TCREUR_Public/051110.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

          Thursday, November 10, 2005, Vol. 6, No. 223

                            Headlines

B E L G I U M

TELENET COMMUNICATIONS: 'B+' Rating Affirmed; Off CreditWatch


C Z E C H   R E P U B L I C

AMERICAS INTERNATIONAL: Brokerage Firm Goes Bust


F R A N C E

INFOGRAMES ENTERTAINMENT: Reports EUR70.2 Mln 1st-half Revenue
REFCO INC.: French Assets of European Companies Seized
RHODIA S.A.: Pursues Sale of Nylstar to RadiciGroup


G E R M A N Y

AUTOMERCADO LOHNE: Bielefeld Firm Succumbs to Bankruptcy
BACHMANN GMBH: Creditors' Claims Due December
BRINKMEIER GMBH: Court Appoints Administrator
DAIMLERCHRYSLER AG: Test Market for Finance Arm
ELEMENTA-BAUTRAGER: Proofs of Claim Due Later this Month

FBW FLIESENBAU: Chemnitz Court to Verify Claims January
FRESENIUS MEDICAL: Reports US$116 Mln Third-quarter Net Income
I.S. INDUSTRIE: Under Bankruptcy Administration
IWO-GMBH: Dresden Court Appoints Administrator
MARSEILLE-KLINIKEN AG: Rehabilitation Unit Reduces Loss

QUACK'S VERMOGENSVERWALTUNGS: Court Names Wille Administrator
VOLKSWAGEN AG: Workers Give in to New Cost-cutting Measures
WEINGALERIE VOGTLAND: Creditors Meeting Set January


G R E E C E

OLYMPIC AIRLINES: Air Controllers Strike Grounds Flights


I R E L A N D

SKYNET AIRLINES: Expects to be Back in the Air by February


I T A L Y

PARMALAT SPA: Third-quarter Operating Profit Up 43%
PARMALAT SPA: Willing to Settle Claims vs. Banks, Says Paper
PARMALAT SPA: Shareholders Elect New Board
PARMALAT SPA: Granarolo to Reveal Plans After Board Elections
SAFILO SPA: Moody's Hints of Possible Upgrade


L U X E M B O U R G

NOMA LUXEMBOURG: Moody's Lifts Ratings to Ba3/Ba2


N E T H E R L A N D S

ROYAL SHELL: Buys back 1,750,000 'A' Shares
TBIH FINANCIAL: Moody's Rates Planned Debt Offering (P)B2


P O L A N D

MOSTOSTAL EXPORT: Legal Adviser Files Bankruptcy Petition


R O M A N I A

ROMPETROL GROUP: Issues Statement on Iraq Oil-for-Food Scandal


R U S S I A

AGRO-SERVICE: Kursk Court Opens Bankruptcy Proceedings
IZH-AVTO-GAZ-SERVICE: Declared Insolvent
KYUNDYADINSKAYA: Under External Management Procedure
MALINOVO: Insolvency Manager Takes over Business
PAVLOVSKOYE: Undergoes Bankruptcy Supervision Procedure

PSKOVSKOYE: Calls in Insolvency Manager
RYBINSKOYE: Declared Insolvent
SARMANOVSKIY COMBINE: Proofs of Claim Deadline December 8
VERKHNEKHAVSKIY: Claims Filing Period Ends Next Month
YUKOS OIL: Dutch Court Consolidates Claims on Mazeikiu Stake
ZELENOKUMSKOYE: Bankruptcy Supervision Procedure Begins


S L O V A K   R E P U B L I C

SLOVENSKE ELEKTRARNE: On Rating Watch Pending Privatization


S W E D E N

CONCORDIA BUS: Shareholders Install New Board


S W I T Z E R L A N D

SICPA HOLDING: Moody's Upgrades Ratings; Cites Debt Reduction


U K R A I N E

AGROZAPCHASTINA: Goes into Liquidation
FASHION DEVELOPMENT: Declared Insolvent
KVANT LTD: Under Bankruptcy Supervision
LIGURT: Lviv Court Opens Bankruptcy Proceedings
METAL-INVEST: Files for Liquidation

PARTNER: Court Grants Debt Moratorium
RAJMIZHKOLGOSP: Court Appoints Insolvency Manager
TEPLOTEHNIK: Under Bankruptcy Supervision
TRANS STROJ: Court Appoints Liquidator
TVR-LINE: Insolvency Manager Moves in


U N I T E D   K I N G D O M

AAA AUTO: Hires P&A Partnership to Wind up Business
ALBANY HOUSE: Hires Administrators from Begbies Traynor
ALBASTON AUTO: Files for Liquidation
ANGLIA PAINTS: Calls in Liquidator from Rothman Pantall
AUTOHOUSE OF TOTTENHAM: In Liquidation

BCCI: Lawyers, Auditors Face GBP70 Million Claim
CABLE COMPOUNDS: Names Mercer & Hole Liquidator
CASTLECARE SERVICES: Appoints Administrators from Buchanans
CHARTPOINT PROPERTY: Members Decide to Wind up Firm
COMPASS GROUP: Hires Headhunter to Find CEO Replacement

CONWY AND DENBIGHSHIRE: Deepens Cost-cutting
ENERGIS PLC: Half-year Earnings Up 6% to GBP55 Million
GROUNDWORK RECRUITMENT: Hires Liquidator
HEARTSWELL (CROYDON): Administrators Enter Firm
HOVERSPEED: Closing Loss-making Dover-Calais Route

LAB 35: Calls in Liquidator
LIMITDEMO LIMITED: Appoints Vantis Numerica Administrator
MARKS & SPENCER: Half-year Profit Up 19.6% to GBP308.2 Million
METHOD PRODUCTIONS: Music Producer Liquidates
MG ROVER: PwC Fees Reach GBP6.6 Million

MJM WINDOWS: EGM Passes Winding-up Resolution
MULTIHULL PROMOTIONS: Calls in Liquidator from Marks Bloom
NOVAPAL HOLDINGS: Creditors Meeting Set Friday
OPTIM8 LIMITED: Software Consultancy Firm Winds up
ORCHARD DEALERSHIPS: Calls in Joint Liquidators

PREMIER DIRECT: Administrators from Begbies Traynor Move in
P.T.S. (EUROPE): Liquidator from Benedict Mackenzie Enters Firm
PUMPKIN MARINE: Goes into Liquidation
R AND T: Furniture Store Liquidates
REFCO INC.: Winning Bidder for Assets Known Today

RIMAC LIMITED: Clothing Manufacturer Calls in Administrator
RION LIMITED: Appoints Administrators from Kroll
SARAIDE UK: KPMG Liquidators Enter Firm
SELECT MORTGAGE: Appoints DTE Leonard Liquidator
SMOOTHLINE LIMITED: Administrator from HJS Enters Firm

TREE TOP: Kroll to Liquidate Business
WEST PARK: Liquidator Enters Firm
WHITEHEAD MANN: Loses Case Filed by Cheverney Consulting Limited

* KPMG Sees Tougher Trading Ahead


                            *********


=============
B E L G I U M
=============


TELENET COMMUNICATIONS: 'B+' Rating Affirmed; Off CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit ratings on Belgium-based cable operator Telenet
Communications N.V. and related entity Telenet Group Holdings
N.V.  Both ratings were removed from CreditWatch, where they had
been placed with positive implications on Sept. 23, 2005,
following shareholder approval of Telenet's share offering.  The
outlook on both entities is stable.

"The affirmation of the ratings with a stable outlook, despite
Telenet's strong results and reduced leverage after its share
offering, reflects the risk that Liberty Global Inc. could
increase its control over Telenet," said Standard & Poor's credit
analyst Leandro de Torres Zabala.  "Liberty, the 100% owner of
'B' rated U.S. cable operator UnitedGlobalCom Inc., has a more
aggressive financial strategy and a weaker business risk profile
than Telenet."

Liberty Global Consortium, which is indirectly owned by Liberty
Global Inc. (LGI), subscribed its share rights in Telenet's
primary offering to maintain its 21.3% stake in the share
capital, making it Telenet's major shareholder.  LGI also has
call options until August 2007 to increase its ownership to
41.4%.  There is a risk that LGI could attempt to increase its
control over Telenet at some point in the future through the
exercise of its options or through open capital-market
transactions.  The occurrence and timing of any such transaction
remains uncertain, however.

"If LGI were to achieve control over Telenet, we would most
likely equalize the ratings on Telenet and UnitedGlobalCom," said
Mr. de Torres Zabala.  "The rating level for any equalization
would depend on operating and cash flow developments at Telenet
and LGI, as well as on the combined entity's capital structure
and financial policy at the time of the transaction."

The stable outlook reflects the credit quality of Telenet on a
standalone basis and is supported by the company's solid
operating performance over the past year and lower leverage after
its IPO.  The ratings reflect our continued expectation that
Telenet will successfully defend its leading domestic market
position in CATV services, increase its broadband Internet and
telephony earnings, avoid any material releveraging of its
balance sheet, and generate positive free cash flow.

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:  TELENET COMMUNICATIONS
          Web site: http://www.telenet.bc.ca/


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


AMERICAS INTERNATIONAL: Brokerage Firm Goes Bust
------------------------------------------------
Securities dealer Americas International Brokers (AIB) has
succumbed to bankruptcy, Czech Happenings says.

AIB's compulsory administrator filed the bankruptcy petition,
according to securities brokers guarantee fund, Garancni Fond
Obchodniku (GFO).

GFO will start repaying some 400 AIB clients around EUR3.4
million (CZK100 million) in the next 12 months.  The fund will
only repay up to 90% of each claim or up to EUR20,000 per client.

CONTACT:  AMERICAS INTERNATIONAL BROKERS a.s.
          Vaclavske namesti 62
          Praha 1
          110 00 Praha 1
          Phone: +420 222 210 000
          Fax: +420 222 210 022
          E-mail: info@aib.cz
          Web site: http://www.aib.cz

          GARANCNI FOND OBCHODNIKU
          P.O. Box 787
          111 21 Praha 1
          Phone: 222 192 453
          Fax: 222 192 495
          E-mail: fond@gfo.cz
          Web site: http://www.gfo.cz


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


INFOGRAMES ENTERTAINMENT: Reports EUR70.2 Mln 1st-half Revenue
--------------------------------------------------------------
Infogrames Entertainment says revenue from ordinary business for
the second quarter of fiscal 2005/2006 amounted to EUR70.2
million, down from EUR99.8 million a year ago (under IFRS).

Sales for the period are consistent with the Group's publishing
strategy and normal seasonal market fluctuations.  They reflect a
limited number of new releases during the period, as major new
products will be released at the end of the year and during the
last quarter of fiscal 2006.

Sales in the second quarter were driven by existing games, the
successful September release of the innovative Fahrenheit
franchise (for PC, Playstation 2 and Xbox), which has been
performing very well in various parts of the world, and the
arrival in stores of the first video game parody with Asterix
XXL2 for PC and Playstation 2.

Revenue from ordinary business for the first six months of
2005/2006 totaled EUR125.7 million, of which 50% was generated by
European operations, 38% by U.S. operations and 12% by operations
in the Asia-Pacific region.

In June 2005, the Group previously announced the sale to Hasbro
of digital gaming rights licensed by Hasbro, for EUR52.7 million.
This transaction will have a significant impact on consolidated
net income.

First-half sales reflect the Group's stated strategy of
scheduling major releases during the second half of the year.
Higher profits remain a priority and the Group expects to achieve
this objective by managing franchises in a more pragmatic manner
and by making the Group's structures more flexible.

Major new products are expected to be released during the second
half of the current year, including:

Third Quarter:

-- Dragon Ball Z Tenkaichi for Playstation 2, which has topped
   sales charts in major countries since its release in mid-
   October,

-- Arrival of The Matrix: Path of Neo for Playstation 2, Xbox
   and PC,

-- Dragonshard (Dungeons & Dragons) for PC in Europe,

-- Titeuf for Nintendo DS,

-- Kao Challengers for PSP in Europe,

-- Duel Masters: Shadow of the Code for GameBoy Advance,

-- RollerCoaster Tycoon: Wild! for PC,

-- Totally Spies for GameBoy Advance,

-- Ghost in the Shell for PSP in Europe,

-- GT Legends,

-- Driv3r for GameBoy Advance

Fourth Quarter:

-- Tycoon City: New York for PC,

-- Marc Ecko's Getting Up: Contents Under Pressure for
   Playstation 2, Xbox, PC,

-- Driver: Parallel Lines for Playstation 2 and Xbox,

-- Timeshift for Xbox 360 and PC,

-- Act of War Expansion Pack for PC,

-- Desperados 2: Coopers Revenge for PC,

-- D&D Online: Stormreach for PC,

-- Dragon Ball Z: Supersonic Warriors 2 for Nintendo DS,

-- Tamagotschi for Nintendo DS,

-- Crashday for PC,

-- Hasbro 4-Pack (Monopoly, Boggle, Yahtzee, Battleship) for
   Nintendo DS,

Attachment: http://bankrupt.com/misc/Infogrames_H1Attachment.htm

                            *   *   *

Infogrames Entertainment notes that, pursuant to European
Commission regulation 1606/2002, publicly traded European
companies are required to publish their consolidated financial
statements for fiscal periods starting on or after January 1,
2005 in accordance with International Financial Reporting
Standards (IFRS).

Accordingly, the consolidated financial statements of Infogrames
Entertainment for the period starting April 1, 2005 will be
prepared in accordance with IFRS; their presentation will include
data for the previous year, restated in accordance with those
standards for comparison purposes.  In order to present this
data, the Company has prepared an opening balance sheet for the
transition date of April 1, 2004 under IFRS.

Revenue (now "Revenue from ordinary business") for the second
quarter of fiscal 2005-2006 is stated in accordance with those
standards.  Infogrames will issue a detailed statement of
operations under IFRS together with its half-year financial
results.

                            *   *   *

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

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

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


REFCO INC.: French Assets of European Companies Seized
------------------------------------------------------
At the request of plaintiff Maitre Bertrand Jeanne, a French
Public Officer representing the interests of French businessman
Gerard Sillam, three EUR30 million court orders were entered on
Nov. 8 in the Paris High Court by French Judge Eric Vivian.

The French assets of Refco Overseas Ltd. in Euronext, BCC, BNP
Paribas, Societe Generale, Parel, and Refco Securities S.A. were
seized Wednesday.  The French assets of Refco Securities S.A. in
Euronext, BCC, BNP Paribas, Societe Generale, Parel were
similarly seized.

The court in Paris required a surety of EUR30 million for the
assets of Refco Securities S.A. on Nov. 8.

                            *   *   *

Mr. Sillam filed a US$1.4 billion lawsuit against 39 defendants
in New York Supreme Court on Friday.

The defendants are:

  -- Refco LLC
  -- Refco Overseas Ltd.
  -- Phillip Bennett
  -- Refco Group Holdings Inc.
  -- Liberty Corner Capital
  -- New York Stock Exchange Inc.
  -- Grant Thornton LLP
  -- Grant Thornton UK LLP
  -- Thomas H. Lee Partners LP
  -- Thomas H. Lee Partners Fund V
  -- Thomas H. Lee
  -- Scott A. Schoen
  -- David V. Harkins
  -- Gerald M. Sherer
  -- Leo R. Breitman
  -- Scott Jaeckel
  -- Nathan Gantcher
  -- Ronald O. Kelley
  -- Halim Saad
  -- Dennis A. Klejna
  -- Mark Slade
  -- Julian Courtney
  -- Richard Reinert
  -- David Campbell
  -- Credit Suisse First Boston LLC
  -- Goldman Sachs & Co.
  -- Bank Of America Securities LLC
  -- Merrill Lynch Pierce Fenner & Smith Inc.
  -- Deutsche Bank Securities Inc.
  -- JP Morgan Securities Inc.
  -- Sandler O Neil & Partners LP
  -- HSBC Securities USA Inc.
  -- William Blair & Company LLC
  -- Harris Nesbitt Corp.
  -- CMG Institutional Trading LLC
  -- Samuel A Ramirez & Company Inc
  -- Muriel Siebert & Co Inc.
  -- The William Capital G LP
  -- Utendahl Capital Partners

Mr. Sillam is claiming US$800 million in unpaid fees for its
business association with Refco Group when the latter set up and
developed new securities business in Europe in 1999; and US$600
million in compensatory and exemplary punitive damages.  Mr.
Sillam has also started criminal and commercial proceedings in
France.  A Paris senior investigating judge on Oct. 18 allowed
the criminal complaint to proceed.

In disclosures filed with French and U.S. authorities, Mr. Sillam
claimed fraud and financial misrepresentation against the
defendants involved in Refco Inc.'s IPO in August.  He said
deficiencies in Refco's internal financial controls prior to the
IPO were not discovered due to a lack of due diligence.

CONTACT:  Maitre Frederik-Karel Canoy
          Attorney at Law
          Press
          Phone: +33 (0) 6 13 80 22 21
                 +33 (0) 1 43 98 96 36
          Fax: +33(0) 1 43 98 23 18

          CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty Street, Tower A
          New York, New York 10281
          Web site: http://www.refco.com


RHODIA S.A.: Pursues Sale of Nylstar to RadiciGroup
---------------------------------------------------
Rhodia S.A. and SNIA have signed a new letter of intent with
RadiciGroup in order to sell their shareholding in joint venture,
Nylstar.

This announcement follows the letter of intent signed in March
earlier this year with RadiciGroup aimed at establishing an
alliance between their respective businesses -- Nylstar and
RadiciFibres for RadiciGroup -- in the textile fibers area
(polyamide, polyester, elasthanne, and acrylic).  The three
companies reached this decision after an in-depth analysis of the
business activities in question.

A binding agreement should be finalized in the coming months once
legal and financial documentations have been formalized and the
legal approvals obtained.

RadiciGroup, a multinational group present in 15 countries around
the globe, is one of the most active leading Italian operators.
Its production focuses on the chemicals sector, plastics, and the
synthetic fibers chain.  The Group, with 45 production units and
around 5,100 employees worldwide, closed its 2004 operations with
a consolidated turnover of EUR1,068 million.  RadiciFibres S.p.A.
is the synthetic fibers division of RadiciGroup: it reported a
2004 turnover of around EUR588 million.

SNIA currently operates mainly in the chemicals industry through
its subsidiary Caffaro (turnover of around EUR120 million),
following a split in January 2004 that resulted in the demerger
of its medical technologies which passed to the stock-exchange
listed company Sorin.  SNIA also has significant real estate
assets.

Nylstar, a company jointly owned by Rhodia (France) and SNIA
(Italy), is a European player in the nylon textile yarn industry.
The joint venture, with a total of approximately 2,700 employees,
generated net sales of EUR428 million in 2004.

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

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

                        Restructuring Plan

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

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

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

                         Status to date

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

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

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

          RADICIGROUP
          Press Office
          E-mail: pressoffice1@radicigroup.com

          SNIA
          Press Relations
          E-mail: giuseppe.raciti@snia.it


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


AUTOMERCADO LOHNE: Bielefeld Firm Succumbs to Bankruptcy
--------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against automercado Lohne GmbH on October 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 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 January 13, 2006, 9:30 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:  AUTOMERCADO LOHNE GmbH
          Luebbecker Str. 73, 32584 Lohne
          Contact:
          Alfred Wilhelm Becker, Manager
          Sauerlandstr. 82 a, 33647 Bielefeld

          Joachim Walterscheid, Administrator
          Am Kurpark 2, 32545 Bad Oeynhausen


BACHMANN GMBH: Creditors' Claims Due December
---------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Bachmann GmbH & Co. KG on October 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 12,
2005 to register their claims with court-appointed provisional
administrator Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 9:45 a.m. at the district court
of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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:  BACHMANN GmbH & Co. KG
          Schlitzerstrasse 4, 60386 Frankfurt am Main
          Contact:
          Dr. Klaus Lombeck, Manager

          Peter Jost, Administrator
          Bleichstrasse 2-4, D-60313 Frankfurt/Main
          Phone: 069/209739-0
          Fax: 069/20973929


BRINKMEIER GMBH: Court Appoints Administrator
---------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Brinkmeier GmbH & Co. Modevertriebs Kommanditgesellschaft
on October 18.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 24, 2005 to register their claims with court-appointed
provisional administrator Cornelia Monert.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 9:50 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:  BRINKMEIER GmbH & Co. MODEVERTRIEBS-
          KOMMANDITGESELLSCHAFT
          Brunnenstr. 15, 33602 Bielefeld
          Contact:
          Guenter Brinkmeier, Manager
          Hanglehne 65, 33607 Bielefeld

          Cornelia Monert, Administrator
          Lise-Meitner-Str. 13, 33605 Bielefeld


DAIMLERCHRYSLER AG: Test Market for Finance Arm
-----------------------------------------------
DaimlerChrysler AG mulls selling DaimlerChrysler Services
Structured Finance GmbH (SFG), one of its financial services
units, Automobilwoche says.

The carmaker is reportedly using the unit as a trial balloon to
test interest for its finance units.  Based in Stuttgart, SFG
initiates, places, and handles closed funds for both private and
institutional investors.

A spokesman for DaimlerChrysler said, "There is a strategy in the
whole company of focusing on the core automobile business."  But
he brushed aside speculation the group will divest the entire
finance division: "The auto and financing businesses are so
intertwined that a sale is not a topic at all."

The division recently opened a branch in Beijing, China.
Registered as DaimlerChrysler Auto Finance (China) Ltd., it is
the first automotive company in China to offer financing for both
passenger and commercial vehicles.

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


ELEMENTA-BAUTRAGER: Proofs of Claim Due Later this Month
--------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Elementa-Bautrager GmbH on October 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 29, 2005 to register their
claims with court-appointed provisional administrator Andreas
Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on December 20, 2005, 9:30 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:  ELEMENTA-BAUTRAGER GmbH
          Detmolder Str. 17, 33604 Bielefeld
          Contact:
          Ulrich Speckenbach, Manager
          Bismarckstr. 22, 33615 Bielefeld

          Andreas Stratenwerth, Administrator
          Lemgoer Str. 4, 33604 Bielefeld


FBW FLIESENBAU: Chemnitz Court to Verify Claims January
-------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against fbw Fliesenbau GmbH Werdau on October 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 16, 2005 to
register their claims with court-appointed provisional
administrator Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 11:00 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21,
Chemnitz, 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:  FBW FLIESENBAU GmbH WERDAU
          Contact:
          Gerolf Pabst, Manager
          Wettinerstrasse 48, 08412 Leubnitz

          Wolfgang Hauser, Administrator
          Poetenweg 36, 08056 Zwickau


FRESENIUS MEDICAL: Reports US$116 Mln Third-quarter Net Income
--------------------------------------------------------------
Fresenius Medical Care AG presents final results for the third
quarter and nine months of 2005.

                           Third Quarter
Revenue

Total revenue for the third quarter 2005 increased by 9% (8% at
constant currency) to US$1,717 million.  The total organic growth
rate worldwide was 7%.  Dialysis Care revenue grew by 9% to
US$1,247 million (8% at constant currency) in the third quarter
of 2005.  Dialysis Product revenue increased by 10% to US$470
million (9% at constant currency) in the same period.

North America revenue increased by 8% to US$1,168 million.
Dialysis Care revenue increased by 7% to US$1,037 million.
Average revenue per treatment for the U.S. clinics increased by
2.5% to US$299 in the third quarter 2005, as compared to US$291
for the same quarter in 2004.  Same-store treatment growth was
3.0% (U.S. operations).  Dialysis Product revenue increased by
16% to US$131 million led by strong sales of our 2008K
hemodialysis machines and dialyzers.

International revenue was US$549 million, an increase of 12% as
compared to the third quarter of 2004, or 10% adjusted for
currency.  Dialysis Care revenue reached US$210 million, an
increase of 20% (17% at constant currency).  Dialysis Products
revenue increased by 8% to US$338 million (6% at constant
currency).

Earnings

Operating income (EBIT) increased by 11% to US$237 million.
Operating income in the third quarter 2005 includes US$7 million
of one-time costs related to the transformation of Fresenius
Medical Care's legal form into a Kommanditgesellschaft auf Aktien
(KGaA).  As previously announced, the Company expects one-time
costs for the full year 2005 to be approximately US$10 million
for the transformation.  This amount includes the one-time costs
in the third quarter 2005.

Excluding one-time costs, the operating income for the third
quarter 2005 increased by 14% to US$244 million.  This very good
performance resulted in an operating margin of 14.2% compared to
13.6% for the same quarter in 2004.

Compared with the third quarter 2004, the operating margin in
North America increased by 40 basis points to 14.3%.  In our
International segment, the operating margin increased by 130
basis points to 15.9%.  The strong operational performance in the
International segment was positively impacted by better
production efficiencies, sales of higher margin products,
favorable reimbursement environment in major dialysis service
countries and foreign currency gains.

Net interest expense decreased by 8% to US$42 million for the
third quarter of 2005.  This positive development was mainly
attributable to a lower debt level in combination with lower
average interest rates.

Income tax expense was US$79 million in the third quarter of
2005, compared to US$67 million in the third quarter of 2004,
reflecting effective tax rates of 40.3% and 39.8%, respectively.

Net income in the third quarter 2005 was US$116 million, an
increase of 14%.  Excluding one-time costs, net income increased
by 18%.

Earnings per share (EPS) in the third quarter of 2005 rose by 13%
to US$1.19 per ordinary share (US$0.40 per ADS), compared to
US$1.06 (US$0.35 per ADS) in the third quarter of 2004.  The
weighted average number of shares outstanding during the third
quarter of 2005 was approximately 96.8 million.

Cash flow

In the third quarter of 2005, the Company generated US$202
million in net cash from operations, which is 11.8% of revenue
-- at the high end of our target.

A total of US$65 million (net of disposals) was used for capital
expenditures.  Free Cash flow before acquisitions was US$137
million for the third quarter of 2005.  Days Sales Outstanding
(DSO) in the third quarter of 2005 were reduced by 1 day compared
to the second quarter of 2005 as a result of strong cash
collection efforts, especially in North America.  A total of
US$34 million in cash was used for acquisitions.

              Nine Months ended September 30, 2005

Earnings and Revenue

For the nine months ended September 30, 2005 net income was
US$339 million, up 16% from the same period in 2004.  Excluding
one-time costs, net income increased by 17%.

Net revenue for the nine months 2005 was US$4,999 million, up 9%
compared to the same period in 2004.  Adjusted for currency, net
revenue rose 8%.

Operating income (EBIT) increased by 11% to US$695 million.
Operating income for the nine months ended September 30, 2005
includes US$8 million of one-time costs related to the
transformation of Fresenius Medical Care's legal form into KGaA.
Excluding one-time costs, operating income increased by 13% to
US$703 million resulting in an operating margin of 14.1% as
compared to 13.6% in the same period in 2004.

Net interest expenses for the nine months ended September 30,
2005 decreased by 8% to US$127 million.  Income tax expense was
US$227 million for the nine months compared to US$193 million in
the same period in 2004.  This reflects an effective tax rate of
40.0% for 2005.

In the nine months ended September 30, 2005 earnings per ordinary
share rose by 15% to US$3.50 (US$1.17 per ADS).

Cash flow

Cash from operations for nine months of 2005 was US$470 million
compared to US$560 million in the same period of 2004.  This
reduction was mainly due to higher income tax payments in North
America, fluctuations in collections of other receivables and a
slower rate of DSO improvement this year.

A total of US$162 million was used for capital expenditures, net
of disposals.  Free Cash flow before acquisitions for the nine
months of 2005 was US$308 million as compared to US$417 million
in the same period of 2004.  Net cash used for acquisitions was
US$86 million in the nine months ended September 30, 2005.

Patients, Clinics, Treatments

As of the end of the third quarter in 2005, Fresenius Medical
Care served approximately 130,400 patients worldwide, which
represents an increase in patients of 6%.  North America provided
dialysis treatments for more than 88,800 patients (+4%) and the
International segment served approximately 41,600 patients
(+11%).

As of September 30, 2005, the Company operated a total of 1,670
clinics worldwide, comprised of 1,155 clinics (+2%) in North
America and 515 clinics (+11%) in the International segment.

Fresenius Medical Care delivered approximately 14.66 million
treatments in the nine months ended September 30, 2005, which
represents an increase of 5% year over year.  North America
accounted for 10.04 million treatments (+4%) and the
International segment for 4.63 million treatments (+7%).

Renal Care Group Acquisition

Shareholders of Renal Care Group, Inc. (NYSE: RCI) voted
overwhelmingly at its special meeting on August 24, 2005, to
adopt the merger agreement under which Fresenius Medical Care AG
will acquire Renal Care Group, Inc. for US$48.00 per common
share.

The transaction remains subject to other customary closing
conditions, including the expiration of the waiting period under
the Hart-Scott Rodino Antitrust Improvements Act.  The Company
and Renal Care Group are in the process of responding to the
Federal Trade Commission's (FTC) request for additional
information related to the acquisition.  The Company is still
working toward closing the transaction by the end of 2005.
However, our ability to complete the acquisition is dependent
upon the FTC's review process and it is possible that the closing
date could move into early 2006.

Change of the Legal Form to a KGaA and the Conversion of
Preference Shares into Ordinary Shares

Ordinary and preference shareholders of Fresenius Medical Care
approved by an overwhelming majority the proposed transformation
of the Company's legal form into a partnership limited by shares
(Kommanditgesellschaft auf Aktien - "KGaA") as well as the plan
for a voluntary exchange offer to convert the Company's
preference shares into ordinary shares.  At the Extraordinary
General Meeting (EGM) on August 30, 2005, the transformation was
approved by nearly 91% of the represented ordinary share capital,
and the conversion was approved by nearly 94% of the represented
ordinary share capital.  At the Separate Meeting of Preference
Shareholders, which was held immediately following the EGM, the
preference share conversion proposal was approved by nearly 85%
of the represented preference share capital.

On October 10, 2005 Fresenius Medical Care announced that the
Company has been named in certain civil actions by a small number
of shareholders contesting the resolutions of the EGM.  The
Company believes that these actions are without merit and it will
defend vigorously the resolutions adopted by the EGM in an
appropriate way.

As a result of the acceptance of these capital structure changes
by the majority of the shareholders and the scope of the
lawsuits, Fresenius Medical Care will continue its preparation to
accomplish these value-enhancing transactions with determination.

Additional information related to the anticipated change of the
legal form and the planned conversion of preference shares into
ordinary shares can be accessed at http://www.fmc-ag.comor
http://www.fmc-ag.de Form F-4 can be accessed at
http://www.sec.gov

Outlook 2005 Confirmed

For the full year 2005, the Company reconfirms its outlook and
expects top-line revenue growth at constant currency between 6%
and 9% and net income growth between 12% and 15%.  The Company
expects to achieve the upper end of the net income guidance.
This guidance does not take into effect the impact of the Renal
Care Group acquisition or the one-time costs for the full year
2005 in connection with the transformation of the Company's legal
form, nor the conversion of the preference shares into ordinary
shares.

Furthermore, the Company now expects capital expenditures of
about US$250-300 million and spending on acquisitions of about
US$125-175 million.  Previously, the Company anticipated capital
expenditures of about US$350-400 million and spending on
acquisitions of about US$200-250 million.

Ben Lipps, Chief Executive Officer of Fresenius Medical Care,
commented: "Europe and North America, with solid performance from
our Latin America and Asia Pacific regions, contributed to our
excellent third quarter and nine months financial results, and
exceeded expectations.  As a result we now expect net income for
the year to be at the upper end of our guidance for 2005.  Our
financial performance shows the continued strength of our
business segments worldwide.  We have clearly maintained our
operational focus while advancing our three major initiatives --
the acquisition of Renal Care Group, the corporate structure
transformation, and the movement towards one share class,
resulting from the preference share conversion offer."

Fresenius Medical Care AG (Frankfurt Stock Exchange: FME, FME3)
(NYSE: FMS, FMS-p) -- http://www.fmc-ag.com-- is the world's
largest, integrated provider of products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000 individuals
worldwide.  Through its network of approximately 1,670 dialysis
clinics in North America, Europe, Latin America, Asia-Pacific and
Africa, Fresenius Medical Care provides dialysis treatment to
approximately 130,400 patients around the globe.  Fresenius
Medical Care is also the world's leading provider of dialysis
products such as hemodialysis machines, dialyzers and related
disposable products.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/FreseniusMedical(3Q2005).pdf

CONTACT:  FRESENIUS MEDICAL CARE AG
          Investor Relations
          Oliver Maier
          Phone: + 49 6172 609 2601
          E-mail: ir-fms@fmc-ag.com


I.S. INDUSTRIE: Under Bankruptcy Administration
-----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
i.s. industrie-support GmbH on October 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 16, 2006 to register their
claims with court-appointed provisional administrator Dr. Rainer
Maus.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 9:00 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126, 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
February 22, 2006, 9:00 a.m. at Insolvenzgericht, Wilhelmstrasse
21, 53111 Bonn, 1.Stock, Raum Zimmer W 1.24B.

CONTACT:  I.S. INDUSTRIE-SUPPORT GmbH
          Dorfstrasse 22, 53804 Much
          Contact:
          Klaus Leuchs, Manager
          Auf dem Hoverich 26, 53804 Much

          Dr. Rainer Maus, Administrator
          Sporergasse 7, 50667 Koln
          Phone: 0221 - 2726120
          Fax: 0221-27261299


IWO-GMBH: Dresden Court Appoints Administrator
----------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against IWO-GmbH Fechner Industrielogistik International on
October 11.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors had until
November 9, 2005 to register their claims with court-appointed
provisional administrator Kerstin Rendant-Kuehne.

Creditors and other interested parties are encouraged to attend
the meeting on December 21, 2005, 10:30 a.m. at the district
court of Dresden, Saal D132, Amtsgericht Dresden, Olbrichtplatz
1, 01099 Dresden, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  IWO-GMBH FECHNER INDUSTRIELOGISTIK INTERNATIONAL
          Wildberger Allee 7 in 01665 Klipphausen

          Kerstin Rendant-Kuehne, Administrator
          Derra, Meyer & Partner
          Konigsbruecker Str. 61, 01099 Dresden
          Web site: http://www.derra.de


MARSEILLE-KLINIKEN AG: Rehabilitation Unit Reduces Loss
-------------------------------------------------------
Marseille-Kliniken AG was able to increase its consolidated
operating revenues from EUR50.8 million to EUR51.5 million during
the first quarter of the current fiscal year (July 1 - September
30, 2005).  In accordance with IFRS, the earnings pursuant to
DVFA/SG remained at previous year's level of EUR3.2 million.  Due
to the extraordinary effects from the sale-and-leaseback
transaction with General Electric, the earnings per share rose
sharply EUR0.31 to EUR 0.54.

The trend in revenues and earnings in the first quarter of the
fiscal year 2005/2006 was characterized by the expansion of the
bed capacity in the Nursing division.  Overall, the number of
beds within in the Group increased from 7,474 to 8,169.  The
expansion took place in the Nursing segment exclusively where the
number of beds rose by 937 (16%) from 5,723 beds to 6,660 beds.
Due to the resulting start-up times the utilization rate amounted
to 91.7%, below previous year's rate of 94.8%.  Once again
revenues were increased from EUR37.2 million to currently EUR39.3
million.  The earnings pursuant to DVFA remained stable at EUR3.9
million (previous year EUR3.9 million).

Although the Rehabilitation segment is still burdened by the
overall economic situation, the sustainability of the trend
reversal becomes ever clearer.  Accordingly, the utilization
increased from 75.6% in the previous year to currently 79.2%
again.  Because of the shutdown of two facilities revenues
declined from EUR13.6 million to EUR12.2 million as expected.
The favorable trend of continuously smaller burdens in the
Rehabilitation division becomes visible.  The loss was reduced
from -EUR0.8 million in the previous year to -EUR0.6 million.

For the current fiscal year ending June 30, 2006 the company
expects further growth in revenues as well as an improvement in
earnings pursuant to DVFA/SG compared with the past business
year.

The detailed Letter to Shareholders for the 1st quarter 2005/2006
is available for download at http://www.marseille-kliniken.com

                            *   *   *

In March, Standard & Poor's Ratings Services revised its outlook
on Germany-based private healthcare provider Marseille-Kliniken
AG to negative from stable, citing the weakening of the group's
capital base.  The 'BB-' long-term corporate credit rating was
affirmed.

"The outlook revision reflects our concern about the balance
between equity and debt holders, as Marseille-Kliniken has
continued paying out dividends despite the group's negative net
result in fiscal 2004, which has further constrained the already
weak capital base," said Standard & Poor's credit analyst
Christian Esters.  On a lease-adjusted basis,
Marseille-Kliniken's net debt stood at a very aggressive 84% of
capital at June 30, 2004.  The very high leverage is also the
result of large investment and acquisition expenses over the past
few years.

"We are also concerned that the currently negative contribution
of the rehabilitation division to the group's performance could
take longer to eradicate if the restructuring of the division
proves to be more difficult than Marseille-Kliniken currently
expects," said Mr. Esters.  The rehabilitation division
contributed 27% to group sales in 2004.

The rating on Marseille-Kliniken reflects its weak financial
profile, as the company is highly leveraged and posts low free
operating cash flows compared with its lease-adjusted debt
obligations.  The rating also reflects Marseille-Kliniken's good
competitive position, supported by its cost efficiency and the
high quality of its facilities.  The rating furthermore benefits
from the highly predictable growth in future nursing-care needs.
In the short term, the company's flexibility has increased
following a sale-and-leaseback transaction that is generating
EUR100 million cash flow for Marseille-Kliniken for 2005.

Marseille-Kliniken's competitive position in the German nursing
care market is supported by its cost efficiency and by the high
quality of its facilities, most of which have been constructed
since the 1990s or have been entirely renovated.

CONTACT:  MARSEILLE-KLINIKEN AG
          Alte Jakobstrasse 79/80
          10709 Berlin
          Phone: 030/246 32-400
          Fax: 030/246 32-401
          Axel Holzer, CEO

          HILLERMANN CONSULTING
          Eppendorfer Baum 5
          20249 Hamburg
          Phone: 040/ 414 069 13
          Fax: 040/ 414 069 14
          Christian Hillermann, Managing Director


QUACK'S VERMOGENSVERWALTUNGS: Court Names Wille Administrator
-------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Quack's Vermogensverwaltungs- und Bautragergesellschaft
mbH on October 12.  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 Sylvia Wille.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 10:30 a.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, 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:  QUACK'S VERMOGENSVERWALTUNGS- und
          BAUTRAGERGESELLSCHAFT mbH
          Schlossstrasse 6, 09111 Chemnitz
          Contact:
          Ursula Quack, Manager

          Sylvia Wille, Administrator
          Wille Insolvenzverwalter Rechtsanwalte
          Nansenstrasse 1, 09116 Chemnitz
          E-mail: Info@wir-chemnitz.de
          Web site: http://www.wir-chemnitz.de


VOLKSWAGEN AG: Workers Give in to New Cost-cutting Measures
-----------------------------------------------------------
Volkswagen AG will save EUR50 million annually from a recent deal
with workers, AFX News says.  The savings generated will
guarantee jobs at Volkswagen's main facility in Wolfsburg.

The agreement, which involves scrapping a total of 20 minutes off
break time, will see the carmaker manufacture over 390,000
vehicles at its Wolfsburg site beginning next year.  The average
production at the site is 300,000.  The deal also includes
providing special pay for night-shift work.

It will also save as many as 1,000 jobs at Volkswagen's Emden
site, which will produce new mid-sized models.  The company had
earlier threatened to produce the vehicles in Portugal if workers
didn't approve the cost-cutting measures.  These measures do not
violate the 2004 deal with unions that prohibits compulsory
layoffs until 2011 in exchange for a temporary wage freeze.  On
September 5, Chief Executive Bernd Pischetsrieder said the
company will intensify measures to cut back manpower, using
instruments available under the collective agreement such as
early retirement.

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


WEINGALERIE VOGTLAND: Creditors Meeting Set January
---------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Weingalerie Vogtland Ltd. on October 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 18, 2005 to
register their claims with court-appointed provisional
administrator Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 9:15 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, 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:  WEINGALERIE VOGTLAND Ltd.
          Contact:
          Angelika Schmidt, Manager
          Humboldstrasse 40 a, 08468 Reichenbach

          Bernward Widera, Administrator
          Buettenstrasse 4, 08058 Zwickau


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


OLYMPIC AIRLINES: Air Controllers Strike Grounds Flights
--------------------------------------------------------
Loss-making Olympic Airlines (OA) cancelled 107 domestic and
foreign flights today due to a 24-hour strike by civil servants
and air traffic controllers.

The strike, initiated by the Greek Association of Air Traffic
Controllers and the Federation of Civil Aviation Agency Unions,
started at 12:01 a.m. today and will end at 11:59 a.m.

In a statement, OA said, "This strike will affect air
transportation around the country, and Olympic Airlines is
obliged to cancel all domestic and international flights on that
day."

Due to cancelled flights, OA will have to deal with higher volume
of passengers after the strike.  The carrier is asking clients to
reschedule their flights.  The strike will also affect rival
carrier Aegean Airlines.

CONTACT:  OLYMPIC AIRLINES S.A.
          96 Sygrou Ave.
          11741 Athens
          Phone: +30 1 9267221
          Fax: +30 1 9267858
          E-mail: olyair10@otenet.gr
          Web site: http://www.olympicairlines.com


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


SKYNET AIRLINES: Expects to be Back in the Air by February
----------------------------------------------------------
Skynet Airlines plans to resume flights by February now that the
High Court has sanctioned its EUR5 million rescue plan, the
Sunday Business Post says.

The airline, which fell into examinership in July with debt of
EUR9 million, will operate flights between Shannon and New York.
Last week, examiner Jim Luby presented before the court a scheme
of arrangement that involves paying creditors 7.5 cent for every
euro owed them.

On November 23, Skynet will officially come out of examinership.
New investors, who have already shelled out over EUR3 million,
were given until November 21 to come up with the initial payment
of EUR750,000.  They have also vowed to inject an additional
EUR2.3 million into Skynet through loans and guarantees.

The new backers include Dublin couple Joseph and Noreen Kenny,
who will control half of the airline; the other 50% is
distributed equally between Moscow-based investor Igor
Katalevskiy and Cyprus-based carrier Dataline Overseas.  They
plan to work on Skynet's air operators' certificate and license
in the coming weeks and install a new flight booking system.

In August 2001, Boris Krivcheno founded Skynet, which began
operating in May 2002.  Citing financial difficulties, the
company suspended its operations in April this year.

CONTACT:  SKYNET AIRLINES
          Skynet House
          Shannon Business Park
          Shannon
          Co Clare
          Phone: 061 234400
          Fax: 061 234450


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


PARMALAT SPA: Third-quarter Operating Profit Up 43%
---------------------------------------------------
Parmalat S.p.A. expects to sustain in the fourth quarter its
strong performance thus far, Bloomberg News says.

For the first nine months, the company posted EBITDA of EUR218.2
million, up from EUR184 million last year, as group sales grew to
EUR2.811 billion from EUR2.682 billion.  In the third quarter
alone, gross operating profit rose 43% to EUR76.7 million from
EUR53.5 million.  Q3 sales soared 10% to EUR963 million from
EUR875.7 million.  Net debt at the end of September stood at
EUR365 million, down from EUR585.6 million at end-June.

"In the fourth quarter, no significant changes are expected in
the trend of markets where the company operates," Parmalat said.
"Therefore, this period [fourth quarter] should reiterate the
trend of the first nine months with a trend towards improvement."

Shortly after relisting on the Milan Stock Exchange,
state-appointed administrator Enrico Bondi forecasted an EBITDA
of EUR302 million for 2005 on sales of EUR3.78 billion.

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

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


PARMALAT SPA: Willing to Settle Claims vs. Banks, Says Paper
------------------------------------------------------------
Parmalat is reportedly softening its stance against banks it has
accused of abetting its collapse in 2003.  According to Il
Corriere della Sera, the company is willing to drop its lawsuits
in exchange for EUR1.5 billion.

Claims against banks, contained in lawsuits pending before
various U.S. and Italian courts, currently total EUR26 billion.
This does not include EUR7.5 billion in debt payments Parmalat
wants to recover under Italy's claw-back law that allows it to
demand the return of certain payments made prior to bankruptcy.

The company also has a pending CHF20 billion damage claim against
Graubuendner KantonalBank di Coira, which allegedly acted as
depositary for the illegal fees to managers and consultants.

Parmalat argues these banks abetted its collapse by helping the
previous management issue bonds using falsified financial
statements.  So far, only two banks have settled with Parmalat --
Morgan Stanley paid EUR155 million, Banca Intesa S.p.A., EUR160
million.

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

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


PARMALAT SPA: Shareholders Elect New Board
------------------------------------------
Enrico Bondi will likely stay on as Parmalat's top manager after
shareholders voted his allies to the board Tuesday, Reuters says.

The board, which will sit until 2008, is expected to elect Mr.
Bondi chief executive later this week.  Shareholders representing
only 16.9% of total capital attended the extraordinary meeting to
unanimously vote the Lehman Brothers-backed nominees.

Incumbent Chairman Raffaele Picella was reelected, as did board
members Carlo Secchi and Marzio Saa.  They will be joined by
former Eni CEO Vittorio Mincato, ex-Telecom Italia CEO Marco de
Benedetti, Luxottica CEO Andrea Guerra, Finmeccanica board member
Piergiorgio Alberti, Massimo Confortini of Luiss University,
Erder Mingoli, and Ferdinando Superti Furga.

International banking shareholders, who failed to agree on a
slate to rival Mr. Bondi, left ahead of the vote, the report
said.  Local bank Capitalia, which owns the single largest stake
of 5.5%, also boycotted the ballot.

After the vote, Mr. Bondi said he will pursue his claims against
local and foreign banks, most of which are now shareholders of
Parmalat.

"We will push ahead with the legal claims as is the duty of any
administration.  This is not about persecution, it is about
getting value out of an asset," he said.  He denied reports that
he is prepared to settle the claims for EUR1.5 billion.

Italy named Mr. Bondi administrator of the dairy giant shortly
after its December 2003 collapse.  From the outset, he has been
tough on banks, which he has accused of helping the previous
management issue bonds using falsified financial documents.

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

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


PARMALAT SPA: Granarolo to Reveal Plans After Board Elections
-------------------------------------------------------------
Local dairy group Granarolo remains interested in taking over
larger rival Parmalat S.p.A., AFX News says.

In an interview with daily MF, Granarolo Chairman Luciano Sita
reiterated his group's desire, but declined to say anything more
ahead of Parmalat's shareholder meeting.  For now, it has adopted
a wait-and-see attitude, he said.

Mr. Sita lauded the list of Parmalat board nominees, whom he
acknowledged are skilled managers.  A group of investors led by
investment group Lehman Brothers nominated 11 candidates, led by
Parmalat administrator Enrico Bondi and chairman Raffaele
Picella.  The others are former Eni CEO Vittorio Mincato, former
Telecom Italia co-CEO Marco de Benedetti, Luxottica CEO Andrea
Guerra, and Finmeccanica board member Piergiorgio Alberti.

Lehman also nominated Carlo Secchi and Marzio Saa, incumbent
board members and former rectors of Bocconi University; Massimo
Confortini of Luiss University; Erder Mingoli and Ferdinando
Superti Furga.

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

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


SAFILO SPA: Moody's Hints of Possible Upgrade
---------------------------------------------
Moody's Investors Service has placed all the ratings of Safilo
S.p.A. on review for possible upgrade following the company's
announcement that it is seeking to conclude a listing on the
Italian Stock Exchange before the end of the current financial
year.

The ratings review will focus on:

(a) The execution of the proposed IPO;

(b) The planned debt reduction through the proceeds generated
    from the IPO and the resulting capital structure;

(c) The financial flexibility and the liquidity profile of the
    company going forward;

(d) A review of Safilo's operating performance; and

(e) Its ongoing restructuring program and the likelihood for the
    company to achieve its forecasted cost savings in the region
    of EUR15 million in 2006 and EUR23 million in 2007.

In addition to the proposed IPO, the review also recognizes the
progress made by the company during the current financial year
with revenue growth of 8.3% during the first nine months of the
current financial year, despite adverse exchange rate movements,
and an improvement in EBIT margins as of September 2005 to 13%
compared to 10.8% at the same time last year.  Furthermore,
Moody's notes that Safilo has recently extended certain key
license agreements, including Dior, Gucci and Giorgio Armani.

However, Moody's also observes that Safilo remains exposed to
significant swings in working capital movements during the year
and to negative movements in the Euro-US dollar exchange rate.

Should Safilo's IPO conclude according to plan with proceeds
applied to reduce indebtedness, leverage is expected to improve
significantly and this might result in an upgrade of more than
one notch.  In the event the IPO fails to conclude as planned,
Moody's would revise Safilo's ratings outlook to reflect recent
operating performance improvements.

Ratings placed under review:

(a) Corporate Family rating of Safilo S.p.A. of B3;

(b) EUR650.0 million Senior Secured credit facilities due 2011
    rating of B3;

(c) 9.625% EUR300.0 million Senior Notes due 2013 rating of
    Caa2.

Based in Padua, Italy, Safilo is the world's second largest
wholesale eyewear producer and is the worldwide leader in the
premium eyewear market segment.  For the nine months ended 30
September 2005, Safilo generated revenues of EUR776.7 million and
had a net debt position of EUR762.8 million.

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

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


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


NOMA LUXEMBOURG: Moody's Lifts Ratings to Ba3/Ba2
-------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of NOMA Luxembourg S.A., the direct owner of SICPA Holding
S.A., to Ba3 from B1.  Concurrently, the company's senior secured
credit facilities were upgraded to Ba2 from Ba3 and the senior
notes (issued via NOMA Luxembourg S.A.) were upgraded to B1 from
B3.  This concludes the rating review initiated on September 5,
2005.

The upgrade reflects the substantial reduction in the company's
indebtedness following the divesture of its Packaging Inks
division combined with the strong performance of SICPA's security
inks division since the ratings were assigned in June 2004.
Moreover, the upgrade reflects Moody's expectation that the
company's credit metrics will continue to improve as a result of
SICPA's exclusive focus on its security inks and product security
businesses.

In September 2005, SICPA completed the sale of its Packaging Inks
division to the Siegwerk Group (Siegwerk, not rated).  The
consideration received by SICPA was not disclosed and Moody's
understands that as part of the sale and purchase agreement
(SPA), SICPA has provided Siegwerk with certain environmental and
tax indemnities as well as maintained responsibility for
warranties and product liabilities outstanding at the date of
sale.  The company used the proceeds of the sale to prepay and
cancel the term loans under its senior secured credit facilities
as well as certain other local credit facilities.  Whilst the
disposal of this division has resulted in a material book loss,
which has resulted in a negative equity, the reduction in
indebtedness has resulted in substantially improved credit
metrics (pro-forma for the transaction, Moody's expects Adjusted
Debt to Adjusted EBITDAR to be below 4x and Adjusted RCF to Net
Adjusted Debt to exceed 15%).

Whilst these metrics are viewed as strong for the category, the
Ba3 corporate family ratings incorporates Moody's expectation
that the company's free cash flow will be constrained over the
next eighteen months as a result of higher than normal capital
expenditure (particularly in relation to discretionary capex for
new track and trace projects).  Moreover, whilst typical of
privately held companies, SICPA's rating is constrained by its
corporate governance and the limited independence of its Board.
Moody's notes positively, however, the recent appointment of an
independent non-executive director to the Board.  In addition,
since dividend payments from NOMA Luxembourg S.A. are restricted
under the terms of the existing senior notes (to 50% of
consolidated net income accrued from July 04) combined with the
loss on the disposal of the Packaging Inks division, Moody's
believes that dividend payments from the restricted group are
unlikely before mid-2007, when the senior notes become callable.

The positive outlook reflects Moody's view that the company is
strongly positioned in its rating category and that free cash
flow generation should substantially increase in 2007 as growth
capital expenditures decline.  Consequently, there is likely to
be upward pressure on the ratings in the event that the company
maintains or improves its current leverage profile whilst
increasing its free cash flow generation.

It is Moody's understanding that the company will continue to
focus on small strategic acquisitions, either in order to
strengthen its product security business, such as its recent ALRO
Information Systems acquisition, or in order to bring key
technology in house (e.g. the recent liquid crystal pigment
business acquisition).  Nonetheless, the ratings would likely be
negatively impacted should the company undertake a substantial
debt funded acquisition, which resulted in a deterioration of
credit metrics such that Adjusted Debt to Adjusted EBITDAR
exceeded 5x and Adjusted RCF to Net Adjusted Debt fell below the
mid teens.  Moreover, the rating assumes that no material
obligations will arise as a result of the indemnities given to
Siegwerk under the SPA.

Moody's believes that the disposal of the Packaging Inks division
has improved the business risk of the company.  Going forwards,
business risks include volatility in earnings resulting from the
introduction of new currency launches or notes denominations,
high customer concentration and exposure to raw material cost
increases (albeit that exposure to oil price increases is
reasonably limited, with less than 10% of raw material costs
being oil-based products).

Moreover, the ratings continue to reflect the company's need to
maintain its technological advantage in security inks, its
dependence on one supplier for certain key security inks
pigments, the ongoing sales, marketing and R&D investment in
SICPA's nascent product security division, and its exposure to FX
fluctuations (particularly the CHF/EUR rate and the CHF/$ rate).

More positively, the ratings factor SICPA's leading position in
the security inks market, its strong technological expertise, its
innovative products and long standing customer relations as well
as the company's global manufacturing base and strong geographic
reach.  With regards to its Product Security business, Moody's
believes the company is well positioned to benefit from growth in
this market and notes the success to date of its track and trace
projects.

Liquidity is viewed as satisfactory given Moody's expectation
that the company should remain free cash flow positive combined
with its access to cash balances (c. CHF45 million as at 30 June
05) and the availability under its revolving credit facility
(CHF50 million).

Notching on the senior notes has been compressed by one notch
from two notches reflecting the reduction in the amount of
priority debt that can be raised ahead of the bond following the
prepayment and cancellation of the senior secured term loans.

These ratings have been affected:

NOMA Luxembourg S.A.

(a) Corporate Family rating upgraded to Ba3 from B1; and

(b) EUR160.0 million 9.75% senior notes due 2011 rating upgraded
    to B1 from B3.

SICPA Holding S.A.

(a) CHF50 million (previously CHF220 million) senior secured
    credit facilities upgraded to Ba2 from Ba3.

(b) The ratings on the CHF170 million term loans issued by SICPA
    Holding S.A. have been withdrawn following their prepayment
    and cancellation.

The outlook for all ratings is positive.

Headquartered in Lausanne, Switzerland, SICPA is leading provider
of security inks for bank notes and value documents as well as a
creator of security solutions and integrated systems.  For the
year ended December 2004, SICPA generated revenues of CHF1,026
million and EBITDA of CHF121.7 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Nicole Guest, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


ROYAL SHELL: Buys back 1,750,000 'A' Shares
-------------------------------------------
On 8 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,350,000 'A' Shares at a price of EUR25.85 per
share.  It further purchased for cancellation 400,000 'A' Shares
at a price of 1,746.10 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,983,289,000.

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


TBIH FINANCIAL: Moody's Rates Planned Debt Offering (P)B2
---------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
to the approximately EUR100,000,000 three-to-five year notes to
be issued by TBIH Financial Services Group N.V.(TBIH FSG)
benefiting from an up to EUR33,000,000 (Guarantee Limit) partial
guarantee by Nederlandse Financierings - Mattschappij Voor
Ontwikkelingslanden N.V. (FMO), the Dutch development finance
agency.

The provisional rating reflects:

(a) the B3 rating assigned by Moody's to TBIH FSG; and

(b) the support provided by the irrevocable and unconditional
    partial guarantee given by FMO, which is available to cover
    principal and interest on the Notes up to the Guarantee
    Limit.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Benedicte Pfister, Managing Director
          Structured Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          David Lautier, Vice President - Senior Analyst
          Structured Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


===========
P O L A N D
===========


MOSTOSTAL EXPORT: Legal Adviser Files Bankruptcy Petition
---------------------------------------------------------
A law firm previously retained by Mostostal Export is now seeking
to declare the company bankrupt, Polish News Bulletin says.

Mariusz Motty claims the company is unlawfully withholding fees
for its legal advice and representation in land sales.  The law
firm did not disclose an amount, but sources pegged it at
PLZ216,400.  The court will hear the petition on Dec. 5.

President Michal Skipietrof says Mostostal could not pay the fees
because it has other priorities.  "Our priority is to continue
our business activity.  Therefore it will not be possible to
repay all the debts from current revenues," the paper quoted him
as saying.

Mostostal Export S.A. is a holding group with stakes in
constructions companies, production and assembly firms, and steel
structure specialists.  For the first half of 2005, it posted net
losses of PLZ703,000 on revenues of PLZ100 million.

CONTACT:  MOSTOSTAL EXPORT S.A.
          ul. Obrzez.na 3
          02-691 Warszawa
          Phone: +48 (22) 329 13 93
          E-mail: biuro@mostostal-export.com.pl
          Web site: http://www.mostostal-export.com.pl


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


ROMPETROL GROUP: Issues Statement on Iraq Oil-for-Food Scandal
--------------------------------------------------------------
Rompetrol Group N.V. would like to clarify the circumstances
under which the company has been included by the Voelker
Commission on the list of oil companies that acquired crude from
Iraq as part of the Oil for Food program.

The report does not incriminate Rompetrol; the company is not
mentioned anywhere in the body.  The document does not conclude
or indicate in any way direct or indirect suspicion regarding
payments that Rompetrol had made as part of the contracts for
crude purchasing under the program.

Many other companies and individuals are named as being suspected
of questionable transactions associated with this program, but
Rompetrol is not included in the annexes that list these names.
The company is mentioned in the tables that list all the
companies that purchased Iraqi crude as part of this program and
companies that supposedly incurred additional expenses associated
with these purchases (a total of more than 2,200 companies).

In fact, the tables that refer to payments explicitly state: "It
should be emphasized that the fact that a company is listed on
this table does not mean that company paid the surcharges
associated with its contracts."

All payments made by Rompetrol were conducted in a fair and legal
manner, based on contracts, invoices, and direct bank transfers
for crude and other services associated with importing the crude,
such as logistics agents, insurance, vessel chartering.

These payments could not be associated with surcharge payments --
the amounts were paid to third parties delivering the services
mentioned above.  Moreover, Rompetrol has had a 25-year presence
in Iraq with drilling equipment that needed to be protected and
conserved.  This is why aside from payments of crude, cargo,
insurance and logistics, over time there were other payments made
to assure proper administration and conservation of company
assets and maintain its presence in a market in which the company
had worked for almost three decades.

It also should be emphasized that the Rompetrol management was
conducted at that time by a professional team of expatriate
managers, who had conducted these contracts in accordance with
legal provisions, with U.N. authorizations and following banking
regulations and procedures.  The financing for the crude imports
was obtained by TRG Netherlands from reputable Austrian banks.

The report does not state that Rompetrol was notified by the
report's authors and did not respond, as some Romanian media
outlets have stated.  Rompetrol had never been notified by the
Voelker Commission and we were not asked to provide any
clarification regarding crude purchases under the United Nations
Oil for Food program.

In conclusion:

-- Rompetrol purchased crude form Iraq in accordance with
   international legislation, as part of the Oil for Food
   program administered by the UN, and in accordance with UN
   Security Council resolutions, as well as the procedures of
   this body set through resolution 661 of 1990, referring to
   the situation between Iraq and Kuwait;

-- For the first half of 2001 Rompetrol had a license to import
   4 million barrels, of which we acquired only 2 million.  For
   the second half of 2001 we had the option to acquire another
   6 million barrels.  We renounced these contracts because the
   crude was of inferior quality and was not meeting the needs
   of Petromidia refinery.  We needed the first crude to restart
   activity at Petromidia, which the Rompetrol Group had just
   acquired.  Petromidia refinery was initially build to process
   this type of crude and this is why we wanted to acquire crude
   from that region;

-- The contract for crude number M/09/29 was signed between SOMO
   - Iraq's State Oil Marketing Organization (SOMO) and
   Rompetrol S.A. for 2 million barrels from the Kirkuk region.
   To restart the activity at Petromidia, the contract and
   financing had been ceded to TRG, the Dutch entity of
   Rompetrol Group, and the only one that had access to
   financing from prestigious banks. We have to mention that no
   payments were made by Romanian companies of Rompetrol;

-- The purchase price was the one agreed by SOMO and the UN for
   that month.  This price was US$0.85 per barrel lower than
   the Brent variety benchmark.  This discount was due to the
   lower quality of the crude imported;

-- Rompetrol's transparency cannot be disputed, as the company
   had always been forthcoming with all information to the media
   and the public.  In February 2001 when the first crude cargo,
   Alex Stream, arrived in the Constanta harbor, Rompetrol
   issued a press release disclosing the financial and bank
   terms regarding the import of crude;

   Newspapers headlines at that time read: "Petromidia refines
   Iraqi crude" - Azi, Feb. 9, 2001; "Petromidia starts
   processing crude from Iraq" -Curentul; "First cargo of Iraqi
   crude for Petromidia Refinery" - Economistul; "A cargo with
   130.000 tones of crude for Petromidia arrived yesterday in
   Constanta harbor" -Bursa; "First day of work at Petromidia
   today-130.000 tones of Iraqi crude were pumped into the
   refinery's tankers" -Adevarul, Feb. 9, 2001; "Petromidia
   starts its installations with Iraqi crude" - Ziarul
   Financiar, Feb. 9, 2001; and

-- As a reminder, in October 2004 a CIA report containing
   similar information to that in the Voelker Report, also
   listed Rompetrol without incriminating the company.  At that
   time we made public and offered to the media the same
   information we are offering now.

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


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


AGRO-SERVICE: Kursk Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Agro-Service (TIN 4626000043) after finding
the open joint stock company insolvent.  The case is docketed as
35-9035/05g.  Mr. R. Buchnev has been appointed insolvency
manager.  Creditors have until December 8, 2005 to submit their
proofs of claim to Russia, Kursk region, Ryabinovyj Per. 2.

CONTACT:  AGRO-SERVICE
          Russia, Kursk region, Khomutovka

          Mr. R. Buchnev
          Insolvency Manager
          Russia, Kursk region,
          Ryabinovyj Per. 2


IZH-AVTO-GAZ-SERVICE: Declared Insolvent
----------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Izh-Avto-Gaz-Service (TIN 1808201729) after
finding the open joint stock company insolvent.  The case is
docketed as A71-20/2005-G26.  Mr. A. Galushko has been appointed
insolvency manager.

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

(a) IZH-AVTO-GAZ-SERVICE
    Russia, Udmurtiya republic,
    Zavyalovo, Azina Str. 13

(b) Insolvency Manager
    426034, Russia, Izhevsk,
    50 Let Oktyabrya Square, 2

(c) The Arbitration Court of Udmurtiya republic
    426004, Russia, Udmurtiya republic,
    Izhevsk, Lomonosova Str. 5


KYUNDYADINSKAYA: Under External Management Procedure
----------------------------------------------------
The Arbitration Court of Sakha republic - Yakutiya has commenced
external management bankruptcy procedure on state enterprise
Kyundyadinskaya (TIN 1419000258, OGRN 1021400779432).  The case
is docketed as A58-508/2005.  Ms. M. Noeva has been appointed
external insolvency manager.

CONTACT:   KYUNDYADINSKAYA
           678471, Russia, Sakha republic - Yakutiya,
           Nyurbinskiy ulus, Kyundyaya, Trassovaya Str. 32

           Ms. M. Noeva
           External Insolvency Manager
           677000, Russia, Sakha republic - Yakutiya,
           Yakutsk, Petra Alekseeva Str. 75, office 48


MALINOVO: Insolvency Manager Takes over Business
------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Malinovo after finding the limited liability
company insolvent.  The case is docketed as A-35-7937/05 "g".
Mr. V. Datskikh has been appointed insolvency manager.  Creditors
have until December 8, 2005 to submit their proofs of claim to
305004, Russia, Kursk region, L. Tolstogo Str. 13.

CONTACT:  MALINOVO
          307127, Russia, Kursk region,
          Fatezhskiy region, Glebovshina

          Mr. V. Datskikh
          Insolvency Manager
          305004, Russia, Kursk region,
          L. Tolstogo Str. 13


PAVLOVSKOYE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on auto-transport enterprise Pavlovskoye.
The case is docketed as K/E-152/05.  Mr. N. Utochenko has been
appointed temporary insolvency manager.  A hearing will take
place on December 20, 2005, 2:20 p.m.

CONTACT:  PAVLOVSKOYE
          Russia, Omsk region,
          Pavlovskiy region, Pavlogradka

          Mr. N. Utochenko
          Temporary Insolvency Manager
          Russia, Omsk region,
          Mira Pr. 106A, Room 136


PSKOVSKOYE: Calls in Insolvency Manager
---------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
supervision procedure on timber industry enterprise Pskovskoye
(TIN 6018007826).  The case is docketed as 52/3742/2005/4.  Mr.
V. Bushin has been appointed temporary insolvency manager.

CONTACT:  PSKOVSKOYE
          180534, Russia, Pskov region,
          Spasovshina, Lesnaya Str. 1

          Mr. V. Bushin
          Temporary Insolvency Manager
          180007, Russia, Pskov region,
          Konnaya Str. 2
          Phone/Fax: 8(8112) 46-58-18


RYBINSKOYE: Declared Insolvent
------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Rybinskoye after finding the close joint
stock company insolvent.  The case is docketed as
A14-3223-2005/20/16b.  Mr. V. Goldin has been appointed
insolvency manager.  Creditors have until December 8, 2005 to
submit their proofs of claim to 397811, Russia, Voronezh region,
Ostrogozhskiy region, Rybnoye.

CONTACT:  RYBINSKOYE
          Russia, Voronezh region,
          Ostrogozhskiy region, Rybnoye

          Mr. V. Goldin
          Insolvency Manager
          397811, Russia, Voronezh region,
          Ostrogozhskiy region, Rybnoye


SARMANOVSKIY COMBINE: Proofs of Claim Deadline December 8
---------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Sarmanovskiy Combine Fodder after finding the
company insolvent.  The case is docketed as A65-5377/2005-SG4-35.
Mr. A. Miller has been appointed insolvency manager.  Creditors
have until December 8, 2005 to submit their proofs of claim to
423461, Russia, Tatarstan republic, Almetyevsk, GOS-11, Post User
Box 188.

CONTACT:  SARMANOVSKIY COMBINE FODDER
          Russia, Tatarstan republic,
          Sarmanovskiy region, Almetyevo

          Mr. A. Miller
          Insolvency Manager
          423461, Russia, Tatarstan republic,
          Almetyevsk, GOS-11, Post User Box 188
          Phone/Fax: (8553) 32-54-63


VERKHNEKHAVSKIY: Claims Filing Period Ends Next Month
-----------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Verkhnekhavskiy after finding the open joint
stock company insolvent.  The case is docketed as
A14-10914-2005-109/7b.  Mr. Y. Grigorov has been appointed
insolvency manager.  Creditors have until December 8, 2005 to
submit their proofs of claim to 63394030, Russia, Voronezh,
Zhelyabova Str. 10.

CONTACT:  VERKHNEKHAVSKIY
          Russia, Voronezh region, Verkhnyaya Khava,
          Zheleznodorozhnaya Str. 3

          Mr. Y. Grigorov
          Insolvency Manager
          394030, Russia, Voronezh region,
          Zhelyabova Str. 10


YUKOS OIL: Dutch Court Consolidates Claims on Mazeikiu Stake
------------------------------------------------------------
A judge in the Netherlands on Friday combined the overlapping
lawsuits seeking to levy on Yukos' foreign assets, potentially
complicating the sale of its Mazeikiu nafta stake.

Three parties have sought to freeze the assets of Yukos,
particularly its 53.7% stake in the Lithuanian refinery held by
Yukos International U.K. B.V.  The first lawsuit, filed by
Russian oil giant Rosneft, seeks EUR2.34 billion, representing
Yukos debt to Yuganskneftegaz.  Rosneft bought Yugansk in
December last year at a public auction initiated by the
governmnet.

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

The third lawsuit was filed by Yukos majority shareholder, Group
Menatep, which is claiming US$650 million in outstanding loan to
Yuganskneftegaz.

"It is our understanding that the Dutch court has required the
three parties to unite," Yukos spokeswoman Claire Davidson told
Reuters by telephone from London.

Analysts see the consolidation of the lawsuits as an acceleration
of the legal process, but it is bad news for Lithuania.  The
Lithuanian government wants to buy out Yukos' stake in Mazeikiu
and resell it.  It is also planning to sell about 30% of its
40.66% stake to sweeten the deal.

"If an auction were to be organized by the Dutch court, the
Lithuanian government would be left out of the decision-making
process," said Petras Kudaras, at Baltic fund managers Finasta.

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

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

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

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

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


ZELENOKUMSKOYE: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on open joint stock company
Zelenokumskoye (TIN 2619005167).  The case is docketed as
A63-150/2005-S5.  Mr. A. Shavtikov has been appointed temporary
insolvency manager.

CONTACT:  ZELENOKUMSKOYE
          Russia, Stavropol region, Sovetskiy region,
          Zelenokumsk, 50 Let Oktyabrya Str. 38

          Mr. A. Shavtikov
          Temporary Insolvency Manager
          639000, Russia, Karachaevo-Cherkessiya republic,
          Lenina Str. 50


=============================
S L O V A K   R E P U B L I C
=============================


SLOVENSKE ELEKTRARNE: On Rating Watch Pending Privatization
-----------------------------------------------------------
Fitch Ratings says it is keeping Slovakia-based Slovenske
elektrarne A.S.'s Senior Unsecured 'BB+' rating on Rating Watch
Positive and its 'BBB-' rated EUR200 million senior notes due
2011 on Rating Watch Evolving.  This is because the ultimate
details of the sale of 66% of SE to Italy's Enel S.p.A.
('A+'/'F1'/Outlook Stable) are not yet known and the transaction
has not been closed yet.

While all the likely changes on SE stemming from the
privatization have not yet been agreed, and the transaction is
not expected to close before Q106, Fitch believes that the deal
will ultimately be positive or neutral for SE's credit profile,
as reflected in the Rating Watch Positive for the Senior
Unsecured rating.  For the notes, the Rating Watch Evolving
reflects the two possible outcomes and the likely aligning of the
ratings after the privatization.

The Slovak government recently approved a long-term investment
program for SE prepared by Enel and totaling EUR1.9 billion.
This includes a plan to finish the construction of SE's second
nuclear power plant in Mochovce, modernize the existing
fossil-fuel plants and plans for hydroelectric capacity.

Although financing of the investment plans has not yet been
agreed, SE's financing is expected to be linked with Enel in the
long-term.  Fitch believes that Enel has sufficient financial
flexibility to meet any foreseeable funding requirements.

Fitch expects details of the planned separation of certain assets
(and related liabilities) from SE to be made available in the
coming weeks; the assets mainly include approximately 13% of SE's
current electricity generation capacity represented by the V-1
block of the Jaslovske Bohunice nuclear power plant, which is to
be decommissioned in 2006/8.  The related decommissioning
liabilities are expected to be transferred to a new
government-owned entity.

Gabcikovo hydroelectric plant (10% of SE's total capacity) will
also be sold to a government-owned entity.  SE will continue to
operate the plant and a long-term rental agreement is expected to
be put in place.  The rental cost to SE will be compensated by
the sales price payment -- guaranteed by the government -- over
the same period.  The transaction is expected to be cash neutral
for SE.

The privatization and asset disposal will require a waiver of the
change of control and disposal limitation provisions in SE's
funding structure.  The company's funding structure is based on
EUR350 million and EUR500 million syndicated revolving facilities
and the EUR200 million notes that were put in place over the last
two years.  Liquidity in the form of cash and committed unused
facilities is comfortable at around SKK23.4 billion (around
EUR600 million) after the financial restructuring.  Most of the
debt (60%) is euro-denominated (around 31% is in Slovak koruna),
and around 20% remains directly guaranteed by the Slovak
government.

The key leverage ratios remained stable year-on-year at YE04,
while interest coverage improved due to lower interest rates
following the refinancing in the last two years.  Funds from
operations for H105 were down 6% year-on-year at SKK9.1 billion.
Gross debt at 30 June 2005 (SKK42.3 billion) was 4% down from
YE04 (SKK43.8 billion) while the proportion of short-term debt to
total debt fell to 16% from 26%.

SE is the largest electricity generator and supplier in the
Slovak Republic (sovereign local currency rating 'A+' and foreign
currency 'A'), with 6.9GW or 83% of Slovakia's installed
capacity.

CONTACT:  SLOVENSKE ELEKTRARNE A.S.
          Hranicna 12
          827 36 Bratislava 212
          Slovak Republic
          Phone: +421 2 5866 1111
          Fax: +421 2 5341 7525
          E-mail: info@hq.seas.sk
          Web site: http://www.seas.sk

          FITCH RATINGS
          Josef Pospisil, London
          Phone: +44 20 7417 4266
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 338 6286
          Francesca Fraulo, Milan
          Phone: +39 02 879 087 237

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Web site: http://www.fitchratings.com


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


CONCORDIA BUS: Shareholders Install New Board
---------------------------------------------
A new Board of Directors was appointed on Tuesday at an
Extraordinary General Meeting of Concordia Bus shareholders.  New
members of the Board are: Rolf Lydahl, Jan Sjoqvist and Jan
Sundling.  Former member Gina Germano remains on the Board.  Jan
Sjoqvist was appointed Chairman of the Board.

"Following the successful financial restructuring, Concordia Bus
can now fully concentrate on further developing the bus transport
market with the full support of the new Board.  With its business
skill and its experience from sectors like transport, contracting
and politically run businesses the Board adds important
competence," says Ragnar Norback, CEO of the Group.

                  Facts About the Board Members

Jan Sjoqvist, born 1948

     -- Chairman of the Board of ODEN Anlaggningsentreprenad

     -- Board member of Stora Enso, Green Cargo and Lannebo
        Fonder

     -- Former CEO of NCC. B Sc (Econ)

Jan Sundling, born 1947

     -- CEO of Green Cargo Sweden since 2001

     -- Former CEO of ASG and Linjeflyg

     -- President of The Swedish International Freight
        Association, member of the Board of SIQ

Rolf Lydahl, born 1945

     -- Chairman of the Board of Jernhusen and IndeCap

     -- Member of the Board of Sardus, SwedCarrier and Electra
        Finans

     -- Former CEO of Probo

     -- Vice CEO of Nordstjernan

     -- Head of Credit Suisse's representative office in
        Stockholm. B Sc.

Gina Germano, born 1966, U.S. citizen

     -- Senior portfolio manager of BlueBay Asset Management
        since 2002

     -- Former portfolio manager of Lazard Asset Management,

     -- Equity analyst at Morgan Stanley

     -- Master from the University of Lund, degree from Boston
        University and Northwestern University

                            *   *   *

The Concordia Bus Group is one of Europe's ten largest Groups
within public transports and largest in the Nordic region.  The
Group carries approximately 280 million passengers yearly in
scheduled services, motor coaches and tourist travel in Sweden,
Norway and Finland.  Swebus, Swebus Express and Interbus in
Sweden, I.M. Schoyen Bilcentraler in Norway and Concordia Bus
Finland are parts of the Group.

Concordia Bus Group concluded its financial restructuring in
October.  All holders of the Group's EUR160 million Senior
Subordinated Notes who have accepted the terms of the financial
restructuring have received shares in exchange for their notes,
which have since been annulled.  Senior Subordinated Notes
converted to equity amount to 97.5% of the shares in Concordia
Bus AB.  Concordia Bus Nordic AB -- parent company of the Group's
operative bus companies where among others Swebus is part -- will
receive an equity injection of EUR20 million.

CONTACT:  CONCORDIA BUS NORDIC AB
          Ragnar Norback, CEO
          Phone: + 46 701 87 10 40

          Per Skargard, CFO
          Phone: + 46 701 87 10 52


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


SICPA HOLDING: Moody's Upgrades Ratings; Cites Debt Reduction
-------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of NOMA Luxembourg S.A., the direct owner of SICPA Holding
S.A., to Ba3 from B1.  Concurrently, the company's senior secured
credit facilities were upgraded to Ba2 from Ba3 and the senior
notes (issued via NOMA Luxembourg S.A.) were upgraded to B1 from
B3.  This concludes the rating review initiated on September 5,
2005.

The upgrade reflects the substantial reduction in the company's
indebtedness following the divesture of its Packaging Inks
division combined with the strong performance of SICPA's security
inks division since the ratings were assigned in June 2004.
Moreover, the upgrade reflects Moody's expectation that the
company's credit metrics will continue to improve as a result of
SICPA's exclusive focus on its security inks and product security
businesses.

In September 2005, SICPA completed the sale of its Packaging Inks
division to the Siegwerk Group (Siegwerk, not rated).  The
consideration received by SICPA was not disclosed and Moody's
understands that as part of the sale and purchase agreement
(SPA), SICPA has provided Siegwerk with certain environmental and
tax indemnities as well as maintained responsibility for
warranties and product liabilities outstanding at the date of
sale.  The company used the proceeds of the sale to prepay and
cancel the term loans under its senior secured credit facilities
as well as certain other local credit facilities.  Whilst the
disposal of this division has resulted in a material book loss,
which has resulted in a negative equity, the reduction in
indebtedness has resulted in substantially improved credit
metrics (pro-forma for the transaction, Moody's expects Adjusted
Debt to Adjusted EBITDAR to be below 4x and Adjusted RCF to Net
Adjusted Debt to exceed 15%).

Whilst these metrics are viewed as strong for the category, the
Ba3 corporate family ratings incorporates Moody's expectation
that the company's free cash flow will be constrained over the
next eighteen months as a result of higher than normal capital
expenditure (particularly in relation to discretionary capex for
new track and trace projects).  Moreover, whilst typical of
privately held companies, SICPA's rating is constrained by its
corporate governance and the limited independence of its Board.
Moody's notes positively, however, the recent appointment of an
independent non-executive director to the Board.  In addition,
since dividend payments from NOMA Luxembourg S.A. are restricted
under the terms of the existing senior notes (to 50% of
consolidated net income accrued from July 04) combined with the
loss on the disposal of the Packaging Inks division, Moody's
believes that dividend payments from the restricted group are
unlikely before mid-2007, when the senior notes become callable.

The positive outlook reflects Moody's view that the company is
strongly positioned in its rating category and that free cash
flow generation should substantially increase in 2007 as growth
capital expenditures decline.  Consequently, there is likely to
be upward pressure on the ratings in the event that the company
maintains or improves its current leverage profile whilst
increasing its free cash flow generation.

It is Moody's understanding that the company will continue to
focus on small strategic acquisitions, either in order to
strengthen its product security business, such as its recent ALRO
Information Systems acquisition, or in order to bring key
technology in house (e.g. the recent liquid crystal pigment
business acquisition).  Nonetheless, the ratings would likely be
negatively impacted should the company undertake a substantial
debt funded acquisition, which resulted in a deterioration of
credit metrics such that Adjusted Debt to Adjusted EBITDAR
exceeded 5x and Adjusted RCF to Net Adjusted Debt fell below the
mid teens.  Moreover, the rating assumes that no material
obligations will arise as a result of the indemnities given to
Siegwerk under the SPA.

Moody's believes that the disposal of the Packaging Inks division
has improved the business risk of the company.  Going forwards,
business risks include volatility in earnings resulting from the
introduction of new currency launches or notes denominations,
high customer concentration and exposure to raw material cost
increases (albeit that exposure to oil price increases is
reasonably limited, with less than 10% of raw material costs
being oil-based products).

Moreover, the ratings continue to reflect the company's need to
maintain its technological advantage in security inks, its
dependence on one supplier for certain key security inks
pigments, the ongoing sales, marketing and R&D investment in
SICPA's nascent product security division, and its exposure to FX
fluctuations (particularly the CHF/EUR rate and the CHF/$ rate).

More positively, the ratings factor SICPA's leading position in
the security inks market, its strong technological expertise, its
innovative products and long standing customer relations as well
as the company's global manufacturing base and strong geographic
reach.  With regards to its Product Security business, Moody's
believes the company is well positioned to benefit from growth in
this market and notes the success to date of its track and trace
projects.

Liquidity is viewed as satisfactory given Moody's expectation
that the company should remain free cash flow positive combined
with its access to cash balances (c. CHF45 million as at 30 June
05) and the availability under its revolving credit facility
(CHF50 million).

Notching on the senior notes has been compressed by one notch
from two notches reflecting the reduction in the amount of
priority debt that can be raised ahead of the bond following the
prepayment and cancellation of the senior secured term loans.

These ratings have been affected:

NOMA Luxembourg S.A.

(a) Corporate Family rating upgraded to Ba3 from B1; and

(b) EUR160.0 million 9.75% senior notes due 2011 rating upgraded
    to B1 from B3.

SICPA Holding S.A.

(a) CHF50 million (previously CHF220 million) senior secured
    credit facilities upgraded to Ba2 from Ba3.

(b) The ratings on the CHF170 million term loans issued by SICPA
    Holding S.A. have been withdrawn following their prepayment
    and cancellation.

The outlook for all ratings is positive.

Headquartered in Lausanne, Switzerland, SICPA is leading provider
of security inks for bank notes and value documents as well as a
creator of security solutions and integrated systems.  For the
year ended December 2004, SICPA generated revenues of CHF1,026
million and EBITDA of CHF121.7 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Nicole Guest, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


AGROZAPCHASTINA: Goes into Liquidation
--------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Agrozapchastina (code EDRPOU 24512012) on
August 17, 2005 after finding the limited liability company
insolvent.  The case is docketed as 19/115/04.  Ms. Nataliya
Chursina has been appointed liquidator/insolvency manager.  The
company holds account number 26002400512 at JSPPB Aval,
Zaporizhya regional branch, MFO 313827.

CONTACT:  AGROZAPCHASTINA
          Ukraine, Zaporizhya region,
          Melitopol, Kirov Str. 210

          NATALIYA CHURSINA
          Liquidator/Insolvency Manager
          72319, Ukraine, Zaporizhya region,
          Melitopol, a/b 6

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


FASHION DEVELOPMENT: Declared Insolvent
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Fashion Development Centre (code EDRPOU
03051825) on September 30, 2005 after finding the open joint
stock company insolvent.  The case is docketed as 43/779.  Mr. Z.
Koberidze has been appointed liquidator/insolvency manager.

CONTACT:  FASHION DEVELOPMENT CENTRE
          Ukraine, Kyiv region,
          Artema Str. 37-41

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


KVANT LTD: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Kvant LTD (code EDRPOU 13411532) on
August 28, 2005.  The case is docketed as 21/89 b.  Mr. Andrij
Golosov (License AB 216813) has been appointed temporary
insolvency manager.  The company holds account number 26006411481
at JSB Ukrkommunbank, Severodonetsk branch, MFO 304740.

CONTACT:  KVANT LTD.
          93105, Ukraine, Lugansk region,
          Lisichansk, Krasna Str. 1-A

          ANDRIJ GOLOSOV
          Temporary Insolvency Manager
          91000, Ukraine, Lugansk region,
          Kirov Str. 18/12

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square 3a


LIGURT: Lviv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Ligurt (code EDRPOU 30052943) after finding
the limited liability company insolvent.  The case is docketed as
6/39-4/22.  Mr. Panas Taras (License AA 485217) has been
appointed liquidator/insolvency manager.  The company holds
account number 26000016263 at JSC Credit Bank, MFO 325365.

CONTACT:  LIGURT
          79024, Ukraine, Lviv region,
          Volinska Str. 10

          PANAS TARAS
          Liquidator/Insolvency Manager
          79071, Ukraine, Lviv region,
          Volodimir Velikij Str. 113/125

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


METAL-INVEST: Files for Liquidation
-----------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Metal-Invest (code EDRPOU 25481176) after
finding the limited liability company insolvent.  The case is
docketed as 25/73.  Mr. Yurij Padalko (License AA 783143) has
been appointed Liquidator/Insolvency Manager.  The company holds
account number 26004215711 at JSB Metalurg, MFO 313582.

CONTACT:  METAL-INVEST
          69076, Ukraine, Zaporizhya region,
          Zadniprovska Str. 11/204

          YURIJ PADALKO
          Liquidator/Insolvency Manager
          49023, Ukraine, Dnipropetrovsk, a/b 1523

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


PARTNER: Court Grants Debt Moratorium
-------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Partner (code EDRPOU 30774247) on
September 5, 2005 and ordered a moratorium on satisfaction of
creditors claims.  The case is docketed as 15/139 B.  Mr. Yurij
Korchagin (License AB 116192) has been appointed temporary
insolvency manager.

CONTACT:  PARTNER
          87450, Ukraine, Donetsk region,
          Pershotravnevij district,
          Yalta, Titov Str. 22

          YURIJ KORCHAGIN
          Temporary Insolvency Manager
          87512, Ukraine, Donetsk region,
          Mariupol, 60 Rokiv SRSR Str. 4/36

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


RAJMIZHKOLGOSP: Court Appoints Insolvency Manager
-------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Rajmizhkolgosp (code EDRPOU 03579354) on
September 27, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 10/70-05.  Mr. Sergij Severin
(License AA 630139) has been appointed liquidator/insolvency
manager.  The company holds account number 260054731 at JSPPB
Aval, Vinnitsya regional branch, MFO 302247.

CONTACT:  RAJMIZHKOLGOSP
          Ukraine, Vinnitsya region,
          Lipovets, Stolyarskij Str. 5

          SERGIJ SEVERIN
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 2a/605

          ECONOMIC COURT OF VINNITSYA REGION
          21100, Ukraine, Vinnitsya region,
          Hmelnitske Shose 7


TEPLOTEHNIK: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on Teplotehnik (code EDRPOU 25223675).  The
case is docketed as 21/201.  Mr. Ishenko Dmitro has been
appointed temporary insolvency manager.

CONTACT:  TEPLOTEHNIK
          72200, Ukraine, Zaporizhya region,
          Vesele, Zaliznichna Str. 12

          ISHENKO DMITRO
          Temporary Insolvency Manager
          72315, Ukraine, Zaporizhya region,
          Melitopol, Bronzosa Str. 43/16

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


TRANS STROJ: Court Appoints Liquidator
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Trans Stroj (code EDRPOU 24249655) after
finding the company insolvent.  The case is docketed as 15/553-b.
Mr. A. Fomenko (License AA 779220) has been appointed
liquidator/insolvency manager.  The company holds account number
26003200002276 at JSCB Ukrsocbank, Kyiv region branch, MFO
322012.

CONTACT:  TRANS STROJ
          01010, Ukraine, Kyiv region,
          Suvorov Str. 1

          A. FOMENKO
          Liquidator/Insolvency Manager
          03150, Ukraine, Kyiv region,
          Kovpak Str. 29, office 409-D

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


TVR-LINE: Insolvency Manager Moves in
-------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against TVR-Line (code EDRPOU 32363732) on August 31,
2005 after finding the limited liability company insolvent.  The
case is docketed as 25/162.  Mr. S. Agarkov (License AA 783058)
has been appointed liquidator/insolvency manager.  The company
holds account number 2600801000682 at OJSC Credit Bank,
Dnipropetrovsk branch, MFO 307048.

CONTACT:  TVR-LINE
          69096, Ukraine, Zaporizhya region,
          Divizionna Str. 2

          S. AGARKOV
          Liquidator/Insolvency Manager
          69000, Ukraine, Zaporizhya region,
          Lenin Avenue, 133, a/b 646

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


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


AAA AUTO: Hires P&A Partnership to Wind up Business
---------------------------------------------------
G. H. Middleton, chairman of AAA Auto Centre Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 19 at 93 Queen Street, Sheffield S1 1WF.  John
Russell and Allan Cooper of The P&A Partnership, 93 Queen Street,
Sheffield S1 1WF were appointed liquidators.  The resolutions and
appointment were confirmed at a subsequent meeting of creditors.

CONTACT:  A A A AUTO CENTRE LTD.
          Shalesmoor, Sheffield, S3 8UR
          Phone: 0114-275 4532

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


ALBANY HOUSE: Hires Administrators from Begbies Traynor
-------------------------------------------------------
James P. N. Martin and W. John Kelly (IP Nos 008316, 004857) of
Begbies Traynor were appointed joint administrators of Albany
House Limited (Company No 00994572) on Oct. 28.  The company's
registered office is at 46 Station Road, Coleshill, Birmingham
B46 1HT.

CONTACT:  ALBANY HOUSE LTD.
          Station Road
          Coleshill
          Birmingham B46 1HT
          United Kingdom
          Phone: (01675) 462407
          Fax: (01675) 463207

          BEGBIES TRAYNOR
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


ALBASTON AUTO: Files for Liquidation
------------------------------------
D. Wyatt, director of Albaston Auto Specialists Ltd., informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 7 at Falmouth Road, Helston, Cornwall TR13 8JX.  Ray
Purnell of Purnells, Trewoon, Poldhu Cove, Mullion, near Helston,
Cornwall TR12 7JB was appointed liquidator.

CONTACT:  ALBASTON AUTO SPECIALISTS LTD.
          Unit 4-6 Gilston Rd
          Saltash, Cornwall, PL12 6PW
          Phone: 01752 848030


ANGLIA PAINTS: Calls in Liquidator from Rothman Pantall
-------------------------------------------------------
J. A. Hilton, chairman of Anglia Paints Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Oct. 31 at Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP.  Robert Derek Smailes and
Stephen Blandford Ryman of Rothman Pantall & Co, Clareville
House, 26-27 Oxendon Street, London SW1Y 4EP were appointed joint
liquidators.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


AUTOHOUSE OF TOTTENHAM: In Liquidation
--------------------------------------
G. Ellinas, chairman of Autohouse of Tottenham Ltd., informs that
a resolution to wind up the company was passed at an EGM held on
Oct. 14 at Fergusson House, 124-128 City Road, London EC1V 2NJ.
C. M. Iacovides of Jeffreys Henry Jacobs, Fergusson House,
124-128 City Road, London EC1V 2NJ was appointed liquidator.

CONTACT:  AUTOHOUSE OF TOTTENHAM LTD.
          776 High Rd, Tottenham, N17 0BX
          Phone: 020 8493 1111


BCCI: Lawyers, Auditors Face GBP70 Million Claim
------------------------------------------------
Professionals acting for the creditors of Bank of Credit and
Commerce International may have to pay up to GBP70 million after
withdrawing its case against Bank of England, The Independent
says.

Deloitte Touche Tohmatsu, liquidator of BCCI, withdrew on Nov. 2
an GBP850 million lawsuit against Bank of England following an
advice by the High Court.  Creditors of BCCI are liable under the
English legal system to foot the bill, but the report said, the
bank is seeking indemnity costs, which means Deloitte, its
lawyers, and accountants could also be liable.

The report quoted a bank insider saying: "If you can claim that,
at some point in the process, the liquidators and their lawyers
must have realized that they did not have any evidence to justify
continuing the claim, then you can ask for all the fees from that
point onwards back."

BCCI, incorporated in Luxembourg and ran from London, collapsed
in 1991 with as much as US$16 billion in debt.  The failure
affected 80,000 depositors.

The case, where Bank of England is accused of misfeasance, had
placed at stake the bank's reputation for the first time in its
309-year history.  According to the Financial Times, the bank's
legal bill might have already exceeded GBP70 million, while that
of Deloitte is estimated at GBP38 million.  A hearing to take up
this issue has been set for Nov. 11, 2005.

Christopher Grierson of Lovells is Deloitte's counsel.  Nicholas
Stadlen QC is Bank of England's lawyer.  BCCI's creditors include
Channel 4, American Express, Bury Council and The Western Isles
Council, which is owed GBP24 million.

CONTACT:  DELOITTE & TOUCHE LLP
          1 Woodborough Road,
          Nottingham NG1 3FG
          Phone: +44 (0) 115 950 0511
          Fax:   +44 (0) 115 959 0060
          Web site: http://www.deloitte.com

          LOVELLS
          Web site: http://www.lovells.com/


CABLE COMPOUNDS: Names Mercer & Hole Liquidator
-----------------------------------------------
Company Names: CABLE COMPOUNDS LIMITED
               (lately Glomin Limited)

               SCAPA INDUSTRIAL TEXTILES LIMITED
               (lately Scapa-Porritt Limited)
               (formerly Scapa Bamford Limited)

               SCAPA LIMITED

               SCAPA (NO. 1) LIMITED
               (lately Plasmar Fabrications Limited)

               SCAPA TAPES LIMITED
               (formerly Scapa Tapes Europe Limited)
               (formerly Scapa Tapes Limited)
               (previously Scapa Dryers Limited)

C. A. Green, the chairman of these companies, informs that the
special resolution to wind up the companies was passed at an EGM
held on Oct. 24 at Oakfield House, 93 Preston New Road, Blackburn
BB2 6AY.  John Anthony Dickinson and Steven Leslie Smith of
Mercer & Hole, International Press Centre, 76 Shoe Lane, London
EC4A 3JB were appointed joint liquidators.

CONTACT:  MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


CASTLECARE SERVICES: Appoints Administrators from Buchanans
-----------------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley (IP Nos 3966, 6588) of
Buchanans Plc were appointed joint administrators of Castlecare
Services Limited (Company No 05004791) on Oct. 25.

Castlecare Services -- http://www.castlecareservices.co.uk/--  
has been conducting removals and storage business since 1998.

CONTACT:  CASTLECARE SERVICES LTD.
          Unit 9 Delta Commerce Centre
          Old Wareham Road
          Poole, Dorset BH12 4QN
          Phone: 01202 748258
          Fax: 01202 748258
          Mobile: 07941 451344
          E-mail: info@castlecareservices.co.uk

          BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222


CHARTPOINT PROPERTY: Members Decide to Wind up Firm
---------------------------------------------------
R. A. Hill, the chairman of Chartpoint Property Limited, informs
that the subjoined special resolution to wind up the company was
passed on Oct. 26.  Simon John Lundy and John Bell of Hawdon Bell
& Co, 4 Northumberland Place, North Shields N30 1QP were
appointed joint liquidators.

Creditors are required on or before December 9, 2005 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any), to Simon John
Lundy and John Bell of Hawdon Bell & Co, 4 Northumberland Place,
North Shields NE30 1QP, the Joint Liquidators of the company,
and, if so required by notice in writing their debt or claims.

CONTACT:  HAWDON BELL & CO.
          4 Northumberland Place
          North Shields
          Tyne And Wear NE30 1QP
          Phone: 0191 257 7113
          Fax: 0191 296 2034
          E-mail: jbell@hawdonbell.co.uk


COMPASS GROUP: Hires Headhunter to Find CEO Replacement
-------------------------------------------------------
Compass Group plc has called in headhunter Jan Hall to help the
company search for a new chief executive, said The Telegraph.

Current CEO Mike Bailey, who has been under fire to resign as
soon as possible, revealed in September that he would leave the
company.  Critics have been reportedly seeking his immediate exit
from the company to minimize the impact of the ongoing probe into
bribery claims at the United Nations, which involved Compass'
Eurest Support Services unit.

Among the potential candidates to replace him are former Aramark
and Sodexho UK Divisions Head Bill Toner; Compass' Americas
Division CEO Gary Green; and Bunzl Chairman Tony Habgood.  With
backing from some board members, Mr. Toner is said to be the
front-runner.

Meanwhile, Ms. Hall, who led the hunt for Rentokil Chief
Executive Doug Flynn and 3i Chief Executive Philip Yea, refused
to comment on any agreement with Compass.  She only said that the
search for candidates, interviews and related discussions could
take up to six months.

Paul Steegers of house broker Merrill Lynch said his firm prefers
an external candidate.

He said: "Compass shouldn't be just looking at a cost-cutter, it
should be looking at someone to give good strategic direction.
Tony Habgood would be ideal, but it's not going to happen because
he's fully committed to Bunzl and Whitbread already."

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


CONWY AND DENBIGHSHIRE: Deepens Cost-cutting
--------------------------------------------
Ysbyty Glan Clwyd is considering closing a surgical ward as a
further cost-cutting measure, according to the Daily Post.  Conwy
and Denbighshire NHS Trust, which runs the hospital, is nursing a
GBP7 million deficit, and is also closing one of its two
children's wards at weekends to cut cost.

Ian Bellingham, executive director of operations, said the
company is looking at possibly closing the 28-bed ward over the
weekend, or closing it but replacing part of its function with a
day case unit.

He said a meeting to sort the details of the plan will be held
next week.  Staff on Ward 7 has already been advised that their
station is to close on Christmas eve.   He stressed that the
closure is not a reduction in services amidst fears it would
result in longer waiting lists for surgery.

According to him, the move is aimed at making its services
efficient and cost-effective.  The ward is one of four general
surgical wards.

CONTACT:  CONWY AND DENBIGHSHIRE NHS TRUST
          Glan Clwyd Hospital
          Rhyl
          Denbighshire
          LL18 5UJ
          UK
          Phone: 01745 583910
          Fax: 01745 583143


ENERGIS PLC: Half-year Earnings Up 6% to GBP55 Million
------------------------------------------------------
Energis plc has unveiled its half-year results, demonstrating
strong progress in all core areas of its business.

With revenue up, EBITDA up and impressive growth in key markets,
Energis' focus on high-end corporate customers is paying off.

In addition, the company has more than offset the decline of its
narrowband ISP business as contracts with large customers like
the BBC with Siemens Business Services and the Government Secure
intranet (GSi) begin to reach revenue generation.

Highlights

(a) Retail up 18% with 25% growth in key Enterprise market, and
    26% growth in Systems Integrators (SI) markets;

(b) 6% increase in EBITDA before exceptional items to GBP55
    million on H105 resulting from the impact of efficiency
    savings, including headcount reduction; and

(c) 4% growth in overall revenue compared to the same period
    last year.

John Pluthero, chief executive of Energis, said: "We've made
excellent progress in our key markets.  These results show that
our focus on high end corporate customers and on providing
tailored solutions and excellent service to customers is
delivering on all fronts."

Archie Norman, chairman of Energis, said: "These strong results
illustrate the extent of the transformation of Energis since
2002.  We have an industry-leading team, a business focused on
large corporates and Government, and a growing reputation for
customer service.  The sale to Cable and Wireless provides a
great chance to build on our successes."

Performance for the 6 months ended September 2005

Profit and Loss

GBPmillion                          H1 06           H1 05

Revenue                               361             348

EBITDA(+) before exceptional items     55              52

Cash Flow

GBPmillion                          H1 06           H1 05

Capital expenditure                   (46)            (44)

Free cash flow                          9               7

Cash balance                          109             147
Revenue analysis

GBPmillion           H1 06           H1 05           Growth rate

Retail[1]              191             162               18%

Enterprise              76              61               25%

SI                      54              43               26%

Other                   61              58                5%

Carrier[2]              98              89                10%

ISP                     72              97               (26%)

                       361             348                 4%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Retail is defined as all Corporate revenues excluding ISP
products.

[2] Carrier is defined as all Carrier and Business Partner
channel revenues excluding ISP products.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

CONTACT:  ENERGIS PLC
          Media Centre
          Direct Dial: +44 (0)118 919 3499
          Switchboard: +44 (0) 20 7206 5555
          Web site: http://www.energis.com


GROUNDWORK RECRUITMENT: Hires Liquidator
----------------------------------------
P. Scragg, director of Groundwork Recruitment Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 13 at the Fradley Arms Hotel, A38 Fradley, Lichfield
WS13 8RD.

Elleen T. F. Sale of Sale Smith & Co. Limited, Carmella House, 3
and 4 Grove Terrace, Walsall WS1 2NE was appointed liquidator.

CONTACT:  GROUNDWORK RECRUITMENT LIMITED
          Beechwood House 22 New Rd
          Willenhall West Midlands
          WV13 2BG
          Phone: 01902 637140

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


HEARTSWELL (CROYDON): Administrators Enter Firm
-----------------------------------------------
Company Names: HEARTSWELL (CROYDON) LIMITED
               (Company No 04284679)

               HEARTSWELL (HOUNSLOW) LIMITED
               (Company No 04255390)

               HEARTSWELL (KILBURN) LIMITED
               (Company No 04266044)

               HEARTSWELL (MAIDSTONE) LIMITED
               (Company No 04284678)

               HEARTSWELL (PUTNEY) LIMITED
               (Company No 04266049)

Iain John Allan and Henry Anthony Shinners (IP Nos 7310, 9280) of
Smith & Williamson Limited were appointed joint administrators of
these companies on Oct. 28.

CONTACT:  SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Inner London
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: henry.shinners@smith.williamson.co.uk


HOVERSPEED: Closing Loss-making Dover-Calais Route
--------------------------------------------------
Cross Channel fast ferry operator Hoverspeed on Nov. 4 said that
following consultations with its permanent staff in the U.K. and
Europe, it had reluctantly decided on an early closure to the
season.

Hoverspeed, which operates on the Dover-Calais route, said it
could no longer sustain the losses on the English Channel.

Hoverspeed will retain a certain number of staff who will look
after the care and maintenance of its two SeaCats whilst a
decision is made on future deployment of the craft.  Consequently
many jobs will unfortunately be at risk over coming weeks.

A spokesman said: "We have implemented a number of changes to the
business over the last few years in an effort to improve our
financial performance, including moving to a seasonal service.

"However despite vehicle carryings increasing by 17% this year,
there remains surplus capacity on the Dover-Calais route and our
average yields have declined.  We have also seen a dramatic
increase in the price of fuel -- up 54% from last year -- and
this, coupled together with a diminishing market and less retail
opportunities have been the principal causes of our financial
problems.

"The regrettable decision to cease operations has not been taken
lightly and it is a sad moment.  I would like to pay tribute to
all Hoverspeed staff for their hard work, flexible working
practices and effort over the years.  We shall be looking at
various options as to how we may assist those employees who may
now face redundancy."

Hoverspeed said that last scheduled sailing of its service was
the 17:30 hours crossing from Dover returning from Calais at
20:15 on Monday 7 November 2005.

CONTACT:  HOVERSPEED
          Web site: http://www.hoverspeed.com/
          Phone: 00 44 (0)870 240 8070 (UK)
                 00800 1211 1211
          E-mail: info@hoverspeed.com


LAB 35: Calls in Liquidator
---------------------------
Lab 35 Ltd. (t/a Lab 120/Topcolour Processing/Round the Clock
Colour Prints) informs that a resolution to wind up the company
was passed at an EGM held on Oct. 17 at Great Central House,
Great Central Avenue, South Ruislip, Middlesex HA4 6TS.

Soloman Cohen of Pitman Cohen, Great Central House, Great Central
Avenue, South Ruislip, Middlesex HA4 6TS was appointed
liquidator.

Lab 35 -- http://www.lab35.com-- was established in 1981 by
Keith Lyons and Colin Skears.  In the early 80's Lab 35 pioneered
full-format 35mm machine printing, enabling it to offer a
complete range of 'full-format' machine and hand enlargements.
In 1990 it was awarded Kodak Q-lab status for its E6, C41 and RA4
processes.  It has Q-lab and Fujitech monitoring.

CONTACT:  LAB 35 LTD.
          35 Barton Road Bletchley Milton Keynes,
          Buckinghamshire MK2 3NJ
          Phone: 01908 371516


LIMITDEMO LIMITED: Appoints Vantis Numerica Administrator
---------------------------------------------------------
Nicholas Hugh O'Reilly and Simon Elliott Glyn (IP Nos 008309,
009159) of Vantis Numerica were appointed advertising and
publishing house Limitdemo Limited (Company No 03378897) on Oct.
28.

CONTACT:  VANTIS NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.vantisnumerica.com


MARKS & SPENCER: Half-year Profit Up 19.6% to GBP308.2 Million
--------------------------------------------------------------
Marks & Spencer Group plc has reported interim results for the 26
weeks ended 1 October 2005.

Highlights

(a) U.K. sales at GBP3,302.3 million down 0.2% (last year
    GBP3,307.6 million); International sales GBP348.5 million up
    8.6% (last year GBP321.0 million);

(b) group operating profit before exceptional items up 27.1% at
    GBP367.7 million (last year GBP289.4 million);

(c) group profit before tax and exceptional items up 19.6% at
    GBP308.2 million (last year GBP257.8 million); group profit
    before tax, after exceptional items, up 74.3% at GBP308.2
    million (last year GBP176.8 million);

(d) adjusted (for exceptional items) earnings per share from
    continuing operations 12.8 pence, up 70.7% (last year 7.5
    pence); Basic earnings per share 12.8p (last year 5.7p);

(e) interim dividend of 4.8 pence per share, up 4.3% (last year
    4.6 pence); and

(f) the Board announces the appointment of one executive
    director and two non-executive directors.

Outlook

When we updated the market on 11 October 2005, we said that the
trading environment remained very difficult.  This view has not
changed.  We have the important Christmas trading period ahead
which was very promotionally driven last year.  We will continue
to deliver outstanding quality and value. Customer feedback on
new product and pricing is positive.

                 Report of Chairman Paul Myners

The Company has made progress in a difficult environment.  The
Board is proposing an interim dividend of 4.8 pence, representing
a 4.3% increase on last year.

We are pleased to announce the appointment of Steven Sharp to the
Board as executive director Marketing, E-commerce, Store Design
and Development.

We are also announcing the appointment of two additional
non-executive directors.  Lady Patten and Jeremy Darroch will be
joining as non-executive directors in February 2006.  I am
delighted to welcome Louise and Jeremy to the Board.  We plan to
appoint a further new non-executive director before the end of
this financial year.

              Report of Chief Executive Stuart Rose

This is an encouraging first half performance with Group sales up
0.6% on the year and an improvement of 27.1% in Group operating
profit before exceptional charges.  We are pleased with the
progress we are making but much remains to be done.

Our focus on full price profitable sales, better buying, control
of stock, commitments and costs has enabled us to deliver the
targets we set out in July 2004.  Full price sales have continued
to improve and in General Merchandise were up 0.4% in the second
quarter against a decrease of 2.4% in the first quarter.  Our
plan is to continue to deliver outstanding Product, Environment
and Service.

Product

We will focus on delivering value, styling, quality and
competitiveness in all areas of the business.  Customer
perceptions on value are improving.  Value will continue to be a
key driver across all price points.

Our buying is now much more flexible.  We have opened sourcing
offices in Hong Kong, Turkey, Bangladesh and India and this will
deliver further efficiencies.  The introduction of Open To Buy
will mean more newness in stores and will improve our ability to
chase trends at speed.  We continue to manage our stocks and
commitments tightly.

In September, we ran a TV advertising campaign for Womenswear.
This was well received, encouraging customers into store and
driving improving perceptions on styling and the brand.

In Food we have launched 140 new lines to our already successful
"Cook!" range which is unique in being totally preservative and
additive free.  We have made recipe changes to 450 lines within
our ready meals food range to remove all artificial flavorings,
artificial colorings and hydrogenated fats: most of these lines
have no artificial preservatives.  We have also extended the Eat
Well campaign into new recipes.  Innovation and reacting to
consumer trends will be a key driver for the coming year.  Our TV
advertising campaign is reinforcing our quality credentials with
customers.

Environment

Five new stores were opened in retail parks.  We have modernized
13 more stores as part of our extended store modernization trial.
This program will be accelerated next year.  Group capital
expenditure for 2006/07 is expected to rise to between GBP450
million to GBP500 million.

Our plans to broaden the reach of our Food business continues and
six Simply Foods were opened in the first half.  Since the half
year, we have opened six trial stores on BP Connect forecourts: a
further two stores open this week.  Initial performance has been
encouraging.  We are also opening a number of new initiatives in
some existing Food Halls offering "Hot Food to Go," an eat-over
delicatessen counter and a new bakery concept.

Service

We launched a number of initiatives to improve service during the
half.  We have overhauled pay rates for our customer assistants
and introduced better career progression plans.  Around 40,000
store staff have attended a specially designed training program
this half.  We are starting to see improvements in customer
service, although with the increasing sales volumes we are now
driving through the business we still need to make further
progress in this area.

Board and Organizational Changes

In order to accelerate the pace of change and to better align
responsibilities, we are announcing further changes to our Board,
management and operations.

We have appointed one executive director and two additional
non-executive directors to the Board.

Steven Sharp is appointed executive director Marketing,
E-commerce, Store Design and Development, with immediate effect.
In addition to his previous responsibilities, Steven will now be
responsible for the delivery of the store modernization program
and for the M&S Money relationship with HSBC.

There will now be three executive directors on the Board, Stuart
Rose, Ian Dyson and Steven Sharp.  Ian Dyson is responsible for
Finance, International, IT, Logistics and Property.  Stuart Rose
will continue to manage buying and merchandising in addition to
his other responsibilities.

We are pleased to announce that George Davies will continue to
run Per Una on a full time basis until the end of June 2006.  He
will be working with us to implement an orderly succession before
becoming Chairman of Per Una from 1 July 2006, when it is
expected he will devote at least two days a week to Per Una.  Mr.
Davies is fully committed to working with us to further develop
the successful Per Una brand.

We are reorganizing our Childrenswear business.  Boyswear,
Schoolwear and Nightwear will now be managed by Menswear, while
Girlswear and Babywear will be managed by Womenswear.  As a
result of this restructure, Fiona Holmes, Business Unit Director,
Childrenswear, will leave the business.

In order to explore new opportunities to develop and broaden the
reach of our Food business we are forming a new Food development
unit.

Lady Patten and Jeremy Darroch will be joining the Board as
non-executive directors in February 2006.  Louise Patten is
Chairman of Brixton plc and a non-executive director of Bradford
& Bingley plc, GUS plc and Somerfield plc, as well as senior
advisor to Bain & Co. She brings a wide range of consumer and
retail experience to the Board and will join the Remuneration
Committee.  Jeremy Darroch, CFO of BSkyB plc, and ex-Group
Finance Director of Dixons Stores Group plc, brings consumer,
retail and financial experience to the Board and will join the
Audit Committee.

The Board will now consist of three executive directors, six
non-executive directors and a Chairman.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/Marks&Spencer(H12005).pdf

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


METHOD PRODUCTIONS: Music Producer Liquidates
---------------------------------------------
C. Jean-Francois, chairman of Method Productions Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 18 at No 1 Liverpool Street, London EC2M 7QD.

Gordon Johnston of hjs Recovery, 12-14 Carlton Place,
Southampton, Hampshire SO15 2EA was appointed liquidator.

CONTACT:  METHOD PRODUCTIONS LIMITED
          Global House
          92 De Beauvoir Road
          London
          N1 4EN
          Phone: +44 (0)20 7241 6880
          Fax: +44 (0)207 249 7182
          E-mail: team@method-productions.com
          Web site: http://www.method-productions.com/

       HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


MG ROVER: PwC Fees Reach GBP6.6 Million
---------------------------------------
PricewaterhouseCoopers has earned GBP6.6 million as administrator
of MG Rover Group Ltd. and engine maker Powertrain Ltd. in the
six months to October 7, said Accountancy Age.

This brings the total figure pocketed by the five firms --
including PwC -- appointed to advise on the carmaker's collapse
and sale to GBP8 million, according to a creditor's report.  In
July, Nanjing Automobile (Group) Corp. bought MG Rover and
Powertrain for GBP53 million, more than double the expected
price.

Since its appointment on June 10, PwC had been paid GBP5.616
million and GBP1.028 million as administrator of MG Rover and
Powertrain, respectively.

A spokesman for PwC said: "Our fees are approved and agreed by
the creditors committee and it was an extremely large and complex
administration which has involved a great deal of work."

The next report is set to be released at the conclusion of
Rover's administration, which is expected to continue until next
year.

Accountancy Age earlier disclosed under the Freedom of
Information Act that the Big Four and BDO Stoy Hayward had
already received at least GBP5 million.  The Big Four were
involved in advising various parties, while BDO Stoy Hayward for
the Department of Trade and Industry as the official
investigator.

According to DTI, BDO and investigator Gervase MacGregor got
GBP1,090,890 in fees, disbursements and VAT between 31 May and 31
August, while KPMG's earnings totaled GBP340,325.

Ernst & Young, which advised Shanghai Automotive Industry
Corporation, did not reveal how much it was paid for the work.
Rover's former auditors Deloitte, which is currently under probe
over its audit work on the carmaker, received a yearly audit fee
of around GBP300,000.

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

          PRICEWATERHOUSECOOPERS
          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485

          KPMG
          8 Salisbury Square
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk

          DELOITTE & TOUCHE LLP
          Queen Anne House, 69-71 Queen Square
          BRISTOL, BS1 4JP
          Phone: 0117 921 1622
          Fax: 0117 929 2801
          Web site: http://www.deloitte.co.uk

          ERNST & YOUNG
          London SE1 2AF
          Phone: +44 [0]20 7951 2000
          Fax: +44 [0]20 7951 1345
          Web site: http://www.ey.com/global/content.nsf/UK

          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


MJM WINDOWS: EGM Passes Winding-up Resolution
---------------------------------------------
M.J.M Windows Ltd. informs that resolutions to wind up the
company were passed at an EGM held on Oct. 20 at the Queens
Hotel, City Square, Leeds LS1 1PL.

Stephen Hull of Geoffrey Martin & Co, St James's House, 28 Park
Place, Leeds LS1 2SP was appointed liquidator.

CONTACT:  M.J.M WINDOWS LTD.
          West Yorkshire LS9 7BX
          Leeds
          Phone: 0113 248 3355

          GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


MULTIHULL PROMOTIONS: Calls in Liquidator from Marks Bloom
----------------------------------------------------------
M. R. M. Welch, the director of Multihull Promotions Limited,
informs that the special resolution to wind up the company was
passed at an EGM held on Oct. 28 at 60-62 Old London Road,
Kingston upon Thames, Surrey KT2 6QZ.  Philip Weinberg of Marks
Bloom, 60-62 Old London Road, Kingston upon Thames, Surrey KT2
6QZ was appointed liquidator.

Creditors are required on or before December 2, 2005 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any), to Philip
Weinberg of Marks Bloom, 60-62 Old London Road, Kingston Upon
Thames KT2 6QZ, the Liquidator of the Company, and, if so
required by notice in writing their debt or claims.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


NOVAPAL HOLDINGS: Creditors Meeting Set Friday
----------------------------------------------
Creditors of Novapal Holdings Limited will meet on November 11,
2005, 11 a.m. at Moore Stephens LLP, Victory House, Admiralty
Place, Chatham Maritime, Kent ME4 4QU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Simon Paterson of Moore Stephens LLP, Victory
House, Admiralty Place, Chatham Maritime, Kent ME4 4QU not later
than 12:00 noon, November 10, 2005.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


OPTIM8 LIMITED: Software Consultancy Firm Winds up
--------------------------------------------------
Quentin Bailey, director of Optim8 Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 19 at 1640 Parkway, Solent Business Park, Whiteley, Fareham,
Hampshire PO15 7AH.

Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire were appointed liquidators.

Optim8 works closely with Lawson Software in the U.K. to promote,
sell, and implement Lawson Service Process Optimization
solutions.  It provides business process review and consultancy
services, software systems, and implementation management.

CONTACT:  OPTIM8 LIMITED
          Portsmouth Technopole
          Kingston Crescent
          Portsmouth
          PO2 8FA
          United Kingdom
          Phone: +44 2392 658258
          Fax: +44 2392 658201
          Web site: http://www.optim8.com

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


ORCHARD DEALERSHIPS: Calls in Joint Liquidators
-----------------------------------------------
Orchard Dealerships Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Oct. 18 at Quality Hotel,
Ashley Way, Weston Favell, Northampton NN7 3EA.

Ronald Stanley Harding and David John Watchorn of Elwell Watchorn
& Saxton LLP, Cumberland House, 35 Park Row, Nottingham NG1 6EE
were appointed Joint Liquidators.

CONTACT:  ORCHARD DEALERSHIPS LTD.
          The Causeway
          Great Billing
          Northampton
          Northamptonshire
          NN3 9EX
          Phone: 01604 403040

          Fax: 01604 406164
          E-mail: scott@orcharddealerships.com

          ELWELL WATCHORN & SAXTON
          Cumberland House,
          35 Park Row,
          Nottingham NG1 6EE
          Phone: (+44) 0115 988 6035
          Fax: (+44) 0115 988 6135 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


PREMIER DIRECT: Administrators from Begbies Traynor Move in
-----------------------------------------------------------
David Moore and Donald Bailey (IP Nos 007510, 006739) of Begbies
Traynor were appointed joint administrators of Premier Direct
(UK) Limited (Company No 03657080) on Oct. 24.  Its registered
office is at Innovation House, Fleet Lane, St Helens WA9 2RJ.
The company is engaged in selling gym equipment through the
Internet.

CONTACT:  PREMIER DIRECT UK LTD.
          Innovation House, Fleet Lane
          St Helens, Merseyside, WA9 1TA
          United Kingdom
          Phone: +44 (0) 1744 694490

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


P.T.S. (EUROPE): Liquidator from Benedict Mackenzie Enters Firm
---------------------------------------------------------------
P. J. Rawson, the chairman of P.T.S. (Europe) Limited, informs
that the special, extraordinary and ordinary resolutions to wind
up the company were passed at an EGM held on Oct. 27 at Arrk PDG
Ltd, Olympus Park, Quedgeley, Gloucester.  Rupert Graham Mullins
of Benedict Mackenzie, CityPoint, Temple Gate, Bristol BS1 6PL
was appointed liquidator.

CONTACT:  BENEDICT MACKENZIE
          City Point
          Temple Gate
          Bristol
          Avon BS1 6PL
          Phone: 0117 373 6222
          Fax: 0117 373 6223
          E-mail: bristol@benemack.com


PUMPKIN MARINE: Goes into Liquidation
-------------------------------------
R. Russell, chairman of Pumpkin Marine Supplies Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 18 at The Winchester Royal, St Peter Street,
Winchester, Hampshire SO23 8BS.

David John Cheverton of Woodthorne & Co, 4 Sheepscar Way, Leeds
LS7 3JB was appointed liquidator.

CONTACT:  PUMPKIN MARINE SUPPLIES LTD.
          Northney Marina, Northney Road, Hayling Island,
          Hampshire, PO11 ONH UK
          Phone: +44 (0)23 92468794
          Fax: +44 (0)23 92466084


R AND T: Furniture Store Liquidates
-----------------------------------
T. Tobin, director of R and T Limited, informs that resolutions
to wind up the company were passed at an EGM held on Sept. 28 at
6 Ridge House, Ridgehouse Drive, Festival Park, Stoke on Trent.

M. H. Abdulali of Moore Stephens, 6 Ridge House, Ridgehouse
Drive, Festival Park, Stoke-on-Trent ST1 5TL was appointed
liquidators.

CONTACT:  R AND T LIMITED
          Link House, Bute Street
          Stoke-On-Trent, Staffordshire ST4 3PR
          Phone: 01782-327456

          MOORE STEPHENS
          6 Ridge House
          Ridge House Drive
          Festival Park
          Stoke on Trent
          Staffordshire
          ST1 5TL
          E-mail: mustafa.abdulali@uk.pkf.com
          Phone: 01782 201120
          Fax: 01782 201599


REFCO INC.: Winning Bidder for Assets Known Today
-------------------------------------------------
Four companies were in the running to acquire all or parts of
bankrupt futures and commodities broker Refco Inc. as of
Wednesday, Reuters says.

They are:

(a) Man Financial, the brokerage arm of U.K. listed hedge fund
    Man Group plc;

(b) J.C. Flowers & Co., a U.S. private equity firm led by
    former Goldman Sachs banker Christopher Banker;

(c) Interactive Brokers Group, a U.S. broker-dealer; and

(d) Dubai Investment Group, the investment arm of the Dubai
    government, U.S. buyout firm Yucaipa Cos., and Marathon
    Asset Management LLC.

Alaron, a Chicago futures and options dealer submitted an offer
by the Nov. 4 deadline, but Refco disqualified the bid, according
to the report.  Refco declined to give details or terms of the
bids being considered.  But previously, Dubai and Yucaipa was
known to offer US$828 million for the futures unit of Refco.

Refco's most valuable asset is its futures brokerage unit that
sources say might fetch around US$1 billion.  Discussions are
held at the office of Refco's lawyers Skadden, Arps, Slate,
Meagher & Flom LLP in the Times Square.  The winning bid is to be
presented to the U.S. bankruptcy judge today.  All bidders must
keep their offers open for 25 days, or until after the deal
closes, in case the winning bidder fails to complete the
transaction.

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

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

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


RIMAC LIMITED: Clothing Manufacturer Calls in Administrator
-----------------------------------------------------------
Iain John Allan and William Damian Joseph (IP Nos 7310, 9247) of
Smith & Williamson Limited were appointed joint administrators of
Rimac Limited (Company No 01042216) on Oct. 21.

Rimac -- http://www.rimac.co.uk/-- designs, manufactures,
supplies and manage company clothing for the city, industry &
local authorities.

CONTACT:  RIMAC LIMITED
          7 Langley Business Centre
          Station Road
          Langley
          Slough SL3 8DS
          United Kingdom
          Phone: (01753) 710071
          Fax: (01753) 572772

          SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Inner London
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: henry.shinners@smith.williamson.co.uk


RION LIMITED: Appoints Administrators from Kroll
------------------------------------------------
C. P. Holder and R. Maxwell (IP Nos 9093, 9185) of Kroll Limited
were appointed joint administrators of Rion Limited (Company No
04506005) on Oct. 28.  Its registered office is at Rion House,
Lowton Way, Hellaby Business Park, Rotherham, South Yorkshire S66
8RY.  The company manufactures plastic products.

CONTACT:  RION LTD.
          Rion House
          Lowton Way
          Hellaby Business Park
          Rotherham
          South Yorkshire S66 8RY
          Phone: 01709 703703
          Fax: 01709 700880

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


SARAIDE UK: KPMG Liquidators Enter Firm
---------------------------------------
At the general meeting of Saraide UK Limited held on Oct. 19, the
resolutions to wind up the company were passed.  Jeremy Spratt
and Finbarr O'Connell of KPMG LLP, 8 Salisbury Square, London
EC4Y 8BB were appointed joint liquidators.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


SELECT MORTGAGE: Appoints DTE Leonard Liquidator
------------------------------------------------
R. J. Horton, chairman of The Select Mortgage Centre Ltd.,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 20.

J. M. Titley of DTE Leonard Curtis, DTE House, Hollins Mount,
Bury BL9 8AT was appointed liquidator.

CONTACT:  THE SELECT MORTGAGE CENTRE LTD.
          23 Telegraph Street, Stafford, ST17 4AT
          Phone: 01785 250004

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


SMOOTHLINE LIMITED: Administrator from HJS Enters Firm
------------------------------------------------------
Gordon John Johnston (IP No 8616) of hjs Recovery was appointed
administrator of Smoothline Limited (Company No 05050421) on Oct.
25.

CONTACT:  HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


TREE TOP: Kroll to Liquidate Business
-------------------------------------
G Laskier, chairman of Tree Top Media Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 3 at Carmelite, 50 Victoria Embankment, Blackfriars, London
EC4Y 0DX.

Heath Sinclair and Gary Squires of Kroll, 10 Fleet Place, London
EC4M 7RB were appointed Joint Liquidators.

CONTACT:  TREE TOP MEDIA LIMITED
          500 Chiswick High Road
          London W4 5RG
          Phone: 020 8956 2651
          Fax: 020 8956 2671
          E-mail: info@treetopmedia.com
          Web site: http://www.treetopmedia.com/

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


WEST PARK: Liquidator Enters Firm
---------------------------------
A. Paylor, chairman of West Park Commercials Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 20 at 46 Moorlands Business Centre, Balme Road,
Cleckheaton BD19 4EW.

J. N. Bleazard of XL Business Solutions, 46 Moorlands Business
Centre, Balme Road, Cleckheaton BD19 4EW was appointed
liquidator.

CONTACT:  WEST PARK COMMERCIALS LIMITED
          1 West Park Road, Healey
          Batley, West Yorkshire WF17 7HD
          Phone: 01274-851158

          XL BUSINESS SOLUTIONS LTD.
          Moorlands Business Centre
          Balme Road, Cleckheaton, West Yorkshire BD19 4EW
          Phone: 01274870101


WHITEHEAD MANN: Loses Case Filed by Cheverney Consulting Limited
----------------------------------------------------------------
Whitehead Mann Group plc noted in the prospectus for its Placing
and Open Offer in March that Cheverney Consulting Limited had
issued High Court proceedings against Whitehead Mann Limited in
relation to a small acquisition in France in July 2000.  The case
concerned financial targets triggering the transfer of Ordinary
Shares in Whitehead Mann Group Plc.

The trial took place in June 2005.  On 8 November 2005 the
company was informed by the High Court that judgment had been
awarded in favor of the claimant.  The company is actively
considering whether to appeal.

The company will announce results for the 6 months ending 30
September 2005 on 11 November 2005.  The accounts will include an
exceptional provision of GBP0.7 million with respect to Cheverney
Consulting Limited.  This will be offset by restructuring costs
approximately GBP0.6 million lower than expected resulting in a
net exceptional cost of approximately GBP0.1 million.

                            *   *   *

The U.S.-based unit of Whitehead Mann Group Plc -- the sixth
largest executive search firm in the world -- filed a prepackaged
chapter 11 plan of liquidation in the U.S. Bankruptcy Court for
the Southern District of New York on March 31, 2005.  This came
after Whitehead Mann warned it is likely to reveal a GBP20
million annual loss.

The company is implementing a Strategic Plan to take the business
forward.

Group turnover for the year to 31 March 2005, from continuing
operations, was GBP47.2 million (2004: GBP55.0 million).
Operating profit from continuing operations before exceptionals
was GBP2.0 million (2004: GBP9.1 million).  Exceptional operating
costs of GBP9.1 million resulted in an operating loss after
exceptionals for the year of GBP9.0 million (2004: operating
profit GBP4.8 million).

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com


* KPMG Sees Tougher Trading Ahead
---------------------------------
Harsh trading conditions will continue well into the New Year,
said KPMG as it announced its latest quarterly business survey.

The figures reveal that negative announcements for Quarter 3 are
up by 6% across all sectors (from 912 in Q2 to 964 in Q3 2005)
and the highest so far recorded this year.  The figures, compiled
by Mandis Information Services Ltd. for KPMG Restructuring,
report the number of businesses making negative announcements of
any kind including profit warnings, redundancies and significant
restructuring.

Philip Davidson, Head of Restructuring at KPMG, said: "British
business is not only having to deal with the consumer downturn,
higher input prices and competition from cheaper economies but
they are also finding the burden of tax and regulation is
affecting their profits.  Many firms are so far proving resilient
and adapting to change but some companies, particularly in
retail, are beginning to fail and others are hastily looking at
how they can cut costs, increase cash flow and become more
profitable overnight.

"In my experience, businesses are proving adaptable and flexible
in face of the changing business environment but they need some
support and a less onerous regulatory environment, particularly
smaller businesses."

The survey shows that the retail sector continues to struggle
with a further increase in negative announcements of 12% (from 98
in Q2 to 110 in Q3 in 2005).

Philip Davidson, Head of Restructuring at KPMG, said: "Consumer
confidence has been depressed for most of the year and it
continues to worsen with big-ticket retailers dealing in
furniture, electricals and DIY most affected.  Consumers are
faced with increasing utility bills, increased petrol costs,
greater tax and pension contributions.  Household spending
decisions are being postponed and cancelled.  Added to that, the
impact of online shopping and the recent terrorist attacks have
put additional pressure on high street retailers with many of
them having to resort to discounts and promotions.

"The run up to Christmas is of course a crucial trading period
for retailers.  Savvy shoppers are tactically waiting for
retailers to slash their prices, although certain companies have
announced that they will not start their sales early."

Despite house prices falling during the quarter, these figures
show there is still demand in the building and construction
sector.  Negative warnings decreased in the quarter by 35% (from
69 in Q2 to 45 in Q3 2005, the lowest recorded since Q2 2004).

The gloomy picture for manufacturing continues with profit
warnings for industrials and consumer goods manufacturing
increasing in the quarter by 6.5% (from 123 in Q2 to 131 in Q3).
Previously it appeared that price increases in raw materials were
being passed on, but increasingly these price rises are hitting
margins.  There are also other challenges affecting manufacturers
such as sourcing skilled workers, pensions and employment
regulation.

"There are major challenges ahead for U.K. business especially in
the run up to Christmas where end of year trading will be
crucial. The key to a successful end of year, I believe, is being
able to react quickly and continue to reduce costs," Mr. Davidson
concluded.

CONTACT:  KPMG Corporate Communications
          Mark Hamilton
          Phone: 020 7694 2687
                 or 07785 337672
          E-mail: mark.hamilton@kpmg.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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