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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 8, 2005, Vol. 6, No. 221

                            Headlines

B U L G A R I A

VOINTECH EOOD: State-owned Training Firm Up for Sale


C Z E C H   R E P U B L I C

AERO VODOCHODY: To End 2005 with CZK500 Million Deficit


F R A N C E

ALSTOM SA: European Commission Monitoring Commitments
GLOBAL AUTOMOTIVE: Rating Cut to 'B+'; Outlook Negative
MARIONNAUD PARFUMERIES: Former Execs Face Criminal Charges
RHODIA S.A.: Sells Latex Business to Hexion Specialty


G E R M A N Y

ARB-TRANS: Darmstadt Firm Succumbs to Bankruptcy
AUTOHAUS STEPHAN: Court Calls in Administrator from HWW
DAIMLERCHRYSLER AG: Incoming CEO to Steer Mercedes Indefinitely
FIM FLACHGLAS: Proofs of Claim Due Next Week
KAMPS AG: Has New Deputy Chief Executive Officer

KARL PFEFFER: Dresden Court Names Henningsmeier Administrator
KUECHENSTUDIO TORNOW: Creditors Meeting Set January
MEDIGENE AG: Prostate Cancer Drug Keeping Firm Alive as well
MERCATO HAUS: Under Bankruptcy Administration
MIA W. DANNER: Court to Verify Claims December

THOMAS COOK: Calls in BCG to help Hasten Sale of Indian unit
VOLKWAGEN AG: KPMG Clears Works Council in Bribery Scandal
XL WERBUNG: Frankfurt Company Goes Bust


G R E E C E

DRYSHIPS INC.: To Unveil Q3, Nine-month Results Next Week


H U N G A R Y

NABI RT: Delivers US$18.9 Million Buses to U.S.


I T A L Y

MEDIASET SPA: Swiss Snoops Discover Questionable Accounts


L U X E M B O U R G

ORIFLAME COSMETICS: Stichting af Jochnick Ups Stake to 9.2%
SBS BROADCASTING: To Distribute Liquidation Proceeds Today


N E T H E R L A N D S

VERSATEL TELECOM: Reports EUR6.3 Million Loss in Third Quarter
ROYAL SHELL: Cancels Additional 2,101,000 'A' Shares


R U S S I A

BARANDAT-AGRO: Creditors Have Until Today to File Claims
BUILDING WORLD: Declared Insolvent
CHAINKA: Period for Filing of Claims Ends Today
CHEREPANOVSKIY: Succumbs to Bankruptcy
EVRAZ GROUP: Unveils Terms of Eurobond Issue

KHIM-REAKTIV: Declared Insolvent
MEDYAKOVSKOYE: Deadline for Proofs of Claim Today
NOVO-USTYEVSKIY: Bankruptcy Supervision Procedure Begins
OMSK-TRANS-OIL-PRODUCT: Omsk Court Opens Bankruptcy Proceedings
RUBINE: Under Bankruptcy Supervision
YUGRINSKIY: Court Brings in Insolvency Manager
YUKOS OIL: Lithuania to Open Talks with TNK-BP sans Dutch Ruling


S W I T Z E R L A N D

CONVERIUM AG: Restatements to Delay Third-quarter Results
CONVERIUM AG: On Rating Watch Negative
CONVERIUM AG: Placed on CreditWatch Due to Delay of Q3 Results


U N I T E D   K I N G D O M

3PHASE ELECTRICAL: Calls in Liquidators from Wilson Pitts
ABICHELIN LIMITED: Fashion House Folds up
ASTRO ROOFING: Claims Deadline November 25
BARCLAYS BANK: Liquidators Take over Business
BRITISH AMERICAN: Nine-month Profit Down 43% to GBP1.9 Billion

CADWALLADER HEATING: Hires Administrators from Begbies Traynor
CEFNI (PENTRAETH): Administrators from Parkin S. Booth Move in
DANDF GARDEN: Furniture Maker in Administration
DONALD MACKENZIE: Travel Agent Calls in PwC Liquidator
D T (UK): Administrators from Baker Tilly Enter Firm

EQUITABLE LIFE: Drops Claim Against Roy Ranson
ESSENTIAL OFFICE: Calls in Administrators from Mazars
EUROELECTRIC (UK): Liquidator from Moore Stephens Enters Firm
F2 LEISURE: Appoints Marshall Peters Administrator
GADGET SHOP: High Court Sorts out Birthdays Hoopla

GLENTRONICS LIMITED: Administrators Take over Business
GLOUCESTER FOODS: Files for Liquidation
IEC PRECISION: Calls in Administrators from Tenon Recovery
INSIGHT AUDIO: Calls in Liquidator
INTERTEK GROUP: Buys Automotive Research Laboratory

J.R.G. ENGINEERING: Goes into Liquidation
LASERFORM DIES: Calls in Liquidator
LIFTED DEVELOPMENTS: Files for Liquidation
MACLEAN STEVENS: Mortgage Broker Winds up
MAGIC INTERIORS: Calls in Liquidator

MAXIMA INTERNATIONAL: Names Tenon Recovery Liquidator
MERLIN BIOSCIENCES: Chair Cuts Commitments to Focus on SFO Probe
MG ROVER: Former Workers Need More Help, Says Labor MP
MORETON CARS: EGM Passes Winding-up Resolutions
PAINT HOUSE: Joint Liquidators Enter Firm

P D INSTALLATIONS: Goes into Liquidation
P D STUDIOS: Members Approve Winding-up
PHILIP LANE: Folds up Motor Vehicle Repair Business
PHYLLIS & PHYLLIS: Calls in Liquidator from Poppleton & Appleby
PREMIER DYERS: Opts for Liquidation

PRIMELINK ENGINEERING: Appoints Liquidator
PROFIX UK: Glaze Maker Files for Liquidation
RCF ENGINEERING: Appoints DS Insolvency Services Administrator
REBUS DESIGN: Names Parkin S. Booth Liquidator
ROSEDALE-MACHIN: Administrators from Grant Thornton Enter Firm

SELECT COMPUTERS: Goes into Liquidation
SIGMA INTERNATIONAL: In Liquidation
STONE EPPS: EGM Passes Winding-up Resolution
SWAN HUNTER: Executive Leading 'Defense' Project Resigns
TAMAC ENGINEERING: Names Administrators from CBA

TELEWEST GLOBAL: To Bare Quarterly Figures Thursday
TURNER PHOTOGRAPHY: Calls in Liquidator
TYRED N EXHAUSTED: Begbies Traynor to Liquidate Business
VANTAGE SECURITY: Members Decide to Wind up Firm
WHITE HOUSE: Collapse Leaves Newlyweds Without Gifts

WILLMAKERS OF DISTINCTION: Names Begbies Traynor Liquidator
YM ELECTRICAL: Hires Middleton Partners Administrator
ZAPP 2000: Files for Liquidation
ZETNET SERVICES: Court Appoints Liquidator

* Large Companies with Insolvent Balance Sheets


                            *********


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


VOINTECH EOOD: State-owned Training Firm Up for Sale
----------------------------------------------------
Bulgaria's Privatization Agency (PA) will liquidate loss-making
Vointech EOOD, Dnevnik a.m. says.

The company has accumulated over BGL6 million losses in the last
three years and has used up more than 70% of its income to
service debt.  For the first nine months of 2004, Vointech had
BGN2.2 million losses on BGN5.5 million turnover.

PA had previously auctioned the company for BGL20 million, but
only succeeded in selling 40 properties or less than half of its
assets.  Based in Sofia, Vointech offers training services to
civilian companies and the military.  It specializes in training
drivers, pilots, and paratroopers.  It owns over 150 facilities
across Bulgaria and has branches in Bourgas, Varna, Targovishte,
Shoumen, Vratsa, Veliko Tarnovo, Pleven, Russe, Haskovo, Stara
Zagora and Plovdiv.

Financial History  (in BGL thousands)

As of:                    Turnover   Net Result

Dec. 31, 2002                6,162       (3,126)

Dec. 31, 2003                9,387       (2,939)

Sept. 30, 2004               5,513       (2,244)

Registered capital:  BGL24,020,000

CONTACT:  VOINTECH EOOD
          Petar Borisov Tsvetkov, Manager
          Sofia,
          48 Sitniakovo Boulevard


===========================
C Z E C H   R E P U B L I C
===========================


AERO VODOCHODY: To End 2005 with CZK500 Million Deficit
-------------------------------------------------------
Ailing plane manufacturer Aero Vodochody (AV) forecasts CZK500
million in losses for 2005, Access Czech Republic Business
Bulletin says.

In an interview with Hospodarske noviny, AV President Petr
Klimes attributed the loss to the payment of EUR500 million in
Eurobond coupons.  He said, "Without this the budget would be
balanced or we would post only a small loss."

In the last four years, the company had relied on its contract
to supply the military L159 jet fighters, but the contract
expired last year.  AV is now marketing the aircraft to 5-7
countries in the Far East, Middle East and South America.  Mr.
Klimes said if AV's new owner sustains production and marketing
of the plane, contracts could be had some time in 2006 or 2007.

The government, through privatization agency Ceska konsolidacni
agentura (CKA), is looking for a private investor to save the
company from bankruptcy.  The government took over Boeing's
share in the company in October 2004 citing dissatisfaction over
its inability to secure enough orders for Aero.  The government
then attempted to restructure the firm by writing off its debt,
but the European Commission blocked the plan for being an
illegal state aid.

CONTACT:  AERO VODOCHODY A.S.
          250 70 Odolena Voda
          Phone: +420 25576 1111
          Fax: +420 25576 2111
               +420 25576 5999
          Web site: http://www.aero.cz


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


ALSTOM SA: European Commission Monitoring Commitments
-----------------------------------------------------
The European Commission is keeping tab on Alstom's
implementation of commitments it made last year when it sought
approval for a state aid, AFX News says.

Barbara Brandtner, a member of the cabinet of competition
commissioner Neelie Kroes, said the Commission has noticed that
the engineering group has yet to develop industrial
partnerships, particularly in the hydro-electricity sector.

Earlier this year, Mr. Kroes threatened to ask the European
Court of Justice to formally declare the aid illegal, citing
Alstom and the government's failure to perform their part of the
bargain.  This move would have triggered an order to reimburse
the aid.

                         About Alstom

Alstom S.A. -- http://www.alstom.com-- is a leading maker of
power-generation systems, power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.   It
also produces electrical drives, motors, and generators.  It
generates EUR13 billion in annual revenue and employs more than
70,000 worldwide.  As of March 2005, it had EUR865 million in
net loss and EUR1.4 billion in net debt.

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


GLOBAL AUTOMOTIVE: Rating Cut to 'B+'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on France-based auto logistics provider
Global Automotive Logistics S.A.S. to 'B+' from 'BB-' in light
of likely further deterioration in the company's trading
environment during the second-half of 2005.  At the same time,
Standard & Poor's lowered its rating on related entity GAL
Finance S.A.'s EUR100 million subordinated notes to 'B-' from
'B'.  All ratings remain on CreditWatch with negative
implications, where they were placed on Aug. 1, 2005.

"GAL's credit protection measures are now inadequate to support
the previous 'BB-' rating," said Standard & Poor's credit
analyst Jarrad Oberhardt.  "Further signs of declining volumes
from Renault, which represents more than 70% of GAL's customer
base, are a key factor in this."

The continued CreditWatch placement reflects our concern that
there remains a risk of continued deterioration in GAL's
financial performance, which may further weigh on the company's
ability to comply with financial covenants under its committed
bank facility.  Covenants were recently renegotiated following a
breach in December 2004, and followed again by a breach in June
2005.  "We expect to resolve the CreditWatch placement when we
have more detailed information and a clearer view of GAL's
likely future financial and business positions, said Mr.
Oberhardt.  "Accordingly, a further downward rating action
cannot be ruled out."

The ratings on GAL reflect the group's reliance on Renault, its
exposure to the competitive, volatile, and cyclical automotive
logistics industry, and its leveraged financial profile.
Nevertheless, the company has a strong track record of reducing
debt through free cash flow generation. Furthermore, GAL
benefits from a strong competitive position with Renault.  At
June 30, 2005, the group had total lease-adjusted debt of about
EUR280 million, including about EUR40 million of operating
leases.

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


MARIONNAUD PARFUMERIES: Former Execs Face Criminal Charges
----------------------------------------------------------
Parties accused of malpractice at French beauty store chain
Marionnaud Parfumeries will have to respond to allegations made
by the French financial markets authority AMF.

According to Les Echos in mid-October, directors and auditors
have one month to respond to charges of fraud discovered by the
AMF after a nine-month investigation.  An AMF report on the 2002
and 2003 accounts revealed directors had been falsifying
accounts for years, yet auditors failed to spot them.

The accused are former CEO Marcel Frydman; his son Gerald,
former financial director; auditing firms KPMG and Cofirec; and
auditors Yves Gouhir and Gerard Caro.  The report said the AMF
may sanction the accused and pass the case to the courts when it
is done with its investigation.

Trouble began late last year when Marionnaud admitted EUR93
million in accounting errors.  Marionnaud has more than 1,200
perfume shops in France and about a dozen other European
countries.  Marcel Frydman founded the company in 1984.

CONTACT:  MARIONNAUD PARFUMERIES S.A.
          5 Avenue de Paris
          94300 Vincennes
          Phone: +33 (0) 1 48 08 69 69
          Fax: +33 (0) 1 48 08 01 51
          Web site: http://www.marionnaud.com

          KPMG in France
          Web site: http://www.kpmg.fr/


RHODIA S.A.: Sells Latex Business to Hexion Specialty
-----------------------------------------------------
Rhodia S.A. has signed an agreement to sell its Latex business
activities to U.S.-based Hexion Specialty Chemicals Group.  The
divestment is expected to be completed by the end of this year
once all the necessary legal authorizations have been obtained.

The latex dispersions & powders and organic foam control agents
developed and marketed by Rhodia Coatis are chiefly used in the
markets for decorative paints, specialty mortars used in the
construction industry, and liquid adhesives.  The Latex business
is chiefly based in Western Europe but also enjoys strong
positions in Asia, North & Latin America.  It employs a total of
almost 440 people worldwide and generated net sales of
approximately EUR150 million in 2004.

This disposal forms part of the campaign to divest non-strategic
activities pursued by the Group with a view to refocusing its
business portfolio.

Hexion Specialty Chemicals is the world's largest producer of
thermosetting resins, commanding strategic positions across
various end-markets and geographies.  The Group chiefly serves
the Adhesives and Coatings markets (industrial and decorative
paints and coatings).  Its corporate headquarters are based in
Colombus, Ohio (U.S.A.).  With 86 production and distribution
units in 18 different countries -- in North America, Europe and
the Asia-Pacific region -- the Hexion Group employs
approximately 7,000 people and generated net sales of EUR4
billion in 2004.

                        About the Company

Rhodia S.A., based in France, is a global specialty chemicals
company partnering with major players in the automotive,
electronics, fibers, pharmaceuticals, agrochemicals, consumer
care, tires and paints & coatings markets to offer tailor-made
solutions combining original molecules and technologies to
respond to customers' needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.  Its full-year results swung into the red in
2001 with a net loss of EUR213 million (US$183.5 million) after
three profits warning.  The company's stock has deteriorated
since its flotation in 1998.

                        Restructuring Plan

Due to depressed economic environment, continued high
petrochemical raw material prices, persistent weak demand and a
negative effect from the value of the dollar, Rhodia launched
structural action programs designed to improve long-term
profitability.

In 2003, it unveiled a plan of action to refocus business
portfolio, reduce cost and improve financial structure.  A key
part of this plan is a EUR600 million divestiture program aimed
at reducing debt by EUR500 million.  Consolidation of operations
resulted to the closure of 19 production units worldwide.

In December 2003, Rhodia concluded an agreement with 23 creditor
banks for the maintenance of a EUR970 million existing lines of
credit, and an adjustment of covenants to June 30, 2004;
establishment of a EUR758 million new syndicated medium-term
credit line; and a capital increase of approximately EUR300
million.

                         Status to date

The company's net loss after amortization of goodwill for 2004
was reduced more than 50% from EUR1,351 million to EUR625
million.  Its overall net loss for the period came to EUR197
million, compared with a net loss of EUR132 million in the
second quarter 2004 (before the taking into account EUR187
million of results from discontinued operations).

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


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


ARB-TRANS: Darmstadt Firm Succumbs to Bankruptcy
------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against ARB-TRANS GmbH & Co. KG on October 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 15, 2005 to
register their claims with court-appointed provisional
administrator Wilhelm Oelert.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 9:00 a.m. at the district
court of Darmstadt, Zimmer 10, Gebaude E, Landwehrstrasse 48,
64293 Darmstadt, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ARB-TRANS GmbH & Co. KG
          Rheinstr. 48, 64367 Muehltal
          Contact:
          Horst Ludwig Habicht, Manager

          Wilhelm Oelert, Administrator
          Baustrasse 17, 64372 Ober-Ramstadt
          Phone: 06154/630848
          Fax: 06154/630850


AUTOHAUS STEPHAN: Court Calls in Administrator from HWW
-------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Autohaus Stephan GmbH on October 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 9, 2005 to register their
claims with court-appointed provisional administrator Henning
Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting on December 21, 2005, 9:30 a.m. at the district
court of Dresden, Saal D132, Amtsgericht Dresden, Olbrichtplatz
1, 01099 Dresden, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AUTOHAUS STEPHAN GmbH
          Flensburger Strasse 35 in 01157 Dresden

          Henning Schorisch, Administrator
          HWW Wienberg Wilhelm
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


DAIMLERCHRYSLER AG: Incoming CEO to Steer Mercedes Indefinitely
---------------------------------------------------------------
Incoming Chief Executive Dieter Zetsche plans to lead Mercedes
until the troubled division recovers.

Mr. Zetsche, who will succeed Juergen Schrempp as CEO of
DaimlerChrysler next year, took control of Mercedes in
September.  Asked by Bild am Sonntag how long he intends to
remain in both positions, Mr. Zetsche said: "To begin with,
without a time limit, at least until Mercedes is once again well
under way."

"But even beyond that, there is no fundamental necessity to
separate the two tasks," he said.

In another report, Frankfurter Allgemeine Zeitung said Mr.
Zetsche was encouraged by DaimlerChrysler's improved share
price.  Since his appointment in July, shares in the carmaker
have been trading at around EUR40.

"Certainly it helps to be given such a confidence boost, but at
the same time it is also an obligation," Mr. Zetsche told the
newspaper, adding he must meet expectations when he assumes the
top post on January 1.

He also said DaimlerChrysler will continue forming joint
ventures like its hybrid engine development cooperation with
Bayerische Motoren Werke AG and General Motors Corp.

In September, DaimlerChrysler revealed it will spend almost EUR1
billion to axe 8,500 jobs at its Mercedes division in Germany.
The job reductions, which will be carried out in 12 months, will
affect about 9% of Mercedes' 94,000-strong German workforce.

The charges, which will be booked in DaimlerChrysler's fourth
quarter results, are not expected to influence the company's
goals that include beating last year's operating profit of
EUR5.8 billion.

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


FIM FLACHGLAS: Proofs of Claim Due Next Week
--------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against FIM Flachglas Industriemaschinen GmbH on October 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 16,
2005 to register their claims with court-appointed provisional
administrator Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2005, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FIM FLACHGLAS INDUSTRIEMASCHINEN GmbH
          Krackser Str. 12, 33659 Bielefeld
          Contact:
          Tom Petring, Manager

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


KAMPS AG: Has New Deputy Chief Executive Officer
------------------------------------------------
Stefan von Klebelsberg, 46, has been appointed deputy chief
executive officer of Kamps AG; he will be responsible for the
business unit retail.

Board member Stefan Blaschak, 36, will leave the company with
immediate effect upon his request.

Mr. von Klebelsberg's career in the food industry started in the
field of confectionery at Jacobs Suchard.  After many years of
working in the management and in the board at Hochland AG, the
largest German cheese producer, Mr. von Klebelsberg took on the
management of Chupa Chups van Melle, the leading German sweet
company.

He was CEO of Stollwerck AG as well as President Consumer
Products Europe of Barry Callebaut AG, in Zurich, highlighting
Mr. von Klebelsberg's extensive experience in sales and general
management.

In his new position, he will support Kamps' turnaround program
from 14 November 2005 onwards.

                        About the Company

Kamps AG, through its 11,400 employees in around 1,000 bakeries,
supplies more than 23,000 food retail outlets in Germany with
fresh bread and fresh bakery goods of the brands, Golden Toast
and Lieken Urkorn, as well as private labels and bake-off
products.  In 2004, the Kamps Group generated sales of around
EUR1.4 billion, and EBITDA of EUR102 million (2003: EUR127
million).

In September 2004, Kamps initiated a comprehensive cost-cutting
program, implementing a new, centralized corporate structure as
the first step.  In June, the company confirmed it achieved
expected savings in the first quarter of 2005.  Besides three
closures more favorable terms for the purchase of raw materials
that have been agreed and the restructuring of the retail
business in the Netherlands contributed to lower costs.  For the
whole year, Kamps expects a turnover of EUR1.4 billion and a
operating profit EBITDA of EUR127 million.

CONTACT:  KAMPS AG
          Prinzenallee 11
          40549 Dusseldorf, Germany
          Phone: +49-211-53-06-34-0
          Fax: +49-211-53-06-34-34
          Web site: http://www.kamps.de

          Press Office
          Christina Stylianou
          Phone: +49-211-530634-435
          Fax: +49-211-520276-435
          E-mail: pressestelle@kamps.de


KARL PFEFFER: Dresden Court Names Henningsmeier Administrator
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Karl Pfeffer Fenster & Tueren GmbH on October 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 30,
2005 to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 10:00 a.m. at the district
court of Dresden, Saal D132, Amtsgericht Dresden, Olbrichtplatz
1, 01099 Dresden, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KARL PFEFFER FENSTER & TUEREN GmbH
          Schlueterstrasse 29 in 01277 Dresden

          Dr. Dirk Wittkowski, Administrator
          Henningsmeier
          Konigsbruecker Str. 73, 01099 Dresden
          Web site: http://www.henningsmeier.de


KUECHENSTUDIO TORNOW: Creditors Meeting Set January
---------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Kuechenstudio Tornow GmbH on October 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 13,
2005 to register their claims with court-appointed provisional
administrator Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on January 17, 2006, 10:40 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, 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:  KUECHENSTUDIO TORNOW GmbH
          Dorfstr. 174, 16259 Neulewin

          Susanne Mueller, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


MEDIGENE AG: Prostate Cancer Drug Keeping Firm Alive as well
------------------------------------------------------------
MediGene AG expects losses this year to fall below EUR10 million
from EUR12.5 million last year, reports Suddeutsche Zeitung.

The company is counting on brisk sales of Eligard, a prostate
cancer drug, to improve this year's results.  Turnover for the
nine months to September already reached EUR8.6 million, nearly
all generated by Eligard.  The company expects turnover to reach
EUR20 million by year's end.  Losses, however, continue to
mount.  For the period, the company incurred EUR11.2 million
compared to EUR8.5 million last year.

MediGene AG is a publicly quoted (Frankfurt: Prime Standard),
German-American biotechnology company located in Martinsried,
Germany and San Diego, USA.  It is the first German biotech
company with a drug on the market.  The company has the most
mature drug development pipeline in the German biotech industry
and possesses innovative platform technologies.  MediGene's core
competence lies in research and development of novel approaches
for the treatment of various tumor diseases.  It has 120
employees.

CONTACT:  MEDIGENE AG
          Lochhamer Str. 11
          82152 Martinsried
          Germany
          Phone: ++49-89-85 65-29 00
          Fax: ++49-89-85 65-29 20
          Web site: http://www.medigene.com


MERCATO HAUS: Under Bankruptcy Administration
---------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Mercato Haus und Grund GmbH on October 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 15,
2005 to register their claims with court-appointed provisional
administrator Ronald Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 10:00 a.m. at the district
court of Darmstadt, Zimmer 10, Gebaude E, Landwehrstrasse 48,
64293 Darmstadt, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MERCATO HAUS UND GRUND GmbH
          Falltorweg 13, 64589 Stockstadt
          Contact:
          Wolfgang Rudolf Pfeffer, Manager

          Ronald Hofmann, Administrator
          Kasinostr. 9, 64293 Darmstadt
          Phone: 06151/39682-0
          Fax: 06151/39682-20


MIA W. DANNER: Court to Verify Claims December
----------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Mia W. Danner GmbH on October 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 10, 2005 to register
their claims with court-appointed provisional administrator Olaf
Suehrer.

Creditors and other interested parties are encouraged to attend
the meeting on December 22, 2005, 9:30 a.m. at the district
court of Darmstadt, Zimmer 108, Gebaude E, Landwehrstrasse 48,
64293 Darmstadt, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MIA W. DANNER GmbH
          Friedrich-Ebert-Strasse 54, 64560 Riedstadt
          Contact:
          Rosemarie Heymer, Manager
          Krokusweg 8, 64560 Riedstadt

          Olaf Suehrer, Administrator
          Steubenplatz 12, 64293 Darmstadt
          Phone: 06151/136270
          Fax: 06151/1362729


THOMAS COOK: Calls in BCG to help Hasten Sale of Indian unit
------------------------------------------------------------
Tour operator Thomas Cook has hired Boston Consulting Group,
Europe (BCG) to facilitate the sale of its 60% stake in Thomas
Cook India, The Economic Times says.

The unit has attracted several buyers -- Kuoni India, Cox &
King, TUI and private equity funds Blackstone, ICICI Venture
Funds and Carlyle -- but no deal has been reached to date due to
valuation differences.  The group expects BCG to settle the
disagreement.

Industry analysts believe private equity firms enjoy an edge due
to their exposure in the forex business.  A Mumbai-based
investment banker said, "Indian travel companies may not be too
keen to enter the forex business, which is not their main
domain."

Aside from Thomas Cook, the other shareholders in the Indian
operation are FIIs with 11.71%; SBI, 8.29%; and the public, 20%.
The group's exit from the Indian market is in contrast to the
expansion of other global tour operators like TUI, Accor,
Carlson and Shangri-La, all taking advantage of the booming
tourism market.

In a separate development, KarstadtQuelle Chairman Thomas
Middelhoff has ruled out an IPO for Thomas Cook, says Die Welt.
Unlike his predecessors, Mr. Middelhoff considers the retailer's
stake in Thomas Cook a core investment and has been vocal about
his desire to buy out Deutsche Lufthansa's 50% stake.

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de

          THE BOSTON CONSULTING GROUP INC.
          Exchange Place, 31st Fl.
          Boston, MA 02109
          Phone: 617-973-1200
          Fax: 617-973-1399
          Web site: http://www.bcg.com

          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

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com


VOLKWAGEN AG: KPMG Clears Works Council in Bribery Scandal
----------------------------------------------------------
Accounting firm KPMG has reportedly cleared Volkswagen AG of
blame with regard to corruption claims involving officials, said
Reuters.

In July, Volkswagen hired KPMG to conduct an independent
investigation into allegations that management had bribed the
works council.  The scandal has seen the exit of Personnel Chief
Peter Hartz and Works Council Head Klaus Volkert.

Quoting sources privy to the probe, radio station NDR Info said
auditors have found no evidence of wrongdoing by members of the
works council.  Volkswagen refused to comment on the report,
stressing the audit would be submitted to its supervisory board
Friday.

Chief Executive Bernd Pischetsrieder has described the claims as
"completely absurd."  He, however, admitted that employees may
have misused at least EUR100,000 and stressed the company has
beefed up measures to prevent corruption.

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


XL WERBUNG: Frankfurt Company Goes Bust
---------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against XL Werbung GmbH on October 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 13,
2005 to register their claims with court-appointed provisional
administrator Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting on January 17, 2006, 9:10 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, 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:  XL Werbung GmbH
          Reusenstrasse 2 b, 16303 Schwedt

          Falk Eppert, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


===========
G R E E C E
===========


DRYSHIPS INC.: To Unveil Q3, Nine-month Results Next Week
---------------------------------------------------------
DryShips Inc. will release its third quarter and nine-month 2005
results for the period ended September 30, 2005 prior to the
U.S. market opening on Monday, November 14, 2005.

On the same day, at 11:00 a.m. Eastern Standard Time, the
company's management will host a conference call to discuss the
results.

Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1866 819 7111 (from
the U.S.), 0800 953 0329 (from the U.K.) or +44 1452 542 301
(from outside the U.S.).  Please quote "DryShips".

In case of any problem with the above numbers, please dial 1866
869 2352 (from the U.S.), 0800 694 1449 (from the U.K.) or +44
1452 560 304 (from outside the U.S.).  Quote "DryShips".

A telephonic replay of the conference call will be available
until Friday, November 18, 2005 by dialing 1866 247 4222 (from
the U.S.), 0800 953 1533 (from the U.K.) or +44 1452 550 000
(from outside the U.S.).  Access Code: 2133051#

Slides and audio Web cast: There will also be a live -- and then
archived -- Web cast of the conference call, through the
Internet at http://www.dryships.com

Participants to the live Web cast should register on the Web
site approximately 10 minutes prior to the start of the Web
cast.

                        About the Company

DryShips specializes in shipping drybulk commodities such as
coal, iron ore, and grains as well as minor bulks like bauxite,
fertilizers, and steel products.  Its fleet is managed by
Liberian affiliate Cardiff Marine Inc.  Chairman and CEO George
Economou and family own 57% of DryShips.

For the year ended October 31, 2004, DryShips reported a
US$(4.374) million [EUR(3.58) million] shareholders' equity, as
total liabilities exceeded total assets of US$183.55 million
(EUR150.05 million).  The company faces US$98.17 million
(EUR80.24 million) in maturing debt before the end of the
current fiscal year.  Its long-term liabilities amount to
US$115.202 million (EUR94.16 million), according to U.S. SEC
files.

CONTACT:  DRYSHIPS INC.
          80 Kifissias Avenue
          Marousi
          Athens - 15125
          Greece
          Web site: http://www.dryships.com

          Christopher J. Thomas
          Chief Financial Officer
          Phone: 011-30-210-809-0570
          E-mail: finance@dryships.com

          Investor Relations / Media
          Nicolas Bornozis
          Capital Link, Inc. (New York)
          Phone: 212-661-7566
          E-mail: nbornozis@capitallink.com


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


NABI RT: Delivers US$18.9 Million Buses to U.S.
-----------------------------------------------
NABI's thirty high capacity articulated buses made their
ceremonial debut on October 29, 2005 on the newly opened Los
Angeles County Metropolitan Transportation Authority (Metro)
Orange Line, a bus rapid transit (BRT) system in Los Angeles.

Operating on a 14-mile dedicated bus-way between Warner Center
and North Hollywood, NABI buses are expected to carry 22,000
average boarding passengers by 2020.  The newly launched 60-BRT
buses cost US$633,000 (HUF126.6 million) each, and the total
value of the contract is US$18.9 million (HUF3.798 billion).  An
additional contingent of 170 buses will be delivered until June
2006.

The buses boasting a long list of innovative features and
comfort functions were manufactured in compliance with the "Buy
America" requirements, in NABI's plants located at Matyasfold,
Hungary and in Anniston, Alabama, U.S.A.  With expected
consolidated revenues of US$320 million for 2005 NABI is one of
the most significant players in the Hungarian automotive
industry.

At the launching ceremony of the Metro Orange Line, Andras Racz,
CEO of NABI said, "It is a great pleasure for us to deliver
buses which represent state-of-the-art technology in public
transport to the world's most demanding U.S.A. market, to the
full satisfaction of the customer.  These deliveries provide a
secure income and yield for NABI, which has recently completed
an intense cost cutting and restructuring program."

John Catoe, Deputy CEO of Metro, the transit agency operating
the buses added: "Built by NABI, the compressed natural gas
(CNG) vehicle is the most technologically advanced transit
vehicle ever to be placed into service in Los Angeles County,
and, indeed, the entire U.S.A.  It has been our aim, which NABI
engineers understood very well, to create buses with aerodynamic
styling, attractive exterior and interior design, passenger
information displays and several further technological
innovations, which will attract new riders to public transport."

This latest business success will further improve NABI's well-
established, long-term relationship with Metro, which is
currently operating 875 40-foot low-floor NABI buses, 100 45-
foot CompoBuses and now 30 articulated buses in its fleet of
1,970 CNG buses.

Currently NABI's order book contains 222 firm orders in addition
to an option for further four hundred 60-BRT buses, which has
effected a considerable improvement to the structure of the
company's optional stock of 640 vehicles.  The changes in the
order book structure have resulted in another favorable
development for the company.  The obligation to deliver former
optional orders, which in the meantime became disadvantageous
due to worsening foreign exchange rates, has expired.

It may generate further significant demand for NABI's products
that President Bush signed a new legislation on
August 10, 2005, providing guaranteed funding for federal
surface transportation programs through 2009.  The US$286.4
billon, which includes US$52.6 billion for public transportation
projects, represents a 46% increase over transit funding
guaranteed in TEA 21, the U.S. market's previous funding
legislation.

Background information

Articulated buses have not been used in Los Angeles for more
than 20 years.  Operators of the Metro Orange Line specifically
wanted NABI engineers to create buses which combine the
advantages of trains and transit buses and whose design and
appearance suggests rapidity thus attracting new passengers into
metropolitan public transport.  As a result of the articulated
design the new streamlined buses are larger and of higher
capacity than any former vehicles.  Engineers used noise
attenuation materials to decrease the interior and exterior
noise.

The bus utilizes the industry's first engine built from the
ground up to operate on CNG.  Most existing CNG engines are
adaptations of diesel engines.   The Cummins 320-horsepower CNG
engine provides 1,000 foot-pounds of torque, making it 25
percent more powerful than a typical bus engine.  The
articulated bus, which houses 12 CNG fuel tanks, is the first
CNG fuelled vehicle with a full 400-mile range.

To meet increasing demand for environment friendly vehicles,
NABI now offers a diesel hybrid-electric version of the 60-BRT,
with two doors on the left side for easier passenger boarding
and alighting.

CONTACT:  NABI RT.
          45 Ujszasz u.
          Budapest 1165
          Phone: +36-1-401-7399
          Fax: +36-1-407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu

          Andras Bodor, Corporate Affairs Director
          Phone: +36-1-401-7100
          Fax: +36-1-407-2931
          E-mail: andras.bodor@nabi.hu


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


MEDIASET SPA: Swiss Snoops Discover Questionable Accounts
---------------------------------------------------------
Investigators in Milan are cooperating with Switzerland to track
down the owners of Swiss accounts believed linked to a money-
laundering inquiry against Mediaset S.p.A., according to La
Repubblica.  Earlier, Swiss judicial authorities said they have
frozen around CHF3 million of ten suspect accounts.  An eleventh
one has been identified in Liechenstein.

Milan's Federal Prosecutor's Office opened investigation into
possible money-laundering case against Mediaset on Oct. 3.
Milan prosecutor Fabio De Pasquale said Italy has made almost 20
requests for judicial cooperation with the Swiss authorities.
Almost all of the requests had been accepted.

Mediaset is owned by Prime Minister Silvio Berlusconi.  The
company he controls is alleged to have built up illegal funds
abroad by buying and selling of television and cinema rights to
the U.S., Italian judicial authorities said.  According to Mr.
De Pasquale, this involves a transaction worth US$170 million
between 1988 and 1999.  Mediaset denied any link with the
recently frozen accounts.

Mr. Berlusconi is also linked to cinema producer Farouk Agrama,
owner of five of 12 accounts previously frozen by Swiss
authorities.  Italian daily, the Corriere della Sera said the
five accounts are said to be worth CHF140 million (US$109.5
million).

CONTACT:  MEDIASET S.P.A.
          Viale Europa 46 6th Floor
          20093 Cologno Monzese
          Milan
          Italy

          Simone Sole, Head of Investor Relations
          Phone: +39 02 25141
          E-mail: simone.sole@mediaset.it


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


ORIFLAME COSMETICS: Stichting af Jochnick Ups Stake to 9.2%
-----------------------------------------------------------
Stichting af Jochnick Foundation has acquired 1,000,000 shares
in the form of Swedish Depositary Receipts (SDRs) in Oriflame
Cosmetics S.A., corresponding to 1.7% of the votes and capital
in the company.

The holding of Stichting af Jochnick Foundation thereafter
amounts to 5,498,849 SDRs, corresponding to 9.2% of the votes
and capital in Oriflame Cosmetics S.A.

Robert af Jochnick is chairman of Stichting af Jochnick
Foundation and of Oriflame Cosmetics S.A.

                        About the Company

Oriflame Cosmetics is a direct-selling international cosmetics
company, with presence in 56 countries.  Oriflame offers a
complete range of high quality skincare, fragrances and color
cosmetics, marketed through a sales force of independent Sales
Consultants.  Oriflame is a co-founder of World Childhood
Foundation.  Oriflame Cosmetics is listed on the Stockholm
Exchange.

For the year ended December 31, 2004, the company posted an
operating profit of EUR109.5 million as operating cash flow
almost doubled to EUR90.5 million.  Net interest bearing debt
also improved to EUR57.5 million, down from EUR189.8 million.
Shareholders' equity remained negative, however, at -EUR34.99
million, as liabilities exceeded total assets of EUR300.8
million.

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

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

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

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


SBS BROADCASTING: To Distribute Liquidation Proceeds Today
----------------------------------------------------------
TVSL S.A. en liquidation (formerly SBS Broadcasting S.A.) said
yesterday that it expects to:

(a) distribute the proceeds of its recently completed asset sale

    and certain other amounts to shareholders; and

(b) make payments to holders of stock options of the former SBS
    on November 8, 2005.

The liquidation distribution amount to be paid to shareholders
will be equal to either EUR46.072 per share or, for those
shareholders who have previously elected to receive U.S.
dollars, U.S. $55.087 per share.  The aggregate amount paid to
each shareholder and option holder will be rounded down to the
nearest cent prior to payment.  The payments will be made by
wire transfer or by mail in the form of a cheque to shareholders
of record as of October 18, 2005, the closing date of the asset
sale, and to option holders.

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

The former SBS's ordinary shares were delisted from the Nasdaq
market, and trading of the shares on Euronext Amsterdam was
suspended, as of the close of trading on October 13, 2005.
Delisting from Euronext Amsterdam is expected to occur on
November 8, 2005, upon payment of the liquidation distribution
and option cancellation payments.

If shareholders or option holders have any questions in
connection with these payments, they should contact Georgeson
Shareholder, the information agent, at:

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

The former SBS's paying agent in The Netherlands for purposes of
the liquidation distribution is Deutsche Bank AG, Amsterdam
Branch, Herengracht 450-454, 1017 CA, Amsterdam, The Netherlands
(telephone: +31 20 555 4461).

The liquidation of the former SBS will be completed as promptly
as practicable following the satisfaction of its remaining
liabilities at which point the issued and outstanding shares
will be cancelled.  The former SBS does not expect to make any
further distributions to shareholders.

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

          TVSL S.A. en liquidation:
          Investors:
          Mike Smargiassi /Jon Lesko
          Brainerd Communicators
          Phone: + 212 986 6667


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


VERSATEL TELECOM: Reports EUR6.3 Million Loss in Third Quarter
--------------------------------------------------------------
Versatel Telecom International N.V. has reported third quarter
2005 financial and operating results.

For the quarter ended September 30, 2005, revenues were EUR197.1
million, up 31.4% from 3Q04 revenues of EUR150.0 million and up
3.2% compared with 2Q05 revenues of EUR191.0 million.  The
sequential revenue increase was driven primarily by Germany and
a settlement in Belgium.  In the residential segment, the
primary increase was due to the addition of new DSL customers,
as Versatel increased the total number of DSL customers to
approximately 427,000.  The growth from new customers and the
settlement in our Belgian business segment were largely offset
by a seasonal decline in voice revenue across all countries.

In total, on-net revenues for Versatel were EUR152.0 million in
3Q05 compared with EUR110.5 million in the same quarter of 2004
and EUR146.9 million in the previous quarter, an increase of
37.6% and 3.5%, respectively.

Versatel's gross margin as a percentage of revenue in 3Q05 was
55.8% compared with 51.9% in 3Q04 and 55.9% in 2Q05.  The gross
margin as a percentage of revenue was positively affected by a
settlement in Belgium, which was offset by a lower gross margin
in The Netherlands due to production costs for football and
ongoing churn of our dial-up Internet revenues.

Selling, general and administrative expenses (SG&A) for the
third quarter 2005 were EUR70.6 million compared with 3Q04 SG&A
expenses of EUR47.8 million and 2Q05 of EUR66.6 million.  The
increase in SG&A during the third quarter comes from increased
expenses in the Dutch consumer segment, such as marketing,
sponsoring, helpdesk and sales related costs.  Versatel's
marketing expenditures for 3Q05 were EUR7.2 million compared
with EUR2.4 million and EUR8.7 million in 3Q04 and 2Q05
respectively.  The decrease is primarily due to Germany and
Belgium where marketing initiatives decreased due to the summer
holiday period.

For the third quarter 2005, Versatel's result before interest,
tax, depreciation and amortization (EBITDA) was EUR39.4 million
compared with EUR30.1 million for the corresponding quarter in
2004 and EUR40.3 million in the previous quarter.  The
sequential rise in EBITDA in Germany and Belgium is more then
offset by the decrease in The Netherlands, which resulted from
increased SG&A expenses for triple play in the Netherlands.

Versatel's net result for 3Q05 amounted to a loss of EUR6.3
million compared with a net loss of EUR3.9 million in 3Q04 and a
gain EUR1.8 million in 2Q05.  The sequential deterioration of
the net results is mainly related to additional expenses for our
triple play effort and the broadcasting of football, as was
indicated in our earnings release for 2Q05 issued on May 4,
2005.

For the third quarter of 2005, Versatel's capital expenditures
were EUR112.1 million compared with capex of EUR32.1 million and
EUR66.9 million for 3Q04 and 2Q05 respectively.  Approximately
EUR71.7 million of the capex in 3Q05 is directly related to the
roll out of our triple play product in The Netherlands and the
Eredivisie football license.  From the total capex budget of
EUR170 million for triple play services, approximately EUR117.5
million has been spent in the first nine months of 2005.

Free Cash Flow (calculated as EBITDA less Capex) in 3Q05 was
negative EUR72.8 million, a decrease compared to 3Q04 with
negative EUR2.0 million and 2Q05 with negative EUR26.6 million.
The negative FCF is directly attributed to substantially higher
capex in the third quarter, as was planned and indicated in our
second quarter 2005 earnings release.

As of September 30, 2005, Versatel had EUR174.5 million in cash
on its balance sheet compared with EUR150.8 million at the end
of the third quarter of 2004 and EUR252.8 million at the end of
the previous quarter.  Versatel's cash balance has decreased due
to large payments to various suppliers related to our football
product and for triple play equipment.

The company had a positive shareholders' equity position of
EUR567.5 million as at September 30, 2005 compared with EUR572.5
million at the end of the second quarter of 2005.  As of 4Q03,
Versatel has a deferred tax liability on its balance sheet in
respect of the gain related to the completion of its 2002
financial restructuring, whereby any subsequent losses in The
Netherlands are recognized and taken against this deferred tax
liability.  This deferred tax liability includes a tax effect on
the convertible bond of approximately EUR8 million.  At June 30,
2005, Versatel's deferred tax liability totaled EUR111.2
million, which is less than in 2Q05 due to losses at our Dutch
subsidiary during the quarter.

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

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Investor Relations Department
          Hullenbergweg 101
          1101 CL Amsterdam
          The Netherlands
          Phone: +31 20 750 2362
          Fax: +31 20 750 1019
          E-mail: investor.relations@versatel.com


ROYAL SHELL: Cancels Additional 2,101,000 'A' Shares
----------------------------------------------------
On 4 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,591,000 'A' Shares at a price of EUR26.12 per
share.  It further purchased for cancellation 510,000 'A' Shares
at a price of 1,765.40 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,986,939,000.

As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.

                            *   *   *

Shell's buyback scheme is understood to be aimed at reviving
shareholders' and investors' confidence.  The buyback program
follows a damaging reserves overestimation scandal last year.

                        About the Company

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

                           The Trouble

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

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


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


BARANDAT-AGRO: Creditors Have Until Today to File Claims
--------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on agricultural state unitary
enterprise Barandat-Agro.  The case is docketed as A27-
22364/2005-4.  Mr. A. Tkachenko has been appointed temporary
insolvency manager.

Creditors have until November 8, 2005 to submit their proofs of
claim to 652050, Russia, Kemerovo region, Yurga, Leningradskaya
Str. 3-33.  A hearing will take place on January 26, 2006.

CONTACT:  BARANDAT-AGRO
          652216, Russia, Kemerovo region,
          Bolshoy Barandat

          Mr. A. Tkachenko
          Temporary Insolvency Manager
          652050, Russia, Kemerovo region,
          Yurga, Leningradskaya Str. 3-33


BUILDING WORLD: Declared Insolvent
----------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Building World after finding the close joint
stock company insolvent.  The case is docketed as A45-10287/05-
27/158.  Mr. A. Rusanov has been appointed insolvency manager.
Creditors have until November 8, 2005 to submit their proofs of
claim to 630077, Russia, Novosibirsk, Kostycheva Str. 40/2,
Apartment 210.

CONTACT:  BUILDING WORLD
          630015, Russia, Novosibirsk region,
          Dzerzhinskogo Str. 26

          Mr. A. Rusanov
          Insolvency Manager
          630077, Russia, Novosibirsk region,
          Kostycheva Str. 40/2, Apartment 210


CHAINKA: Period for Filing of Claims Ends Today
-----------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Chainka.  The case is docketed as A45-18850/05-29/265.  Mr. Y.
Gomerov has been appointed temporary insolvency manager.

Creditors have until November 8, 2005 to submit their proofs of
claim to 630501, Russia, Novosibirsk region, Krasnoobsk, Post
User Box 325.  A hearing will take place on February 1, 2006, 10
a.m. at the Arbitration Court of Novosibirsk region at 630007,
Russia, Novosibirsk, Kirova Str. 3, Room 916.

CONTACT:  CHAINKA
          632741, Russia, Novosibirsk region,
          Kupinskiy region, Chainka

          Mr. Y. Gomerov
          Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 325
          Phone: 348-60-77


CHEREPANOVSKIY: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Cherepanovskiy after finding the bakery
insolvent.  The case is docketed as A45-19609/04-SB/168.  Mr. E.
Kustov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 630005, Russia, Novosibirsk, S.
Shamshinykh Str. 83, Room 62.

CONTACT:  Mr. E. Kustov
          Insolvency Manager
          630005, Russia, Novosibirsk region,
          S. Shamshinykh Str. 83, Room 62


EVRAZ GROUP: Unveils Terms of Eurobond Issue
--------------------------------------------
Evraz Group S.A. has disclosed the terms for the placement of a
new issue of US$750 million of Guaranteed Notes due 2015.  The
Notes will carry a coupon of 8.25% and a yield of 8.5%.

The notes are to be issued by Evraz Group S.A., and guaranteed
by Mastercroft Limited, a wholly owned subsidiary of Evraz Group
S.A.

It is intended that the Notes will be admitted to the Official
List of the U.K. Listing Authority and to trading on the London
Stock Exchange plc's market for listed securities.

The net proceeds will be used to repay existing indebtedness, to
pursue the acquisition of additional mining assets and for
general corporate purposes.

                        About the Company

Evraz Group is one of the largest vertically integrated steel
and mining businesses with operations mainly in the Russia.  In
2004, Evraz produced 13.7 million tonnes of crude steel.

Evraz Group is a listed company on the London Stock Exchange.
The company listed its global depositary receipts (GDRs) on the
LSE on June 2, this year, after raising US$422 million from new
investors.

Evraz's principal assets include three of the leading steel
plants in Russia: Nizhny Tagil (NTMK) in the Urals region, and
West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia.

In July, Standard & Poor's Rating Services assigned its 'B+'
long-term corporate credit rating to Evraz Group S.A. and its
core subsidiary Mastercroft Ltd.

Standard & Poor's credit analyst Elena Anankina said: "The
ratings on Evraz and Mastercroft reflect the companies' complex
organizational and ownership structure with, historically,
significant related party transactions, and a short track record
as a single group."

CONTACT:  EVRAZ GROUP S.A.
          Corporate Affairs and Communications
          Irina Kibina
          Alexander Karlashov
          Phone: +7 095 234 4629
          E-mail: IR@eam.ru


KHIM-REAKTIV: Declared Insolvent
--------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Khim-Reaktiv
after finding the limited liability company insolvent.  The case
is docketed as A56-34087/05.  Mr. V. Ivanov has been appointed
insolvency manager.  Creditors have until November 8, 2005 to
submit their proofs of claim to 191015, Russia, Saint-
Petersburg, Kavalergardskaya Str. 6.

CONTACT:  KHIM-REAKTIV
          195030, Russia, Saint-Petersburg,
          Ostroumova Str. 8, let. A, Building 1N

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


MEDYAKOVSKOYE: Deadline for Proofs of Claim Today
-------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Medyakovskoye.  The case is docketed as A45-19006/05-29/268.
Mr. V. Makarov has been appointed temporary insolvency manager.

Creditors have until November 8, 2005 to submit their proofs of
claim to 630501, Russia, Novosibirsk region, Krasnoobsk, Post
User Box 325.  A hearing will take place on February 1, 2006, 11
a.m. at the Arbitration Court of Novosibirsk region.

CONTACT:  MEDYAKOVSKOYE
          632754, Russia, Novosibirsk region,
          Kupninskiy region, Medyakovo

          Mr. V. Makarov
          Temporary Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 325


NOVO-USTYEVSKIY: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on fish processing plant Novo-
Ustyevskiy.  The case is docketed as A73-5952/05-39.  Mr. N.
Postnikov has been appointed temporary insolvency manager.
Creditors have until November 8, 2005 to submit their proofs of
claim to 680013, Russia, Khabarovsk, Leningradskaya Str. 28, ACB
#8, Office 318.

CONTACT:  NOVO-USTYEVSKIY
          Russia, Khabarovsk region,
          Okhotskoye region, Novoye-Ustye

          Mr. N. Postnikov
          Temporary Insolvency Manager
          680013, Russia, Khabarovsk,
          Leningradskaya Str. 28, ACB #8, Office 318


OMSK-TRANS-OIL-PRODUCT: Omsk Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Omsk-Trans-Oil-Product (TIN 5502042469)
after finding the close joint stock company insolvent.  The case
is docketed as K/E-95/04.  Mr. V. Gurtovoy has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 196084, Russia, St-Petersburg, Post User Box 241.

CONTACT:  OMSK-TRANS-OIL-PRODUCT
          Russia, Omsk region, Muromtsevskiy region,
          Muromtsevo, Nakhimova Str. 32

          Mr. V. Gurtovoy
          Insolvency Manager
          196084, Russia, St-Petersburg,
          Post User Box 241


RUBINE: Under Bankruptcy Supervision
------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on limited liability company Rubine.  The
case is docketed as K/E-185/05.  Mr. A. Vaysberg has been
appointed temporary insolvency manager.

Creditors have until November 8, 2005 to submit their proofs of
claim to 644082, Russia, Omsk, Sibirskaya Str. 47.  A hearing
will take place on February 7, 2005, 11:00 a.m. at the
Arbitration Court of Omsk region.

CONTACT:  RUBINE
          644033, Russia, Omsk region,
          Gertsena Str. 155A

          Mr. A. Vaysberg
          Temporary Insolvency Manager
          644082, Russia, Omsk region,
          Sibirskaya Str. 47


YUGRINSKIY: Court Brings in Insolvency Manager
----------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on limited liability company
Yugrinskiy (TIN 4230018779).  The case is docketed as A27-
21654/2005-4.  Ms. O. Ilyina has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 650099, Russia,
Kemerovo, Vesennyaya Str. 4.  A hearing will take place on
January 26, 2006.

CONTACT:  YUGRINSKIY
          652000, Russia, Kemerovo region, Yurginskiy region,
          Yugra, Avtodorozhnaya Str. 3

          Ms. O. Ilyina
          Temporary Insolvency Manager
          650099, Russia, Kemerovo region,
          Vesennyaya Str. 4


YUKOS OIL: Lithuania to Open Talks with TNK-BP sans Dutch Ruling
----------------------------------------------------------------
The Lithuanian government will press on with its negotiation
with TNK-BP over the shares of Yukos in Mazeikiu nafta,
notwithstanding uncertainty surrounding the stake.

The 53.7% stake, held by Yukos International U.K. B.V., is
currently frozen by an Amsterdam court, pending resolution of
overlapping claims seeking to levy the asset.  Russian oil giant
Rosneft has made "conservatory attachments" on all foreign
assets of Yukos as payment for its EUR2.34 billion claim.  This
gives Rosneft creditor status in the event Yukos sells foreign
assets or goes bankrupt.

A bank syndicate, made up of BNP Paribas, Citigroup, Deutsche
Bank, Societe Generale, and 10 others, is also after the
Mazeikiu stake as payment for US$475 million in export loans
obtained by Yukos.  Yukos has failed to pay interest on these
loans since March and in June the High Court in London
recognized the banks' claim, as did the Arbitration Court in
Moscow in September.  In all, the banks had extended Yukos US$1
billion in loan facilities, divided evenly into two tranches,
one extending for three years, the other for five.

A third claim, filed by Yukos majority shareholder, Group
Menatep, is also pending before the Dutch court.  It seeks to
levy the Mazeikiu stake for over US$650 million in outstanding
loan taken by Yuganskneftegaz, which is now owned by Rosneft.
The Dutch court is expected to decide which party is entitled to
the stake on November 9 or 10, according to Reuters.

Lithuanian Premier Algirdas Brazauskas has said there are five
or six companies interested in the stake, but priority will be
given to TNK-BP.  The government wants to buy out Yukos and
resell its stake.  It has already obtained permission from
parliament to take out a US$1 billion loan to complete the
purchase.  The government is also planning to sell about 30% of
40.66% stake in Mazeikiu to sweeten the deal.

Aside from TNK-BP, LUKoil and Gazprombank; Kazakhstan's
KazMunayGaz; U.S. company ConocoPhillips; Poland's Orlen;
Switzerland's Vitol; and Austria's Baltic Holding are also
interested in the stake.

Mazeikiu nafta is one of the last two foreign assets of Yukos
that have not been seized by the Russian government.  It owns a
refinery, the Butinge offshore terminal and a pipeline.  It had
net profit of LTL378.9 million (EUR109.6 million) in the first
half on sales of LTL4.8 billion.

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

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

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

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


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


CONVERIUM AG: Restatements to Delay Third-quarter Results
---------------------------------------------------------
Based on an internal review, Converium AG plans to restate its
financial accounts and delay its third quarter results release.

As widely reported, investigations of the insurance and
reinsurance industry and non-traditional insurance and
reinsurance products are being conducted by regulators and
governmental authorities in both the United States and Europe.
Against this backdrop, Converium has launched an extensive
internal review of certain reinsurance transactions and engaged
outside counsel to assist the Company.  Converium now reports
substantial progress in this internal review.

The Company's decision to restate its accounts is based on the
information and findings identified during the internal review.
The primary driver of the restatement is to correct the
accounting treatment of certain transactions, primarily ceded
reinsurance, replacing reinsurance accounting by deposit
accounting.

Expected Impact of the Restatement

Based on the findings of the review to date, the Company
estimates that the cumulative impact of the restatement should
not reduce unaudited shareholders' equity of US$1.65 billion
reported for June 30, 2005.

This estimate represents Converium's current assessment of the
cumulative impact of the restatement.

Because the internal review is not yet finalized Converium has
decided to delay the release of its financial results for the
third quarter of 2005, originally scheduled for November 8,
2005.  Converium currently anticipates that it will release its
results for the third quarter together with the full set of
restated results by mid-December.  The effects of the proposed
adjustments on Converium's operations for particular prior
periods will be reflected in the restated results.  Until the
restated accounts are released, previously published financial
statements should no longer be relied on.

Factors Affecting Third quarter Results

Converium has recorded the following positive and encouraging
developments in the third quarter:

(a) for the fourth consecutive quarter, Converium's aggregate
    prior year loss reserve levels have remained stable;

(b) based on information received to date, Converium incurred
    estimated net losses from hurricanes Katrina, Rita, Dennis
    and Emily of approximately US$50 million.  This is modest
    compared to industry losses and reflects the Company's
    reduced exposure in North America, following the decision
    taken in September 2004 to place Converium Reinsurance
    (North America) Inc. (CRNA) into run-off.  The net impact
    from the August floods in Continental Europe was
    approximately US$24 million;

(c) Converium commuted net liabilities of CRNA of close to
    US$250 million, with a positive contribution to net income
    of approximately US$39 million;

(d) Converium made significant progress in reducing
    administrative expenses which came down to around US$40
    million, as compared with US$50 million in the second
    quarter of 2005; and

(e) total investment results amounted to approximately US$70
    million.

Converium reiterates its two major financial targets for the
year 2005: first, to achieve total gross premiums written of
about US$2 billion and, second, to commute or otherwise settle
CRNA net liabilities of approximately US$500 million.

                        About the Company

Converium is an independent international multi-line reinsurer
that employs about 600 people in 20 offices around the globe.
It is organized into four business segments: Standard Property &
Casualty Reinsurance, Specialty Lines and Life & Health
Reinsurance, which are based principally on ongoing global lines
of business, as well as the Run-Off segment, which primarily
comprises the business from Converium Reinsurance (North
America) Inc., excluding the U.S. originated aviation business
portfolio.  Converium has a "BBB+" rating (outlook stable) from
Standard & Poor's and a "B++" rating (outlook stable) from A.M.
Best Company.

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

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


CONVERIUM AG: On Rating Watch Negative
--------------------------------------
Fitch Ratings has placed Swiss-based Converium AG's Insurer
Financial Strength 'BBB-' rating on Rating Watch Negative (RWN)
following the company's announcement that it is to delay
publication of its Q3 results pending the restatement of its
financial accounts.

The restatement follows Converium's internal review into the way
that it has accounted for certain complex non-traditional
reinsurance transactions.  At the same time, the agency has
placed other ratings within the Converium group on RWN as listed
below.

The ratings have been put on Watch as Fitch cannot rely on
previously published financial statements until the restated
accounts have been published in mid-December.  The restatement
of Converium's accounts could potentially result in
deterioration in the group's overall financial profile and
damage its franchise in advance of the forthcoming renewal
season.  Should this prove to be the case, Fitch would likely
downgrade Converium's ratings.

The ratings are likely to be affirmed if the restatement does
not materially affect the group's financial profile or ability
to access business.  Fitch takes comfort from Converium's
comment that the restatement is unlikely to erode the level of
shareholders' funds as reported by the group at 30 June 2005.
However, the agency notes that the internal review has not yet
been finalized and that the financial impact of the restatement
will not be known until mid-December.  Fitch also views
positively the maintenance by Converium of its 2005 targets for
gross premium written and settlement of liabilities at Converium
Reinsurance North America.

The ratings affected are listed below:

Converium AG's IFS 'BBB-' rating on RWN

Converium Insurance (U.K.) Limited's IFS 'BBB-' rating on RWN

Converium Ruckversicherungs (Deutschland) AG's IFS 'BBB-' rating
on RWN

Converium Holding AG's Long-term 'B+' rating on RWN

Converium Finance S.A.'s US$200 million subordinated debt due
2032 - 'BB' rating on RWN

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

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

          FITCH RATINGS
          Chris Waterman, London
          Phone: +44 (0)20 7417 6328
          E-mail: chris.waterman@fitchratings.com
          Andrew Murray
          Phone: +44 (0)20 7862 4303
          E-mail: andrew.murray@fitchratings.com

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327
          Web site: http://www.fitchratings.com


CONVERIUM AG: Placed on CreditWatch Due to Delay of Q3 Results
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB+' long-term
counterparty credit and insurer financial strength ratings on
Switzerland-based reinsurer Converium AG and the guaranteed
operating entities of the Converium group on CreditWatch with
negative implications.  At the same time, Standard & Poor's
placed its 'BB+' long-term counterparty credit and senior
unsecured debt ratings on Converium Holdings (North America)
Inc. and its 'BBB-' long-term guaranteed junior subordinated
debt rating on Converium Finance S.A. on CreditWatch with
negative implications.

"The CreditWatch placement follows Converium's announcement on
Nov. 4, that, following an internal review of certain
reinsurance transactions primarily relating to ceded
reinsurance, it plans to restate its financial accounts and
delay its third-quarter results release, and reflects the
uncertainties surrounding this event," said Standard & Poor's
credit analyst Marcus Rivaldi.

Standard & Poor's aims to resolve the CreditWatch status
following receipt of the restated financials and third-quarter
results, currently scheduled for mid-December 2005.

The ratings may be affirmed and a stable outlook assigned if (1)
Standard & Poor's view on prospective group capitalization and
operating performance is subsequently confirmed, (2) there is no
material deviation from the management's current expectation of
no reduction in unaudited shareholders' equity reported for June
30, 2005, (3) there is no significant negative regulatory action
or negative impact on financing arrangements resulting from the
restatement action, and (4) in the meantime, there is an early
indication that Converium retains the support of its key
European client base and key staff.

The outlook may be revised to negative or the ratings lowered if
these expectations are not met, the latter course of action
being likely if, during the course of the CreditWatch placement,
Converium appears unable to retain the support of its key
European client base and key staff.  If the ratings are lowered,
it is not envisaged that this would be by more than one notch.

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

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


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


3PHASE ELECTRICAL: Calls in Liquidators from Wilson Pitts
---------------------------------------------------------
Company Names: 3PHASE ELECTRICAL DISTRIBUTORS LTD
               AG STRACHAN & COMPANY LIMITED
               ARRON ELECTRICAL SUPPLIES (BRYNMAWR) LTD
               ARRON ELECTRICAL SUPPLIES (NEWPORT) LTD
               ARRON ELECTRICAL SUPPLIES (SWANSEA) LTD
               ARRON ELECTRICAL SUPPLIES (TREFOREST) LTD
               ELECTRICAL WHOLESALES (MIDLANDS) LTD
               GRAY DALLEN & CO LTD
               HIRST IBBETSON & TAYLOR LTD
               ITANEX LTD

K. Mullen, director of these companies, informs that the special
resolution to wind the companies was passed at an EGM held on
Oct. 14 at John O'Gaunts Industrial Estate, Rothwell, Leeds LS26
0DU.  D. F. Wilson and J. N. R. Pitts were appointed joint
liquidators.

Creditors are required on or before January 13, 2006 to send
their full forenames and surnames, addresses and descriptions,
full particulars of debts or claims, and names and addresses of
Solicitors (if any), to J. N. R. Pitts of Wilson Pitts,
Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ, and,
if so required, by notice in writing their debt or claims.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


ABICHELIN LIMITED: Fashion House Folds up
-----------------------------------------
A. Cowling, director of Abichelin Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Oct. 17 at
Parkin S Booth & Co., 44 Old Hall Street, Liverpool L3 9EB.
Paul J. Fleming of Parkin S Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB was appointed liquidator.

CONTACT:  ABICHELIN LTD.
          11a Little Stonegate, York, YO1 8AX
          Phone: 01904 629818

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


ASTRO ROOFING: Claims Deadline November 25
------------------------------------------
Company Names: ASTRO ROOFING HOLDINGS LIMITED
               ASTRO ROOFING LIMITED

S. Shorthouse and A. P. A. Ashby, chairmen of these companies,
inform that the special, ordinary and extraordinary resolutions
to wind up the companies were passed at an EGM held on Oct. 26
at 93 Queen Street, Sheffield S1 1WF.  John Russell and Allan
Cooper of P&A Partnership, 93 Queen Street, Sheffield S1 1WF
were appointed joint liquidators.

Creditors are required on or before November 25, 2005 to send in
their full names and addresses, full particulars of claims, and
names and addresses of Solicitors (if any), to John Russell, of
The P&A Partnership, 93 Queen Street, Sheffield S1 1WF, and, if
so required, by notice in writing their debt or claims.

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


BARCLAYS BANK: Liquidators Take over Business
---------------------------------------------
A. C. Bibby, director of Barclays Bank International Investments
Holdings Limited, informs that the special, ordinary and
extraordinary resolutions to wind up the company were passed.
J. R. D. Smith and N. J. Dargan of Deloitte & Touche LLP, Athene
Place, P.O. Box 810, 66 Shoe Lane, London EC4A 3WA were
appointed joint liquidators.

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


BRITISH AMERICAN: Nine-month Profit Down 43% to GBP1.9 Billion
--------------------------------------------------------------
British American Tobacco plc has reported results for the nine
months ended 30 September 2005.

The reported Group profit from operations was 43% lower at
GBP1,901 million, mainly due to the impact in 2004 of a
significant GBP1,392 million gain on the Reynolds American
transaction.  However, profit from operations would have been 9%
higher, or 6% at comparable rates of exchange, if exceptional
items and the changes in the Group resulting from the merger of
the Group's U.S. businesses with R.J. Reynolds and the sale of
Etinera, with the resulting change in terms of trade, are
excluded.  This "like for like" information provides a better
understanding of the subsidiaries' trading results than the
"headline" change in profit from operations.

On a reported basis, Group volumes from subsidiaries were
affected by the changes in the Group noted above, resulting in a
2% decrease to 505 billion.  Excluding the impact of these
transactions, there was good organic volume growth from
subsidiaries of 2%.  The four global drive brands showed overall
growth of 9% on a "like for like" basis.

Adjusted diluted earnings per share rose by 23%, benefiting from
the improved underlying operating performance, reduced net
finance costs, a lower effective tax rate and minority
interests, as well as the impact of the Reynolds American
transaction and the share buyback program.  While these factors
also benefited the basic earnings per share, they were offset by
the inclusion of the gain on the Reynolds American transaction
in the 2004 comparatives and the basic earnings per share was
lower at 65.73 pence (2004: 121.23 pence).

Chairman Jan du Plessis said: "The results as a whole continue
to point to a highly satisfactory year, although the comparisons
with 2004 will become more demanding, as the final quarter of
last year contained significant one-off tax and interest
benefits, while the uncertainties inherent in forecasting net
finance costs under IFRS remain.  However, based on good quality
organic volume growth, British American Tobacco has real
momentum."

Restructuring Costs

During 2003, the Group commenced a detailed review of its
manufacturing operations and organizational structure, including
the initiative to reduce overheads and indirect costs.  During
2004, announcements were made principally in respect of a
reorganization of the Group's business in Germany, the closing
and downsizing of some factories and the integration of the
Smoking Tobacco and Cigars operations with the cigarette
businesses in Europe and the U.K.  The profit from operations
for the year ended 31 December 2004 included a charge for
restructurings of GBP206 million and for the nine months to 30
September 2004 included GBP50 million.

Manufacturing rationalization continued in 2005.  Following the
announcement in June that part of the U.K. production would be
transferred overseas, in July the Group announced that its
operating companies in the U.K. and Ireland were initiating
consultations on proposals to cease manufacture and transfer
production elsewhere.

The restructuring costs of GBP142 million for the nine months to
30 September 2005 principally comprise fixed asset impairment
charges and staff costs in respect of the U.K. operations.

On 20 October 2005, Imperial Tobacco Canada announced that it
had decided to close its cigarette factory in Guelph, Ontario,
and its fine cut/roll-your-own and leaf processing operations in
Aylmer, Ontario.  This will create restructuring charges of
approximately GBP200 million over the next few years, with the
largest portion to be taken before the end of 2005.

Contingent Liabilities

As noted in the Report and Accounts for the year ended 31
December 2004, there are contingent liabilities in respect of
litigation, overseas taxes and guarantees in various countries.
Group companies, as well as other leading cigarette
manufacturers, are defendants in a number of product liability
cases.  In a number of these cases, the amounts of compensatory
and punitive damages sought are significant.  At least in the
aggregate and despite the quality of defenses available to the
Group, it is not impossible that the results of operations or
cash flows of the Group in particular quarterly or annual
periods could be materially affected by this.

Having regard to these matters, the Directors (i) do not
consider it appropriate to make any provision in respect of any
pending litigation and (ii) do not believe that the ultimate
outcome of this litigation will significantly impair the
financial condition of the Group.

Share Buyback Program

The Group initiated an on-market share buyback program at the
end of February 2003.  During the nine months to 30 September
2005, 37 million shares were bought at a cost of GBP394 million
(30 September 2004: GBP368 million).  During the year to 31
December 2004, 59 million shares were bought at a cost of GBP492
million.

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

CONTACT:  BRITISH AMERICAN TOBACCO PLC
          Globe House, 4 Temple Place
          London
          WC2R 2PG, United Kingdom
          Phone: +44-20-7845-1000
          Fax: +44-20-7240-0555
          Web site: http://www.bat.com


CADWALLADER HEATING: Hires Administrators from Begbies Traynor
--------------------------------------------------------------
David Moore and Donald Bailey (IP Nos 007510, 006739) of Begbies
Traynor were appointed joint administrators of Cadwallader
Heating And Plumbing Limited (Company No 3903577) on Oct. 17.
Its registered office is at 39 Seaforth Road, Seaforth,
Liverpool L21 3TX.  The company offers heating and plumbing
services.

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


CEFNI (PENTRAETH): Administrators from Parkin S. Booth Move in
--------------------------------------------------------------
Robert M. Rutherford and Ian C. Brown (IP Nos 6852, 8621) of
Parkin S. Booth & Co. were appointed joint administrators of
Cefni (Pentraeth) Limited (Company No 04423222) on Oct. 25.

Cefni (Pentraeth) Ltd. -- http://www.cefnipentraeth.com/-- was
established in 2002 when the current Managing Director, Hefin
Thomas, merged the already successful firm Cefni Windows with
his own equally successful company H.T. Construction.  The
company designs and plans building regulation applications,
construction, electrical work, plumbing, and landscaping.

CONTACT:  CEFNI (PENTRAETH) LTD.
          Bangor House
          Pentraeth
          Anglesey LL75 8BQ
          Phone: 01248 450 739
          Fax: 01248 450 195
          E-mail: info@cefnipentraeth.com

          PARKIN S. BOOTH & CO.
          Abbeydale
          24 Trinity Square
          Llandudno
          Gwynedd LL30 2RH
          Phone: 01492 871474
          Fax: 01492 871475
          E-mail: rmr@parkinsbooth.co.uk


DANDF GARDEN: Furniture Maker in Administration
-----------------------------------------------
Graham Newton and Brian Green of KPMG Corporate Recovery have
been appointed joint administrators of Ackworth-based Dandf
Garden Products Limited.

The company, which manufactures a full range of garden furniture
from its premises near Pontefract, West Yorkshire, had
experienced severe cash flow difficulties in recent months.
Production at the firm's plant was halted late last week, and
the firm's 60 employees have been made redundant.

Graham Newton, joint administrator and director at KPMG, said:
"We are working with management to salvage the remaining value
in the business as quickly as is possible given the difficult
circumstances.  All creditors will be contacted and invited to
submit written details of their debts to the joint
administrators.  At this early stage it is not possible to
predict the final outcome for the creditors."

A number of parties have already expressed an interest in
acquiring its assets.  Other interested parties should contact
agents Bache Treharne LLP, at mnewman@bachellp.com

CONTACT:  DANDF GARDEN PRODUCTS LIMITED
          Unit 6, Onward Business Park
          Wakefield Road, Ackworth
          West Yorkshire WF7 7BE
          Phone: +44 (0) 1977 624200
          Fax: +44 (0) 1977 624201
          E-mail: sales@dandf.co.uk
          Web site: http://www.dandf.co.uk

          Katy Broomhead, KPMG Corporate Communications
          Phone: 0161 246 4623
          Mobile: 07775 708917
          E-mail: katy.broomhead@kpmg.co.uk

          KPMG Press Office
          Phone: 0207 694 8773


DONALD MACKENZIE: Travel Agent Calls in PwC Liquidator
------------------------------------------------------
PricewaterhouseCoopers is winding up Donald Mackenzie Travel,
Scotland's oldest travel agent, The Sunday Mail says.

The company, which owes clients GBP1 million, has suffered, as
customers now prefer booking tours online.  The growing
popularity of Internet booking has driven 27 U.K. holiday firms
out of business this year, according to the Association of
British Travel Agents.  Tour operator MyTravel is closing more
than 100 of its high street offices.

Founded in the 1920s, the company operates from Bothwell Street,
Glasgow and employs 50 staff.  The association will refund
customers with unused bookings.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com

          A.B.T.A.
          68-71 Newman St., London W1T 3AH
          Web site: http://www.abta.com


D T (UK): Administrators from Baker Tilly Enter Firm
----------------------------------------------------
Adrian David Allen (IP No 8740) and Nigel Millar (IP No 7896) of
Baker Tilly were appointed joint administrators of drainage
consultants D T (UK) Services Limited (Company No 03547506) on
Oct. 21.  The company's registered office is at Moore Thompson,
Bank House, Broad Street, Spalding, Lincolnshire PE11 1TB.

CONTACT:  DT UK SERVICES LTD.
          182 New Rd.
          Rainham Essex RM13 8RS
          Phone: 01708 525801

          BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk

          BAKER TILLY
          30 Princes Street,
          Ipswich IP1 1RJ
          Web site: http://www.bakertilly.co.uk


EQUITABLE LIFE: Drops Claim Against Roy Ranson
----------------------------------------------
Equitable Life Assurance Society has reached settlement terms
with Roy Ranson, former chief executive of the Society, on the
basis that the Society discontinues its claim with each side
paying its own costs.

As the Society's legal action against 9 former directors
continues, it can make no further comment.  Mr. Ranson was an
executive director of the Society from January 1985 to July
1997, chief executive from July 1991 to July 1997, and appointed
actuary from 1 January 1982 to July 1997.

In October, Equitable Life reached similar settlement terms with
Alan Nash, an executive director of the Society from July 1993
to December 2000, and chief executive from July 1997 to December
2000.

The society had also dropped its negligence claim against former
directors David Wilson, Roger Bowley, Peter Martin and Shaun
Kinnis.  Mr. Wilson was a non-executive director of the Society
from April 1994 to June 1999, while Mr. Bowley served as
executive director from July 1989 to December 1997.  The insurer
had also withdrawn a portion of its claim against former Chief
Executive Chris Headdon, who also had served as reporting
actuary.

Last month, the insurer also withdrew its GBP700 million action
against former auditor Ernst & Young, which left it facing angry
policyholder groups, and legal costs of GBP30 million.  The
company had claimed that had it been made aware of its true
financial position in 1998, the board would have sold the
company, earning over GBP1 billion in the process.  In 2000, the
House of Lords forced it to recognize guarantees on policies
sold in the 1970s and 1980s, which cost Equitable millions.

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


ESSENTIAL OFFICE: Calls in Administrators from Mazars
-----------------------------------------------------
Robert Adamson and Paul Charlton (IP Nos 9380, 5838) of Mazars
LLP were appointed joint administrators of Essential Office
Limited (Company No 04966546) on Oct. 21.  The company's
registered office is at 9 Moorhead Lane, Saltaire, Shipley, West
Yorkshire BD18 4JH.

CONTACT:  ESSENTIAL OFFICE LTD.
          30-34 Aire Street
          Leeds, LS1 4HT
          West Yorkshire
          Phone: 0845 6017736
          Fax: 0845 6018836

          MAZARS LLP
          Mazars House, Gelderd Road
          Gildersome Leeds LS27 7JN
          Phone: 0113 204 9797
          Fax: 0113 387 8760
          Web site: http://www.mazars.co.uk


EUROELECTRIC (UK): Liquidator from Moore Stephens Enters Firm
-------------------------------------------------------------
A. G. Denman, chairman of Euroelectric (UK) Limited, informs
that the special, ordinary and extraordinary resolutions to wind
up the company were passed at an EGM held on Oct. 14 at
Lumination Group Limited, Camers, Old Sodbury, South
Gloucestershire BS37.  Nigel Price of Moore Stephens LLP,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB was
appointed liquidator.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


F2 LEISURE: Appoints Marshall Peters Administrator
--------------------------------------------------
Clive Morris (IP No 8820) of Marshall Peters was appointed
administrator of wine bar company F2 Leisure Limited (Company No
4090755) on Oct. 27.

CONTACT:  MARSHALL PETERS
          Heskin Hall Farm, Wood Lane,
          Heskin, Preston,
          Lancashire PR7 5PA


GADGET SHOP: High Court Sorts out Birthdays Hoopla
--------------------------------------------------
The hearing on the GBP100 million case between rival factions in
the Gadget Shop board started Wednesday at the High Court of
London.  This is the same case that scuttled a deal with a
potential buyer and later forced the company to file for
liquidation.

The dispute stems from the acquisition in 2003 of Birthdays, the
greetings card chain, by Tom Hunter and Chris Gorman using their
own investment vehicle.  Birthdays was supposed to be the first
target of Gadget Shop, purposely established in 1991 to take
over local retail chains.  Messrs. Hunter and Gorman, which paid
GBP60 million for Birthdays, later sold the company to Clinton
Cards in November 2004 for only GBP4.75 million.

The faction of Peter Wilkinson and UBS trader John Wood, who
each holds 20% of Gadget Shop, are demanding their share in the
proceeds of Birthdays' sale.  They're also demanding GBP100
million in damages from Messrs. Hunter and Gorman, who dispute
the claim because the Birthdays deal had nothing to do with
Gadget Shop.

Michael Crystal, QC, a partner at Hammonds in Leeds, is
representing Messrs. Wilkinson and Wood; while McGrigors is
defending Messrs. Hunter and Gorman.  The hearing is expected to
last three weeks, according to The Yorkshire Post.  Gadget Shop
was put into administration in March, which forced the closure
of its 55 stores and loss of 620 jobs.

CONTACT:  THE GADGET SHOP LIMITED
          Europa House
          184 Ferensway
          Hull HU1 3UT
          United Kingdom
          Phone: 0870 8400 567
           or (International): + 44 (0) 1482 595 100
          Fax: + 44 (0) 1482 595 110
          E-mail: shop@thegadgetshop.co.uk
          Web site: http://www.gadgetshop.com


GLENTRONICS LIMITED: Administrators Take over Business
------------------------------------------------------
Christopher Ratten (IP No 009338) and Simon Thomas (IP No
009876) of Tenon Recovery were appointed joint administrators of
Glentronics Limited (Company No 04424349) on Oct. 26.  The
company's registered office is at 37 Warren Street, London W1T
6AD.

Glentronics -- http://www.glentronics.co.uk/-- is an
electronics manufacturing services company in the United
Kingdom.  Its customers include global OEM clients.  It
manufactured the revolutionary Conversor.

CONTACT:  GLENTRONICS LTD
          64 Mallusk Road
          Newtownabbey BT36 4QE
          Antrim
          Phone: 028 9034 2090
          Fax: 028 9084 1915
          E-mail: sales@glentronics.co.uk

          TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com

          TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


GLOUCESTER FOODS: Files for Liquidation
---------------------------------------
J. A. Hill, chairman of Gloucester Foods Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at The Larruperz Centre, Grammar School Close, Ross-on-
Wye, Herefordshire.  Robert Charles Millichap of Little Badnage,
Badnage Lane, Tillington, Herefordshire HR4 8LP was appointed
liquidator.  The appointment was confirmed at a creditors
meeting held the same day.

CONTACT:  GLOUCESTER FOODS LIMITED
          Eastern Avenue, Gloucester
          Gloucestershire GL4 4LR
          Phone: 01452525486


IEC PRECISION: Calls in Administrators from Tenon Recovery
----------------------------------------------------------
T. J. Binyon and S. R. Thomas (IP Nos 9285, 8920) of Tenon
Recovery were appointed joint administrators of IEC Precision
Limited (Company No 01005624) on Aug. 30.

IEC Precision -- http://www.rlsmith.co.uk/-- manufactures and
assembles high precision components.

CONTACT:  IEC PRECISION LTD.
          Unit 3 Daux Road
          Billingshurst RH14 9TF
          West Sussex
          Phone: 01403 783629
          Fax: 01403 784792

          TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


INSIGHT AUDIO: Calls in Liquidator
----------------------------------
R. A. Rupra, chairman of Insight Audio Visual Limited, informs
that resolutions to wind up the company were confirmed at a
creditors meeting held on Oct. 14 at 3 Chapel Court, 42 Holly
Walk, Leamington Spa, Warwickshire CV32 4YS.  Duncan Roderick
Morris of 3 Chapel Court, 42 Holly Walk, Leamington Spa,
Warwickshire CV32 4YS was appointed liquidator.

Insight Audio Visual offers professional design, installation,
project management and after-sales support for all audio, visual
and lighting solutions.

CONTACT:  INSIGHT AUDIO VISUAL LTD.
          914 - 916 Fosehill Road
          Coventry
          Warwickshire
          CV6 6GS
          Phone: 0870 046 7363
          Fax: 0870 046 7364
          Web site: http://www.insightav.co.uk/contact.html


INTERTEK GROUP: Buys Automotive Research Laboratory
---------------------------------------------------
Intertek Group plc has signed an agreement to acquire Automotive
Research Laboratory (ARL) from PerkinElmer for US$34.5 million
(GBP19.5 million).  Completion of the acquisition is expected to
take place on or before the 11 November 2005.

ARL provides independent testing services on automotive fuels
and oils for regulatory and performance standards and is one of
the market leaders in this field.  ARL complements the existing
oil and chemical testing business within Caleb Brett, especially
the recently acquired business of PARC that tests automotive
lubricants at the research and development stage.  In addition,
a smaller part of the business comprises automotive component
testing and this will be combined with Intertek Entela.

ARL operates from a single site in San Antonio, Texas, employs
144 people and is expected to have annual revenue in 2005 of
approximately US$24 million (GBP13.5 million).  The management
team and staff will continue to run the business utilizing the
Intertek global laboratory network to pursue growth in North
America and overseas.

                        About the Company

Intertek is an international testing, inspection and
certification organization, which assesses customers' products
and commodities against a wide range of safety, regulatory,
quality and performance standards and certifies the management
systems of customers.  Intertek has 294 laboratories and over
13,500 people around the world and is increasingly undertaking
outsourced testing work for its customers.

At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at 31
December 2003.  The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners.  This amounted to GBP229.9 million at 31 December 2004.
The Group's net debt at 31 December 2004 was GBP112.4 million
compared to GBP132.2 million.

CONTACT:  INTERTEK GROUP PLC
          25 Savile Row
          London
          W1S 2ES, United Kingdom
          Phone: +44-20-7396-3400
          Fax: +44-20-7396-3480
          Web site: http://www.intertek.com


J.R.G. ENGINEERING: Goes into Liquidation
-----------------------------------------
J. R. Goodchild, chairman of J.R.G. Engineering Services Limited
(t/a Conveyors Yorkshire), informs that resolutions to wind up
the company were passed at an EGM held on Oct. 18 at BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU.  Paul A.
Whitwam and Gary E. Blackburn, of BWC Business Solutions, 8 Park
Place, Leeds LS1 2RU were appointed Joint Liquidators.

CONTACT:  J.R.G. ENGINEERING SERVICES LTD.
          7 Weaver Street
          Leeds
          LS4 2AU
          West Yorkshire
          Phone: 0113 263 8731
          Fax: 0113 231 0294
          Web site: http://www.jrg.co.uk

          BWC BUSINESS SOLUTIONS
          8 Park Place
          Leeds
          West Yorkshire LS1 2RU
          Phone: 0113 243 3434
          Fax: 0113 243 5049
          E-mail: bwc@bwc-solutions.com


LASERFORM DIES: Calls in Liquidator
-----------------------------------
G. Smith, chairman of Laserform Dies Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 12 at Stanley House, Manchester Road, Audenshaw, Manchester
M34 5BG.  Stephen Paul Grant of Wilkins Kennedy, Risborough
House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ
was appointed liquidator.

CONTACT:  LASERFORM DIES LTD.
          93 Oxford Street West
          Ashton-under-Lyne
          Lancs
          OL7 0LZ
          United Kingdom
          Phone: 0161-330 6911
          Fax: 0161-330 6226
          Web site: http://www.laserform.com

          WILKINS KENNEDY
          Risborough House,
          38-40 Sycamore Road, Amersham,
          Buckinghamshire HP6 5DZ
          Web site: http://www.wilkinskennedy.com


LIFTED DEVELOPMENTS: Files for Liquidation
------------------------------------------
P. M. Fellowes, director of Lifted Developments Limited, informs
that resolutions to wind up the company were passed at an EGM
held at Fergusson & Co Ltd., Shackleton House, Falcon Court,
Preston Farm Industrial Estate, Stockton-on-Tees TS18 3TS.
Malcolm Edward Fergusson of Fergusson & Co Ltd., Shackleton
House, Falcon Court, Preston Farm Industrial Estate, Stockton-
on-Tees TS18 3TS was appointed liquidator.

CONTACT:  LIFTED DEVELOPMENTS LIMITED
          Durham Lane Indstl Park, Eaglescliffe
          Stockton-On-Tees, Cleveland TS16 0RE
          Phone: 01642-788866

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


MACLEAN STEVENS: Mortgage Broker Winds up
-----------------------------------------
Maclean Stevens Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Oct. 17 at 1st Floor, 1
East Poultry Avenue, West Smithfield, London EC1A 9PT.  M. J.
Ryan of M. J. Ryan & Co was appointed liquidator

CONTACT:  MACLEAN STEVENS LTD.
          Phone: 01753 841412
          52 High Street, Windsor, SL4 6BL

          M. J. RYAN & CO.
          129 Hythe Avenue
          Bexleyheath
          Kent DA7 5NQ
          Phone: 01322 441915
          Fax: 01474 532 863
          E-mail: malcolmryan@aol.com


MAGIC INTERIORS: Calls in Liquidator
------------------------------------
M. Getley, chairman of Magic Interiors of Wolverhampton Ltd.,
informs that a resolution to wind up the company was passed at
an EGM held on Oct. 4 at The Connaught Hotel, Tettenhall Road,
Wolverhampton, West Midlands WV1 3SW.  Eileen T. F. Sale of Sale
Smith & Co. Limited, Carmella House, 3 & 4 Grove Terrace,
Walsall, West Midlands WS1 2NE was appointed liquidator.

CONTACT:  MAGIC INTERIORS OF WOLVERHAMPTON LTD.
          Unit 2 Stafford Court Industrial Estate
          Stafford Rd
          Fordhouses
          Wolverhampton
          WV10 7EL
          Phone: 01902 785222

          SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE
          Phone: 01922 624777
          Fax: 01922 720528
          E-mail: etfs@salesmith.demon.co.uk


MAXIMA INTERNATIONAL: Names Tenon Recovery Liquidator
-----------------------------------------------------
T. Crowley, chairman of Maxima International Holdings Limited,
informs that a resolution to wind up the company was passed at
an EGM held on Oct. 12 at 6th Floor, Salisbury House, 31
Finsbury Circus, London EC2M 5SQ.  Dilip Dattani and Patrick
Ellward of Tenon Recovery, 1 Bede Island Road, Bede Island
Business Park, Leicester LE2 7EA were appointed Joint
Liquidators.  The appointment was confirmed at a creditors
meeting held the same day.

CONTACT:  MAXIMA INTERNATIONAL CONSULTANTS LIMITED
          18 Buckingham Palace Road
          London
          SW1W 0QP
          Phone: 00 44 (0) 20 7932 0702
          Fax: 00 44 (0) 20 7931 7404
          E-mail: admin@maxima-group.com
          Web site: http://www.maxima-group.com/

          TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


MERLIN BIOSCIENCES: Chair Cuts Commitments to Focus on SFO Probe
----------------------------------------------------------------
Christopher Evans, chairman of Merlin BioSciences, a venture
capital firm under probe by the Serious Fraud Office, has quit
his post at a newly formed stem cell foundation.

He is understood to have stepped down as chairman of the U.K.
Stem Cell Foundation to focus on the investigation at Merlin
BioSciences, according to The Telegraph.  Mr. Evans set up the
foundation in February to fund research into stem cells.

Merlin is facing allegations that the group had misappropriated
investors' money.  It is being questioned for equity investment
it made into Energist in 2003.

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

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


MG ROVER: Former Workers Need More Help, Says Labor MP
------------------------------------------------------
A Birmingham MP has accused Prime Minister Tony Blair of not
doing enough to help former MG Rover workers, icBirmingham says.

Labour MP Richard Burden lauded the efforts of the Rover Task
Force, MPs and the city council in assisting local firms and
workers affected by Rover's collapse in April.  But he noted,
"there are still a large number of people without jobs, mainly
concentrated in the area around the plant, and we still face
real problems there."

"Southwest Birmingham needs a major regeneration program," he
said.

Mr. Blair has assured workers of support, but he made no
specific promises.  He said: "The way the different agencies
have pulled together has been remarkable and 3,000 people have
been found new jobs.  However, we have got to do a lot more."

He added the government would continue backing the task force
through regional development agency Advantage West Midlands.
Labor unions have complained that only a third of the affected
workers were given new jobs, with some forced to work for only a
third of their old wages.  Amicus said that of its 2,000 members
who lost their jobs, only 28% are back at work, while 11% are
under training.

In September, according to figures released by the Rover Task
Force, some 2,346 former MG Rover employees had obtained work,
while 1,800 were still being trained.  Nick Paul, chairman of
Advantage West Midlands, has said: "With more than 2,000 of the
workforce back in employment and a large number deciding to
pursue fresh careers we are in a position to look at other
areas, such as encouraging former workers to start up new
businesses."

He added the West Midlands had survived the Rover crisis in a
short span of time, supporting a July report that the impact had
not been as bad as initially feared.

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

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


MORETON CARS: EGM Passes Winding-up Resolutions
-----------------------------------------------
M. Carter, chairman of Moreton Cars Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at Quality Hotel, Ashley Way, Weston Favell, Northampton.
Andrew T. Clay of Andrew Michaels & Co Ltd., Concept House,
Brooke Street, Cleckheaton, West Yorkshire BD19 3RY was
appointed liquidator.

CONTACT:  MORETON CARS LTD.
          Little Compton, GL56 0RR
          Phone: 01608 674600
          Web site: http://www.moretoncars.co.uk


PAINT HOUSE: Joint Liquidators Enter Firm
-----------------------------------------
M. A. Alexander, chairman of The Paint House Limited, informs
that resolutions to wind up the companies were passed at an EGM
held on Oct. 12 at 5 Fairmile, Henley-on-Thames, Oxfordshire RG9
2JR.

Robert C. Keyes and Gareth W. Roberts of 5 Fairmile, Henley on
Thames, Oxfordshire RG9 2JR were appointed Joint Liquidators.

CONTACT:  THE PAINT HOUSE LIMITED
          Unit 8-9 Waterside Court, Bone Lane, Newbury,
          Berkshire RG14 5SH
          Phone: 01635529008
          E-mail: slettice@pem.co.uk


P D INSTALLATIONS: Goes into Liquidation
----------------------------------------
B. D. Rees, chairman of P D Installations (Thame) Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 18 at The Kingfisher Exchange, 3rd Floor,
Kingfisher House, Walton Street, Aylesbury, Buckinghamshire HP21
7SJ.

Robert Day of Robert Day and Company Limited, Garfield, Church
Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL was appointed
liquidator.

CONTACT:  P D INSTALLATIONS (THAME) LIMITED
          Emmington, Chinnor, Oxfordshire OX39 4AA
          Phone: 01844350020


P D STUDIOS: Members Approve Winding-up
---------------------------------------
B. D. Rees, chairman of P D Studios Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 18 at The Kingfisher Exchange, 3rd Floor, Kingfisher House,
Walton Street, Aylesbury, Buckinghamshire HP21 7SJ.

Robert Day of Robert Day and Company Limited, Garfield, Church
Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL was appointed
liquidator.

P D Studios -- http://www.pdstudios.co.uk/-- designs kitchen
and bathrooms.

CONTACT:  P D STUDIOS LTD.
          80 High Street Thame Oxon OX9 3EQ
          Phone: 01844 212111


PHILIP LANE: Folds up Motor Vehicle Repair Business
---------------------------------------------------
D. Buchanan, chairman of Philip Lane Motors Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 18 at Valentine & Co, 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS.

Robert Valentine and Mark Reynolds of Valentine & Co, 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS were appointed
Joint Liquidators.

CONTACT:  PHILIP LANE MOTORS LIMITED
          Unit D1 Hastingwood Trading Es, 35 Harbet Road
          London N18 3HT
          Phone: 02088075350

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


PHYLLIS & PHYLLIS: Calls in Liquidator from Poppleton & Appleby
---------------------------------------------------------------
Phyllis & Phyllis Limited (t/a Elegance) informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 14 at Poppleton & Appleby, The Old Barn, Caverswall Park,
Caverswall Lane, Stoke-on-Trent, Staffordshire ST3 6HP.

Ian Michael Rose and Robert Michael Young of Poppleton &
Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke-
on-Trent, Staffordshire ST3 6HP were appointed Joint
Liquidators.

CONTACT:  PHYLLIS & PHYLLIS LTD.
          21-23 The Broadway
          Haywards Heath, West Sussex RH16 3AB
          Phone: 01444-450379

          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


PREMIER DYERS: Opts for Liquidation
-----------------------------------
More than 20 workers will lose their jobs as Premier Dyers
closes its business in Leicester, Leicester Mercury says.

The clothes dyeing firm, which owes GBP2 million to more than
100 creditors, has filed for liquidation.  Joint liquidator,
Mark Tailby, of Leicester insolvency practitioners CBA, says the
company had difficulty keeping up with its huge energy bills and
paying amortization on its debt.

"The directors tried to carry on trading, but it was just
impossible," Mr. Tailby told the local daily.

"They moved to Rugby Street due to very large utility bills.
They then did a Company Voluntary Arrangement (CVA) to pay off
creditors, including trade creditors and the utility companies,"
he said.  "Since then, they have suffered more bad debts, not
only from collapsed companies, but from customers who
misunderstood the CVA procedure and thought they had gone into
liquidation,"

Several other dyeing companies in Leicestershire have also
failed in recent years due to the relocation of clothing and
textile manufacturing operations overseas.  Premier's closure is
a further blow to the local economy.  In the past weeks,
Caterpillar announced it would axe up to 400 jobs at its
specialist forklift factory in Desford.  About 118 jobs are
under threat at Jeld-Wen's local door-making business in Melton.

The factory of marketing print Vertis Direct Marketing Services
(Leicester) in Wigston also closed recently after administrators
failed to sell the company as a going concern.

CONTACT:  PREMIER DYERS LTD.
          20 St. Johns St,
          Leicester,
          Leicestershire LE13WL
          Phone: 0116-251 0552


PRIMELINK ENGINEERING: Appoints Liquidator
------------------------------------------
D. Thackeray, chairman of Primelink Engineering Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 19 at Salisbury House, Station Road, Cambridge CB1
2LA.

Shay Lettice of Peters Elworthy & Moore, Salisbury House,
Station Road, Cambridge CB1 2LA was appointed liquidator.

CONTACT:  PRIME LINK ENGINEERING LTD.
          Unit 39 Park Farm Industrial Estate Ermine Street
          Buntingford Hertfordshire SG9 9AZ
          Phone: (01763 272626)

          PETERS ELWORTHY & MOORE
          Salisbury House
          Station Road
          Cambridge
          Cambridgeshire CB1 2LA
          Phone: 01223 362333
          Fax: 01223 461424


PROFIX UK: Glaze Maker Files for Liquidation
--------------------------------------------
P. Smith, chairman of Profix UK Ltd. (t/a Smiths Glass), informs
that resolutions to wind up the companies were passed at an EGM
held on Oct. 14 at The Annexe, The Manor House, 260 Ecclesall
Road South, Sheffield S11 9UZ.

Lisa Hogg of Wilson Field, The Annexe, The Manor House, 260
Ecclesall Road South, Sheffield S11 9UZ was appointed
liquidator.

CONTACT:  PROFIX UK LTD.
          Unit 1 Carlton Phoenix Indst.
          Worksop, Nottinghamshire S80 2EE
          Phone: 01909-484299

          WILSON FIELD
          The Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


RCF ENGINEERING: Appoints DS Insolvency Services Administrator
--------------------------------------------------------------
Martin Williamson (IP No 9222) of DS Insolvency Services was
appointed administrator of RCF Engineering Projects Limited
(Company No 5000334) on Oct. 20.

CONTACT:  RCF ENGINEERING PROJECTS LTD.
          1a Salters Way
          Wisbech PE14 0SH
          Cambridgeshire
          Phone: 01945 580222
          Fax: 01945 580444
          Web site: http://www.rcf-eng.com/

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


REBUS DESIGN: Names Parkin S. Booth Liquidator
----------------------------------------------
J. M. C. Williams, director of Rebus Design & Automation
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 18 at Parkin S Booth & Co, 2 City
Road, Chester CH1 3AE.

Ian C. Brown of Parkin S. Booth & Co, 2 City Road, Chester CH1
3AE was appointed liquidator.

CONTACT:  REBUS DESIGN & AUTOMATION LIMITED
          Unit B8, Evans Easyspace, Deeside, Clwyd CH5 2JZ
          Phone: 01244281111

          PARKIN S. BOOTH & CO.
          2 City Road,
          Chester CH1 3AE
          Web site: http://www.parkinsbooth.co.uk


ROSEDALE-MACHIN: Administrators from Grant Thornton Enter Firm
--------------------------------------------------------------
Company Names: ROSEDALE-MACHIN DEVELOPMENTS (DECKHAM) LIMITED
               (Company No 05082487)

               ROSEDALE-MACHIN DEVELOPMENTS (FELTON) LIMITED
               (Company No 04994765)

Joseph P. Mclean and Keith Hinds (IP Nos 8903, 6745) of Grant
Thornton UK LLP were appointed joint administrators of these
companies on Oct. 21.  Its registered office is at Unit 8, Hay
Street, Sheepfolds Industrial Estate, Sunderland, Tyne and Wear
SR5 1BG.  These companies develop and sell real estate.

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

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


SELECT COMPUTERS: Goes into Liquidation
---------------------------------------
S. C. Miller, director of Select Computers Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Oct. 4 at 10-12 New College Parade, Finchley Road, London NW3
5EP.

Kian Seng Tan of K S Tan & Co, 10-12 New College Parade,
Finchley Road, London NW3 5EP was appointed liquidator.

CONTACT:  SELECT COMPUTERS LIMITED
          Phone: 0870 067 1872
          Fax: 0870 067 1870
          Web site: http://www.selectcomputers.co.uk


SIGMA INTERNATIONAL: In Liquidation
-----------------------------------
B. S. Whiles, chairman of Sigma International Services Ltd.,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 14 at The Larruperz Centre, Grammar School
Close, Ross-on-Wye, Herefordshire.

Robert Charles Millichap of Little Badnage, Badnage Lane,
Tillington, Herefordshire HR4 8LP was appointed liquidator.

The appointment was confirmed at a creditors meeting held on the
same day.

Sigma International -- http://www.sigmainternational.co.uk-- is
an independent EDM servicing organization within the U.K.

CONTACT:  SIGMA INTERNATIONAL SERVICES LTD.
          1 Great Western Court
          Ashburton Industrial Estate
          Ross-on-Wye
          Herefordshire
          HR9 7XP
          United Kingdom
          Phone: +44 (1989) 562408
          Fax: +44 (1989) 566721


STONE EPPS: EGM Passes Winding-up Resolution
--------------------------------------------
P. O'Connor, director of Stone Epps Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 18 at Meridian House, 62 Station Road, North Chingford,
London E4 7BA.

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

CONTACT:  STONE EPPS LTD.
          32 Albert Road
          Deal
          CT14 9RD Kent
          Phone: 01708 763300

          CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


SWAN HUNTER: Executive Leading 'Defense' Project Resigns
--------------------------------------------------------
Steve Rayner, the team leader of the DPA Landing Ship Dock
(Auxiliary) project to build two logistics ships at Swan
Hunter's shipyard on Tyneside, has quit, The Telegraph says.

The Ministry of Defense, which has been criticized for cost
overruns, insisted Mr. Rayner had not been sacked.  Mr. Rayner
has no new job waiting for him.  He has been replaced by another
official, Tony Graham.

The Tyneside yard is close to the constituencies of Labour
politicians.  It is alleged the MoD made a GBP84 million
"secret" payment to Swan Hunter for the two ships.  Defense
industry sources called the payment "a bung disguised as a
contract for extra work."  The deal saved Swan Hunter from
bankruptcy.

The Conservatives say Mr. Rayner's resignation proves the
project has span out of control.  It has billed more than GBP235
million in cost.

Tyneside's last shipbuilder has been struggling for years
because of a lack of orders.  The yard lost its glamour in the
early 90s when warship-building contracts expired.  It is now
seeking fresh government funding worth up to GBP50 million.
Swan Hunter has been in operation for three decades and employs
700 people.  It recently laid off 100 as work on Royal
Fleet Auxiliary Lyme Bay is nearing completion.

CONTACT:  SWAN HUNTER (TYNESIDE) LTD.
          Wallsend
          Newcastle NE28 6EQ, United Kingdom
          Phone: +44-191-295-0295
          Fax: +44-191-262-0374
          Web site: http://www.swanhunter.com/
          Jaap A. Kroese, Chairman
          Jan C. Veldhuizen, Managing Director
          Norman Frederick Brownell, Commercial Director


TAMAC ENGINEERING: Names Administrators from CBA
------------------------------------------------
Neil Charles Money and Neil Richard Gibson (IP Nos 8900 and
9213) of CBA were appointed joint administrators of Tamac
Engineering Limited (Company No 04916049) on Oct. 25.  The
company is engaged in steel fabrications.

CONTACT:  TAMAC ENGINEERING LTD
          Greasley Street
          Bulwell
          Nottingham NG6 8NG
          United Kingdom
          Phone: 0115-975 7524
          Fax: 0115-975 7516

          CBA
          39 Castle Street
          Leicester LE1 5WN
          Phone: (0116) 262 6804
          Fax: (0116) 217 1404
          E-mail: leics@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


TELEWEST GLOBAL: To Bare Quarterly Figures Thursday
---------------------------------------------------
Telewest Global, Inc. will report its Third Quarter 2005 results
on Thursday, November 10, 2005 at 7:00 a.m. Eastern Standard
Time, 12:00 noon U.K. time.

The company will host a conference call to discuss those results
on November 10, at 9:00 a.m. EST, 2:00 p.m. U.K. time.

To hear a live Web cast of the call and view presentation
slides, visit the Company's Web  site at
http://ir.telewest.co.uk/phoenix.zhtml?c=76808&p=IROL-
presentations


Conference Call-In Information

United States:        +1 617 597 5309
United Kingdom:       +44 207 365 8426
Passcode:             Telewest

A replay of the Web cast will be available for twelve months.  A
replay of the teleconference will be available from 11:00 a.m.
EST on November 10, for 7 days.

United States:        +1 617 801 6888
United Kingdom:       +44 207 365 8427
Passcode:             38819719

                            *   *   *

In October, NTL Incorporated and Telewest Global, Inc. entered a
definitive merger agreement under which NTL will acquire
Telewest, creating the U.K.'s second largest communications
company and leading triple play service provider with a cable
footprint covering more than 50% of U.K. households.

The combined company will have nearly 5 million residential
customers.  It will be the largest provider of residential
broadband services in the country with 2.5 million subscribers,
the second largest pay TV provider with 3.3 million subscribers
and also the second largest fixed telephony provider with 4.3
million subscribers.

The combination of the two companies' local access networks,
which do not overlap, will provide a strong platform allowing
for product differentiation and innovation and the delivery of
unique packages of service offerings.  The combined company will
have the benefit of a much larger cable network and, together
with Telewest's content division, will strengthen cable's
position in the multi-channel TV marketplace.

In December, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Telewest Global (formerly known
as Telewest Communications Networks Ltd.) to 'BB-' from 'CCC+',
following the group's announcement of underwritten refinancing.
The ratings were removed from CreditWatch, where they were
placed on Aug. 20, 2004.  The outlook was stable.

It has also executed a commitment letter for new GBP1.8 billion
credit facilities that will be used to replace outstanding
borrowings under the Telewest group's existing GBP2.03 billion
senior credit facilities.

CONTACT:  TELEWEST GLOBAL, INC.
          160 Great Portland St.
          London
          W1W 5QA, United Kingdom
          Phone: +44-20-7299-5000
          Fax: +44-20-7299-5495
          Web site: http://www.telewest.co.uk

          Richard Williams
          Phone: 020 7299 5479

          Vani Gupta
          Phone: 020 7299 5353


TURNER PHOTOGRAPHY: Calls in Liquidator
---------------------------------------
G. A. Turner, chairman of Turner Photography Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 3 at The Imperial Hotel, Stroud, Gloucestershire.

Robert Charles Millichap of Little Badnage, Badnage Lane,
Tillington, Herefordshire HR4 8LP was appointed liquidator.

The appointment was confirmed at a creditors meeting held on the
same day.

CONTACT:  TURNER PHOTOGRAPHY LIMITED
          Photo Place, Regent Street, Cheltenham,
          Gloucestershire GL50 1HE
          Phone: 01242-573610


TYRED N EXHAUSTED: Begbies Traynor to Liquidate Business
--------------------------------------------------------
J. Scott, director of Tyred N Exhausted Limited (t/a Autosafe),
informs that a resolution to wind up the company was passed at
an EGM held on Oct. 18 at Begbies Traynor, No 1 Old Hall Street,
Liverpool L3 9HF.

David Moore and Donald Bailey of Begbies Traynor, No 1 Old Hall
Street, Liverpool L3 9HF was appointed liquidator.

CONTACT:  TYRED N EXHAUSTED LIMITED
          Adelphi Chambers, Hoghton Street, Southport,
          Merseyside PR9 0NZ
          Phone: 01704-515875

          BEGBIES TRAYNOR LTD.
          1 Old Hall Street
          Liverpool
          L3 9HF
          Phone: 01512274010


VANTAGE SECURITY: Members Decide to Wind up Firm
------------------------------------------------
D. Wilkinson, director of Vantage Security Services Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 11 at Haines Watts, Floor 11, Cale Cross
House, 156 Pilgrim Street, Newcastle upon Tyne NE1 6SU.

Timothy Calverley of Haines Watts, First Floor, Park House, Park
Square West, Leeds LS1 2PS was appointed liquidator.

CONTACT:  VANTAGE SECURITY SERVICES LTD.
          Unit 5
          Brittania Business Park
          Point pleasant Industrial Estate
          Wallsend
          Tyne & Wear
          NE28 6HA
          United Kingdom
          Phone: +44 0191 263 0062
          Fax: +44 0191 263 0080

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


WHITE HOUSE: Collapse Leaves Newlyweds Without Gifts
----------------------------------------------------
White House Wedding Service Limited has started insolvency
proceedings, according to the Evening Standard.

The company, which offers online wedding list service, did not
explain the reason for its collapse in its letters to clients,
mostly newlyweds who won't be receiving their presents.  One
such couple is photographer Barney Jones, 33, and opera singer
Polly, 28.

The two wed last month and had used the firm for their wedding
list and several thousands of pounds worth of presents.  When
they returned from honeymoon two weeks ago, they found a letter
from the firm informing them that it had ceased trading and they
would not get their gifts.

"It's a huge blow," Mr. Jones told the daily.  "We went to the
White House because it had been established for 15 years and two
of our friends had used the service and were very impressed with
them but we went from the ultimate high to the ultimate low.  We
thought we'd have everything to look forward to and we came back
to nothing."

In its letter, White House explained, "[It] had to cease trading
due largely to factors beyond its control."  White House
Director John Delliere said, "We are a family company and are
devastated for the brides and grooms.  We are doing everything
we can to help them."

White House Wedding Service is a subsidiary of White House Linen
company.  It is the third Internet wedding list service to fold
in the last 12 months.


WILLMAKERS OF DISTINCTION: Names Begbies Traynor Liquidator
-----------------------------------------------------------
D. Nash, chairman of Willmakers of Distinction Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 18 at 4th Floor, General Building, Brayford Wharf
East, Lincoln.

Peter A. Blair and Richard Saville of Begbies Traynor, Regency
House, 21 The Ropewalk, Nottingham NG1 5DU were appointed Joint
Liquidators.

CONTACT:  WILLMAKERS OF DISTINCTION LTD.
          Willsgate House, St John's Park, Canwick Ave.
          Bracebridge Heath, Lincoln LN4 2RS
          Web site: http://www.willmakersofdistinction.co.uk/

          BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


YM ELECTRICAL: Hires Middleton Partners Administrator
-----------------------------------------------------
Julie Anne Palmer and Michael Francis Stevenson (IP Nos 8154,
8835) of Middleton Partners were appointed joint administrators
of YM Electrical Limited (Company No 4085444) on Oct. 27.

CONTACT:  YM ELECTRICAL LIMITED
          Unit 7, Whittle Road,
          Salisbury, Wiltshire SP2 7YS
          Phone: 01722331133

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


ZAPP 2000: Files for Liquidation
--------------------------------
A. Bhagi, chairman of Zapp 2000 Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 18 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:  ZAPP 2000 LTD.
          Park House, 15-19 Greenhill Crescent
          Watford Business Park
          Watford
          WD18 8PH
          Hertfordshire
          Phone: 01923 800050
          Fax: 01923 800060

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


ZETNET SERVICES: Court Appoints Liquidator
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Zetnet Services Limited

Notice is hereby given that on Oct. 18, 2005, we, David E. M.
Mond FCA, FCCA and Lawrence I. Freedman FCA, FCCA were appointed
liquidator of Zetnet Services Limited, which trades from 23 New
Mount Street, Manchester M4 4DE, by notice of appointment lodged
in the Court of Session, pursuant to paragraph 46(2)(b) of
Schedule B1 to the Insolvency Act 1986 and Rule 2.19 of the
Insolvency (Scotland) Rules 1986.

Zetnet is one of the long-established business-to-business ISPs
in the U.K. offering a full range of Internet Services.

CONTACT:  ZETNET SERVICES LIMITED.
          23 New Mount Street
          Manchester M4 4DE
          Phone:  0870 743 0585
          Fax: 0870 743 0587
          Web site: http://www.zetnet.com

          HODGSONS
          George House
          48 George Street
          Manchester M1 4HF
          Phone: +44 (0) 161 228 7444
          Fax: +44 (0) 161 228 7356
          Web site: http://www.hodgsons.co.uk
          Contact:
          David E. M. Mond FCA, FCCA
          Lawrence I. Freedman FCA, FCCA


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


                            *********


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

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

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

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

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

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


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