia, Moscow region,
          Post User Box 33


KASHIRSKOYE: Bankruptcy Supervision Procedure Begins
----------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on close joint stock company Kashirskoye
(TIN 5019015634).  The case is docketed as A41-K2-16500/05.
Mr. Y. Zaytsev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 620086, Russia,
Kurgan, Sverdlovsk region, Ekaterinburg, Posadskaya Str. 21-105.
A hearing will take place on February 22, 2006, 2:00 p.m. at the
Arbitration Court of Moscow region, Hall 440.

CONTACT:  KASHIRSKOYE
          Russia, Moscow region, Kashirskiy region,
          Taraskovo, Komsomolskaya Str. 26

          Mr. Y. Zaytsev
          Temporary Insolvency Manager
          142284, Russia, Moscow region,
          Protvino, Pobedy Str. 2, Office 211


KUVADYNSKOYE: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Kuvadynskoye (TIN 5605002098) after finding
the auto-transport enterprise insolvent.  The case is docketed
as A47-8660/2005-14GK.  Mr. S. Nasledov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 462419, Russia, Orenburg region, Orsk, Metallurgov Pr. 6A,
Room 310.

CONTACT:  KUVADYNSKOYE
          426244, Russia, Orenburg region,
          Kuvandyk, Zelenaya Str.

          Mr. S. Nasledov
          Insolvency Manager
          462419, Russia, Orenburg region, Orsk,
          Metallurgov Pr. 6A, Room 310
          Fax: (3536) 25-46-60


OKTYABRSK-AGRO-PROM-STROY: Insolvency Manager Enters Firm
---------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on open joint stock company Oktyabrsk-
Agro-Prom-Stroy (TIN 2821000251).  The case is docketed as A04-
5932/05-12/46 "B".  Mr. K. Lysenkov has been appointed temporary
insolvency manager.  A hearing will take place on January 16,
2006, 10:00 a.m. at the Arbitration Court of Amur region.

CONTACT:  OKTYABRSK-AGRO-PROM-STROY
          676630, Russia, Amur region,
          Ekaterinoslabka, Pionerskaya Str. 69

          Mr. K. Lysenkov
          Insolvency Manager
          676630, Russia, Amur region,
          Ekaterinoslabka, Pionerskaya Str. 69


POCHINKOVSKIY HEMP: Hires V. Ivanov Insolvency Manager
------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Pochinkovskiy Hemp Factory.  The case is docketed as A43-
15520/2005 33-266.  Mr. V. Ivanov has been appointed temporary
insolvency manager.

CONTACT:  POCHINKOVSKIY HEMP FACTORY
          607910, Russia, Nizhniy Novgorod region,
          Pochinkovskiy region, Pochinki

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


SAMARSKOYE FREIGHT: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on auto-transport enterprise Samarskoye
Freight.  The case is docketed as A55-14260/05-38.  Mr. A.
Miller has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 423461, Russia,
Tatrstan republic, Almetyevsk, GOS-11, Post User Box 188.

CONTACT:  SAMARSKOYE FREIGHT
          Russia, Samara region, Samara,
          Verkhnyaya-Karyernaya Str. 3a

          Mr. A. Miller
          Temporary Insolvency Manager
          423461, Russia, Tatarstan republic,
          Almetyevsk, GOS-11, Post User Box 188


SHUMERLINSKIY WOOD: Undergoes External Management Procedure
-----------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
external management procedure on open joint stock company
Shumerlinskiy Wood Combine.  The case is docketed as A79-
1308/2005.  Mr. A. Petrov has been appointed external insolvency
manager.  Creditors may submit their proofs of claim to 429120,
Russia, Chuvashiya republic, Shumerlya, Lenina Str. 43.

CONTACT:  SHUMERLINSKIY WOOD COMBINE
          Russia, Chuvashiya republic,
          Chumerlya, Surikova Str. 1A

          Mr. A. Petrov
          External Insolvency Manager
          429120, Russia, Chuvashiya republic,
          Shumerlya, Lenina Str. 43


YUKOS OIL: Appeals Order to Repay Debt to Western Banks
-------------------------------------------------------
Yukos Oil has appealed a Moscow court ruling ordering it to pay
US$475 million in debt to a group of Western banks, according to
AFX.  The court started proceedings to extract the payment on
Oct. 11.

As reported by TCR-Europe on Sept. 30, Moscow's arbitration
court upheld the decision of the High Court in London requiring
Yukos to repay the outstanding loan to the Western banks.  The
amount is what remains of a US$1.0 billion loan granted in 2003
by a pool of 14 banks led by France's Societe Generale.  The
lenders include Citigroup Inc., Deutsche Bank AG, Commerzbank
AG, BNP Paribas S.A. and ING Bank N.V.  The case is HC05CO1219
BNP Paribas and ors v. Yukos Oil Co.

Yukos availed of the loan to pre-finance sale of oil and for
general corporate purposes.  It includes a three-year US$500
million loan facility and a five-year US$500 million loan
facility, according to court documents accessed by Bloomberg
News.  The lenders claim Yukos missed interest payments due in
March and April 2005.  In July, Yukos indicated it received
notification of default of payment on this loan.  The loan was
secured against Yukos' production subsidiaries, including
Yugansk, which is now owned by state-owned company
Rosneft.

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

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

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

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


=========
S P A I N
=========


YANKO: Files for Administration
-------------------------------
Footwear maker Yanko has filed for court-supervised
administration and sought permission to make 90 of 193 employees
redundant, El Pais says.

Based in Barcelona, the shoemaker has incurred about EUR3.4
million in debt.  It is one of the most prestigious
international footwear brands.  Its factory in Mallorca also
manufactures bags, wallets, billfolds, belts, travel articles
and clothes.

CONTACT:  YANKO
          Paseo de Gracia, 95
          08008 Barcelona
          Phone: 934 879 666
          Web site: http://www.yanko.com

          TINKLE
          Public Relations
          c/o Marques de la Ensenada, 14 - 3rd floor
          28004 Madrid
          Phone: 917 021 010


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


LEICA GEOSYSTEMS: Rating Withdrawn After Hexagon Acquisition
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' long-term
corporate credit rating on Swiss-based optical measurement
instruments maker Leica Geosystems Holdings AG, following the
completion of the company's acquisition by Hexagon AB of Sweden.
At the time of the withdrawal, the rating was on CreditWatch
with developing implications.

The rating was originally placed on CreditWatch on June 13,
2005, with negative implications, following news of Hexagon's
takeover bid; the implications were revised to developing on
July 26, 2005, after a subsequent bid by U.S.-based Danaher
Corp.

"The acquisition of more than 98% of Leica's outstanding share
capital formally concludes Hexagon's battle with Danaher for
control of the company," said Standard & Poor's credit analyst
Jarrad Oberhardt.  "Consequently, it can now proceed with the
compulsory acquisition of the remaining minority interests, a
process we expect to be completed by the end of the 2005
calendar year."

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

CONTACT:  LEICA GEOSYSTEMS AG
          George Aase, Director Investor Relations
          Heinrich-Wild-Strasse
          CH-9435 Heerbrugg
          Switzerland
          Phone: +41 71 727 3064 (direct)
          Tel: +41 71 727 3131 (operator)
          Fax: +41 71 727 4678
          E-mail: George.Aase@leica-geosystems.com


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


ARGENTUM-MIKRO: Succumbs to Insolvency
--------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Argentum-Mikro (code EDRPOU 31074381) after
finding the limited liability company insolvent.  The case is
docketed as 6/410-4/205.  Mr. I. Shimchishin (License Number AB
116089) has been appointed liquidator/insolvency manager.

CONTACT:  ARGENTUM-MIKRO
          79014, Ukraine, Lviv region,
          Nishinskij Str. 35

          I. SHIMCHISHIN
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Shevchenko Str. 400/8

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


COMERC SECURITIES: Declared Insolvent
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Comerc Securities (code EDRPOU 33059522) on
September 20, 2005 after finding the limited liability company
insolvent.  The case is docketed as 15/620-b.  Ms. M.
Grzhebinska (License Number AB 116056) has been appointed
liquidator/insolvency manager.

CONTACT:  COMERC SECURITIES
          01103, Ukraine, Kyiv region,
          Kikvidze Str. 13

          M. GRZHEBINSKA
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          V. Hvojka Str. 18/14, Office 706

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


GALVESTULEAN: Court Appoints Insolvency Manager
-----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Galvestulean (code EDRPOU 20799942) on June
22, 2005 after finding the limited liability company insolvent.
The case is docketed as 6/407-4/210.  Mr. I. Shimchishin
(License Number AB 116089) has been appointed
liquidator/insolvency manager.

CONTACT:  GALVESTULEAN
          79017, Ukraine, Lviv region,
          Medovoi Pecheri Str. 36/60

          I. SHIMCHISHIN
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Shevchenko Str. 400/8

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


NOVAS: Liquidator Takes over Operations
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Novas (code EDRPOU 16468811) on August 4,
2005 after finding the limited liability company insolvent.  The
case is docketed as 15/54-B.  Mr. A. Fomenko has been appointed
liquidator/insolvency manager.  The company holds account number
26000303328001 at JSCB TAS-Comertsbank, MFO 300164.

CONTACT:  NOVAS
          Ukraine, Kyiv region,
          P. Vershigori Str. 1

          A. FOMENKO
          Liquidator/Insolvency Manager
          03150, Ukraine, Kyiv region, a/b 481
          Phone: 8 (067) 409-57-71

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


PROCREDIT BANK: Individual Rating Raised to 'D'
-----------------------------------------------
Fitch Ratings upgraded the Individual rating of ProCredit Bank
(Ukraine) to 'D' from 'D/E'.  Its other ratings have been
affirmed at Long-term foreign currency 'BB-'; Short-term foreign
currency 'B'; Long-term local currency 'BB'; Short-term local
currency 'B'; and Support '3'. The Outlooks on both Long-term
ratings are Positive.

The agency has also affirmed the ratings of ProCredit Bank
(Bulgaria) ("ProCredit Bulgaria") at Long-term foreign currency
'BB+'; Short-term foreign currency 'B'; Long-term local currency
'BB+'; Short-term local currency 'B'; Individual 'D' and Support
'3'. The Long-term Outlook is Stable.

The upgrade of ProCredit Ukraine's Individual rating reflects
the bank's longer track record of operation, improving
profitability and funding diversification, reasonable asset
quality to date as well as its good (for Ukraine) corporate
governance framework. It also considers ProCredit Ukraine's
reasonable liquidity, as demonstrated during the mini-banking
crisis in the last quarter of 2004 when the bank was able to
continue lending at a time when, due to liquidity
considerations, many other Ukrainian banks were temporarily
forced to stop. However, the Individual rating continues to
reflect ProCredit Ukraine's small size, the credit and
operational risks associated with its rapid growth, and its
ongoing, albeit falling, reliance on funding from international
financial institutions ("IFI"). In addition, it reflects Fitch's
expectations that, while acceptable at present, capital will
fall to more moderate levels over the next twelve months.

ProCredit Bulgaria's Individual rating reflects the bank's small
size, reliance on IFI funding and rapid balance-sheet growth, in
light of which its capitalisation is under pressure. However,
these issues are balanced by its good asset quality and
effective risk management to date, improving profitability and
reasonable liquidity. Funding is also becoming more diversified.

The Long-, Short-term and Support ratings of ProCredit Bulgaria
and ProCredit Ukraine are based on Fitch's view of the potential
support they are likely to receive from their owners, in
particular, ProCredit Holding AG ("ProCredit Holding"; formerly
Internationale Micro Investitionen, rated 'BBB-' (BBB minus)) in
case of need. The ratings take into account the centralised
control and risk management by ProCredit Holding and the banks'
high degree of integration within the ProCredit group. However,
in the case of ProCredit Ukraine the potential support, and
hence the bank's ratings, are constrained by the 'BB-' (BB
minus) Country Ceiling of Ukraine. The Positive Outlook on
ProCredit Ukraine's Long-term ratings reflects the Positive
Outlook assigned to Ukraine's Long-term ratings in June 2005.

Fitch notes that any movement in the Country Ceiling for Ukraine
would have implications for ProCredit Ukraine's Long-term
ratings. A downward movement in the Country Ceiling would also
have negative implications for the bank's Support rating.
ProCredit Bulgaria's Long-term, Short-term and Support ratings
are dependent on changes in ProCredit Holding's Long-term
rating. The agency comments that upside potential for both
banks' Individual ratings is limited by their small size, while
a deterioration in capitalisation and liquidity leading to a
need for support could contribute to a downgrade of their
Individual ratings.

ProCredit Holding owns approximately 20% in both ProCredit
Bulgaria and ProCredit Ukraine. The ProCredit banks' other
shareholders consist of private and public investors (including
several major international financial institutions), whose
participation in the banks is largely motivated by wider
developmental goals. However, ProCredit Holding is set to become
the majority shareholder of most of the ProCredit banks over the
next few years, a process that is set to be complete by end-2005
for ProCredit Bulgaria and ProCredit Ukraine. As a result,
ProCredit Holding will become the single largest shareholder of
both banks with a stake of approximately 60%.

ProCredit Holding was set up in 1998 by a Frankfurt-based
consulting firm (Internationale Projekt Consult GmbH) to invest
in a global network of ProCredit banks. These banks were
established by private and public investors to provide financing
to micro- and SME customers. The ProCredit network consists of
19 banks in Eastern Europe, Latin America and Africa. At end-
August 2005, the group's total assets were EUR1.9 billion.
ProCredit Holding's responsibilities include all major group
functions, including strategic decisions, risk management
controls and group supervision. ProCredit Holding is not
regulated as a banking group. However, the ProCredit banks are
regulated in their respective countries.

CONTACT:  PROCREDIT BANK
          86 Bozhenka Str.
          Kyiv 03150
          Ukraine
          Phone: 044 490 60 80
          Fax: 044 490 60 81
          E-mail: info@procreditbank.com.ua
          Web site: http://www.procreditbank.com.ua

          FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 20 7417 3495

          James Watson, Moscow
          Phone: +7 (095) 956 9901

          Mark Young
          Phone: +44 20 7417 4268

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080


SUDAK' AUTO 14337: Insolvency Manager Steps in
----------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Sudak' Auto Transport Enterprise-14337 (code
EDRPOU 02139280) on September 6, 2005 after finding the open
joint stock company insolvent.   The case is docketed as 2-
5/6653-2005.  Mr. S. Kmitto (License Number AA 485233) has been
appointed liquidator/insolvency manager.

CONTACT:  SUDAK' AUTO TRANSPORT ENTERPRISE 14337
          98000, Ukraine, AR Krym region,
          Sudak, Shidne Shose Str. 7

          S. KMITTO
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Makiyivka, Malinovskij Str. a/b 450

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


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


AARON ESTATE: Joint Liquidators Enter Firm
------------------------------------------
U. Khatri, chairman of Aaron Estate Agents Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 11 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:  AARON ESTATE AGENTS LTD.
          33 St. Marys Road, Ealing, London, W5 5RG
          Phone: 020 8566 1995
          Fax: 020 8840 6772

          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


ALLSPORTS LTD.: Hires Churston Heard to Sell Store Leases
---------------------------------------------------------
Allsports Ltd. administrator BDO Stoy Hayward has hired London-
based Churston Heard to sell the leases for the firm's chain of
stores, according to Tesside.co.uk.

Following the group's collapse on Sept. 26, 92 of its stores
closed to business on Oct. 10.  Seven of these stores are
located in the North East.  A total of 1,000 jobs were lost.
BDO is now trying to sell the rest of the business.

Churston Heard has agreed to sell the leasehold for Allsports'
Newcastle city center store in Northumberland Street to another
retailer, the report said.  Churston head, Guy Grainger, said
the deal to sell the lease for the Northumberland Street store
is already with the solicitors.  The lease is due to expire
December 2006.  The Newcastle city center store is 1,650 sq.
feet of ground floor.  It produces a passing rent of GBP205,000
per annum.

"Because the company is in administration we are calling for
bids for the leases on a premium basis which are mainly on a
short leasehold," Mr. Grainger said.

These are the other leaseholds on the market:

Area                    Location           Annual Rent Generated
----                    --------           ---------------------
1,415 sq. ft.  Gateshead's MetroCentre           GBP130,000

1,240 sq. ft.  English Street in Carlisle         GBP77,000

1,200 sq. ft.  Prince Bishop's shopping center    GBP85,000
               Durham

2,800 sq. ft.  Hill Street Shopping Centre       GBP126,100
               Middlesbrough

3,000 sq. ft.  The Bridges' shopping centre      GBP190,000
               Sunderland

1,200 sq. ft.  Milburn Gate, Durham               GBP45,000

                            *   *   *

Dermot Power, Matthew Dunham and Simon Michaels were appointed
Joint Administrators of Allsports Limited, Allsports (Retail)
Limited and Allsports.co.uk Limited on 26 September 2005.
Allsports is one of Britain's leading sports goods retailers
with over 260 stores nationwide employing approximately 1,700
staff.  A helpline -- 0161 406 1504 -- has been set up to assist
Allsports customers, suppliers and landlords.

Established in June 1996, Allsports, which sells sports
leisurewear, has seen its network grow to 267 stores across the
U.K. and turnover from GBP100 million in 1997 to GBP187 million
in 2004.  Profitability, however, has been inconsistent.  It
earned GBP17.8 million in 1997 and GBP22.5 million in 1998, but
in the succeeding years profit slipped 40%.  In 2002, it booked
profit of over GBP12.5 million, but sank to GBP3.8 million in
2004, its all-time low.

CONTACT:  ALLSPORTS LTD.
          50 Volcy Pougnet Str.
          Port Louis
          Phone: 2088272
          Fax: 2104719
          Web site: http://www.allsports.co.uk

          BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk


ANCHORPAC COMPACTORS: Files for Liquidation
-------------------------------------------
C. Tayton, chairman of Anchorpac Compactors Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 30 at Southernhay House, 36 Southernhay East,
Exeter EX1 1NX.  Stephen James Hobson of Francis Clark,
Southernhay House, 36 Southernhay East, Exeter EX1 1NX was
appointed liquidator.

Anchorpac -- http://www.anchorpac.co.uk/contact.html-- is a
privately owned company based in Exeter, Devon.  It has been in
the waste management business for more than 40 years.

CONTACT:  ANCHORPAC COMPACTORS LIMITED
          Blackmore Road
          Hill Barton Business Park
          Clyst St Mary
          Exeter
          Devon
          EX5 1BP
          Phone: 01395 234510
          Fax: 01395 234511
          E-mail: sales@anchorpac.co.uk

          FRANCIS CLARK
          Southernhay House
          36 Southernhay East
          Exeter
          Devon EX1 1NX
          Phone: 01392 667000
          Fax: 01392 662751
          E-mail: SJH@francisclark.co.uk


AQUADART LIMITED: Hires Administrators from Smith & Williamson
--------------------------------------------------------------
Roger Tulloch and Robert Horton (IP Nos 9174, 8922) of Smith &
Williamson Limited were appointed joint administrators of
Aquadart Limited (Company No 05081181) on Oct. 18.  The company
manufactures metal structures and parts.

CONTACT:  AQUADART LTD.
          Unit 102
          Applegarth Drive
          Questor, Dartford
          Kent DA1 1JD
          Phone: 01322629889
          Fax: 01322293789
          Web site: http://www.aquadart.co.uk

          SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf
          Walnut Tree Close
          Guildford GU1 4RA
          Phone: 01483 407 100
          Fax: 01483 301 232
          Web site: http://www.smith.williamson.co.uk


AR BUILDING: Appoints P&A Partnership Liquidator
------------------------------------------------
A. Duggan, chairman of AR Building Services (UK) Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 11 at 93 Queen Street, Sheffield S1 1WF

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

CONTACT:  A & R BUILDING SERVICES LTD
          11 William Crescent
          Mosborough
          Sheffield
          S20 5DJ
          Phone/Fax: 0114 247 1432
          Mobile: 07816 915788
          E-mail: info@arbuildingservices.co.uk
          Web site: http://www.arbuildingservices.co.uk/

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


BORWORK LIMITED: Bar Operator Calls in Administrator
----------------------------------------------------
Kikis Kallis (IP No 004692) of Kallis & Co. was appointed
administrator of bar operator Borwork Limited (Company No
03842425) on Oct. 13.  The company's registered office is at
Enterprise House, 21 Buckle Street, London E1 8NN.

CONTACT:  KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


CAD-CAM PROJECTS: Administrators Take over Firm
-----------------------------------------------
Stephen John Evans and Tim Brown (IP Nos 8759, 9001) of Pure
Recovery LLP were appointed joint administrators of Cad-Cam
Projects Limited (Company No 3931535) on Oct. 7.  Cad-cam
Projects is a consultancy firm of software design.  For more
information contact Pure Recovery LLP at 39 Hatton Garden,
London EC1N 8EH.

CONTACT:  CAD-CAM PROJECTS LIMITED
          Unit 4, Budbrooke Road,
          Warwick, Warwickshire CV34 5XH
          Phone: 01926475600

          PURE RECOVERY LLP
          39 Hatton Garden,
          London EC1N 8EH
          E-mail: tim.brown@purerecovery.com


CHARLES WELPTON: Names Redman Nichols Administrator
---------------------------------------------------
Andrew James Nichols (IP No 951) of Redman Nichols was appointed
administrator of Charles Welpton Limited (Company No 00397597)
on Oct. 12.  The company's registered office is at Welptons,
Livingston Road, Hessle HU13 0EA.  Charles Welpton sells motor
vehicles.

CONTACT:  CHARLES WELPTON LTD.
          Livingstone Road, Hessle,
          North Humberside HU13 0AB
          Phone: 01482641894

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


C & L MUSIC: EGM Passes Winding-up Resolutions
----------------------------------------------
F. L. Moore, director of C & L Music Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 30 at Rogers Evans, 20 Brunswick Place, Southampton SO15
2AQ.  T. C. Evans of Rogers Evans, 20 Brunswick Place,
Southampton SO15 2AQ was appointed liquidator.

CONTACT:  C & L MUSIC LIMITED
          Units 6 & 7, Bargate Centre, York Buildings,
          Southampton, Hampshire,SO14 1HF
          Phone: 023 8023 0250

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


COMMERCIAL VEHICLE: Hires Liquidator from S. F. Plant & Co.
-----------------------------------------------------------
S. R. Taylor, chairperson of Commercial Vehicle Support Limited,
informs that extraordinary and ordinary resolutions to wind up
the company were passed at an EGM held on Oct 11 at The Corus
Hotel Warwick, Meer End Road, Honiley, near Warwick,
Warwickshire CV8 1NP.  Daniel Plant of S. F. Plant & Co, Lutomer
House, 100 Prestons Road, London E14 9SB was appointed
liquidator.

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


COMPASS GROUP: Launches Independent Review of Eurest
----------------------------------------------------
Compass Group has hired Ernst & Young to conduct an independent
review of the accounts of Eurest Support Services, a subsidiary
under probe in connection to the U.N. purchase scandal

ESS has been suspended as contractor to the U.N. after
allegations emerged it obtained confidential information before
winning a GBP35.3 million food and water deal in Liberia.  ESS
provides food and water rations to about 30,000 U.N. troops in
peacekeeping missions.

Compass has asked Freshfields Bruckhaus Deringer to lead the
investigation.  Pending the results, the group has suspended
Peter Harris, the chief executive officer of the Group's U.K.
and Ireland, Middle East and Africa division; and Andy Siewert,
ESS' business development executive.

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

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

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

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

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

          ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com

          DELOITTE & TOUCHE LLP
          Four Brindleyplace
          Birmingham B1 2HZ, UNITED KINGDOM
          Phone: +44 (0) 121 632 6000
          Fax: +44 (0) 121 695 5678
          Web site: http://www.deloitte.com


COMPASS TRADING: Home Trading Firm Liquidates
---------------------------------------------
S. Nicolaou, chairman of Compass Trading Ltd. (t/a Oakwood Home
Design Centre), informs that resolutions to wind up the company
were passed at an EGM held on Oct. 5 at Fergusson House, 124-128
City Road, London EC1V 2NJ.  C. M. Iacovides of Jeffreys Henry
Jacobs, 124-128 City Road, London EC1V 2NJ was appointed
liquidator.

CONTACT:  COMPASS TRADING LTD.
          Birdham Road, Chichester, PO20 7BT
          Phone: 01243 512151

          JEFFREYS HENRY JACOBS
          124-128 City Road, London EC1V 2NJ
          Phone: 020 7670 9010
          Fax: 020 7670 9011
          Web site: http://www.jhj.co.uk


DOORWAYS UK: Members Decide to Wind up Firm
-------------------------------------------
At the extraordinary general meeting of the members of Doorways
UK Limited, the extraordinary and ordinary resolutions to wind
up the company were passed at an EGM held on Oct. 11 at Kay
Johnson Gee, Griffin Court, 201 Chapel Street, Salford,
Manchester M3 5EQ.  Jonathan Elman Avery-Gee was appointed
liquidator.

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


EXCHEQUER MANAGEMENT: Calls in Liquidator from Tenon Recovery
-------------------------------------------------------------
J. Rogan, chairman of Exchequer Management Services Limited,
informs that the subjoined extraordinary resolution to wind up
the company was passed at an EGM held on Oct. 6 at Ouseburn
Building, Albion Row, Newcastle upon Tyne NE6 1LL.  Ian William
Kings of Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland
SR5 3JN was appointed liquidator.

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


FOILHOPE LIMITED: Names Liquidator from Mazars
----------------------------------------------
T. Withyman, chairman of Foilhope Limited, informs that special
resolutions to wind up the company were passed at an EGM held on
Oct. 10 at 190 Strand, London WC2R 1JN.  Roderick John Weston of
Mazars LLP, 24 Bevis Marks, London EC3A 7NR was appointed
liquidator.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com


G BLACKBURN: Members Pass Winding-up Resolution
-----------------------------------------------
M. Blackburn, director of G Blackburn And Sons (Motor Bodies)
Limited, informs that the extraordinary resolution to wind up
the company was passed on Oct. 5.  A. Poxon of DTE Leonard
Curtis, 24 Wellington Street, St Johns, Blackburn BB1 8AF was
appointed liquidator.

CONTACT:  DTE LEONARD CURTIS
          24 Wellington Street,
          St John's, Blackburn,
          Lancashire BB1 8AF
          Web site: http://www.dtegroup.com


HYDER INVESTMENT: Meeting of Creditors Set Friday
-------------------------------------------------
Creditors of Hyder Investment Overseas Holdings Limited - NC
will meet on November 4, 2005, 10:30 a.m. at Grant Thornton, 43
Queen Square, Bristol BS1 4QR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to N. Morrison, joint liquidator of Grant Thornton,
43 Queen Square, Bristol BS1 4QR not later than 12:00 noon,
November 3, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          43 Queen Square
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 926 5458
          Web site: http://www.grant-thornton.co.uk


LONDON CONTRACTS: In Liquidation
--------------------------------
C. McDonald, chairman of London Contracts Limited - Wlay Claro,
informs that extraordinary and ordinary resolutions to wind up
the company were passed at an EGM held on Sept. 20 at Salisbury
House, 31 Finsbury Circus, London EC2M 5SQ.  Duncan R. Beat was
appointed liquidator.

CONTACT:  TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


LONG BUILDING: Calls in Liquidator from X L Business Solutions
--------------------------------------------------------------
A. Long, chairman of Long Building Contractors Limited - NC,
informs that extraordinary and ordinary resolutions to wind up
the company were passed at an EGM held on Sept. 20 at 46
Moorlands Business Centre, Balme Road, Cleckheaton BD19 4EW.  J.
N. Bleazard of XL Business Solutions Ltd., 46 Moorlands Business
Centre, Balme Road, Cleckheaton BD19 4EW was appointed
liquidator.

CONTACT:  X L BUSINESS SOLUTIONS LTD.
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Phone: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk


MACPHERSON MYSTERY: Goes into Liquidation
-----------------------------------------
B. Macpherson, director of Macpherson Mystery Shopping and
Research Ltd., informs that resolutions to wind up the company
were passed at an EGM held on Oct. 4 at Cedar Court Hotel,
Ainley Top, Huddersfield, West Yorkshire HD3 3RH.  Neil Henry
and Michael Simister of Lines Henry, 27 The Downs, Altrincham
WA14 2QD were appointed Joint Liquidators.

Macpherson Mystery is a monitoring company that has more than 22
years experience in the market research and mystery shopping
industry.  It covers the whole of the United Kingdom, including
Northern Ireland, the Channel Islands, Eire, Europe and the
U.S.A.

CONTACT:  MACPHERSON MYSTERY SHOPPING AND RESEARCH LTD.
          Web site: http://www.macphersonmysteryshopping.org.uk/
          E-mail: info@macpherson-group.co.uk

          LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


MISS MONEYPENNYS: Calls in Liquidator
-------------------------------------
M. Ryan, chairman of Miss Moneypennys Holdings Limited - NC,
informs that extraordinary and ordinary resolutions to wind up
the company were passed at an EGM held on Sept. 21 at Crewe
Hall, Weston Road, Crewe, Cheshire CW1 6UB.  Clive Morris was
appointed liquidator.

CONTACT:  MISS MONEYPENNYS HOLDINGS LIMITED
          Heskin Hall Farm,
          Wood Lane, Heskin, PR7 5PA


NET & LACE: Curtain Maker Winds up
----------------------------------
N. Fearnley, director of Net & Lace Company Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 7 at Haines Watts, Sterling House, Maple Court,
Barnsley S75 3DP.  Timothy Calverley of Haines Watts, First
Floor, Park House, Park Square West, Leeds LS1 2PS was appointed
liquidator.  The company manufactures lace net curtains.

CONTACT:  NET & LACE COMPANY LIMITED
          Coopers Terrace, Doncaster
          South Yorkshire DN1 2PX
          Phone: 01302813355

          HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com


OEH GROUP: Appoints Poppleton & Appleby Liquidator
--------------------------------------------------
OEH Group Limited informs that a resolution to wind up the
company was passed at an EGM held on Oct. 11 at 35 Ludgate Hill,
Birmingham B3 1EH.  M. T. Coyne of Poppleton & Appleby, 35
Ludgate Hill, Birmingham B3 1EH was appointed liquidator.

OEH Group -- http://www.oehgroup.co.uk/contacts.htm-- is a
U.K.-based health, safety and environmental consultant and
practitioner, helping organizations in the private and public
sectors.  The company was established in 1985.  It has a
portfolio of more than 1,500 U.K. and global clients.

CONTACT:  OEH GROUP LIMITED
          253-255 Great Lister Street
          Birmingham B7 4BS
          U.K.
          Phone: 0121 359 5361
          Fax: 0121 359 2330
          E-mail: enquiries@oehgroup.co.uk
          Contact:
          Tracey Scott, Operations Planning Manager

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


PROTEXE FIRE: Liquidator from Ward & Co. Enters Company
-------------------------------------------------------
I. Brown, chairman of Protexe Fire And Security Limited - NC,
informs that extraordinary and ordinary resolutions to wind up
the company were passed at and EGM held on Sept. 20 at Ward &
Co, Bank House, 7 Shaw Street, Worcester WR1 3QQ.  Lyn Marie
Green of Ward & Co, Bank House, 7 Shaw Street, Worcester WR1 3QQ
was appointed liquidator.

CONTACT:  WARD & CO.
          Bank House
          Shaw Street
          Worcester
          Worcestershire WR1 2DT
          Phone: 01905 25000
          Fax: 01905 26555
          E-mail: lmg@ward-co.co.uk


PULSE 8: EGM Passes Winding-up Resolution
-----------------------------------------
Pulse 8 Ltd. informs that a resolution to wind up the company
was passed at an EGM held on Oct. 4 at Elliot, Woolfe & Rose,
1st Floor, Equity House, 128-136 High Street, Edgware, Middlesex
HA8 7TT.  Melvyn L. Rose of Elliot, Woolfe & Rose, 1st Floor,
Equity House, 128-136 High Street, Edgware, Middlesex HA8 7TT
was appointed liquidator.

CONTACT:  PULSE 8 LTD.
          8 Atlantic Square, Station Road, Witham,
          Essex, CM8 2TL
          Phone: +44 1376 510 130
          Fax: +44 1376 510 116
          E-mail: John.Cooper@Pulse8.com
          Web site: http://pulse8.com
          Contact: John Cooper

          ELLIOT WOOLFE & ROSE
          1st Floor
          Equity House
          128/136 High Street
          Edgware
          Middlesex HA8 7TT
          Phone: 020 8952 0707
          Fax: 020 8952 2332
          E-mail: mlr@ewr.co.uk


QUIETARCH LIMITED: Appoints Begbies Traynor Liquidator
------------------------------------------------------
H. Jenkins, chairman of Quietarch Limited - NC, informs that
extraordinary and ordinary resolutions to wind up the company
were passed at an EGM held on Sept. 21 at Begbies Traynor, 30
Park Cross Street, Leeds LS1 2QH.  Rob Sadler and Michael Edward
George Saville of Begbies Traynor, 30 Park Cross Street, Leeds
LS1 2QH were appointed joint liquidators.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street,
          Leeds LS1 2QH
          Web site: http://www.begbies.com


SCOTT TOD: Calls EGM to Consider Board Reshuffle
------------------------------------------------
In response to recent press speculation, Scott Tod plc confirms
it has received a requisition for an EGM to consider these
proposals:

(a) David Massie be removed from office as director of the
    Company forthwith upon the passing of this resolution;

(b) Nicholas Tod be appointed as director of the Company
    forthwith upon the passing of this resolution;

(c) John Pither be appointed as director of the Company
    forthwith upon the passing of this resolution; and

(d) Martin Groak be appointed as director of the Company
    forthwith upon the passing of this resolution.

The company has been assured by its largest institutional
shareholder (The Baronsmead VCTs) that it fully supports the
Company's current strategy and will vote against the
resolutions.

A further announcement will be made in due course.

                            *   *   *

Scott Tod operates 2,200 cash machines.  It blamed its trouble
on heavy criticism from the press on cash machines that charges
fees on withdrawal, and on poor business decisions.  It ousted
chief executive Nick Tod two months ago.

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


SPECIAL PAPER: Stationery Maker Winds up
----------------------------------------
G. N. Perry, chairman of Special Paper Products Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 10 at 5 Talgarth Business Park, Trefecca Road,
Talgarth, Brecon, Powys LD3 0PQ.  B. G. Mitchell of Barry
Mitchell & Company, Pentre Farm House, Mamhilad, Gwent NP4 0JH
was appointed liquidator.

CONTACT:  SPECIAL PAPER PRODUCTS LTD.
          Unit 2A
          9 Cannon Lane
          Tonbridge
          TN9 1PP
          U.K.
          Contact:
          Jim Michie
          Phone: 01732 770019
          Fax: 01732 770808


TRETHOWAN (BUILDERS): Calls in Liquidator
-----------------------------------------
D. Trethowan, director of Trethowan (Builders) Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 30 at Falmouth Road, Helston, Cornwall TR13 8JX.
Ray Purnell of Purnells, Trewoon, Poldhu Cove, Mullion, near
Helston, Cornwall TR12 7JB was appointed liquidator.

CONTACT:  TRETHOWAN (BUILDERS) LIMITED
          Brill, Constantine, Falmouth, Cornwall TR11 5QA
          Phone: 01326340217


ULYTEL LIMITED: Files for Liquidation
-------------------------------------
M. Reid, director of Ulytel Limited, informs that resolutions to
wind up the company were passed at an EGM held on Oct. 6 at
Courtyard By Marriott Hotel, London Road, Newport Pagnell,
Buckinghamshire MK16 0JA.  Neil Henry and Michael Simister of
Lines Henry, 27 The Downs, Altrincham WA14 2QD were appointed
Joint Liquidators.

CONTACT:  ULYTEL LTD.
          The Lodge
          Manor Farm
          North Crawley
          Newport Pagnell
          MK16 9HW
          Phone: 01234 391188
          Fax: 01234 391197
          E-mail: info@ulytel.com

          LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


VIDEO NETWORKS: Warns of Cash Crunch as Losses Soar
---------------------------------------------------
Video Networks reported higher losses for FY2004 and warned of
funding shortfall in less than a year.

The Telegraph said accounts of the firm filed at the Companies
House show a loss of GBP46.5 million in 2004, substantially up
from GBP1.5 million the year before.

Auditor Deloitte & Touche highlighted "uncertainties around the
availability of future funding."  Chief Executive Roger Lynch
said the coming year will be more challenging, particularly with
the launch of cable companies and Internet service providers of
their own video-on-demand services.

The Home Choice TV company offers 80 TV channels, broadband
access, video-on-demand and phone calls, competing with giant
BSkyB and other cable companies.  It had by January attracted
15,000 customers.  It recently doubled the number of homes that
can receive Home Choice to 2.5 million.

The company is controlled by Microsoft co-founder Chris Larson.
Its other shareholders include Walt Disney, Sony and Warner
Brothers.  Its chief financial officer is Peter Gutman.  The
company underwent restructuring in 2003.

CONTACT:  VIDEO NETWORKS LTD.
          205 Holland Park Avenue
          London
          W11 4XB
          Phone: + 44 (0) 207 348 4000
          Fax: + 44 (0) 207 348 4001
          Web site: http://www.videonetworks.com/


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
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