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

                           E U R O P E

           Friday, November 11, 2005, Vol. 6, No. 224

                            Headlines

B E L G I U M

SPA-FRANCORCHAMPS: Belgian Grand Prix Patron Declares Bankruptcy


B U L G A R I A

INTERNATIONAL BANK: Depositors Receive BGL20.1 Mln Refund


G E R M A N Y

AGH GMBH: Calls First Creditors Meeting
AS CATERING: Proofs of Claim Deadline Nears
DAIMLERCHRYSLER AG: Seeks Return of Tooling at Bankrupt Supplier
DIENSTLEISTUNGS GMBH: Hannover Company Succumbs to Bankruptcy
DR. U. RADLOFF: Declared Bankrupt

FJH AG: Completes EUR17.5 Million Capital Increase
GEA GROUP: Return to Profit of Plant Engineering Caps Q3 Results
GERLING-KONZERN: Talanx to Acquire Primary Insurance Operations
GERLING-KONZERN: Fitch Welcomes Talanx Deal with Hint of Upgrade
HEIDELBERGCEMENT AG: Posts Higher Nine-month Figures

PFENNIGWELT WARENHANDEL: Court Appoints Administrator
POLYGENESYS SOFTWARE: Proofs of Claim Due January
SCHORNSTEINTECHNIK WELLIGE: Goes Belly up
SPARKS SCHMUCK: Claims Filing Period Ends November 25


I R E L A N D

ENBA GROUP: Racks up EUR256 Million Losses
VALENTIA TELECOMMUNICATIONS: Sale to Swisscom May Prompt Upgrade


L U X E M B O U R G

THIEL LOGISTIK: Takes Impairment Charge for Heppenheim


N E T H E R L A N D S

ASML HOLDING: Fitch Gives 'BB-' Rating, Positive Outlook
ROYAL NUMICO: Q3, Nine-month Sales Up
ROYAL SHELL: FSA Ends Probe into Reserves Fiasco
ROYAL SHELL: Cancels 2,500,000 Additional 'A' Shares


P O L A N D

ELEKTRIM SA: Bankruptcy Looms as Appeals Court Confirms Default


R U S S I A

ASHKADARSKIY BRICKWORKS: Bankruptcy Supervision Procedure Begins
BANK OF MOSCOW: Fitch Rates Subordinated Notes 'BB+'
CHITINSKIY: Chita Court Opens Bankruptcy Proceedings
DOBRYJ KANDYZ: Names T. Shumskaya Insolvency Manager
ECO-TEKH-PROM: Succumbs to Bankruptcy

ELIT: Insolvency Manager Takes over Business
FINANSBANK AS: Moody's Assigns Ba2/NP/D- Ratings
MOVABLE MECHANIZED: Under Bankruptcy Supervision
OZERNOYE: Insolvency Manager Enters Firm
POCHINSKOYE: Moscow Court Appoints Insolvency Manager

POLYSTYROL: Declared Insolvent
ULKANSKIY WOOD-PROM-KHOZ: Files for Bankruptcy
URAL BANK: S&P Affirms 'CCC+/C' Ratings; Outlook Stable
YUKOS OIL: Lithuania Sets up Panel to Handle Mazeikiu Sale


S P A I N

SEAT AS: 2005 Figures to Slip into Red; Eyes Job cuts in 2006


S W E D E N

SAS AB: Posts Solid Third-quarter Figures


S W I T Z E R L A N D

GMAC: Fitch Leaves Rating Untouched Pending Sale in 1st Quarter


U K R A I N E

BUKOVINSKIJ CERAMICAL: Declared Insolvent
CHORNOMORSKA FISHING: Under Bankruptcy Supervision
GALESHINSKE BREAD-STORAGE: Declared Bankrupt
ROSINKA: Court Appoints Liquidator
TRANSENERGO: Insolvency Manager Moves in
UKRPARFUMFARM: Goes into Liquidation


U N I T E D   K I N G D O M

ACORN CEILINGS: Administrators from P&A Partnership Enter Firm
AES DATA: Calls in Administrator from B & C Associates
ALDER RESIDENTIAL: In Administrative Receivership
ALMOND PARTNERSHIP: Goes into Liquidation
ARROWGUIDE LIMITED: Travel Agency Winds up

AUTOMATE I.T.: Files for Liquidation
BLACK POWER: Administrator from Albert Goodman Moves in
BOOKS FOR STUDENTS: Calls in Administrator from PwC
BRADFORD SHOP: Files for Administration
BRAYCOT CONSTRUCTION: Names Moore Stephens Liquidator

BRITISH AMERICAN: Claims Deadline Expires Next Month
CALL FREE: Hires Liquidator from Jones Lowndes
CANDY CARE: Collapses into Liquidation After DTI Probe
ELAM T LIMITED: Creditors Meeting Set Later this Month
ENGINEERING SERVICES: Hires Begbies Traynor Administrator

ENRON CORPORATION: Eni Wants Claim Objection Proceedings Stayed
ESU LIMITED: Administrators from Begbies Traynor Take over Firm
FABIEN RISK: Calls in Liquidator from Begbies Traynor
FORTIFIRE LIMITED: Owners Decide to Wind up Business
GEO. BARBER: Printer Calls in Liquidator

GLADSTONE DESIGN: Board game Maker Folds up
GOULDS LTD.: Succumbs to Administration
GRANGECRAFT LTD.: Files for Liquidation
IMPRESS CREATIVE: Liquidates Printing Business
LADIES HEALTH: Harlands Finance Appoints Receiver

LA GALLERIA: Appoints Administrator from Bishop Fleming
LATINA LIMITED: B & C Associates to Liquidate Bar
LE MONDE: EGM Passes Winding-up Resolution
LUMINAR PLC: Loss Drops to GBP1 Million Under IFRS
M A REES: Creditors Meeting Set Next Week

MINORPLANET SYSTEMS: Stricken off UKLA Official List
N B BRIGHTON: Administrator from Jeremy Knight & Co. Moves in
OAKLEAF GARDEN: Calls in Liquidator
PRECISION CONSULTANTS: In Liquidation
PROFILE MEDIA: Fundraising Still Lacks Creditors' Approval

REFCO INC.: Man Financial Wins Auction for Futures Business
REMILIA LIMITED: Pasta Maker Winds up
ROBERT WISEMAN: Half-year Profit Up 13.7% to GBP66.7 Million
SPANISH TRADE: Goes into Liquidation
SPEYMILL GROUP: Property Fund Raises EUR148 Million Equity

STEMAR HOLDINGS: Names Moore Stephens Administrator
SYNERGY TRADING: Appoints Liquidator
SYNTHESIS GROUP: Names Liquidator from Tenon Recovery
TALENT GROUP: Six Companies Liquidate
TWINKLE TOES: Baby Clothes Retailer Liquidates

UVENDIA LIMITED: Computer Software Dealer Winds up
VAN DE FLEURS: Liquidator Enters Firm
WEST SUSSEX: Appoints Joint Liquidators
WOW KITCHENS: Goes into Liquidation


                            *********


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


SPA-FRANCORCHAMPS: Belgian Grand Prix Patron Declares Bankruptcy
----------------------------------------------------------------
Promoter Spa-Francorchamps, organizer of the Belgian Formula One
Grand Prix, has filed for bankruptcy after accumulating US$18
million in debt, says F1 Central.

Jean-Claude Marcourt, economy minister of the Wallonia
government, is now in talks with F1 chief, Bernie Ecclestone, to
plot a rescue plan.

The Belgian Grand Prix has been tentatively scheduled for Sept.
17 on the 2006 race calendar.  It is one of only two circuits
marked conditional, the other Brazil is "subject to contract
approval."


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


INTERNATIONAL BANK: Depositors Receive BGL20.1 Mln Refund
---------------------------------------------------------
The Bulgarian Deposit Insurance Fund (DIF) has repaid depositors
of bankrupt International Bank for Trade and Development, Dnevnik
a.m. says.

About 6,575 clients received a total of BGL20.1 million from the
DIF, which provides insurance of up to BGL25,000 per depositor.
The Bulgarian National Bank cancelled the bank's license in June
after its debt exceeded assets by BGL19.181 million.  Shortly
after, DIF appointed Desislava Lozanova Ivanova-Atanasova and
Vladimir Ivanov Gueorguiev trustees.

IBTD's assets stood at BGL66.025 million and share capital at
BGN13 million at the end of 2004.

CONTACT:  BULGARIAN DEPOSIT INSURANCE FUND
          27 Vladaiska Street
          1606 Sofia
          Phone: (+359 2) 953 1217
                          953 1318
          Fax: (+359 2) 953 1100
          E-mail: contact@dif.bg
          Web site: http://www.dif.bg


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


AGH GMBH: Calls First Creditors Meeting
---------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against AGH GmbH on October 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 1, 2006 to register their
claims with court-appointed provisional administrator Rolf
Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2005, 10:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on March 15,
2006, 10:15 a.m. at the same venue.

CONTACT:  AGH GmbH
          Krausnickstr. 13,10115 Berlin

          Rolf Rattunde, Administrator
          Kurfuesrstendamm 212, 10719 Berlin


AS CATERING: Proofs of Claim Deadline Nears
-------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against AS Catering Service GmbH on October 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 16, 2005 to
register their claims with court-appointed provisional
administrator Dirk Stadler.

Creditors and other interested parties are encouraged to attend
the meeting on December 13, 2005, 8:30 a.m. at the district court
of Hannover, Dienstgebaude Hamburger Allee 26, 30161 Hannover, 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:  AS CATERING SERVICE GmbH
          Neuer Winkel 15, 31515 Wunstorf
          Contact:
          Ruediger Hartwich, Manager

          Dirk Stadler, Administrator
          Callinstr. 43, 30167 Hannover
          Phone: 0511/4739080
          Fax: 0511/47390811


DAIMLERCHRYSLER AG: Seeks Return of Tooling at Bankrupt Supplier
----------------------------------------------------------------
DaimlerChrysler Corporation has asked the U.S. Bankruptcy Court
for the Eastern District of Michigan to lift an automatic stay so
it can reclaim its tooling if Collins & Aikman and its
debtor-affiliates are unable or unwilling to continue producing
the parts it needs pursuant to certain Purchase Orders.

Collins & Aikman entered into various purchase orders with
DaimlerChrysler, pursuant to which it agreed to and are obliged
to manufacture DaimlerChrysler's requirements of certain
component parts.  The Collins & Aikman is DaimlerChrysler's sole
source and just-in-time suppliers of these Component Parts.

Brian Matinuzzi, Esq., at Dickinson Wright PLLC, in Detroit
Michigan, explains that the Component Parts are of a specific
manufacture and design.  It is customary in the industry for
manufacturers to pay for and own the tooling that is specific to
the manufacture parts unique to their vehicles.  DaimlerChrysler
has provided to the Debtors certain supplies, materials, tools,
jigs, dies, gauges, fixtures, molds, patterns, equipment, and
other items to enable them to perform the Production Purchase
Orders.

Mr. Matinuzzi relates that DaimlerChrysler is paying for the
Tooling through a trust account.  The amount that DaimlerChrysler
paid into the trust account is disbursed to the Debtors, who in
turn make payment to the tooling vendors.  Since July 11, 2005,
disbursements to the Debtors for Tooling total US$1,680,616.

Mr. Matinuzzi asserts that DaimlerChrysler must prepare for
contingencies and circumstances in which the Debtors cannot or
will not be able to deliver parts on a timely and competitive
basis, which circumstance will place DaimlerChrysler's assembly
operations in jeopardy with consequential prejudice and actual
harm.

According to Mr. Matinuzzi, the Debtors have no equity in the
Tooling and DaimlerChrysler's repossession will not adversely
affect their pursuit of a successful reorganization.

Mr. Matinuzzi notes that the uncertainties confronting Collins &
Aikman are significant.  The uncertainties include the limited
amount and duration of the Debtors' DIP financing, as well as the
aggressive actions and the threats of the Official Committee of
Unsecured Creditors to induce them to reject executory contracts
with DaimlerChrysler without an agreement to provide a reasonable
transitional period to wind down the particular production and
avoid unnecessary harm and damages.

DaimlerChrysler will continue its discussions with Collins &
Aikman and others in pursuit of the Debtors' efforts to emerge
from Chapter 11 as competitive, viable suppliers or to otherwise
dispose of their assets.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  (Collins &
Aikman Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

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


DIENSTLEISTUNGS GMBH: Hannover Company Succumbs to Bankruptcy
-------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Dienstleistungs GmbH Bartling on October 17.
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 Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 10:40 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, 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:  DIENSTLEISTUNGS GmbH BARTLING
          Tischbeinstr. 44, 30165 Hannover
          Contact:
          Arno Bartling, Manager

          Thomas Hofheinz, Administrator
          Am Markte 13, 30159 Hannover
          Phone: 0511/357721-0
          Fax: 0511/357721-40


DR. U. RADLOFF: Declared Bankrupt
---------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Dr. U. Radloff GmbH on October 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 17, 2005 to register their
claims with court-appointed provisional administrator Hendrik
Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting on December 12, 2005, 11:40 a.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage, Anbau, Saal B 405, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  DR. U. RADLOFF GmbH
          Kieler Strasse 105, 22769 Hamburg
          Contact:
          Gabriele Lindner, Manager
          Lentfohrdener Weg 3, 22523 Hamburg

          Hendrik Gittermann, Administrator
          Palmaille 63, 22767 Hamburg
          Phone: 040/306969-10


FJH AG: Completes EUR17.5 Million Capital Increase
--------------------------------------------------
FJH AG (ISIN DE0005130108), the specialist insurance consultancy
and software house listed in the German Prime Standard, has
successfully placed the third and last tranche of the planned
capital increase.  This tranche was offered for subscription from
October 14 to 31, 2005.  At a subscription price of EUR3.00,
2,054,000 new shares were issued.  Like the first two parts of
the capital increase this last one was oversubscribed.
Shareholders of FJH AG and the holders of the convertible bond
signed more than 85 percent, while a private investor covered the
remaining shares.

FJH AG received EUR17.5 million net proceeds from the capital
measures -- a convertible bond as well as a capital increase in
three tranches -- that were carried through in 2005.  These funds
are the basis for the reorganization of the company, which will
be completed by the end of this year.

It is planned to merge the new shares from the capital increase
as well as those from the convertible with the mature ones under
the original ISIN DE0005130108 by the end of the year.  The new
shares can then be traded.

About FJH

FJH AG is a leading consulting and software company for the
insurance and pensions market.  FJH's core software product is
FJA Life Factory, which enables insurance products to be
developed, marketed and administered.  The Company also produces
software for asset liability and risk management, document
management.  It also offers an extensive portfolio of services
ranging from the implementation and testing of software through
to data migration and actuarial consulting.

Around half of all Germany's life insurance companies number
among FJH's longstanding business partners.  Worldwide, FJH
software is used in 20 countries on three continents.  In
addition to its headquarters in Munich, the FJH Group has offices
in Hamburg, Cologne and Stuttgart.  It also has subsidiaries in
Switzerland, Austria, the U.S.A. and Slovenia.  FJH was founded
in 1980 and has been listed at the Frankfurt Stock Exchange since
February 2000.

CONTACT:  FJH AG
          Elsenheimerstr. 65
          80687 Munich
          Phone: +49-(0) 89-769-01-517
          Fax: +49-(0) 89-769-01-606
          E-mail: martina.fassbender@fjh.com
          Web site: http://www.fjh.com


GEA GROUP: Return to Profit of Plant Engineering Caps Q3 Results
----------------------------------------------------------------
GEA Group Aktiengesellschaft's earnings before tax for the third
quarter of 2005 sharply increased from EUR11.3 million to EUR51.6
million.

"We are highly satisfied with the results we achieved in the
third quarter.  All segments, including Plant Engineering,
reported profits for the quarter.  We further reduced the cost of
our holding company and the losses incurred by our non-core
businesses," said Juerg Oleas, chairman of the GEA Group's
Executive Board.

Strong Year-on-year Growth in New Orders and Sales

The GEA Group's order books are well-stocked.  In the third
quarter of 2005, the volume of new orders grew by 16.8% compared
with the same quarter of last year to EUR1.172 billion.  The
growing strength of its business is also illustrated by the
cumulative volume of new orders of EUR3.460 billion for the first
three quarters, an increase of 6.9%.  Third-quarter sales grew by
14.2% compared with the same period of last year to EUR1.143
billion.  Between January and September 2005, sales rose by 10.0%
to EUR3.163 billion.

Third-quarter EBT Significantly Increased

EBT for the third quarter of 2005 rose significantly from EUR11.3
million in the same period of last year to
EUR51.6 million.  The main reasons for this result were the
strong earnings reported by the Customized Systems, Process
Equipment and Process Engineering segments and the Plant
Engineering segment's return to profitability.  In addition, the
cost of the holding company and the losses incurred by non-core
operations ("Other" segment) were further reduced.  In the first
nine months of 2005, the GEA Group reported earnings before tax
of EUR63.7 million, having incurred a loss of EUR39.0 million in
the corresponding period of last year.

Customized Systems Continues Robust Performance

The volume of new orders won by the Customized Systems segment in
the third quarter of 2005 came to EUR179.2 million, which was
slightly lower than the EUR185.2 million received in the same
period of 2004.

Whereas the performance of the Air Treatment business was
encouragingly consistent, especially due to the buoyant demand
from Central and Eastern Europe, in the Refrigeration business
there was evidence of a certain reluctance to invest coupled with
intensified competition.  However, the cumulative volume of new
orders for the first nine months of 2005 grew by 6.5% to EUR570.1
million on the back of the strong second quarter in the
Refrigeration business.  This will eventually feed through into
higher sales and earnings.

In the third quarter, sales declined from EUR184.0 million to
EUR175.3 million; cumulative sales for the first nine months came
to EUR500.3 million, not quite reaching 2004's figure of EUR515.7
million.  Likewise, the growth in new orders will not feed
through into the segment's earnings until the fourth quarter.
Earnings before tax for the third quarter declined by around
EUR2.2 million to EUR13.0 million.  In the first nine months, the
segment's EBT came to EUR29.7 million, a year-on-year decrease of
EUR5.9 million due to its lower sales.

Process Equipment Reports Excellent Return on Sales

In the third quarter of 2005, what had already been an
exceptionally strong performance in the Process Equipment segment
was significantly strengthened by year-on-year growth of 36.5% in
new orders to EUR334.4 million.  In the first nine months of
2005, the volume of new orders grew by 17.2% compared with the
same period of 2004 to EUR905.9 million.  Sales during the
reporting period grew by 11.1% to EUR276.4 million; in the first
nine months they rose by 8.8% to EUR789.1 million.

This encouraging performance was driven by what in many cases
were significant improvements in all three of the segment's
strategic business units (SBUs).  The strongest growth was
reported by the Process Equipment SBU, which generated strong
double-digit increases in new orders and sales.  However, the
strong growth in new orders in the Mechanical Separation and
Dairy Farm Systems SBUs bear testimony to their excellent market
and technology positions.  The segment's earnings before tax
outperformed its sales, rising by EUR9.0 million to EUR70.6
million in the nine months to the end of September 2005.  Its
return on sales came to around nine percent.

Process Engineering Makes Significant Progress in Third Quarter

The Process Engineering segment also performed very
encouragingly.  The volume of new orders received in the third
quarter grew by 31.3% compared with the same quarter of last year
to EUR433.0 million.  In the first nine months it reported growth
of 21.0% to EUR1,149 million.  The performance of the Energy
Technology SBU far exceeded expectations.  Its power plant and
process businesses both contributed to this expansion.  The main
driving forces here were the Middle East and the Chinese
power-plant market.

The Process Engineering SBU improved steadily over the first nine
months of 2005.  The segment's sales in the third quarter rose by
roughly 25% to EUR342.8 million; in the first nine months they
grew by 11.8% to EUR892.3 million.  After the segment's earnings
before tax for the first half of the year had been slightly lower
year on year due to the higher cost of materials and adverse
currency effects, EBT for the first nine months rose by EUR2.6
million year on year to EUR44.0 million.

Plant Engineering Returns to Profitability

The Plant Engineering segment returned to profitability in the
third quarter of 2005, generating earnings before tax of EUR6.3
million (2004: pre-tax loss of EUR5.1 million).  All SBUs
contributed to this result.  In the first nine months, the
segment's EBT was improved year on year by EUR7.7 million to a
pre-tax loss of EUR25.2 million.  This is essentially the result
of Lurgi's strategic focus on proprietary technologies that it
uses to tap into fast-growing markets.  These include processes
that can be used to manufacture petrochemical products such as
methanol, plastics and synthetic fuels based on natural gas; they
also include technologies used to produce alternative fuels such
as biodiesel and bioethanol from renewable resources.

The volume of new orders received in the third quarter of 2005
contracted by 3.4% to EUR241.5 million; in the first nine months
it decreased by 9.4% to EUR884.1 million.  This was a result of
the exceptionally high volumes of new orders received in 2004,
particularly by Lurgi Lentjes.  Sales in the third quarter rose
by 22.0% to EUR315.2 million.  The segment's sales in the period
from January to September 2005 rose by around 20% to EUR866.4
million on the back of the large order book from 2004 and more
buoyant demand in some businesses.

Cost of holding company and losses of "Other" companies reduced
In the third quarter, the GEA Group made further significant
progress with respect to its "Other" companies and the holding
company.  First, the losses incurred by non-core operations were
reduced.  And second, holding company costs were cut by a total
of EUR48.6 million, EUR18.6 million of which was attributable to
staff and operating costs and EUR30.0 million to net financial
income/expenses.

Higher Headcount Due to Acquisitions

The number of employees at the balance sheet date of September
30, 2005 had risen to 17,259 (September 30, 2004: 17,082), mainly
as a result of the businesses that the GEA Group had acquired.

Outlook: EBIT of EUR200 Mln, EBT of at Least EUR150 Mln

The Executive Board anticipates that the volume of sales for 2005
as a whole will continue the positive trend of the first three
quarters and exceed previous forecasts.  Given the current market
conditions, the GEA Group expects to report earnings before
interest and tax (EBIT) of approximately EUR200 million.  The
expansion of business volumes and the start-up financing of its
business in Asia will tie up a substantial amount of capital,
which will cause a temporary increase in interest expense.
Nonetheless, the Executive Board expects the GEA Group to
generate earnings before tax of at least EUR150 million for 2005
as a whole.

Key performance indicators for the GEA Group in Q3 2005 in
accordance with
IFRS (EUR million)

                       Q3 2005   Q3 2004  Q1-Q3 2005  Q1-Q3 2004
New orders             1,171.7   1,003.6    3,459.5   3,236.6


Customized Systems       179.2     185.2      570.1     535.3
Process Equipment        334.4     245.0      905.9     773.0
Process Engineering      433.0     329.7    1,149.0     949.7
Plant Engineering        241.5     250.1      884.1     976.1


Sales                  1,143.0   1,000.7    3,162.7   2,876.3
Customized Systems       175.3     184.0      500.3     515.7
Process Equipment        276.4     248.7      789.1     725.1
Process Engineering      342.8     277.2      892.3     797.8
Plant Engineering        315.2     258.3      866.4     720.2

Earnings before tax (EBT) 51.6      11.3       63.7     -39.0
Customized Systems        13.0      15.2       29.7      35.6
Process Equipment         28.5      27.0       70.6      61.6
Process Engineering       18.6      15.5       44.0      41.4
Plant Engineering          6.3      -5.1      -25.2     -32.9

Basic earnings per share (EUR)
[1] [2]                  -0.74       1.93      -0.59      1.40


Net cash used for/provided by
operating activities      -7.7     111.4     -208.0    -334.1
Free cash flow [2] [3]   -33.7   1,407.4     -263.0     965.4
Net position [4]          -4.6     117.9       -4.6     117.9
Capital expenditure incl. 33.0      15.7      130.2      84.8
finance leases

thereof on property,
  plant and equipment
  and intangible assets   23.0      13.8       56.4      40.8


Employees at the balance sheet
date [5]                17,259    17,082     17,259    17,082

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Including discontinued operations

[2] A gain on the disposal of four of the Dynamit Nobel Group's
    five business units was realized in the third quarter of
    2004

[3] Free cash flow = net cash provided by (used for) operating
    activities plus net cash provided by (used for) investing
    activities

[4] Net position = cash and cash equivalents minus bonds minus
    bank debt

[5] Full-time equivalents, excluding trainees

Notes on reporting

* Transition to IFRS: Since January of this year, GEA Group
Aktiengesellschaft has been reporting to International Financial
Reporting Standards (IFRSs).  Because IFRS requires the
disclosure of comparative prior-year figures, we have
retroactively presented the 2004 fiscal year accordingly.  The
adjustments made as a result of the transition from U.S. GAAP to
IFRS accounting are explained in a separate IFRS brochure, which
can be found at http://www.geagroup.comunder the section
"Investor Relations".  A reconciliation at September 30, 2004 is
contained in the notes to the financial statements of the interim
report for the third quarter of 2005.

** All figures in this press release refer exclusively to
continuing operations unless stated otherwise.  Dynamit Nobel
Plastics -- which was sold on November 7, 2005 -- continued to be
reported as a discontinued operation in the third quarter of
2005.

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


GERLING-KONZERN: Talanx to Acquire Primary Insurance Operations
---------------------------------------------------------------
The managing boards of Gerling-Konzern
Versicherungs-Beteiligungs-AG (GKB) and Talanx AG have reached
agreement on the takeover of the Gerling Group's operating
insurance companies by Talanx AG.

Specifically, it is envisaged that Talanx AG will take over from
GKB 100% of Gerling Beteiligungs-GmbH (GBG) as well as 5% of the
shares of Gerling-Konzern Lebensversicherungs-AG (GKL), which are
still held directly by GKB.

GBG, for its part, is the holding company of the Gerling Group's
operating companies.  In particular, it holds 65.4% of the shares
of Gerling-Konzern Allgemeine Versicherungs-AG (GKA) -- the
Group's property/casualty insurer -- and the other 95% of the
shares of GKL, the Group's life insurer.  Concerning GKA, it is
envisaged -- insofar and as soon as the statutory requirements
are satisfied -- that GBG will initiate a squeeze out procedure
with respect to the shares of GKA traded on the open market.

The managing boards of GKB and Talanx AG have further agreed to
request their relevant bodies to give the necessary approval in
the near term.  The purchase agreement that will then be
concluded shall -- as a requirement for closing -- contain the
usual conditions precedent, in particular the necessary approval
under the authorization procedures conducted in accordance with
antitrust regulations as well as the consent of the German
Insurance Supervisory Authority and a number of foreign insurance
regulators.

The Board of Management of Talanx AG welcomes the understanding
that has been reached as a further significant step in the
long-term growth course pursued by the Talanx Group.

Wolf-Dieter Baumgartl, chairman of the Board of Management of
Talanx AG, said: "We are looking forward to integrating the
prominent, long-established companies of the Gerling Group, with
their dedicated and expert staff, into the Talanx group of
companies.  Based on our combined, widely recognized know-how, we
shall strive with undiminished vigor to consistently enhance the
quality of our services for the benefit of our collective
clients."

Bjorn Jansli, CEO of Gerling-Konzern
Versicherungs-Beteiligungs-AG, said: "From our regained position
of strength, we have succeeded in obtaining an outstanding
solution for our staff and our companies.  Our decision in favor
of Talanx is based on our assessment that our corporate cultures
are a good fit and that, acting together, we will achieve
additional sales and earnings growth as well as a significantly
stronger position on the market."

About Talanx

With premium income of roughly EUR14.2 billion for 2004 the
Talanx Group is Germany's third-largest insurance group.  Talanx
operates as a multi-brand provider.  Its brands include HDI,
providing insurance for private and industrial customers;
Hannover Re, the world's fourth-largest reinsurer; Aspecta, which
markets its insurance products through brokers and multiple
agents; the bancassurance specialists CiV; PB and Neue Leben; and
fund provider and asset manager Ampega.

The Group transacts business in the segments of Property/Casualty
Primary Insurance, Life Primary Insurance, Property/Casualty
Reinsurance, Life/Health Reinsurance and Financial Services.  The
Hannover-based Group, which is active in 150 countries, employs
nearly 9,800 staff worldwide.  In recent years it has recorded
the fastest growth among Europe's largest insurance groups.  The
rating agency Standard & Poor's has given Talanx a financial
strength rating of AA-/stable (excellent).

About Gerling

As primary insurer close to business, Gerling concentrates on
industrial business and on commercial and private client
business.  The unifying core competence in this connection is
active risk management.  The Gerling Group is represented by
branch establishments in over 20 countries.

In Germany, Gerling is one of the biggest industrial insurers
with worldwide operations and also one of the most important life
insurers with a strong market position in company pension
schemes.  Over 80,000 self-employed people and two million
private individuals are Gerling clients.

The Gerling Group's entire operating business is bundled in
Gerling Beteiligungs-GmbH (GBG).  In 2004, some 6,800 employees
chalked up premium income of some EUR4.2 billion and a result of
some EUR132 million.  As of 31 December 2004, equity capital
totaled EUR1.079 billion.

CONTACT:  GERLING-KONZERN VERSICHERUNGS-BETEILIGUNGS-AG
          Gereonshof
          50670 Cologne
          Germany
          Phone: +49 221 144-7318
          Fax: +49 221 144-5127
          E-mail: onlineredaktion@gerling.de
          Web site: http://www.gerling.com

          TALANX AG
          Riethorst 2
          30659 Hannover
          Germany
          Phone: +49(0) 511/3747-0
          Fax: +49(0) 511/3747-2525
          Web site: http://www.talanx.com


GERLING-KONZERN: Fitch Welcomes Talanx Deal with Hint of Upgrade
----------------------------------------------------------------
Fitch Ratings has placed German life insurer Gerling-Konzern
Lebensversicherungs-AG's (GKL) ratings of Insurer Financial
Strength (IFS) 'BB+' and Long-term 'BB-' on Rating Watch
Positive.  The rating actions follow the announcement from Talanx
AG that it plans to acquire Gerling group's primary insurance
operations including GKL and Gerling-Konzern Allgemeine
Versicherungs-AG (GKA, rated 'BBq').

At the same time the agency affirmed Talanx AG's primary
insurance companies CiV Lebensversicherung AG (CiV Leben), PB
Lebensversicherung AG (PB Leben) and neue leben
Lebensversicherung AG (neue leben) at IFS 'A' with Stable
Outlook.

Fitch views the announced acquisition by the financially stronger
and larger Talanx group as potentially positive for GKL's own
financial strength and overall business position.  GKL is the
German life insurance subsidiary of Gerling Beteiligungs-GmbH
(GBG).  With gross written premiums (GWP) of EUR1.78 billion as
of 2004, GKL is one of the top 10 life insurers in Germany and
contributes approximately 42.6% to GBG's GWP of EUR4.17 billion.

At the same time the agency does not expect that the transaction
will lead to a change in the ratings of Talanx's bancassurance
subsidiaries CiV Leben, PB Leben and neue leben due to the
standalone character of these ratings.

Talanx is the third largest insurance group in Germany with GWP
of EUR14.2 billion and about 9,300 employees worldwide as of
year-end 2004.  On Monday, Talanx AG announced that it was in
advanced negotiations with Germany-based Gerling group to acquire
100% of GBG and 5% of GKL from Gerling-Konzern
Versicherungs-Beteiligungs-AG (GKB).

GBG is the holding company of Gerling's insurance operations and
holds 65.4% of shares in GKA and 95% of the remaining shares in
GKL.  Fitch will monitor the situation closely as more
information on the transaction becomes available.  The ratings
will be reviewed in light of any additional information published
in relation to this transaction.

CONTACT:  GERLING-KONZERN LEBENSVERSICHERUNGS-AG
          Gereonshof
          50670 Cologne
          Germany
          Phone: +49 221 144-7318
          Fax: +49 221 144-5127
          E-mail: onlineredaktion@gerling.de
          Web site: http://www.gerling.com

          FITCH RATINGS
          Dr. Marco Metzler, London
          Phone: +44 (0) 207 417 4293
          Tim Ockenga
          Phone: +44 (0) 207 417 4223

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


HEIDELBERGCEMENT AG: Posts Higher Nine-month Figures
----------------------------------------------------
(a) Adjusted Group turnover rises by 8%;

(b) North America, Northern Europe and Central Europe with
    double-digit turnover growth;

(c) Germany further impaired by overall economic situation;

(d) Energy and transport costs considerably increased;

(e) Implementation of project "win" for cost reduction and
    increase in efficiency started;

(f) Spohn Cement together with persons acting in concert with
    them hold a share of 79% in HeidelbergCement; and

(g) Third quarter confirms expectations for full year.

Overview

                          July-September       January-September

EUR millions               2004     2005           2004     2005

Turnover                  1.974    2.247          5.215    5.744

Operating income
   before depreciation
   (OIBD)                   458      576            943    1.111

Operating income            344      453            584      744

Additional ordinary result  -26      -77            -26      -62

Results from participations  38       91             70      144

Earnings before
   interest and income
   taxes (EBIT)             356      467            627      826

Profit before tax           310      410            431      654

Profit for the
   financial year           201      300            300      438

Group share in profit       171      274            268      387

Investments                 114      115            301      536

Despite the high energy prices, the positive development of the
global economy continued, boosted by the sustained strong growth
dynamics in North America and Asia.  In the euro zone, the
economic dynamics remained weak as a result of the increase in
oil prices.  The lively demand for exports continues to provide
the impetus in Germany.  As a result of the situation in the job
market, domestic demand will recover only slightly in the next
few months.  Construction investments remain in overall decline.

In the first nine months of the year, Group turnover rose by
10.1% to EUR5,744 million (previous year: 5,215).  Adjusted for
currency and consolidation effects, the increase amounts to 7.5%.
The regions North America, Northern Europe and Central Europe
East achieved double-digit growth in turnover.  Price increases
were necessary in almost all regions in order to at least
partially offset the considerably increased energy and transport
costs.

By the end of September, operating income before depreciation
(OIBD) increased by 17.8% to EUR1,111 million (previous year:
943).  At EUR744 million (previous year: 584), operating income
increased by 27.4% compared to the previous year.  North America
made the strongest contribution to growth in both OIBD and
operating income.

Considerable one-time restructuring charges within the scope of
the project "win" and proceeds from the sale of parts of our
concrete products business in the US determine the additional
ordinary result of EUR-62 million (previous year: -26).  The
results from participations, which amounted to EUR144 million
(previous year: 70), were considerably affected by one-time
earnings at Sudbayerisches Portland-Zementwerk Gebr. Wiesbock &
Co. GmbH and by our Vicat S.A., France.

The financial results improved by EUR25 million to EUR-172
million (previous year: -197).  This was primarily due to the
hedging of currency risks at Indocement.  As a result the foreign
exchange rate losses were reduced compared to the previous year.

Profit before tax amounts to EUR654 million (previous year: 431).
Against the backdrop of the increase in results and revised
German tax laws, taxes on income rose in the first three quarters
of 2005 by EUR85 million to EUR216 million (previous year: 131).
Due to the positive development of Indocement's profit for the
financial year, the minority interests amount to EUR51 million
(previous year: 32).  The Group's share in profit totals EUR387
million (previous year: 277).

Takeover Bid by Spohn Cement GmbH Completed

The takeover bid by Spohn Cement GmbH was completed at the end of
the respite period on 12 August 2005.  Spohn Cement, including
the persons acting in concert with it and its subsidiaries, now
holds around 79% of the shares in HeidelbergCement.

Members of the Merckle family, who have held shares in
HeidelbergCement for decades and are also represented in our
Supervisory Board, own Spohn Cement GmbH.

In connection with the takeover bid, Schwenk Beteiligungen GmbH &
Co. KG reduced its share in HeidelbergCement to 7.5%.

Cement and Clinker Sales Volumes

In the first nine months, cement and clinker sales volumes rose
by 4.5% overall to 51.4 million tons (previous year: 49.2).
Excluding consolidation effects, the total sales volumes were
1.0% above the previous year.  The significant increase in the
third quarter is primarily attributable to the healthy
development in North America, Northern Europe and Central Europe
East.

Employees

In the first nine months, HeidelbergCement employs 41,613 people
(previous year: 42,589).  The decrease of around 980 employees
results from restructuring measures in almost all regions.

Investments

Compared to the previous year, cash relevant investments
increased by EUR235 million to EUR536 million (previous year:
301) in the first three quarters.  Of this figure, EUR306 million
(previous year: 282) was invested in tangible fixed assets and
EUR230 million (previous year: 19) in financial fixed assets.
Net cash from disinvestments amounted to EUR149 million (previous
year: 76).

Implementation of Project "Win" Started

With the project "win", HeidelbergCement intends to create the
necessary scope for long-term growth by making savings and
exploiting additional potential.  The measures to streamline
administrative locations in Europe will lead to the loss of
around 1,100 jobs.  The employee representatives are involved in
the process according to the regulations in each country.
As part of this project, the Group functions will be concentrated
in Heidelberg.

At a national level, the aim is to set up a Shared Service Center
in each country for the cement, ready mixed concrete, and sand
and gravel business areas for standardized personnel and
accounting services.  We agreed in negotiations with the
industrial trade union IG Bau to establish the Shared Service
Center for Germany in Leimen near Heidelberg.  The agreement
became possible by finding competitive conditions for the service
center in an in-house collective agreement.  This contains
essentially an increase in working hours, the shortening of
additional benefits as for example, the holiday pay and the
variable organization of parts of the Christmas bonus.  The
Shared Service Center will start business on 1 January 2006.

The technical services will also be centralized and more heavily
integrated into line management, in order to support the plants
even more efficiently.  Further savings will be achieved through
the centralization of the IT infrastructure and the
standardization of the Group's software.  The plants are subject
to a consistent optimization process.  Uniform key performance
indicators will measure the progress of this process regularly.

The common aim of these measures is to improve purposefully the
profitability clearly to create the conditions for safeguarding
and expanding the position of HeidelbergCement amongst the
international competition.

Prospects

We anticipate a moderate increase in sales volumes and turnover
for the whole of 2005.  The economic environment in the USA, the
new EU countries and Asia is also expected to remain stable in
the coming year.  For Germany, the growth forecasts have fallen
slightly; only a slight acceleration is forecast for 2006.

North America, Central Europe East and Africa-Asia-Turkey will
primarily create the significant increase in OIBD and operating
income expected for the whole of 2005.  The measures initiated to
improve our efficiency will also increase the contribution to
profits made by Germany, Western and Northern Europe in the
future.

A copy of HeidelbergCement's nine-month results can be viewed at
http://bankrupt.com/misc/Heidelberg_9m2005.pdf

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


PFENNIGWELT WARENHANDEL: Court Appoints Administrator
-----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Pfennigwelt Warenhandel GmbH on October 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 9, 2005
to register their claims with court-appointed provisional
administrator Burckhardt Reimer.

Creditors and other interested parties are encouraged to attend
the meeting on January 5, 2006, 9:55 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  PFENNIGWELT WARENHANDEL GmbH
          Hindenburgstrasse 173, 22297 Hamburg
          Contact:
          Edgar Peter Bandow, Manager
          Schenefelder Landstr. 22A, 22587 Hamburg

          Burckhardt Reimer, Administrator
          Domstrasse 15, 20095 Hamburg
          Phone: 41522416
          Fax: 41522-411


POLYGENESYS SOFTWARE: Proofs of Claim Due January
-------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against POLYGENESYS Software-Entwicklungs- und Producktions-GmbH
i.L. on October 14.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until January 4, 2006 to register their claims with
court-appointed provisional administrator Mr. Bloss.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 11:30 a.m. at the district court
of Erfurt, Justizzentrum, Rudolfstr. 46, 99092 Erfurt, Saal 6, 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:  POLYGENESYS SOFTWARE-ENTWICKLUNGS- UND PRODUCKTIONS-
          GmbH i.L.
          Prellerstr. 18, 99423 Weimar

          Mr. Bloss, Administrator
          Charlottenstr. 7, 99096 Erfurt


SCHORNSTEINTECHNIK WELLIGE: Goes Belly up
-----------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Schornsteintechnik Wellige KG on October 24.
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 Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 10:30 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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:  SCHORNSTEINTECHNIK WELLIGE KG
          Hubert-Biernat-Str. 10, 59425 Unna
          Contact:
          Werner Wellige, Manager
          Hammer Str. 37, 59425 Unna

          Dr. Petra Mork, Administrator
          Arndtstr. 28, 44135 Dortmund
          Phone: 0231-952063-0
          Fax: 0231-95206316


SPARKS SCHMUCK: Claims Filing Period Ends November 25
-----------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against SPARKS Schmuck GmbH on October 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 25, 2005 to register their
claims with court-appointed provisional administrator Dr. Paul
Fink.

Creditors and other interested parties are encouraged to attend
the meeting on December 16, 2005, 9:00 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, 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:  SPARKS SCHMUCK GmbH
          Breite Str. 14, 40670 Meerbusch
          Contact:
          Barbara Haselhoff-Schillings, Manager
          Moltkestr. 7 a, 47877 Willich
          Eckart Schillings, Manager
          Forstweg 16, 47877 Willich

          Dr. Paul Fink, Administrator
          Rheinort 1, 40213 Duesseldorf


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


ENBA GROUP: Racks up EUR256 Million Losses
------------------------------------------
Enba group will wound up soon after its online banking operations
accumulated EUR256 million in losses, Businessworld says.

Save for Xelector, a subsidiary that posted turnover of EUR1.6
million last year, all other activities of the group have ceased
trading.  According to reports, the bank was run by a company
within a group called First-e.  Five years ago, it reported a
pre-tax loss of EUR165.8 million and turnover of EUR8.3 million.
Last year, it lost EUR120,000.

Enba was founded during the dotcom boom by entrepreneur Gerhard
Huber, along with Peter Phillips and Sean Donlon, who envisioned
an Internet bank operating out of Ireland.  Morgan Stanley, Apax
Partners, Intel and Vertel were among its high-profile
supporters.


VALENTIA TELECOMMUNICATIONS: Sale to Swisscom May Prompt Upgrade
----------------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings,
including its 'BB+' long-term corporate credit rating, on
Valentia Telecommunications upc and related entities on
CreditWatch with positive implications.  This follows an
announcement by Switzerland-based integrated telecoms operator
Swisscom AG that it has entered into discussions with Valentia's
owner eircom Group PLC, the former Irish incumbent fixed-line
telecoms operator, in relation to a possible transaction.

"The CreditWatch placement reflects the possibility that
Valentia's credit quality could be enhanced to a level higher
than reflected in the current ratings due to potential strategic
and financial support or guarantees provided by Swisscom to
eircom in the event of a transaction going ahead," said Standard
& Poor's credit analyst Michael O'Brien.

If Swisscom were to hold a controlling stake in eircom, the
corporate credit rating on Valentia would most likely be raised
to investment grade.  In the absence of such a transaction, the
ratings on Valentia would be affirmed.

"Standard & Poor's expects to resolve the CreditWatch either on
the completion of any potential transaction following an offer by
Swisscom, or earlier if no offer is made after initial
discussions and due diligence," said Mr. O'Brien.

Ratings information is available to subscribers of
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:  EIRCOM GROUP PLC
          114 St. Stephen's Green West
          Dublin 2, Ireland
          Phone: +353-1-701-5000
          Fax: +353-1-671-6916


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


THIEL LOGISTIK: Takes Impairment Charge for Heppenheim
------------------------------------------------------
Thiel Logistik AG has decided to take an impairment charge of
EUR20 million for its Heppenheim logistics center due to a
continued insufficient capacity utilization.  The decision was
taken after consultations with the Executive Board of Microlog
Logistics AG.  The impairment loss will be recognized in the
interim results for the third quarter of 2005.

Thiel Logistik AG of Grevenmacher, Luxembourg, develops complete
logistics and service solutions as an external partner for
industry and commerce.  In 2004, the Thiel Group achieved sales
of EUR1.7 billion and currently employs approximately 9,000
people in 44 countries.  With more than 446 locations on all
continents, Thiel Logistik operates in the major European markets
and in every important procurement and sales market worldwide.

The Group's business segments are Industry Solutions, Air & Ocean
with its focus on air and sea freight, and Regional Logistics
Services, whose areas of operation extend from Germany and the
Benelux countries via Austria and Switzerland to the countries of
Central and Eastern Europe.  The Industry Solutions is composed
of Thiel Automotive, Thiel FashionLifestyle, Thiel Media and
Thiel Furniture.  Thiel Logistik AG ranks among the market
leaders in its business segments.  Thiel Logistik AG is listed on
the Prime Standard of the German Stock Exchange.  The principle
shareholder is DELTON AG, Bad Homburg, Germany, with 50.26
percent of the share capital.

                            *   *   *

After a period net result of -EUR0.1 million in 2004, the Thiel
Group stated a net result of -EUR1.3 million for the first
quarter of fiscal year 2005.  After a deduction of the minority
interest of EUR0.7 million remains a negative result attributable
to the shareholders of the company of -EUR2.0 million.  Full copy
of Thiel Logistics' first quarter results is available at
http://bankrupt.com/misc/Thiel(1Q2005).pdf

In April, Moody's Investors Service changed the outlook for all
ratings of Thiel Logistik to Negative following a profits warning
and the announced departure of CEO Klaus Eierhoff with effect
from 30 June 2005.  These ratings, however, are assigned as
definitive ratings, recognizing the company's strong cash
position to weather the current one-time expenses, good market
positions and strong core business mix:

(a) Senior Implied Rating of B1,

(b) Guaranteed Senior Subordinated Notes due 2012 Rating of B3,

(c) Unsecured Issuer Rating of Caa1

CONTACT:  THIEL LOGISTIK AG
          ZIR Potaschberg 5, an de Langten
          6776 Grevenmacher
          Luxembourg

          Sebastian Esser
          Head of Investor Relations
          Phone: 00352/719690-1112
          Fax: 00352/719690-1359
          E-mail: ir-info@thiel-logistik.com

          Tino Fritsch
          Head of Public Relations
          Phone: 00352/719690-1353
          Fax: 00352/719690-1359
          E-mail: presse-kontakt@thiel-logistik.com


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


ASML HOLDING: Fitch Gives 'BB-' Rating, Positive Outlook
--------------------------------------------------------
Fitch Ratings has assigned the Netherlands-based ASML Holding
N.V. (ASML) a Senior Unsecured rating of 'BB-' with Positive
Outlook.

The rating reflects ASML's leading industry position (in a
three-player market), solid improvement in operating and
financial performance over the past 18 months, improving cash
flows and healthy liquidity.  The rating also takes into account
ASML's limited scale, lack of product diversification, reliance
on relatively few third-party suppliers and the highly cyclical
nature of the lithography industry.

The Positive Outlook reflects the potential for a rating upgrade
over the next 12-18 months, subject to sustained financial
performance.  ASML has done a good job in reducing its cost base,
while remaining at the forefront of technological developments.
Its strong liquidity provides significant financial flexibility
to withstand the impact of cyclical industry conditions while
solid results for the first nine months of 2005 point to a
promising full-year performance.  Momentum in unit sales,
progress in operating margins and healthy average selling prices
all support this expectation.

From a relatively modest position in the mid-1990s, ASML has used
its collaborative approach to research & development (R&D) to
become the market leader in lithography products, with a 2004
revenue market share of 50%.  The company out-sources much of the
design and assembly process to third-party suppliers including
Philips Electronics, Carl Zeiss and the Interuniversity Micro
Electronics Center.  Thus the company effectively leverages the
research capabilities and expertise of leading research
institutes, and is able to maintain a leading technological
position that it could not otherwise have attained given its
relative size.  The modular architecture of its products means
that any one component can be replaced without affecting the rest
of the system, providing a high degree of backward compatibility
between successive generations of tool. This makes it highly
unlikely that a customer would switch to a competing vendor once
it has installed ASML technology.

While ASML's historical financial performance has been affected
both by the volatility of the lithography cycle and the somewhat
ill-judged acquisition of Silicon Valley Group in 2001, more
recent performance has shown solid improvement.  While the
lithography market is expected to contract in 2005, Fitch does
not expect a major cyclical recession, and ASML's improved cost
base leaves it in better shape to deal with a downturn.

In 2004, viewed as the peak in the current lithography cycle,
ASML reported revenue growth of 60%, gross margins of 36.7% and
an operating margin of 15.4%.  Working capital management,
improving profitability and reduced capital expenditure all
contributed to growing cash flows.  Results for the nine months
to September 2005 saw an extension of this trend, with revenues
ahead by 18% year-on-year, gross margins of 38.9% and an
operating margin of 18.9%.  The order backlog amounted to 87
systems, valued at EUR1,245 million.

Liquidity is strong with the company reporting net cash of EUR818
million at September 2005, comprising EUR1.7 billion of cash and
debt of EUR882 million.  Debt is almost entirely composed of
convertible notes while undrawn bank lines maturing in 2009
amount to EUR400 million.

ASML is the market leader in the manufacture of microlithography
equipment, an essential part in the semiconductor manufacturing
process.  Based in Veldhoven, the Netherlands, the company has
5,071 employees, and generated 2004 revenues and EBITDA of EUR2.5
billion and EUR469 million (margin of 19%).

CONTACT:  ASML HOLDING N.V.
          De Run 6501
          5504 DR Veldhoven
          The Netherlands
          Phone: +31 40 268 3000
          Fax: +31 40 268 2000
          E-mail: corpcom@asml.com
          Web site: http://www.asml.com

          FITCH RATINGS
          Stuart Reid, London
          Phone: +44 90)20 7417 4323
          Raymond Hill
          Phone: +44 (0)20 7417 4314

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


ROYAL NUMICO: Q3, Nine-month Sales Up
-------------------------------------
Financial Highlights Third Quarter 2005 (on a comparable basis)
[1]

(a) Total net sales and EBITA up 13.4% and 19.9% 2005 net sales
    growth target raised to 12% and EBITA growth of 10%
    reconfirmed[1];

(b) EBITA margin at 18.8%, up 100 bps, despite 18% increase in
    marketing spend;

(c) Nutricia Baby net sales up 14.0%; EBITA margin at 17.5%;

(d) Nutricia Clinical net sales up 12.2%; EBITA margin at 27.1%;

(e) Net result up 34.5% and earnings per share up 29.1% (at
    actual rates);

(f) Mellin integration will generate annualized cost savings of
    EUR15 mln in 2006.

                Total Company Third Quarter 2005
  Total reported net sales up 20.9% and total reported EBITA up
                   25.8% (incl. acquisitions)

Financial Highlights First Nine Months 2005 (on a comparable
basis)[1]

(a) Total net sales up 12.8% and EBITA up 8.2%; EBITA margin at
    18.7%, excluding exceptionals;

(b) Nutricia Baby net sales up 12.9%; EBITA margin at 17.8%;

(c) Nutricia Clinical net sales up 12.6%; EBITA margin at 27.4%;

(d) Net result up 35.7% and earnings per share up 33.7% (at
    actual rates);

(e) Strengthened shareholders' equity at EUR73 mln compared to
    EUR(306) mln at the start of the year (at actual rates).

                          CEO Statement

Numico is very pleased to announce the seventh consecutive
quarter of record sales growth.  We have achieved this new peak
performance level of 13.4% growth through strong contributions of
both divisions.

Clinical continued its solid growth track, with sales up 12.2%.
Babyfood achieved stellar growth of 14%, off a strong growth
pace.  This growth was achieved across all regions and through
excellent performance in the U.K., Ireland, Eastern Europe and
Indonesia.  Babyfood's sales momentum and strong innovation
pipeline create a 'window of opportunity' to build our market
share and the category through strong and focused marketing
investments.

We have also made significant progress on several key projects.
We have finalized our portfolio rationalization with the sale of
our Brazilian baby food business, we further improved our
stewardship in Indonesia by increasing our shareholding to 98%
and implementing improved corporate governance and we have begun
the integration of our Italian acquisition.

We have achieved EBITA growth of 19.9% in the quarter, coming off
a first half with lower growth (+4.8%) mainly due to the phasing
of the Babyfood restructuring plan.

With these results, we feel comfortable to raise our net sales
growth target for 2005 from 10-12% to approximately 12%, while
confirming our EBITA growth at 10%.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Comparable basis is at constant scope of consolidation and
constant exchange rates.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

A copy of this press release is available free of charge at
http://bankrupt.com/misc/Numico_9monthresults.pdf

Royal Numico is a high-growth, high-margin, specialist baby food
and clinical nutrition company.  Acknowledged as the European
market leader in infant nutrition and medical nutrition, our
products range from infant milk formula to specialized nutrition
for babies with specific needs and for breastfeeding mothers.
For people with specific nutritional requirements, Numico offers
a complete range of enteral clinical nutrition, diet products and
disease-specific nutrition.

CONTACT:  ROYAL NUMICO
          WTC Schiphol Airport, Tower E,
          Schiphol Boulevard 105,
          1118 BG Schiphol Airport,
          The Netherlands
          Phone: +31-20-456-9000
          Fax: +31-20-456-8000
          Web site: http://www.numico.com/


ROYAL SHELL: FSA Ends Probe into Reserves Fiasco
------------------------------------------------
The Financial Services Authority will take no further action
against former Shell Chairman Sir Philip Watts over last year's
reserves scandal.

The regulator said Wednesday it has ended inquiries "into the
roles of certain individuals in the misstatement of Shell's
hydrocarbon reserves."

Shell shocked investors in 2004 by admitting it had overstated
its proved reserves by almost 6.0 billion barrels between January
2004 and February this year.  The scandal led to the ouster of
three top executives, including Sir Philip, and a restructuring
of the group into a single firm.

According to The Financial Times, Sir Philip welcomed the
surprise move, saying his reputation had been tarnished by the
investigation.  He is still, however, under probe by the U.S.
Securities and Exchange Commission.  His lawyers Herbert Smith
said: "Sir Philip is very pleased that he has been cleared after
a long period of investigation.  It is a vindication of his
position that he acted properly and in good faith.

Shell said: "The company is very pleased that the FSA has
concluded its investigations into the reserves issue and that no
further action is to be taken."

In August 2004, the FSA took enforcement action against the
company for committing market abuse and breaching the listing
rules.  On its Web site, FSA said its role is to "regulate the
financial services industry and [that it] has four objectives
under the Financial Services and Markets Act 2000: maintaining
market confidence; promoting public understanding of the
financial system; securing the appropriate degree of protection
for consumers; and fighting financial crime."

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

          THE FINANCIAL SERVICES AUTHORITY
          25 The North Colonnade
          Canary Wharf
          London E14 5HS
          Phone: 020 7066 1000
          Fax: 020 7066 1099
          Web site: http://www.fsa.gov.uk


ROYAL SHELL: Cancels 2,500,000 Additional 'A' Shares
----------------------------------------------------
On 9 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,800,000 'A' Shares at a price of EUR26.09 per
share.  It further purchased for cancellation 700,000 'A' Shares
at a price of 1,761.34 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,980,789,000.

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 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


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


ELEKTRIM SA: Bankruptcy Looms as Appeals Court Confirms Default
---------------------------------------------------------------
Elektrim S.A.'s bankruptcy is imminent after an English court
rejected its appeal of a local court decision declaring it in
breach of bond conditions.

A public court in September ruled that its bonds were due since
the beginning of the year.  Holders have been demanding immediate
buyout of their bonds, which are now worth EUR470 million.
Zygmunt Solorz-Zak, who controls Elektrim, said in September that
Elektrim would redeem the bonds on 15 December 2005.

Kamila Gorecka, speaking for the bondholders, said the ruling is
binding and could no longer be appealed.  She said Elektrim has
breached the payment terms four times already.  Earlier, a local
court refused to declare Elektrim bankrupt pending the appeal.
The court will resume hearing the bankruptcy petition on Nov. 15.
Elektrim spokesperson Ewa Bojar has withheld any comments prior
to receipt of the court decision.

Elektrim S.A. is a public holding company quoted on the Warsaw
Stock Exchange.  Its most valuable assets are Elektrim
Telekomunikacja Sp. z o.o. and Elektrownia Patnow-Adamow-Konin
S.A.  Since 1999 Elektrim has implemented a far-reaching
restructuring program to improve its operational efficiency and
strengthen its position in the market.  It plans to concentrate
in two industries -- telecommunications and power.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99


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


ASHKADARSKIY BRICKWORKS: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Ashkadarskiy Brickworks.  The case is docketed as
A07-30927/05-G-FLE.  Mr. A. Dyachenko has been appointed
temporary insolvency manager.

CONTACT:  Mr. A. Dyachenko
          Temporary Insolvency Manager
          453102, Russia, Bashkortostan republic,
          Sterlitamak, Beloretskiy Trakt, 24


BANK OF MOSCOW: Fitch Rates Subordinated Notes 'BB+'
----------------------------------------------------
Fitch Ratings has assigned Kuznetski Capital S.A.'s upcoming
issue of limited recourse loan participation notes an Expected
Long-term 'BB+' rating.  The notes are to be used solely for
financing a subordinated loan to Russia's Bank of Moscow (BOM,
rated Long-term 'BBB-', Short-term 'F3', Support '2', Individual
'D').  Kuznetski Capital S.A. will only pay noteholders amounts
(principal and interest), if any, received from BOM under the
loan agreement.  The Final rating is contingent on receipt of
final documents conforming materially to information already
received.

The difference between the rating of the notes and BOM's
Long-term rating reflects Fitch's notching policy for senior and
more junior obligations, indicating the higher expected loss for
more junior debt instruments.

The lender's claims in relation to repayment of the subordinated
loan will be junior to those of all senior claims and will rank
at least pari passu with the claims of other subordinated
creditors of BOM.  The interest rate will be fixed, with a
step-up five years before maturity date.  BOM will have the right
to prepay the subordinated loan five years before maturity or at
any time if the subordinated loan does not qualify as tier II
capital.  Covenants limit disposals by BOM and its subsidiaries.

BOM, founded in 1995, is one of Russia's 5 largest banks.  Since
1995 it has been 62%-owned by the City of Moscow and its
affiliated entities.  Its current strategy is to develop as a
universal bank and expand its franchise beyond the city-related
business.

CONTACT:  BANK OF MOSCOW
          8/15, bldg. 3
          Rozhdestvenka Str.
          Moscow 107996
          Russia
          Phone: [+7 095] 745 8000
          Fax: [+7 095] 795 2600
          E-mail: info@mmbank.ru
          Web site: http://www.mmbank.ru

          FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          James Watson
          Phone: +7 095 956 9901

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


CHITINSKIY: Chita Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
proceedings against Chitinskiy after finding the machine-tool
plant insolvent.  The case is docketed as A78-4210/2004-B-53.
Mr. V. Yankov has been appointed insolvency manager.

CONTACT:  CHITINSKIY
          Russia, Chita region,
          Stroiteley Str. 1

          Mr. V. Yankov
          Insolvency Manager
          672042, Russia, Chita - 42,
          Post User Box 917


DOBRYJ KANDYZ: Names T. Shumskaya Insolvency Manager
----------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Dobryj Kandyz after finding the agro company
insolvent.  The case is docketed as A47-11752/2004-14GK.  Ms. T.
Shumskaya has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 460001, Russia, Orenburg region,
Post User Box 1515.

CONTACT:  DOBRYJ KANDYZ
          Russia, Orenburg region,
          Severnyj region, Russkiy Kandyz

          Ms. T. Shumskaya
          Insolvency Manager
          460040, Russia, Orenburg region,
          10th Liniya Str. 2A, Office 7

          Post address: 460001, Russia, Orenburg region,
          Post User Box 1515
          Phone: 8(3532) 99-07-14, 27-34-23


ECO-TEKH-PROM: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Eco-Tekh-Prom after finding the close joint
stock company insolvent.  The case is docketed as
A12-10594/05-S24.  Mr. Y. Dybkin has been appointed insolvency
manager.

CONTACT:  ECO-TEKH-PROM
          40057, Russia, Volgograd region,
          Armavirskaya Str. 15A

          Mr. Y. Dybkin
          Insolvency Manager
          400120, Russia, Volgograd region,
          Post User Box 2695


ELIT: Insolvency Manager Takes over Business
--------------------------------------------
The Arbitration Court of Dagestan republic has commenced
bankruptcy supervision procedure on state enterprise Elit.  The
case is docketed as A15-724/05-3.  Mr. Y. Karpenko has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 355029, Russia, Stavropol, Lenina Str.
431.

CONTACT:  ELIT
          Russia, Dagestan republic,
          Khasavyurt, Korkmasova Str. 3

          Mr. Y. Karpenko
          Temporary Insolvency Manager
          355029, Russia, Stavropol,
          Lenina Str. 431
          Phone: (8652) 95-00-36


FINANSBANK AS: Moody's Assigns Ba2/NP/D- Ratings
------------------------------------------------
Moody's Investors Service has assigned first-time Ba2/Not-Prime
(NP) local and foreign currency deposit ratings and a D-
Financial Strength Rating (FSR) to Russia's Finansbank (Russia)
Ltd. (FBR), which is indirectly 100% owned and controlled by
Turkey's Finansbank A.S., rated B2/NP/D+ and Baa3/P-3 for local
currency deposits by Moody's.

The outlooks on all newly assigned ratings for FBR are stable.
At the same time, Moody's Interfax Rating Agency has assigned a
long-term national scale credit rating (NSR) of Aa2.ru to FBR.
Moscow-based Moody's Interfax is majority owned by Moody's.

According to Moody's and Moody's Interfax, the Ba2/NP/D- global
scale ratings reflect FBR's global default and loss expectation,
while the Aa2.ru national scale rating reflects the standing of
the bank's credit quality relative to its domestic peers.

According to Moody's, the bank's D- FSR reflects its adequate
overall financial fundamentals, underscored by its solid earning
power, low level of related-party asset exposure, adequate
capital levels and relatively healthy asset quality metrics.
Taken alone, and within the context of the Russian market, the
bank's financial metrics would be more consistent with a bank
rated in a slightly lower category.  However, the FSR benefits
from the bank's strong and experienced management team, which
leverages knowledge of and expertise in retail and SME banking
across many European markets.

The FSR further benefits from FBR's access to Finansbank Group's
resources and transfer of knowledge and skills, which represents
a significant advantage relative to other Russian banks of a
similar size.  Finally, the FSR incorporates FBR's relatively
limited exposure to its controlling shareholder and related
companies, as well as its transparent ownership structure, which
is often not the case in the Russian operating environment.

Moody's notes that the FSR also incorporates FBR's limited scale,
which will challenge the bank's ability to compete with larger
and more established domestic players and to further develop both
its SME and retail franchises in a highly competitive market.
The FSR further reflects the not insignificant risks posed by the
bank's extremely rapid growth, both in balance sheet and
personnel, which will challenge resources and test risk
management capabilities.

The FSR also takes into account the bank's levels of equity
capital, which, although currently adequate, remain somewhat low,
given the sizeable risks and potential volatility inherent in the
market.  However, Moody's concerns with the bank's levels of
equity capital are somewhat mitigated by the amount of equity
support that is periodically provided by its direct parent,
Finans International Holding N.V., a Netherlands-registered
holding company.  Rising levels of non-performing loans and
relatively low levels of provisioning also weigh on the FSR.
Finally, the FSR also reflects the risks created by FBR's high
reliance on bank and other sources of market funding, which
necessitates very prudent management of the bank's liquidity
position.

Possible future ratings drivers for FBR's financial strength
rating include our assessment of how well the bank manages its
rapid growth and the related risks, and how well it executes its
strategy of becoming an important retail and SME bank while
preserving its corporate franchise.  Another important driver
will be the quality of the bank's rapidly expanding loan book,
and the level of coverage of non-performing loans by provisions.

FBR's long- and short-term local and foreign currency deposit
ratings of Ba2 and NP, respectively, benefit from our expectation
of support from the bank's ultimate parent bank, Turkey's
Finansbank A.S., via Finans International Holding, N.V., in the
event of need.  Absent the imputation of such support, the bank's
deposit ratings would be somewhat lower.

At their current levels, the bank's local and foreign currency
deposit ratings are not constrained by the ceiling for such
deposits in Russia.  Consequently, future upgrades or downgrades
to the Russian country ceiling for such deposits would not be
very likely to directly affect the bank's deposit ratings.
However, changes to the ratings of the ultimate parent bank,
Finansbank A.S., and particularly to its local currency deposit
rating, would be likely to result in a similar change for the
deposit ratings of FBR.

The bank's rating Aa2.ru on Moody's national scale incorporates
the same credit considerations as the global scale ratings.

Headquartered in Moscow, Russia, Finansbank (Russia) Ltd.
reported total assets of RUR10,374 million (US$367 million) at
September 30, 2005.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Mardig Haladjian, General Manager
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Boyd Anderson, Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


MOVABLE MECHANIZED: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on close joint stock company Movable
Mechanized Column-36.  The case is docketed as A-57-402B/05-12.
Mr. I. Nesterov has been appointed temporary insolvency manager.

CONTACT:  MOVABLE MECHANIZED COLUMN-36
          413540, Russia, Saratov region,
          Krasnopartizanskiy region, Gornyj

          I. Nesterov
          Temporary Insolvency Manager
          413863, Russia, Saratov region,
          Balakovo-23, Post User Box 147


OZERNOYE: Insolvency Manager Enters Firm
----------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Ozernoye after finding the close joint stock
company insolvent.  The case is docketed as K/E-153/04.  Mr. E.
Vitkovskiy has been appointed insolvency manager.

CONTACT:  OZERNOYE
          646123, Russia, Omsk region,
          Nazyvaevskiy region, Utichye

          Mr. E. Vitkovskiy
          Insolvency Manager
          644122, Russia, Omsk region,
          5th Armii Str. 4, Office 1


POCHINSKOYE: Moscow Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on close joint stock company Pochinskoye.
The case is docketed as A41-K2-13820/05.  Mr. A. Nikolskiy has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 107078, Russia, Moscow,
Sadovaya-Spasskaya, 13, Building 2, Office 300.

CONTACT:  POCHINSKOYE
          140324, Russia, Moscow region,
          Egoryevskiy region, Pochinki

          Mr. A. Nikolskiy
          Temporary Insolvency Manager
          107078, Russia, Moscow region,
          Sadovaya-Spasskaya 13, Building 2, Office 300


POLYSTYROL: Declared Insolvent
------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Polystyrol after finding the close joint
stock company insolvent.  The case is docketed as K/E-130/04.
Mr. F. Metsler has been appointed insolvency manager.

CONTACT:  POLYSTYROL
          644035, Russia, Omsk region,
          Krasnoyarskiy Trakt, 155

          Mr. F. Metsler
          Insolvency Manager
          644035, Russia, Omsk region,
          Krasnoyarskiy Trakt, 155
          Phone: 8(913) 979-53-07


ULKANSKIY WOOD-PROM-KHOZ: Files for Bankruptcy
----------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
external management procedure on limited liability company
Ulkanskiy Wood-Prom-Khoz.  The case is docketed as
A19-17289/03-37.  Mr. V. Kadach has been appointed external
insolvency manager.  Creditors may submit their proofs of claim
to Russia, Irkutsk region, Krasnoyarskaya Str. 34, 19.

CONTACT:  ULKANSKIY WOOD-PROM-KHOZ
          Russia, Irkutsk region,
          Kazachinsko-Leninskiy region, Ulkan

          Mr. V. Kadach
          External Insolvency Manager
          Russia, Irkutsk region,
          Krasnoyarskaya Str. 34, 19


URAL BANK: S&P Affirms 'CCC+/C' Ratings; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'ruBB' Russia
national scale rating to Russia-based Ural Bank for
Reconstruction and Development.  At the same time, the 'CCC+'
long-term and 'C' short-term counterparty credit and certificate
of deposit ratings were affirmed.  The outlook is stable.

"The ratings on UBRD reflect the bank's high related-party
exposures in assets, low operating efficiency and profitability,
and low capitalization.  These negative factors are, however,
somewhat mitigated by UBRD's strengthening franchise and good
growth prospects in its home region of Sverdlovsk Oblast,
supported by the fast-growing Russian economy," said Standard &
Poor's credit analyst Mr. Tarzimanov. (Standard & Poor's rates
the Sverdlovsk Oblast B+/Stable/--.)

UBRD's credit risk is high and closely linked to recently form
mining and metal holding company Russian Copper Co. (RCC; not
rated), its major shareholder and largest borrower.  UBRD's total
related-party exposure accounted for two-thirds of total loans in
the past two years.  Thus, the creditworthiness of the bank is
strongly tied to the fortunes of RCC.  RCC includes several large
mining plants, but information on the group is limited and
corporate governance risk is a concern.

The bank's financial profile is weak, and Standard & Poor's is
concerned about UBRD's ability to raise its core revenues and
profitability, in view of shrinking margins in Russia and the
bank's high cost base.  Low operating efficiency and
capitalization are putting serious constraints on the bank's
future growth.

"The stable outlook balances UBRD's improving franchise and
market position in its home region, which should enable the bank
to sustain adequate business growth, and the bank's structural
weaknesses.  A material decrease in related-party exposures and
improved capitalization could lead to an upgrade," added Mr.
Tarzimanov.

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


YUKOS OIL: Lithuania Sets up Panel to Handle Mazeikiu Sale
----------------------------------------------------------
The Lithuanian government on Wednesday set up a negotiating team
for the sale of its stake in refinery Mazeikiu nafta, RIA Novosti
reports.

The special commission, led by Economic Minister Kestutis
Dauksys, includes Deputy Minister Nerijus Eidukevicius and an
advisor to prime minister, Saulius Specius.  It will conduct
talks with Yukos Oil, whose Dutch unit owns 53.7% of the
refinery, and Russian-British joint venture TNK-BP, which is the
frontrunner to acquire the asset.

The stake is one of the last two foreign assets of Yukos that
have not been seized by the Russian government.  The government,
which owns 40.66% of Mazeikiu, wants to buy out Yukos and resell
its stake.  It has already obtained permission from parliament to
take out a US$1 billion loan to complete the purchase.  The
government is also planning to sell about 30% of its stake to
sweeten the deal.

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

Meanwhile, a Dutch court has made a ruling that is feared to
complicate the sale.  Last week it combined the overlapping
lawsuits seeking to levy on Yukos' foreign assets, limiting
Lithuania's say in the sale process.

Three parties have sought to freeze the assets of Yukos,
particularly its 53.7% stake in Mazeikiu 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.

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

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


=========
S P A I N
=========


SEAT AS: 2005 Figures to Slip into Red; Eyes Job cuts in 2006
-------------------------------------------------------------
SEAT, local unit of German carmaker Volkswagen, forecasts EUR243
million in losses for 2005, Borsen Zeitung says.

SEAT, which has not posted any yearend losses, closed the third
quarter with a EUR145 million deficit.  To achieve a turnaround
next year, the group is seeking 1,346 redundancies, which will
allow it to save EUR50 million yearly.  Catalonia's regional
employment ministry will rule whether the job cuts are justified.

SEAT had planned to cut salaries by 10%, coupled with reduction
in working hours, but met resistance from trade unions.  SEAT
currently employs around 16,000 people, most of them at its
Barcelona site.

CONTACT:  SEAT ESPANA
          Web site: http://www.seat.es

          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


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


SAS AB: Posts Solid Third-quarter Figures
-----------------------------------------
Troubled national carrier SAS AB posted SEK545 million in pretax
profits for the third quarter of 2005, five times higher than
last year's SEK102 million, Reuters says.

The solid result is a spillover from the second quarter's pretax
profit of SEK590 million.  Third-quarter revenue rose to SEK16.57
billion from SEK15.42 billion in the same period last year, while
cost dropped 5.1%.

SAS remains cautious of the "continued uncertainty regarding
development in the airline industry," but sees positive figures
this year.  "Provided there are no significant changes in the
business environment, adopted business plans indicate positive
earnings for 2005," it said.

The carrier is nearing the end of its Turnaround 2005 program,
launched in the aftermath of the September 11 terrorist attacks,
and needs to only post SEK500 million in the final quarter to
position itself for earnings of SEK1.6 billion next year.

It remains challenged by higher fuel cost this year and
competition from low-cost airlines.  It is confident, however,
that its SEK14 billion cost-cutting program and rising volumes,
particularly in Copenhagen, will offset these challenges.

Headquartered in Stockholm, Sweden, SAS AB is owned by the
governments of Sweden, Denmark, and Norway.  It booked SEK58.703
billion in revenues and SEK1.872 billion in losses in FY2004.

CONTACT:  SAS AB
          Frosundaviks Alle 1, Solna
          S-195 87 Stockholm
          Phone: +46-8-797-00-00
          Fax: +46-8-797-16-03
          Web site: http://www.scandinavian.net


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


GMAC: Fitch Leaves Rating Untouched Pending Sale in 1st Quarter
---------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating (IDR) and
senior unsecured debt of General Motors to 'B+' from 'BB'.  The
ratings are also placed on Rating Watch Negative by Fitch pending
developments in the financial and operating situation at Delphi.

The ratings of General Motors Acceptance Corp. (GMAC) and
Residential Capital Corp. are not affected by the action and
remain on Rating Watch Evolving, where they were placed on Oct.
17, 2005 following GM's announcement that it was considering
strategic alternatives for GMAC and ResCap.  Absent any progress
or clarity on a partial sale of GMAC in the first quarter of
2006, Fitch would likely lower the ratings of GMAC and ResCap.

The GM downgrade primarily reflects concerns over further
financial support and/or costs that GM may incur in order to
ensure that Delphi is able to reach an agreement with the UAW.
In addition, Fitch expects that negative cash flow through at
least 2006 could be exacerbated by potential non-operating items
that would reduce GM's liquidity position and flexibility in
undertaking any major restructuring program.  A labor disruption
at Delphi for any extended period would have an immediate impact
on GM's ability to operate and would quickly reduce liquidity.

Although GM's liquidity remains healthy, with US$19.2 billion in
cash at Sept. 30, 2005, US$16 billion in long-term VEBA
(subsequently reduced by $1 billion on Oct. 1), potential excess
cash at GMAC that could be repatriated to GM, and potential
proceeds from the planned sale of a majority interest in GMAC,
there are several factors which could add to the cash drains
Fitch projects from operations. Potential financial support to
Delphi, the funding of an independent VEBA related to GM's recent
health care agreement with the UAW, accelerated restructuring
actions and potential further supplier issues. In addition to
Delphi, other supplier stresses and GM's financial position may
impose further costs on GM or changes to payment terms as
financial intermediaries and suppliers manage exposures.  Fitch
will also be watching to see if GM will need to make concessions
or higher pension contributions in order to facilitate the sale
of a majority interest in GMAC.  Cash and S/T VEBA are down
approximately US$5.3 billion from Sept. 30, 2004.  GM retained
access to US$6.5 billion in committed credit lines as of June 30,
2005.

Fitch projects that GM will remain cash flow negative at least
through 2006, and in the event of a weaker economic environment,
GM will be challenged to prevent an acceleration of operating
losses experienced in 2005. The company's operating profile has
become increasingly vulnerable to volume declines that could
arise as a result of a decline in macroeconomic conditions,
consumer purchasing power, or an extended payback period from
recent incentive-driven sales spikes. In addition, the migration
to lower-priced vehicles has a particularly adverse impact on
GM's revenue and profitability, and the company's inflexible cost
structure will make it difficult to ratchet down their cost
structure in parallel in order to stabilize cash losses.  Fitch
believes that this will necessitate further agreements with the
UAW on facility closures, headcount reductions and other issues,
prior to the 2007 contract re-opening, in order to accelerate the
company's restructuring.

GM has estimated its liabilities under its benefit guarantees to
Delphi workers at zero to US$12 billion.  However, as was the
situation prior to Delphi's bankruptcy, Delphi will be required
to reach a collective bargaining agreement with the UAW to assure
an uninterrupted supply chain to GM.  The severe concessions that
Delphi is seeking from the UAW ensure that the negotiations will
be contentious.  The probability remains that GM will have to
provide further financial assistance or incur additional costs to
ensure Delphi's continued operation, during a period of
imperative cost reduction at GM.

Fitch notes that GM's recent health care agreement with the UAW
resulted in an increase in GM's liability range under the
guarantee, indicating, in Fitch's view, that the UAW continues to
see GM as an integral part of the Delphi resolution.  Fitch is
also concerned with the impact of any new pension legislation,
which could force a re-measurement of GM's liabilities and/or
higher required contributions.

The recent agreement with the UAW was significant in that this
was an area in which the UAW was previously adamant in not
considering concessions.  Cash savings are estimated by GM at
US$1 billion a year.  GM also agreed to contribute US$1 billion
in 2006, 2007 and 2011 to a new independent VEBA account.  With
health care costs going up US$400-500 million a year, the US$1
billion in cash savings could be quickly consumed, and with the
funding of the new VEBA, annual cash outlays could actually be up
from current levels over the next two-to-three years.

To date, the Delphi bankruptcy appears to be progressing
smoothly, with little evidence of any supply disruptions.  Delphi
has taken a number of steps in the areas of trade payment terms
and other means of financial support to ensure that second and
third-tier suppliers have the financial means and/or comfort to
continue shipping components without interruption.

Ratings lowered and placed on Rating Watch Negative by Fitch
include the following:

General Motors Corp.
General Motors of Canada Ltd.
--Senior debt and IDR to 'B+' from 'BB'
--Short-term rating withdrawn.

The following ratings remain on Rating Watch Evolving:

General Motors Acceptance Corp.
GMAC International Finance B.V.
GMAC Bank GmbH
General Motors Acceptance Corp. of Australia
General Motors Acceptance Corp. of Canada Ltd.
General Motors Acceptance Corp. (N.Z.) Ltd.
--Senior debt 'BB';
--Short-term 'B'.

Residential Capital Corp.
--Senior debt 'BBB-';
--Short-term 'F3'.

GMAC Bank
--Long-term deposits 'BBB';
--Senior debt 'BBB-';
--Short-term deposits 'F3'.

CONTACT:  GENERAL MOTORS CORP.
          Stelzenstrasse 4
          8152 Glattbrugg
          Phone: (Opel) 0848 810 820
          Phone: (Saab) 0844 850 859
          E-mail: info@gmsuisse.ch
          Web site: http://www.gmsuisse.ch

          FITCH RATINGS
          Mark Oline
          Phone: +1-312-368-2073
          Richard Hilgert
          Phone: +1-312-606-2336 (GM), Chicago
          Christopher D. Wolfe
          Phone: +1-212-908-0771
          Philip S. Walker, Jr. (GMAC and ResCap), New York
          Phone: +1-212-908-0624
          Web site: http://www.fitchratings.com


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


BUKOVINSKIJ CERAMICAL: Declared Insolvent
-----------------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
proceedings against Bukovinskij Ceramical Plant (code EDRPOU
313451024121) on September 23, 2005 after finding the limited
liability company insolvent.  The case is docketed as 10/176/B.
Mr. Vasil Lisovenko has been appointed liquidation.

CONTACT:  BUKOVINSKIJ CERAMICAL PLANT
          58021, Ukraine, Chernivtsi region,
          Biloruska Str. 10

          ECONOMIC COURT OF CHERNIVTSI REGION
          58000, Ukraine, Chernivtsi region,
          O. Kobilyanska Str. 14


CHORNOMORSKA FISHING: Under Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Sevastopol commenced bankruptcy supervision
procedure on LLC Chornomorska Fishing Company (code EDRPOU
30225557) on September 2, 2005.  The case is docketed as
20-4/128.  Mr. Volodimir Korsakov (License AA 783016) has been
appointed temporary insolvency manager.  The company holds
account number 260050100615 at CJSC Procreditbank, MFO 320984.

CONTACT:  CHORNOMORSKA FISHING COMPANY
          99003, Ukraine, AR Krym region,
          Sevastopol, Safronov Str. 12

          VOLODIMIR KORSAKOV
          Temporary Insolvency Manager
          99002, Ukraine, AR Krym region,
          Buryak Str. 9/37

          ECONOMIC COURT OF SEVASTOPOL
          99011, AR Krym region,
          Sevastopol, Pavlichenko Str. 5


GALESHINSKE BREAD-STORAGE: Declared Bankrupt
--------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Galeshinske Bread-Storage
Enterprise (code EDRPOU 00955578) on August 28, 2005.  The case
is docketed as 18/158.  Ms. S. Shapovalov (License AA 487831) has
been appointed temporary insolvency manager.

CONTACT:  GALESHINSKE BREAD-STORAGE ENTERPRISE
          35100, Ukraine, Poltava region,
          Kozelshinskij district, Nova Galeshina,
          Zhovtneva Str. 84

          ECONOMIC COURT OF POLTAVA REGION
          36000, Ukraine, Poltava region,
          Zigina Str. 1


ROSINKA: Court Appoints Liquidator
----------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Rosinka (code EDRPOU 30271844) on September
5, 2005 after finding the limited liability company insolvent.
The case is docketed as 4/17.  Dubrovitsya State City Tax
Inspection has been appointed liquidator/insolvency manager.

CONTACT:  ROSINKA
          34111, Ukraine, Rivne region,
          Dubrovitsya district, Visotsk,
          Mistechkova Str. 15

          Liquidator/Insolvency Manager
          34100, Ukraine, Rivne region,
          Dubrovitsya, Makarivska Str. 1a

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


TRANSENERGO: Insolvency Manager Moves in
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Transenergo (code EDRPOU 24738609) on
September 15, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 23/364-b.  Mr. Farit
Kachkurov (License AB 116187) has been appointed
liquidator/insolvency manager.

CONTACT:  TRANSENERGO
          01046, Ukraine, Kyiv region,
          Pirogova Str. 2/8

          FARIT KACHKUROV
          Liquidator/Insolvency Manager
          02206, Ukraine, Kyiv region, a/b 169

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


UKRPARFUMFARM: Goes into Liquidation
------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against LLC Ukrparfumfarm (code EDRPOU 30769326) on
July 28, 2005 after finding the limited liability company
insolvent.  The case is docketed as 01/2589.  Mr. Rekun Volodimir
(License AB 176102) has been appointed liquidator/insolvency
manager.  The company holds account number 26001020259 at JSC
Credit Bank, Cherkassy branch, MFO 354466.

CONTACT:  UKRPARFUMFARM
          Ukraine, Cherkassy region,
          Cherkassy district, Verguni,
          Kosmodemyanska Str. 45

          REKUN VOLODIMIR
          Liquidator/Insolvency Manager
          18005, Ukraine, Cherkassy region,
          Ilyin Str. 330/16

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue 307


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


ACORN CEILINGS: Administrators from P&A Partnership Enter Firm
--------------------------------------------------------------
Philip Andrew Revill and John Russell (IP Nos 6421, 5544) of The
P&A Partnership were appointed joint administrators of Acorn
Ceilings Limited (Company No 01675541) on Oct. 26.

CONTACT:  ACORN CEILINGS
          Acorn House, Tenter Street,
          Rotherham, South Yorkshire S60 1LB
          Phone: 01709558399

          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


AES DATA: Calls in Administrator from B & C Associates
------------------------------------------------------
Filippa Connor (IP No 9188) of B & C Associates was appointed
administrator of Aes Data Limited (Company No 02065351) on Oct.
11.  The company is a contractor for electrical and air
conditioning services.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


ALDER RESIDENTIAL: In Administrative Receivership
-------------------------------------------------
The Co-Operative Bank Plc appointed Paul Stanley and Don Bailey
of Begbies Traynor joint administrative receivers of nursing home
operator Alder Residential Care Limited (Reg No 02428816) on Oct.
28.

CONTACT:  ALDER RESIDENTIAL CARE LTD.
          Central Drive
          Phone: 0151 259 1553
          Fax: 0151 259 7437

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


ALMOND PARTNERSHIP: Goes into Liquidation
-----------------------------------------
J. R. Almond, chairman of The Almond Partnership Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 18 at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL.

Alan H. Tomlinson of Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL was appointed liquidator.

The resolution and appointment were confirmed at a creditors
meeting held on the same day.

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


ARROWGUIDE LIMITED: Travel Agency Winds up
------------------------------------------
A. Komodromou, director of Arrowguide Limited (t/a Azure
Holidays) informs that resolutions to wind up the company were
passed at an EGM held on Oct. 18 at 18 Sapcote Trading Centre,
Dudden Hill Lane, London NW10 2DH.

David Wald of D. Wald & Co, 18 Sapcote Trading Centre, Dudden
Hill Lane, London NW10 2DH was appointed liquidator.

CONTACT:  ARROWGUIDE LTD.
          Web site: http://www.arrowguide.co.uk
          29 Dering St., London W1
          Phone: 0171/629 9516

          D. WALD & CO.
          18 Sapcote Trading Centre
          Dudden Hill Lane
          London NW10 2DH
          Phone: 020 8451 3939
          Fax: 020 8830 2929


AUTOMATE I.T.: Files for Liquidation
------------------------------------
Scott Lyle, chairman of Automate IT Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 12 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:  AUTOMATE IT LTD.
          108 Basin Road
          Heybridge Basin
          Maldon
          CM9 4RN
          Essex
          Phone: 01621 841690
          Fax: 01621 841691
          Web site: http://www.automateit.co.uk

          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


BLACK POWER: Administrator from Albert Goodman Moves in
-------------------------------------------------------
Laurence Russell (IP No 9199) of Albert Goodman was appointed
administrator of The Black Power Company Ltd. (Company No
05005019) on Oct. 28.  Its registered office is at 14 Kenmuir
Road, Finedon, Wellingborough, Northamptonshire NN9 5LS.

The Black Power Company -- http://blackpowerco.co.uk/--  
manufactures power distribution units and other accessories for
the data, networking, electrical and audio industries.  It is
based in the East Midlands with manufacturing and assembly
facilities in the West Country.  The company has a range of
standard PDU's switched or unswitched, to which filter/surge
protection units, commando plugs, various types of power cords
and switch covers can be added.

CONTACT:  THE BLACK POWER COMPANY LIMITED
          14 Kenmuir Road
          Finedon
          Northants NN9 5LS
          Phone: 01933 398160
          Fax: 01933 398687
          E-mail: Sales@blackpowerco.co.uk

          ALBERT GOODMAN
          Mary Street House
          Mary Street
          Taunton
          Somerset TA1 3NW
          Phone: 01823 286096
          Fax: 01823 257319


BOOKS FOR STUDENTS: Calls in Administrator from PwC
---------------------------------------------------
Mark David Charles Hopkins and Edward Mark Shires of
PricewaterhouseCoopers LLP were appointed joint administrators of
Books For Students Limited (Company No 03273647) on Nov. 16.

BfS -- http://www.bfs.co.uk/-- has been supplying books to the
schools and public libraries.

CONTACT:  BOOKS FOR STUDENTS
          22 - 28 George Street, Hull, HU1 3AP.
          Phone: 01482 384660
          Fax: 01482 384677

          PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


BRADFORD SHOP: Files for Administration
---------------------------------------
John Twizell and Geoffrey Martin (IP Nos 007822, 002207) of
Geoffrey Martin & Co. were appointed joint administrators of
Bradford Shop Supplies & Displays Limited (Company No 02744168)
on Oct. 28.

Bradford Shop Supplies -- http://www.shopsupplies.co.uk/--  
offers services from re-fitting an entire store to selling
individual price tags.  It has a showroom with a stock of
approximately 3,500 lines.

CONTACT:  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


BRAYCOT CONSTRUCTION: Names Moore Stephens Liquidator
-----------------------------------------------------
J. Pryce, chairman of Braycot Construction Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 4 at The Holiday Inn Express, 65 Lionel Street, Birmingham.

Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB.

The appointment was confirmed at a creditors meeting held on Oct.
17.

CONTACT:  BRAYCOT CONSTRUCTION LTD.
          56-57 Malt Mill Lane
          Blackheath
          Phone: 0121 559 2955

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


BRITISH AMERICAN: Claims Deadline Expires Next Month
----------------------------------------------------
Company Names: BRITISH AMERICAN PRODUCT COMPANY LIMITED
               BRITISH AMERICAN PRODUCT HOLDINGS LIMITED

M. J. Palmer, the chairman of these companies, informs that the
special resolution to wind up the companies was passed at an EGM
held on Oct. 28 at 2nd Floor, Titchfield House, 69-85 Tabernacle
Street, London.  Robert Stephen Palmer was appointed liquidator.

Creditors are required on or before December 31, 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 Robert
Stephen Palmer, of Gallagher & Co., PO Box 698, 2nd Floor,
Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR, the
Liquidator of the Company, and, if so required by notice in
writing their debt or claims.

CONTACT:  GALLAGHER & CO
          PO Box 698
          Titchfield House
          69/85 Tabernacle Street
          London EC2A 4RR
          Phone: 020 7490 7774
          Fax: 020 7490 5354
          E-mail: robert@gallaghers.co.uk


CALL FREE: Hires Liquidator from Jones Lowndes
----------------------------------------------
N. Ashton, director of Call Free Directory Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 20 at Jones Lowndes Dwyer LLP, John Swift Building, 19 Mason
Street, Manchester M4 5FT.

Claire L. Dwyer of Jones Lowndes Dwyer LLP, John Swift Building,
19 Mason Street, Manchester M4 5FT was appointed liquidator.

CONTACT:  JONES LOWNDES DWYER LLP
          John Swift Building
          19 Mason Street
          Manchester
          Greater Manchester M4 5FT
          Phone: 0161 832 9454
          Fax: 0161 832 9455
          E-mail: clairedwyer@joneslowndesdwyer.co.uk


CANDY CARE: Collapses into Liquidation After DTI Probe
------------------------------------------------------
The Department of Trade and Industry has filed a petition in the
high court to wind up Candy Care Limited, said Creditman.

The company sold lollipops for GBP1 claiming proceeds would be
used for charitable or philanthropic causes.

The petition followed the probe launched by DTI's Companies
Investigation Branch (CIB) under section 447 of the Companies Act
1985.  The Court has appointed the Official Receiver as
provisional liquidator of the company pending the hearing of the
case on December 14, 2005.

Data from The Charity Commission for England and Wales revealed
Candy Care "solicited funds from the public subject to a
representation that it supports charitable purposes."

The Commission, which serves as regulator and registrar of
charities in England and Wales, found that representatives of the
company "either sold lollipops or carried only a collecting tin
with 'Candy Care: A registered non-profit making organization' on
it."

An inquiry into the company's operations established that Candy
Care "is not a charity, it does not represent itself as a charity
and the terms upon which it raises funds are not restricted to
exclusively charitable purposes."  Therefore, the Commission does
not have jurisdiction over it and the funds raised.

Mirror.co.uk, in another report, disclosed that Candy Care, which
operates from a flat in Bournemouth, was formed by a former
director and employee of a now defunct fundraising organization
called Sweet Dreams.

People working for Sweet Dreams also sold lollipops claiming to
help "cancer charities, children with leukemia, sick kids and
breast cancer charities."  The organization made no donations to
such charities, but had given GBP4,140 to other charities over a
three-year period.

The registered office of Candy Care Limited is at 41C East
Street, Wimbourne, Dorset.  The sole director is Jeremy Kay and
the company secretary is Joseph Bond.

CONTACT:  THE OFFICIAL RECEIVER
          The Insolvency Service
          Public Interest Unit
          21 Bloomsbury Street
          London WC1B 3SS
          Phone: 0207 637 1110

          THE CHARITY COMMISSION FOR ENGLAND AND WALES
          Newport
          Harmsworth House
          13-15 Bouverie Street
          London EC4Y 8DP
          Contact:
          Antony Robbins, Head of Communications
          Phone: 020 7674 2528
          Mobile: 07789 033055
          Fax: 020 7674 230
          Web site: http://www.charity-commission.gov.uk


ELAM T LIMITED: Creditors Meeting Set Later this Month
------------------------------------------------------
Creditors of Elam T Limited will meet on November 22, 2005, 10:30
a.m. at 10 Fleet Place, London EC4M 7RB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to F. J. Gray, joint administrative receiver of Kroll
Limited, Afton House, 26 West Nile Street, Glasgow not later than
12:00 noon, November 21, 2005.

CONTACT:  KROLL GLASGOW
          Afton House 26 West Nile Street
          Glasgow, Scotland G1 2PF
          United Kingdom
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com


ENGINEERING SERVICES: Hires Begbies Traynor Administrator
---------------------------------------------------------
Donald Bailey and Gary Lee (IP Nos 006739, 009204) of Begbies
Traynor were appointed administrators of Engineering Services
(Urethanes) Ltd. (Company No 01007901) on Oct. 21.

CONTACT:  ENGINEERING SERVICES (URETHANES) LTD.
          Brookfield,
          Glossop, Derbyshire SK13 6LB
          Phone: 01457-863511

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


ENRON CORPORATION: Eni Wants Claim Objection Proceedings Stayed
---------------------------------------------------------------
Eni UK Limited, formerly known as AGIP (U.K.) Limited, filed
Claim No. 24772 in Enron Corporation's Chapter 11 cases.  The
Reorganized Debtors objected to the AGIP Claim.

Robin Keller, Esq., at Stroock & Stroock & Lavan LLP, in New
York, relates that the AGIP Claim arises under Enron Corp.'s
guaranty to the payment obligations of Enron Capital & Trade
Resources Limited with respect to trading agreements between
ECTRL and AGIP.

In its Claim Objection, Enron argues that AGIP misapplied the
terms of the Trading Agreements, which are governed by English
law, in terminating certain outstanding trades and in deriving
the amount owed by ECTRL and guaranteed by Enron.

However, Mr. Keller says, each of the issues raised in the Claim
Objection have been carefully reviewed and fully vetted by each
of the principal parties, including ECTRL, in the U.K. and were
resolved in AGIP's favor.

Mr. Keller points out that PricewaterhouseCoopers LLP, the
Court-appointed administrator for ECTRL, has issued a letter to
AGIP that provisionally allows AGIP's claim in the U.K.
insolvency proceedings in the full amount asserted by AGIP.  PwC
extensively reviewed the terms of the Trading Agreements and
analyzed each of the specific issues raised by Enron in its Claim
Objection.

Enron also contacted PwC and communicated its position on the
manner in which it believes the Trading Agreements should be
interpreted.

In spite of Enron's efforts to persuade PwC to the contrary, the
firm concluded that AGIP's calculations and interpretations were
correct.  Mr. Keller notes that all that remains is for the
provisional allowance to become final -- a mere formality at this
point -- and for Enron to honor its obligation.

Mr. Keller argues that by refusing to withdraw its Objections,
Enron is thus abusing the judicial process by perpetuating
duplicative litigation before the Bankruptcy Court when the final
adjudication of AGIP's direct claim against ECTRL is proceeding
before the U.K. court, and Enron is bound by that adjudication as
a factual and legal matter.

Mr. Keller asserts that Enron should not be permitted to continue
to prosecute the Claim Objection in two forums and obtain
potentially inconsistent results when the legal issues underlying
the Claim Objection have already been resolved in a more suitable
forum.  Enron's continued prosecution of the Claim Objection, Mr.
Keller adds, can only be understood as an attempt to force AGIP
into re-litigating settled issues at unnecessary expense to AGIP
and to the Reorganized Debtors' estates or to coerce AGIP into
settling its claim on unreasonable terms.  That effort
constitutes an abuse of process that should not be countenanced
by the Court, Mr. Keller says.

Accordingly, Eni UK asks the Court to stay the proceedings
related to Enron's Claim Objection until its claim against ECTRL
is resolved by a final court order in the U.K.

Headquartered in Houston, Texas, Enron Corporation --
http://www.enron.com/-- is in the midst of restructuring various
businesses for distribution as ongoing companies to its creditors
and liquidating its remaining operations.  Before the company
agreed to be acquired, controversy over accounting procedures had
caused Enron's stock price and credit rating to drop sharply.

Enron filed for chapter 11 protection on December 2, 2001 (Bankr.
S.D.N.Y. Case No. 01-16033).  Judge Gonzalez confirmed the
Company's Modified Fifth Amended Plan on July 15, 2004, and
numerous appeals followed.  The Confirmed Plan took effect on
Nov. 17, 2004. Martin J. Bienenstock, Esq., and Brian S. Rosen,
Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in
their restructuring efforts.  (Enron Bankruptcy News, Issue No.
161; Bankruptcy Creditors' Service, Inc., 15/945-7000)


ESU LIMITED: Administrators from Begbies Traynor Take over Firm
---------------------------------------------------------------
Donald Bailey and Gary Lee (IP Nos 006739, 009204) of Begbies
Traynor were appointed joint administrators of ESU Limited
(Company No 01605609) on Oct. 21.  The company manufactures
plastics in primary forms.

CONTACT:  ESU LTD.
          Peakdale Road,
          Brookfield,
          Glossop SK13 6LB
          Phone: 01457 863511
          Fax: 01457 867820
          E-mail: info@esucannon.co.uk
          Web site: http://www.esucannon.co.uk/

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


FABIEN RISK: Calls in Liquidator from Begbies Traynor
-----------------------------------------------------
Fabien Risk Services Limited informs that a resolution to wind up
the company was passed at an EGM held on Oct. 19 at Taylor Fry,
70 Conduit Street, London W1S 2GF.

Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, and Neil
Mather, of Begbies Traynor, 32 Cornhill, London EC3V 3BT was
appointed liquidator.

Fabien Risk Services -- http://www.fabieninsurance.co.uk/--  
specializes in the placement of Professional Indemnity, Directors
and Officers Liability, and Financial Institutions Insurance
Policies for all types of business.

Fabien Risk Services Limited is a Lloyd's Sponsored Insurance
Broking House, based at Lloyds of London, the centre of the
U.K.'s Insurance Industry.  It has over 100 years of cumulative
experience in the Lloyds and Company Markets.

CONTACT:  FABIEN RISK SERVICES LIMITED
          The Lloyds Building
          Room 805
          1 Lime Street
          London
          EC3M 7HA
          Phone: 0207 6265437
          Fax: 0207 6265438
          E-mail: info@fabieninsurance.co.uk

          Blackburn House
          2nd Floor
          22-26 Eastern Road
          Romford
          Essex
          RM1 3PJ
          Phone: 01708 776590
          Fax: 01708 747251
          Contact:
          Shane Garvey, Chairman
          E-mail: shane@fabieninsurance.co.uk

          Stephen Allen, Managing Director
          E-mail: stephen@fabieninsurance.co.uk

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


FORTIFIRE LIMITED: Owners Decide to Wind up Business
----------------------------------------------------
Fortifire Limited informs that resolutions to wind up the company
were passed at an EGM held on Oct. 19 at Charlotte House, 19B
Market Place, Bingham, Nottingham.

Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services, Charlotte House, 19B Market Place, Bingham, Nottingham
were appointed Joint Liquidators.

Fortifire -- http://www.fortifire.co.uk-- is a supplier of Fire
Detection and Alarm Systems.  It is a main agent for: BOSCH,
C-Tec, AFP, and Morley IAS, as well as the Rafiki TwinFlex-Plus
and Sita systems which are more suited by their special features
for use in HOMs (Houses in Multi-occupancy).

CONTACT:  FORTIFIRE LTD.
          4 Medlock Road
          Chesterfield
          S40 3NH
          Derbyshire
          Phone: 01246 211302
          Fax: 01246 211636
          Contact:
          Lynda Wallace, Managing Director


GEO. BARBER: Printer Calls in Liquidator
----------------------------------------
J. S. P. Gumb, chairman of geo. Barber & Son Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 18 at 24 Conduit Place, London W2 1EP.

Ian Franses of Ian Franses Associates, 24 Conduit Place, London
W2 1EP was appointed liquidator.

CONTACT:  GEO BARBER & SON LTD.
          61 Lilford Rd.
          Camberwell
          London
          SE5 9HR
          Phone: +4402 072742067
          Fax: +4402 072746984

          IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


GLADSTONE DESIGN: Board game Maker Folds up
-------------------------------------------
A. L. Morgan, chairman of Gladstone Design Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 12 at Gloucester Cheltenham Holiday Inn, Crest Way,
Barnwood, Gloucester GL4 3RX.

T. Papanicola of Bond Partners LLP, The Grange, 100 High Street,
London N14 6TG was appointed liquidator.

Gladstone Design launched the board game "Beat The Traffic
Warden".

CONTACT:  GLADSTONE DESIGN LTD.
          PO Box 798 Cheltenham GL52 5YA United Kingdom
          Phone: 01242 256647
          Fax: 01242 236218
          E-mail: info@gladstone.uk.net
          Phone: 811887318

          BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


GOULDS LTD.: Succumbs to Administration
---------------------------------------
Goulds Ltd. has fallen into administration amid tough conditions
in the design and manufacturing industry, said Manchester Evening
News.

The Lancashire-based firm, which has a turnover of GBP25 million,
manufactures a range of products for blue-chip clients, such as
tissue paper, cosmetics, and cardboard.

Several parties eyeing to buy the firm as a going concern have
already approached administrators PricewaterhouseCoopers.  PWC is
counting on Goulds' reputation and client base to save it from
liquidation.

CONTACT:  GOULDS LTD.
          Sefton Street
          Heywood
          Lancashire OL10 2JF
          Phone: (01706) 364613
          Fax: (01706) 364426

          PRICEWATERHOUSECOOPERS LLP
          1 Embankment Place
          London WC2N 6RH
          Phone: [44] (20) 7583 5000
          Web site: http://www.pwcglobal.com/uk


GRANGECRAFT LTD.: Files for Liquidation
---------------------------------------
S. G. Brook, director of Grangecraft (Garden Centre) Ltd.,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 14 at The Strathdon, Derby Road, Nottingham NG1
5FT.

John Phillip Walter Harlow of HKM LLP, The Old Mill, 9 Soar Lane,
Leicester LE3 5DE was appointed liquidator.

CONTACT:  GRANGECRAFT (GARDEN CENTRE) LTD.
          Mickleover Derby
          DE3 5DR
          Phone: 01332 514350
          Fax: 01332 516136
          E-mail: info@grangecraft.co.uk
          Web site: http://www.grangecraft.co.uk/


IMPRESS CREATIVE: Liquidates Printing Business
----------------------------------------------
G. N. Hunter, chairman of Impress Creative Imaging Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 13 at Express by Holiday Inn, Clifton Park, Shipton
Road, York YO30 5PA.

Roderick Graham Buthcher of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP was appointed liquidator.

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

CONTACT:  IMPRESS CREATIVE IMAGING LTD.
          Amy Johnson Way
          Clifton Moor Industrial Estate
          York
          YO30 4XT
          Phone: 01904 693350
          Fax: 01904 693954

          BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands
          E-mail: rod.butcher@butcher-woods.co.uk
          Phone: 0121 236 6001
          Fax: 0121 236 5702


LADIES HEALTH: Harlands Finance Appoints Receiver
-------------------------------------------------
Harlands Finance Limited appointed Iain John Allan and Henry
Anthony Shinners (Office Holder Nos 7310, 9280) of Smith &
Williamson joint administrative receivers of Ladies Health &
Fitness Club Limited on Oct. 28.  The company was formerly named
Queensdown Investments Limited.

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


LA GALLERIA: Appoints Administrator from Bishop Fleming
-------------------------------------------------------
Jeremiah Anthony O'Sullivan (IP No 8333) of Bishop Fleming was
appointed administrator of La Galleria (Birmingham) Limited
(Company No 01318131) on Oct. 31.

CONTACT:  LA GALLERIA (BIRMINGHAM) LTD.
          Paradise Place,
          City Centre,
          Birmingham
          West Midlands B3 3HP
          Phone: 0121 236 1006

          BISHOP FLEMING
          Priest House, 1624-1628 High Street,
          Knowle, Solihull,
          West Midlands B93 0JU
          Web site: http://www.bishopfleming.co.uk


LATINA LIMITED: B & C Associates to Liquidate Bar
-------------------------------------------------
P. J. Sherratt, director of Latina Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 17 at Trafalgar House, Grenville Place, London NW7 3SA.

Jeffrey Mark Brenner of B & C Associates, Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA was appointed
liquidator.

CONTACT:  LATINA LTD.
          8 Priory Avenue
          Westbury On Trym, Bristol
          Avon BS9 4DA
          Phone: 0117-962-2229

          B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


LE MONDE: EGM Passes Winding-up Resolution
------------------------------------------
C. N. Bradley, chairman of Le Monde Photography Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 19 at Sanderling House, 1071 Warwick Road, Acocks
Green, Birmingham B27 6QT.

Paul John Webb of Sanderlings LLP, Sanderling House, 1071 Warwick
Road, Acocks Green, Birmingham B27 6QT was appointed liquidator.

CONTACT:  LE MONDE PHOTOGRAPHY LTD.
          22A Market St, Kingswinford, DY6 9JU
          Phone: 01384 270842


LUMINAR PLC: Loss Drops to GBP1 Million Under IFRS
--------------------------------------------------
Luminar plc previously reported under U.K Generally Accepted
Accounting Principles (U.K. GAAP).  As part of its preparation
for the adoption of International Financial Reporting
Standards (IFRS) the Group has released financial information for
the year ended 27 February 2005 prepared in accordance with IFRS.

The key headlines from the restated 2005 financial statements
compared to the previous UK GAAP are:

(a) the adoption of IFRS is an accounting change only, and has
    no impact on the underlying operations or cash flows of the
    Group;

(b) operating profit before exceptional items including
    discontinued operations under IFRS is GBP65.7 million from
    GBP54.1 million under U.K. GAAP (up 21%), primarily
    due to the cessation of goodwill amortization;

(c) loss before tax after exceptional items including
    discontinued operations decreased from a loss of GBP13.7
    million to a loss of GBP1 million, primarily due to
    the cessation of goodwill amortization;

(d) earnings per share before exceptional items including
    discontinued operations has increased from 47.7 pence to
    64.0 pence, (up 34%), with earnings per share after
    exceptional items increasing from (21.1) pence to 2.2 pence;

(e) the impact of discontinued operations changes the
    presentation of the consolidated income statement.  Group
    turnover has reduced by GBP62.4 million and operating profit
    before exceptional items by GBP8.4 million - operating
    profit before exceptional items from continuing operations
    under IFRS is GBP57.3 million.  This is purely a
    classification change as net income from discontinued
    operations is now shown separately below profit after tax on
    the face of the consolidated income statement; and

(f) net assets at 27 February 2005 reduced by GBP53.8 million
    primarily as a result of incremental deferred tax
    liabilities on all temporary differences recognized under
    IAS 12, (GBP41.9 million), and additional impairments of
    goodwill and property, plant and equipment, (GBP26.6
    million), offset by the cessation of goodwill amortization,
    (GBP12.9 million).

                        About the Company

Luminar plc is an owner, developer and operator of themed bars,
nightclubs and restaurants.  The company floated and listed on
the London Stock Exchange in May 1996 with a market
capitalization of GBP30 million.

In July, Chairman Keith Hamill said: "For the first four months
of the year to the end of June 2005, the Company performed
broadly in line with its plans.  Like-for-like sales for the same
period were neutral.  In view of the continuing difficult market
environment, the Board is adopting a cautious outlook on future
trading."

The firm has suffered from changes in customer demand and what it
termed as 'increased regulatory activity' after 2003.  In the 52
weeks to Feb. 27, Luminar reported group sales of GBP375.1
million, down from GBP399.7 million; and profit before tax,
goodwill amortization, and exceptional items of GBP54.2 million,
down from GBP62 million last year.  Pre-tax loss was GBP14
million from GBP11 million last year.

CONTACT:  LUMINAR PLC
          Registered Office
          41 King Street
          Luton
          Bedfordshire
          United Kingdom
          LU1 2DW
          Phone: +44 1582 589 400
          Fax: +44 1582 589 667
          Web site: http://www.luminar.co.uk


M A REES: Creditors Meeting Set Next Week
-----------------------------------------
Creditors of M A Rees & Son Limited (Company No 04323072) will
meet on November 16, 2005, 2 pm at St David's Hotel & Spa,
Havannah Street, Cardiff CF10 5SD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Simon Franklin Plant and Daniel Plant of SF Plant
+ Co, Lutomer House, 100 Prestons Road, Docklands, London E14 9SB
not later than 12:00 noon, November 15, 2005.

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


MINORPLANET SYSTEMS: Stricken off UKLA Official List
----------------------------------------------------
Application has been made by Minorplanet Systems plc to the U.K.
Listing Authority for the cancellation of its listing on the
Official List of the UKLA.  It was anticipated that the
cancellation of Minorplanet's listing on the Official List and
admission to trading on AIM would have taken effect at 8 a.m. on
10 November 2005.

                            About the Company

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

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

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

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

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


N B BRIGHTON: Administrator from Jeremy Knight & Co. Moves in
-------------------------------------------------------------
William Jeremy Jonathan Knight (IP No 2236) of Jeremy Knight &
Co. was appointed administrator of N B Brighton Limited (Company
No 4986317) on Oct. 31.

CONTACT:  JEREMY KNIGHT & CO.
          68 Ship Street
          Brighton
          Sussex BN1 1AE
          Phone: 01273 203654
          Fax: 01273 206056
          E-mail: jknight@mistral.co.uk


OAKLEAF GARDEN: Calls in Liquidator
-----------------------------------
P. Smee, director of Oakleaf Garden Machinery Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 19 at 6C Church Street, Reading, Berkshire RG1 2SB.

John Arthur Kirkpatrick of Bridgers, 6C Church Street, Reading
RG1 2SB was appointed liquidator.

CONTACT:  OAKLEAF GARDEN MACHINERY LTD.
          Hewins Wood Farm
          Ashampstead Rd, Bradfield
          Berkshire
          RG7 6DH
          Phone: 0118 974 5035
          Fax: 0118 974 5035
          E-mail: oakleaf@gardenmachinery.wanadoo.co.uk


PRECISION CONSULTANTS: In Liquidation
-------------------------------------
A. Collins, director of Precision Consultants Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 17 at Hamilton House, Mabledon Place, Euston, London WC1H
9BB.

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

CONTACT:  PRECISION CONSULTANTS LTD.
          27 High Street
          Hoddesdon
          EN11 8SX
          Phone: 01992466280

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


PROFILE MEDIA: Fundraising Still Lacks Creditors' Approval
----------------------------------------------------------
Further to the announcement made by Profile Media Group plc on 28
September 2005, the Company remains in discussions with advisers
regarding a fundraising.

The timing of the fundraising is dependent upon the Company's
ability to secure agreement with its largest creditors.  The
Company has already reached agreement in principle with Eden
Invest Limited and continues in discussions with its second
largest creditor.  The Company will make a further announcement
in due course.

                        About the Company

Headquartered in London, Profile Media Group is made up of a
number of different companies specializing in a range of products
and services from custom publishing and distribution to
multi-channel customer contact and integrated fulfillment.  It
formed Profile Pursuit in 1993 to offer a range of innovative
publishing solutions in the U.S. and U.K.  The U.S. subsidiary,
Profile Pursuit Inc., has been sold to Healthspring
Communications LLC.

Profile Media is predicting losses of at least GBP4 million this
year.  In March, Barclays Bank Plc agreed to extend the date for
the repayment of its GBP3 million term loan facility to 7 March
2005.  In June, the due date was extended to 31 October 2005. The
company also has unsecured loans of GBP100,000 each to Chairman
John Webber and Chief Executive David Ellingham.  It is looking
at options to raise debt and equity finance to inject additional
funding to the group.

CONTACT:  PROFILE MEDIA GROUP PLC
          5th Floor, Mermaid House
          2 Puddle Dock
          London EC4V 3DS
          Phone: +44 (020) 7332 2000
          Fax: +44 (020) 7332 2001
          E-mail: info@profilemediagroup.co.uk

          Press Inquiries
          Martin Chard, Finance Director
          Phone: 020 7332 2000


REFCO INC.: Man Financial Wins Auction for Futures Business
-----------------------------------------------------------
Refco, Inc. (OTC: RFXCQ) said Thursday that Man Financial Inc., a
wholly owned subsidiary of Man Group plc (Man), was the winning
bidder at an auction conducted in accordance with the bidding
procedures established by the U.S. Bankruptcy Court for the
Southern District of New York.

Man's winning bid is for substantially all of the assets of
Refco's regulated commodity futures businesses in the United
States, London, Asia and Canada and consisted of US$282 million
in cash and approximately US$41 million of assumed liabilities
and other considerations valued for purposes of the auction.
Refco is seeking Bankruptcy Court approval of the sale to Man
under the terms of the bid.

"We believe that a sale of these businesses under the terms of
Man's bid is in the best interests of Refco's employees, brokers,
customers and creditors.  Our goal is to close on this sale
transaction in a matter of days," said William Sexton, Refco's
chief executive officer.

"This transfer of customer accounts will be facilitated through
the use of the bankruptcy process.  The winning bid contemplates
the bulk transfer of all Refco LLC's customer accounts to Man
where they will continue to be serviced by Refco employees and
brokers.  As clarified on Wednesday, the transfer of the Refco
open accounts is expected to be accomplished through a bankruptcy
filing that permits the Bankruptcy Court-appointed trustee to
effect the transfer seamlessly.

"Because Refco LLC is a regulated Futures Commission Merchant, it
is required to use Chapter 7 to effect this transfer rather than
Chapter 11," said Mr. Sexton.  "However, this process which is
designed to transfer customers. open accounts smoothly should not
be confused with liquidation."

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 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 US$16.5 billion in assets and US$16.8 billion to the
Bankruptcy Court. (Refco Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

Access Court documents at http://www.nysb.uscourts.gov(a PACER
account is necessary to access the Court Web site).

CONTACT:  SITRICK AND COMPANY INC.
          Sandra Sternberg
          Steven Goldberg
          James Craig
          Phone: (212) 573-6100


REMILIA LIMITED: Pasta Maker Winds up
-------------------------------------
Remilia Ltd. informs that a resolution to wind up the company was
passed at an EGM held on Oct. 20 at Abbey Room, Imperial Hotel,
Russell Square, London WC1B 5BB.

Ninos Koumettou of Alexander Lawson & Co, 641 Green Lanes, London
N8 0RE was appointed liquidator.

CONTACT:  REMILIA LTD.
          1 Blenhiem Court
          Brownfields
          Welwyn Garden City
          AL7 1AD Hertfordshire
          Phone: 01707 330080
          Fax: 01707 390981

          ALEXANDER LAWSON & CO.
          641 Green Lanes
          London N8 0RE
          Phone: 020 8348 0183
          Fax: 020 8340 9115


ROBERT WISEMAN: Half-year Profit Up 13.7% to GBP66.7 Million
------------------------------------------------------------
Robert Wiseman Dairies plc has reported results for the six
months ended 1 October 2005.

Financial Highlights

(a) record volumes of liquid milk, up 13.2% to 687 million
    liters (2004: 607 million);

(b) results in line with expectations;

(c) turnover increased by 14.7% to GBP281.3 million (2004:
    GBP245.3 million);

(d) gross profit increased by 13.7% to GBP66.7 million (2004:
    GBP58.6 million);

(e) HDPE resin and energy cost increases are impacting margins;

(f) operating profit decreased by 17.6% to GBP12.5 million
    (2004: GBP15.1 million);

(g) pre-tax profit down by 21.7% to GBP12.1 million (2004:
    GBP15.5 million);

(h) earnings per share adjusted for prior year tax credit
    decreased by 16.5% to 11.35 pence (2004: 13.59 pence);

(i) basic earnings per share decreased by 40.8% to 11.35 pence
    (2004: 19.19 pence);

(j) interim Dividend increase of 9.1% proposed, to 2.4 pence
    (2004: 2.2 pence);

(k) strong cash generation from operating activities of GBP19.3
    million (2004: GBP18.4 million); and

(l) 3.5 million shares bought back at a cost of GBP9.1 million.

Operational Highlights

(a) all dairies ran at record levels during the first six
    months;

(b) new supply contracts with Sainsbury's and Tesco more then
    offset loss of ASDA contract;

(c) steady progress made in sales to Tesco of our ESL milk
    'Pure';

(d) television campaign for 'the One' in the Tyne Tees and
    Granada regions;

(e) additional volume of 7 million liters on an annualized basis
    added to the middle ground market;

(f) building work on new dairy in Taunton scheduled to start
    early next year, expanding capacity in the south west; and

(g) Northampton depot scheduled to open later this month,
    improving efficiencies and operating costs.

                Report of Alan Wiseman, Chairman

We achieved record volumes during the period with sales
benefiting from new supply contracts with Sainsbury's and Tesco,
which more than offset the loss of the ASDA contract.  As
mentioned previously, we now envisage that there are unlikely to
be significant changes in major supermarket contracts in the
short term.

The outlook for the year as a whole will be influenced by oil,
energy and plastic costs during the second half and the extent to
which we can make recovery of these increased costs.  Our target
is to re-build margins in the period ahead, but higher costs
clearly make this more difficult.

The business is in good shape and we remain confident about our
long-term prospects.

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

CONTACT:  ROBERT WISEMAN DAIRIES PLC
          Cairn Place
          Nerston Industrial Estate
          East Kilbride, G74 4NQ
          Strathclyde
          Phone: 01355 247777
          Fax: 01355 228181
          Web site: http://www.wiseman-dairies.co.uk


SPANISH TRADE: Goes into Liquidation
------------------------------------
M. A. Gallardo, chairman of Spanish Trade Centre Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 17 at 105-111 Euston Street, London NW1 2EW.

Salman Saud of Saud & Company, 105-111 Euston Street, London NW1
2EW was appointed liquidator.

CONTACT:  SPANISH TRADE CENTRE LIMITED
          126 Wigmore Street, LONDON W1U 3RZ
          Phone: 020-8907-0153


SPEYMILL GROUP: Property Fund Raises EUR148 Million Equity
----------------------------------------------------------
The board of Speymill Group plc said Thursday that the Epicure
Berlin Property Fund has been closed, and has raised equity of
EUR148 million.

The Epicure Berlin Property Fund is the first of the property
funds to be signed by Speymill Property Managers Ltd. and it is
expected that the Fund will acquire assets which will give it an
eventual size of approximately EUR750 million, (approximately
US$900 million) due to the ability of the Fund to take on
mortgage and other forms of borrowings.

Speymill Property Managers and GOAL Service GmbH -- the joint
venture company in which the Company has a 51% interest -- will
provide both property and fund management services to the Fund
under the previously announced Investment Advisory Agreement
between the parties.

It is expected that this contract will generate significant
income for Speymill Property Managers (including GOAL) as well as
their Geneva based partner Helvetica Wealth Management Partners
S.A., once the Fund becomes operational.

The Company continues to maintain ongoing discussions regarding
the launching of additional funds to further the development of
its property and fund management services, complementing the
existing contract management skills within the Company.  The
Company intends to increase funds under management by the end of
2006 providing a strong platform for further growth.

Bob MacDonald, executive chairman, said: "We are delighted that
the Epicure Berlin Property Fund has been so well subscribed, and
that Speymill Property Managers and Goal Service can now begin to
generate revenues for the Group.  We are confident that this new
business will create significant value for Speymill, and
discussions continue with other parties about new funds to be
launched in 2006."

                        About the Company

The Speymill Group plc (formerly known as Wigmore Group plc)
serves as contractors to the hotel and leisure industries.  In
June, Chairman Paul Doona said: "The year to December 2004 was a
very poor one for the Group resulting in a loss after tax of
GBP6.71 million (2003: loss GBP0.36 million) which comprised
pre-exceptional losses of GBP2.28 million (2003: loss GBP0.36
million) and exceptional costs of GBP4.43 million (2003: GBPnil).

"The figures reflect an appalling year for the Group and root and
branch restructuring has been necessary since the financial
rescue by our majority shareholder Burnbrae.  I am, however,
confident that the Group is now on a firm financial footing and
that the long tried patience of our shareholders will ultimately
be rewarded."

CONTACT:  THE SPEYMILL GROUP PLC (THE WIGMORE GROUP PLC)
          Arundel House, Amberley Ct., County Oak Way
          Crawley, West Sussex RH11 7XL
          United Kingdom
          Phone: +44-845-070-1200
          Fax: +44-845-070-2300
          Web site: http://www.wigmoregroup.com


STEMAR HOLDINGS: Names Moore Stephens Administrator
---------------------------------------------------
Simon Paterson and David Elliott (IP Nos 6856, 1141) of Moore
Stephens LLP were appointed administrators of Stemar Holdings
Limited (Company No 3236383) on Oct. 25.  The company fabricates
and installs pipes.

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


SYNERGY TRADING: Appoints Liquidator
------------------------------------
M. Povey, chairman of Synergy Trading (UK) Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 10 at Walletts Insolvency Services, Adventure Place, Hanley,
Stoke-on-Trent, Staffordshire ST1 3AF.

Michael Francis McCarthy of Walletts Insolvency Services,
Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF
was appointed liquidator.

CONTACT:  SYNERGY TRADING (UK) LTD.
          Unit 4/5/Town Yard Ind Est/Station St
          Leek
          ST13 8BF
          Phone: 01538 388322

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


SYNTHESIS GROUP: Names Liquidator from Tenon Recovery
-----------------------------------------------------
N. Fraser, chairman of Synthesis Group Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 14 at One Royal Terrace, Edinburgh EH7 5AD.

Thomas Campbell MacLennan of Tenon Recovery, One Royal Terrace,
Edinburgh EH7 5AD was appointed liquidator.

CONTACT:  TENON SCOTLAND
          1 Royal Terrace
          Edinburgh
          Lothian EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: tom.maclennan@tenongroup.com


TALENT GROUP: Six Companies Liquidate
-------------------------------------
P. Aubrey, in behalf of Company Corporate Transfer Limited,
informs that at meetings of the members of:

    Talent Group of Companies Limited
    Talent Business Solutions Limited
    Talent In-Practice Limited
    Talent On-Demand(Contract) Limited
    Talent Executive Search Limited
    Talent In-Training Limited

a resolution to wind up the company was passed.  Stephen M. Katz
of Acre House, 11-15 William Road, London NW1 3ER was appointed
liquidator.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


TWINKLE TOES: Baby Clothes Retailer Liquidates
----------------------------------------------
K. Houston, chairman of Twinkle Toes & Baby Gro's Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 14 at Sherwood House, 7 Glasgow Road, Paisley
PA1 3QS.

Derek Forsyth of Campbell Dallas, Sherwood House, 7 Glasgow Road,
Paisley PA1 3QS was appointed liquidator.

CONTACT:  TWINKLE TOES & BABY GRO'S LIMITED
          16 Henderson St
          Bridge of Allan
          Stirling FK9 4HP
          Phone: 01786 831831
          Fax: 01786 831831

          CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley
          Strathclyde PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103


UVENDIA LIMITED: Computer Software Dealer Winds up
--------------------------------------------------
Uvendia Limited informs that resolutions to wind up the company
were passed at an EGM held on Oct. 17 at The Harlington Centre,
Fleet Road, Fleet, Hampshire GU51 3BY.

Anthony Spicer of Smith & Williamson, 25 Moorgate, London EC2R
6AY was appointed liquidator.

CONTACT:  SMITH & WILLIAMSON
          Web site: http://www.smith.williamson.co.uk/


VAN DE FLEURS: Liquidator Enters Firm
-------------------------------------
Van De Fleurs Limited informs that resolutions to wind up the
company were passed at an EGM held on Oct. 19 at SmithAston, The
Royal, 25 Bank Plain, Norwich NR2 4SF.

Trevor Smith of SmithAston, The Royal, 25 Bank Plain, Norwich NR2
4SF was appointed liquidator.

Van De Fleurs -- http://www.flower-wholesaler.co.uk-- supplies
cut flowers, foliages and plants to florists and associated
businesses in the Norfolk and Suffolk areas.  It is a flower
wholesaler with 11 years in the business.

CONTACT:  VAN DE FLEURS LTD.
          Unit 8
          White Lodge Business Estate
          Hall Road
          Norwich
          NR4 6DG
          UK
          Phone: 01603 624 554
          E-mail: info@flower-wholesaler.co.uk


WEST SUSSEX: Appoints Joint Liquidators
---------------------------------------
C. Stevens, chairman of West Sussex Heating & Plumbing Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 18 at Atherton Bailey LLP, 3-4 The Courtyard,
East Park, Crawley, West Sussex RH10 6AG.

Malcolm P. Fillmore and Ranjit Bajjon of Atherton Bailey LLP, 3-4
The Courtyard, East Park, Crawley, West Sussex RH10 6AG were
appointed Joint Liquidators.

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

CONTACT:  WEST SUSSEX HEATING & PLUMBING LIMITED
          7 Cissbury Hill, Crawley
          West Sussex RH11 8TJ
          Phone: 01293413075


WOW KITCHENS: Goes into Liquidation
-----------------------------------
M. G. Bradley, director of Wow Kitchens Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 19 at Jones Lowndes Dwyer LLP, John Swift Building, 19 Mason
Street, Manchester M4 5FT.

Claire L. Dwyer of Jones Lowndes Dwyer LLP, John Swift Building,
19 Mason Street, Manchester M4 5FT was appointed liquidator.

CONTACT:  WOW KITCHENS LIMITED
          214 Moss Lane, Stockport, SK7 1BD
          Phone: 0161 440 7777

          JONES LOWNDES DWYER LLP
          John Swift Building
          19 Mason Street
          Manchester
          Greater Manchester M4 5FT
          Phone: 0161 832 9454
          Fax: 0161 832 9455
          E-mail: clairedwyer@joneslowndesdwyer.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.

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