TCREUR_Public/051102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 2, 2005, Vol. 6, No. 217

                            Headlines

F R A N C E

CHARLES JOURDAN: Sold to Avendis, Finaluxe
CROWN EUROPEAN: Rating on EUR460 Mln Notes Downgraded to 'BB-'


G E R M A N Y

AGFAPHOTO GMBH: Photo-Me Acquires Two Divisions
ALIJA GASTRONOMIE: Administrator's Report Out Mid-December
EVELYNE BITZER: Bonn Court Confirms Bankruptcy
HEITKAMP-DEILMANN: Cutting Jobs as part of Restructuring
IMMOBILIEN MANAGEMENT: Creditors Meeting Set Later this Month

KARSTADTQUELLE AG: Middelhoff Forecasts Full Recovery by 2008
LOG WARE: Bankruptcy Proceedings Start
MUELHEIMER-DIENSTLEISTUNGSGESELLSCHAFT: Succumbs to Bankruptcy
SANITAR-HEIZUNGS: Creditors' Claims Due Next Month
SOEHAB HAUSHALTGERATE: Verification of Claims Set December
STEAG HAMATECH: Tax Credit Writedown to Widen Full-year Losses
UHDE GMBH: Court Appoints Provisional Administrator


I T A L Y

ALLIANCE ONE: In Talks with Lenders to Avoid Default
PARMALAT SPA: Graubuendner Kantonalbank Under Investigation


K Y R G Y Z S T A N

AIT-EMIR: Sets Public Auction Mid-November
CHOKO RONIZ: Creditors' Claims Due December
KEVITAL: Bankruptcy Supervision Begins
RASTIN: Gives Creditors Until December 20 to File Claims
STEPHENSON SERVICE: Proofs of Claim Deadline Set


N E T H E R L A N D S

ROYAL NUMICO: Publishes 2004 Performance Review
ROYAL SHELL: To Merge with Shell Petroleum


R O M A N I A

BANCA TRANSILVANIA: Gets 'B' Short-term Rating from Fitch


R U S S I A

AKA BANK: Insolvency Manager Enters Firm
BOR-WOOD: Declared Insolvent
DUBENSKIY: Mordoviya Court Opens Bankruptcy Proceedings
GOFITSKOYE: Krasnodar Court Brings in Insolvency Manager
KALIKINO: Bankruptcy Hearing Set Next Year

MAGNITOGORSK-TRANS-STROY: Under Bankruptcy Supervision
NIZHNEDIVITSKIY: Succumbs to Bankruptcy
REINFORCED-CONCRETE: Bankruptcy Hearing Set Next Month
RUSSIAN REGIONAL: Moody's Upgrades Deposit Rating to Ba2
SEL-STROY: Undergoes Bankruptcy Supervision Procedure
URZHUMSKOYE: Insolvency Manager Takes over Company


U K R A I N E

BUCHA' GLASS: Court Appoints Insolvency Manager
ZMIYIVSKE REPAIR-TRANSPORT: Declared Insolvent
ZVARKO: Liquidator Takes over Operations


U N I T E D   K I N G D O M

A & P PRINT: Creditors Meeting Set Today
B2 ENGINEERING: Files for Liquidation
BEETIES GALLERY: Hires Administrator from Sargent & Co.
BLACUP TRAINING: Administrator from Gibson Booth Enters Firm
BRADLEY & WALKER: Creditors Meeting Set Today

BRITISH ENERGY: Heysham 1 Boilers Resume Operation
BSA CASTINGS: In Administrative Receivership
CENTRAL STUDIOS: Appoints Administrator from Kallis & Co.
CLAIMS BUREAU: National Westminster Bank Appoints Receiver
CONTAK COMPONENTS: EGM Passes Winding-up Resolution

C R ASHFORD: Calls in Liquidator
CRUISE CONTROL: Proofs of Claim Deadline December 9
DRAX GROUP: Signs Papers on GBP800 Mln Credit Facilities
ESSENTIAL (UK): Leisurewear Manufacturer Winds up
EUROSKILLS LIMITED: Employment Firm Applies for Liquidation

HEART OF MIDLOTHIAN: Appoints Roman Romanov Interim CEO
MEPC LTD.: Credit Facility Raised to GBP470 Million
MEPC LTD.: Earns Stable Outlook on Successful Debt Refinancing
MOBILE DATA: Goes into Liquidation
MOTORTONE LIMITED: Liquidator Enters Firm

MOWLEM PLC: Receives Takeover Approach
NAVIGATOR GAS: Hires Liquidator from KPMG
ONLINE DIRECT: Appoints Unity Corporate Recovery Administrator
ORACLE LEGAL: Appoints Liquidator
PHOENIX PLUMBING: Hires DTE Leonard to Liquidate Business

PREMIER FOODS: Closes Sale of Tea Business
PURE INTERNATIONAL: Creditors Meeting Set Next Week
REFCO INC.: Major Creditors Mull Multi-billion-dollar Lawsuits
RIVER DESIGN: Files for Liquidation
ROSESTORE LIMITED: Clothing Retailer Hires Administrator

SEAFORD LABORATORIES: Creditors to Meet Thursday
SEVERN TRENT: Accused of Overcharging Customers GBP50 Million
SUMMERBANK MANAGEMENT: Names Walletts Insolvency Administrator
T & P GILLON: Calls in Administrator from P&A Partnership
WELPTON HYUNDAI: Car Dealer Contacts Administrator


                            *********


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


CHARLES JOURDAN: Sold to Avendis, Finaluxe
------------------------------------------
The Commercial Court of Romans-sur-Isere has chosen the bid of
Avendis and Finaluxe for collapsed footwear group Charles
Jourdan, Le Monde says.

The consortium had tabled an offer of EUR400,000 for Charles
Jourdan's subsidiaries and properties and EUR250,000 for its
brands.  It also guaranteed 212 of 392 employees.  The group
became sole bidder after fashion specialist Guy Laroche withdrew
last week.

The company filed for bankruptcy on August 22 along with three
subsidiaries: Charles Jourdan Industrie, the manufacturing unit;
Charles Jourdan France, the marketing and administration
division; and Sodepar, which runs the boutiques and factory
shops.  The 80-year-old company has accumulated debt of EUR9
million (US$11 million).

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


CROWN EUROPEAN: Rating on EUR460 Mln Notes Downgraded to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Crown Holdings Inc.  The outlook is stable.  At
the same time, Standard & Poor's lowered its senior secured debt
rating on EUR460 million of first-priority senior secured notes
due 2011 issued by wholly owned subsidiary Crown European
Holdings S.A. to 'BB-' from 'BB'.  The recovery rating on these
notes was lowered to '2' from '1', now indicating expectations
for substantial, not full, recovery in the event of a payment
default.

The downgrade and the change in the recovery rating reflect the
significant increase in senior secured debt that results from
the group's proposed bank credit facilities.  Failure to
complete the refinancing as currently contemplated could lead to
a reassessment of the recovery prospects for senior secured
creditors.

Standard & Poor's assigned its 'B' rating to the proposed $500
million of senior unsecured notes due 2013 and $600 million of
senior unsecured notes due 2015 to be issued by Crown Americas
LLC and Crown Americas Capital Corp., wholly owned subsidiaries
of Crown Holdings.

In addition, based on preliminary terms and conditions, Standard
& Poor's assigned its 'BB-' rating and a recovery rating of '2'
to Crown's proposed $1.3 billion senior secured credit
facilities.  These ratings indicate Standard & Poor's assessment
that bank lenders and senior secured noteholders will receive
substantial recovery in a payment default.  If the company
exercises its option to increase the credit facility by $500
million subject to lender approval, ratings and recovery
prospects will be reevaluated.

Proceeds from the new notes and the new credit facility,
together with proceeds from the recent sale of the company's
plastic closures business, will be used to refinance existing
bank debt and high-coupon junior debt, make additional pension
contributions, and pay tender premiums and other transaction-
related expenses.  Ratings on the debt that is being refinanced
will be withdrawn upon completion of the refinancing.

"If completed as currently contemplated, the refinancing will
result in significantly lower interest expense, reduced pension
obligations, and a smoother debt maturity schedule," said
Standard & Poor's credit analyst Cynthia Werneth.  "In addition,
the financial profile should continue to strengthen through good
operating performance, cash generation, and debt reduction."

The ratings continue to reflect Crown's satisfactory business
risk profile, characterized by market leadership, global
operations, and relative earnings stability.  Nevertheless, the
financial profile remains aggressive, and the company continues
to face risks associated with asbestos litigation.

With annual sales of more than $7 billion, Philadelphia,
Pennsylvania-based Crown is primarily a metal container
manufacturer.  The company benefits from a broad geographic
presence, a well-diversified customer base, and leading market
positions in food, beverage, and aerosol cans.

CONTACT:  CROWN HOLDINGS INC.
          Le Colisee I
          rue Fructidor
          75830 Paris Cedex 17
          France
          Phone: +33 1 49 18 40 00

          Veronique Sabatier
          Phone: +33 1 49 18 42 26


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


AGFAPHOTO GMBH: Photo-Me Acquires Two Divisions
-----------------------------------------------
Photo-Me International (PMI), the FTSE 250 digital imaging
company, said it has acquired from the administrator of
AgfaPhoto GmbH the assets of its Wholesale Lab Division, whose
principal business is the manufacture in Munich of high-volume
photo-finishing laboratories.  The cash consideration totaled
EUR9 million (GBP6.1 million).

                            *   *   *

Headquartered in Leverkusen, AgfaPhoto manufactures photographic
film, papers, chemicals and disposable cameras.  It also offers
online print service, on-site processing, kiosk systems and
wholesale finishing.  It has 32 subsidiaries outside Germany
that are not affected by its insolvency.  The company owes
suppliers and pension security body Pensionssicherungsverein.

CONTACT:  AGFAPHOTO GERMANY GmbH
          Im Media park 5
          D-50670 Cologne
          Phone: +49 221 98544-3723
          Fax: +49 221 98544-3805
          Web site: http://www.agfaphoto.com


ALIJA GASTRONOMIE: Administrator's Report Out Mid-December
----------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Alija Gastronomie GmbH on Oct. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Nov. 18 to register their claims
with court-appointed provisional administrator Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 10:55 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  ALIJA GASTRONOMIE GmbH
          Massenbergstr. 14-16
          44787 Bochum
          Contact:
          Jamshid Badparva,
          Luetgenholthauser Str. 7,
          44225 Dortmund

          Uwe Hueggenberg, Provisional Administrator
          Huestrasse 34,
          44787 Bochum
          Phone: 964 91-0
          Fax 964 91-33


EVELYNE BITZER: Bonn Court Confirms Bankruptcy
----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Evelyne Bitzer GmbH on Oct. 10.  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 Markus Lehmkuehler.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 9:15 a.m. at the district court of Bonn,
-Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn 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:  EVELYNE BITZER GmbH
          Genker Str. 12
          53842 Troisdorf

          Markus Lehmkuehler, Provisional Administrator
          Wilhelmstr. 40
          53111 Bonn
          Phone: 0228/92 66 60
          Fax 92 66 699


HEITKAMP-DEILMANN: Cutting Jobs as part of Restructuring
--------------------------------------------------------
The restructuring of Heitkamp-Deilmann-Haniel (HDH) is
proceeding as planned, Frankfurter Allgemeine Zeitung says.

In a presentation to major creditors Friday, HDH said it has
secured interim funds for the sale of subsidiary, Heitkamp Rail,
which has attracted Dutch builder Heijmans N.V.  It is also in
talks with possible buyers for mining unit Redpath Holding.

The group has also notified employees of job losses at two soon-
to-be-closed factories for prefabricated concrete parts and at
the main office.

TCR-Europe reported on Oct. 26 that HDH is planning to cut jobs
and sell assets to improve liquidity.  HDH, a merger between
Bauunternehmung E. Heitkamp GmbH, Herne and Deilmann-Haniel
GmbH, said its liquidity situation is tense, but its existence
is not under threat.  To remain solvent, it will sell Redpath,
its Canadian unit employing 1,050, and the rail construction
division, which has 350 workers.  Proceeds will be used to
finance restructuring and close the liquidity gap.

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


IMMOBILIEN MANAGEMENT: Creditors Meeting Set Later this Month
-------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Immobilien Management & Consulting GmbH on
Oct. 7.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Jan. 6, 2006 to register their claims with court-appointed
provisional administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 30, 10:30 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report on March 1, 2006, 10:25
a.m. while creditors may constitute a creditors committee and or
opt to appoint a new insolvency manager.

CONTACT:  IMMOBILIEN MANAGEMENT & CONSULTING GmbH
          Leunaer Str. 7
          12681 Berlin

          Rolf Nacke, Provisional Administrator
          Gross-Berliner-Damm 73 c
          12487 Berlin


KARSTADTQUELLE AG: Middelhoff Forecasts Full Recovery by 2008
-------------------------------------------------------------
KarstadtQuelle Chairman Thomas Middelhoff expects to finish the
restructuring of the group by 2008 despite setbacks this year,
Die Welt says.

He aims to reduce debt and achieve an equity ratio of 6% this
year and 15% when the restructuring ends.  Asset disposals will
continue at marginal operations and the company will focus on
its core department store and mail-order businesses.  He admits
the mail-order unit is behind this year's forecast, but adds all
other divisions are recovering according to plan.

He also plans to expand operations abroad.  As for his exit
plan, he plans to appoint new executives before he leaves in
2008.  Mr. Middelhoff replaced Chairman Dr. Christoph Achenbach
in May after the latter's turnaround plan failed.

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


LOG WARE: Bankruptcy Proceedings Start
--------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Log Ware Concept GmbH on Oct. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 30 to register their claims with
court-appointed provisional administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 2, 2006, 10:10 a.m. at the district court of
Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn 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:  LOG WARE CONCEPT GmbH
          Deichhaus 31
          53721 Siegburg
          Contact:
          Kaspar Werner Reinhold, Manager
          Bruesseler Str. 2
          53842 Troisdorf

          Dr. Sebastian Henneke, Provisional Administrator
          Meckenheimer Allee 87
          53115 Bonn
          Phone: 0228/9766643
          Fax 0228/9766645


MUELHEIMER-DIENSTLEISTUNGSGESELLSCHAFT: Succumbs to Bankruptcy
--------------------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Muelheimer-Dienstleistungsgesellschaft mbH on Oct.11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 24 to
register their claims with court-appointed provisional
administrator Dr. Axel Fohrmann.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 14, 11:00 a.m. at the district court of
Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg 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:  MH MUELHEIMER-DIENSTLEISTUNGSGESELLSCHAFT mbH
          Arndtstrasse 51-55
          45473 Muelheim an der Ruhr
          Contact: Franka Ferrigno
          Duisburger Str. 173
          46049 Oberhausen

          Dr. Axel Fohrmann, Provisional Administrator
          Grossenbaumer Strasse 93,
          45481 Muelheim an der Ruhr


SANITAR-HEIZUNGS: Creditors' Claims Due Next Month
--------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Sanitar-Heizungs-Technik Gesellschaft 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 Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 9, 2006, 10:10 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen 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:  SANITAR-HEIZUNGS-TECHNIK GmbH
          Bendstrasse 49,
          52134 Herzogenrath
          Contact:
          Sonja Schongs, Manager

          Johannes Klefisch, Provisional Administrator
          Rotter Bruch 6
          52068 Aachen
          Phone: 0241/949740
          Fax 0241/870203


SOEHAB HAUSHALTGERATE: Verification of Claims Set December
----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against SOEHAB Haushaltgerate GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Oct. 26 to register their claims
with court-appointed provisional administrator Bettina Schmudd.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 11:00 a.m. at the district court of
Dresden, Olbrichtplatz 1, 01099 Dresden at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  SOEHAB HAUSHALTGERATE GmbH
          Koehlerstrasse 22
          01640 Coswig

          Bettina Schmudd, Provisional Administrator
          WHITE & CASE INSOLVENZ GbR
          Koenigstrasse 1
          01097 Dresden
          Web site: http://www.whitecaseinso.de


STEAG HAMATECH: Tax Credit Writedown to Widen Full-year Losses
--------------------------------------------------------------
Optical disk manufacturer STEAG HamaTech will post higher-than-
expected yearend losses, Frankfurter Allgemeine Zeitung says.
The loss is the result of an EUR11.6 million writedown in tax
credits, which, it stressed, will not strain its finances.

Blaming difficult situation in the optical disk market, STEAG
had forecast no more than EUR5 million in pre-tax losses this
year on turnover of EUR130 million.  STEAG posted EUR7.5 million
in pre-tax loss for the first nine months, and -EUR5.5 million
in the third quarter up from EUR4.5 million in 2004.  Nine-month
turnover fell 27% to EUR80.1 million, and to EUR23 million in
the third quarter from EUR29.2 million last year.  Post-tax
figures will be released on Nov. 4.

STEAG (Prime Standard, ISIN DE0007309007) makes equipment for
the production of optical storage media and Advanced Process
Equipment (APE) for the semiconductor industry.

CONTACT:  STEAG HAMATECH AG
          Ferdinand-von-Steinbeis-Ring 10
          75447 Sternenfels
          Web site: http://www.steag-hamatech.com


UHDE GMBH: Court Appoints Provisional Administrator
---------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against Uhde GmbH, Heizungs-, Sanitar- und Elektroinstallation
on Oct. 5.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors had until
Nov. 1 to register their claims with court-appointed provisional
administrator Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 28, 2:45 p.m. at the district court of
Dessau, Willy-Lohmann-Str. 33 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:  UHDE GmbH, HEIZUNGS-, SANITAR- UND ELEKTROINSTALLATION
          Rosa-Luxemburg-Strasse 47
          06773 Grafenhainichen
          Contact:
          Hans-Juergen Jockwer, Manager
          Hainmuehlenweg 7,
          06773 Grafenhainichen

          Dr. Volkhard Frenzel, Provisional Administrator
          Magdeburger Strasse 23
          06112 Halle
          Phone: 0345/2311111
          Fax: 0345/2311199


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


ALLIANCE ONE: In Talks with Lenders to Avoid Default
----------------------------------------------------
The European Commission has decided to impose fines on Alliance
One International, Inc. (NYSE: AOI) and its present and former
Italian subsidiaries, Transcatab and Mindo.

The decision came after administrative investigation by the
Directorate General for Competition of the European Commission
into the Company's tobacco buying and selling practices within
the leaf tobacco industry in Italy.

The EC imposed fines on the Company and Mindo jointly and
severally in the aggregate amount of EUR10 million or US$12
million).  The EC imposed fines on the Company and Transcatab, a
subsidiary of Standard Commercial prior to its merger into the
Company earlier this year, jointly and severally in the
aggregate amount of EUR14 million or US$16.8 million).

Several tobacco processors, growers and agricultural
associations that were the subject of the investigation in Italy
were assessed fines in various amounts totaling EUR58.1 million
(US$69.7 million), inclusive of the fines imposed on Alliance
One and its subsidiaries.  The EC stated that the fines assessed
against Alliance One and its Italian subsidiaries were reduced
as a result of their cooperation in the investigation.  Although
a statement of the fines has been released, the full decision of
the EC has not yet been issued.

Once the full decision is available, Alliance One will assess
any grounds it may have to appeal the fine.  If not earlier
bonded pending appeal, the fines must be paid within three
months of the Company's receipt of the full EC decision.
Alliance One will establish a reserve for the fines imposed on
the Company and Mindo in the quarter ended September 30, 2005 in
the amount of US$12.0 million.  The US$16.8 million in fines
imposed as a result of conduct of Transcatab and Standard
Commercial prior to the merger will be reflected as an increase
in goodwill on the Company's balance sheet, as required by
purchase accounting.

                    Discussion with Lenders

Under Alliance One's senior secured credit facility, any
judgment or decree in excess of US$15 million becomes an event
of default if not paid, discharged, stayed or bonded pending
appeal within ten days.  Alliance One is discussing with the
administrative agent under the senior secured credit facility an
amendment to the credit agreement to clarify that the EC's
imposition of these fines is not such a judgment or decree and
therefore will not result in an event of default if not paid or
bonded within ten days.  If for any reason the Company cannot
obtain this amendment before the expiration of the ten days, the
Company has cash available to pay the fines in a manner that
does not limit its rights to appeal so that no event of default
will occur.

As previously reported, the Company continues to face industry
challenges in the important Brazilian market.  Financial
performance from the Company's Brazilian operations has
deteriorated due primarily to the inflationary effect on
procurement and conversion costs from the increased strength of
the Brazilian real against the U.S. dollar and the difficulty in
increasing sales prices enough to absorb recently changed local
trade taxes.  As these conditions have continued, Alliance One
is also discussing with the administrative agent under the
senior secured credit facility potential amendments to the
financial covenants in the credit agreement applicable to future
periods.

If Alliance One is unable to obtain the necessary amendments or
waivers under its senior secured credit facility, the lenders
under that facility may have the right to terminate that
facility and demand repayment of borrowings thereunder.  As of
September 30, 2005, there was an aggregate of $345.3 million
outstanding under the senior secured credit facility, all of
which represents term loan indebtedness.  A demand for repayment
under the senior secured credit facility would result in a cross
default under the indentures governing our senior notes and
senior subordinated notes and could impair access to our
seasonal operating lines of credit in local jurisdictions.  A
default under our senior secured credit facility would have a
material adverse effect on the liquidity and financial condition
of the Company.  While the Company is in discussions to obtain
amendments that would prevent any such default, there can be no
assurance that such amendments or waivers of defaults will be
obtained.

Alliance One -- http://www.aointl.com/-- is a leading
independent leaf tobacco merchant.  It selects, purchases,
processes, stores, packs and ships tobacco grown in over 45
countries, and serves the world's large multinational cigarette
manufacturers in over 90 countries.

                         *     *     *

The company's 'BB-' corporate credit rating is placed by
Standard & Poor's Ratings Services on CreditWatch with negative
implications.

CONTACT:  ALLIANCE ONE
          Phone: 484-531-5000
          Fax: 484-531-5057
          Web site: http://www.allianceoneinc.com/


PARMALAT SPA: Graubuendner Kantonalbank Under Investigation
-----------------------------------------------------------
Swiss authorities are now investigating Graubuendner
Kantonalbank transactions linked to Parmalat's fraudulent
collapse, Reuters says.  They are looking into the accounts from
which Parmalat managers allegedly received commission payments.

The bank said, "An ex-employee of the bank, not a member of the
board, had contacts to people close to Parmalat.  This led to
payment system transactions over client accounts from the bank,
which are now being investigated."

Graubuendner expected the probe as early as September, after
Italy asked for legal assistance from Switzerland to investigate
the multi-million-franc payments.  Graubuendner said it is
cooperating fully.  It declined to provide details pending
completion of the probe.

Earlier last month, Parmalat Finanziaria filed US$47.6 billion
in claims against the Swiss regional bank.  The sum represents
the damage caused by Graubuendner for allegedly conspiring with
other banks in hiding Parmalat's true financial condition to
defraud investors.  According to the report, Parmalat filed
three claims worth US$15.7 billion each using a special
procedure that does not involve the courts.  The bank rebuffed
the claims.

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

          GRAUBUNDNER KANTONALBANK
          Postfach
          CH-7002 Chur
          Phone: +41 81 256 91 11
          Fax: +41 81 252 67 29
          Web site: http://www.gkb.ch


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


AIT-EMIR: Sets Public Auction Mid-November
------------------------------------------
PSSI of Talas region will sell the assets of Trading Center Ait-
Emir on November 14, 2005, 10 a.m. at Talas City Court.  Up for
sale is a 1,460.58-sqm building located at Talas, Karla Marks
Str.  Starting price is KGS850,000.  Call (0-34-22) 5-20-44 for
more information.


CHOKO RONIZ: Creditors' Claims Due December
-------------------------------------------
LLC Choko Roniz, which recently became insolvent, will accept
proofs of claim at Bishkek, Chui Ave. 48/25 until December 20,
2005.  Call (0-312) 28-43-28 for more information.


KEVITAL: Bankruptcy Supervision Begins
--------------------------------------
The Inter-District Court of Bishkek for Economic Issues
commenced bankruptcy supervision procedure on LLC Kevital on
June 21, 2005.  Mr. Abdymanap Sopiev (License Number 0334) has
been appointed temporary insolvency manager.

Creditors will meet at Bishkek, Isanova Str. 143/25 on November
9, 2005, at 9 a.m.  Creditors must submit their proofs of claim
and register with the temporary insolvency manager seven days
before to the meeting.  Proxies must have authorization to vote.

CONTACT:  Mr. Abdymanap Sopiev
          Temporary Insolvency Manager
          Phone: (0-312) 59-14-59, 21-34-06


RASTIN: Gives Creditors Until December 20 to File Claims
--------------------------------------------------------
LLC Rastin, which recently became insolvent, will accept proofs
of claim at Bishkek, Chui Ave. 48/25 until December 20, 2005.
Call (0-312) 28-43-28 for more information.


STEPHENSON SERVICE: Proofs of Claim Deadline Set
------------------------------------------------
LLC Stephenson Service Solutions, which recently became
insolvent, will accept proofs of claim at Bishkek, Sydykova Str.
252/42 until December 16, 2005.

CONTACT:  STEPHENSON SERVICE SOLUTIONS
          Bishkek, Sydykova Str. 252/42


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


ROYAL NUMICO: Publishes 2004 Performance Review
-----------------------------------------------
Royal Numico N.V. published its first Sustainability Report,
'Sustaining Life'.

The report provides a balanced assessment of Numico's economic,
environmental and social performance in 2004, following the
widely accepted guidelines of the Global Reporting Index.  This
to ensure that Numcio reports fully on its triangular
responsibility -- to People, Planet and Profit.   The report
also discusses the company's sustainability activities in 2005,
and the key performance indicators (KPIs) that have been
identified for future improvement.   In future, Numico will
report annually on its progress in sustainability.

Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition and brings products to the market under the brand
names Nutricia, Milupa and Cow & Gate, among others.  The
company serves customers in over 100 countries and employs
approximately 11,000 people.

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 20 456 9077
          Web site: http://www.numico.com

          Investor Relations
          Phone: +31 20 456 9003


ROYAL SHELL: To Merge with Shell Petroleum
------------------------------------------
Royal Dutch Shell and Royal Dutch disclosed on Oct. 31 the
definitive terms of, and the timetable for, the proposed
restructuring that was previously announced on 20 September
2005.  This restructuring and merger of certain subsidiaries
will achieve governance, management and fiscal efficiencies for
the Shell group.

               EGM to Decide on Merger Set Dec. 16

As part of the proposed restructuring, Royal Dutch will be
merged into a subsidiary, Shell Petroleum N.V. (SPNV), following
which the remaining minority holders of Royal Dutch will be paid
EUR52.21 per Royal Dutch ordinary share held.  Alternatively,
eligible U.K. resident shareholders who so elect will be
entitled to receive loan notes exchangeable into Royal Dutch
Shell `A' shares.

A Royal Dutch Extraordinary General Meeting (EGM) is required to
implement the proposed restructuring and resolve upon the
merger.  The EGM will be held on 16 December 2005 in The Hague
and it is expected that the restructuring will be completed on
or about 21 December 2005.  Royal Dutch Shell intends to vote
its 98.5% shareholding in Royal Dutch in favor of the
restructuring and the merger at the EGM.  The transaction is
also subject to other customary closing conditions, which are
expected to be satisfied prior to 21 December 2005.

        Minority Shareholders to Receive EUR52.21 a Share

In the proposed merger of Royal Dutch into SPNV, the remaining
minority shareholders in Royal Dutch will be paid EUR52.21 per
Royal Dutch share held.  This will be paid to Hague registered
or bearer shareholders in euro.  Payments to holders of New York
Registered Shares will be made in U.S. dollars based on the
exchange rate on the business day prior to the effective date of
the merger.  Eligible U.K. resident shareholders may elect
instead to receive loan notes that are exchangeable into not
more than two Royal Dutch Shell `A' shares for each Royal Dutch
ordinary share held.

Payment will be made as soon as possible after the merger is
completed (which is expected to be 21 December 2005).

If all remaining minority shareholders receive cash for their
Royal Dutch shares, total consideration of approximately EUR1.6
billion (approximately US$2.0 billion at current exchange rates)
is expected to be paid in the fourth quarter of 2005.  This
amount will be additional to the previously announced buy back
program of US$5 billion for 2005.

The EUR52.21 per share represents two times the average of the
closing prices of the Royal Dutch Shell `A' shares over the
period 20 July 2005 to 28 October 2005 and has been calculated
based on the two for one share exchange of the original tender
offer which formed part of the unification transaction.

All Royal Dutch shareholders who hold their shares at the
applicable record date will also receive the Royal Dutch interim
dividend for the 3rd quarter of 2005 of EUR0.46 per share (or
US$0.5556 per share for holders of New York Registered Shares)
which will be payable on 15 December 2005.  As would be the case
in Dutch statutory squeeze-out proceedings, the merger terms
provide

(a) for interest to accrue on the EUR52.21 per share amount at
    the statutory rate of 4% from 31 October 2005 until the
    effective date of the merger, as part of the consideration
    under the merger, and

(b) for any gross dividends payable in that period to be
    deducted from that interest amount.  As the third quarter
    2005 interim dividend will exceed the amount of interest
    accrued as of 21 December 2005, it is not expected that
    interest will be payable.

       To Squeeze out Minority Shareholder if Merger Fails

As previously announced, if the proposed merger does not become
effective for any reason, the Board of Royal Dutch Shell intends
to commence Dutch statutory squeeze-out proceedings in order to
acquire the remaining shares held by Royal Dutch minority
shareholders.  Each of Royal Dutch Shell and Royal Dutch has the
right to abandon the restructuring if it is not completed before
1 January 2006.

The Board of Royal Dutch believes that the proposed merger is in
the best interests of Royal Dutch and the enterprise associated
with it and is fair to its minority shareholders.

In connection with the transaction, ABN AMRO Bank N.V., as
financial adviser to the Royal Dutch Board, has delivered two
written opinions to the Royal Dutch Board to the effect that
based upon and subject to the matters considered, assumptions
used and qualifications set forth in the opinion:

(a) as at 31 October 2005, the exchange ratio in the merger and
    the cash consideration pursuant thereto were fair, from a
    financial point of view, to minority shareholders who will
    receive the cash consideration in the merger, and

(b) the value of the loan note consideration to be offered to
    eligible U.K. resident shareholders, when issued, will not
    be greater than the value of the cash consideration under
    the terms of the merger.

The proposed merger will complete the unification of Royal Dutch
and Shell Transport under Royal Dutch Shell and follows the
successful exchange offer in which holders of 98.5% of Royal
Dutch shares participated and received Royal Dutch Shell shares.
The proposed merger will allow the remaining minority
shareholders to receive their consideration more quickly than if
Royal Dutch Shell had implemented Dutch statutory squeeze-out
proceedings.

       Election for Loan Notes by U.K. Resident Shareholders

Eligible U.K. resident shareholders who give appropriate
representations may elect to receive loan notes in lieu of the
cash payment.  The loan notes issued to a shareholder will have
a total face amount equal to the sterling equivalent of the cash
payment that the shareholder would otherwise be due under the
terms of the proposed merger.  The loan notes are, at the option
of the holder or Royal Dutch Shell, exchangeable into Royal
Dutch Shell `A' shares on fixed exchange dates.  The number of
`A' shares that a loan note holder will receive will be the
aggregate principal amount of their loan notes divided by the
average closing market price of the `A' shares on the London
Stock Exchange on the three trading days prior to the relevant
exchange date, provided that no loan note holder will be
entitled to more than two `A' shares for every Royal Dutch share
held prior to completion of the merger.  Royal Dutch Shell
intends (but is not obliged) to exchange the loan notes for
newly issued `A' shares in Royal Dutch Shell on the first
exchange date, which is 6 January 2006.

Eligible U.K. resident individual shareholders who receive a
loan note instead of cash should be able to achieve a rollover
into `A' shares in Royal Dutch Shell for U.K. capital gains tax
purposes.  U.K. resident shareholders should note that as a
result of the two share limit, the market value of the shares
received on exchange will be less than the face amount of the
loan notes if the `A' shares are trading below the sterling
equivalent of EUR26.1050 (being one-half of the merger
consideration of EUR52.21) at the time of exchange.  The
sterling equivalent value of the loan note will be set using the
euro/sterling exchange rate on the day prior to the date of the
merger.

To the extent possible, Royal Dutch has endeavoured to make
arrangements with the various institutions which administer its
share registers or through which its shareholders hold their
shares, so that U.K. resident shareholders should receive a
document explaining the terms of the loan notes and the election
form they need to complete to elect for these.  Eligible U.K.
resident shareholders may also go to
http://www.shell.com/royaldutchmergeror call +44 20 7614 2950
to obtain a copy of the loan note document and the election
form.

Information

Royal Dutch expects to publish the formal notice of the Royal
Dutch EGM and make available proxy material in mid November
2005.

Documents relating to the merger will be filed at the Trade
Register in The Hague.  These documents and other information
about the restructuring and the merger will be made available at
http://www.shell.com/royaldutchmerger

The exchangeable loan notes, and the Royal Dutch Shell shares
for which they may be exchanged, will only be available to
eligible U.K. resident shareholders who elect and provide
appropriate representations.  The loan notes and the Royal
Dutch Shell Class A ordinary shares into which they are
exchangeable will not be offered to U.S. persons and have not
been and will not be registered under the U.S. Securities Act of
1933, as amended (the 'Securities Act'), and may not be
reoffered, resold or otherwise transferred in the United States
or to U.S. persons unless an exemption from the registration
requirements of the Securities Act is available.

The loan notes, and the Royal Dutch Shell shares for which they
may be exchanged, will not be offered to persons who are
established, domiciled or resident in the Netherlands.  Shell
Petroleum N.V. as issuer of the loan notes has submitted a
statement to the Netherlands Authority for the Financial
Markets that the laws and regulations of the jurisdictions in
which the loan notes are offered have been and will be complied
with.

ABN AMRO Bank N.V. is acting for Royal Dutch (and is acting as
Dutch exchange agent for Shell Petroleum N.V.) and no one else
in connection with the transaction and will not be responsible
to anyone other than Royal Dutch and Shell Petroleum N.V. for
providing the protections afforded to clients of ABN AMRO or for
providing advice in relation to the matters referred to in this
announcement.

                           About the Company

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

                           The Trouble

Shell admitted overstating its proved reserves by almost 6.0
billion barrels between January 2004 and February this year.
This led to the ouster of three top executives, including former
Chairman Philip Watts.  The company was fined EUR150 million in
total after investigations launched by U.S. and British
regulators.

CONTACT:  ROYAL SHELL
          UK/USA/International:
          Phone: +44 20 7934 6238
                 +44 20 7934 5963
                 +44 20 7934 3505

          Netherlands:
          Phone: +31 70 377 8750

          Institutional Investors
          U.K.:
          David Lawrence
          Phone: +44 20 7934 3855
          Gerard Paulides
          Phone: +44 20 7934 6287

          Ingrid Turley
          Phone: +44 20 7934 2224

          Europe:
          Bart van der Steenstraten
          Phone: +31 70 377 3996

          USA:
          Harold Hatchett
          Phone: +1 212 218 3112


=============
R O M A N I A
=============


BANCA TRANSILVANIA: Gets 'B' Short-term Rating from Fitch
---------------------------------------------------------
Fitch Ratings assigned ratings to Romania-based Banca
Transilvania of Long-term 'BB-', Short-term 'B', Support '4' and
Individual 'D'. The Outlook on the Long-term rating is Stable.

The Long-term, Short-term and Individual ratings reflect BT's
moderate capitalization, rather low loan reserves, the
increasingly competitive domestic market and risks from the fast
expansion seen over the last two to three years.  The ratings
also take into account BT's good profitability built on a strong
net interest margin and reasonable franchise.

"BT has seen major expansion since its present strategy was
adopted in 2002.  This has helped improve profitability and gain
a franchise, certainly in its home region," says Tim Beck of
Fitch's Financial Institutions Group.  "However, there are
significant risks to this, most notably from the credit
portfolio where performance may worsen as loans season."

"BT's net interest margin is supported by its focus on the
higher-yielding SME and retail sectors, as well as quite cheap
funding, largely from depositors in its home region," adds Mr.
Beck.  "However, this margin will come under pressure as
interest rates fall and competition rises."

At end-June 2005 BT represented 3.4% of the domestic banking
system's assets.  It has a nationwide presence with 185 units,
though its market shares are greater in its home region of
Transilvania, which accounts for around half of the bank's
business.  Ownership is fairly widespread.  The largest
shareholder is the European Bank for Reconstruction and
Development with 15%.  No other shareholder owns more than 5%.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 (0) 20 7417 3460

          Gulcin Orgun, Istanbul
          Phone: +90 (0) 212 279 10 65

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

          BANCA TRANSILVANIA
          CLUJ-NAPOCA,
          Str. G Baritiu Nr. 8
          Phone: (40)-264-40715(0)/(1)/(2)
          Fax: (40)-264-407172, 407179
          E-mail: bancatransilvania@bancatransilvania.ro
          Web site: http://www.bancatransilvania.ro/


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


AKA BANK: Insolvency Manager Enters Firm
----------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Aka Bank after finding the joint stock
commercial bank insolvent.  The case is docketed as A40-
44055/05-36-80B.  Creditors may submit their proofs of claim to
123022, Russia, Moscow region, Post User Box 66.

CONTACT:  AKA BANK
          109004, Russia, Moscow region,
          Nikoloyamskaya Str. 40/22

          STATE CORPORATION AGENCY ON ENDOWMENT INSURANCE
          109240, Russia, Moscow region,
          Verkhniy Taganskiy Tupik, 4

          Insolvency Manager
          123022, Russia, Moscow region,
          Post User Box 66


BOR-WOOD: Declared Insolvent
----------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Bor-Wood after finding the limited liability
company insolvent.  The case is docketed as A28-36/05-79/6.  Ms.
L. Tomilova has been appointed insolvency manager.  Creditors
have until December 1, 2005 to submit their proofs of claim to
Russia, Kirov region, Orlovskaya Str. 20a.

CONTACT:  BOR-WOOD
          Russia, Kirov region, Afanasyevskiy region,
          Bor, Gagarina Str. 4

          Ms. L. Tomilova
          Insolvency Manager
          Russia, Kirov region,
          Orlovskaya Str. 20a


DUBENSKIY: Mordoviya Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Dubenskiy after finding the municipal
enterprise insolvent.  The case is docketed as A39-1489/05-15/6.
Mr. A. Tsuran has been appointed insolvency manager.  Creditors
have until December 01, 2005 to submit their proofs of claim to
431710, Russia, Mordoviya republic, Chamzinskiy region,
Komsomolskiy, Lenina Str. 22-2.

CONTACT:  DUBENSKIY
          431770, Russia, Mordoviya republic,
          Dubenskiy region, Dubenki

          Mr. A. Tsuran
          Insolvency Manager
          431710, Russia, Mordoviya republic,
          Chamzinskiy region, Komsomolskiy, Lenina Str. 22-2


GOFITSKOYE: Krasnodar Court Brings in Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on limited liability company
Gofitskoye.  The case is docketed as A-32-27532/2005-44/410B.
Mr. Y. Soldatov has been appointed temporary insolvency manager.

CONTACT:  GOFITSKOYE
          Russia, Krasnodar region,
          Labinskiy region, Gofitskoye

          Mr. Y. Soldatov
          Temporary Insolvency Manager
          Russia, Krasnodar region,
          Labinskiy region, Gofitskoye


KALIKINO: Bankruptcy Hearing Set Next Year
------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Kalikino.  The case is docketed as A43-23994/2005-33-394.  Mr.
A. Khokhlov has been appointed temporary insolvency manager.  A
hearing will take place on February 14, 2006, 1:00 p.m.

CONTACT:  KALIKINO
          Russia, Nizhniy Novgorod region,
          Borskiy region, Kalikino

          Mr. A. Khokhlov
          Temporary Insolvency Manager
          606473, Russia, Nizhniy Novgorod region,
          Borskiy region, Kalikino


MAGNITOGORSK-TRANS-STROY: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on open joint stock company
Magnitogorsk-Trans-Stroy.  The case is docketed as A76-26535/05-
135.  Mr. D. Starikov has been appointed temporary insolvency
manager.

CONTACT:  MAGNITOGORSK-TRANS-STROY
          Russia, Chelyabinsk region, Magnitogorsk,
          Moskovskaya Str. 22

          Mr. D. Starikov
          Temporary Insolvency Manager
          455039, Russia, Chelyabinsk region,
          Magnitogorsk, Moskovskaya Str. 22


NIZHNEDIVITSKIY: Succumbs to Bankruptcy
---------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Nizhnedivitskiy after finding the municipal
unitary enterprise insolvent.  The case is docketed as A14-9723-
2005/101/7b.  Mr. V. Avilov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 394000,
Russia, Voronezh, 25th October Str. 45.

CONTACT:  NIZHNEDIVITSKIY
          Russia, Voronezh region, Nizhnedivitskiy region,
          Nizhnedevitsk, Sportivanaya Str. 1

          Mr. V. Avilov
          Insolvency Manager
          394000, Russia, Voronezh region,
          25th October Str. 45


REINFORCED-CONCRETE: Bankruptcy Hearing Set Next Month
------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company Reinforced-
Concrete Constructions-100.  The case is docketed as A53-
20796/2005-S2-7.  Mr. V. Lyakh has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 344090, Russia,
Rostov-na-Donu, Post User box 4872.  A hearing will take place
on December 19, 2005, 3:00 p.m.

CONTACT:  REINFORCED-CONCRETE CONSTRUCTIONS-100
          Russia, Rostov region, Volgodonsk-22,
          Prom.Zone, Post User Box 1009

          Mr. V. Lyakh
          Temporary Insolvency Manager
          344090, Russia, Rostov-na-Donu,
          Post User box 4872


RUSSIAN REGIONAL: Moody's Upgrades Deposit Rating to Ba2
--------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency
deposit rating of Russian Regional Development Bank (RRDB) to
Ba2/NP with a stable outlook, from B1/NP under review for
upgrade.  The E+ Financial Strength Rating (FSR) and its
associated stable outlook remain unchanged.

According to Moody's the upgrade reflects:

(a) The recent upgrade of the controlling shareholder Rosneft
    from Baa3 to Baa2;

(b) The fact that although Rosneft is heavily indebted, any
    possible recapitalization of RRDB would be immaterial in
    comparison to Rosneft's EBITDA;

(c) The importance of RRDB as the main settlement bank of the
    group of companies related to Rosneft and the fact that most
    of the company's employees are serviced by the bank, as well
    as Rosneft's position as its controlling shareholder
    together imply some likelihood of support; and

(d) In addition to the stake in RRDB held by state-owned
    Rosneft, the 25.49% stake held by the Agency for Federal
    property Management and the 13.30% stake held by state-owned
    VTB [rated D-/Baa2/P-2] increase the perception of RRDB as a
    government-controlled bank, which may influence any decision
    on the part of the authorities to support it in case of need
    -- although the size of such support may be limited and its
    timeliness rather uncertain.

Moody's notes that the upgrade is the result of the factors
mentioned above, and is unrelated to the December 17 placing of
RRDB on review for upgrade reflecting a proposed merger of
Rosneft with Gazprom, which did not take place.

Among the major reasons for maintaining the bank's financial
strength rating (FSR) at E+ are RRDB's comparatively small size,
modest capitalization, dependence on a limited number of key
customers on both sides of the balance sheet and relatively weak
bottom line profitability.  The FSR rating is supported by
strong liquidity and a relatively prudent approach to risk
management, resulting in a satisfactory asset quality.

Headquartered in Moscow, RRDB reported consolidated total assets
and net profit of US$460 million and US$3.3 million,
respectively, at year-end 2004, based on IFRS.

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

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


SEL-STROY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Sel-Stroy.  The case is docketed as A43-18046/2005, 24-323.  Mr.
A. Kokorin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 603001, Russia,
Nizhniy Novgorod, Norgovaya Str. 14.  A hearing will take place
on November 15, 2005, 11:00 a.m. at the Arbitration Court of
Nizhniy Novgorod region.

CONTACT:  SEL-STROY
          607130, Russia, Nizhniy Novgorod region,
          Ardatov, Lenina Str. 65

          Mr. A. Kokorin
          Insolvency Manager
          603001, Russia, Nizhniy Novgorod region,
          Norgovaya Str. 14


URZHUMSKOYE: Insolvency Manager Takes over Company
--------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Urzhumskoye (TIN 4334000504) after finding
the repair-technical enterprise insolvent.  The case is docketed
as A28-27/05-62/24.  Mr. V. Krygin has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 610020,
Russia, Kirov region, 20, OS, Post User Box 1836.

CONTACT:  URZHUMSKOYE
          613530, Russia, Kirov region,
          Urzhum, Krasnaya Str. 161

          Mr. V. Krygin
          Insolvency Manager
          610020, Russia, Kirov region, 20, OS,
          Post User Box 1836


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


BUCHA' GLASS: Court Appoints Insolvency Manager
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Bucha' Glass Products Plant (code EDRPOU
32309607) after finding the open joint stock company insolvent.
The case is docketed as 95/2 b-2005.  Dmitro Zheronkin (License
Number AA 783342) has been appointed liquidator/insolvency
manager.

CONTACT:  BUCHA' GLASS PRODUCTS PLANT
          08292, Ukraine, Kyiv region,
          Bucha, Kirov Str. 84

          DMITRO ZHERONKIN
          Liquidator/Insolvency Manager
          01103, Ukraine, Kyiv region,
          Kikvidze Str. 13

          ECONOMIC COURT OF KYIV REGION
          01032, Ukraine, Kyiv region,
          Komintern Str. 165


ZMIYIVSKE REPAIR-TRANSPORT: Declared Insolvent
----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Zmiyivske Repair-Transport Enterprise (code
EDRPOU 0376163) on September 21, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 24/52-
05.  Mr. Ivan Radik (License Number AB 176041) has been
appointed liquidator/insolvency manager.

CONTACT:  ZMIYIVSKE REPAIR-TRANSPORT ENTERPRISE
          Ukraine, Harkiv region,
          Zmiyivskij district, Liman, Zmiyivska Str. 36

          IVAN RADIK
          Liquidator/Insolvency Manager
          61170, Ukraine, Harkiv region,
          Gv. Shironivtsiv Str. 43-A, room 157
          Phone: (050) 301-29-21

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


ZVARKO: Liquidator Takes over Operations
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Zvarko (code EDRPOU 3068720) on September 8,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/633.  JSCB Legbank (code EDRPOU 14291780)
has been appointed liquidator.

CONTACT:  ZVARKO
          Ukraine, Kyiv region,
          Metalistiv Str. 17/401

          LEGBANK, Liquidator
          01033, Ukraine,
          Kyiv region, Zhilyanska Str. 27
          Phone: (044) 287-95-00, 287-95-16

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


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


A & P PRINT: Creditors Meeting Set Today
----------------------------------------
Creditors of A & P Print Finishers Limited (Company No 03382406)
will meet on November 2, 2005, 11 a.m. at The Holiday Inn,
Emerson District 5, Washington, Tyne and Wear NE37 1LB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Andrew T. Clay of Andrew Michaels & Co Ltd.,
Concept House, Brooke Street, Cleckheaton BD19 3RY.

CONTACT:  A & P PRINT FINISHERS LIMITED
          Walker Road, Newcastle Upon Tyne,
          Tyne And Wear NE6 2HL
          Phone: 01912767600

          ANDREW MICHAELS & CO. LTD.
          Concept House
          Brooke Street
          Cleckheaton
          Bradford BD19 3RY
          West Yorkshire
          Phone: 0870 750 5411
          Fax: 0870 750 5412
          E-mail: info@andrew-michaels.com


B2 ENGINEERING: Files for Liquidation
-------------------------------------
A. D. Batty, director of B2 Engineering Services Limited,
informs that a resolution to wind up the company was passed at
an EGM held on Oct. 12 at Mistry Associates Ltd, 6-8 Henry
Square, Ashton-under-Lyne OL6 7TF.  Manubhai Govindbhai Mistry
of Mistry Associates Ltd. was appointed liquidator.

CONTACT:  B2 ENGINEERING SERVICES LIMITED
          Unit 32 Audley Street Works
          Audley Street Mossley,
          Ashton-Under-Lyne, Lancashire OL5 9HW
          Phone: 01457839520


BEETIES GALLERY: Hires Administrator from Sargent & Co.
-------------------------------------------------------
Peter Sargent (IP No 8636) of Sargent & Company Limited was
appointed administrator of Beeties Gallery Restaurant Limited
(Company No 4764562) on Oct. 19.  The company's registered
office is at 7 Victoria Road, Saltaire, Shipley BD18 3LA.

CONTACT:  BEETIES GALLERY RESTAURANT
          7 Victoria Rd,
          Saltaire, Shipley
          West Yorkshire BD18 3LA
          Phone: 01274 595988

          SARGENT & CO.
          36 Clare Road
          Halifax
          West Yorkshire HX1 2HX
          Phone: 01422 348448
          Fax: 01422 360748
          E-mail: peter@sargentcompany.com


BLACUP TRAINING: Administrator from Gibson Booth Enters Firm
------------------------------------------------------------
Edward Christopher Wetton (IP No 6229) of Gibson Booth was
appointed administrator of Blacup Training Limited (Company No
04330993) on Oct. 19.

CONTACT:  GIBSON BOOTH
          15 Victoria Road
          Barnsley
          South Yorkshire S70 2BB
          Phone: 01226 213131
          Fax: 01226 213151
          E-mail: ecw@gibsonboothinsol.com


BRADLEY & WALKER: Creditors Meeting Set Today
---------------------------------------------
Creditors of Bradley & Walker Limited (Company No 04740050) will
meet on November 2, 2005, 11 a.m. at Innkeepers Lodge, Aylesbury
Road, Beaconsfield HP9 1LW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Andrew T. Clay of Andrew Michaels & Co Ltd.,
Concept House, Brooke Street, Cleckheaton BD19 3RY.

CONTACT:  BRADLEY & WALKER LTD.
          52 London End, Beaconsfield,
          Buckinghamshire, HP9 2JH
          Phone: 01494 678851

          ANDREW MICHAELS & CO. LTD.
          Concept House
          Brooke Street
          Cleckheaton
          Bradford BD19 3RY
          West Yorkshire
          Phone: 0870 750 5411
          Fax: 0870 750 5412
          E-mail: info@andrew-michaels.com


BRITISH ENERGY: Heysham 1 Boilers Resume Operation
--------------------------------------------------
Two units at Heysham 1 are back in service.  The Company is
continuing a program of work on two units at Hartlepool and now
expects them to return to service in mid-November.  The net
additional unplanned losses related to these outages is expected
to increase by 1 TWh to around 2.5 TWh.

                        About the Company

Headquartered in South Lanarkshire, British Energy is U.K.'s
largest electricity generator, producing 20% of the country's
power through eight nuclear facilities in Scotland and England
(total capacity is 9,600 MW).  British Energy also owns the
2,000-MW coal-fired plant (Eggborough) in England; it has sold
its North American power generation operations.

The company emerged as British Energy Limited with a new holding
company, British Energy group plc, after the court approved its
scheme of arrangement in January.  Under the program, existing
creditors received 97.5% of equity in the new group.

CONTACT:  BRITISH ENERGY GROUP PLC
          Systems House
          Alba Campus
          Livingston
          EH54 7EG
          Phone: +44 (0) 1506 408700
          Fax: +44 (0) 1506 408888
          Web site: http://www.british-energy.com
          Contact:
          John Searles, Investor Relations
          Phone: 01506 408 715


BSA CASTINGS: In Administrative Receivership
--------------------------------------------
Company Names: BSA CASTINGS LIMITED
               (Registered No. 4819029)

               BSA HOLDINGS LIMITED
               (Registered No. 4817640)

               BSA METAL POWDERS LIMITED
               (Registered No. 4852645)

               BSA (REDDITCH PROPERTY) LIMITED
               (Registered No. 4817001)

Burdale Financial Ltd. appointed Garry Wilson and Alan Michael
Hudson (Office Holder Nos 9026, 9200) of Ernst & Young joint
administrative receivers of these companies.

BSA Castings manufactures motor vehicle and engine parts while
BSA Metal Powders is engaged in casting non-ferrous metal.

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


CENTRAL STUDIOS: Appoints Administrator from Kallis & Co.
---------------------------------------------------------
Elizabeth Arakapiotis (IP No 009209) of Kallis & Co. was
appointed administrator of Central Studios Limited (Company No
04045236) on Oct. 20.  The company's registered office is at 59
Great Titchfield Street, London W1W 7PW.  Central Studios offers
photo services.

CONTACT:  CENTRAL STUDIOS LIMITED
          1 Ezra Street,
          London E2 7RH
          Phone: 020-7729-4749

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


CLAIMS BUREAU: National Westminster Bank Appoints Receiver
----------------------------------------------------------
Company Names: CLAIMS BUREAU UK LIMITED
               (Reg No 03707449)

               MBP GROUP LIMITED
               (Reg No 04302911)

               NORTHWEST ADMINISTRATION LIMITED
               (Reg No 03554591)

National Westminster Bank Plc appointed Dermot Justin Power and
Matthew Dunham (Office Holder Nos 6006/01, 8376) of BDO Stoy
Hayward LLP joint administrative receivers of these companies on
Oct. 18.

CONTACT:  CLAIMS BUREAU UK LTD.
          78 High Street, Connah's Quay,
          Deeside, Clwyd CH5 4DD
          Phone: 01244811444

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


CONTAK COMPONENTS: EGM Passes Winding-up Resolution
---------------------------------------------------
M. J. Dunlop, chairman of Contak Components Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 11 at 60-62 High Street, Harpenden, Hertfordshire
AL5 2SP.  Anthony David Kent of Maidment Judd, 60-62 High
Street, Harpenden, Hertfordshire AL5 2SP was appointed
liquidator.

CONTACT:  CONTAK COMPONENTS LIMITED
          Unit A The Anderson Centre
          Spitfire Close
          Ermine Business Park
          Huntingdon
          Cambridgeshire
          PE29 6XY
          United Kingdom
          Phone: (01480) 411022
          Fax: (01480) 411082


C R ASHFORD: Calls in Liquidator
--------------------------------
G. R. Frost, shareholder of C R Ashford Surfacing (1985)
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 4 at Courtyard By Marriott
Northampton, Bedford Road, Northampton, Northamptonshire NN4
7YF.  Peter Anthony Jackson of Jackson Gregory & Co, 14 Wood
Street, Bolton BL1 1DZ was appointed liquidator.

CONTACT:  C R ASHFORD SURFACING (1985) LIMITED
          Wild Orchids, Hubbards Lane
          Bury St Edmunds, Suffolk IP30 9BG
          Phone: 01359270968


CRUISE CONTROL: Proofs of Claim Deadline December 9
---------------------------------------------------
Creditors of Cruise Control (UK) Limited are asked to send their
names and addresses, together with written details of claims and
supporting documentation, including copy invoices to Ian
Christopher Oakley Smith and Colin Michael Trevethyn Haig, of
PricewaterhouseCoopers LLP, Hill House, Richmond Hill,
Bournemouth BH2 6HR no later than Dec. 9.

Cruise Control offers cruise holiday packages through its
offices in Romford, Essex and Orlando, Florida.  Resolutions to
wind up the company were passed at an EGM held on Oct. 10 at
Unit 9 Stanton Gate, 49 Mawney Road, Romford, Essex RM7 7HL.

Cruise Control's former trading address was at Unit 9 Stanton
Gate, 49 Mawney Road, Romford, Essex RM7 7HL.

CONTACT:  CRUISE CONTROL (U.K.) LIMITED
          c/o Association of British Travel Agents Ltd.
          68-71 Newman Street, London, W1T 3AH
          Phone: +44 (0) 20 7637 2444
          Fax: +44 (0) 20 7637 0713
          Web site: http://www.abta.com


DRAX GROUP: Signs Papers on GBP800 Mln Credit Facilities
--------------------------------------------------------
              Report of Chairman Gordon Horsfield

In March 2005 we set out an outline program for the Refinancing
and Listing of Drax, which envisaged completion before year-end.
We are on track to meet this plan and the Prospectus has now
been issued.  As previously stated, the Board will continue in
parallel to consider alternative proposals from third parties
and has established a process to enable them to submit firm
offers by early November.  We will continue to keep shareholders
informed of progress.

Drax announces that a prospectus, prepared in connection with
the Introduction to the Official List of the UK Listing
Authority and to trading on the London Stock Exchange of the
Ordinary Shares of Drax Group plc (a new holding company of the
Group) has been published.

Drax also announces that simultaneously a scheme document
prepared in connection with the Refinancing and Listing has been
sent to shareholders and relevant scheme creditors.

The Prospectus will shortly be available for inspection at the
Document Viewing Facility, Financial Services Authority, 25 The
North Colonnade, Canary Wharf, London E14 5HS.

The Scheme Document and the Prospectus are also available at:

     Drax's offices
     Drax Power Station
     P.O. Box 3, Selby, North
     Yorkshire YO8 8PQ;

     Norton Rose's offices
     Kempson House, Camomile Street,
     London EC3A 7AN; and

     Drax's Web site
     http://www.draxpower.com

Drax Signs Facilities Agreements for Senior Debt and Bridge Loan

Drax said that as part of the Refinancing and Listing program,
the Facilities Agreements for the senior debt and bridge loan
facilities have been signed.  The senior secured debt facilities
comprise a GBP500 million Term Loan Facility, a GBP100 million
Revolving Credit Facility and a GBP200 million Letter of Credit
Facility.  The GBP77 million Bridge Facility bridges the
proceeds of the outstanding TXU claims.

The senior debt and bridge loan facilities have been arranged by
Barclays Capital, Commerzbank AG and ING Wholesale Banking.

      Current Trading and Updated Profit Forecast for 2005

Drax is forecasting that for the twelve months ending 31
December 2005, the EBITDA of the Group will be GBP311 million,
the Operating Profit will be GBP279 million and net profit
before interest expense and tax will be GBP284 million.  These
forecasts have been prepared under IFRS and the bases of
preparation and principal assumptions are set out in Appendix 1
available at http://bankrupt.com/misc/Drax_Appendix.html

These forecasts include an exceptional credit relating to
termination of the TXU Contract and financial restructuring of
GBP275 million, unrealized losses on derivative contracts of
GBP119 million, LTIP expenses of GBP38 million and estimated
fees of the Refinancing and Listing of GBP27 million.  The
principal assumptions used in the preparation of the forecast
include the use of average prices for electricity and coal
prevailing over the five days up to and including 21 October
2005 and that the forced outage rate remains at around 6.5
percent.

Before the impact of those items referred to above, the forecast
underlying EBITDA for the twelve months ending 31 December 2005
for the Group is GBP220 million.  This compares to forecast
underlying EBITDA of GBP225 million announced on 11 August 2005,
which was based on commodity prices as of 4 August 2005.

Since mid-July, power prices have fallen, CO2 emissions
allowances prices have been relatively stable in the range of
EUR20 to EUR25 per ton, and there has been a gradual reduction
in API2 coal prices from US$60 to US$55 per ton.

The first and final quarters of each year normally account for a
substantial proportion of Drax's earnings for the year.
Accordingly, the results for 2005 will be significantly affected
by the final quarter's operating performance, including the
impact on margins of unhedged electricity and coal prices for
the remainder of the year (i.e. including winter 2005/06 prices
for electricity) as well as the impact of any significant forced
outages.  Drax has previously indicated that dark green spreads
were lower than expected during summer 2005 but that winter
2005/06 spreads remained strong.  As at 28 October 2005 this
continued to be the case.

As at 21 October 2005, the Group had contracted for some 95% of
forecast 2005 electricity net generation at an average price of
c.GBP32.52/MWh and had fixed all of its forecast 2005 CO2
emissions allowances requirements through a combination of
allowances allocated to Drax under the UK NAP, market purchases
and structured deals.  Also, as at 21 October 2005, some 97% of
the Group's forecast 2005 coal requirements had been covered at
fixed prices.

Electricity prices continue to remain volatile.  As at 21
October 2005, for every GBP1/MWh change in electricity prices,
forecast EBITDA would change by around GBP1.1 million.

As at 21 October 2005, the Group had contracted for some 48% of
estimated 2006 net generation at an average price of
c.GBP42.18/MWh including the contracts with EDF Trading Limited
and Sempra Energy Europe Limited announced recently.  On 21
October 2005, the Group had also covered 66% of estimated 2006
CO2 emissions allowances requirements through a combination of
allowances allocated to Drax under the UK NAP, market purchases
and structured deals.  At the same date, approximately half of
the contracted 2006 net generation related to Q1 2006, with
progressively lower volumes contracted for subsequent quarters.
As on 21 October 2005, the Q1 2006 baseload contract was trading
at GBP56.10/MWh, the summer 2006 baseload contract was trading
at GBP38.65/MWh, the summer 2006 peak load contract was trading
at GBP44.25/MWh, and the winter 2006 baseload contract was
trading at GBP51.40/MWh.

Timetable of principal events for the Refinancing and Listing

    Scheme

Meeting of Scheme Creditors            10:30 a.m. 30 Nov. 2005
Meeting of Drax Group Limited Members  11:00 a.m. 30 Nov. 2005
English Court hearing
  to sanction the InPower 2 Scheme              9 December 2005
Jersey Court hearing
  to sanction the InPower 2 Scheme               9 December 2005
Cayman Court hearing to sanction the            12 December 2005
  Drax Group Limited Scheme
Delivery of the Cayman Court Order              14 December 2005
Delivery of the Jersey Court Order              14 December 2005
Scheme Record Time 5.00 p.m.                    14 December 2005
Delivery of English Court Order       8:00 a.m. 15 December 2005
  and Effective Time
  Listing

Expected date of Listing and          8:00 a.m. 15 December 2005
  commencement of dealings in the
  Ordinary Shares (under the symbol DRX)

CREST accounts expected to be credited          15 December 2005

Where applicable, despatch of              From 18 December 2005
  definitive certificates

Other

Drax financial results for Q3                   21 November 2005
(period ended 30 September 2005)

All times are London times.  Each of the times and dates shown
above is subject to change.  These dates are indicative and
assume that conditions to completion of the Schemes have been
fulfilled prior to Listing.

Alternatives to Listing

As previously announced, the Board has received three indicative
proposals in relation to offers for Drax from a consortium
comprising Constellation Energy Group, Inc. and Perry Capital
LLC, from a consortium comprising Apollo Management LP, Texas
Pacific Group Europe LLP and TowerBrook Capital Partners (UK)
LLP, and from a consortium comprising International Power plc
and Mitsui & Co., Ltd.

The Board believes that these Indicative Proposals significantly
undervalue the Company.  In order to ensure that all seriously
interested parties can develop firm and best offers which can be
properly considered by the Board and Shareholders, all parties
who have made or may be considering an approach are being asked
to provide final proposals in accordance with a common timetable
by early November 2005.

                        About the Company

Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fire power plant in Europe.  Its
primary subsidiary, Drax Power, operates the Drax Power Station
in North Yorkshire England.

Drax Group underwent financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative
protection.  Its former project creditors took control of the
firm from owner U.S. energy generator AES.  In December, it
secured an agreement for a GBP348 million claim from TXU.  It
received a first distribution of some GBP214 million at the end
of March.  Succeeding payments are expected in 2005 and 2006.
The company is using its money to discharge B debt.

Drax Group Limited has appointed Deutsche Bank AG London lead
adviser and sponsor for the refinancing and listing.  It has
retained Dresdner Kleinwort Wasserstein Limited as financial
adviser.

CONTACT:  DRAX GROUP
          Gordon Horsfield, Chairman
          Dorothy Thompson, Chief Executive Officer
          Gordon Boyd, Finance Director
          Andrew Jones, Head of Corporate Affairs
          Phone: +44(0) 1757-618381

          DEUTSCHE BANK
          Lead financial adviser, sponsor and broker
          Contact:
          Mark Cross
          Alan Brown
          Situl Jobanputra
          John Lydon
          Phone: +44(0) 20-7545-8000

          TULCHAN COMMUNICATIONS
          Phone: +44(0) 20-7353-4200
          David Trenchard
          Peter Hewer


ESSENTIAL (UK): Leisurewear Manufacturer Winds up
-------------------------------------------------
V. Tank, chairman of Essential (UK) Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 13 at 80 Hinckley Road, Leicester LE3 0RD.  Situl Devji
Raithatha of Springfields, 80 Hinckley Road, Leicester LE3 0RD
was appointed liquidator.  The appointment was confirmed at a
creditors meeting held the same day.

CONTACT:  ESSENTIAL (UK) LTD.
          97 Flax Rd
          Leicester
          LE4 6QE
          Phone: 0116-266 4917


EUROSKILLS LIMITED: Employment Firm Applies for Liquidation
-----------------------------------------------------------
P. Winder, chairman of Euroskills Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 11 at The Cock Hotel, 72-74 High Street, Stony Stratford,
Buckinghamshire.  Barry P. Knights of Knights & Company, Milford
House, 43-45 Milford Street, Salisbury, Wiltshire SP1 2BP was
appointed liquidator.

CONTACT:  EUROSKILLS LTD.
          Suite 2
          5 West Hill, Apsley Guise
          Milton Keynes
          MK17 8DP
          Buckinghamshire
          Phone: 01908 585212
          Web site: http://www.euro-skills.com
          Contact:
          David Barry, Managing Director
          Paul Kehnschneider, Sales and Marketing Director


HEART OF MIDLOTHIAN: Appoints Roman Romanov Interim CEO
-------------------------------------------------------
Heart of Midlothian plc said that with immediate effect Phil
Anderton has ceased to be Director and Chief Executive.  George
Foulkes has resigned as Director, also with immediate effect,
and has been replaced as Chairman by Roman Romanov.  Roman
Romanov also fills on a temporary basis the role of acting Chief
Executive pending further appointments.

In March, the company withdrew plans to sell Tynecastle to Cala
Management Limited after an agreement was struck making UKIO
Bankas its principal banker.  In August 2004, it proposed to
sell its Tynecastle stadium to raise funds to sustain the club
for at least a year from the date of the approval of financial
statements.

Hearts of Midlothian had planned to use proceeds from the
disposal to reduce outstanding debt due to the Bank and SMG
under the terms of its Loan Stock.  The Club's unaudited
borrowings at 18 August 2004 stood at GBP13.7 million together
with SMG's Loan Stock of GBP5.4 million.

CONTACT:  HEART OF MIDLOTHIAN PLC
          Chris Robinson
          Phone: 0131 200 7245


MEPC LTD.: Credit Facility Raised to GBP470 Million
---------------------------------------------------
Further to an announcement dated 28 September 2005, MEPC Ltd.
has increased the 7-year secured credit facility with Eurohypo
AG from GBP370 million to GBP470 million with the inclusion in
the security pool of Chineham Park, Basingstoke.

The Secured Facility will therefore be secured on four MEPC
business parks in total: Milton Park, Oxford; Chineham Park,
Basingstoke; Birchwood Park, Warrington and Hillington Park,
Glasgow.

MEPC also announces the launch of the securitization of the
Secured Facility through Eurohypo AG's Opera CMBS Conduit.
Eurohypo AG is Sole Arranger of the securitization; RBS and UBS
are Joint Lead Managers.

The proceeds of drawing the Secured Facility have been or will
be used to repay shareholder loans drawn to fund previous
repayments of debt.  The existing GBP350 million BTPS revolving
credit facility (GBP306 million undrawn) will remain in place
until November 2007 to fund ongoing activities.

MEPC has undertaken to reserve GBP122.7 million of the
Shareholder Facility undrawn after the securitization for the
purpose of repayment of the GBP122.7 million outstanding nominal
12% Bonds due June 2006 and 8 3/4% Bonds due December 2006.

The reserved part of the facility will not be drawn for any
other purpose than the repayment of the Bonds on maturity in
2006.

CONTACT:  MEPC LTD:
          Gavin Lewis
          Phone: 020 7702 6110

          EUROHYPO AG:
          Caroline Phillips
          Phone: 020 7759 7629

          Sunil Gidoomal
          Phone: 020 7759 7664

          ROYAL BANK OF SCOTLAND PLC
          Paul Townsend
          Phone: 020 7085 5681
          UBS INVESTMENT BANK
          Leland Bunch
          Phone: 020 7568 5390


MEPC LTD.: Earns Stable Outlook on Successful Debt Refinancing
--------------------------------------------------------------
Standard & Poor's Ratings revised its outlook on U.K.-based
property investment company MEPC Ltd. to stable from negative.
At the same time, the company's 'B+' corporate credit and 'B-'
senior unsecured debt ratings were affirmed.

"The outlook revision follows MEPC's successful refinancing of
its high-cost debt, which will lower the company's finance
charges," said Standard & Poor's credit analyst Andreas Kindahl.

A significant part of MEPC's historically high-cost debt
structure has been refinanced through the successful issuance of
a GBP470 million commercial mortgage-backed securitization
transaction.  Although high premiums were paid for the
redemption of the high-cost debt, lower annual interest expenses
will ultimately improve the company's cash flow-related credit
measures to levels acceptable for its ratings.

"We expect that MEPC will carefully regulate development
activity and capital sent upstream to owners in order to
maintain gross interest coverage at about 1.0x. Although low,
this coverage should continue to be supported by the gradually
increasing cash flow from its office-park properties," added Mr.
Kindahl.

Higher than expected development activity, any unexpected
capital released to its owners, or falling rent levels would
pressure the ratings.  Conversely, an unexpected display of more
conservative financial policies could lead to a positive
revision of the outlook.

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:  MEPC LTD.
          4th Floor
          Lloyds Chambers
          1 Portsoken Street
          London E1 8LW
          Phone: 020 7702 6100
          Fax: 020 7702 6123
          Web site: http://www.mepc.co.uk


MOBILE DATA: Goes into Liquidation
----------------------------------
Leonardo Fazzi, chairman of Mobile Data Direct Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 11 at 60-62 High Street, Harpenden, Hertfordshire
AL5 2SP. Anthony David Kent of Maidment Judd, 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP was appointed liquidator.

MobileDataDirect -- http://www.mobiledatadirect.co.uk/-- was
formed in October 2000 to specialize in supporting the mobile
data market, such as handhelds, GPS navigation, mobile fax,
Bluetooth, wireless LAN and GSM/GPRS product lines.  It has a
customer base of more than 15,000, including corporate,
councils, education, and local government organizations.  It is
owned by Leonardo Fazzi.

CONTACT:  MOBILE DATA DIRECT LTD.
          Image House
          Unit 5 Belvue Business Centre
          Belvue Road
          Northolt
          Middlesex
          UB5 5QQ
          Fax: 08707 454 175
          Fax from overseas: +44 208 841 5680


MOTORTONE LIMITED: Liquidator Enters Firm
-----------------------------------------
E. Sollars, chairperson of Motortone Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 7 at Lynch Hall & Hornby, 23 Peterborough Road, Harrow,
Middlesex HA1 2BD.  Mark Stephen Goldstein, of Mark Goldstein
Associates, Kingswood Court, 1 Hemlock Close, Kingswood, Surrey
KT20 6QW was appointed liquidator.  The appointment was
confirmed at a creditors meeting held the same day.

Motortone is an independent servicing and repair garage in the
West Hampstead/Kilburn area.  It is a Department of Transport-
approved Test Centre (MOT).

CONTACT:  MOTORTONE LTD.
          The Arches
          Exeter Parade
          Exeter Road
          London
          NW2 3UH
          Phone: 0800 0345 101
          Fax: 020 8452 0739
          Mobile: 079731 32280


MOWLEM PLC: Receives Takeover Approach
--------------------------------------
The Board of Mowlem plc notes the recent movement in its share
price and confirms that it has received a preliminary approach,
which may or may not lead to an offer for Mowlem.  The Board,
which is being advised by Rothschild, wishes to stress that
discussions are at a very early stage and there can be no
certainty that this approach will lead to an offer for Mowlem.
A further announcement will be made as and when appropriate.

N M Rothschild & Sons Limited, which is authorized and regulated
in the United Kingdom by the Financial Services Authority, is
acting for Mowlem and no one else in connection with the matters
referred to herein and will not be responsible to anyone other
than Mowlem for providing the protections afforded to clients of
Rothschild or for giving advice in relation to such matters.

                        About the Company

Headquartered in Middlesex, Mowlem Plc -- http://www.mowlem.com
-- support services to public and private sector customers
across a comprehensive range of market sectors.  It has more
than 25,000 employees, and annual turnover of GBP2 billion.  It
has GBP228.4 million in assets and GBP18.9 million in debt.  Its
creditors are HSBC Bank, National Westminster Bank, and Lloyds
TSB Bank.

Mowlem registered losses of GBP7.4 million (retained loss of
GBP19.6 million) in 2004, compared to earnings of GBP49.8
million a year earlier.  Its profitability was severely affected
by a number of contract valuation write-downs and one-off
charges.  In September, it reported loss before tax of GBP73.4
million (2004: GBP6.8 million profit).

                           The Trouble

Mowlem's business review in February led to the discovery of a
number of accounting issues at its Technical Services unit.  The
errors nearly gave rise to technical breaches under certain
bonding facilities.  The review also resulted to the split of
its Construction Services operation into three units.

Recently, the company warned full-year results will be GBP20
million lower than current market expectations due to changes in
approach to profit recognition and contract valuation.  The
announcement followed three profits warning since June
2004.  These warnings prompted Fitch Ratings to revise the
outlook on the company to Negative from Stable.  Senior
Unsecured 'BB' and Short-term 'B' ratings were affirmed.

See http://bankrupt.com/misc/Mowlem_Profile.htmfor company
profile.

CONTACT:  MOWLEM PLC
          White Lion Court, Swan Street
          Isleworth
          Middlesex TW7 6RN
          Phone: 020 8568 9111
          Fax: 020 8847 4802
          Web site: http://www.mowlem.com


NAVIGATOR GAS: Hires Liquidator from KPMG
-----------------------------------------
Company Names: NAVIGATOR GAS TRANSPORT PLC
               NAVIGATOR GAS (IOM 1-A) LIMITED
               NAVIGATOR GAS (IOM 1-B) LIMITED
               NAVIGATOR GAS (IOM 1-C) LIMITED
               NAVIGATOR GAS (IOM 1-D) LIMITED
               NAVIGATOR GAS (IOM 1-E) LIMITED

Michael John Fayle of KPMG LLC, Heritage Court, 41 Athol Street,
Douglas, Isle of Man IM99 1HN was appointed liquidator of these
companies on Oct. 10.

CONTACT:  KPMG LLC
          Heritage Court,
          41 Athol Street,
          Douglas, Isle of Man IM99 1HN
          Web site: http://www.kpmg.co.uk


ONLINE DIRECT: Appoints Unity Corporate Recovery Administrator
--------------------------------------------------------------
Matthew Colin Bowker (IP No 8106) and Suzanne Payne (IP No 9225)
of Unity Corporate Recovery and Insolvency were appointed joint
administrators of computer software company Online Direct
Marketing Limited (Company No 3948493) on Oct. 19.

CONTACT:  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


ORACLE LEGAL: Appoints Liquidator
---------------------------------
D. Beech, chairman of Oracle Legal Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 6 at Butcher Woods, 79 Caroline Street, Birmingham B3 1UP.
Roderick Graham Butcher, 79 Caroline Street, Birmingham B3 1UP
was appointed liquidator.

CONTACT:  ORACLE LEGAL LIMITED
          Unit 2-3 St. Josephs Court
          Trindle Road, Dudley, West Midlands DY2 7AU
          Phone: 01384245690


PHOENIX PLUMBING: Hires DTE Leonard to Liquidate Business
---------------------------------------------------------
C. Button, director of Phoenix Plumbing and Heating Contractors
(Essex) Limited, informs that a resolution to wind up the
company was passed at an EGM held on Oct. 13.  A Clifton of DTE
Leonard Curtis, 85-89 Colmore Row, Birmingham B3 2BB was
appointed liquidator.

CONTACT:  PHOENIX PLUMBING AND HEATING CONTRACTORS (ESSEX) LTD.
          Unit 6 Arcadia Business Centre
          Miller Lane, Clydebank, Dunbartonshire G81 1UJ
          Phone: 01419411716


PREMIER FOODS: Closes Sale of Tea Business
------------------------------------------
Premier Foods plc, a supplier of ambient grocery products in the
U.K., has completed the disposal of its tea business to Apeejay
International Tea Limited, a subsidiary of the Apeejay Surrendra
Group for GBP80 million as announced on 13 October 2005.

Premier will use the proceeds to reduce net debt.  As a result
of the sale, Premier's remaining beverages business, including
the Cadbury manufacturing license, will be incorporated into the
Spreads and Desserts product group.  Following the disposal, the
2004 pro forma branded sales mix of the group will drop from 61%
to 59%.

CONTACT:  PREMIER FOODS PLC
          28 The Green, Kings Norton
          Birmingham
          B38 8SD, United Kingdom
          Phone: +44-1727-815-850
          Fax: +44-1727-815-982
          Web site: http://www.premierfoods.co.uk
          Contact:
          Robert Lawson
          Director of Mergers & Acquisitions
          Investor Relations
          Gwyn Tyley, Investor Relations Manager

          CITIGATE DEWE ROGERSON
          Phone: 020 7638 9571
          Sara Batchelor
          Anthony Kennaway


PURE INTERNATIONAL: Creditors Meeting Set Next Week
---------------------------------------------------
Creditors of Pure International Limited (Company No 5161948)
will meet on November 7, 2005, 11 a.m. at One Great Cumberland
Place, Marble Arch, London W1H 7LW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to K. D. Goodman and N. A. Bennett, joint
administrators of Leonard Curtis & Co, One Great Cumberland
Place, Marble Arch, London W1H 7LW not later than 12 noon,
November 4, 2005.

                            *   *   *

PURE -- http://www.pureintl.com/-- is a London-based sales and
marketing company that specializes in international property.
In addition to its operations in the United Kingdom, this year
it has offices in Canada and Switzerland and plans to operate in
Hong Kong and the European Union within the foreseeable future.
PURE also has links in the Netherlands and Germany.

CONTACT:  PURE INTERNATIONAL LTD.
          20 Garrick Street
          London WC2E 9BT
          Phone: +44 (0) 20 7331 4500
          Fax: +44 (0) 20 7331 4518
          E-mail: contact@pureintl.com

          LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


REFCO INC.: Major Creditors Mull Multi-billion-dollar Lawsuits
--------------------------------------------------------------
Austrian bank Bawag, which lent Refco CEO Phillip Bennett the
money he tried to use to cover up a hole on Refco's account, is
now preparing a lawsuit against the company and several parties.

According to Times Online sources, leading the list of
respondents is Mr. Bennett himself.  It was Mr. Bennett who
sought a US$242 million loan that Bawag's board approved with
little or no due diligence, the paper said.

What Bawag didn't know was Mr. Bennett had already been
suspended a day before he called up.  Refco's board had
discovered a US$430 million item in the books, misrepresented as
receivables accrued by clients, and promptly suspended the CEO.
The amount in reality is a debt owed by a company controlled by
Mr. Bennett.  To Bawag's surprise, U.S. authorities arrested and
charged Mr. Bennett the day after it granted the loan.

According to Times Online, Bawag has a long history of lending
money to Refco.  It is now preparing a US$400 million lawsuit
against it and several parties it refused to name.

"Bawag is in close co-operation with top U.S. lawyers and is
about to finalize lawsuits regarding the Refco case," the bank
said.

Bawag is owned by Austria's trade union federation.  Another
creditor, Inter Financial Services, is also planning a US$158
million lawsuit.  It is Refco's seventh largest creditor, Times
Online says.

Refco is now under Chapter 11 bankruptcy protection and in the
process of selling its futures trading business, which is
excluded from the bankruptcy proceedings.  Since the suspension
of Mr. Bennett, two more directors have been suspended and are
said to be cooperating with authorities.

CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty St., Tower A, New York, NY
          10281
          Phone: 212-693-7000
          Fax: 212-693-7831
          Web site: http://www.refco.com/

          BAWAG
          Seitzergasse 2-4
          A-1010 Vienna
          Tel: +43 1 534 53 0
          Web site: http://www.bawag.com/


RIVER DESIGN: Files for Liquidation
-----------------------------------
P. G. Widdup, chairman of River Design Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 12 at The London Rowing Club, Embankment, Putney, London
SW15 1LB.  E. Walls of Marlor Walls, C12 Marquis Court, Marquis
Way, Team Valley, Gateshead NE11 0RU was appointed liquidator.

CONTACT:  RIVER DESIGN LTD.
          84 Bendemeer Road, London SW15 1JU
          Phone: 0208 7802081


ROSESTORE LIMITED: Clothing Retailer Hires Administrator
--------------------------------------------------------
Asher Miller and Paul Appleton (IP Nos 9251, 8883) of Pearl
Assurance House were appointed joint administrators of Rosestore
Limited (t/a Ronit Zilkha - Company No 03146595) on Oct. 11.
Its registered office is at 1st Floor, 76 Marylebone High
Street, London W1U 5JU.  The company retails clothing.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


SEAFORD LABORATORIES: Creditors to Meet Thursday
------------------------------------------------
Creditors of Seaford Laboratories Limited (Company No 01229662)
will meet on November 3, 2005, 11 a.m. at The Thistle Hotel
Westminster, Buckingham Palace Road, London SW1W 0QT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to I. P. Sykes and G. W. Rhodes, joint
administrators of Begbies Traynor, 2-3 Pavilion Buildings,
Brighton, East Sussex BN1 1EE not later than 12:00 noon,
November 2, 2005.

CONTACT:  SEAFORD LABORATORIES LIMITED
          Cradle Hill Industrial Estate,
          Seaford, East Sussex BN25 3JE
          Phone: 01323896779

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


SEVERN TRENT: Accused of Overcharging Customers GBP50 Million
-------------------------------------------------------------
Severn Trent Water is under investigation by the Serious Fraud
Office (SFO) in relation to allegations it overcharged customers
between 2000 and 2003, The Telegraph reported yesterday.

The investigation, requested by Philip Fletcher, director
general of industry regulator OFWAT, revolves around information
provided by whistleblower David Donnelly.  Mr. Donnelly, an
income and debt manager in Severn Trent's finance department and
a 30-year company veteran, first alerted the company of the
discrepancies 18 months ago, but was ignored.  He finally
brought the information to the attention of OFWAT, which
promptly acted on it in May.

Mr. Donnelly discovered discrepancies in the leakage data
provided by the company to OFWAT, which contributed to the
latter's decision to allow Severn to raise water charges by 4.5%
a year above the inflation rate over a five-year period.  He
claims the company covered up a GBP75 million discrepancy in its
accounts and overcharged customers by GBP50 million.

According to The Telegraph, this is the third investigation
involving Severn and the second water utility to be investigated
by the SFO.  The first inquiry by PricewaterhouseCoopers last
year cleared the company.  Shortly thereafter, Severn itself
launched a disciplinary investigation, which, according to the
report, is nearly complete.

The SFO is also investigating Southern Water, which consulted
the fraud office about its own reporting discrepancies last
week.

Severn Trent Water is a member of the Severn Trent Group of
companies.  It claims to be the world's fourth largest privately
owned water company serving over 8 million customers across the
U.K., stretching from the Bristol Channel to the Humber, and
from mid-Wales to the East Midlands.  According to information
posted on its Web site, it provides a broad range of water and
environmental services, from taking care of water quality
standards to protecting on-site water and wastewater assets.

CONTACT:  SEVERN TRENT WATER
          Web site: http://www.stwater.co.uk/

          SERIOUS FRAUD OFFICE
          Elm House
          10-16 Elm Street
          London
          WC1X 0BJ
          Tel: 020 7239 7272
          Fax: 020 7837 1689

          Public Enquiries
          Tel: 020 7239 7000/7190
          Fax: 020 7837 1173
          E-mail: public.enquiries@sfo.gsi.gov.uk

          OFFICE OF WATER SERVICES (OFWAT)
          Centre City Tower
          7 Hill Street
          Birmingham B5 4UA
          United Kingdom
          Tel: +44 (0) 121 625 1300 / 1373
          Fax: +44 (0) 121 625 1400
          E-mail: enquiries@ofwat.gsi.gov.uk
          Web site: http://www.ofwat.gov.uk/


SUMMERBANK MANAGEMENT: Names Walletts Insolvency Administrator
--------------------------------------------------------------
Michael F. McCarthy (IP No 8942) of Walletts Insolvency Services
was appointed administrator of Summerbank Management Limited
(Company No 04404506) on Oct. 14.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place
          Hanley
          Stoke On Trent
          Staffordshire ST1 3AF
          Phone: 01782 212326
          Fax: 01782 683904
          E-mail: mike@walletts.co.uk


T & P GILLON: Calls in Administrator from P&A Partnership
---------------------------------------------------------
Robert Michael Young and Ian Michael Rose (IP Nos 7875, 9144) of
Poppleton & Appleby were appointed joint administrators of T & P
Gillon Limited (Company No 05063605) on Oct. 14.  The company
handles construction and civil engineering.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


WELPTON HYUNDAI: Car Dealer Contacts Administrator
--------------------------------------------------
Company Names: WELPTON HYUNDAI LIMITED
               (Company No 02023526)

               WELPTON GROUP LIMITED
               (Company No 04162466)

               WELPTON PANEL & PAINT BODYSHOP LIMITED
               (Company No 04150771)

Andrew James Nichols (IP No 951) of Redman Nichols was appointed
administrator of these companies on Oct. 12.  Their registered
offices are at Welptons, Livingston Road, Hessle HU13 0EA.

CONTACT:  WELPTON HYUNDAI LIMITED
          Livingstone Road,
          Clive Sullivan Way,
          Hessle, Yorkshire - East, HU13 0AB
          Phone: 01482 333330
          Fax: 01482 628728
          E-mail: info@welptons.co.uk
          Web site: http://www.hyundai.co.uk/

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


                            *********


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
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Information contained herein is obtained from sources believed
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