TCREUR_Public/051109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 9, 2005, Vol. 6, No. 222

                            Headlines

C Z E C H   R E P U B L I C

JULIUS MEINL: Supermarket in Moravia Has no Permit
TELESYSTEM INTERNATIONAL: Court Grants Additional Powers to KPMG
VSEOBECNA ZDRAVOTNI: Director Under Pressure to Improve Results


D E N M A R K

ISS GLOBAL: 'B+/B' Rating Affirmed; Outlook Stable


F I N L A N D

BENEFON OYJ: To Report 2005 Results Using IFRS


F R A N C E

TABLE MAROCAINE: Court Appoints Receiver


G E O R G I A

PROCREDIT BANK: Fitch Raises Rating to 'B'; Outlook Stable
TBC BANK: Fitch Lifts Long-term Rating to 'B-' from 'CCC+'


G E R M A N Y

BERENTZEN AG: Chairman Leaving at Year's end
BPK BLANKENESER: Hamburg Court Calls in Administrator
DAIMLERCHRYSLER AG: UN Probe Involves Former Worker
DENKFACTORY PROJEKT: Proofs of Claim Due December
GEA GROUP: Sells Dynamit Nobel Kunststoff for EUR350 Million

HORBY SCHRODER: Creditors Meeting Set January
LEICA CAMERA: First-half Net Loss Down to EUR4.6 Million
NORDEX AG: Doubles New Business in Third Quarter
OKO-POOL: Erfurt Business Succumbs to Bankruptcy
POOLPOSITION GMBH: Creditors' Claims Due Later this Month

SCHAUMSTOFF LUEBKE: Under Bankruptcy Administration
SPACE MEDIA: Court Appoints Administrator
STRATEMANN KRAFTFAHRZEUGE: Bielefeld Firm Goes Bust
VOGEL- UND BLUMENPARK: Kleve Court to Verify Claims Next Month


G R E E C E

YIOULA GLASSWORKS: Proposed Debt Rated 'B'; Outlook Stable


I R E L A N D

AN POST: Agrees on EUR4.8 Million Payment to Three Unions


I T A L Y

ALITALIA SPA: Rivals Have Until Nov. 11 to Contest Servizi Sale
ALITALIA SPA: Flying more Winter Routes this Year
FIAT SPA: Forms Alliance with Ford to Produce Small Cars
IMPREGILO SPA: Authorities Widen Scope of Accounting Probe


K A Z A K H S T A N

BANK TURANALEM: Upcoming Eurobond Gets Expected 'BB' Rating


N E T H E R L A N D S

GETRONICS N.V.: First Nine-month Result Up to EUR52 Mln
ROYAL SHELL: Share Cancellation Carries on


R O M A N I A

ROMPETROL GROUP: Facing Eleventh Faber Invest Suit


R U S S I A

BEL-COM-CENTRE: Bankruptcy Supervision Procedure Begins
BIN BANK: Fitch Raises Ratings to 'B-'/'B' on Expected Financing
COMPANY GAS: Orel Court Brings in Insolvency Manager
KRAN-SPETS-BUR-MASH: Bankruptcy Hearing Set Next Year
MASLYANINSKOYE MILK: Declared Insolvent

NEW WORLD: Undergoes Bankruptcy Supervision Procedure
NIZHEAMUR-STROY: Period for Filing of Claims Ends Next Month
NORD: Succumbs to Bankruptcy
POSEIDON: Insolvency Manager Takes over Business
RUSSIAN BANKS: S&P Raises Ratings of Eight Banks
TRADING COMPANY: Irkutsk Court Opens Bankruptcy Proceedings
TUYMAZINSKIY MEAT: Under Bankruptcy Supervision


S W E D E N

SKANDIA INSURANCE: SSC Dismisses Old Mutual's Protests


S W I T Z E R L A N D

ABB LTD.: 'BB+'/'B' Ratings on CreditWatch Positive


U N I T E D   K I N G D O M

AGNELLO LIMITED: Hires Administrator from MBI Equity
ANDOR CAPITAL: Calls in Liquidator
ANVIL PROJECTS: Court Orders Liquidation
ASHWORTHS PRODUCTS: Appoints RSM Robson Administrator
CROMPTONS LEISURE: Calls in Administrator

DEANS SYSTEMS: In Administrative Receivership
DIGITAL QUILLS: Names Tenon Recovery Liquidator
D & L CONTRACTORS: Files for Liquidation
DRAX GROUP: International Power Abandons Bid
EDWORTHYS LIMITED: Goes into Liquidation

FIRST ENTERTAINMENT: Hires Liquidator from Tomlinsons
FRESCO OILS: Administrators from RSM Robson Enter Firm
HERITAGE WOOD: Grant Thornton to Liquidate Business
HORTICARE ENVIRONMENTAL: Appoints Baker Tilly Administrator
ING SERVICES: Goes into Liquidation

JUSI DISPOSABLES: Names Administrators from S. F. Plant & Co.
J. WEBB: Calls in Joint Liquidators
LADIES HEALTH: Fitness Club for Sale
LIVECOM NETWORK: Administrators from Begbies Traynor Move in
LIVERMORE & KNIGHT: Cattles Invoice Appoints Receiver

MANAGEMENT SOLUTIONS: Members Decide to Wind up Firm
MARKS & SPENCER: Per Una Consultant Inks New Deal
MG ROVER: FAW Group Possible Nanjing Partner, Says Chinese Daily
MINORPLANET SYSTEMS: Raises GBP12.2 Mln from Share Offering
MODO LONDON: Liquidators from Begbies Traynor Move in

PEERLESS PRESS: Files for Liquidation
PROFILE TIMBER: Gibson Booth Liquidator Enters Company
PROPERTY TAG: Members Decide to Wind up Firm
QUAY ALEXANDER: Appoints Liquidator
RATIO ONE: Meeting of Creditors Today

REALCREDIT LIMITED: In Liquidation
SOUTH YORKSHIRE: Calls in Liquidator
TOMORROWS LEISURE: Appoints Liquidator from Grant Thornton
VENTURER SECURITY: Names Baker Tilly Liquidator
VPTA LTD: Calls in Administrators from KPMG

* Retailers 'Vulnerable' this year, Says BDO Stoy Hayward

* Company Windings-up Jump 17% in Third Quarter


                            *********


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


JULIUS MEINL: Supermarket in Moravia Has no Permit
--------------------------------------------------
Troubled retailer Julius Meinl has been operating a supermarket
in Zdar nad Sazavou, South Moravia without a building permit for
nine years, TV Nova says.  Accordingly, the violation was only
discovered recently by the new owner of the supermarket.  Julius
Meinl spokesman Tomas Fiala refused to comment.

Julius Meinl recently sold 67 outlets to Royal Ahold for CZK1
billion.  It is leaving the Czech market 11 years after entering
it due to fierce competition.  Its losses in recent years have
already exceeded its share capital.  The company is a subsidiary
of Austria's Julius Meinl International, a well-known retailer in
Central and Eastern Europe.

CONTACT:  JULIUS MEINL a.s.
          U Libenskeho Pivovaru 63
          180 00 Prague 8
          Phone: (+420) 2 83 088 200
          Fax: (+420) 2 83 088 206
          E-mail: sekretariat@julius-meinl.cz
          Web site: http://www.julius-meinl.cz


TELESYSTEM INTERNATIONAL: Court Grants Additional Powers to KPMG
----------------------------------------------------------------
The Superior Court, District of Montreal, Province of Quebec has
issued, under Telesystem International Wireless Inc.'s plan of
arrangement, an order to vest the Court-appointed Monitor, KPMG
Inc., with further powers and duties once the common shares of
TIW are cancelled and delisted from the TSX Venture Exchange.
The Company has not yet determined the dates for the cancellation
and delisting of its common shares, but is targeting the end of
November 2005.

                        About the Company

Telesystem International, headquartered in Montreal (Quebec),
provides wireless voice, data and short messaging services in
Central and Eastern Europe with over 6.9 million subscribers.  It
operates in Romania through MobiFon S.A. under the brand name
Connex and in the Czech Republic through Oskar Mobil a.s. under
the brand name Oskar.

                       Restructuring Plan

On May 20, the Superior Court, District of Montreal, Province of
Quebec issued a final order approving a Plan of Arrangement under
the Canada Business Corporations Act.  The court supervised Plan
of Arrangement was adopted by the Company to allow the Company
to:

   -- complete the transaction with Vodafone announced on
      March 15, 2005;

   -- proceed with its liquidation, including the implementation
      of a claims process and the distribution of net cash to
      shareholders;

   -- cancel its common shares; and

   -- proceed with its final distribution and be dissolved.

The Court has appointed KPMG Inc. as monitor to perform the
duties provided in the claims identification process approved by
the Court.  Visit http://bankrupt.com/misc/Telesystem_Profile.htm
to view company profile.

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


VSEOBECNA ZDRAVOTNI: Director Under Pressure to Improve Results
---------------------------------------------------------------
Health Minister David Rath considers dismissing the director of
Vseobecna zdravotni pojistovna Ceske republiky (The General
Health Insurance Company) due to the firm's dismal performance.

Appearing before Prima Television recently, he gave Jirina
Musilkova only a few weeks to improve the results of Czech's
largest health insurance company.  The reduction of VZP's debt is
one of the priorities of the newly appointed minister.  He
intends to do this with a team of experts from large hospitals
like Na Homolce's Oldrich Subrt, Motol Teaching Hospital's Jiri
Cihar and Plzen Teaching Hospital's Jaroslava Kunova.

Earlier, Mr. Rath said there is no need to put VZP in
administration after he and Ms. Musilkova met and agreed on steps
to save money.  VZP has CZK10 billion in debt, and annual funds
of CZK200 billion.

CONTACT:  VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY
          (The General Health Insurance Company)
          Orlicka 4/2020
          130 00 Praha 3
          Czech Republic
          Phone: 221 751 111
          E-mail: info@vzp.cz
          Web site: http://www.vzp.cz


=============
D E N M A R K
=============


ISS GLOBAL: 'B+/B' Rating Affirmed; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit ratings on Denmark-based facilities services
group ISS A/S and wholly owned subsidiary ISS Global A/S.  The
'B' short-term corporate credit rating on ISS A/S was also
affirmed.  At the same time, however, Standard & Poor's lowered
its senior unsecured debt ratings on ISS Global to 'B-' from 'B'.
Ratings were removed from CreditWatch, where they were placed
with negative implications on March 29, 2005.

In addition, Standard & Poor's assigned its 'B+' long-term
corporate credit rating to ISS Holding A/S, a holding company in
the ISS group.  The outlooks on all the long-term corporate
credit ratings are stable.

"The ratings on the ISS entities reflect the group's highly
leveraged financial profile and weak credit measures," said
Standard & Poor's credit analyst Alf Stenqvist.  "This is
mitigated by the group's strong business profile, underpinned by
its strong business position in an attractive--albeit fragmented
and competitive--industry."

After recent finalizing of financial arrangements, the group has
interest-bearing net debt of about Danish krone (Dkr) 23 billion
(EUR3.1 billion; $3.6 billion), including a Dkr925 million
pay-in-kind facility.

"We expect ISS' operating performance to remain steady,
underpinned by the group's ability to generate strong cash flow,"
added Mr. Stenqvist.

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:  ISS A/S
          Bredgade 30
          DK-1260 Copenhagen K
          Denmark
          Phone:  +45 38 17 00 00
          Fax: +45 38 17 00 11
          Web site: http://www.issworld.com/


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


BENEFON OYJ: To Report 2005 Results Using IFRS
----------------------------------------------
Benefon Oyj said that its latest financial projection update of
Oct. 26, 2005 and the preceding projections do not yet include
eventual effects from the Company adapting a financial accounting
and reporting system based on the International Financial
Reporting System (IFRS) standards, which shall take place in
Finland in this year at the latest.

The Company is in the process of adapting IFRS based accounting,
and the financial statements from this year 2005, in accordance
with the new regulations, will be based on the IFRS.

                            *   *   *

On Oct. 26, Benefon said it expects fiscal 2006 revenues and net
income to amount to EUR66.5 million and EUR7.5 million
respectively.  The company also expects to achieve 2005 revenues
of approximately EUR8.46 million and a net loss of approximately
EUR2.9 million; and fourth quarter 2005 sales of EUR2.39 million
and net loss of EUR439,000.

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

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

                        About the Company

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

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


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


TABLE MAROCAINE: Court Appoints Receiver
----------------------------------------
The Commercial Court of Chalon-sur-Saone has sanctioned the
reorganization of SARL RLC, trading as La Table Marocaine.
S.C.P. Becheret-Thierry-Senechal will represent creditors during
the observation period.  Offers for its assets must be submitted
before Nov. 30, 2005, 11:30 a.m. to 1 bis, rue de Bourgogne,
71100 Chalon-sur-Saone.

CONTACT:  SARL RLC
          12 rue St-Georges
          71100 Chalon-sur-Saone

          S.C.P. BECHERET-THIERRY-SENECHAL
          22 quai Gambetta
          71100 Chalon-sur-Saone
          Fax: 03 85 48 9810


=============
G E O R G I A
=============


PROCREDIT BANK: Fitch Raises Rating to 'B'; Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded ProCredit Bank (Georgia)'s (ProCredit
Georgia) ratings to Long-term foreign currency 'B' from 'CCC+',
Short-term foreign currency 'B' from 'C', Long-term local
currency 'B+' from 'B-' and Support '4' from '5'.  The bank's
other ratings are affirmed at Short-term local currency 'B' and
Individual 'D/E'.  The Outlooks on the Long-term ratings remain
Stable.

The upgrade reflects the improved operating environment in
Georgia, reducing the extent to which country risks might limit
the ability of ProCredit Georgia to receive and utilize support
from its owners.  However, country risks are still a constraint,
yielding a Support rating of '4'.  The Long-term, Short-term and
Support ratings thus reflect the improved, albeit limited,
probability of support from its owners, in particular, ProCredit
Holding AG (formerly Internationale Micro Investitionen, rated
Long-term 'BBB-') in case of need.

The Individual rating reflects ProCredit Georgia's small size,
credit and operational risks associated with its rapid growth,
reduced profitability, tightening liquidity and the still
high-risk operating environment.  However, it also takes into
account the bank's improved asset quality and the good quality of
its management.  The bank's capitalization is adequate, though
Fitch expects it to decline to modest levels within the short- to
medium-term.

An improvement or worsening of Georgia's country risks could
create upside and downside potential, respectively, for the
bank's Long-term ratings.  Upside potential for the Individual
rating could result from a significant increase in the bank's
size without asset quality deterioration, as well as improvements
in capitalization and liquidity trends.  Downside potential may
come from a sharp deterioration in asset quality.

ProCredit Georgia forms part of a global ProCredit network of 19
banks, which were set up by private and public sector investors
to provide financing to micro and SME customers in developing
markets.  ProCredit Holding owns a 25% voting stake in the bank,
the maximum voting stake that a non-banking organization can take
in a bank in Georgia.  However, ProCredit Holding plans a
consolidation of ownership in the near term, a general trend
within the ProCredit group.  At end-August 2005, the bank ranked
third in Georgia by total loans (14% market share) and fifth by
customer deposits (8%).

CONTACT:  PROCREDIT BANK
     18 Tamar Mephe Av.
          Tbilisi 0112, Georgia
          Phone: (+99532) 202222
          Fax: (+99532) 250580
          E-mail: contact@procreditbank.ge
          Web site: http://www.procreditbank.ge

          FITCH RATINGS
          Olga Budovnits
          James Watson, Moscow
          Phone: +7 095 956 99 01

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


TBC BANK: Fitch Lifts Long-term Rating to 'B-' from 'CCC+'
----------------------------------------------------------
Fitch Ratings has upgraded Georgian-based TBC Bank's (TBC)
ratings to Long-term 'B-' from 'CCC+' and Short-term rating 'B'
from 'C'.  Its other ratings are affirmed at Individual 'D' and
Support '5'.  The Outlook on the Long-term rating remains Stable.

The upgrade reflects improvement in the operating environment in
Georgia and TBC's strong domestic franchise and sound
profitability, capitalization and asset quality to date.
However, TBC remains a small bank by international standards
operating in a still high-risk environment.  In addition, its
rapid growth gives rise to credit and operational risks; and its
loan book is concentrated and of relatively long-tenor.

Upward pressure on TBC's ratings could result from further
improvements in the operating environment or an extension of the
bank's track record of sound profitability, capitalization and
asset quality as it grows rapidly.  Downward pressure could be
caused by deterioration in the operating environment, a
significant reduction in asset quality or a marked weakening of
profitability or capitalization.

TBC is the largest bank in Georgia, with approximately 25% of the
country's banking assets and customer deposits at end-Q305.  It
has developed a strong franchise in Georgia both in retail and
corporate business.  The bank is controlled by two well-connected
Georgian businessmen, Mamuka Khazaradze and Badri Japaridze with
approximately 79% of shares, while the largest minority
shareholders, the International Finance Corporation and Deutsche
Investitions- und Entwicklungsgesellschaft, own 10% and 9%,
respectively.  The former is currently negotiating the purchase
of a stake from the bank's majority owners, which would increase
its stake to a blocking, estimated 31%.

CONTACT:  TBC BANK
          Phone: +995-32 22 06 61
                 or 29 16 93
          E-mail: info@tbcbank.com.ge
          Web site: http://www.tbcbank.ge

          FITCH RATINGS
          Olga Budovnits
          James Watson, Moscow
          Phone: +7 095 956 99 01

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


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


BERENTZEN AG: Chairman Leaving at Year's end
--------------------------------------------
Theo Spettmann is leaving as supervisory board chairman of German
alcoholic beverage group Berentzen AG at the end of the year,
according to Borsen Zeitung.

Berentzen is a family-run company founded in 1758.  It plans to
trim down its workforce to cut cost and offset the effect of
lower sales in recent years.  In June, the company said its
pre-tax loss for the period dropped to EUR2.2 million from EUR7
million last year; this despite a dismal turnover, which tanked
to EUR175 million from EUR187.6 million.  The group blamed the
results to weak demand for spirits, its core product.

Berentzen expects to book an operating loss for 2005, but this
will be offset by a EUR116 million extraordinary gain from the
sale of its 26.9% stake in Norwegian group Arcus Gruppen.  It
expects to post an operating result better than last year's loss
of EUR6.4 million.

CONTACT:  BERENTZEN-GRUPPE AG
          Ritterstrasse 7
          49740 Haseluenne
          Phone: +49 5961 502-0
                 +49 5961 502-268
          Web site: http://www.berentzen-gruppe.com


BPK BLANKENESER: Hamburg Court Calls in Administrator
-----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against BPK Blankeneser Privatklinik GmbH on October 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 9, 2005
to register their claims with court-appointed provisional
administrator Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 11:00 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BPK BLANKENESER PRIVATKLINIK GmbH
          Blankeneser Bahnhofstrasse 19, 22587 Hamburg
          Contact:
          Dr. Michael K. G. Hintz, Manager

          Stefan Hinrichs, Administrator
          Osterbekstrasse 90a, 22083 Hamburg
          Phone: 040/41004040
          Fax: 040/41004059


DAIMLERCHRYSLER AG: UN Probe Involves Former Worker
---------------------------------------------------
A former employee of DaimlerChrysler AG has become entangled in
the probe on alleged corrupt practices at the United Nation's
Oil-for-Food program, the Associated Press says.

Stuttgart prosecutors said they are examining whether the
ex-employee, who was not named, violated any German export laws
by selling a vehicle to Saddam Hussein's government.  The
investigation was launched after the sale was mentioned in a
report of alleged manipulation of the US$64 billion program.

They added the former DaimlerChrysler worker could have illegally
paid DEM13,589.50 to obtain an export permit for the vehicle.
The prosecutors did not provide further details.

DaimlerChrysler spokeswoman Ursula Mertzig said the former
employee retired several years ago.  The company declined to
comment further investigations by the U.S. Securities and
Exchange Commission and the U.S. Department of Justice are
ongoing.

However, a report by the U.N. Independent Inquiry Committee
revealed "the money was paid under a side agreement to a contract
for the delivery of an armored van to the Iraqi Oil Ministry."

A copy of the transaction obtained from the Iraqi government
carried the signature of DaimlerChrysler Manager Wolfgang Denk.
The side payment was included in the invoice sent to the U.N.
"consistent with the practice of inflating official contract
prices to account for kickback payments."   Mr. Denk couldn't
remember signing the side agreement.

Last month, the report revealed that DaimlerChrysler
AG was among companies that paid Saddam Hussein's regime
kickbacks and illegal surcharges.  It disclosed that about half
of the 4,500 companies involved in the U.N. oil-for-food program
paid US$1.8 billion in bribe and other illegal fees.

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


DENKFACTORY PROJEKT: Proofs of Claim Due December
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Denkfactory Projekt GmbH i.L. on October 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 15,
2005 to register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 10:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on March 2,
2006, 10:05 a.m. at the same venue.

CONTACT:  DENKFACTORY PROJEKT GmbH i.L.
          Alte Schonhauser Str. 47, 10119 Berlin

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


GEA GROUP: Sells Dynamit Nobel Kunststoff for EUR350 Million
------------------------------------------------------------
GEA Group Aktiengesellschaft (formerly MG Technologies) has sold
Dynamit Nobel Kunststoff (DNK), a supplier of the automotive
industry, to the Swedish Plastal Group.  The sale assumes an
enterprise value of EUR350 million.  In 2004, DNK, a profitable
organization with approximately 5,000 employees, reported sales
of roughly EUR915 million.

"The disposal of our plastics business finalizes our strategic
realignment initiated in 2003 which has focused our operations on
mechanical engineering and plant engineering.  In the Plastal
Group, DNK enjoys excellent prospects," said GEA Group's Chief
Executive Officer Jürg Oleas.

The acquisition of DNK is subject to approval by the antitrust
authorities.  The transaction is the outcome of a bidding process
in which numerous investors participated.  The enterprise value
of EUR350 million (before deduction of debt and pension
obligations) is equivalent to a DNK 2004 EBITDA multiple of 4.3.
In the GEA Group's consolidated financial statements (according
to IFRS) at December 31, 2005, this transaction will give rise to
an overall loss on discontinued operations, probably in the order
of between -EUR165 million and -EUR175 million, taking into
account the expected net profit of DNK.  A loss of -EUR169
million will be reported for DNK in the consolidated financial
statements at September 30, 2005.  In the annual financial
statements of GEA Group AG, prepared in accordance with German
generally accepted accounting principles
(HGB), this loss will probably be restricted to between -EUR35
million and -EUR45 million.  The financial leeway of the Group
will improve with the closing of the transaction by around EUR190
million, giving support to the organization's growth strategy.

Dynamit Nobel Kunststoff registered in Weissenburg, Bavaria,
Germany, provides sophisticated solutions mainly to the
automobile industry through its Thermoplastics and Duroplastics
business units.  The company has specialized in the contract
production of large plastic moldings and is one of the leading
European manufacturers.  Customers include major European, U.S.
and Japanese carmakers.  DNK's products range from bumpers and
tailgates to airbag system components, structural components and
dashboards.

Plastal Group registered in Kungalv in Sweden is an automobile
industry supplier with operations complementary to the activities
of DNK.  The company employs approximately 2,300 people and
reported sales of about EUR510 million in 2004.  The acquisition
of DNK widens Plastal's product portfolio and strengthens the
Group's presence in important markets.

GEA Group Aktiengesellschaft is an international technology group
that focuses on specialty mechanical engineering -- particularly
process engineering and equipment -- and plant engineering.  Its
sales totaled approximately EUR4.1 billion in 2004.  On December
31, 2004, it employed around 17,000 people.  The GEA Group is one
of the world's market and technology leaders in 90% of its
businesses and is listed in Germany's MDAX index.

CONTACT:  GEA GROUP AKTIENGESELLSCHAFT
          Phone: +49-(0)234-980-1081
          Fax: +49-(0)234-980-1087
          Web site: http://www.geagroup.com


HORBY SCHRODER: Creditors Meeting Set January
---------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Horby Schroder GmbH on October 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 7, 2005 to register their
claims with court-appointed provisional administrator Dr.
Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting on January 4, 2006, 9:50 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  HORBY SCHRODER GmbH
          Osdorfer Landstrasse 131, 22690 Hamburg
          Contact:
          Rolf Schroder, Manager
          Pfefferstrasse 31a, 22143 Hamburg

          Dr. Sven-Holger Undritz, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 808136-212
          Fax: 808136-119


LEICA CAMERA: First-half Net Loss Down to EUR4.6 Million
--------------------------------------------------------
Leica Camera has closed the first half of fiscal year 2005/2006
with sales growing by 6.7% on the previous year period, to
EUR48.0 million, as of September 30.  The positive development of
sales originates in all key sales regions.

Largest growth was recorded by binoculars, scopes and
rangefinders (Leica sports optics), which increased by 34.4% to
EUR17.7 million.  Leica system cameras sales also showed a 30.5%
growth to EUR16.6 million.  Delivery of the LEICA DIGITAL-MODUL-R
had a favorable effect on the sales of this division.  Demand for
the LEICA DIGITAL-MODUL-R will continue to exceed the Company's
manufacturing capacities in the foreseeable future.

Sales related to analogue and digital compact cameras fell by
55.6 % to EUR4.2 million, as of September 30, mainly as a result
of existing digital compact cameras reaching the end of their
life cycle.

At -EUR1.9 million, operating result continues to be
unsatisfactory, although reduced by EUR2.2 million compared to
the previous year period.  Extraordinary result comes to -EUR1.4
million, up from prior year's -EUR2.4 million.  Net loss after
tax was reduced by EUR2.8 million and amounts to -EUR4.6 million.

The further restructuring of the Leica Camera AG Group gets
ahead.  Measures aimed at reducing material and overhead costs
are already working successfully.  Especially inventory and
capital commitment costs have been reduced by cutting back
inventory assets; inventory assets have been reduced by 29.3% to
EUR32.4 million.

                            *   *   *

In February, Leica's banks partially terminated their credit
lines after the firm said it expects a loss of half of its
registered share capital in March 2005.  The group closed the
first half of its fiscal year 2004/2005 (FY end March 31) with
sales of EUR45 million, 15% below the figure in the first half
last year.

CONTACT:  LEICA CAMERA AG
          Oskar-Barnack-Strasse 11
          35606 Solms
          Deutschland
          Web site: http://www.leica-camera.com


NORDEX AG: Doubles New Business in Third Quarter
------------------------------------------------
Nordex AG has recorded a significant growth in new business for
the second quarter in succession in this financial year.  In the
3rd quarter of 2005, order receipts doubled on the basis of
strict internal criteria to EUR122.4 million (previous year:
EUR61.2 million).

Overall, order receipts increased by some 60% to EUR279.9 million
in the first nine months of the year (previous year: EUR174.7
million), putting them above projections. Around 83% of orders in
the 3rd quarter came from abroad.  These include eight wind farm
projects worth EUR94 million from France alone.  The company
received further orders from Portugal and China.

Overall, in the 3rd quarter customers ordered 60 wind turbines
with an installed output of around 122 megawatts from Nordex.
With 36 N90 turbines, the largest machine currently produced by
the manufacturer was the mainstay of sales, including an offshore
project with the new N90/2500.  The Nordex S70/S77 (1500 kW),
previously only marketed in Germany, was sold abroad for the
first time.  As at 30 September 2005, the order backlog rose by
88% to around EUR261 million (previous year: EUR139 million),
foreign orders accounting for some 80% of these projects, with
France (EUR126 million) as the principal focus.

Due to the strong demand, Nordex is raising its projections for
order intake in fiscal 2005 from EUR300 million to more than
EUR350 million (previous year: EUR237 million).  The company
continues to forecast annual revenues of some EUR280 million
(previous year: EUR214 million).  Nordex will be publishing the
complete report on the 3rd quarter of 2005 on 29 November 2005.

                        About the Company

The Nordex Group is one of the world's leading suppliers of wind
turbines.  It has 689 employees and assets of EUR186.382 million
as of Dec. 31, 2004.  It has bank debt of EUR37.566 million (as
of 2004) and tax liabilities of EUR3.356 million as of 2004.  The
company had consolidated cumulative loss of EUR33.457 million for
the period Oct. 1, 2003 to Sept. 30, 2004.

Management is aiming to reduce operating loss to around EUR2
million in fiscal 2005 as a whole.

To reinforce its equity and debt capital situation on a sustained
basis, Nordex is implementing a comprehensive recapitalization
plan.  New Nordex shares were admitted to trading in Frankfurter
Wertpapierborse June 22.  The company projects return to profit
by 2006.

Visit http://bankrupt.com/misc/Nordex(StubFY2004).pdffor the
latest annual report and http://bankrupt.com/misc/Nordex.htmfor
company profile.

CONTACT:  NORDEX AG
          Ralf Peters
          Phone: +49 40 500 -100
          Fax: +49 40 500 - 333


OKO-POOL: Erfurt Business Succumbs to Bankruptcy
------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Oko-Pool Logistik GmbH on October 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 3, 2006 to register their
claims with court-appointed provisional administrator Olaf Kupke.

Creditors and other interested parties are encouraged to attend
the meeting on January 17, 2006, 1:00 p.m. at the district court
of Erfurt, im Justizzentrum, Rudolfstr. 46, 99092 Erfurt, 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:  OKO-POOL LOGISTIK GmbH
          Contact:
          Thomas Baars, Manager
          Gewerbegebiet 17, 99894 Schonau vor dem Walde

          Olaf Kupke, Administrator
          Neuwerkstr. 38/39, 99084 Erfurt


POOLPOSITION GMBH: Creditors' Claims Due Later this Month
---------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against PoolPosition GmbH on October 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 23, 2005 to register their
claims with court-appointed provisional administrator Joachim
Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005 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:  POOLPOSITION GmbH
          Werrestr. 17, 32549 Bad Oeynhausen
          Contact:
          Susanne Oelschleger and Marco Moser, Managers

          Joachim Walterscheid, Administrator
          Am Kurpark 2, 32545 Bad Oeynhausen


SCHAUMSTOFF LUEBKE: Under Bankruptcy Administration
---------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Schaumstoff Luebke GmbH on October 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 25, 2005 to register their
claims with court-appointed provisional administrator Hendrik
Rogge.

Creditors and other interested parties are encouraged to attend
the meeting on January 6, 2006, 9:45 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SCHAUMSTOFF LUEBKE GmbH
          Bluecherstrasse 7-9, 22767 Hamburg
          Contact:
          Dieter Luebke, Manager

          Hendrik Rogge, Administrator
          Albert-Einstein-Ring 15, 22761 Hamburg
          Phone: 897186-0
          Fax: 897186-11


SPACE MEDIA: Court Appoints Administrator
-----------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Space Media Immobilien Consult GmbH on October 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 9, 2005
to register their claims with court-appointed provisional
administrator Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting on January 6, 2006, 9:25 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SPACE MEDIA IMMOBILIEN CONSULT GmbH
          Rodingsmarkt 16, 20459 Hamburg
          Contact:
          Marc Poppe, Manager
          Magdalenenstrasse 10, 20148 Hamburg

          Peter-Alexander Borchardt, Administrator
          Deichstrasse 1, 20459 Hamburg
          Phone: 040/3760100


STRATEMANN KRAFTFAHRZEUGE: Bielefeld Firm Goes Bust
---------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Stratemann Kraftfahrzeuge GmbH on October 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 1, 2005
to register their claims with court-appointed provisional
administrator Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting on December 22, 2005, 11:00 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:  STRATEMANN KRAFTFAHRZEUGE GmbH
          Potsdamer Str. 210, 33719 Bielefeld
          Contact:
          Alfred Wilhelm Becker, Manager

          Joachim Walterscheid, Administrator
          Am Kurpark 2, 32545 Bad Oeynhausen


VOGEL- UND BLUMENPARK: Kleve Court to Verify Claims Next Month
--------------------------------------------------------
The district court of Kleve opened bankruptcy proceedings against
Vogel- und Blumenpark Aktiengesellschaft Kevelaer-Twisteden und
Cie. Plantaria KG on October 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 14, 2005 to register their claims
with court-appointed provisional administrator Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting on December 5, 2005, 10:00 a.m. at the district court
of Kleve, Schlossberg 1 (Schwanenburg), 47533 Kleve, 2. Etage,
Sitzungssaal D 270, 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:  VOGEL- UND BLUMENPARK AKTIENGESELLSCHAFT KEVELAER-
          TWISTEDEN UND CIE. PLANTARIA KG
          Am Scheidweg 1-5, 47624 Kevelaer
          Contact:
          Werner Neumann, Manager

          Wilhelm Klaas, Administrator
          Eichendorffstrasse 25, 47800 Krefeld


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


YIOULA GLASSWORKS: Proposed Debt Rated 'B'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Yioula Glassworks S.A.  At the same
time, the group's proposed EUR130 million senior unsecured notes
were assigned a 'B' rating, one notch below the corporate credit
rating.  The outlook is stable.

Yioula is a Greece-based manufacturer of glass containers for the
food and beverage industry in southeast Europe.  The group also
manufactures glass tableware.  At June 30, 2005, pro forma for
Yioula's proposed refinancing, total debt was EUR224 million.

"The ratings reflect Yioula's highly leveraged financial risk
profile, limited size and diversification, as well as the group's
exposure to the seasonal food and beverage industry," said
Standard & Poor's credit analyst Vanessa Brathwaite.   "These
factors are, however, mitigated by Yioula's good cost position
arising from its low cost base in southeast Europe and high plant
efficiency from well-invested assets, with high utilization rates
resulting from the group's large market shares."

These positive rating factors have allowed the group to generate
superior EBITDA margins compared with glass container
manufacturers based in Western Europe.  For the 12 months to June
30, 2005, Yioula's EBITDA margin was 30%.

"Standard & Poor's expects that although FOCF will be limited,
Yioula should be able to generate sufficient operating cash flows
to fund debt service, maintenance and expansion capital
expenditures, and working capital," added Ms. Brathwaite.

We also expect the group to maintain adequate credit protection
ratios.  Specifically, funds from operations to net debt should
remain above 15% and EBITDA interest coverage should be more than
3x.  Any upside in the ratings is constrained by Yioula's limited
cash flows and diversification.

There is no headroom within the ratings for debt-financed
acquisitions.  The ratings could be lowered if the group
increases debt to fund capital expenditures without offsetting
additional debt with improved cash flows, or if FOCF generation
is negative indicating a trend.

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:  YIOULA GLASSWORKS S.A.
          5 Oryzomylon Street,
          Aegaleo 12244, Hellas
          Phone: (+30) 210 54 03 400
          Fax: (+30) 210 54 42 421
          Web site: http://www.yioula.gr/


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


AN POST: Agrees on EUR4.8 Million Payment to Three Unions
---------------------------------------------------------
An Post has accepted three Labour Court recommendations for
payment of Sustaining Progress increases to staff who are members
of the Civil and Public Service Union (CPSU), the Association of
Higher Civil and Public Servants (AHCPS) and the Public Service
Executive Union (PSEU).  This represents an additional annual
payroll cost of EUR4.8 million for An Post.

The recommendation was made on the grounds that An Post staff who
are members of the CPSU and AHCPS have already agreed and are in
the process of implementing programs of change in work practices
and staffing.

The PSEU has agreed in advance to accept an imminent Labour Court
decision on a program of change for their members at An Post.
The Court on Nov. 1 recommended that those staff receive the same
Sustaining Progress payments as the other two unions, on
acceptance of its decision by both parties.

The increases will also be paid to all pensioners who worked in
positions represented by these three unions.

The original claim for payment of Sustaining Progress was made by
the Group of Unions at An Post comprising the CPSU, PSEU, AHCPS
and the Communications Workers Union (CWU).  A Labour Court
recommendation in July of this year linked the payment of
Sustaining Progress to acceptance by the CWU of work practice
changes in An Post's Collection and Delivery operation.  This was
rejected by the CWU, effectively blocking payment to members of
the other three unions.  Subsequently the three unions served
separate claims for payment of Sustaining Progress to their
members.

In line with the May 2005 Labour Relations Commission appointed
Assessor's Report on the company's finances and its ability to
pay, An Post agreed to pay all staff five per cent of outstanding
Sustaining Progress increases, backdated to January 1, 2005.

The Nov. 1 decision covers these payments which will be paid with
effect from their due date:

(a) 2% with effect from 1st February 2005;

(b) 1.5% from 1 May, 2005;

(c) 1.5% from 1 November 2005; and

(d) 2.5% from 1 May 2006.

Phasing of increases under Sustaining Progress

Part 1:

3% with effect from 1 November, 2003;
2% with effect from 1 August, 2004;
2% from 1 February 2005;

Part 2:

1.5% with effect from 1 May, 2005,
1.5% with effect from 1 November 2005,
2.5% with effect from 1 May 2006

                            *   *   *

An Post closed last year with an after-tax profit of EUR6.5
million, ending three successive years of escalating losses that
threatened its future.  In April, An Post revealed an operating
profit of EUR1.8 million, with exceptional income of EUR5.3
million from property disposals and other items reflecting the
success of its crisis control measures.

Turnover in the year at EUR750.2 million was up by EUR41
million -- an increase of 5.8% from 2003.  Staff and postmasters'
costs at EUR502.4 million were marginally up on the previous year
while other costs decreased.

The financial turnaround was reportedly achieved by carrying out
a recovery strategy that involved cutting non-pay costs,
curtailing pay costs through stringent control of overtime and
recruitment, and non-payment of Sustaining Progress.  However,
the Company's future remains uncertain as mail volumes declined
by 1.3% since 2003 -- the second successive year -- despite
national economic growth of 5% a year and an additional 80,000
new delivery points.

CONTACT:  AN POST
          E-mail: pressoffice@anpost.ie
          Web site: http://www.anpost.ie


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


ALITALIA SPA: Rivals Have Until Nov. 11 to Contest Servizi Sale
---------------------------------------------------------------
Alitalia S.p.A. and state-owned holding group Fintecna will
launch a joint takeover of Alitalia Servizi, Agenzia
Giornalistica Italia says.  The two have already informed the
local competition authority of the plan.  The watchdog gave
third-party observers until November 11 to submit their opinion.

Alitalia Servizi was formed in November last year.  The division
handles aircraft maintenance, IT systems, administrative systems
and call center operations for Alitalia.  Under its restructuring
plan, the division will be span off and partially sold to
Fintecna.  Alitalia will be left with AZ Fly, which will handle
all flight operations following the restructuring.

                        About the Company

Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it-- generates more than
EUR4 billion in annual revenue and employs more than 20,000
people.  As of December 2004, group net debt stood at EUR1.76
billion in 2004.  Alitalia flies to about 80 destinations in more
than 60 countries from hubs in Rome and Milan and operates a
fleet of about 185 aircraft.  Despite a EUR1.4 billion
state-backed restructuring in 1997 and a EUR1.4 billion capital
injection two years ago, it remains in deep financial crisis.
Alitalia has posted annual profit only four times in the past 16
years.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


ALITALIA SPA: Flying more Winter Routes this Year
-------------------------------------------------
Ailing Alitalia S.p.A. has added five local and two oversees
flights to its winter schedule, Reuters says.

Since Nov. 1, Alitalia has been flying to European cities
Strasbourg and Kiev; and local destinations Alghero, Bolzano,
Parma, Rimini and Treviso in partnership with Air Alps and Alpi
Eagles.

Alitalia is adding more flights to eastern European destinations
and to Dakar, Delhi and New York.  It is now flying daily from
Milan Linate to London Heathrow and Shanghai.

                        About the Company

Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it-- generates more than
EUR4 billion in annual revenue and employs more than 20,000
people.  As of December 2004, group net debt stood at EUR1.76
billion in 2004.  Alitalia flies to about 80 destinations in more
than 60 countries from hubs in Rome and Milan and operates a
fleet of about 185 aircraft.  Despite a EUR1.4 billion
state-backed restructuring in 1997 and a EUR1.4 billion capital
injection two years ago, it remains in deep financial crisis.
Alitalia has posted annual profit only four times in the past 16
years.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


FIAT SPA: Forms Alliance with Ford to Produce Small Cars
--------------------------------------------------------
The Automobile Sector of Fiat Group and Ford Motor Company signed
a definitive agreement to co-operate on the joint development and
production of vehicles in the European small car (sub-B) segment.
The outcome of this exciting project will be the delivery to
market of two highly differentiated vehicles, small cars with
exterior and interior design that are true to the individual
parents' brand identities.

The two vehicles planned for development, the new Fiat 500 and a
replacement for the current Ford Ka in Europe, will play a
significant role in each company's European product range.  Fiat
and Ford are highly experienced in the development of successful
small cars in Europe.  By working together, Fiat and Ford will
benefit substantially from reduced development costs and
economies of scale in manufacturing and component sourcing.

The result will lead to better value and increased quality for
customers, while retaining the brand characteristics of each
vehicle.

Fiat and Ford are already working jointly on the development of
the new vehicles.  The current Fiat Panda platform will be the
basis for the development of the new cars, which will be
manufactured in Fiat's existing Tychy facility in Poland, where
Ford engineers will contribute to the development of their
models.  The vehicles will use Fiat powertrains built in Poland
and Italy.

"The strategic cooperative agreement with Ford represents another
milestone in our strategy that calls for targeted alliances aimed
at sharing financial and industrial resources on new products and
platforms," said Sergio Marchionne, CEO of Fiat Group and Fiat
Auto.  "It is consistent with successful ventures, established
with major partners including PSA Peugeot Citroen and Suzuki, and
current discussions with the Indian group Tata Motors."

Marchionne added: "As far as Fiat is concerned, the partnership
with Ford is relevant fourfold: the decision to manufacture the
new cars at Tychy is a clear vote of confidence and trust in our
Polish plant; the joint development of the new cars bears witness
of the flexibility of the highly successful Fiat Panda platform;
the alliance represents a win-win industrial opportunity to both
parties.  Finally, I am pleased to say that the much awaited
future Fiat 500 will further enhance our brand identity as it
represents both an icon in the history of our Company, and of the
motor industry."

"We fully intend to replace the Ka with a similarly iconic
model," said John Fleming, Ford of Europe President and CEO.
"This vehicle will retain the fundamental character of the
original and embody key elements of our new 'kinetic' design
language.  Styling for the Ka replacement will be led by Ford of
Europe Executive Design Director Martin Smith.

Fleming added: "Ford of Europe has amassed considerable expertise
in the development of small cars, and is recognized for its
class-leading driving dynamics.  Fiat is the ideal partner for us
in this particular project, as they are acknowledged as having
been for many years one of the world's leading manufacturers of
small cars.  The decision to combine forces with Fiat in this
highly competitive area gives us the opportunity to minimize unit
costs, while developing highly competitive products, which will
be true to our respective brand values."

The new products will come to market in the 2007-08 period.  The
projected annual volume will be around 240,000 units, divided
evenly.

                        About the Company

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR33.4 billion in the
first nine months of 2005.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                           Status to date

The company recently converted EUR3 billion bank debt into
shares, halving net industrial debt to EUR4.7 billion.  The
founding Agnelli family maintained its 30% control of the
company.

In August, S&P revised its outlook on Italy-based automaker Fiat
S.p.A. to stable from negative.  At the same time, Standard &
Poor's affirmed its 'BB-' long-term and 'B' short-term corporate
credit ratings on the group.

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


IMPREGILO SPA: Authorities Widen Scope of Accounting Probe
----------------------------------------------------------
Prosecutors in Monza have expanded their probe on Impregilo to
include a stake sale in engineering unit Fisia Italimpianti, the
daily MF said.

The investigation will focus on the price paid to Impregilo by
Equinox Investment Company for a minority stake in Fisia and a
repurchase option.  Impregilo announced in late 2002 the sale of
Fisia to wholly owned Hiatus S.p.A. for EUR280 million.
Following this sale, Impregilo sold 49% of Hiatus to Equinox for
EUR39.2 million.

The probe was set off by allegations of accounting irregularities
attending the loans Impregilo extended Imprepar, a subsidiary now
in liquidation.

                            *   *   *

Headquartered in Viale Italia 1, Sesto S. Giovanni, 20099 Milan,
Impregilo S.p.A. -- http://www.impregilo.it-- is a leading
engineering group in Italy that has existed since 1906.  It
generates more than EUR2.96 billion in annual revenue and employs
more than 11,703 people.  As of December 2004, group net result
and net financial position stood at -EUR1.76 billion and -EUR499
million respectively.

In June, Impregilo reached agreements with banks on:

(a) The re-scheduling of short-term borrowings totaling EUR200.3
    million (the banks include Banca Intesa, Unicredito,
    SanPaolo IMI and Capitalia);

(b) The restructuring of Fisia Italimpianti's debt.  Fisia, a
    company under the group, agreed with a pool of banks, led by
    Banca di Roma S.p.A., to restructure a residual amount of
    EUR76 million on a medium-term loan granted at the time of
    Fisia's acquisition by Hiatus S.p.A.  As of Dec. 31, 2004,
    Fisia had EBITDA of EUR28.8 million, net indebtedness of
    EUR123 million, and shareholders equity of EUR87 million.
    It has 588 employees;

(c) The Conversion of EUR680 Million Bridging Loan used to cover
    the company's short-term requirement, mainly bonds that
    matured May and June.

The contract also provided a facility whereby Impregilo may
convert up to EUR500 million of the bridging loan into a
seven-year financing.  Impregilo intends to repay the remaining
EUR180 million using a portion of the proceeds raised by its
EUR650 million share offering in June.

Corporate restructuring specialist Lazard Freres & Co. LLC is
advising Impregilo.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it


===================
K A Z A K H S T A N
===================


BANK TURANALEM: Upcoming Eurobond Gets Expected 'BB' Rating
-----------------------------------------------------------
Fitch Ratings has assigned Bank TuranAlem's (BTA) and TuranAlem
Finance B.V.'s (TAF) new US$3 billion global medium term note
program expected ratings of Long-term 'BB' (for senior unsecured
notes with maturities in excess of one year) and Short-term 'B'
(for senior unsecured notes with maturities of less than one
year).  It has also assigned an expected Long-term 'BB' rating to
the upcoming three-year US$ floating-rate issue, which is the
first draw-down under the program.  The final ratings are
contingent upon receipt of final documentation conforming
materially to information already received.

Public issuance under the program will be rated separately.
Apart from providing for the issuance of senior unsecured notes,
the program provides for the issuance of subordinated notes, the
ratings of which would probably be lower than those of senior
unsecured notes.  Likewise, the program permits the issuance of
structured (e.g. index-linked) notes, whose ratings may differ
from those assigned to non-structured notes.

Senior notes issued by TAF under the program are unconditionally
and irrevocably guaranteed by BTA, rated Long-term foreign
currency 'BB'/Stable, Long-term local currency 'BB+'/Stable,
Short-term 'B', Individual 'C/D', Support '3', and proceeds from
such notes will be deposited with BTA.  Proceeds from
subordinated notes issued by TAF will be on-lent to BTA under
subordinated loan agreements.

Senior notes issued by BTA under the program and BTA's guarantees
of senior notes issued by TAF, will rank at least pari passu with
all present or future unsecured senior obligations of the bank,
save those preferred by relevant provisions of law and of general
application.  Under Kazakhstani law, the claims of retail
depositors rank above those of other senior unsecured creditors.
At end-H105, retail deposits accounted for 14% of BTA's total
liabilities, according to the bank's International Financial
Reporting Standards (IFRS) accounts.

The terms and conditions of notes issued under the program
contain a cross default clause (triggered by default on debt of
US$10 million or more) and a negative pledge clause, the latter
of which allows for a degree of securitization by BTA.  Should
any securitization be undertaken, Fitch comments that the nature
and extent of any overcollateralization would be assessed by the
agency for any potential impact on unsecured creditors.
Covenants also include restrictions on mergers and consolidations
by BTA.

The terms of each issue of notes under the program will state
whether the issuer or noteholders enjoy call or put options,
respectively, in regard to the notes.  No such options will apply
to the upcoming debut issue.

BTA was the second largest commercial bank in Kazakhstan by IFRS
assets at end-H105, and has top three positions in all major
market segments.  The bank's common stock is owned primarily by a
number of Kazakh investors, but Raiffeisen Zentralbank, the
European Bank for Reconstruction and Development, the
International Finance Corporation and Nederlandse Financierings -
Maatschappij Voor Ontwikkelingslanden own convertible preferred
shares, resulting in a 17.1% equity ownership in the bank.

CONTACT:  BANK TURANALEM
          Almaty, md Samal-2
          Dzholdasbekov str. 97#
          050051 Kazakhstan
          Phone: +7 (3272) 500111 or 500222
          Fax: +7 (3272) 500224
          Web site: http://bta.kz

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

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


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


GETRONICS N.V.: First Nine-month Result Up to EUR52 Mln
-------------------------------------------------------
Highlights first nine months performance

(a) Service revenue increases to EUR1,670  million (YTD Q3
    2004: EUR1,288 million) or by 31% at constant rates;

(b) Q3 shows a 3.7% organic growth in service revenue and 2.0%
    year to date;

(c) Service revenue per average employee increases by 11% to
    EUR66,139 (2004: EUR59,715);

(d) On a pro-forma basis, service revenue growth of The
    Netherlands (Getronics PinkRoccade) is 6.3% in the third
    quarter;

(e) EBITAE increases to EUR62 million representing an increase
    of EUR47 million (YTD Q3 2004: EUR15 million), resulting in
    a 3.1% EBITAE margin (YTD Q3 2004: 0.9%);

(f) Operating result (before EUR29 million acquisition
    integration expenses) increases to EUR52 million (YTD Q3
    2004: EUR15 million) and includes EUR10 million amortisation
    of acquired intangibles;

(g) Cash flow used in operating activities amounts to EUR205
    million (YTD Q3 2004: EUR214 million), which is broadly in
    line with the seasonal pattern;

(h) In addition to the major global wins highlighted at the
    first half-year reporting stage, Getronics adds its second
    largest global workspace management contract ever with the
    signing of a 5-year agreement with Novartis, bringing the
    total contracted value of major global wins close to EUR600
    million so far in 2005;

(i) Further good progress is made with the PinkRoccade
    integration as cost synergies start to come through and the
    commercial engine of the new combination builds momentum.

(j) On 29 September 2005, Getronics successfully launches and
    prices its EUR150 million 2.75% senior unsecured convertible
    bonds due 2010, which allows the Company to reduce interest
    expenses, improve its funding maturity profile, and creates
    increased financial flexibility;

Other developments

(a) Getronics continues to focus on its services portfolio and
    this is expected to enhance the overall market position and
    business performance;

(b) The operational excellence programs continue to be executed
    to deliver more process efficiencies and cost-effectiveness;

(c) Business recovery in the United Kingdom, Iberia, Italy and
    Japan is proceeding according to plan;

(d) The Company has extended the appointment of CEO Klaas
    Wagenaar for a period of four years, conditional on the
    approval of shareholders during the next shareholder's
    meeting.  This ensures continuity of leadership in this
    crucial period and ensures that Klaas Wagenaar will continue
    to lead the transformation process, implement and further
    develop the company's growth and profitability strategy.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Getronicsresults.pdf

                            *   *   *

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

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

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

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

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

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

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

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


ROYAL SHELL: Share Cancellation Carries on
------------------------------------------
On 7 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,500,000 'A' Shares at a price of EUR25.84 per
share.  It further purchased for cancellation 400,000 'A' Shares
at a price of 1,747.67 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,985,039,000.

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


ROMPETROL GROUP: Facing Eleventh Faber Invest Suit
--------------------------------------------------
The Rompetrol Group N.V. (TRG) received in Holland summons to
appear as defendant in a case filed in Bucharest Court by Faber
Invest & Trade Inc. of Delaware, USA (Faber).

Faber

-- is a small shareholder in TRG's Romanian subsidiary Rompetrol
   Rafinare SA (RRC);

-- is suing TRG, RRC and the Romanian privatization authority
   (AVAS) seeking the cancellation of the October 2000
   privatization agreement of the Petromidia refinery and
   apparently the return of the majority stake in the refinery
   to the Romanian State for the purpose of re-auctioning it;
   and

-- is legally represented by Marian Alexander Iancu, who until
   recently was also one of the beneficial owners (via Faber and
   VGB Oil) of Romania's Rafo refinery.

This is the eleventh shareholder suit filed against RRC by Faber
in the last year.  RRC believes all the suits are groundless and
in fact are just brought by a competitor for harassment reasons.

What is significant, however, is this time Faber has included in
its public filing with the Bucharest Court an Annex, which is a
confidential document produced in 2004 by the National
Anticorruption Prosecutor's Office (PNA).  This document is
entitled "Themes in View of Control Performed by the National
Control Authority Regarding Aspects Related to and as Consequence
of the Privatization of the Strategic Interest Object S.C.
Rafinaria Vega S.A. Ploesti and S.C. Petromidia S.A. Constanta."

Importantly, this PNA document:

-- Was apparently produced between May and September of 2004
   (after which time the PNA announced it was not pursuing its
   investigation anymore);

-- Was signed by Adriana Cristescu, who subsequently moved from
   the PNA to the Office of the General Prosecutor (GPO) and
   continues with the investigation of 14 current and former
   Rompetrol employees on charges (which TRG believes to be
   politically motivated and unsubstantiated) ranging from fraud
   to money-laundering to running an organized criminal group;
   and

-- Was at some point illegally leaked from the PNA to Faber.

In its recent Court filing, Faber has inadvertently provided "the
smoking gun": clear and public evidence that it has been
receiving confidential PNA documents, possibly from their author
Prosecutor Adriana Cristescu.  Faber is using this information,
illegally obtained from the prosecutors, to implement its March
2004 blackmail threat against TRG.  (In March 2004, only weeks
before the release of the now infamous "Talpes report" and the
commencement of the original PNA investigation, TRG spurned Mr.
Iancu's suggestions to merge Petromidia with his Rafo refinery,
and was told that "information has been collected that will be
used to destroy you.")

TRG and RRC will continue to defend all eleven shareholder suits
brought by Faber, and we are confident in our ultimate success.
However, we demand an immediate and comprehensive investigation
into how an internal PNA document produced by Prosecutor
Cristescu has come into the possession of Faber and what other
links may exist between the prosecutorial authorities and Faber.
Given this clear and public evidence, we suggest as appropriate
the immediate suspension of Prosecutor Cristescu from her role as
prosecutor in all the criminal cases now pending against
Rompetrol executives.

CONTACT:  ROMPETROL GROUP
          Rompetrol Building
          222 Calea Victoriei
          010099 Bucharest
          Romania
          Phone: +40 21 30 30 800
          Phone: +40 21 30 30 801
          Fax: +40 21 31 22 490
          E-mail: office@rompetrol.com

          FABER INVEST & TRADE INC.
          Bucharest Representative Office
          37 - 43 Luptatorilor Blvd. Sector 1,
          Bucharest, Romania
          Phone: +40 21 222 33 52
          Fax: +40 21 222 33 52
          E-mail: office@faberinvest.ro


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


BEL-COM-CENTRE: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on close joint stock company
Bel-Com-Centre.  The case is docketed as A08-6756/05-24 "B".  Mr.
V. Tulinov has been appointed temporary insolvency manager.  A
hearing will take place on December 2, 2005, 10:30 a.m. at the
Arbitration Court of Belgorod region at Russia, Belgorod,
Narodnyj Avenue, 135.

CONTACT:  BEL-COM-CENTRE
          Russia, Belgorod region,
          Pervomayskaya Str. 82

          Mr. V. Tulinov
          Temporary Insolvency Manager
          394018, Russia, Belgorod region,
          Kirova Str. 9, Office #30


BIN BANK: Fitch Raises Ratings to 'B-'/'B' on Expected Financing
----------------------------------------------------------------
The Fitch ratings agency on Oct. 28 upgraded B.I.N. Bank's
ratings to long-term B- from CCC+, short-term B from C, and
national long-term BB(rus) from BB-(rus).  Its other ratings have
been affirmed at Support 5 and Individual D.  Following the
upgrades, the outlooks on both the long-term and the national
long-term ratings are now stable, an agency news release said.

This move reflects Fitch's expectation that a US$100 million
capital injection will be forthcoming by the end of 2005,
significantly improving BIN's already acceptable capitalization
ratios.  It also reflects the decrease over the past 18 months in
concentration levels on both sides of the balance.

BIN, one of Russia's 30 largest banks in terms of assets, was
established in 1993 to provide banking services to other members
of the BIN group.  BIN's lending operations are currently
predominantly with large corporations, but in 2002 the bank
broadened its strategy to include the retail and small- to
medium-sized enterprise sectors.

CONTACT:  B.I.N. BANK
          5a, Grodnenskaia str., 121471 Moscow
          Russian Federation
          Phone: +7 (095) 755-50-60, 414235 BIN RU (Telex),
          209192 (Teletype)
          Fax: +7 (095) 440-09-75/755-50-81
          E-mail: binbank@binbank.ru


COMPANY GAS: Orel Court Brings in Insolvency Manager
----------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on CJSC Company Gas.  The case is docketed
as A48-5278/05-20b.  Mr. S. Lukin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 303850, Russia,
Orel region, Livny, K. Marksa Str. 106.  A hearing will take
place on December 14, 2005, 10:00 a.m.

CONTACT:  Mr. S. Lukin
          Temporary Insolvency Manager
          303850, Russia, Orel region,
          Livny, K. Marksa Str. 106


KRAN-SPETS-BUR-MASH: Bankruptcy Hearing Set Next Year
-----------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on engineering plant Kran-Spets-Bur-Mash.
The case is docketed as A04-1692/05-6/174 "B".  Mr. N. Surov has
been appointed temporary insolvency manager.  A hearing will take
place on March 27, 2006, 9:00 a.m.

CONTACT:  KRAN-SPETS-BUR-MASH
          676330, Russia, Amur region,
          Shimanovsk, Plekhanova Str. 2

          Mr. N. Surov
          Temporary Insolvency Manager
          Russia, Amur region, Blagoveshensk,
          Sv. Innokentiya Per. 13, Room 105


MASLYANINSKOYE MILK: Declared Insolvent
---------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Maslyaninskoye Milk after finding the limited
liability company insolvent.  The case is docketed as
A45-7231/05-10/70.  Mr. A. Shiyanov has been appointed insolvency
manager.  Creditors have until December 8, 2005 to submit their
proofs of claim to 632644, Russia, Novosibirsk region, Kochenevo,
Pushkina Str. 18 "B".

CONTACT:  MASLYANINSKOYE MILK
          633563, Russia, Novosibirsk region,
          Maslyanino, Maslyaninskiy region

          Mr. A. Shiyanov
          Insolvency Manager
          632644, Russia, Novosibirsk region,
          Kochenevo, Pushkina Str. 18 "B"


NEW WORLD: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Primorye region has commenced bankruptcy
supervision procedure on close joint stock company New World Sea
Food.  The case is docketed as A51-10466/2005 9-156.  Mr. S.
Roshin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 690105, Russia,
Vladivostok-105, Post User Box 45.  A hearing will take place on
January 18, 2006, 11 a.m. at the Arbitration Court of Primorye
region at Russia, Vladivostok, Svetlanovskaya Str. 54,
Room 405.

CONTACT:  NEW WORLD SEA FOOD
          Russia, Primorye region,
          Vladivostok, Pologaya Str. 63

          Mr. S. Roshin
          Temporary Insolvency Manager
          690105, Russia, Vladivostok-105,
          Post User Box 45


NIZHEAMUR-STROY: Period for Filing of Claims Ends Next Month
------------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Nizheamur-Stroy after finding the open joint
stock company insolvent.  The case is docketed as
A73-1794/2005-36.  Mr. A. Kurdyukov has been appointed insolvency
manager.

Creditors have until December 8, 2005 to submit their proofs of
claim to:

(a) NIZHEAMUR-STORY
    682462, Russia,
    Nikolaevsk-na-Amure, Zavodskoye Per. 4

(b) Insolvency Manager
    680028, Russia, Khabarovsk region,
    Amurskiy Avenue, 11


NORD: Succumbs to Bankruptcy
----------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Nord after finding the project-building
company insolvent.  The case is docketed as A64-1196/05-18.  Mr.
D. Kozlov has been appointed insolvency manager.  Creditors have
until December 8, 2005 to submit their proofs of claim to 392000,
Russia, Tambov, Studenetskaya Naberezhnaya Str. 20.

CONTACT:  NORD
          392000, Russia, Tambov region,
          Studenetskaya Naberezhnaya Str. 20

          Mr. D. Kozlov
          Insolvency Manager
          392000, Russia, Tambov region,
          Studenetskaya Naberezhnaya Str. 20


POSEIDON: Insolvency Manager Takes over Business
------------------------------------------------
The Arbitration Court of Kamchatka region has commenced
bankruptcy supervision procedure on open joint stock company
Poseidon.  The case is docketed as A24-3100/05-14.  Mr. A.
Protsenko has been appointed temporary insolvency manager.  A
hearing will take place on February 27, 2006.

CONTACT:  POSEIDON
          Russia, Kamchatka region, Ust-Bolsherectskiy region,
          Ozernovskiy, Oktyabrskaya Str. 1a

          Mr. A. Protsenko
          Insolvency Manager
          683024, Russia, Petropavlovsk-Kamchatskiy,
          Post User Box 228


RUSSIAN BANKS: S&P Raises Ratings of Eight Banks
------------------------------------------------
Standard & Poor's Ratings Services took the following rating
actions on nine Russian banks, reflecting improvements in their
individual credit profiles backed by the growing economy in the
Russian Federation (foreign currency, BBB-/Stable/A-3; local
currency, BBB/Stable/A-3):

(a) The long- and short-term counterparty credit ratings on
    Vneshtorgbank (OJSC) (VTB) were raised to 'BBB-/A-3' from
    'BB+/B', outlook stable; the subordinated debt rating was
    raised to 'BB+' from 'BB-';

(b) The long-term counterparty credit rating on International
    Moscow Bank (IMB) was raised to 'BB' from 'BB-', outlook
    positive;

(c) The long- and short-term counterparty credit ratings on Alfa
    Bank were raised to 'BB-/B' from 'B/C', outlook stable; the
    Russia national scale rating was raised to 'ruAA-' from
    'ruA+';

(d) The long- and short-term counterparty credit ratings on MDM
    Bank were raised to 'B+/B' from 'B/C', outlook positive;

(e) The long-term counterparty credit rating on Bank URALSIB
    OJSC (URALSIB) was raised to 'B' from 'B-', outlook
    positive;

(f) The long-term counterparty credit rating on B.I.N. BANK was
     raised to 'B-' from 'CCC+', outlook stable; the Russia
     national scale rating was raised to 'ruBBB-' from 'ruBB';

(g) The long-term counterparty credit rating on Ural Bank for
    Reconstruction and Development (UBRD) was raised to 'CCC+'
    from 'CCC', outlook stable;

(h) The outlook on OJSC Commercial Bank Petrocommerce (PK) was
    revised to positive from stable; the 'B/C' ratings were
    affirmed;

(i) The Russia national scale rating on Promek-Bank (Promek) was
    raised to 'ruBBB+' from 'ruB+' and removed from CreditWatch
    with positive implications, where it had been placed on
    March 30, 2005.

"Russian banks continue to benefit from positive macroeconomic
trends, the government's strong financial position, and the
economy's high liquidity level," said Standard & Poor's credit
analyst Irina Penkina.  "This results in a growing level of
financial intermediation, improving loan performance, and higher
profits from commercial and investment banking services. Robust
growth in retail banking is a healthy trend indicative of a more
mature stage of banking market development," she added.

"Nevertheless, the Russian banking industry remains highly risky
due to its limited ability to withstand external shocks. Negative
rating factors continue to include significant risk
concentration, an inefficient legal system, still-weak
regulation, and an undeveloped bank industry infrastructure,"
said Standard & Poor's credit analyst Eugene Tarzimanov.

"The upgrade of VTB reflects continued support from, and the
bank's close links with, the government of Russia; the bank's
strengthening financial profile and market position; and its good
growth prospects in a supportive macroeconomic environment," said
Standard & Poor's credit analyst Ekaterina
Trofimova.  "The bank's growing market share increases its
importance to the domestic economy.  With Russia's external
liquidity and fiscal reserves growing, the government's ability
to provide financial support is improving, as demonstrated by its
upcoming $1.3 billion capital investment in VTB," she added.

The upgrade of IMB reflects the increased commitment from its
majority owner, Bayerische Hypo- und Vereinsbank AG (HVB;
A/Negative/A-1), and IMB's closer business and financial
integration into the HVB group.  "The ratings on IMB are also
supported by the bank's strong commercial position in the Russian
corporate finance market; relatively well-developed
risk-management systems; ample liquidity; and good levels of
profitability," added Ms. Penkina.

The upgrade of Alfa Bank reflects the bank's strengthening
financial and commercial performance, supported by Russia's
robust macroeconomic environment.  Positive rating factors also
include Alfa Bank's stronger franchise and broader business
diversification, as well as the continued and demonstrated
support of shareholders in the wider Alfa Group.

The upgrade of MDM Bank stems from the bank's sustained robust
commercial performance supported by good macroeconomic
conditions, as well as its lessening dependence on trading gains
and a decline in related-party lending.

The upgrade of URALSIB is based on the bank's successful
evolution from a regional niche bank into one of the largest
nationwide players in Russia, highlighted by the recently
completed group bank merger, the largest in the country in recent
years.  The ratings also reflect URALSIB's strengthening
commercial and financial profile, benefiting from its growing
business base, namely in retail banking, and by its dominant
market position in the Republic of Bashkortostan (BB-/Stable/--).

The upgrade of B.I.N. BANK reflects the continued support from
the bank's shareholders, as highlighted by the capital increase
of Russian ruble (RUR) 2.75 billion (about $100 million) in
November 2005. Positive rating factors also include the bank's
sustained adequate capital position and continued customer
diversification, as illustrated by declining--although still
high--sector-denominated, single-name, and related-party
concentrations in loans and deposits.

The upgrade of UBRD is underpinned by the bank's progress in
strengthening its franchise in its home region of Sverdlovsk
Oblast (B+/Stable/--), supported by the fast-growing Russian
economy.

The outlook revision on PK follows its improving core
profitability with relatively good cost control; continuous
diversification in assets and revenues; good liquidity; and
Russia's strong macroeconomic performance.

The upgrade of Promek follows the completion of Promek's
acquisition by France-based Rusfinance SAS (not rated), a
consumer finance holding company majority owned by Société
Générale (AA-/Positive/A-1+).

For further information on these rating actions, see associated
research updates published on RatingsDirect, Standard & Poor's
Web-based credit analysis system, under the names of the
individual banks concerned.

RATINGS LIST
                          To               From
Vneshtorgbank (OJSC)
Counterparty credit rating
                          BBB-/Stable/A-3   BB+/Positive/B
Subordinated debt*        BB+               BB-

International Moscow Bank
Counterparty credit rating
                          BB/Positive/B     BB-/Stable/B

Alfa Bank
Counterparty credit rating
                          BB-/Stable/B      B/Positive/C
Russia national scale rating
                          ruAA-             ruA+

MDM Bank
Counterparty credit rating
                          B+/Positive/B      B/Positive/C

Bank URALSIB (OJSC)
Counterparty credit rating
                          B/Positive/C       B-/Positive/C

B.I.N. BANK
Counterparty credit rating
                          B-/Stable/C        CCC+/Stable/C
Russia national scale rating
                          ruBBB-             ruBB

Ural Bank for Reconstruction and Development
Counterparty credit rating
                          CCC+/Stable/C      CCC/Stable/C

OJSC Commercial Bank Petrocommerce
Counterparty credit rating
                          B/Positive/C       B/Stable/C
Russia national scale rating
                          ruA                ruA

Promek-Bank
Russia national scale rating
                          ruBBB+            ruB+/Watch Pos

*Loan participation notes issued by VTB Capital S.A.
NB: This list does not include all ratings affected.

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


TRADING COMPANY: Irkutsk Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Trading Company (TIN 3801045305) after
finding the open joint stock company insolvent.  The case is
docketed as A19-20819/05-38.  Ms. V. Afanasyeva has been
appointed insolvency manager.

CONTACT:  TRADING COMPANY
          658070, Russia, Arkhangelsk,
          OJSC ANKhK, object 1410, shop "Zakaz"

          Ms. V. Afanasyeva
          Insolvency Manager
          664003, Russia, Irkutsk region,
          Lenin Str. 18, Office 308


TUYMAZINSKIY MEAT: Under Bankruptcy Supervision
-----------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Tuymazinskiy Meat Combine.  The case is docketed as
07-12382/05-G-ADM.  Mr. A. Shaykhetdinov has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 452750, Russia, Bashkortostan republic, Tuymazinskiy
region, Tuymazy, Severnaya Str. 3.

CONTACT:  TUYMAZINSKIY MEAT COMBINE
          452750, Russia, Bashkortostan republic,
          Tuymazinskiy region, Tuymazy, Severnaya Str. 3

          Mr. A. Shaykhetdinov
          Temporary Insolvency Manager
          452750, Russia, Bashkortostan republic,
          Tuymazinskiy region, Tuymazy, Severnaya Str. 3


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


SKANDIA INSURANCE: SSC Dismisses Old Mutual's Protests
------------------------------------------------------
The Swedish Securities Council has commented on three separate
complaints filed by Old Mutual plc against Skandia Insurance Co.
Ltd.  The complaints address a number of different issues.

The Securities Council finds that Skandia's actions are not in
conflict with good practice in the stock market in any respect.

The Council explained:

(a) that Skandia's information activities in response to Old
    Mutual's hostile offer are compatible with good practice in
    the stock market.  In the Council's opinion, it is a matter
    for the Stockholm Stock Exchange and not the Securities
    Council to rule on the content of Skandia's information
    Document;

(b) that the sending of a letter to Old Mutual's largest
    shareholders by Skandia's chairman is compatible with good
    practice in the stock market, even though the letter should
    have been preceded by information to the market.  However,
    the letter did not contain any previously non-published
    information;

(c) that Skandia's board and management have not disregarded
    good practice in the stock market in connection with Old
    Mutual's prospectus work and work on regulatory matters;

(d) that Skandia has not been obligated to disclose ABN Amro's
    fairness opinion in its entirety.  A summary of the document
    has been made public; and

(e) that Skandia has not been obligated to disclose a fairness
    opinion issued by Morgan Stanley, which was not an impartial
    party.

The Council does not feel there is justification for Skandia's
claim that proceeding with the offer with a lower acceptance
level of 90% in a case like this is "obviously counter to the
accepted norms of corporate behavior in the Swedish market."  The
Council refers to the fact that it is not all that uncommon that
a 90% condition is lacking or is withdrawn and that no Swedish
practice with respect to hostile offers has been established on
this point.

As a clarification, Skandia wants to note that this claim in the
letter was based on a review of over 130 offers in the Swedish
market during the last ten-year period.  Fewer than ten of these
offers were carried out at levels between 50% and 90%.  None of
these pertained to companies in the financial sector with
operations requiring regulatory permits.  Several pertained to
small companies, and in many cases the offers were harshly
criticized.

Skandia notes that the Council, at the request of Old Mutual, has
kept secret certain information in the matter of the offer
process.  Skandia has asserted that all information provided to
the Council can be made public.  What has not been reported on in
the Council's statement mainly concerns details on how Old
Mutual's bid was gradually lowered and information about Old
Mutual's expectations that Skandia actively participate in
solving Old Mutual's financing problems.  It also pertains to
information about ABN Amro's unwillingness to issue a fairness
opinion when it became clear that the Board would not recommend
the offer.

The Swedish Securities Council has previously ruled that Old
Mutual acted in conflict with good practice in the stock market
when, in its information brochure to Skandia's shareholders, it
did not report that Skandia's board had advised Skandia's
shareholders to reject Old Mutual's offer.  The Securities
Council ruled that the information brochure was misleading on
this point.  Old Mutual has also acted in conflict with a
statement by the Securities Council with respect to the terms of
its offer.  This action by Old Mutual gave rise to a special
statement from the Securities Council.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

          OLD MUTUAL PLC
          Investor Relations
          Andrew Parkins
          Phone: +44 (0) 20 7002 7264
          Media Relations
          Miranda Bellord
          Phone: +44 (0) 20 7002 7133
          Web site: http://www.oldmutual.com


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


ABB LTD.: 'BB+'/'B' Ratings on CreditWatch Positive
---------------------------------------------------
Standard & Poor's Ratings Services placed all ratings on
Switzerland-based engineering services group ABB Ltd. and related
entities on CreditWatch with positive implications, including the
'BB+' long-term and 'B' short-term corporate credit ratings on
ABB Ltd. and the 'K-4' Nordic commercial paper rating on ABB
Financial Services AB.  This reflects the continuous improvement
of ABB's financial profile and capital structure in recent years,
and its potential to return to a low investment-grade rating upon
successful completion of the asbestos litigation settlement.

"Supported by the group's improved financial profile, the ratings
could be raised when it appears that the uncertainties resulting
from the group's pending asbestos settlement with respect to
Combustion Engineering Inc. have finally abated," said Standard &
Poor's credit analyst Maria Bissinger.  After the hearing before
the U.S. Bankruptcy Court on Sept. 28, 2005, the case has been
passed on to the district court for its ruling.  More than 95% of
claimants have meanwhile approved the plan.

"To resolve the CreditWatch status, we will meet with ABB
management to assess the group's operating outlook, with a
particular focus on its medium-term strategic direction and
financial policies, cash flow generation, and development of
financial leverage over the next few years," said Ms. Bissinger.
"We will also assess the likelihood of the group meeting its
2005-2009 financial targets, which were announced in September
2005."

ABB's financial structure has improved significantly over the
past few years, although it is still leveraged. We believe,
however, that further improvement of ABB's capital structure will
be slower, because its divestiture program is largely completed
and further deleveraging will be dependent on free cash flow
generation.  Its financing and recapitalization measures have
relieved the company's former liquidity problems, as the group
now has several years of debt maturities covered by freely
available cash holdings and undrawn committed credit facilities.
Profitability is sound in ABB's core divisions.

During the fiscal year ending Dec. 31, 2005, ABB's free cash flow
generation is expected to continue to show a positive trend in
view of the seasonally strong cash generation during the fourth
quarter, as well as cost reductions, and lower cash outflows from
discontinued operations.

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:  ABB LTD.
          Affolternstrasse 44
          CH-8050 Zurich, Switzerland
          Investor Relations
          Switzerland
          Phone: +41 43 317 7111
          Sweden
          Phone: +46 21 325 719
          USA
          Phone: +1 203 750 7743


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


AGNELLO LIMITED: Hires Administrator from MBI Equity
----------------------------------------------------
Michael Bowell (IP No 7671) of MBI Equity Limited was appointed
administrator of Agnello Limited (Company No 4625643) on Oct. 25.

CONTACT:  AGNELLO LIMITED
          High Street, Hartley Wintney,
          Hook, Hampshire RG27 8NW
          Phone: 01252843724

          MBI EQUITY LTD.
          First Floor
          Suite 5
          Tunsgate Square
          98-110 High Street
          Guildford, Surrey GU1 3HE
          Phone: 0845 310 2776
          Fax: 0845 450 4464
          E-mail: info@mbiequity.co.uk


ANDOR CAPITAL: Calls in Liquidator
----------------------------------
P. G. Streinger, chairman of Andor Capital Management (UK)
Limited, informs that the special and ordinary resolutions to
wind up the company have been passed.  Jonathan Sisson and Tim
Walsh of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A
4HT and 8 Princes Parade, St Nicholas Parade, Liverpool L3 1QJ
have been appointed liquidators.

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


ANVIL PROJECTS: Court Orders Liquidation
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Anvil Projects Limited
               (In Guernsey Compulsory Liquidation)

The Royal Court of Guernsey ordered the compulsory liquidation of
Anvil Projects Limited on October 25, 2005.  James Robert Toynton
of Chandlers Limited was appointed Liquidator.  All persons
having claims against the Company are required to submit details
thereof to the liquidator on or before November 30, 2005.

CONTACT:  James Robert Toynton, Liquidator
          Anson Court,
          La Route des Camps,
          St Martin,
          Guernsey GY1 3TF


ASHWORTHS PRODUCTS: Appoints RSM Robson Administrator
-----------------------------------------------------
Charles William Anthony Escott (IP No 8913) and David Michael
Riley (IP No 8950) were appointed joint administrators of
Ashworths Products Limited (Company No 00242430) on Oct. 26.  Its
registered office is at Bridge Street Refinery, Bridge Street,
Church, Accrington, Lancashire BB5 4HU.  The company processes
oils and fats.

CONTACT:  ASHWORTHS PRODUCTS LIMITED
          Bridge Street Refinery
          Bridge Street
          Church, Accrington
          Lancashire BB5 4HU
          United Kingdom
          Phone: (01254) 395716
          Fax: (01254) 871136

          RSM ROBSON RHODES LLP
          St George House,
          40 Great George Street,
          Leeds LS1 3DQ
          Web site: http://www.robsonrhodes.co.uk

          RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Phone: +44 (0) 161 236 3777
          Fax:   +44 (0) 161 455 3444
          Web site: http://www.robsonrhodes.co.uk


CROMPTONS LEISURE: Calls in Administrator
-----------------------------------------
David Gilbert and Tony Nygate (IP Nos 2376/01, 9237) of BDO Stoy
Hayward LLP were appointed joint administrators of Cromptons
Leisure International Ltd. (Company No 04348169) on Oct. 26.

Cromptons -- http://www.cromptons.com/-- designs and
manufactures games from its factories based in Ramsgate, Kent,
U.K.  It was first established in 1947 by brothers Alfred and Jim
Crompton and quickly grew to be one of the most recognized names
in the coin-operated industry.  In February 2002, Innovative
Concepts in Entertainment (ICE), of Buffalo New York, acquired
the manufacturing rights and spares business of the company.

CONTACT:  CROMPTONS LEISURE INTERNATIONAL LTD.
          4 Wilton Road
          Haine Industrial Park
          Ramsgate CT12 5HG
          Kent
          Phone: 01843 593335
          Fax: 01843 588043

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


DEANS SYSTEMS: In Administrative Receivership
---------------------------------------------
Burdale Financial Limited appointed Garry Wilson (Office Holder
No 9062) and Alan Hudson (Office Holder No 9200) of Ernst & Young
joint administrative receivers of Deans Systems Limited (Reg No
04852694) on Oct. 26.

Deans Systems -- http://www.deanssystems.com/-- designs and
manufactures powered doors, ramps and handrail systems for buses
and coaches.

CONTACT:  DEANS SYSTEMS LTD
          PO Box 8
          Borwick Drive
          Beverley HU17 0HQ
          Humberside
          Phone: 01482 868111
          Fax: 01482 881890

          ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com

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


DIGITAL QUILLS: Names Tenon Recovery Liquidator
-----------------------------------------------
At a subsequent Meeting of Creditors, duly convened, pursuant to
section 98 of the Insolvency Act 1986, and held the same day, the
appointment of S R Thomas and S J Parker was confirmed.

A. Foley, chairman of Digital Quills Systems Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 19 at 73 Baker Street, London W1U 6RD.

CONTACT:  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


D & L CONTRACTORS: Files for Liquidation
----------------------------------------
M. A. Berry, chairman of D & L Contractors Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 18 at The Freemasons Hall, 36 Bridge Street, Manchester M3
3BT.  Alan H. Tomlinson of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL was appointed liquidator.  The
resolutions and appointment were confirmed at a creditors meeting
held the same day.

CONTACT:  D & L CONTRACTORS LIMITED
          Peopleton
          Pershore
          Worcestershire
          WR10 2DZ
          United Kingdom
          Phone: (01905) 841473

          TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


DRAX GROUP: International Power Abandons Bid
--------------------------------------------
Following International Power plc's announcement on 19 October,
International Power and Mitsui & Co., Limited have worked with
Drax Group Limited and its advisers with a view to putting
forward a firm offer within Drax's current process.

The Board of International Power has not been able to formulate a
firm offer, which it believes would satisfy the expectations of
the Drax Board.  Accordingly, no offer has been submitted.

                            *   *   *

Earlier, Drax disclosed it has received an indicative approach
from a consortium composed of International Power plc and Mitsui
& Co., Ltd. regarding an indicative offer for Drax.

Based on IP/Mitsui's assumptions on net debt and the value of an
equity participation offered as part consideration, the proposal
represents a price for the Linked Securities (A2, A3 debt and
equity) of 350% and an implied enterprise value of approximately
GBP2 billion.  This price compares with the traded price of
approximately 393% as at close of trading on 17 October 2005
(being the last trading day before the date of IP/Mitsui's
proposal).  The Board believes that the IP/Mitsui's proposal
significantly undervalues the Company.

                        About the Company

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

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

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

CONTACT:  DRAX GROUP LIMITED
          PO BOX 3
          Selby
          North Yorkshire
          YO8 8PQ
          Phone: +44 (0) 1757 618381
          Fax: +44 (0) 1757 618504

          DEUTSCHE BANK AG LONDON
          Winchester House
          Great Winchester Street
          London
          EC2N 2DB
          Phone: (020) 7545 8000
          Fax: (020) 7545 4577

          INTERNATIONAL POWER PLC
          Senator House, 85 Queen Victoria St.
          London
          EC4V 4DP
          Phone: +44-20-7320-8600
          Fax: +44-20-7320-8700
          Web site: http://www.ipplc.com

          MITSUI & CO., LTD.
          2-1, Ohtemachi 1-chome, Chiyoda-ku
          Tokyo, 100-0004, Japan
          Phone: +81-3-3285-1111
          Fax: +81-3-3285-9819
          Web site: http://www.mitsui.co.jp


EDWORTHYS LIMITED: Goes into Liquidation
----------------------------------------
W. D. Bartram, chairman of Edworthys Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 24 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:  EDWORTHYS LTD.
          15 March Place
          Gatehouse Way
          Aylesbury
          Bucks
          HP19 3UG
          Web site: http://www.edworthys.co.uk
          Phone: 0800 2989619


FIRST ENTERTAINMENT: Hires Liquidator from Tomlinsons
-----------------------------------------------------
Company names: FIRST ENTERTAINMENT HOLDINGS LIMITED
               FIRST ENTERTAINMENT LIMITED

At the extraordinary general meeting of these companies, the
special and ordinary resolutions to wind up the company were
passed.   Alan H. Tomlinson of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL was appointed liquidator.

Creditors are required on or before November 30, 2005 to send in
their full forenames and surnames, addresses and addresses of
Solicitors (if any), to A. H. Tomlinson of Tomlinsons, and, if so
required, by notice in writing their debt or claims.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


FRESCO OILS: Administrators from RSM Robson Enter Firm
------------------------------------------------------
Charles William Anthony Escott (IP No 8913) and David Michael
Riley (IP No 8950) of RSM Robson Rhodes LLP were appointed joint
administrators of Fresco Oils And Fats Limited (Company No
00725763) on Oct. 26.  Its registered office is at Rosehill
Refinery, Sough Road, Darwen, Lancashire BB3 2HA.  The company
refines edible oil and fats.

CONTACT:  FRESCO OILS AND FATS LTD.
          Sough Road
          Darwen BB3 2HA
          Lancashire
          Phone: 01254 701513
          Fax: 01254 771116

          RSM ROBSON RHODES LLP
          St George House,
          40 Great George Street,
          Leeds LS1 3DQ
          Web site: http://www.robsonrhodes.co.uk

          RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Phone: +44 (0) 161 236 3777
          Fax:   +44 (0) 161 455 3444
          Web site: http://www.robsonrhodes.co.uk


HERITAGE WOOD: Grant Thornton to Liquidate Business
---------------------------------------------------
J. S. Storey, chairman of Heritage Wood Turning Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 21 at Grant Thornton UK LLP, Heron House, Albert
Square, Manchester M60 8GT.  Leslie Ross of Grant Thornton UK
LLP, Heron House, Albert Square, Manchester M60 8GT was appointed
liquidator.

CONTACT:  HERITAGE WOOD TURNING LIMITED
          Unit 3 The Old Brickworks
          Bakestonedale Road
          Pott Shrigley
          Macclesfield
          Cheshire
          SK10 5RX
          United Kingdom
          Phone: +44 01625 560655
          Fax: +44 01625 560697

          GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk


HORTICARE ENVIRONMENTAL: Appoints Baker Tilly Administrator
-----------------------------------------------------------
Guy Edward Brooke Mander and Graham Paul Bushby (IP Nos 8845,
8736) of Baker Tilly were appointed joint administrators of
Horticare Environmental Services Limited (Company No 02733515) on
Oct. 24.

CONTACT:  HORTICARE ENVIRONMENTAL SERVICES LIMITED
          67 Walnut Tree Road,
          Charlton Village,
          Shepperton, Middx TW17 0RP
          Phone: 01283840871

          BAKER TILLY
          3rd & 4th Floors
          Temple Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101
          E-mail: hedleybrunt@hotmail.com


ING SERVICES: Goes into Liquidation
-----------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF ING Services (Guernsey) Limited
                         (In Liquidation)

Notice is hereby given that, at an Extraordinary General Meeting
of the Shareholders of ING Services (Guernsey) Limited, held on
October 25, 2005, these resolutions were passed:

(a) That the Company be wound up voluntarily; and

(b) That Graham Edward Hindle be appointed sole liquidator of
    the company.

All persons having claims against or indebted to the company are
requested to send details thereof to Canada Court, St Peter Port,
Guernsey, on or before November 30, 2005.

CONTACT:  Graham Edward Hindle, Liquidator
          Canada Court
          St. Peter Port
          Guernsey


JUSI DISPOSABLES: Names Administrators from S. F. Plant & Co.
-------------------------------------------------------------
Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) of S F
Plant & Co were appointed joint administrators of Jusi
Disposables Limited (Company No 04278479) on Oct. 28.

CONTACT:  JUSI DISPOSABLES LIMITED
          Unit 1, Kingswood Trading Estate,
          Bristol, Avon BS15 1QX
          Phone: 01179603232

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


J. WEBB: Calls in Joint Liquidators
-----------------------------------
B. Webb, chairman of J. Webb (Plant Hire) Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 12 at 16-17 Boundary Road, Hove, East Sussex BN3 4AN.  David
John Oprey and Kenneth William Touhey of Chantrey Vellacott DFK
were appointed Joint Liquidators.

J. Webb Plant Hire Ltd. -- http://www.jwebbplanthire.co.uk--  
based in Sussex, is a family-run company that has been trading
for over 45 years.  It offers 1.5 ton-, 3 ton- and 5 ton- mini
diggers, dumpers, backhoe loaders as well as 13 ton- and 16 ton-
excavators.

CONTACT:  J. WEBB (PLANT HIRE) LIMITED
          14 Cripps Avenue
          Peacehaven
          East Sussex
          BN10 8AL
          United Kingdom
          Phone: (01273) 582459
          Fax: (01273) 587080

          CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com


LADIES HEALTH: Fitness Club for Sale
------------------------------------
I. J. Allan and H. A. Shinners, joint administrative receivers of
Ladies Health & Fitness Club Limited, offer the business and
assets of the company for sale as a going concern.

Features:

(a) Five fully equipped, ladies-only health clubs in central
    locations;

(b) Operating from leasehold premises in Croydon, Hounslow,
    Kilburn, Maidstone and Putney under the Profiles for Women
    Brand;

(c) Over 3,000 current members; and

(d) Turnover of GBP1 million for the year ending Sept. 30, 2005.

Interested Parties requiring sales particulars should contact:

          SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Phone: 020 7131 4460
          Fax: 020 7131 4019
          Web site: http://www.smith.williamson.co.uk

          Sara Shinners
          E-mail: sarah.shinners@smith.williamson.co.uk


LIVECOM NETWORK: Administrators from Begbies Traynor Move in
------------------------------------------------------------
David Moore and Donald Bailey (IP Nos 007510, 006739) of Begbies
Traynor were appointed joint administrators of Livecom Network
Solutions Limited (Company No 4024619) on Oct. 25.

Livecom -- http://www.livecom-networks.co.uk/-- supplies
networking requirements from alarm systems, closed circuit TV,
computer networks to underground and overhead cabling.  It has
offices in Chester and Liverpool.

CONTACT:  LIVECOM NETWORK SOLUTIONS LTD.
          24 Commerce Way,
          Liverpool, L8 7BA
          Phone: 0151 709 0703

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


LIVERMORE & KNIGHT: Cattles Invoice Appoints Receiver
-----------------------------------------------------
Cattles Invoice Finance Limited appointed G. N. Lee and P.
Stanley (Office Holder Nos 9204, 8123) of Begbies Traynor joint
administrative receivers of Livermore & Knight (Labels) Limited
(Reg No 03583258) on Oct. 24.

CONTACT:  LIVERMORE & KNIGHT (LABELS) LTD.
          Whitebridge Lane
          Stone
          Staffordshire ST15 8LY
          United Kingdom
          Phone: (01785) 818231
          Fax: (01785) 816310

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


MANAGEMENT SOLUTIONS: Members Decide to Wind up Firm
----------------------------------------------------
D. A. Owen, chairman of Management Solutions Group Plc, informs
that the special resolution to wind up the company was passed at
an EGM held on Oct. 28.  Vivian Murray Bairstow and Paul Michael
Davis of Begbies Traynor (South) LLP, 32 Cornhill, London EC3V
3BT were appointed liquidators.

Creditors are required on or before November 30, 2005, to send
their proofs of debt in writing to V. M. Bairstow and, if so
required, by notice in writing their debt or claims.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


MARKS & SPENCER: Per Una Consultant Inks New Deal
-------------------------------------------------
Per Una founder George Davies has signed a new contract with
Marks & Spencer Group plc, The Times says.

The new deal reduces the likelihood of a legal dispute between
the retailer and Mr. Davies, who is planning to launch a rival
fashion business.  In October, Mr. Davies resigned as Per Una
consultant, along with two other Per Una staff.

Mr. Davies said: "I am delighted to be carrying on at Marks &
Spencer.  I believe in the brand.  My target is to build Per Una
into a GBP1 billion brand."

M&S Chief Executive Stuart Rose is understood to have persuaded
Mr. Davies to stay on at Per Una, one of M&S' top-selling areas.
The financial terms are not known, but it will reportedly see Mr.
Davies work two days a week starting July next year.

In 2004, M&S hired Mr. Davies to help its defense against Philip
Green's GBP1 billion takeover offer.  Under his previous
contract, he is required to serve a 12-month notice to ensure an
orderly transition and prohibited from working with a competing
company for six months.  This effectively prevents him from
setting up a rival business until March 2007.

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com


MG ROVER: FAW Group Possible Nanjing Partner, Says Chinese Daily
----------------------------------------------------------------
MG Rover's new owner is in talks with First Automobile Works
Group Corp. to jointly develop Rover cars, said Shanghai Daily.

Quoting unnamed sources, the paper reported that a group of FAW
officials visited Nanjing Automobile (Group) Corp. over the
weekend.  Nanjing has a revival plan for MG Rover, called the
"566 Program," which involves the creation of Nanjing Auto MG
Automobile Co. Ltd.

Nanjing will also set up a production plant in the Nanjing
Jiangning area with a yearly output of 300,000 sedans of various
models, as part of the plan.  The first batch of Rover-branded
vehicles is expected to be launched by 2007.

Earlier, Financial Times said Nanjing is in talks with at least
three potential partners.  Wang Qiujing, Nanjing vice president
and head of British operations, hopes to reach an agreement "as
soon as possible."  He added the company is open to further
approaches.

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


MINORPLANET SYSTEMS: Raises GBP12.2 Mln from Share Offering
-----------------------------------------------------------
On 13 October 2005, Minorplanet Systems plc announced a Placing
to raise GBP10.5 million before expenses and an Open Offer to
Qualifying Shareholders of up to 5,951,907 New Ordinary Shares at
50 pence per share.

The Board disclosed that valid applications under the Open Offer
have been received for 3,406,145 New Ordinary Shares,
representing approximately 57.22% of the New Ordinary Shares
available under the Open Offer.  This has raised an additional
GBP1.7 million before expenses for the Company.

In total, therefore, the GBP10.5 million Placing and GBP1.7
million Open Offer has together raised GBP12.2 million before
expenses for the Company.

David Perry, Minorplanet chairman, said: "The successful
fundraising is a major milestone in the Company's recovery.  It
improves dramatically our financial position and will assist us
in driving the business to profitability and long-term
shareholder value.  It will also give a significant boost of
confidence to our customers, suppliers and employees."

Extraordinary General Meeting

All of the resolutions in the Notice of EGM contained in the
Circular dated 13 October 2005 and necessary to implement the
Capital Reorganization, the Placing, the Open Offer and the move
to AIM were duly passed.

Admission to AIM

It is expected that Admission of the entire ordinary share
capital will occur at 8 a.m. on 10 November 2005 and that trading
in the New Ordinary Shares will commence at that time.  CREST
stock accounts are expected to be credited on 10 November 2005 in
respect of New Ordinary Shares to be held in uncertificated form.
Definitive share certificates in respect of the New Ordinary
Shares to be held in certificated form are expected to be posted,
where applicable, by 14 November 2005.

                        About the Company

Minorplanet is headquartered in Leeds and has operations in five
countries: the United Kingdom, Germany, Holland, Australia and
Ireland.  Minorplanet's largest geographic market by revenue is
the United Kingdom.  Its principal activity is the development
and sale of technology-based fleet management systems.

In October, the company narrowly avoided bankruptcy after
individual and institutional investors coughed up the money to
repay an outstanding loan.  The company needed to raise GBP13.5
million to repay a GBP4.82 million funding provided by majority
shareholder GE Capital Equity and Chief Executive Terry Donovan;
and GBP500,000 by other investors in April.  The loans payable
totaled GBP6.5 million, according to The Guardian.

Proceeds of the placing and open offer will be used as working
capital to complete the firm's turnaround initiatives, accelerate
its growth plans and provide financial stability.  The company
plans to implement cost-saving measures that include moving from
the main stock market to the intermediate AIM.  It used to trade
on AIM before listing on the London Stock Exchange in 2002.

The board had said that if the placing does not take place, the
company will run out of working capital on or around November 14
and directors would then have no alternative but to put the
company into administration immediately.

CONTACT:  MINORPLANET SYSTEMS PLC
          Greenwich House, 223 North Street
          Leeds LS7 2AA
          Phone: +44 (0) 113 2511600
          Fax: 0113 2511685
          E-mail: hq@minorplanet.com
          Web site: www.minorplanet.com


MODO LONDON: Liquidators from Begbies Traynor Move in
-----------------------------------------------------
C. Ismet, chairman of Modo London Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Oct. 18 at
Carolyn House, 22-26 Dingwall Road, Croydon CR0 9XF.  Richard
Andrew Segal and Paul Michael Davis of Begbies Traynor (South)
LLP, 32 Cornhill, London EC3V 3BT were appointed Joint
Liquidators.

CONTACT:  MODO LONDON LTD.
          58 Oxford Street, London W1D 1BH
          Phone: 02076360887

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


PEERLESS PRESS: Files for Liquidation
-------------------------------------
B. D. Goulden, director of Peerless Press Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 21 at Irwin & Company, Station House, Midland Drive, Sutton
Coldfield, West Midlands B72 1TU.  Gerald Irwin of Irwin &
Company, Station House, Midland Drive, Sutton Coldfield, West
Midlands B72 1TU was appointed liquidator.

CONTACT:  PEERLESS PRESS LTD
          97 Spon Lane
          West Bromwich
          B70 6AQ
          West Midlands
          Phone: 0121 553 2511
          Fax: 0121 525 6440

          IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          Birmingham
          West Midlands B72 1TU
          Phone: 08700 111812
          Fax: 08700 111813
          E-mail: mail@irwinuk.net


PROFILE TIMBER: Gibson Booth Liquidator Enters Company
------------------------------------------------------
G. McCardle, director of Profile Timber Limited, informs that the
resolutions to wind up the company were passed at an EGM held on
Oct. 27 at Gibson Booth, 15 Victoria Road, Barnsley S70 2BB.
Edward Christopher Wetton of Gibson Booth, 15 Victoria Road,
Barnsley S70 2BB was appointed liquidator.

Creditors are required on or before November 30, 2005, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims, and names and addresses of
Solicitors (if any), to Edward Christopher Wetton of 15 Victoria
Road, Barnsley, South Yorkshire S70 2BB, and, if so required, by
notice in writing their debt or claims.

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


PROPERTY TAG: Members Decide to Wind up Firm
--------------------------------------------
S. de Buisseret, director of Property Tag Limited (t/a TAMR
Property Passports (Warks)), informs that resolutions to wind up
the company were passed at an EGM held on Oct. 24.  Nigel
Alexander Spearing of Spearing Insolvency, Mulberry House, John
Street, Stratford upon Avon, Warwickshire CV37 6UB was appointed
liquidator.

CONTACT:  PROPERTY TAG LTD.
          11 Mallory Road, Lighthorne Heath
          Leamington Spa, Warwickshire CV33 9TP
          Phone: 01926641916


QUAY ALEXANDER: Appoints Liquidator
-----------------------------------
G. McNeill, chairman of Quay Alexander Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 18 at Albany House, 18 Theydon Road, London E5 9NZ.  S.
Franklin of Panos Eliades, Franklin & Co., Albany House, 18
Theydon Road, London E5 9NZ was appointed liquidator.  The
appointment was confirmed at a creditors meeting held the same
day.

CONTACT:  QUAY ALEXANDER LIMITED
          Apartment 13, Becquerel Court
          London SE10 0QQ
          Phone: 020-7622-1232


RATIO ONE: Meeting of Creditors Today
-------------------------------------
Creditors of Ratio One Limited (Company No 5402429) will meet on
November 9, 2005, 2 p.m. at 39 Hatton Garden, London EC1N 8EH.
Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Steven John Evans of Pure Recovery LLP, 39 Hatton
Garden, London EC1N 8EH.

Ratio One -- http://www.ratioone.com/-- implements SharePoint
Portal Server system.  It offers consulting, development,
interface design, training, support and hosting.

CONTACT:  RATIO ONE
          20 Barclay Road
          Croydon CR0 1JN
          Phone: 020 8760 9173
          Fax: 020 8760 9180
          E-mail: info@ratioone.com

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


REALCREDIT LIMITED: In Liquidation
----------------------------------
Realcredit Limited informs that resolutions to wind up the
company were passed at an EGM held on Oct. 14 at 3 Chapel Court,
42 Holly Walk, Leamington Spa, Warwickshire CV32 4YS.
Christopher H. I. Moore of K J Watkin and Co, Emerald House, 20
Anchor Road, Aldridge, Walsall, West Midlands WS9 8PH was
appointed liquidator.

CONTACT:  REALCREDIT LIMITED
          2 Chapel Crt, Holly Wlk
          Leamington Spa, Warwickshire CV32 4YS
          Phone: 0870-011-0011


SOUTH YORKSHIRE: Calls in Liquidator
------------------------------------
R. J. Phillips, chairman of South Yorkshire Ice Hockey Franchise
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 19 at The Premier Travel Inn, Angel
Street, Sheffield S3 8LN.  P. R. Dewey of Dewey & Co, 17 St
Andrews Crescent, Cardiff CF10 3DB was appointed liquidator.

CONTACT:  SOUTH YORKSHIRE ICE HOCKEY FRANCHISE LIMITED
       Sheffield Arena, Broughton Lane, Sheffield S9 2DF
          Phone: 0114 242 3535
          Fax: 0114 242 3344

          DEWEY & CO.
          17 St Andrews Crescent
          Cardiff
          Glamorgan CF10 3DB
          Phone: 029 2022 2244
          Fax: 029 2022 2223
          E-mail: peter@dewey.demon.co.uk


TOMORROWS LEISURE: Appoints Liquidator from Grant Thornton
----------------------------------------------------------
R. Bingham, chairman of Tomorrows Leisure Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 21 at Grant Thornton UK LLP, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP.  Andrew Conquest and
Joseph McLean of Grant Thornton UK LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP were appointed Joint
Liquidators.

Tomorrows Leisure is a holding company for a group operating as
leisure and hotel managers, snooker club, licensed cafe bar, and
golf and driving range centre proprietors.

CONTACT:  TOMORROWS LEISURE LTD.
          35 Berkeley Square
          London W1J 5AB
          Phone: 020 7495 8686
          Fax: 020 7493 0189

          GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


VENTURER SECURITY: Names Baker Tilly Liquidator
-----------------------------------------------
S. M. Clay, chairman of Venturer Security Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 20 at Baker Tilly, International House, Queens Road,
Brighton, East Sussex BN1 3XE.  Andrew White and Susan Agnes
Maund of Baker Tilly, International House, Queens Road, Brighton,
East Sussex BN1 3XE were appointed Joint Liquidators.

CONTACT:  VENTURER (SECURITY) LTD.
          Berkeley Rd
          Mayfield
          TN20 6EH
          Phone: 01435 873087

          BAKER TILLY
          International House
          Queens Road, Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          E-mail: jonathan.ericson@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


VPTA LTD: Calls in Administrators from KPMG
-------------------------------------------
Richard Dixon Fleming and Francis Graham Newton (IP Nos 8370,
9310) of KPMG LLP were appointed joint administrators of
component manufacturer VPTA Ltd. (Company No 3862859) on Oct. 21.
The company's registered office is at Coatham Avenue, Aycliffe
Industrial Estate, Newton Aycliffe, County Durham DL5 6DB.

CONTACT:  KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Phone: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


* Retailers 'Vulnerable' this year, Says BDO Stoy Hayward
---------------------------------------------------------
Business failures in the retail industry are expected to peak at
1,047 by the end of 2005 before gradually falling in the next two
years, business restructuring experts at BDO Stoy Hayward say.
They predict some big name failures in the coming months.

BDO's Industry Watch report predicts company failures to increase
by 9% this year due to the economic slowdown driven by low
consumer confidence and market polarization.  The report states,
however, the horizon is a bit brighter for the retail industry.
Business failures are predicted to fall steadily from 1,005 in
2006 to 914 in 2007.

Dermot Power, business-restructuring partner at BDO and part of
its retail focus group, said: "Many retailers are holding their
breath to see whether Christmas delivers the hoped-for uplift in
trade.  For retailers who are trading behind budget in quarter
three, the Christmas period is pivotal.  Early quarter 2006
funding decisions will be based on this quarter's performance."

Electrical retailers are expected to show the sharpest increase
in business failures against 2004 figures.  Predictions suggest
that they are set to double from 69 in 2004 to 141 by the end of
the year, as customers curb their spending on fashionable
electrical items.  BDO also believes furniture and certain
clothing retailers are vulnerable in the last quarter of 2005.

Mr. Power added: "Retailers need to position themselves to make
sure that they're not a casualty if Christmas doesn't meet
expectations.  Many cannot afford to wait for seasonal increases
and should consider methods of bringing Christmas forward."

At the back of the report, a checklist of advice is provided for
retailers experiencing a period of underperformance.  The key for
retailers, the checklist states, is understanding where their
business should be positioned.  The recommendations include
devising a "survival plan" after a comprehensive evaluation of
the business as a whole, including staff resource, skills
available and robust marketing plans.

They also suggest considering the disposal of surplus or
non-essential assets, implementing appropriate discount policies
and renegotiating terms with landlords and suppliers.  But
according to BDO Stoy Hayward experts, the immediate priority is
cash, not profit.

Mr. Power said: "This type of immediate response can help to
stabilize a retail business but that's only part of the process.
Longer-term measures to correct the factors contributing to
underperformance are also essential to preserve long-term
viability and restore profitability.

"Funders will be extremely supportive to a well positioned
business that's just weathering an economic storm.  But retailers
should urgently consider whether they need additional equity to
fund any downturn in business or indeed if the appropriate
funding structure is in place.

"In the current market -- where shoppers are increasingly price
savvy -- a regular review of market positions and pricing
strategies is essential for all offerings.

"But regardless of short or long term measures, to give a
business the best chance of turnaround - communication is key.
Recognizing that there's a problem early and flagging it up with
advisors and funders gives retailers the opportunity to draw on
our expertise before it's too late."

CONTACT:  BDO STOY HAYWARD
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


* Company Windings-up Jump 17% in Third Quarter
-----------------------------------------------
The Department for Constitutional Affairs has published
statistics for company winding up, and creditors' and debtors'
bankruptcy petitions issued in the High Court and county courts
of England and Wales during the third quarter of 2005.

In the third quarter of 2005, the number of petitions issued
involved:

(a) 2,977 company winding up petitions, an increase of 17% on
    the petitions in the same quarter of 2004;

(b) 5,087 creditors' petitions, an increase of 28% on the
    petitions in the same quarter of 2004; and

(c) 9,418 debtors' petitions, an increase of 36% on the
    petitions in the same quarter of 2004.

CONTACT:  DEPARTMENT FOR CONSTITUTIONAL AFFAIRS
          Selborne House
          54 Victoria Street
          London SW1E 6QW
          United Kingdom
          Phone: +44-(0) 20-7210 8614
          E-mail: dcaweb.comments@dca.gsi.gov.uk
          Web site: http://www.dca.gov.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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