TCREUR_Public/051101.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 1, 2005, Vol. 6, No. 216

                            Headlines

B U L G A R I A

TRANSCARD SA: Nine-month Results Still in Red


F R A N C E

EUROTUNNEL S.A.: Debt Negotiations Halfway Through
EUROTUNNEL S.A.: Lenders Poised to Take Control
EUTELSAT S.A.: Ratings Affirmed After IPO Cancellation
FRANCE SOIR: Files for Insolvency


G E R M A N Y

A.T.U. AUTO: Outlook Revised to Stable on Reduced Leverage
CIRCUS FLIEGENPILZ: Administrator's Report Out Early Next Month
CLOU & CLASSIC: Creditors Meeting Set Mid-December
DREYER & HILLMANN: Proofs of Claim Deadline Set
GERUSTBAU HECKER: Last Day for Filing Claims Friday

HECKMANN TANK: Court Appoints Provisional Administrator
HENNIG GMBH: Administrator's Report Out Mid-December
INNOVATIVE PROCESSING: Succumbs to Bankruptcy
INTERSHOP COMMUNICATIONS: Remains Loss-making in Third Quarter
SKYLINE UNTERNEHMENSBERATUNGS: Creditors' Claims Due this Week
TUI AG: Moody's Assigns Ba2 Ratings
TUI AG: Receives 'BB+' Long-term Corporate Credit Rating


I T A L Y

FIAT SPA: Halves Debt to EUR4.7 Bln After Debt Conversion
PARMALAT SPA: Lehman Brothers Nominates Enrico Bondi to Board


K Y R G Y Z S T A N

KIP: Claims Filing Period Ends December
KYRGYZSERVICEKONTRACT: Creditors Meeting Set this Week
MONO ADV: Sets Proofs of Claim Deadline
RNB: Court Replaces Temporary Insolvency Manager
ROSIMPORT: Creditors' Claims Due Next Month


N E T H E R L A N D S

GETRONICS N.V.: Debt Conversion to Start December 8
LAURUS N.V.: Extraordinary General Meeting Set Early Next Year


R U S S I A

AGRO-INVEST: Deadline for Proofs of Claim Today
ALEKSEEVSK-AGRO-KHIM-SERVICE: Declared Insolvent
AMZINSKIY WOOD-COMBINE: Court Brings in Insolvency Manager
ATLANTIC: Succumbs to Bankruptcy
BASHKIRSKIY COOPER: Proofs of Claim Deadline Expires Today

KAMAZ-STROY-INDUSTRY: Insolvency Manager Takes over Business
NIZHEGOROD-TOP-STROY: Bankruptcy Supervision Procedure Begins
VITIM-ZHIL-STROY: Creditors Have Until Today to File Claims
VOLOKOLAMSKIY WOOD-COMBINE: Calls in Insolvency Manager
ZHDANOVSKIY WOOD-PROM-KHOZ: Public Auction Set Next Week


S W E D E N

MODERN TIMES: Posts Latest Financial Results


U K R A I N E

DELTA: Bankruptcy Supervision Starts
PROMENERGOBUD: Liquidator Takes over Operation
SLOVYANSKIJ RAJAGROBUD: Court Grants Debt Moratorium
UKRMETALURGBUD: Declared Insolvent
ZHITOMIR' AGRICULTURAL: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

BOOTS GROUP: Group Sales Increase Slightly to GBP2,594 Million
DARLINGTON TRAILER: Calls in Administrator
DICTASCRIBE LIMITED: Names Middleton Partners Administrator
EQUITABLE LIFE: Standard Life IPO Next Flash Point
FINCHAMPSTEAD CONSTRUCTION: Hires Administrator from Harrisons

FINER DETAILS: Administrator from Citroen Wells Enters Firm
FURLONG BROS: Names Maidment Judd Administrator
HYDROFLEX LIMITED: Hires Administrators from CLB
INFOGRAMES ENTERTAINMENT: Names Two New Board Members
J. SYDNEY: Appoints Kroll Limited Administrator

JUNCTION GROUP: Files for Liquidation
KARIBA (UK): Administrators from Begbies Traynor Take over Firm
LEEMIC DOCUMENT: Hires Administrators from Begbies Traynor
MARTINO LIMITED: Calls in Joint Liquidators
MERLIN BIOSCIENCES: Serious Fraud Office to Grill Chairman

MIDLAND RESOURCE: Recruitment Agency Hires Administrator
MODULAR SCADA: EGM Passes Winding-up Resolution
QUADRANT DISPLAYS: Hires Begbies Traynor as Liquidator
QUAYSIDE ENGINEERING: Hires Tenon Recovery to Liquidate Business
REFCO ALTERNATIVE: Delists from Irish Stock Exchange

REFCO INC.: Bank of America Gets Interim Adequate Protection
RINGFRAME SYSTEMS: Calls in DTE Leonard Curtis
ROBERT VON: Appoints Liquidator from Begbies Traynor
ROSEDALE-MACHIN: Administrators from Grant Thornton Enter Firm
ROYAL MAIL: Chairman Not Likely to Sell Cash cow

ROYAL MAIL: Finance Director Leaving Next Month
R VINALL LIMITED: Liquidator Enters Firm
SHELBOURNE JOINERY: Tenon Recovery Liquidator Moves in
SOURCE MANUFACTURING: Names Liquidator from PKF
TOP ONE: Appoints Marriott Palmer Brown Administrator

T Q M DESIGN: Calls in Liquidator
TRAVEL EASIER: Hires Administrator from Leigh & Co.
UEC HOLDINGS: Appoints CLB Coopers Administrator
WINMAR LIMITED: EGM Passes Winding-up Resolution

* Large Companies with Insolvent Balance Sheets


                            *********


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


TRANSCARD SA: Nine-month Results Still in Red
---------------------------------------------
Credit card group Transcard posted losses of BGN1.347 million in
the first nine months, Dnevnik a.m. says.  This is higher than
last year's BGN1.194 million losses for the period.  Transcard's
revenue from January to September was not enough to cover
operating costs, despite operating income of BGN2.009 million,
up from BGN980,000.

Established in 2001 by Petrol Holding AD and SISTEC Holding AD,
Transcard has 160,000 own-brand domestic customers, including
Classic, Gold, Business and Fleet cards.  Transcard is also
"Visa Third Party Processor" and provides credit card acquiring
services to Bulbank, Bulgaria's leading bank.  Transcard's
retail and corporate credit cards are accepted in over 4,000
commercial outlets nationwide.

CONTACT:  TRANSCARD S.A.
          43 Cherni vrah Blvd.
          BG-1407 Sofia
          Phone: (02) 8169010
                 (0889) 969010
                 (0899) 969010
          Fax: (02) 9690111
          E-mail: office@transcard.bg
          Web site: http://www.transcard.bg


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


EUROTUNNEL S.A.: Debt Negotiations Halfway Through
--------------------------------------------------
Following the presentation by the Eurotunnel Group in June 2005
of its Business Plan to lenders, debt negotiations started on 13
July 2005.

At the halfway stage of the negotiation process (the waiver
comes to an end on 31 January 2006), Eurotunnel is negotiating
solely with the 'Ad hoc Committee' of creditors, formed in 2003
and representing c45% of the debt.  Eurotunnel first presented
its initial reflections for restructuring in July.  Since then
there have been numerous exchanges between the company and the
committee.

Two other creditors committees have been formed in the meantime,
each representing approximately 10% of the debt.  The
representatives of these other committees, the bank Close
Brothers and the solicitors, Allen & Overy respectively, have
been given access to the Business Plan, but have not been
presented with any proposals.  As the members of these two
Committees wish to keep their option to trade the debt, they
have not been informed of any of the discussions with the Ad hoc
committee and are therefore not yet involved in negotiations.

After just three and a half months of negotiation between the
Company and the Ad Hoc Committee, real progress has been made
and the process is proceeding in line with Eurotunnel's
timetable.

On the basis of information provided in the Business Plan and
from the detailed due diligence work carried out by the
creditors, both parties are diligently working to reach
agreement on both Eurotunnel debt capacity and on the total
enterprise value.

Eurotunnel would like to simplify its future debt structure, to
move away from the project finance approach, with the
constraints that this entails, to one more suited to a
concession manager with prospects for development.  To this end,
negotiations are underway on a number of different options,
which could eventually make up the future structure.

In late September 2005, the Joint Board of Eurotunnel took the
decision not to convert the Stabilisation Advances and Notes
into Units.  The Joint Board took the view that the debt should
be considered as a whole and that conversion of 9% of the total
debt and furthermore very junior debt was not currently in line
with the Group's interests.  As a protective measure, Eurotunnel
has proposed that the option to convert the Stabilisation
Advances and Notes be extended until September 2006; it is now
up to the creditors to decide whether this is acceptable.

The next stage of the negotiation will be to agree the mechanism
for the restructuring, taking into account the different views
of all stakeholders, firstly with the Ad Hoc Committee and then
with the other creditors committees at the moment that they
enter into the discussions.

Eurotunnel Chief Executive, Jacques Gounon, said: "In just a
short time we have made encouraging progress.  The negotiations
with the Ad Hoc Committee are intense and constructive and are
in line with our original timetable.  I consider that the
dialogue we have established with the Ad Hoc Committee should
enable us to arrive at a viable and long term solution for the
Group."

                        About the Company

Eurotunnel is quoted on the London, Paris and Brussels Stock
Exchanges.  Trading in the U.K. as Eurotunnel plc and in France
as Eurotunnel S.A., the Eurotunnel Group has been transporting
people and goods through the Channel Tunnel between the U.K. and
France since 1994.  The British and French governments have
granted Eurotunnel a concession to operate the Channel Tunnel
until 2086.  Eurotunnel's operating revenue in 2004 was GBP538
million.  It employs 3,205 people split between the U.K. (1,278)
and France (1,927).

Trouble began when costs to build the tunnels that connect U.K.
and France started to overrun before it opened in 1994.
Problems mounted when tourist traffic fell following the Iraq
war.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004 auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.  In
January Fitch mentioned that the real crunch for the company
looms by 2007 when junior debt amortizations become burdensome.

Eurotunnel is now struggling to pay GBP6.4 billion in debt with
accrued interest of GBP298 million as of 2004.  In April, the
company began negotiations with an ad-hoc committee,
representing majority of junior creditors, namely European
Investment Bank, Franklin Mutual Advisers LLC, MBIA and Oaktree
Capital Management.

CONTACT:  EUROTUNNEL GROUP
          For investors
          Xavier Clement
          Phone: + 33 1 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


EUROTUNNEL S.A.: Lenders Poised to Take Control
-----------------------------------------------
Eurotunnel creditors believe shareholders will unlikely retain a
significant stake following a restructuring of the group, The
Guardian says.

An ad-hoc committee representing 45% of Eurotunnel's debt said
shareholders should be "realistic about the economic and legal
background and the likely outcome to these negotiations."  The
committee said if Eurotunnel fails to satisfy its debt,
shareholders should not expect to "retain a significant
interest."

The committee said existing shareholders should try to find a
"consensual restructuring" to retain their stakes.  It
criticized Eurotunnel's decision not to convert one class of
debt, representing about 9% of overall debt, into shares.  The
conversion would have slashed interest bill by GBP24 million
annually.

"It would undoubtedly complicate the restructuring negotiations
by leaving in place a significant additional creditor group and
. . . disadvantage shareholders," the committee said.

Eurotunnel, which owes GBP6 billion to different classes of
creditors with different rights, says it prefers to service the
debt as a whole.  Eurotunnel Chairman Jacques Gounon said
recently talks with creditors are making "encouraging progress."
He admitted negotiations are intense and constructive, but "are
in line with our original timetable."

"I consider the dialogue we have established . . . should enable
us to arrive at a viable and long-term solution," he said.

                        About the Company

Eurotunnel is quoted on the London, Paris and Brussels Stock
Exchanges.  Trading in the U.K. as Eurotunnel plc and in France
as Eurotunnel S.A., the Eurotunnel Group has been transporting
people and goods through the Channel Tunnel between the U.K. and
France since 1994.  The British and French governments have
granted Eurotunnel a concession to operate the Channel Tunnel
until 2086.  Eurotunnel's operating revenue in 2004 was GBP538
million.  It employs 3,205 people split between the U.K. (1,278)
and France (1,927).

Trouble began when costs to build the tunnels that connect U.K.
and France started to overrun before it opened in 1994.
Problems mounted when tourist traffic fell following the Iraq
war.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004 auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with lenders under the existing Credit
Agreement within the next two years, the auditor said.  In
January Fitch mentioned that the real crunch for the company
looms by 2007 when junior debt amortizations become burdensome.

Eurotunnel is now struggling to pay GBP6.4 billion in debt with
accrued interest of GBP298 million as of 2004.  In April, the
company began negotiations with an ad-hoc committee,
representing majority of junior creditors, namely European
Investment Bank, Franklin Mutual Advisers LLC, MBIA and Oaktree
Capital Management.  Talks are ongoing.

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


EUTELSAT S.A.: Ratings Affirmed After IPO Cancellation
------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its ratings
on France-based leading satellite capacity provider Eutelsat
S.A. (including the 'BB' long-term and 'B' short-term corporate
credit ratings) and related entities.  All ratings were removed
from CreditWatch with positive implications where they were
placed on Sept. 26, 2005, based on an anticipated significant
reduction in financial leverage after the IPO of the holding
company, Eutelsat Communications S.A.  The outlook is stable.

"The rating actions follow Eutelsat's decision to cancel its
IPO, which was due to close on Oct. 27, 2005, and expected to
raise proceeds of more than EUR820 million net of fees," said
Standard & Poor's credit analyst Melvyn Cooke.

"Proceeds were to be used mainly for repayment of the group's
EUR300 million PIK notes and EUR475 million second-lien debt,
thereby resulting in a significant improvement in on-balance-
sheet leverage."

Eutelsat had already scrapped its secondary offering after being
forced to cut the introductory price by more than 20%, as its
shareholders considered that this did not adequately reflect the
group's value.

Although the group intends to revive its IPO plans as soon as
equity market sentiment improves, leverage is likely to remain
high in the meantime with adjusted total debt to pro forma group
EBITDA of about 5.7x for the year ended June 30, 2005.

Standard & Poor's expects that Eutelsat's good contract backlog
and operating track record should enable the group to withstand
the current overcapacity and testing trading conditions in the
satellite market, as well as maximize solid operating cash flow
generation and dividend distribution ability.  Standard & Poor's
further expects Eutelsat to defend its strong European market
position in the video segment, which is the mainstay of its
solid business risk profile.

Solid operating performance is expected to assist Eutelsat and
related entities with headroom on loan covenants, which is key
for financial management at the holding company level.

"Any narrowing of covenant headroom or impairment of dividend
paying ability at Eutelsat, thereby reducing the ability of the
holding companies to pay interest on debt, will put negative
pressure on the ratings," added Mr. Cooke.

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:  EUTELSAT
          70, rue Balard
          F-75502 Paris Cedex 15
          France
          Phone: + 33 1 53 98 47 07
          Fax: +33 1 53 98 37 37
          E-mail: booking@eutelsat.fr
          Web site: http://www.eutelsat.com


FRANCE SOIR: Files for Insolvency
---------------------------------
Presse Alliance, publisher of local daily France Soir, may fold
up due to insolvency, Les Echos says.

In his insolvency petition, France Soir's chairman, Jacques
Lefranc, asked the Commercial Court of Bobigny to freeze Presse
Alliance's debt and allow the daily to continue publishing.  The
court was to name Monday the group administrator, who will seek
to reschedule its EUR6 million debt.  France Soir posted EUR4
million in losses in the first half.

The administrator will also seek fresh funds from Presse
Alliance's main shareholders -- local group Poligrafici
Editoriale, which holds a 30% stake; and Ramy Lakah and his
brother, who controls 70% of the company.  The administrator has
three other options: look for a buyer, draft a continuation plan
or apply for liquidation.

CONTACT:  PRESSE ALLIANCE
          45 Avenue Victor Hugo
          93300 Aubervilliers

          FRANCE-SOIR
          45 Avenue Victor Hugo
          93300 Aubervilliers
          Web site: http://www.francesoir.fr


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


A.T.U. AUTO: Outlook Revised to Stable on Reduced Leverage
----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Germany-based auto parts retailer and integrated workshop
operator A.T.U. Auto-Teile-Unger to stable from negative,
reflecting the significant progress the company achieved in
reducing its leverage during the past twelve months.  At the
same time, the 'B+' long-term corporate credit rating was
affirmed.

"The rating continues to reflect its highly leveraged financial
risk profile owing to its high debt levels following the second
leveraged buyout of the company by U.S. investor Kohlberg Kravis
Roberts & Co. in August 2004," said Standard & Poor's credit
analyst Olaf Toelke. Furthermore, the company operates in
Germany's highly competitive and low-growth automotive
aftermarkets.  It also lacks geographical diversification, as
nearly 100% of revenues are generated in Germany.

"These negative factors are mitigated by ATU's business profile,
which--although classified as weak--is still better than the
company's financial profile," said Mr. Toelke. This is mainly
due to the company's discount business model, its offer of
branded products, and high service content.  This concept has
resulted in strong growth, industry-leading margins, and strong
underlying cash flow generation. The ratings are also supported
by the recent relaxation of the formerly tight EU regulations in
the auto sector.  At June 30, 2005, the group had total
financial debt outstanding of EUR867 million ($1.05 billion).

ATU's highly leveraged financial profile is a direct consequence
of the two LBOs in 2002 and 2004.  Most debt-coverage ratios had
therefore weakened in 2004.  However, due to the company's
strong underlying cash generation, about EUR142 million of debt
was repaid during the past twelve months.

ATU has continued good access to lease financing, which has
allowed it to continue financing the spread of its stores
through its preferred leaseback model.  It therefore did not
need to utilize its EUR165 million capital expenditure facility
that was put in place as an alternative.

ATU is barely active outside Germany, but its business structure
is substantially more diversified than its peers. This concept,
as well as management's strong expansion program, has resulted
in industry-leading margins and sales growth significantly above
the underlying automotive aftermarket, with a compound annual
growth rate of 14% compared with 1.4% for the market as a whole.

In addition, Standard & Poor's believes that the recent
loosening of distribution and service regulations under the EU
bloc exemption rules will ultimately be positive for ATU, as it
enhances competition and weakens the formerly tight relationship
between car manufacturers and dealers.

As a result of ATU's strong cash flow generation during the past
twelve months, funds from operations (FFO) to net debt, both
lease-adjusted, increased to 9% at June 30, 2005, on a last-
twelve-months basis, compared with our expectation of 8%.  We
expect the ratio to continue to improve in 2005 to about 12%,
mainly owing to increasing cash flow. Net lease-adjusted debt to
earnings before interest, taxes, depreciation/amortization, and
rents (EBITDAR) improved to 5.5x at June 30, 2005, from 6x in
2004.

"The stable outlook reflects the significantly improved group
leverage, which is demonstrated by the group's strong free cash
flow generation, enabling the company to voluntarily reduce debt
on a quarterly basis throughout 2004 and 2005 to date," said Mr.
Toelke.  Thus, the ratio of net lease-adjusted debt to EBITDAR
improved to 5.5x after the second quarter of 2005, from 6.1x at
the end of 2004, based on a last-twelve-months evaluation.

Furthermore, Standard & Poor's believes that the group's
underlying strong free cash flow generation is likely to result
in a further improvement of this ratio closer to 5x, and
therefore moving in line with the rating level by the end of
2005.  The rating could be upgraded in the context of a
successful IPO of the company.  Conversely, a downgrade of the
ratings could be the consequence of a potential weakening of the
company's financial profile.

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:  A.T.U AUTO-TEILE-UNGER HANDELS GMBH & Co. KG
          Dr.-Kilian-Str. 4+11+12
          92637 Weiden i. d. Opf
          Phone: +49 (0) 961-306-0
          Flottenhotline: 0180 533 44 00
          Fax: +49 (0) 961-306-5690
          E-mail: m.koller@atu.de
          Web site: http://www.atu.de


CIRCUS FLIEGENPILZ: Administrator's Report Out Early Next Month
---------------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Circus Fliegenpilz Betriebs-GmbH on Oct. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 4 to
register their claims with court-appointed provisional
administrator Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 10:00 a.m. at the district court of
Magdeburg, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  CIRCUS FLIEGENPILZ BETRIEBS-GmbH
          Industriestr. 8
          39340 Haldensleben

          Dr. Lucas F. Floether
          Halberst"dter Str. 55
          39112 Magdeburg
          Phone: 0391/5556840
          Fax: 0391/5556849


CLOU & CLASSIC: Creditors Meeting Set Mid-December
--------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against Clou & Classic GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 25 to register their claims
with court-appointed provisional administrator Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2005, 9:00 a.m. at the district court of
Gifhorn, Am Schlossgarten 4, 38518 Gifhorn 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:  CLOU & CLASSIC GmbH
          Farberstr. 3
          31303 Burgdorf

          Dr. Steffen Koch,
          Koenigstrasse 26
          30175 Hannover
          Phone: 0511/5248523
          Fax: 0511/5422944


DREYER & HILLMANN: Proofs of Claim Deadline Set
-----------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Dreyer & Hillmann GmbH & Co. KG on Oct. 11, 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 Jan. 12, 2006, 9:30 a.m. at the district court of
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 during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  DREYER & HILLMANN GmbH & CO. KG
          Beim Industriehafen 57
          28237 Bremen

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


GERUSTBAU HECKER: Last Day for Filing Claims Friday
---------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against Gerustbau Hecker GmbH on Oct. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 4 to register their claims
with court-appointed provisional administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 25, 2005, 9:20 a.m. at the district court of
Hagen, - Haupthaus (Neubau) -, Heinitzstrasse 42, 58097 Hagen 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:  GERUSTBAU HECKER GmbH
          Elsternstr. 109
          58285 Gevelsberg

          Rolf Rattunde,
          Neumarktstr. 2c
          58095 Hagen
          Phone: 02331-7887160
          Fax +4923317887162


HECKMANN TANK: Court Appoints Provisional Administrator
-------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Heckmann Tank- und Wasch-Center Beteiligungsgesellschaft
mit beschrankter Haftung on Oct. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 6 to register their claims with court-
appointed provisional administrator Stephan Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 6, 2006, 11:10 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund 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:  HECKMANN TANK- UND WASCH-CENTER
          BETEILIGUNGSGESELLSCHAFT MIT BESCHRéNKTER HAFTUNG
          Roemerstr. 114
          59075 Hamm

          Stephan Heinrichsmeyer,
          Spiekergasse 6-8
          33330 Gutersloh
          Phone: 05241/92 02-0
          Fax 05241 92 02 22


HENNIG GMBH: Administrator's Report Out Mid-December
----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Hennig GmbH on Oct. 11.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 11 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, 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:  HENNIG GmbH
          Torfstichweg 17 c
          33613 Bielefeld

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


INNOVATIVE PROCESSING: Succumbs to Bankruptcy
---------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Innovative Processing Aktiengesellschaft on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 3 to
register their claims with court-appointed provisional
administrator Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2005, 10:00 a.m. at the district court
of Darmstadt, Landwehrstrasse 48, 64293 Darmstadt 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:  INNOVATIVE PROCESSING AKTIENGESELLSCHAFT
          Deutsche-Telekom-Allee 3
          64295 Darmstadt

          Ulrich Bert,
          Birkenweg 24
          64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


INTERSHOP COMMUNICATIONS: Remains Loss-making in Third Quarter
--------------------------------------------------------------
Intershop Communications AG's third-quarter results ended
September 30, 2005 shows revenue totaling EUR3.9 million,
compared to EUR4.2 million in the second quarter of 2005 and
EUR4.1 million in the third quarter of 2004.  License revenue
increased from EUR0.4 million in the second quarter of 2005 by
25% to EUR0.5 million which is comparable with EUR0.3 million in
the third quarter 2004.  Service revenue totaled EUR3.4 million
in the third quarter 2005, as compared to EUR3.8 million in the
second quarter 2005 and EUR3.8 million in third quarter 2004.

Total operating costs (cost of revenue plus operating expenses)
amounted to EUR5.4 million in the third quarter of 2005, as
against EUR5.2 million in the previous quarter.  Intershop
reduced its total operating costs by EUR0.7 million or 12% year-
on-year.

Intershop recorded a net loss of EUR1.5 million or EUR0.17 per
share in the third quarter of 2005, as compared to a net loss of
EUR1.1 million or EUR0.12 per share in the second quarter of
2005.  Compared to the third quarter of 2004, Intershop's net
loss was EUR1.8 million or EUR0.08 per share.

Total cash, including cash and cash equivalents, as well as
restricted cash fell from EUR13.0 million as of June 30, 2005 to
EUR11.2 million as of September 30, 2005.  Total cash includes
freely available cash amounting to EUR5.0 million as of
September 30, compared to EUR6.6 million as of June 30, 2005.

Operating Highlights for the Third Quarter of 2005

-- In the third quarter of 2005, Intershop could win new
   customers in Germany: Lenscare AG, Europe's biggest mail-
   order contact lens supplier and HomeJob Deutschland GmbH, an
   online wholesaler;

-- Intershop Customer Deichmann, Europe's leading shoe retailer,
   is taking its established e-commerce activities to Enfinity
   Suite 6;

-- In the third quarter of 2005, Intershop increases sales
   coverage and established a new office in Prague and an office
   in Bensheim, near Frankfurt;

-- Intershop earned repeat business from long-time blue chip
   customers Deutsche Telekom, HP, Otto and Deichmann; and

-- As of September 30, 2005, the company employed 220 full-time
   equivalent employees, as compared to 216 full-time equivalent
   employees as of June 30, 2005.

Financial Reports (PDF)

About Intershop

Intershop (Prime Standard: ISH2) -- http://www.intershop.com--  
provides software solutions that help organizations evolve their
trading relationships with consumers and business partners
online.  Founded in 1992, Intershop has a long tradition of
driving innovation in e-commerce by automating and simplifying
sales and buying processes.  Intershop Solutions enable
organizations to consolidate and manage unlimited online
commerce channels on a single platform.  As a result, Intershop
customers benefit from reduced operating expenses and
competitive advantages in their online sales activities.  More
than 300 enterprise customers worldwide, including HP, and BMW,
run Intershop Solutions.  Four of the five largest ecommerce
sites in Germany rely on Intershop Solutions: Otto, Tchibo,
Deutsche Telekom, and Quelle.  Intershop is headquartered in
Jena, Germany, and has branch offices in the United States, and
Europe.

Financial statements are available free of charge at
http://bankrupt.com/misc/Intershop(3Q2005).pdf

CONTACT:  INTERSHOP COMMUNICATIONS
          Intershop Tower
          D-07740 Jena
          Phone: +49-3641-50-0
          Fax: +49-3641-50-1111
          Web site: http://www.intershop.com


SKYLINE UNTERNEHMENSBERATUNGS: Creditors' Claims Due this Week
--------------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Skyline Unternehmensberatungs GmbH on Oct. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 4 to
register their claims with court-appointed provisional
administrator Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 9, 2005, 9:30 a.m. at the district court of
Magdeburg, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  Skyline Unternehmensberatungs GmbH
          Moritzstr. 2d
          39124 Magdeburg

          Karina Schwarz,
          Klausenerstr. 24
          39112 Magdeburg
          Phone: 0391/6286260
          Fax: 0391/6286261


TUI AG: Moody's Assigns Ba2 Ratings
-----------------------------------
Moody's Investors Service has assigned a Ba2 Corporate Family
Rating and a Ba2 long-term senior unsecured rating to TUI
Aktiengesellschaft (TUI).  Moody's has also assigned Ba2 ratings
to two TUI bond issues: the EUR400 million senior unsecured bond
maturing August 2009 and the EUR625 million senior unsecured
bond maturing May 2011.  The outlook on all ratings is stable.

Formerly known as Preussag AG, TUI has over the past few years
been refocused by its management team from being an industrial
conglomerate to becoming the largest integrated tourism group in
Europe and a leading provider of container shipping services.
Although some divestments remain to be completed, the core
Tourism and Logistics divisions accounted for over 90% of group
turnover and 85% of EBITDA in 2004, with tourism alone
representing more than 70% of sales, and shipping division to
grow with the recent acquisition of CP Ships Ltd. (CP Ships, Ba2
Corporate Family Rating, Ba3 Senior Unsecured Rating).

TUI's Ba2 ratings reflect the company's leading market position
in the tourism industry in Europe.  According to Moody's, the
group has been successfully positioning itself as a global
provider with a presence in all market segments, from low-budget
to premium tours, adopting a strategy of strong vertical
integration, encompassing activities ranging from the tour
operator business -- offering travel solutions and tour
organizations through travel agencies -- to travel itself,
comprising eight airlines, customer accommodation services and
the organization of various activities through the company's
"Destinations" division.

Moreover, in response to recent trends in the tourism industry
(notably late planning, more personalized holidays and growing
competition from low-cost carriers and Internet booking
portals), TUI has developed its own Internet platform and call
centers, which together accounted for 20% of the Tourism
division's sales in 2004.

The rating also factors in TUI's strategy to materially control
only a proportion of the hotels and aircraft required to meet
the needs of its tour operating services, with any additional
capacity covered by entering into flexible arrangements with
third-party suppliers.  Moody's notes that, although this
business model affords TUI the flexibility to help it withstand
a downturn in a particular source region/destination, it
requires a strict quality control of the third-party services
provided.

Moody's also cautions that TUI's customer concentration in
Germany and the U.K. exposes the company to risks in the event
of an economic downturn in these countries, while the
destination concentration on Spain and Greece poses other risks
in case of unexpected events in these countries such as
terrorist attacks or natural disasters.

The Ba2 ratings additionally incorporate the diversification
provided by the higher-margin Hapag-Lloyd container shipping
business, which has grown profitably over recent years.  This
business succeeded in outperforming the market on all routes in
2004 and, thanks to investments undertaken in past years
allowing the use of large and modern ships, is one of the most
productive in the sector in terms of dispatched containers per
employee.  Investments in new technologies have translated into
an efficient utilization rate even on the non-dominant routes,
higher than most of the group's competitors -- typically one of
the most significant challenges in this industry.

Moody's also factors in Hapag-Lloyd's membership of the largest
container shipping alliance, Grand Alliance, which allows the
capacity of individual routes to be divided among all members in
order to achieve better utilization rates.  Moody's takes into
account the diversified customer base and relatively low level
of concentration: Hapag-Lloyd has more than 20,000 customers,
with the 15 largest customers accounting for 30% of sales and
the 150 largest customers generating 58% of sales.  Moody's
notes the relative stability of the customer base, as evidenced
by the fact that 13 of this business's current top 15 customers
were also among its leading customers for the past three years.

The Ba2 ratings take into account the EUR1.7 billion acquisition
of CP Ships closed in October 2005, which will significantly
improve Hapag-Lloyd's market position in the shipping industry,
from the number 13 to the number 5 player.  Given the fragmented
and relatively commoditized nature of the container shipping
industry, Moody's views positively the increased size of the
combined entity and the relatively limited overlap in trade
lanes between the two companies, which will enable them to
optimize capacity utilization and provide economies of scale.

However, Moody's cautions that the acquisition price is
relatively high compared to recent transactions in this industry
and that the anticipated synergies to be extracted appear
somewhat ambitious.  Substantial execution risks are also linked
to this acquisition, given

(a) The lack of track record for acquisitions at Hapag-Lloyd,
    which has to date chiefly been expanding via through
    internal growth,

(b) The potential business disruption with the rollout of
    Hapag-Lloyd's IT system within CP Ships' numerous
    Subsidiaries; and

(c) The need to integrate CP Ships' relatively decentralized
    organization within Hapag-Lloyd.

The Ba2 ratings also incorporate the seasonal nature of the
tourism industry, the cyclical nature of the two core businesses
and their exposure to fluctuations in fuel prices.  Tourism
activities are currently recovering from the trough following
the September 11 events in 2001 and the further dip in 2003
caused by the Iraq war and the SARS outbreak, whilst the
container shipping sector is enjoying a favorable economic
environment, with increased demand on all major routes and high
freight rates, despite negative factors such as the fall in the
value of the U.S. dollar against the euro and high crude oil
prices.  Nevertheless, Moody's cautions that, with the overall
number of new ships expected to increase, capacity is likely to
grow at a faster pace than demand over the intermediate term.
As a consequence, freight rates may decrease, although this will
be somewhat mitigated by a possible lack of harbor capacity.

The Ba2 ratings finally factor in Moody's expectation that TUI's
credit metrics, including the upcoming impact of the integration
of CP Ships within TUI's shipping division, will strengthen over
time.  Although leverage (adjusted debt to EBITDAR) is expected
to decrease in the coming years from approximately 5.8 at year-
end 2005, it remains high for the rating category.  Moody's
therefore expects the group's ratio of adjusted retained cash
flow pre-working capital to adjusted debt, which will stand
below 10% at year-end 2005, to progressively strengthen.

Moody's notes the unsecured bondholders' effectively
subordinated position behind a material amount of secured debt,
stemming from some airlines' finance leasing commitments,
obligations located at Hapag-Lloyd and other operating
subsidiaries.  In light of TUI's stated goal and action plan to
further centralize financing at the TUI AG level, Moody's
expects the level of subordination to decrease to around 20%
over the short term.  Should that amount increase above 25%,
Moody's would consider introducing notching between the Senior
Unsecured debt rating and the Corporate Family Rating.

The stable outlook reflects Moody's expectation that the company
will focus on finalizing the disposal program and expanding its
two core businesses through internal growth while improving its
financial profile and decreasing leverage over time.  Positive
pressure could develop on the ratings if the improvement in
credit metrics proves sustainable, such that leverage falls to
below 4.5 and the ratio of adjusted retained cash flow to
adjusted debt reaches the low teens level.

TUI, headquartered in Hanover, Germany, is Europe's largest
integrated tourism group and a leading provider of Container
Shipping services, with sales of EUR18 billion in 2004.

CONTACT:  MOODY'S FRANCE S.A. (PARIS)
          Eric de Bodard, Managing Director
          European Corporates Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Myriam Durand, Vice President - Senior Analyst
          European Corporates Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


TUI AG: Receives 'BB+' Long-term Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Germany-based integrated tourism and
container shipping group TUI AG.  The outlook is positive.

At the same time, Standard & Poor's assigned its 'BB' senior
unsecured debt rating to both TUI's existing EUR625 million
senior notes maturing in May 2011 and its EUR400 million
floating rate notes maturing August 2009, reflecting its
structural subordination to higher priority debt.

"The ratings on TUI reflect the group's exposure to both
cyclical and competitive European tourism and global container
shipping markets," said Standard & Poor's credit analyst Olaf
Toelke. In addition, the recent takeover of CP Ships Ltd. (BBB-
/Watch Neg/--), while positive from a business point of view,
poses integration risk.

"TUI's current financial profile needs to be seen in the context
of a limited track record and its dependence on volatile
underlying industries," said Mr. Toelke. "The ratings are
supported by TUI's leading positions in the European tourism
markets, and its increased exposure to the growing container
shipping market, as well as its balanced geographical position."
At June 30, 2005, TUI's total financial debt outstanding was
EUR3.6 billion ($4.3 billion).

With annual 2004 group revenues of EUR18 billion, TUI is an
integrated European tourism operator, deriving almost equal
contributions to group profits from its two core divisions,
tourism and container shipping, after the takeover of CP Ships.

TUI's two core divisions are characterized by cyclical,
competitive, and fragmented end markets.  Beside its traditional
seasonality, the tourism market in particular is characterized
by its exposure to event risks such as acts of terror and
natural disasters, as well low margins relative to other
industries.  Furthermore, Standard & Poor's notes the increased
risk profile of the industry due to the changing, more discount-
oriented booking behavior of travelers.  While long-term growth
prospects for the container shipping industry remain positive,
the vagaries of new capacity coming into service from 2006 is
likely to result in future pressure on freight rates and
profits.

From a financial point of view, despite TUI's improved
performance in 2004 and the first six months of 2005, the
quality of the financial profile is not adequate to support
higher ratings at this point in time.  This is also due to some
volatility both generated by the group's transformation process
as well as its underlying industries. In addition, the ratings
are held back by the group's continuous limited free cash flow
generation as a result of high capital expenditure requirements,
which keep the group from reducing leverage more speedily.

The ratings are supported by TUI's leading market shares of
between 10%-15% in European tourism and by its now enhanced
global positioning in container shipping, where Hapag-Lloyd,
TUI's main container shipping subsidiary, and CP Ships, on a
combined basis, are likely to be among the top five global
container shipping operators.  While size is a significant
advantage in tourism due to the possibility of deriving both
procurement and synergy effects, it is equally beneficial in
container shipping, allowing it to offer one-stop service to
large global direct shippers.  Although there is some
uncertainty in the market due to the likely negative
implications of the rollout of large new container shipping
capacity, Standard & Poor's believes that Hapag-Lloyd, as the
significantly more profitable operation, is likely to contribute
to improving cost structures at CP Ships.  Integrating a large
company such as CP Ships, however, is not without risk and there
is no track record at Hapag-Lloyd in this respect. Another
factor supporting the rating is TUI's balanced geographical
exposure, with Germany only accounting for 9% of group revenues
in 2004.  The acquisition of CP Ships will further contribute
toward increasing the group's non-European exposure of 37%.

Based on a strong recovery of the tourism division's sales (up
5%) and the number of customers booking (up 10%) at the end of
the first half, the group reported a more than 40% increase in
operating results year-on-year.  Pension- and lease-adjusted
funds from operations (FFO) to net debt, pro forma for the
takeover of CP Ships and the EUR1 billion rights issue, is
expected to recover to about 30% in 2005, based on a rising cash
flow contribution from the tourism division and a significant
reduction in net debt.

"The positive outlook is supported by the improving financial
profile of the group and management's relatively conservative
financing of the CP Ships takeover, which had already been
structured in an accretive way to financial ratios in the first
year," said Mr. Toelke.  The outlook therefore reflects the
expected improvement in the group's financial profile, which is
currently at the high end of Standard & Poor's expectations for
the 'BB+' long-term rating.  However, to achieve an upgrade, TUI
needs to demonstrate that it can attain and maintain financial
ratios on a sustainable basis at levels commensurate with
investment grade requirements.  Therefore, TUI would need to
reach and establish a track record of maintaining a 35% coverage
of net debt by FFO on a pension-and-lease-adjusted basis for an
upgrade to be considered.  A significant weakening of its
financial profile might result in the outlook reverting to
stable or a potential downgrade.

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:  TUI AG
          Karl-Wiechert-Allee 4
          30625 Hannover
          Germany
          Phone: +49 511 566-00
          Fax: +49 511 566-1901
          Web site: http://www.tui.com/


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


FIAT SPA: Halves Debt to EUR4.7 Bln After Debt Conversion
---------------------------------------------------------
The Board of Directors of Fiat S.p.A. met on Oct. 26 in Turin
under the chairmanship of Luca Cordero di Montezemolo to review
the consolidated results of the Group for the third quarter and
first nine months of 2005.

Highlights

-- trading profit up sharply to EUR232 million, against a
   trading loss of EUR30 million in Q3 2004, on largely stable
   revenues, up 2% at eur10.6 billion;

-- net income of EUR0.8 billion;

-- net industrial debt halved to EUR4.7 billion, thanks to
   conversion of the mandatory convertible loan (EUR3.0 billion)
   and completion of the Italenergia Bis transaction (EUR1.8
   billion);

-- solid cash position of approximately EUR6.0 billion after
   EUR1.2 billion bond reimbursement in the quarter;

-- trading loss of the auto sector at EUR85 million, slashed by
   over two-thirds compared to Q3 2004;

-- on track to achieve 2005 group targets

Fiat Group Income Statement

(in millions of euros)                          Q3 2005  Q3 2004
Net Revenues                                     10,597  10,386
% change                                              2
Group Trading Profit (Loss)                         232     (30)
change                                              262
Operating Result                                    409    (122)
change                                              531
Result Before Taxes                               1,036    (301)
change                                            1,337
Group Net Result                                    826    (380)
change                                            1,206

The Group

In Q3 2005, all of the businesses of the Fiat Group continued to
improve their performances.  Revenues totaled EUR10.6 billion,
reflecting the typical negative seasonality associated with Q3.
The Group achieved a slight (+2%) increase in revenues over the
comparable 2004 quarter despite the impact of announced new
model launches (Fiat Grande Punto and Alfa 159) on sales of
existing products.

Group trading profit was EUR232 million, compared with a loss of
EUR30 million in Q3 2004.  The EUR262 million increase in
trading profit was due to a EUR197 million reduction in trading
losses at Fiat Auto combined with positive performance of all
other industrial Sectors.

CNH improved its trading profit by EUR21 million, from EUR112
million to EUR133 million, Iveco by EUR28 million, from EUR74 to
EUR102 million, and Components and Production Systems by EUR21
million, from EUR56 to EUR77 million.

          Fiat Auto Cuts Trading Loss to EUR85 Million

Fiat Auto reduced its trading loss by more than two-thirds, from
EUR282 million in Q3 2004 to EUR85 million this quarter; this
sharp drop, and the expected benefit to Q4 results from the
contribution of the new car models launched since September,
underscores that the Sector is on track to achieve its 2005
targets.

Group Q3 2005 results benefited from non-recurring income,
including the gain realized on sale of the investment in
Italenergia BIS (EUR878 million) and unusual financial income of
EUR858 million related to the capital increase of September 20,
2005 following conversion of the Mandatory Convertible Loan.
The result for the quarter also absorbed EUR420 million in
restructuring charges and other unusual costs (EUR284 million)
connected with the Group's ongoing reorganization and
rationalization processes.

Net income for the quarter was EUR0.8 billion. On a pro forma
basis, net of unusual items (chiefly the gain on Italenergia BIS
and the Mandatory Convertible Loan, restructuring charges and
other unusual items) and assuming conversion of the Mandatory
Convertible Loan and closing of the Italenergia BIS transaction
as at July 1, 2005, net income for the quarter would have been
EUR14 million.

                 Net Debt Down by EUR4.5 Billion

Net industrial debt decreased during the period by EUR4.5
billion (EUR4.7 billion in the first nine months of 2005),
chiefly reflecting reimbursement of the Mandatory Convertible
Loan and of the financial indebtedness related to the
Italenergia BIS transaction.

The Group's cash position at September 30 was approximately
EUR6.0 billion, substantially unchanged from the December 31,
2004 level, after reimbursement of EUR1.2 billion in bonds in Q3
2005.

Net Debt
(in millions of euros)                   At Sept. 30  At Dec. 31
                                            2005         2004
Financial debt                             (25,465)  (32,191)
- Asset-backed financing                    (9,660)  (10,174)
- Other debt                               (15,805)  (22,017)
Other financial liabilities[1]                (196)     (203)
Other financial assets [1]                     583       851
Current securities                             504       353
Cash and cash equivalents                    5,469     5,767
Net debt                                   (19,105)  (25,423)
Industrial activities                       (4,658)   (9,447)
Financial Services                         (14,447)  (15,976)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] This includes the positive and negative fair value of
derivative financial instruments
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Automobiles - Revenues

(in millions of euros)                        Q3 2005   Q3 2004
Automobiles                                    4,882     4,635
% change                                         5.3
Fiat Auto                                      4,341     4,313
% change                                         0.6
Maserati                                         114        83
% change                                        37.3
Ferrari                                          302       256
% change                                        18.0
Powertrain [*]                                   670
% change n.a.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Including revenues of EUR533 million from Fiat Auto.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Automobiles - Revenues

(in millions of euros)                        Q3 2005   Q3 2004
Automobiles                                    4,882     4,635
% change                                         5.3
Fiat Auto                                      4,341     4,313
% change                                         0.6
Maserati                                         114        83
% change                                        37.3
Ferrari                                          302       256
% change                                        18.0
Powertrain [*]                                   670
% change n.a.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Including revenues of EUR533 million from Fiat Auto.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Automobiles

Fiat Auto had revenues of EUR4.3 billion, a slight 0.6% increase
from Q3 2004.  Improved product mix and the positive foreign
exchange effect stemming from sales in Brazil and Poland
effectively offset lower volume.

Sales were impacted by intense competitive pressure and a
slowdown in sales of existing models ahead of upcoming new
product launches.  In the second half of September, the Italian
public was offered a first opportunity to get acquainted with
the new Grande Punto through a series of open-door events that
attracted over one million people into Fiat dealerships.  The
new model is currently going on sale throughout the key European
markets.  A total of 35,000 orders have now been received for
the Grande Punto.

Similarly, the new Alfa 159 went on sale in late September.  The
Alfa Brera, Panda SUV, and the larger Fiat SUV Sedici will be
presented to the international press in November.

Among the key automobile markets for Fiat Auto, Western European
demand rose by 2.2% in the quarter, with Italy up 4.8%, while
Brazil rose by 8%.  By contrast, the market contracted sharply
in Poland, where new vehicle registrations fell by 12.9%.

In this context, Fiat Auto delivered a total of 378,700
vehicles, down 5.9% from the same period of 2004.  Unit sales
decreased in all major European countries (-6.1% in Italy), with
the exception of France, where they were up 5.8%, and Spain,
where they were unchanged.  Deliveries also fell in Poland,
while Fiat unit sales outpaced the market in Brazil (10.4%
against 8%), lifting market share from 24.5% to 24.8%.

The market share of Fiat Auto during the quarter was 27.7% in
Italy (28.0% in Q3 2004) and 6.1% in Western Europe (6.9% in Q3
2004).  The performance of Commercial Vehicles remained very
strong, with a 10% share of the European market and over 40% of
the Italian market.  Fiat's share of the Italian commercial
vehicle market increased from 41.8% to 42.7% in the first nine
months of the year.

Automobiles - Trading profit

(in millions of euros)                        Q3 2005    Q3 2004
Automobiles                                     (44)      (265)
change                                          221
Fiat Auto                                       (85)      (282)
change                                          197
Maserati                                        (10)       (13)
change                                            3
Ferrari                                          42         30
change                                           12
Powertrain                                        9
change                                            -

In the third quarter of 2005, Fiat Auto had a trading loss of
EUR85 million, a two-third reduction compared to the EUR282
million trading loss posted in Q3 2004.  This improvement,
achieved in the face of lower volumes, underscores the
effectiveness of the sector's operational strategy, which
focuses on higher margin retention due to a more favorable
product mix and greater use of more profitable sales channels.
The trading performance also benefited from reduction in product
and governance costs, as well as streamlined R&D.

Maserati had revenues of EUR114 million in the third quarter, up
sharply (+37%) from the same period in 2004.  The improvement
stemmed from higher volumes, thanks to the success of the
Quattroporte and sales of the special MC12 highway models.  The
trading loss of Maserati was EUR10 million, as compared to a
loss of EUR13 million in Q3 2004.  The improvement was the
result of higher volume and a better sales mix, more than
offsetting the negative foreign exchange effect.

Ferrari posted revenues of EUR302 million.  The significant
improvement from the same period of 2004 (+18%) is attributable
to the success of the new F430.  During the period, sales
totaled 1,206 units, a 28% increase from Q3 2004.

Ferrari closed the quarter with a trading profit of EUR42
million, up EUR12 million from the Q3 2004 level.  The increase
reflects higher sales volumes and efficiency gains, offsetting
negative foreign exchange effects.

Fiat Powertrain Technologies, the new Sector encompassing all
Group engine and transmission activities, posted revenues of
EUR670 million in the quarter.  (Reported data for 2005, relates
only to passenger car engines and transmissions).  Production
was partially allocated to the Automobile Sector of the Group,
while sales to third parties totaled EUR137 million.  Trading
profit was EUR9 million.

Agricultural and Construction Equipment

Agricultural and Construction Equipment
(in millions of euros)                    Q3 2005     Q3 2004
Revenues                                   2,456      2,457
% change                                     0.0
Trading profit                               133        112
change                                        21

In the third quarter of 2005, CNH revenues totaled EUR2.5
billion, virtually unchanged from the Q3 2004 level, as lower
agricultural equipment volume was offset by higher sales of
construction equipment.

These results reflect diverging trends in CNH's two reference
markets.  During the quarter, the world agricultural equipment
market remained stable overall, as lower demand in America and
Western Europe was offset by higher demand in the rest of the
world.  By contrast, the world construction equipment market was
up 13%, with increases in lightrange equipment in virtually all
countries.  Sales of heavy equipment rose sharply in all world
markets with the exception of Western Europe, where demand was
unchanged.

In the third quarter of 2005, CNH recorded trading profit of
EUR133 million, up from EUR112 million in Q3 2004.  Higher sales
of construction equipment, improved pricing, cost efficiency
gains and greater profitability in financial services more than
offset higher raw material prices and lower volume in
agricultural equipment.

Commercial Vehicles

Commercial Vehicles
(in millions of euros)                     Q3 2005    Q3 2004

Components (Magneti Marelli)                 923         873
% change                                     5.7
Metallurgical Products (Teksid)              252         215
% change                                    17.2
Production Systems (Comau)                   422         440
% change                                    -4.1
Total                                      1,597       1,528
% change                                     4.5

Iveco had revenues of slightly over EUR2 billion in the third
quarter of 2005, up by 1.6% compared to Q3 2004; industrial
activities were up 3.2%.

The commercial vehicle market in Western Europe remained
positive during the period, expanding by 3.7%.  Higher demand,
recorded across all market segments, was particularly strong in
the heavy vehicle segment, up by 9.2%.  Demand for heavy trucks
was up in all countries, notably France and Spain, with the sole
exception of Italy, where the market remained stable.

In the third quarter, Iveco delivered a total of 37,600
vehicles, up 4.5% over Q3 2004.

Iveco posted a trading profit of EUR102 million in the third
quarter.  The EUR28 million improvement compared to Q3 2004
primarily reflects higher volume and pricing, offsetting the
increase in raw materials costs and a less favorable
geographical mix.

During the period, the powertrain activity produced 96,800
engines (+3%), generating revenues of EUR533 million, 56% of
which represents deliveries to the Commercial Vehicles Sector.
Trading profit of the powertrain activity was EUR15 million,
against EUR16 million reported in Q3 2004.

Components and Production Systems - Revenues

(in millions of euros)                       Q3 2005     Q3 2004
Components (Magneti Marelli)                    923        873
% change                                        5.7
Metallurgical Products
(Teksid)                                        252        215
% change                                       17.2
Production Systems (Comau)                      422        440
% change                                       -4.1
Total                                         1,597      1,528
% change                                        4.5

Magneti Marelli had revenues of EUR923 million.  The 5.7%
increase compared to Q3 2004 partly reflected inclusion of Mako,
a company consolidated since January 1, 2005.  On a comparable
consolidation and foreign exchange basis, revenues increased by
2%.  During the period, the strong performance of Magneti
Marelli operations in Brazil and Poland enabled it to offset
lower sales volume in Italy.

Components and Production Systems

Trading profit
(in millions of euros)                    Q3 2005      Q3 2004
Services (Business Solutions)               206          246
% change                                  -16.3
Publishing and Communications (Itedi)        83           81
% change                                    2.5
Holding companies and
other companies                             103          190
% change                                  -45.8
Total                                       392          517
% change                                  -24.2

On a comparable scope of consolidation, the trading profit of
Magneti Marelli was in line with that of Q3 2004 (EUR36
million), as higher raw material prices were offset by wide-
ranging efficiency gains.  During the quarter, the powertrain
activities of the Sector had revenues of EUR182 million, up 8%
over Q3 2004, and a trading profit of EUR8 million, down from
EUR13 million in the comparable 2004 quarter.

Teksid had revenues of EUR252 million, up 17% from Q3 2004,
reflecting higher pricing to absorb the increase raw material
costs, as well as positive foreign exchange impact and higher
volumes.  Both the Cast Iron Business Unit, with a 2.9% increase
in volume, and the Magnesium Business Unit, up 2.3%, contributed
to the positive result.  The increase in contract work at Teksid
during the first nine months of the year was satisfactory.
Teksid recorded a trading profit of EUR14 million.

Comau posted revenues of EUR422 million.  Compared with the
third quarter of 2004, the 4.1% drop stems from the transfer to
Iveco, Magneti Marelli, and CNH of Comau's European service
activities.  Net of changes in the scope of consolidation, Comau
revenues rose by 10% during the quarter, due to strong
performance of the Car Bodywork and Maintenance areas.

Comau's trading profit rose an impressive EUR15 million to EUR25
million in the third quarter of 2005, as the company began to
benefit from the restructuring and cost-reduction plans
implemented by its North American operations, in particular.

Other Businesses

Other Businesses - Revenues

(in millions of euros)                     Q3 2005      Q3 2004
Components (Magneti Marelli)                 38           36
change                                        2
Metallurgical Products (Teksid)              14           10
change                                        4
Production Systems (Comau)                   25           10
change                                       15
Total                                        77           56
change                                       21

Business Solutions had revenues of EUR206 million in the third
quarter, down 16.3% from Q3 2004.  The decrease stemmed partly
from the sale of the temporary employment agency Worknet.  On a
comparable basis, the decrease in revenues was approximately 8%,
reflecting lower activity in the administration area, following
redefinition of the services provided to Group companies.

Other Businesses - Trading profit

(in millions of euros)                       Q3 2005    Q3 2004
Services (Business Solutions)                   13         9
Change                                           4
Publishing and
Communications (Itedi)                          (3)       (2)
change                                          -1
Holding companies and other companies          (46)      (14)
Change                                         -32
Total                                          (36)       (7)
change                                         -29

The trading profit of Business Solutions was EUR13 million
during the period, up from EUR9 million in Q3 2004.  The
increase primarily reflects efficiency gains.

Itedi had revenues of EUR83 million.  The 2.5% increase from Q3
2004 resulted mainly from higher advertising revenues achieved
by Publikompass.

During the third quarter of 2005, a traditionally weak period in
the seasonal advertising market, Itedi had a trading loss of
EUR3 million, against a loss of EUR2 million in Q3 2004.  The
decline reflects costs incurred for promotional activities,
which are expected to have a positive impact in the final months
of the year.

The result of residual activities, together with eliminations
and consolidation adjustments, shows a decrease of EUR32 million
in the third quarter, mainly due to lower volumes for the "High
Speed Railway" (TAV) project contract, the different mix of
services provided by Group Sectors, and higher consolidation
adjustments.

Group results during the first nine months

Fiat Group Financial Highlights
(in millions of euros)                     Jan. 1 - Sept. 30
                                              2005     2004

Net Revenues                                33,404   33,419
Trading profit                                 639      175
Operating result                             1,854        3
Result before taxes                          2,070     (696)
Net result before minority
interest                                     1,336   (1,018)

In the first nine months of 2005, Fiat Group revenues totaled
EUR33.4 billion, substantially in line with revenues achieved in
the corresponding period of 2004.

Revenues were impacted by the lower automobile demand in Europe
-- and notably in Italy -- in the first half of the year, as
well as slower sales of existing products ahead of now model
launches.

The Group's trading profit more than tripled, rising from EUR175
million to EUR639 million, thanks mainly to the good results
achieved by CNH and Iveco and the strong improvement posted by
Fiat Auto, which more than halved its trading loss.

Net income before minority interests was EUR1.3 billion, against
a loss of EUR1.0 billion in the first nine months of 2004.  The
improvement reflects growth in trading profit as well as the
positive contribution from the General Motors settlement (EUR857
million net of taxes), the gain on the Italenergia Bis
transaction (EUR878 million), and the one-off financial income
connected with the conversion of the Mandatory Convertible Loan
(EUR858 million), net of restructuring charges amounting to
EUR502 million and other unusual costs for EUR318 million.

Net industrial debt was halved from EUR9.4 billion to EUR4.7
billion due to conversion of the Mandatory Convertible Loan
(EUR3.0 billion) and the financial indebtedness related to the
Italenergia Bis transaction (EUR1.8 billion).

The cash position of the Group at September 30, 2005 was
approximately EUR6.0 billion, largely unchanged from the
December 31, 2004 level, after reimbursement of bonds for EUR1.6
billion.

Full-year outlook

In the first nine months of the year, the Fiat Group and all of
its main Sectors sharply improved their operating performance
and financial results.  Consequently, Fiat is on track towards
achieving its stated targets.  Since the beginning of the year,
the Group also succeeded in finding optimal solutions to pending
financial issues.  With net stockholders' equity of
approximately EUR9 billion and net industrial debt of less than
EUR5 billion, Fiat can now focus on its manufacturing
infrastructure, distribution networks, and product offerings,
with the support of its main shareholder, which in recent weeks
chose to maintain and strengthen its commitment to the Group.

In particular, Fiat Auto drastically reduced its losses, while
introducing a host of new models that have been very well
received by customers.  As part of its aggressive program to
renew its product range, Fiat is planning on launching 20 new
models and restyling an additional 23.  Between 2005 and 2008,
Fiat will invest EUR10 billion to support this plan, including
EUR4 billion in R&D.

So as to further strengthen the Automobile Sector, Fiat
continued to seek strategic alliances with major partners.  Fiat
recently signed two memoranda of understanding, with Ford and
with the Indian group Tata Motors Ltd., to study collaboration
opportunities.

The talks with Ford are aimed at assessing the feasibility of
jointly developing two new vehicles in the small car segment
(the future Fiat 500 and the successor to the Ford Ka), while
the agreement with Tata would focus on broader cooperation in
the automotive arena, including development, manufacturing,
components, purchasing and distribution.

In October, Fiat signed a letter of intent with Suzuki Motor
Corporation (SMC) to study the feasibility of licensed
manufacture of the new Euro 5-compliant 2.0 JTD Multijet diesel
engine, developed by Fiat Powertrain Technologies.  Production
of the new engine will start in Italy in 2008, and pursuant to
the letter of intent, manufacturing in Asia could commence in
2010, with a targeted volume of approximately 100,000 units.
These agreements represent further steps in the alliance
strategy implemented with PSA Peugeot Citroen and Tofas for the
joint development and production of a light commercial vehicle,
and with Suzuki to develop and manufacture an SUV that will
debut in conjunction with the Turin Winter Olympics in Q1 2006.
Based on the promising results achieved to date, Fiat Auto can
confirm its 2005 target of reducing its trading loss to
approximately 1.5% of revenues.

The other Sectors are proceeding with their own profit
improvement plans, and charges have been booked in the third
quarter to reflect the acceleration of their restructuring
activities.

The Fiat Group can therefore be cautiously optimistic about its
future and confirms its 2005 targets.

The Quarterly Report at September 30, 2005 will also be
available on the Fiat Web site.

A copy of the financial result is available free of charge at
http://bankrupt.com/misc/Fiat(Q32005).pdf

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


PARMALAT SPA: Lehman Brothers Nominates Enrico Bondi to Board
-------------------------------------------------------------
Parmalat administrator Enrico Bondi leads the list of candidates
for the dairy group's new board, Reuters says citing a source
privy to the matter.

A group of investors led by investment group Lehman Brothers
nominated 11 candidates, who include Parmalat chairman Raffaele
Picella, former Eni CEO Vittorio Mincato, former Telecom Italia
co-CEO Marco de Benedetti, Luxottica CEO Andrea Guerra,
Finmeccanica board member Piergiorgio Alberti, and an adviser to
the group.

Lehman Brothers also nominated Carlo Secchi and Marzio Saa,
current board members at Parmalat and former rectors of Bocconi
University; Massimo Confortini of Luiss University; Erder
Mingoli and Ferdinando Superti Furga.  The list will be
published this week.

Shareholders had until Oct. 31 to submit their list of nominees
for the new board.  The Financial Times revealed Mr. Bondi could
stay after opposing shareholders, led by local bank Banca
Intesa, decided not to field candidates.

Mr. Bondi became Parmalat administrator shortly after the dairy
giant collapsed in December 2003 under EUR14 billion of debt.

CONTACT:  PARMALAT S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


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


KIP: Claims Filing Period Ends December
---------------------------------------
LLC KIP, which recently became insolvent, will accept proofs of
claim at Karakol, Micro District Voshod until December 20, 2005.
Call (0-39-22) 2-76-29 for more information.


KYRGYZSERVICEKONTRACT: Creditors Meeting Set this Week
------------------------------------------------------
Creditors of OJSC Kyrgyzservicekontract will meet at Bishkek, L.
Tolsotogo Str. 210 on November 4, 2005 at 2:00 p.m.

Agenda:

(a) Report of the temporary insolvency manager;

(b) Approval of the expenses for third quarter of 2005; and

(c) Others

Proxies must have authorization to vote.  Call (0-312) 64-82-51
for more information.


MONO ADV: Sets Proofs of Claim Deadline
---------------------------------------
LLC Mono ADV, which recently became insolvent, will accept
proofs of claim until December 20, 2005.   Call (0-312) 62-70-85
for more information.


RNB: Court Replaces Temporary Insolvency Manager
------------------------------------------------
The Department for Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic appointed Mr. Mels Davydov
temporary insolvency manager of LLC RNB on October 7, 2005,
replacing Mr. K.A. Djomartov.

CONTACT:  Mr. Mels Davydov
          Temporary Insolvency Manager
          Phone: (0-312) 21-67-25
                 (0-502) 12-40-35


ROSIMPORT: Creditors' Claims Due Next Month
-------------------------------------------
LLC Rosimport, which recently became insolvent, will accept
proofs of claim until December 20, 2005.  Call (0-502) 32-10-92
for more information.


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


GETRONICS N.V.: Debt Conversion to Start December 8
---------------------------------------------------
On 29 September 2005, Getronics N.V. successfully priced its
EUR150 million 2.75% senior unsecured convertible bonds due
2010.  The initial conversion price of the Bonds was set at
EUR13.04, which represented a premium of approximately 30% above
the reference price of Getronics' ordinary shares at the time of
pricing.  Payment for and delivery of the Bonds took place Oct.
28, 2005.

Conversion and Redemption

The Bonds are convertible on or after 8 December 2005 until 21
October 2010 into ordinary shares in the capital of Getronics.
Unless earlier redeemed, converted or purchased and cancelled,
the Bonds will be redeemed in cash on 28 October 2010 at 100% of
their principal amount.  In certain circumstances, specifically
mentioned in the conditions of the Bonds, Getronics and the
Bondholders have the right to redeem the Bonds prior to their
maturity.

Listing

Application has been made to admit the Bonds to the official
list of the Luxembourg Stock Exchange and to admit the Bonds to
trading on the Luxembourg Stock Exchange's EURMTF Market Oct.
28, 2005.

Advisers

Deutsche Bank AG and Rabo Securities have acted as joint global
co-coordinators and joint book runners of the Offering.  For the
purpose of this transaction, KBC Financial Products UK Ltd. has
acted as selling agent for Rabo Securities.  Linklaters has
acted as legal adviser to Getronics and Clifford Chance LLP has
acted as legal adviser to the Joint Global Coordinators and.

Stabilisation

In connection with the Offering, Deutsche Bank AG, acting on
behalf of the Joint Global Coordinators, as stabilizing manager
may, to the extent permitted by applicable laws and directives,
over-allot and effect transactions with a view to supporting the
market price of the Bonds at a level higher than that which
might otherwise prevail, but in doing so the Stabilizing Manager
shall not act as agent of Getronics and any loss resulting from
over-allotment and stabilization shall be borne, and any profit
arising from them shall be beneficially retained, equally by the
Joint Global Coordinators.

About Getronics

With some 27,000 employees in over 30 countries and approximate
revenues of EUR3 billion, Getronics -- http://www.getronics.com
-- is one of the world's leading providers of vendor independent
Information and Communication Technology (ICT) solutions and
services.

Getronics designs, integrates and manages ICT infrastructures
and business solutions for many of the world's largest global
and local companies and organizations, helping them maximize the
value of their information technology investments.  Getronics'
headquarters are in Amsterdam, with regional offices in Boston,
Madrid and Singapore.  Getronics' shares are traded on Euronext
Amsterdam.

                            *   *   *

In May, Standard & Poor's Ratings Services revised its outlook
on Getronics N.V. to stable from positive.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate credit
and 'B-' senior unsecured debt ratings on the group, as well as
assigning its 'B+' rating and '3' recovery rating to Getronics'
EUR300 million (US$388 million) senior secured bank loan,
indicating Standard & Poor's expectation of meaningful (50%-80%)
recovery of principal in the event of a default.

"The outlook revision follows our review of the group's business
and financial profiles," said Standard & Poor's credit analyst
Patrice Cochelin.  "We expect Getronics to again generate weak
free cash flow in 2005 after a negative figure in 2004."

An upgrade to the 'BB-' category is consequently unlikely in the
coming months.  Getronics' disappointing revenues in recent
months, coupled with gross margins capped at less than 20%,
attest to fierce competition in the company's main markets.

"Getronics' balance-sheet and liquidity positions are
nevertheless expected to continue to merit a slightly higher
rating," added Mr. Cochelin.

Over the past two months, Getronics completed the acquisition of
Dutch competitor Pinkroccade N.V., refinanced its EUR175 million
credit facility with a new EUR300 million secured facility
(excluding a EUR200 bridge loan), and closed a EUR400 million
equity offering to finance the cash component of the acquisition
and refinance part of its preferred stock.  Pro forma for these
transactions, the company's debt will essentially comprise its
EUR100 million bond maturing in 2008, a new EUR150 million
revolving credit facility due in March 2008, and a EUR75 million
acquisition tranche due in March 2008, which will be reduced by
EUR25 million in March 2006.

The stable outlook reflects our expectation that restructuring
costs will continue to impair Getronics' free cash flow
generation in 2005, albeit without threatening its liquidity
position.  We may change the outlook to positive if Getronics'
free operating cash flow generation improves to a sustainable
positive figure after restructuring costs.  Conversely, if
service revenues continue to fall or liquidity weakens
materially, we may revise our outlook to negative.  Small
acquisitions in the company's core business should be
accommodated within the current rating.

CONTACT:  GETRONICS N.V.
          Media Relations
          Phone: +31 6 22196721
          Fax: +31 30 274 7650
          E-mail: media@getronics.com

          Investor Relations
          Phone: +31 20 586 1982
          Fax: +31 20 586 1455
          E-mail: investor.relations@getronics.com


LAURUS N.V.: Extraordinary General Meeting Set Early Next Year
--------------------------------------------------------------
Amber Fund Limited has requested the Supervisory Board and the
Board of Management of Laurus N.V. to convene an extraordinary
general meeting of shareholders to discuss inter alia the
company's strategy.  According to the most recent notification
pursuant to the Major Holdings in Listed Companies Disclosure
Act, Amber Fund Limited owns 11.5% of the shares in Laurus.

After consultation with Amber Fund Limited, it has been decided
to hold an extraordinary general meeting of shareholders in the
first half of January 2006.  Notice of the meeting will be given
in good time and in the customary manner by means of
advertisements in The Daily Official List and De Telegraaf
newspaper.

Last month, Laurus reported consolidated net result of EUR2
million (first half 2004: EUR15 million negative); consolidated
net result excluding non-recurring items of EUR46 million
negative (first half 2004: EUR51 million negative); consolidated
operating result (EBIT) of EUR26 million (first half 2004: EUR16
million negative); and consolidated net sales of EUR1.463
billion (first half 2004: EUR1.653 billion).

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD's-Hertogenbosch, The Netherlands
          Phone: +31-73-622-3622
          Fax: +31-73-622-3636
          Web site: http://www.laurus.nl


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


AGRO-INVEST: Deadline for Proofs of Claim Today
-----------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Agro-Invest.  The case is docketed as A12-10092/05-s58.
Creditors have until November 1, 2005 to submit their proofs of
claim to 400120, Russia, Volgograd region, Post User Box 2694

CONTACT:  AGRO-INVEST
          403402, Russia, Volgograd region, Kumylzhenskaya St.,
          Zarechnaya Str. 15A


ALEKSEEVSK-AGRO-KHIM-SERVICE: Declared Insolvent
------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Alekseevsk-Agro-Khim-Service after finding
the open joint stock company insolvent.  The case is docketed as
A65-3983/2005-SG4-31.  Mr. Kh. Khlilov has been appointed
insolvency manager.  Creditors have until November 24, 2005 to
submit their proofs of claim to 422550, Russia, Tatarstan
republic, Zelenodolsk-20, Post User Box 326.

CONTACT:  ALEKSEEVSK-AGRO-KHIM-SERVICE
          422900, Russia, Tatarstan republic,
          Alekseevskiy region, Slekseevskoye, Lenina Str. 107

          Mr. Kh. Khlilov
          Insolvency Manager
          422550, Russia, Tatarstan republic,
          Zelenodolsk-20, Post User Box 326


AMZINSKIY WOOD-COMBINE: Court Brings in Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Amzinskiy Wood-Combine after
finding the state unitary enterprise insolvent.  The case is
docketed as A07-9479/05-G-FLE.  Mr. R. Rakhmatullin has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 452695, Russia, Bashkortostan republic, Amzya,
Sverdlova Str. 12.

CONTACT:  AMZINSKIY WOOD-COMBINE
          452695, Russia, Bashkortostan republic,
          Amzya, Sverdlova Str. 12

          Mr. R. Rakhmatullin
          Insolvency Manager
          452695, Russia, Bashkortostan republic,
          Amzya, Sverdlova Str. 12


ATLANTIC: Succumbs to Bankruptcy
--------------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against Atlantic after finding the dockyard
insolvent.  The case is docketed as A42-6211/2005.  Ms. T.
Kazakova has been appointed insolvency manager.  Creditors have
until November 24, 2005 to submit their proofs of claim to
183008, Russia, Murmansk region, Post User Box 4353.

CONTACT:  ATLANTIC
          183001, Russia, Murmansk region,
          Tralovaya Str. 2

          Ms. T. Kazakova
          Insolvency Manager
          183008, Russia, Murmansk region,
          Post User Box 4353


BASHKIRSKIY COOPER: Proofs of Claim Deadline Expires Today
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Bashkirskiy Cooper - Sulphuric Combine.  The case is docketed as
A07-37149/05-G-MOG.  Mr. D. Lazarev has been appointed temporary
insolvency manager.

Creditors have until November 1, 2005 to submit their proofs of
claim to 620000, Russia, Ekaterinburg, Post Office, Post User
Box 106.  A hearing will take place on February 2, 2006 at 10:00
a.m. at the Arbitration Court of Bashkortostan republic at
Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii
Str. 63a.

CONTACT:  BASHKIRSKIY COOPER - SULPHURIC COMBINE
          452860, Russia, Bashkortostan republic,
          Siby, Gorkogo Str. 54

          Mr. D. Lazarev
          Temporary Insolvency Manager
          620000, Russia, Ekaterinburg,
          Post Office, Post User Box 106


KAMAZ-STROY-INDUSTRY: Insolvency Manager Takes over Business
------------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Kamaz-Stroy-Industry after finding the
limited liability company insolvent.  The case is docketed as
A65-21872/2005-SG4-26.  Mr. E. Semenov has been appointed
insolvency manager.

CONTACT:  KAMAZ-STROY-INDUSTRY
          Russia, Tatarstan republic,
          Naberezhnye Chelny

          Mr. E. Semenov
          Insolvency Manager
          420095, Russia, Tatarstan republic,
          Kazan, Vosstaniya Str. 119A


NIZHEGOROD-TOP-STROY: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Nizhegorod-Top-Stroy.  The case is docketed as A43-
23995/2005,24-414.  Mr. S. Pogodin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 603028, Russia,
Nizhniy Novgorod, M. Shosse, 142-65.  A hearing will take place
on January 17, 2006.

CONTACT:  NIZHEGOROD-TOP-STROY
          Russia, Nizhniy Novgorod region, Krasnobakovskiy
          region, Krasnye Baki, Sverdlova Str. 45

          Mr. S. Pogodin
          Temporary Insolvency Manager
          603028, Russia, Nizhniy Novgorod region,
          M. Shosse, 142-65


VITIM-ZHIL-STROY: Creditors Have Until Today to File Claims
-----------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on OJSC VITIM-ZHIL-STROY.  The case is
docketed as A19-16665/05-8.  Mr. V. Ivanov has been appointed
temporary insolvency manager.  Creditors have until November 1,
2005 to submit their proofs of claim to 191015, Russia, St-
Petersburg, Kavalergardskaya Str. 6.

CONTACT:  VITIM-ZHIL-STROY
          666904, Russia, Irkutsk region,
          Bodaybo, Mira Str. 2, Apt. 62

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


VOLOKOLAMSKIY WOOD-COMBINE: Calls in Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Volokolamskiy Wood-Combine after finding the
open joint stock company insolvent.  The case is docketed as
A41-K2-7040/05.  Mr. P. Nizov has been appointed insolvency
manager.  Creditors have until November 24, 2005 to submit their
proofs of claim to 170100, Russia, Tver, Post User Box 429.

CONTACT:  VOLOKOLAMSKIY WOOD-COMBINE:
          Russia, Moscow region,
          Volokolamsk, N-Soldatskaya Str. 27

          Mr. P. Nizov
          Insolvency Manager
          170100, Russia, Tver region,
          Post User Box 429

          The Arbitration Court of Moscow region
          107996, Russia, Moscow region,
          Akademika Sakharova Pr. GSP-6


ZHDANOVSKIY WOOD-PROM-KHOZ: Public Auction Set Next Week
--------------------------------------------------------
The insolvency manager of Zhdanovskiy Wood-Prom-Khoz will sell
its property on November 11, 2005, 5:00 p.m. (local time). The
public auction will take place at Russia, Irkutsk, Furye Str.
10, Office 304.  Up for sale is an agricultural property for a
starting price of RUB64,100,000.

The list of documentary requirements is available at Russia,
Irkutsk region, Nizhneilimskiy region, Rudnogorsk.  To
participate, bidders must deposit an amount equivalent to 20% of
the starting price to the settlement account
40802810700000000008 at ACB FINPROMBANK (OJSC) Moscow,
correspondent account 30101810900000000695, BIC 044552695 not
later than November 8, 2005.

CONTACT:  ZHDANOVSKIY WOOD-PROM-KHOZ:
          Russia, Irkutsk region,
          Nizhneilimskiy region, Rudnogorsk
          Phone: (39566) 510-52

          Mr. A. Melnik
          External Insolvency Manager/Bidding Organizer
          664011, Russia, Irkutsk region,
          Post User Box 41


===========
S W E D E N
===========


MODERN TIMES: Posts Latest Financial Results
--------------------------------------------
Modern Times Group MTG AB disclosed its financial results for
the third quarter and nine months ended 30 September 2005.  The
Group's consolidated accounts have been prepared according to
International Financial Reporting Standards (IFRS) and reviewed
by the Company's auditors.

Third-quarter Highlights

(a) Group net sales up 19% to SEK1,846 (SEK1,550) million;

(b) Group operating income almost tripled to SEK227 (SEK84)
    million (in 2004 excluding SEK381 million net gain from sale
    of SDI Media);

(c) Record third quarter intake of 42,000 premium DTH
    subscribers;

(d) Free-to-air TV Scandinavia net sales up 10% to SEK642
    (SEK581) million and operating profit of SEK101 (-SEK46)
    million;

(e) Net income of SEK177 (SEK430) million (in 2004 including
    SEK381 million net gain from sale of SDI Media); and

(f) Earnings per share of SEK2.67 (SEK6.48).

Nine-month Highlights

(a) Group net sales up 14% to SEK5,567 (SEK4,893) million;

(b) Group operating income up 83% to SEK742 (SEK405) million (in
    2004 excluding SEK381 million net gain from sale of SDI
    Media);

(c) Net intake of 95,000 premium DTH subscribers;

(d) Free-to-air TV Scandinavia net sales up 10% to SEK2,080
    (SEK1,899) million and operating profit of SEK304 (SEK18)  \
    million;

(e) Net income of SEK867 (SEK617) million (in 2005, including
    SEK389 million net gain from sale of TV4 shares and, in
    2004, including SEK381 million net gain from sale of SDI
    Media); and

(f) Earnings per share up to SEK13.04 (SEK9.29)

        Report of Hans-Holger Albrecht, President and CEO

We have now reported yet another record operating quarterly
profit and delivered a double-digit underlying group operating
margin in the seasonally weakest quarter of the year.  Each of
our core broadcasting businesses has generated strong sales
growth and further improvements in operating margins.

Our Scandinavian free-to-air operations have grown strongly
across the board and benefited from reduced distribution costs
and high incremental margins.  Record premium subscriber intake
on our Nordic pay-TV platform during the Summer reflects our
enhanced content offering and premium package price leadership.
At the same time, our operations in Eastern Europe have taken
full advantage of continued market growth and their increasingly
established market positions.

MTG's balanced broadcasting business, with access to growing and
structurally changing markets across Scandinavia, as well as the
higher growth markets in Eastern Europe, is coupled with a
highly efficient operating structure that enables the Group to
benefit from significant operating advantages.  The announced
acquisition of TV Prima in the Czech Republic will add a well-
positioned channel asset in an attractive emerging market place
to our portfolio.  The launch of a range of new Viasat channels
as well as our new PVR (Personal Video Recorder) Viasat+ product
and service illustrates our commitment to using new, but proven
technology to make our content as broadly available as possible,
in order to increase viewer choice. We are on track to deliver
the strategic goals that we set last year and continue to review
new opportunities.

Modern Times Group (Stockholmsborsen: MTGA, MTGB) is an
international entertainment-broadcasting group with operations
in more than 30 countries around the world.  MTG is the largest
Free-to-air and Pay-TV operator in Scandinavia and the Baltics,
the largest shareholder in Russia's fourth largest television
network, and the number one commercial radio operator in the
Nordic region. The Viasat DTH satellite TV platform offers
digital multi-channel TV packages of more than 50 own-produced
and third party entertainment channels to viewers in 19
countries across Europe and Viasat TV channels now reach over 60
million people every day.

Modern Times Group MTG AB class A and B shares are listed on the
Stockholmsborsen O-list under the symbols MTGA and MTGB.

                            *   *   *

The long-term corporate credit of Modern Times is rated 'BB+',
and its subordinated debt is rated 'BB-' by Standard & Poor's.

CONTACT:  MODERN TIMES
          Hans-Holger Albrecht, President & CEO
          Phone: +46 (0) 8 562 000 50

          Mia Brunell, Chief Financial Officer
          Phone: +46 (0) 8 562 000 50

          Matthew Hooper, Corporate Communications
          Phone: +44 (0) 7768 440 414

          E-mail: info@mtg.se
          Web site: http://www.mtg.se


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


DELTA: Bankruptcy Supervision Starts
------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on Delta (code EDRPOU 20986475) on
September 15, 2005.  The case is docketed as 7/1220-05-5484.
Mr. Valerij Brikulskij (License Number AB 216840) has been
appointed temporary insolvency manager.  The company holds
account number 2600331000324 at Oshadbank, Frunzivske branch,
MFO 388380.

CONTACT:  DELTA
          66700, Ukraine, Odessa region,
          Frunzivskij district, Bazarna Str. 1

          ECONOMIC COURT OF ODESSA REGION
          65032, Ukraine, Odessa region,
          Shevchenko Avenue 4


PROMENERGOBUD: Liquidator Takes over Operation
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against OJSC Promenergobud (code EDRPOU 32309607) on
September 20, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 15/621-b.  LLC Aviation
Solution (code EDRPOU 3160600) has been appointed liquidator.

CONTACT:  PROMENERGOBUD
          01133, Ukraine, Kyiv region,
          Lesya Ukrainka Boulevard 15

          AVIATION SOLUTION
          01103, Ukraine, Kyiv region,
          Kikvidze Str. 13

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


SLOVYANSKIJ RAJAGROBUD: Court Grants Debt Moratorium
----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Slovyanskij Rajagrobud (code EDRPOU
01352296) on August 30, 2005 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
42/132 B.  Mr. V. Skalyanskij (License Number AB 176017) has
been appointed temporary insolvency manager.  The company holds
account number 26005187576001 at CB Privatbank, Slovyansk
branch, MFO 335548.

CONTACT:  SLOVYANSKIJ RAJAGROBUD
          84122, Ukraine, Donetsk region,
          Slovyansk, Svobodi Str. 6

          V. SKALYANSKIJ
          Temporary Insolvency Manager
          84116, Ukraine, Donetsk region,
          Slovyansk, Olimpijska Str. 7-91, a/b 678

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


UKRMETALURGBUD: Declared Insolvent
----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrmetalurgbud (code EDRPOU 25269306) on
September 20, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 15/622-b.  LLC Aviation
Solution (code EDRPOU 3160600) has been appointed liquidator.

CONTACT:  UKRMETALURGBUD
          04060, Ukraine, Kyiv region,
          Kotovskij Str. 11

          AVIATION SOLUTION
          01103, Ukraine, Kyiv region,
          Kikvidze Str. 13

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


ZHITOMIR' AGRICULTURAL: Under Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Zhitomir' Agricultural Machine-
Technological Station (code EDRPOU 30317328).  The case is
docketed as 3/53 b.  Ms. Ludmila Orletska (License Number AB
116179) has been appointed temporary insolvency manager.

CONTACT:  ZHITOMIR' AGRICULTURAL MACHINE-TECHNOLOGICAL STATION
          Ukraine, Zhitomir region,
          Zhitomir district, Kodnya

          LUDMILA ORLETSKA
          Temporary Insolvency Manager
          10014, Ukraine, Zhitomir region,
          T. Maryanivskij lane, 68

          ECONOMIC COURT OF ZHITOMIR REGION
          10002, Ukraine, Zhitomir region,
          Putyatinski Square 3/65


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


BOOTS GROUP: Group Sales Increase Slightly to GBP2,594 Million
--------------------------------------------------------------
Interim Results at Sept. 30, 2005

(a) Group sales up 0.8% to GBP2,594 million

    (i) Boots The Chemists sales growth 1.1%, like-for-like
        sales -1.3%,

   (ii) Underlying like-for-like sales broadly flat year-on-
        year, before the effect of regulatory price changes in
        dispensing,

  (iii) Boots Retail International sales up 13.3% with new
        openings planned for the Middle East;

(b) Lower trading profits reflecting the cost of 'Building a
    Better Boots' and weak consumer spending

    (i) Group trading profit before tax down GBP17 million,
        9.6%, to GBP163 million reflecting a GBP45 million
        increase in operating expenses as a result of planned
        investment in Boots The Chemists,

   (ii) In addition, GBP151 million profit on the successful
        sale and leaseback of 312 stores,

  (iii) Dividend held at 9.1p per share;

(c) The Health and Beauty Expert'

    (i) Volume growth in dispensing 5.1%,

   (ii) Beauty sales up 7.3%;

(d) Gross margin and costs in line with planning assumptions

    (i) Gross margin down 30bps in first half due to
        annualisation of price reductions last year,

   (ii) Operating costs 6% higher in first half from planned
        investment program,

  (iii) Efficiencies secured to offset underlying inflation in
        operating costs;

(e) Successful proposed sale of BHI to deliver GBP1.43 billion
    to shareholders via special dividend

    (i) GBP1.93 billion proposed sale of Boots Healthcare
        International to Reckitt Benckiser,

   (ii) GBP400 million to be retained to strengthen balance
        sheet and for future investment; and

(f) Proposed merger with Alliance UniChem announced

    (i) Opportunity to accelerate our plans and create an
        international pharmacy-led healthcare group,

   (ii) Combined network of 2,600 stores better placed to meet
        customer needs particularly in the provision of
        healthcare,

  (iii) Greater opportunity for international growth,

   (iv) Greater efficiencies and cost savings by streamlining
        systems, processes and functions of both businesses.

             Report of Chief Executive Richard Baker

The last six months has been a period of further significant
progress for Boots, as despite a weak consumer environment, we
have continued to invest in our infrastructure, our operations
and our customer offer.  This has led to lower profits as we
continue to bear the cost of building a better Boots.

Our sales performance in the half was encouraging.  We have
grown sales by 1% and delivered broadly flat underlying sales
year on year, before the effect of regulatory price changes.
Crucially, the investment and energy that has been put into our
core health and beauty businesses is delivering results as we
strengthen our position as the UK's health and beauty expert.
We have also delivered our plans for controlling costs, managing
our margin and improving our use of working capital.

In the past month, we have accelerated the pace of change in the
business with the announcement of two significant transactions:
the agreed sale of Boots Healthcare International to Reckitt
Benckiser and the proposed merger with Alliance UniChem.

Our proposed merger with Alliance UniChem will build on our
existing strategies and create an international pharmacy-led
healthcare group.  It will enable Boots to put the Chemist even
more firmly at the heart of its strategy and provide exciting
opportunities to take the trusted Boots brand and products into
new markets."

A full copy of the result is available free of charge at
http://bankrupt.com/misc/Boots(Interim_Sept2005).mht

CONTACT:  BOOTS GROUP
          Investor Relations
          Chris Laud
          Phone: +44 (0) 20 7995 9618 (until 1:00 p.m.)
          Mobile: +44 (0) 7811 460611 (after 1:00 p.m.)

          Media
          Donal McCabe
          Phone: +44 (0) 20 7995 9618 (until 1:00 p.m.)
          Mobile: +44 (0) 7769 690618 (after 1:00 p.m.)


DARLINGTON TRAILER: Calls in Administrator
------------------------------------------
Andrew David Rosler (IP No 9151) of ICS (North East) Limited was
appointed administrator of Darlington Trailer Hire Limited
(Company No 04141845) on Oct. 14.  The company's registered
office is at Unit 15A, Hackworth Industrial Estate, Shildon,
County Durham DL4 1HF.

Darlington Trailer Hire Limited -- http://www.the-internet-
pages.co.uk/england/co.dur/trailer1/dthl.htm -- provides
trailers for hire and sale service throughout the whole of the
North East, taking in County Durham and Northumbria.  The
company, based in Shildon, has a wide variety of trailers
available for both hire and for sale, including flat trailers,
tippers and taughtliners.

CONTACT:  DARLINGTON TRAILER HIRE LIMITED
          Phone: 01388 778972
          Mobile: 07799114841

          ICS (NORTH EAST) LIMITED
          65 Duke Street,
          Darlington, County Durham DL3 7SD
          E-mail: andrew.rosler@idealcorporatesolutions.co.uk


DICTASCRIBE LIMITED: Names Middleton Partners Administrator
-----------------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer (IP Nos 8153 and
8835) of Middleton Partners were appointed joint administrators
of Dictascribe Limited (Company No 4015733) on Oct. 13.  The
company's registered office is at The Quadrangle, 2nd Floor, 180
Wardour Street, London W1F 8FY.

CONTACT:  DICTASCRIBE LTD.
          Taunton, Somerset (TA2)
          Phone: 01823444246

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


EQUITABLE LIFE: Standard Life IPO Next Flash Point
--------------------------------------------------
Another clash between policyholders and Equitable Life is in the
offing.  According to The Scotsman, policyholders are expected
to raise howl at the fact that Equitable will get the windfall
from Standard Life's floatation next year.

More than 500 Equitable members had opted to convert their
pensions to a Standard Life with-profits annuity, but they were
not given membership rights as other customers.  According to
the report, the Standard Life contract they signed provides that
when any individual switches, say from Equitable to Standard,
the superseding company became the member and act as trustee for
its policyholders.

Unlike Prudential or Norwich Union, which gave up its role as
trustee of members who shifted to Standard, Equitable did not,
according to Stuart Bayliss at Annuity Director.

"It all means yet more uncertainty for Equitable members in the
ongoing running sore of this sorry saga," he told The Scotsman.

A Standard Life spokesman confirmed that windfalls would not be
paid direct to Equitable members: "Even so, trustees have a
fiduciary duty to use the money for the benefit of members.  One
way or another, the money must find its way back to the
members."

Equitable refused to comment on the issue, preferring to wait
for more details. "There isn't much we can do until we know
exactly what form the windfall will take.  Then we will decide
how best to deal with the free shares, or whatever shape it
takes to be fair to customers," a spokesman said.

Mr. Bayliss says many of his clients are deeply concerned that
the money will go to Equitable.  "They are very anxious that the
money should reach them as soon as possible and that this should
not drag on for years.  Everyone seems to be filling in forms
claiming membership, but Equitable is doing nothing.  It is all
more pain for people who always seem to be caught on the wrong
foot."

Standard Life plans to demutualize next year via an IPO, which
is expected to raise GBP1 billion.  It plans to use the proceeds
to develop its business in the U.K. and abroad.  It has started
validating its members' list to determine eligibility for
windfalls.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


FINCHAMPSTEAD CONSTRUCTION: Hires Administrator from Harrisons
--------------------------------------------------------------
P. R. Boyle (IP No 008897) of Harrisons was appointed
administrator of Finchampstead Construction Management Services
Limited (Company No 05062385) on Oct. 18.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


FINER DETAILS: Administrator from Citroen Wells Enters Firm
-----------------------------------------------------------
Mark Richard Phillips (IP No 9320) of Citroen Wells was
appointed administrator of Finer Details Matter Limited (Company
No 04655290) on Oct. 14.  The company is engaged in hairdressing
and beauty treatment.

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


FURLONG BROS: Names Maidment Judd Administrator
-----------------------------------------------
Anthony David Kent of Maidment Judd was appointed administrator
of Furlong Bros (Chingford) Limited (Company No 01117777) on
Oct. 19.

CONTACT:  FURLONG BROS (CHINGFORD) LTD.
          Creasey Park Drive
          Dunstable LU6 1BB
          Phone: 01582 609055

          MAIDMENT JUDD
          60/62 High Street
          Harpenden
          Hertfordshire AL5 2SP
          Phone: 01582 469700
          Fax: 01582 460674
          E-mail: akent@maidmentjudd.co.uk


HYDROFLEX LIMITED: Hires Administrators from CLB
------------------------------------------------
Mark Terence Getliffe and Diane Elizabeth Hill (IP Nos 008892,
008945) of CLB Coopers were appointed joint administrators of
Hydroflex Limited (Company No 05002655) on Oct. 17.

Hydroflex -- http://www.hydroflex.co.uk/-- is a leading global
supplier of precision bellows and assemblies with more than 50
years experience in manufacturing precision products for
industry.

CONTACT:  HYDROFLEX LTD.
          Junction 8, Business Centre
          Rossfield Road
          Ellesmere Port
          Cheshire CH65 3AW
          Phone: +44 (0) 151 350 1263
          Fax: +44 (0) 151 350 1270
          E-mail: sales@hydroflex.co.uk

          CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Phone: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk


INFOGRAMES ENTERTAINMENT: Names Two New Board Members
-----------------------------------------------------
Stockholders of Infogrames Entertainment assembled in Lyon at
5:30 p.m. for a combined annual and special stockholders'
meeting.  As the quorum conditions required by law for special
stockholders' meetings were not met, only the ordinary meeting
was held.

Resolutions within the purview of the ordinary stockholders'
meeting were adopted by the meeting, including those concerning
the annual financial statements for the fiscal year ended March
31, 2005 and the appointment of two new Board Members, Claude de
Saint-Vincent and Evence-Charles Coppee.

Holders of 30,859,687 shares, with a combined total of
37,650,883 voting rights were present or represented by proxies
at the meeting.  The resolutions were adopted by an average of
96% of the votes.  A general report on the meeting will be made
available by the Company as soon as possible.

The board of directors met on October 20, 2005.  It decided that
the resolutions on which the special meeting must vote would be
submitted to the next stockholders' meeting.

About Infogrames Entertainment and Atari

Infogrames Entertainment (IESA) -- http://www.atari.com-- the
parent company of the Atari Group, is listed on the Paris
Euronext stock exchange (ISIN code: FR-0000052573) and has two
principal subsidiaries: Atari Europe, a privately held company,
and Atari, Inc., a United States corporation listed on NASDAQ
(ATAR).

The Atari Group is a major international producer, publisher and
distributor of interactive entertainment software for all market
segments and in all existing game formats (Microsoft, Nintendo
and Sony) and on CD-ROM for PC.  Its games are sold in more than
60 countries.

The Atari Group's extensive catalogue of popular games is based
on original franchises (Driver, Alone in the Dark, V-Rally, Test
Drive, RollerCoaster Tycoon, etc.) and international licenses
(Matrix, Dragon Ball Z, Dungeons & Dragons, etc.).

                            *   *   *

Infogrames had non-recurring losses of EUR8.5 million for fiscal
year 2004/2005, versus gains of EUR10 million a year ago.  This
included restructuring charges (-EUR15.8 million) and the impact
of the sale of Atari Inc. shares (-EUR20.2 million), which were
partly offset by one-time gains of EUR15.6 million from the
exchange offer on the OCEANE 2005 bonds and EUR15.9 million from
the sale of the Civilization franchise.

Infogrames Entertainment reduced its net debt over the year by
more than EUR120 million, bringing its debt-to-equity ratio to
less than 1.  The net debt at the end of the year amounted to
EUR188.6 million, compared with EUR313.3 million the previous
year.  Most of the debts mature in 2009.

CONTACT:  INFOGRAMES ENTERTAINMENT
          Cecile Sornay
          Phone: + 33 (4) 37 64 30 00
          Fax: + 33 (4) 37 64 30 35
          E-mail: cecile.sornay@atari.com


J. SYDNEY: Appoints Kroll Limited Administrator
-----------------------------------------------
Charles Peter Holder and Stuart Charles Edward Mackellar (IP Nos
9093, 6883) of Kroll Limited were appointed administrators of J.
Sydney Smith Limited (Company No 02016034) on Oct. 19.  The
company's registered office is at The Tannery, Leeds Road, Otley
LS21 1QX. J. Sydney retails household furniture.

CONTACT:  J. SYDNEY SMITH LIMITED
          218 Redbrick Mill, Bradford Road,
          Batley, West Yorkshire WF17 6JF
          Phone: 01924-459461

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


JUNCTION GROUP: Files for Liquidation
-------------------------------------
C. Culross, chairman of Junction Group Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 12 at David Rubin & Partners, 1st Floor, 26-28 Bedford Row,
London WC1R 4HE.  Asher Miller of David Rubin & Partners, 1st
Floor, 26-28 Bedford Row, London WC1R 4HE was appointed
liquidator.

CONTACT:  JUNCTION GROUP LTD.
          41-44 Great Queen Street
          London
          WC2B 5AD
          Phone: 020 74407500

          DAVID RUBIN & PARTNERS
          Web site: http://www.drpartners.com


KARIBA (UK): Administrators from Begbies Traynor Take over Firm
---------------------------------------------------------------
Rob Sadler and Michael Edward George Saville (IP Nos 9172, 0250)
of Begbies Traynor were appointed joint administrators of Kariba
(UK) Limited (Company No 04151255) on Oct. 13.  The company's
registered office is at 49 Scalby Avenue, Scarborough YO12 6HW.

Kariba U.K. Ltd. -- http://www.karibasafetynetting.co.uk/-- is
a safety netting company employing 24 FASET trained safety net
installers, and 2 site managers.

CONTACT:  KARIBA (UK) LIMITED
          49 Scalby Avenue
          Newby, Scarborough
          North Yorkshire YO12 6HW
          Phone: 01723 501349
          Fax: 01723 353788
          E-mail: info@karibasafetynetting.co.uk

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


LEEMIC DOCUMENT: Hires Administrators from Begbies Traynor
----------------------------------------------------------
P. Stanley and G. N. Lee (IP Nos 008123, 009204) of Begbies
Traynor were appointed joint administrators of Leemic Document
Solutions Ltd. (Company No 05091646) on Oct. 19.  The company is
engaged in selling and renting office equipment.

CONTACT:  LEEMIC DOCUMENT SOLUTIONS
          Image House
          Lancashire Hill
          Stockport SK4 1UB
          Cheshire
          Phone: 0161 480 4001
          Fax: 0161 480 2428

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


MARTINO LIMITED: Calls in Joint Liquidators
-------------------------------------------
M. Martino, chairman of Martino Limited (t/a Ducati London South
and Ducati London), informs that a resolution to wind up the
company was passed at an EGM held on Sept. 29 at Harris Lipman,
2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ.

Martin J. Atkins and Freddy Khalastchi of Harris Lipman, 2
Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ were appointed Joint Liquidators.  The resolution and
appointment were confirmed at a creditors meeting held on Oct.
12.

CONTACT:  MARTINO LTD.
          1 Purley Cresent, Croydon, Surrey CR0 3JU
          Phone: 020-8689-6998

          HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


MERLIN BIOSCIENCES: Serious Fraud Office to Grill Chairman
----------------------------------------------------------
Investigators will have an opportunity to question Sir
Christopher Evans who has been invited to appear at the Serious
Fraud Office (SFO) Wednesday.

According to The Telegraph, the chairman of Merlin Biosciences
has been invited to answer allegations that the group had
misappropriated investors' money.  The investigation, launched
last month, was triggered by complaints questioning Merlin's
investment in Energist.

The Telegraph describes Energist as a fledging healthcare
company that makes a range of pulsed light systems used by
beauty salons to remove unwanted hair.  Both Sir Christopher and
Merlin, whose third fund invested in the venture, see nothing
wrong in the investment.

Sir Christopher, who set up Merlin in the mid-1990s, has raised
three funds with capital of more than EUR450 million.  He plans
to create a fourth fund.  To date Merlin has made 11 investments
of up to EUR10 million each in a range of companies developing
healthcare products, the Telegraph said.  These companies
include Ark Therapeutics, BioVex, Cyclacel, KinderTec,
Microscience, PanTherix, ReNeuron and Vectura.  Investors in the
first Merlin Fund LP will redeem their money in 2007.

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


MIDLAND RESOURCE: Recruitment Agency Hires Administrator
--------------------------------------------------------
Jonathan Guy Lord and Robert Lochmohr Cooksey (IP Nos 9041,
9040) of Bridgestones were appointed joint administrators of
employment agency Midland Resource Centre Ltd. (Company No
04932062) on Oct. 14.

CONTACT:  MIDLAND RESOURCE CENTRE
          47 New St, Wellington
          Telford TF1 1LU
          Phone: 01952 223261

          BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


MODULAR SCADA: EGM Passes Winding-up Resolution
-----------------------------------------------
J. Beaty, shareholder of Modular Scada Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 5 at Clive House, Clive Street, Bolton BL1 1ET.  M. C.
Bowker of Unity Corporate Recovery & Insolvency, Clive House,
Clive Street, Bolton BL1 1ET was appointed liquidator.

Modular Scada -- http://www.modular-scada.co.uk/-- has been
offering a full range of services from pure bespoke software
development to full installation of process control and
automation systems to defense, industrial and scientific clients
since 1985.

CONTACT:  MODULAR SCADA LTD.
          Unit 2, Kestrel Road
          Trafford Park, Manchester
          M17 1SF
          Phone: (0161) 877 7542
          Fax: (0161) 877 7546

          UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


QUADRANT DISPLAYS: Hires Begbies Traynor as Liquidator
------------------------------------------------------
M. A. Jones, chairman of Quadrant Displays Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at Begbies Traynor, 5th Floor, Riverside House, 31
Cathedral Road, Cardiff CF11 9HB.  David Hill and John Wynn
Davies of Begbies Traynor, 5th Floor, Riverside House, 31
Cathedral Road, Cardiff CF11 9HB were appointed Joint
Liquidators.

CONTACT:  QUADRANT DISPLAYS LTD.
          14- 15 Woodham Road
          Barry Dock
          Barry
          CF63 4JT
          South Glamorgan
          Phone: 01446 747142
          Fax: 01446 749696
          Web site: http://www.quadrantdisplays.co.uk

          BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


QUAYSIDE ENGINEERING: Hires Tenon Recovery to Liquidate Business
----------------------------------------------------------------
J. Rogan, chairman of Quayside Engineering Limited, informs that
a 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.
The appointment was confirmed at a creditors meeting held the
same day.

CONTACT:  QUAYSIDE ENGINEERING LIMITED
          Fell View, High Seaton
          Workington, Cumbria CA14 1LN
          Phone: 0190066056

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


REFCO ALTERNATIVE: Delists from Irish Stock Exchange
----------------------------------------------------
The Directors of Refco AdvMulti-Man Fd- FutureSer 1 have decided
to wind down and close the activities of the Fund.  They have
requested the Irish Stock Exchange to delist the shares of the
Fund and the Irish Stock Exchange have thus agreed to delist the
Shares with effect from 28 October 2005.

Refco Inc. based in New York constitutes a diversified financial
services organization with operations in 14 countries and a
global institutional and retail client base.  Refco Inc.'s
worldwide subsidiaries are members of principal U.S. and
international exchanges, and are among the most active members
of futures exchanges in Chicago, New York, London, Paris and
Singapore.  In addition to its futures brokerage activities,
Refco Inc. and its affiliates are major brokers of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.

CONTACT:  REFCO ALTERNATIVE INVESTMENTS, LLC
          Audrey Blain
          Phone: + 212 693 7749

          RSM Robson Rhodes LLP
          Louise Butler
          Phone: + 353 1 4366400


REFCO INC.: Bank of America Gets Interim Adequate Protection
------------------------------------------------------------
Debtor Refco Group Ltd., LLC borrowed money under a Credit
Agreement dated August 5, 2004 with Bank of America, N.A. as
administrative agent, swing line lender and L/C issuer, and a
consortium of lenders.

The Credit Agreement provided for term loans of up to
$800,000,000 and a $75,000,000 revolving credit facility.
As of the Petition Date, there was approximately $648,000,000
outstanding under the Credit Agreement.

Debtor New Refco Group Ltd., LLC and some affiliates of Refco
Group guaranteed the Borrower's obligations.

To secure their obligations, Refco Group and the Guarantors
entered into a Security Agreement, dated August 5, 2005, with
Bank of America.  Bank of America was granted a security
interest in substantially all of the assets of Refco Group and
the Guarantors.  The Security Agreement did not grant a security
interest in some excluded property, including any deposit and
security accounts of a Grantor.

Donald S. Bernstein, Esq., at Davis Polk & Wardwell, in New
York, notes that Refco Inc. has entered into a memorandum of
understanding with a group of investors led by J.C. Flowers &
Co., LLC for the sale of the Company's futures brokerage
business conducted through Refco LLC, Refco Overseas Ltd., Refco
Singapore Ltd. and certain related subsidiaries and other assets
for $768 million.  Refco LLC, Refco Overseas Ltd., and Refco
Singapore Ltd. are all direct or indirect subsidiaries of Debtor
Refco Global Futures LLC.

Mr. Bernstein points out that the Secured Lenders have a
security interest in 100% of the equity interests in Refco LLC
and 65% of the equity interests in Refco Singapore Ltd.  In
addition, the Secured Lenders have been granted a security
interest in 65% of the equity interests in Refco Europe Ltd.,
the direct parent of Refco Overseas Ltd., as well as 100% of the
equity interests of Debtor Refco Global Holdings, LLC, the
direct parent of Refco Europe Ltd.

"A secured creditor is entitled to adequate protection -- as a
matter of right, not merely as a matter of discretion -- when
the estate proposed to use, sell or lease property in which it
has an interest," Mr. Bernstein says.  "This protection is
provided both as a matter of policy and, arguably, as a matter
of constitutional law."

Mr. Bernstein notes that because of the unique nature of cash,
cash collateral receives special consideration under the
Bankruptcy Code.  Specifically, the Bankruptcy Code provides a
debtor may only use cash collateral if it first obtains consent
of the secured creditor or establishes to the court's
satisfaction that the secured creditor is adequately protected.

Mr. Bernstein tells the Court that the Secured Lenders do not
consent to the Debtors' use of the Collateral, including the
Cash Collateral.  According to Mr. Bernstein, the Debtors are
using the Secured Lenders' Collateral to continue to operate
their businesses.  Thus, the Secured Lenders' Collateral is
subject to diminution.  The Secured Lenders are also concerned
that the value of the Equity Interests may be diminished should
the assets of that entity be transferred to another entity.

Accordingly, Bank of America asserts that the Debtors should
provide adequate protection of the Secured Lenders' interests in
the Collateral.  Specifically, Bank of America wants the
Honorable Robert D. Drain of the Southern District of New York
Bankruptcy Court to enter an interim order providing that:

   (a) The Debtors will use their best efforts to preserve the
       value of the Collateral;

   (b) Bank of America, as administrative agent for the Secured
       Lenders, is granted:

       * a first priority security interest and lien on all
         of the Debtors' assets to the extent of the aggregate
         diminution in value of the Collateral from and after
         the Petition Date, subject to certain liens and
         encumbrances; and

       * a "super priority" administrative claim to the fullest
         extent necessary to protect the Secured Lenders from
         any diminution of the value of the Collateral from and
         after the Petition Date;

   (c) The Debtors will make cash payments to Bank of America
       of all its reasonable out-of-pocket expenses;

   (d) The Debtors will segregate and account for all Cash
       Collateral, and will be prohibited from using or
       transferring the Cash Collateral without prior Court
       approval; provided that if Bank of America consents, the
       Debtors will be permitted to use or transfer up to
       $10,000,000 of Cash Collateral to pay for allowable
       administration expenses payable on or before November 4,
       2005;

   (e) The Debtors will provide to Bank of America and its
       representatives and professionals, starting on
       October 26, 2005, and on every Wednesday thereafter, a
       disbursement forecast for the following calendar week
       and, at Bank of America's request, allow immediate
       access to the books and records related to the
       Collateral;

   (f) The liens created by the Loan Documents will attach to
       any proceeds of Collateral, and all proceeds will be
       paid to Bank of America for application to the Debtors'
       obligations; and

   (g) Bank of America for the benefit of the Secured Lenders
       will have the right at any time to seek further or
       different adequate protection.

Judge Drain grants Bank of America's request on an interim
basis.

For the avoidance of doubt, Judge Drain emphasized that the
relief granted, including any replacement lien, extends only to
property of the Refco Inc., and its debtor-affiliates' estates
under Section 541 of the Bankruptcy Code, and is subject to the
rights and claims of any person or entity that any claimed
Collateral and, therefore, any property purportedly subject to
any replacement lien, is not property of any of the Debtors'
estates or is subject to Section 541(d) of the Bankruptcy Code.

The Court will convene a final hearing on the use of Collateral
and adequate protection on the earlier of:

    (a) November 14, 2005, at 10:00 a.m.; or

    (b) the date of any hearing on any motion seeking approval
        for the transfer or sale of any Collateral, including
        the Equity Interests.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.
Refco reported $16.5 billion in assets and $16.8 billion to the
Bankruptcy Court on the first day of its chapter 11 cases.
(Refco Bankruptcy News, Issue No. 3; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty St., Tower A, New York, NY
          10281
          Phone: 212-693-7000
          Fax: 212-693-7831


RINGFRAME SYSTEMS: Calls in DTE Leonard Curtis
----------------------------------------------
A. Poxon and J. M. Titley of (IP Nos 8620, 8617) of DTE Leonard
Curtis were appointed joint administrators of Ringframe Systems
Limited (Company No 2890640) on Oct. 18.  The company's
registered office is at 6 Manton Road, Rushden, Northamptonshire
NN10 0JT.  Ringframe Systems -- http://www.ringframe.co.uk--  
manufactures paper stationery.

CONTACT:  RINGFRAME SYSTEMS LTD.
          6 Manton Road
          Rushden
          Northamptonshire NN10 0JT
          United Kingdom
          Phone: (01933) 411121
          Fax: (01933) 411227

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


ROBERT VON: Appoints Liquidator from Begbies Traynor
----------------------------------------------------
W. Ulmann, chairman of Robert von Glehn & Co. Ltd. ((t/a
Troughton & Simms), informs that resolutions to wind up the
company were passed at an EGM held on Oct. 6 at Begbies Traynor,
58 Queens Square, Bristol BS1 4LF.  David R. Acland of Begbies
Traynor, 1 Winckley Court, Chapel Street, Preston, Lancashire
PR1 8BU was appointed liquidator.  The company manufactures
leather goods.

CONTACT:  ROBERT VON GLEHN & CO. LTD.
          Anstey Hall, Maris Lane
          Cambridge, Cambridgeshire
     Phone: 01799532480

          BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


ROSEDALE-MACHIN: Administrators from Grant Thornton Enter Firm
--------------------------------------------------------------
Joseph P. McLean and Keith Hinds (IP Nos 8903, 6745) of Grant
Thornton UK LLP were appointed joint administrators of Rosedale-
Machin Developments Limited (Company No 04289685) on Oct. 18.
The company's registered office is at Unit 8 Hay Street,
Sheepfolds Industrial Estate, Sunderland, Tyne and Wear SR5 1BG.
Rosedale-Machin develops and sells real estate.

CONTACT:  ROSEDALE-MACHIN DEVELOPMENTS LIMITED
          3 Manor Place, Athenaeum Street,
          Sunderland, Tyne & Wear SR1 1QX
          Phone: 0191 5143012/56593

          GRANT THORNTON UK LLP
          Earl Grey House
          75-85 Grey Street
          Newcastle Upon Tyne
          Tyne And Wear NE1 6EF
          Phone: 0191 261 2631
          Fax: 0191 261 4994
          E-mail: joe.mclean@gtuk.com


ROYAL MAIL: Chairman Not Likely to Sell Cash cow
------------------------------------------------
There's no way Royal Mail Chairman Allan Leighton will sell the
group's profitable logistics business, industry sources told The
Scotsman over the weekend.

According to them, the Amsterdam-based GLS is such an important
asset for Mr. Leighton to sell in order to solve a pension gap
at the company.  They said the unit is a good launching pad for
Royal Mail's European expansion.

Rumors are circulating that some ministers want GLS, which made
profits of over GBP60 million last year on turnover of GBP900
million, to be put on the market to bridge the pension gap.  The
deficit has ballooned to GBP4 billion as a result of accounting
changes, according to the report.  The logistics unit has
reportedly caught the eye of FedEx, UPS and TNT.

"GLS is a very important and successful part of Royal Mail and
there's no way he'd want to sell," one industry source,
referring to Mr. Leighton, told The Scotsman. "The company could
also use it as a springboard to expand its European operations
in the future."

In related development, postal regulator PostComm is reportedly
considering a proposal to peg the cost of stamps to the size of
the pension deficit, as part of its price review.  The result of
the review is expected at the end of November.

"Mr. Leighton is understood to favour increasing the price of
stamps -- including increasing the price of first class from 30p
to 39p -- over the next four years to help generate extra
revenue to help fill the pension fund deficit and invest in the
business," The Scotsman said.

CONTACT:  ROYAL MAIL
          148 Old Street
          London
          EC1V 9HQ
          Web site: http://www.royalmail.com


ROYAL MAIL: Finance Director Leaving Next Month
-----------------------------------------------
Marisa Cassoni, Group Finance Director of Royal Mail, will step
down from her role, and leave the company at the end of
December.

She has been with the Company for over four years and has been a
key member of the team, which has seen the Company through its
successful three-year renewal plan.  Royal Mail is now moving
into the next stage of its development, with the market opening
to full competition from January 1, and the process to find a
new Group Finance Director will now start.

Allan Leighton, Chairman, said: "When I first arrived, Marisa
was the only executive who had experience of turnaround and she
has played a valuable part in sorting out both the finance of
the Royal Mail and in creating a platform of financial control
for us to move forward on."

CONTACT:  ROYAL MAIL
          148 Old Street
          London
          EC1V 9HQ
          Web site: http://www.royalmail.com


R VINALL LIMITED: Liquidator Enters Firm
----------------------------------------
K. Henley, chairman of R Vinall Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 6 at The Langfords Hotel, 8-16 Third Avenue, Hove, East
Sussex.  K. W. Touhey and D. J. Oprey of Chantrey Vellacott DFK
LLP, 16-17 Boundary Road, Hove, East Sussex BN3 4AN were
appointed Joint Liquidators.  The appointment was confirmed at a
creditors meeting held the same day.

CONTACT:  R VINALL LIMITED
          Nep Town Road, Henfield
          West Sussex BN5 9DZ
          Phone: 01273492281


SHELBOURNE JOINERY: Tenon Recovery Liquidator Moves in
------------------------------------------------------
Chairman W. Laidlaw, for and on behalf of Shelbourne Holdings
(U.K.) Limited, informs that resolutions to wind up the company
were passed at an EGM held on Oct. 5 at 6th Floor, Salisbury
House, 31 Finsbury Circus, London EC2M 5SQ.

Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ were appointed Joint Liquidators.  The appointment was
confirmed at a creditors meeting held the same day.

CONTACT:  SHELBOURNE JOINERY LTD.
          Unit 21 Boscombe Road
          Apex Business Centre
          Dunstable
          LU5 4SB
          Bedfordshire
          Phone: 01582 477016
          Contact:
          Bill Laidlaw, Managing Director

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


SOURCE MANUFACTURING: Names Liquidator from PKF
-----------------------------------------------
D. Cragg, director of Source Manufacturing Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 10 at PKF (UK) LLP, Sovereign House, Queen Street,
Manchester M2 5HR.  Kerry Bailey and Jonathan D Newell of PKF
(UK) LLP, Sovereign House, Queen Street, Manchester M2 5HR were
appointed Joint Liquidators.

Source Manufacturing -- http://www.sourcemanufacturing.co.uk/--
offers dance floor lighting effects, smoke machines, bubble
generators and flame machines.

CONTACT:  SOURCE MANUFACTURING LTD.
          Unit 7/Joules Court
          Stockport
          SK1 3BD
          Phone: 0161-476 3233

          PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


TOP ONE: Appoints Marriott Palmer Brown Administrator
-----------------------------------------------------
Kevin Thomas Brown (IP No 9240) of Marriott Palmer Brown was
appointed administrator of Top One Fashions Limited (Company No
3911670) on Oct. 14.  Top One Fashion retails menswear.

CONTACT:  MARRIOTT PALMER BROWN
          30 Harts Grove,
          Woodford Green, Essex IG8 0BN


T Q M DESIGN: Calls in Liquidator
---------------------------------
C. F. Tristram, chairman of T Q M Design Construction Limited,
informs that a resolution to wind up the company was passed at
an EGM held on Oct. 13 at Monahans, 38-42 Newport Street,
Swindon SN1 3DR.  Paul Michael McConnell of Monahans, 38-42
Newport Street, Swindon SN1 3DR was appointed liquidator.

CONTACT:  T Q M DESIGN CONSTRUCTION LIMITED
          Camoys Farm, Chiselhampton
          Oxford, Oxfordshire OX44 7UZ
          Phone: 01865891394

          MONAHANS
          38-42 Newport Street
          Swindon
          Wiltshire SN1 3DR
          Phone: 01793 521231
          Fax: 01793 512188
          E-mail: paulm@monahans.co.uk


TRAVEL EASIER: Hires Administrator from Leigh & Co.
---------------------------------------------------
Martin Henry Linton (IP No 5998) of Leigh & Co. was appointed
administrator of Travel Easier Limited (Company No 5439802) on
Sept. 29.  The company's registered office is at Turnberry
House, 1404-1410 High Road, Whetstone, London N20 9BH.  Travel
Easier is a supplier of travel luggage.  Its trading name is
Travelon.

CONTACT:  LEIGH & CO
          Brentmead House,
          Britannia Road, London N12 9RU


UEC HOLDINGS: Appoints CLB Coopers Administrator
------------------------------------------------
Mark Terence Getliffe and Diane Elizabeth Hill (IP Nos 008892,
008945) of CLB Coopers were appointed administrators of
fabrication maker UEC Holdings Limited (Company No 03721740) on
Oct. 17.

CONTACT:  CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Phone: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk


WINMAR LIMITED: EGM Passes Winding-up Resolution
------------------------------------------------
M. Alderson, director of Winmar Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 12 at Fergusson & Co Ltd. Shackleton House, Falcon Court,
Preston Farm Industrial Estate, Stockton on Tees TS18 3TS.
Malcolm Edward Fergusson of Fergusson & Co Ltd., Shackleton
House, Falcon Court, Preston Farm Industrial Estate, Stockton on
Tees TS18 3TS was appointed liquidator.

CONTACT:  WINMAR LIMITED
          27 Ripon Road, Nunthorpe
          Middlesbrough, Cleveland TS7 0HX
          Phone: 01642311521

          FERGUSSON & CO LIMITED
          Shackleton House
          Falcon Court
          Preston Farm
          Stockton On Tees
          North Yorkshire TS18 3TS
          Phone: 01642 669 155
          Fax: 01642 613 535


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L     (101)         540       34
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *