TCREUR_Public/051114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 14, 2005, Vol. 6, No. 225

                            Headlines

C Z E C H   R E P U B L I C

BENAR A.S.: Buyer Fails to Pay up
CINK VODNI: Hydropower Specialist Sinks into Bankruptcy


F R A N C E

BULL SA: Sustains Revenue Growth in Third Quarter
RHODIA S.A.: Discontinued Operations Raise Q3 Loss to EUR122 Mln


G E R M A N Y

AICHACHER SICHERHEITSDIENSTE: Files for Bankruptcy
B 6 BOCHUM: Proofs of Claim Due Next Month
DEKO FACHMARKT: Succumbs to Bankruptcy
ECON-CONSULT: Creditors to Meet January
HIB HOPPICHLER: Muenchen Company Goes Bust

IHR PLATZ: European Commission Okays Goldman Sachs Takeover
IMOCO HAUS: Sets Creditors Meeting December 7
INTERTAINMENT AG: Ruling on HypoVereinsbank Claim Out Next Month
KISTLER GMBH: Creditors' Claims Due Friday
MVV ENERGIE: Surges back to Profit

PROSIEBENSAT1 MEDIA: New Owner Expects Gamble to Pay off soon
RAT STAHL: Declares Bankruptcy
SCHEFENACKER AG: Cost-cutting Measures Lift Q3 EBITDA
SCHMIDTKE SERVICE: Creditors Meeting Set December
SGL CARBON: Consolidated Nine-month Profits Increase Threefold

TELCOM MARKETING: Claims Filing Period Ends December 8
THIEL LOGISTIK: Net Result EUR44.2 Million in the Red
VOLKSWAGEN AG: Reiterates 2005 Earnings Guidance
ZENNER GROUP: Minol Takes over Insolvent Rival


I R E L A N D

JEFFERSON SMURFIT: Nine-month Loss Swells to EUR98 Billion
JEFFERSON SMURFIT: European Commission Clears Kappa Merger


K Y R G Y Z S T A N

KELECHEK: Under Bankruptcy Supervision
K&O: Sets Proofs of Claim Deadline


N E T H E R L A N D S

ROYAL SHELL: Has 3,977,619,000 Remaining 'A' Shares


R U S S I A

INTERNATIONAL INDUSTRIAL: Eurobond Gets 'B' Rating
INTERNATIONAL INDUSTRIAL: Moody's Rates Luxembourg Unit's LPN B1
KISELEVSKIY: Kemerovo Court Opens Bankruptcy Proceedings
KRASNOKAMENSKIY MEAT: Insolvency Manager Takes over Business
KRASNOYARSKOYE GLASS: Hires S. Tolstikhin Insolvency Manager

ORE: Bankruptcy Hearing Set Wednesday
OST-WEST-TRANSIT: Applies for Bankruptcy Supervision Procedure
SIMSKIY TIMBER: Bankruptcy Supervision Begins
TRANSPORT-BUILDING ENTERPRISE: Succumbs to Bankruptcy
VISHNEVOYE: Bankruptcy Hearing Resumes January
VOSTOK-METALLURG-MONTAGE: Declared Insolvent
VYSHNEVOLOTSKOYE: Undergoes Bankruptcy Supervision Procedure


S W E D E N

SKANDIA INSURANCE: Third-quarter Figures out Tomorrow


S W I T Z E R L A N D

SWISS INTERNATIONAL: Nine-month Net Loss Surges to CHF81 Mln


T U R K E Y

IS FINANSAL: Fitch Rates Long-term Foreign Currency 'BB-'


U K R A I N E

AVISAN: Bankruptcy Supervision Begins
BIZNES-SOYUZ: Court Appoints Liquidator
DONTORGPROEKT: Declared Insolvent
LOZOVA HORSE 124: Under Bankruptcy Supervision
PROMTEHSNAB: Temporary Insolvency Manager Moves in
VINNITSYA SEEDS: Court Grants Debt Moratorium


U N I T E D   K I N G D O M

ACTIVE 8: Files for Liquidation
AUTOCARE GROUP: Names Begbies Traynor Liquidator
COALES DISTRIBUTION: Hires Administrators from Chamberlain & Co.
COMPLETE KITCHEN: Goes into Liquidation
COMPUTEC SYSTEMS: Appoints Liquidator from Begbies Traynor

COROMANDEL INVESTMENT: Owners Call in Liquidator
C & P (ACTON STREET): Liquidator from Fisher Partners Moves in
DANDF GARDEN: Hires KPMG Administrators
DOMAIN TECHNOLOGIES: IT Firm Liquidates
DUST EXTRACTION: Administrators Enter Company

FPC SERVICES: Liquidators from Begbies Traynor Take over Biz
FRIDGE CONTROLS: In Liquidation
FURNER MANUFACTURING: Hires Administrator
FUSION INTERACTIVE: Administrator from Butcher Woods Enters Firm
GNAT INTERNATIONAL: Appoints DTE Leonard Curtis Administrator

HALLIWELL INTERNATIONAL: Textile Wholesaler Goes Bust
HAUTIN LTD.: Tarpaulin Maker Folds up
J B CUTFORTH: EGM Passes Winding-up Resolution
JEFF BAINS: Footwear Retailer Files for Winding-up
K & L BUILDERS: Names Liquidators from Mazars

KTRL LIMITED: Baker Tilly to Takes over Helm
LABORATORY ACCREDITATION: Administrators Enter Firm
LATMAR SERVICES: Appoints Liquidators from Moore Stephens
LONSDALE ESTATES: Calls in Liquidator
MARKETING MANAGEMENT: Begbies Traynor to Liquidate Business

MILFORD GLASSWORKS: Names Poppleton & Appleby Liquidator
NORHAM INVESTMENTS: Grant Thornton to Liquidate Business
NTL INCORPORATED: Cuts Q3 Loss to GBP52.1 Million
P T CONSTRUCTION: Files for Liquidation
REPACK SERVICES: Goes into Liquidation

ROYAL & SUNALLIANCE: Books GBP378 Million Nine-month Profit
RYE GLASS: Owners Decide to Wind up Firm
SCOTTISH POWER: Half-year Profit Up 45% to GBP273 Million
SEFTON DECORATORS: Begbies Traynor Liquidator Enters Firm
SHG 1998: Liquidator from PwC Takes over Firm

TEAM VALLEY: Liquidators Enter Firm
TRIPRAY LIMITED: Owners opt for Liquidation
VETROPRINT LIMITED: Shuts down Factory Without Warning
WARD CONTRACTS: Appoints Liquidator
WM MORRISON: Union Threatens to Strike Anew
WOOLWICH CONTRACTS: Calls in Liquidators from Kroll Limited


                            *********


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


BENAR A.S.: Buyer Fails to Pay up
---------------------------------
Textile group Benar a.s. suffered another setback when the
company that bid for its business failed to pay the purchase
price, Czech News Agency says.

Bankruptcy administrator Ludmila Stepkova revealed the sad news
recently.  "Creditors are discussing what to do next," she said,
adding the company will continue production.  No workers will be
fired, either.

The company, which employs 360, filed for bankruptcy in July last
year.

CONTACT:  BENAR a.s.
          Benesov nad Ploucnici
          Ceskolipska 224
          Phone: (00420) 412/586 836
                (00420) 412/586 437
          Fax: (00420) 412/586 437
              (00420) 412/586 430
          Web site: http://www.benar.cz


CINK VODNI: Hydropower Specialist Sinks into Bankruptcy
-------------------------------------------------------
Turbine manufacturer Cink Vodni Elektrarny has ceased production
and gone into bankruptcy, Czech News Agency says.

Owner Miroslav Cink has sold its trademark to German hydropower
equipment provider Ossberger GmbH + Co, which subsequently
licensed it to newly formed Cink Hydro-Energy.

During its heyday, Cink employed 100 employees and exported 90%
of output.  It posted CZK80 million in sales in 2001.  It
manufactures turbines for small hydropower plants and specializes
in hydropower engineering.

CONTACT:  Cink Vodni Elektrarny a.s.
          Chebska 48
          360 06 Karlovy Vary
          Phone: (+420) 353 - 44 92 51
          Fax: (+420) 353 - 44 95 95
          E-mail:  cink@cink-turbiny.cz
          Web site: http://www.cink-turbiny.cz

          OSSBERGER GmbH + CO
          Otto-Rieder-Strasse 7
          91781 Weissenburg/Bavaria
          Phone: +49 (0) 91 41 - 97 7 - 0
          Fax: +49 (0) 91 41 - 97 7 - 20
          E-mail: ossberger@ossberger.de
          Web site: http://www.ossberger.de


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


BULL SA: Sustains Revenue Growth in Third Quarter
-------------------------------------------------
Bull S.A.'s revenue for the third quarter 2005 stood at EUR256.2
million compared to EUR254.3 million for the same period last
year, an increase of 0.7%.  This confirms:

  -- the upturn, already observed in the first half of 2005, in
     what is traditionally Bull's quietest quarter of the year;

  -- the second quarter in a row of revenue growth; and

  -- our expectations for the remainder of 2005.  Revenue growth
     of 6 to 7% is expected in the fourth quarter 2005 resulting
     in an expected growth in revenue of 3-4% for the second
     half of 2005.

"During the third quarter, we continued to deploy and execute our
2005 action plan and were able to post revenue growth in a
traditionally low activity quarter for Bull.  The outlook for the
second half of the year is further proof of the renewed momentum
within the Company.  The fact we are ahead of our turnaround plan
will enable us to accelerate the repositioning of the company on
the growth segments we have selected," said Didier Lamouche,
chairman and chief executive officer.

                3rd Quarter Revenue    Year-to-date revenue
              2005     2004            2005    2004

Products       118,900  112,800   5.4%   393,900  362,800   8.6%
Services        70,700   65,600   7.8%   227,300  223,100   1.9%

Maintenance     66,600   75,900 -12.3%   206,800  234,100 -11.7%

Total          256,200  254,300   0.7%   828,000  820,000   1.0%

(in thousands euros, IFRS standards, unaudited)

The third-quarter performance demonstrated a continuing positive
trend in the products business, though of less importance than
during the first half of the year, confirming our expectations
for the full year.

In addition to positive market trends, the action plan undertaken
during the 1st half of the year is already delivering positive
results on Bull's activities especially in the services business
worldwide.  The maintenance business continues to be impacted by
a difficult commercial environment, though its evolution remains
in line with forecasts.

Orders intake was up by 6.5% in the 3rd quarter 2005 year-on-year
with growth both in the Products (3%) and Services (12%)
activities.

For the 2nd half of 2005, Bull confirms its outlook for revenue
with the increase expected to be in the range of 3% to 4%.  In
line with initial guidance, EBIT* for the second half of 2005 is
expected to exceed EUR18 million.

Bull will continue its cost reduction efforts especially in areas
of focus in order to further improve its profitability and
accelerate its transformation; non-recurring rationalization
costs in the range of EUR10 million to EUR12 million are expected
for the second half of 2005.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Earnings before interest, taxes and non-recurring items
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                          Q3 Key Events

In the third quarter of 2005:

  -- Bull reinforced its commercial dynamics through the
     evolution of its partnership with NEC, shifting its
     position from a financial to an industrial partner;

  -- In the field of security, Bull completed the acquisition
     of Enatel, specialized in information systems access
     security and publisher of the WiseGuard software suite;

  -- Bull also signed an OEM agreement with HCL Infosystems.
     The partnership will enable Bull to expand the geographical
     market reach of its technologies, establishing a channel
     into the fast-growing Indian IT market, where HCL is a
     recognized leader;

  -- The consortium headed by Bull Siemens and EDS is one of
     consortium selected to run the technical solution
     demonstration phase of the Patient Medical Record tender in
     France; and

  -- Finally, Bull ran a provocative advertising campaign in
     France to mark the launch of its new corporate identity.
     At the same time, a new logo move was unveiled, a symbol
     of the new image of the Company associating modernity,
     vitality and openness.

In the services arena, a number of important announcements are
planned in the coming weeks concerning the creation of a Services
Centre dedicated to open source solutions and new technologies,
and the launch of an innovative and industrial services offering
dedicated to open source.

Reverse Stock Split

On April 21, 2005, Bull's shareholders general meeting approved
in principle the consolidation of Bull's shares (10 old shares
for 1 new share).  Bull has undertaken the legal and technical
steps required to start the share consolidation process.  The
final time schedule will be communicated shortly.

CONTACT:  BULL S.A.
          rue Jean Jaures
          78340 Les Clayes sous Bois
          France
          Anne-Marie Jourdain
          Phone: +33(0)1 30 80 32 52
          E-mail: anne-marie.jourdain@bull.net


RHODIA S.A.: Discontinued Operations Raise Q3 Loss to EUR122 Mln
----------------------------------------------------------------
Third quarter Highlights

(a) net sales stable like for like at EUR1,238 million, versus
    EUR1,249 million in the third-quarter 2004.  This reflects
    the Group's pricing power in a context of slightly lower
    volumes in comparison with the strong third quarter 2004;

(b) 13% increase in like for like recurring EBITDA versus the
    third-quarter 2004 despite the impact of natural disasters.
    This increase results from an assertive strategy to raise
    prices, from our restructuring plans and efficient cost
    control;

(c) effective cash management drives the reduction in
    consolidated net debt by EUR113 million from June 30, 2005;

(d) continuous refocusing of the Group's portfolio; and

(e) greenhouse gas emission reduction projects in South Korea
    and Brazil are in the final UNFCCC (UN) approval phase.

The 2004 and 2005 results of businesses sold or in a process of
being sold (mainly sulfuric acid and phosphate operations in
Rieme and the Latex business) have been reclassified as
"discontinued operations."

Chief Executive Officer Jean-Pierre Clamadieu said: "Rhodia's
operational recovery is now well underway.  Our assertive
strategy of raising prices and our fixed-cost reduction plans are
continuing to deliver benefits and enabling us to improve our
margins.  For the first 9 months of the year, the recurring
EBITDA increased like-for-like by 18% versus the same period in
2004.

"We can confirm that 2005 will see a substantial increase in our
recurring EBITDA compared with 2004, with improved fundamentals
and a largely refocused business portfolio."

In a quarter traditionally impacted by seasonal swings, net sales
held firm at EUR1,238 million like-for-like, versus EUR1,249
million in third-quarter 2004.  Business levels remained
generally firm over the period, despite a slight 3.4% decline in
volumes in comparison with an especially strong third-quarter
2004.  For the fifth straight quarter, the Group enjoyed the
positive impact of the price increases applied across all
businesses (up 4.9%), which more than offset higher raw materials
costs.

With gross savings of EUR27 million (before inflation) for the
quarter, the Group is on track to meet its objective of reducing
fixed costs by EUR114 million in 2005.

Recurring EBITDA rose by 13% to EUR104 million like for like for
the period.  The impact of Hurricane Katrina and the flooding of
the Emmenbruecke site in Switzerland are estimated at EUR10
million for the period, with a similar impact expected in the
last quarter of this year.  The recurring EBITDA margin improved
to 8.4% in the third quarter, from 7.4% for the same quarter in
2004.

Operating income amounted to EUR2 million, versus an operating
loss of EUR32 million in third-quarter 2004, primarily reflecting
a reduction in restructuring costs.

Net financial expenses amounted to EUR78 million, versus EUR41
million in the prior-year period.  It included EUR59 million in
interest expense and EUR9 million in unrealized foreign exchange
losses (versus EUR18 million in unrealized exchange gains in
third-quarter 2004).

Net Income amounted to a loss of EUR122 million, versus a loss of
EUR45 million in third-quarter 2004.  Discontinued operations
contributed a loss of EUR39 million, compared to income of EUR53
million a year earlier due to capital gains on disposals.

Net debt reduced by EUR113 million thanks to efficient cash
management.  Capital expenditure totaled EUR77 million in the
third quarter.  The Working capital requirements were reduced by
EUR120 million during the quarter and the ratio of working
capital requirement to net sales continued to improve, decreasing
to 13.9% from 16.6% in third-quarter 2004.

Free cash flow amounted to EUR101 million for the quarter.
Consolidated net debt totaled EUR2,533 million, a EUR113 million
decrease on June 30, 2005.

A number of divestments were announced in the third quarter,
including the sale of the sulfuric acid and phosphates
manufacturing units in Rieme and of the latex business.  Rhodia
has signed a new letter of intent covering the sale to the
RadiciGroup of its interest in the European textile fibers
subsidiary Nylstar, equally owned with Snia.  This transaction
should be finalized in the coming months.  In addition, progress
is being made in finding a long-term solution for the
pharmaceuticals business.

In the third quarter, two projects launched under the Kyoto
Protocol's Clean Development Mechanism to reduce greenhouse gas
emissions at the Onsan (South Korea) and Paulinia (Brazil) plants
were approved by the host governments.  These decisive steps in
the approval process have allowed the Group to file these two
projects with the United Nations Framework Convention on Climate
Change, which is responsible for granting final approval and
issuing Carbon Emissions Receipts (CER).  The approval of these
projects would allow Rhodia to trade on the emissions credit
market 11 to 13 million tonnes of CERs per year, starting in
2007.

Outlook

Rhodia confirms its 2006 objectives, under IFRS: a recurring
EBITDA margin of at least 13%; a return to profit in 2006; and a
ratio of consolidated net debt to EBITDA of less than 3.5.

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

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

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


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


AICHACHER SICHERHEITSDIENSTE: Files for Bankruptcy
--------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Aichacher Sicherheitsdienste GmbH on October 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 21,
2005 to register their claims with court-appointed provisional
administrator Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 9:40 a.m. at the district court
of Augsburg, Justizgebaude, Sitzungssaal 149, Am Alten Einlass 1,
86150 Augsburg, 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:  AICHACHER SICHERHEITSDIENSTE GmbH
          Beethovenstrasse 7A, 86551 Aichach
          Contact:
          Hubert Hammermeister, Manager

          Martin Schoebe
          c/o Kanzlei Hess, Wienberg, Freund & Partner
          Ainmillerstr. 11, 80801 Muenchen


B 6 BOCHUM: Proofs of Claim Due Next Month
------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against B 6 Bochum GmbH on October 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 13, 2005 to register their claims
with court-appointed provisional administrator Raimund Kress.

Creditors and other interested parties are encouraged to attend
the meeting on January 13, 2006, 8:50 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, 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:  B 6 BOCHUM GmbH
          Hans-Bockler-Str. 19, 44787 Bochum
          Contact:
          Uwe Elstermeier, Manager
          Schultenweg 98a, 45279 Essen

          Raimund Kress, Administrator
          Universitatsstrasse 125, 44789 Bochum
          Phone: 930 29-0
          Fax: 930 29-20


DEKO FACHMARKT: Succumbs to Bankruptcy
--------------------------------------
The district court of Gera opened bankruptcy proceedings against
DEKO Fachmarkt fuer Raumgestaltung GmbH on October 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 30,
2005 to register their claims with court-appointed provisional
administrator Thorsten Springstub.

Creditors and other interested parties are encouraged to attend
the meeting on December 12, 2005, 1:00 p.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 317, 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:  DEKO FACHMARKT FUER RAUMGESTALTUNG GmbH
          Sonneberger Strasse 7, 07318 Saalfeld

          Thorsten Springstub, Administrator
          Jonny-Schehr-Str. 1, 99085 Erfurt


ECON-CONSULT: Creditors to Meet January
---------------------------------------
The district court of Koln opened bankruptcy proceedings against
ECON-CONSULT Wirtschafts- und Sozialwissenschaftliche
Beratungsgesellschaft mbH & Co. Kommanditgesellschaft on October
14.  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 Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 11:50 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, 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:  ECON-CONSULT WIRTSCHAFTS- UND SOZIALWISSENSCHAFTLICHE
          BERATUNGSGESELLSCHAFT mbH & Co. KOMMANDITGESELLSCHAFT
          Gleueler Str. 273, 50935 Koln

          Andreas Amelung, Administrator
          Im Mediapark 6 B, 50670 Koln
          Phone: 57437910
          Fax: +4922157437938


HIB HOPPICHLER: Muenchen Company Goes Bust
------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against HIB Hoppichler GmbH on October 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 30, 2005 to register their
claims with court-appointed provisional administrator Dr. Bruno
Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on December 20, 2005, 10:40 a.m. at the district
court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  HIB HOPPICHLER GmbH
          Ebracher Str. 11 in 81243 Muenchen

          Dr. Bruno Kuebler, Administrator
          Konrad-Zuse-Platz 1, 81829 Muenchen
          Phone: 99299-0
          Fax: 99299-299


IHR PLATZ: European Commission Okays Goldman Sachs Takeover
-----------------------------------------------------------
The European Commission has approved the takeover of Ihr Platz
GmbH & Co. KG by Goldman Sachs Group Inc.  The company is
currently undergoing insolvency administration.

The Commission approved the deal using its simplified merger
review procedure, which allows deals to be cleared within 30 days
if no third party complains.

The deal, which will see the U.S. investment bank assume all of
Ihr Platz' shares and debt, is the first of its kind in Germany,
according to Dow Jones.  While takeover and restructuring are
common in the U.S. and the U.K., insolvent German firms are
normally liquidated.  In 1999, Germany modified its laws on
bankruptcy to permit insolvent companies to negotiate with
creditors and management to retain control instead of calling in
administrators.

With a workforce of 8,000 people, the 125-year-old company
operates over 700 drugstores in Germany, and is worth an
estimated EUR700 million.  Majority of its stores are in
North-Rhine-Westphalia and Lower Saxony.  It operates under the
brand names "Ihr Platz" and "Drospa."

Last year, the company saw sales drop by over 40% in five years
and losses mount, as successive CEOs failed to improve its
fortunes.  In January, a Goldman Sachs-led consortium took over
its US$144 million in bank debt.  When talks with other creditors
collapsed, Goldman bought out the remaining bank debt and pushed
Ihr Platz into insolvency in May.

Creditors are scheduled to meet on November 17 to vote on a
restructuring plan that will allow the company to exit insolvency
proceedings.

Alvarez & Marsal Senior Director Michael F. Keppel, now chief
financial officer of Ihr Platz, expects the company to match its
2004 sales, achieve breakeven by year-end and return to profit by
next year.

CONTACT:  IHR PLATZ GMBH + CO. KG
          CardService
          Postfach 3740
          49027 Osnabruck
          Phone: (0800) 50 35 131
          Web site: http://www.ihrplatz.de

          GOLDMAN SACHS GROUP INC.
          85 Broad St.
          New York, NY 10004
          Phone: 212-902-1000
          Fax: 212-902-3000
          Web site: http://www.goldmansachs.com


IMOCO HAUS: Sets Creditors Meeting December 7
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Imoco Haus- und Grundstuecksverwaltung GmbH
on October 20.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
January 20, 2006 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2005, 10:45 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 March 15, 2006,
10:20 a.m. at the same venue.

CONTACT:  IMOCO HAUS- UND GRUNDSTUECKSVERWALTUNG GmbH
          Seydelstr.27, 10117 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


INTERTAINMENT AG: Ruling on HypoVereinsbank Claim Out Next Month
----------------------------------------------------------------
The oral hearing was continued on November 10 in the proceeding
for documentary evidence filed by HypoVereinsbank against
Intertainment AG and Intertainment Licensing GmbH for payment of
EUR10 million.  The presiding judge will hand down his decision
on Thursday, December 22, 2005.

                            *   *   *

As reported by TCR-Europe on Sep. 19, HypoVereinsbank filed a
partial claim for payment of EUR10 million against Intertainment
AG and Intertainment Licensing GmbH in a proceeding for
documentary evidence before the regional court (Landgericht)
Muenchen I.  The suit was served on Intertainment AG on the
afternoon of September 13, 2005.  The regional court scheduled a
date for an oral hearing on October 7, 2005.

The partial claim relates to a loan amounting to around EUR14
million taken out by Intertainment Licensing GmbH from HVB, for
which Intertainment AG had given a surety.  The legal
representatives of Intertainment are continuing to assume on the
basis of the ongoing settlement negotiations that the matter will
be included in a mutually agreed, concluding arrangement.

Intertainment maintains the legal position defined in the Annual
Report 2004 and presented at the Annual General Meeting.  It is
assuming that HVB and Intertainment had reached a new arrangement
in relation to the settlement of the residual debt.  The new
arrangement provides for HVB issuing a debt waiver on a deferred
debt basis.  Within the scope of this deferred debt, the loan
originally due on June 30, 2004 was written down in the balance
sheet for the fiscal year ending 2003 in the amount of EUR13,583
million and reported under reserves in accordance with the debt
waiver.  A legal opinion was obtained for an appraisal of the
facts.  This formed the basis for the assessment by the
management of Intertainment.

HVB had called in the loan a number of times, including June 30,
2004, despite the new arrangement.  In the opinion of
Intertainment, this was no longer possible on account of the new
arrangement.

                        About the Company

Intertainment has specialized in acquiring theatrical, video and
television film rights with large commercial potential, which it
markets in Germany and in other European countries (including
Eastern Europe).  Among its customers are the most important
media enterprises.  At the same time Intertainment also acquires
the rights to commercialize very viable films for the People's
Republic of China, as this huge market (with about 1.3 billion
people) is currently practically untapped but in the medium term
will realize its big potential.  Through its subsidiary
Intertainment Animation & Merchandising GmbH, it markets
interesting cartoons as well as commercially viable merchandising
rights.

CONTACT:  INTERTAINMENT AG
          Investor Relations
          Frauenplatz 7, 80331 Munich, Germany
          Phone: +49 (0) 89 21699-0
          Fax: +49 (0) 89 21699-11
          E-mail: investor@intertainment.de
          Web site: http://www.intertainment.de


KISTLER GMBH: Creditors' Claims Due Friday
------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Kistler GmbH on October 6.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 18, 2005 to register their claims
with court-appointed provisional administrator Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on December 20, 2005, 10:50 a.m. at the district
court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  KISTLER GmbH
          Hermannstr. 30 in 12049 Berlin

          Dr. Bruno Kuebler, Administrator
          Konrad-Zuse-Platz 1, 81829 Muenchen
          Phone: 99299-0
          Fax: 99299-299


MVV ENERGIE: Surges back to Profit
----------------------------------
MVV Energie's full-year result is back in black.  The power
company, according to Die Welt, ended the year to Sept. 30 with a
EUR34 million after-tax profit, up from -EUR38 million last year.
It also posted a 63% rise in operating profit to EUR158 million.

This year's figures, however, continue to be weighed down by the
loss-making municipal services in Kiel, one of its largest
holdings.  Kiel again failed to meet profit forecasts because of
a huge provision for its ongoing legal battle with former
subsidiary Ares Energie.

MVV Energie AG distributes and offers a whole range of services:
electricity, district heating, gas, water, and non-recyclable
waste incineration.  The group owns shareholdings in distribution
and service companies in Germany, Poland and the Czech Republic.

CONTACT:  MVV ENERGIE AG
          Luisenring 49
          68159 Mannheim
          Phone: +49 621 / 290-3708
          Fax: +49 621 / 290-3075
          Web site: http://www.mvv-investor.de


PROSIEBENSAT1 MEDIA: New Owner Expects Gamble to Pay off soon
-------------------------------------------------------------
Publishing group Axel Springer Verlag believes the local economy
will pick up soon, making its acquisition of ProSiebenSat.1 Media
AG a boon, Frankfurter Allgemeine Zeitung says.

Springer believes the EUR4.2 billion takeover will open more
opportunities for the group, although there are inherent risks
because ProSiebenSat.1 depends so much on advertising for
revenues.

Springer already owns a controlling stake in ProSiebenSat.1,
which it acquired for EUR2.5 billion from a group of investors
led by Haim Saban.  This stake gives Springer 88% of voting
rights.  Springer expects the local antitrust authority to rule
on the acquisition before Christmas.

ProSiebenSat.1 was formed in 2000 with the merger of Germany's
leading broadcasters ProSieben Media AG and Sat.1.  It is the
largest and most successful television corporation in Germany
with four stations -- Sat.1, ProSieben, kabel eins and N24.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Medienallee 7
          85774 Unterfohring
          Phone: +49 (89) 95 07-11 80
          Fax: +49 (89) 95 07-11 84

          AXEL SPRINGER VERLAG AG
          Axel-Springer-Str. 65
          10888 Berlin, Germany
          Phone: +49-30-2591-0
          Web site: http://www.asv.de


RAT STAHL: Declares Bankruptcy
------------------------------
The district court of Cottbus opened bankruptcy proceedings
against RAT Stahl- und Anlagenbau GmbH on October 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 12,
2006 to register their claims with court-appointed provisional
administrator Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting on January 5, 2006, 10:30 a.m. at the district court
of Cottbus, Gerichtsplatz 2, 03046 Cottbus, Saal 313, 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:  RAT STAHL- UND ANLAGENBAU GmbH
          Briesker Str. 13, 01968 Senftenberg
          Contact:
          Gerd Hager, Manager

          Thomas Krafft, Administrator
          Jagerallee 37 H, 14469 Potsdam


SCHEFENACKER AG: Cost-cutting Measures Lift Q3 EBITDA
-----------------------------------------------------
Schefenacker AG reported sales of EUR223 million for the third
quarter, approximately 3.6% below last year.  This decline is
mostly due to changes in the business model of the Sound Systems
Division (change from tier 1 to tier 2 supplier).

The EBITDA of EUR17.9 million has been adjusted for nonrecurring
refinancing costs and exceeds last year's figure by approximately
25%.  The positive EBITDA development was mostly achieved through
cost reductions, currency effects and the restructuring program
"Transition."  The aim of the restructuring program "Transition"
is to ensure the competitiveness of the German sites and to
improve Schefenacker's position in an increasingly competitive
global market.

Complementing its progress at the Hungarian and Slovenian sites,
Schefenacker took decisive steps to further develop its presence
in the Asian market.

In Changchun, China, Schefenacker Vision Systems Germany GmbH
acquired a 30% stake of Changchun Mekra Lang Fawer Vehicle Mirror
Co. Ltd., a joint venture with partners Mekra Lang and FAW
Sihuan.

With this step and further strengthening its regional engineering
capabilities, the company positions itself for growth in China.

Production has started at the Schefenacker site in Ochang/South
Korea during spring of 2005 and capacity has gradually expanded
to the current level of 6 million mirrors.  The official opening
of the site will take place in November.

The existing joint venture in India will strengthen its
engineering to be prepared for the anticipated growth of the
Indian Market.

"Schefenacker wants to benefit from the 10% growth of the local
automotive market," said Hans-Joachim Lange, Chief Executive
Officer of Schefenacker AG.  "We are also in discussions about
license agreements with a local mirror manufacturer in South
Africa in an effort to serve our customers in South Africa
directly."

EBITDA for the business year 2005 will exceed last year's.  Mr.
Lange said:  "We are performing to plan.  This year we will set
the course for a successful future as the automotive industries'
partner of choice worldwide."

The Schefenacker Group was founded in Esslingen in 1935.  Today,
the family-owned company is the leading manufacturer of rear-view
mirrors for motor vehicles worldwide, with strong market
positions for rear and interior lights and sound systems.  The
Group's sales for the year of 2004 amounted to EUR952 million.
The Schefenacker Group has around 6,900 employees and operates 23
production facilities as well as six engineering centers
worldwide.

Per Year
In EURm                    2003           2004

Turnover                    978.5       952.0
Gross profit              132.1    130.5
Gross profit margin         13.5%         13.7%
Adjusted EBITDA               87.0     74.1
EBITDA margin                8.9%          7.8%

Per Quarter
In EURm            3rd quarter 2004  3rd quarter 2005

Turnover                    231.7     223.3
Gross profit               28.7           30.7
Gross profit margin         12.4%        13.7%
Adjusted EBITDA               14.4      17.9
EBITDA margin                6.2%       8.0%

CONTACT:  SCHEFENACKER AG
          Eckenerstrasse 2
          73730 Esslingen
          Phone: + 49 711 3154-0
          Fax: + 49 711-3154-102
          E-mail: info@schefenacker.com


SCHMIDTKE SERVICE: Creditors Meeting Set December
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Schmidtke Service GmbH on October 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 20, 2006
to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2005, 9:30 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, 9:00 a.m. at the same venue.

CONTACT:  SCHMIDTKE SERVICE GmbH
          Kanalstr. 66-74,12357 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


SGL CARBON: Consolidated Nine-month Profits Increase Threefold
--------------------------------------------------------------
Despite the seasonally weaker third quarter, consolidated sales
of SGL Carbon after 9M/2005 increased 13.1% to EUR778.1 million
due to the strong development of demand in all three business
areas.  Adjusted for foreign currency changes, sales grew by
14.4%.  EBIT rose by a disproportionately higher rate than sales
from comparable EUR60.4 million the previous year to EUR86.4
million, corresponding to an increase of 43.0%.  The principal
reasons for the strong growth in earnings were the ongoing
favorable developments in CG, the profit contributions from GS
and PT as well as the positive results from SGL T, which
benefited from the earnings contribution out of the AUDI
cooperation agreement.  In addition, cost savings of about EUR14
million supported the earnings growth in 9M/2005.

Net Financing Costs

First nine months 2005 net financing costs of EUR45.4 million
were burdened with EUR4.2 million of one-time and non-cash
measures in Q3/2005.  These were:

(a) the reduction of the U.S.-Dollar credit facility from US$112
    million to US$80 million in September 2005, which led to the
    write-off of previously amortized refinancing expenses in
    Q3/2005 (EUR1.5 million);

(b) the early repayment of the remaining North American
    antitrust fines of around EUR54 million, which had a final
    effect from the accrued interest (EUR1.7 million) in
    Q3/2005; and

(c) a lower market value of interest derivatives (EUR1.0
    million) based on the mark-to-market valuation on September
    30, 2005.

Profit Before and After Tax

Profit before income taxes amounted to EUR41.0 million after nine
months 2005 compared to EUR15.0 million in the same year earlier
period.  With a tax rate of approximately 42%, consolidated net
profit in 9M/2005 more than tripled to EUR23.6 million (9M/2004:
EUR7.5 million).  Taking into consideration the loss from the
divested Surface Protection business, profit after tax rose
from -EUR1.2 million in the first nine months of 2004 to EUR23.6
million in the reported period.  Earnings per share thus amounted
to EUR0.42 compared to the comparable figure of -EUR0.02 after
9M/2004.

Statement of Changes in Consolidated Equity

The equity ratio substantially improved to 28.2% at September 30,
2005, compared to 21.4% at the beginning of this year due to the
measures detailed in the chapter Consolidated Balance Sheet of
the shareholder letter as well as the net profit of EUR23.6
million in the first nine months 2005.

Net Debt

Net debt at September 30, 2005, decreased to EUR300 million from
EUR321 million at the end of 2004 mainly due to the operational
free cash flow generation of EUR20.8 million in the first nine
months 2005.  Gearing improved to 0.9, achieving a value below 1
for the first time in years (Dec. 31, 2004: 1.1).  SGL Carbon
continues to expect net debt at the end of 2005 to be below
EUR300 million.

Corporate Costs

Corporate costs increased from EUR18.9 million in the first nine
months 2004 to EUR20.6 million in the reporting period.  This was
primarily attributable to expenses in connection to the
implementation of the Sarbanes-Oxley Act as well as the first
time inclusion of share-based remuneration components under the
provisions of IRFS 2 from January 1, 2005, onwards and higher
bonus accruals compared to 2004.

Employees

The number of employees in the Group remained virtually unchanged
at 5,096 as of September 30, 2005, compared to a total of 5,097
as of June 30, 2005, thereby remaining below the level of 5,109
as of December 31, 2004.

Segment Reporting

Carbon and Graphite (CG)

Sales increased by 13.4% to EUR468.0 million in the first nine
months 2005.  Adjusted for foreign currency changes, sales growth
was 15.4%.  Due to the continuing good demand for graphite
electrodes, higher prices and ongoing cost reduction measures,
EBIT in the reporting period increased by 26.9% to EUR90.0
million.  The slightly lower return on sales compared to H1/2005
(19.4%) is a result of the seasonally typical lower production
volumes in the third quarter.  The average price for graphite
electrodes increased by 13% in U.S.-Dollar and by 5% in Euro
compared to the first nine months of the previous year.  Total
shipments amounted to 165.000 metric tons in the first nine
months of this year, 7.8% higher than in the comparable period
last year (153.000 metric tons).  As expected, raw material and
energy costs increased by around 10%.  For the full year 2005 SGL
Carbon is expecting a sales increase comparable to the growth in
the first nine months 2005 and an EBIT, which will again show a
more than proportionate growth by up to 30% over the full year
2004.

Specialties (S)

Due to a good development in demand particularly from the
industrial and automotive industries, sales in the reporting
period increased by 6.8% to EUR188.1 million.  Currency movements
had no impact on the sales growth.  EBIT in Q3/2005 increased by
a strong 42.9% to EUR6.0 million compared with Q3/2004, with the
improvement coming from both GS and PT.  Due to the weak Q1/2005,
the Specialties EBIT in the first nine months 2005 remained
marginally below the strong year earlier period, whereby PT's
result was already significantly above the comparable 2004
result, but GS' still slightly below.  For the full year 2005 the
Company expects Specialties to achieve a sales increase of about
5% and a more than proportionate growth in EBIT of slightly above
10% over the full year 2004.

SGL Technologies (SGL T)

Due to the continued good demand for Fibres, Composites and
Brakes, sales rose by 22.8% to EUR120.2 million.  After adjusting
for foreign currency changes, growth amounted to 23.8%.  The EBIT
in the first nine months 2005 of EUR3.1 million benefited from a
low single digit million profit contribution from the AUDI
cooperation agreement in Q3/2005, as already announced in our
H1/2005 report.  For the full year 2005, SGL Carbon continues to
expect a break even in EBIT compared to a loss of EUR10 million
in the year 2004.

Outlook

Group EBIT in Q4/2005 is expected to be lower than in Q3/2005 due
to the shortfall of the profit contribution from the AUDI
cooperation agreement as well as a traditionally weak December in
GS.  Nevertheless, EBIT in Q4/2005 will likely be more than four
times as high as the result of Q4/2004 (EUR5.2 million).  For the
full year 2005 SGL Carbon anticipates group sales to increase a
little above 10% and group EBIT to rise more than proportionately
to above 60% as well as a positive after tax result.

              Financial Highlights SGL Carbon Group
                     (unaudited/in Mio. EUR)

                                       First Nine Months

                                                2005    2004
Sales revenue                               778.1   688.0
EBITDA                                     137.2   106.8
EBIT                                          86.4   60.4
Return on sales[1]                          11.1%   8.8 %
Net profit (loss) from continuing operations  23.6    7.5
Net loss from discontinued operations           -   -8.7
Net profit before minority interests        23.6   -1.2
Earnings per share (in EUR)                    0.42   -0.02
Operational cash flow continuing operations[2]  92.8   75.6

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] EBIT divided by sales revenue

[2] Without currency exchange rate effects
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                                 Sept. 30, 2005   Dec. 31 2004
Total assets                      1,156       1,315
Equity                              326         282
Net dept                              300         321
Debt ratio (gearing)[3]            0.9         1.1
Equity ratio[4]                       28.2%        21.4%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[3] Net debt divided by shareholders' equity

[4] Shareholders' equity divided by total assets
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Effective January 6, 2005, SGL Carbon concluded the sale of its
investment in SGL ACOTEC GmbH, which included SGL's Surface
Protection business.  The effects resulting from this transaction
were already recognized in the annual financial statements for
2004.  The Process Technology (PT) business remaining in the
Group was integrated within the Specialties (S) Business Area
together with the Graphite Specialties (GS) business.  Only the
comparable results of continuing operations are presented in this
interim report.

According to IFRS 2, share-based payments such as stock option
plans and share bonus programs for employees and members of
senior management are included under staff costs, effective
January 1, 2005.  Based on current calculation, this change
burdens the result of the segments and corporate costs by a total
of approximately EUR2 million each quarter in 2005.

As already discussed at the year-end press conference in March
2005, the extraordinary restructuring measures have now been
largely completed.  Therefore, profit from operations (EBIT) no
longer includes a separate presentation of restructuring
expenses.

A copy of these results is available free of charge at
http://bankrupt.com/misc/SGLCarbon(9Mo2005).pdf

CONTACT:  SGL CARBON AG
          Rheingaustr. 182
          65203 Wiesbaden
          Phone: 0049-611 6029-100
          Fax: 0049-611 6029-101
          E-mail: cpc@sglcarbon.de
          Web site: http://www.sglcarbon.com/


TELCOM MARKETING: Claims Filing Period Ends December 8
------------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against TELCOM Marketing und Kommunikations GmbH on October 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 8, 2005
to register their claims with court-appointed provisional
administrator Christian Schuetze.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 9:00 a.m. at the district court
of Cottbus, Gerichtsplatz 2, 03046 Cottbus, Saal 210, 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:  TELCOM MARKETING UND KOMMUNIKATIONS GmbH
          Contact:
          Detlev Juergen Buckenauer, Manager
          Karl-Liebknecht-Strasse 102, 03046 Cottbus

          Christian Schuetze, Administrator
          Lieberoser Strasse 7, 03046 Cottbus


THIEL LOGISTIK: Net Result EUR44.2 Million in the Red
-----------------------------------------------------
Thiel Logistik has made fundamental decisions regarding a change
in the management and organizational structure of the Group on
the basis of a positive development in the operating business.
The Board of Directors, according to the Luxembourg company law
and in accordance with its articles of association, has been
transformed to become the only management body of the Thiel Group
as of September.  The Executive Committee within the Board of
Directors carries the responsibility for operating duties.  In
addition, three fundamental changes in the organizational
structure have been made: Eight Centers of Competence have been
established, the activities of Sudkraft and Thiel Automotive have
been combined and holding functions have been streamlined.

     Centers of Competence Established to Increase Earnings

The Centers of Competence serve to bundle and further develop
resources, which until now were often available only locally.
Supply chain tools for example will be deployed and used
everywhere throughout the Group in the future.  The competence
centers have far-reaching authorities and will be managed by
experienced managers of the Group who report directly to the
members of the Executive Committee.  The competence centers with
their emphasis on customer orientation, improving the competitive
position and enhancing cost efficiencies will focus on the
following fields: Logistics Networks, Supply Chain Solutions,
Automotive, Chemicals, Purchasing, Facility Management, Marketing
and Contract Management.

            Report of Chairman Berndt-Michael Winter

In full agreement between the Board of Directors and the majority
shareholder, the Group strategy adopted two years ago will be
implemented rigorously with the new Group structure.  The
competence centers help to achieve the desired balance between
decentralized responsibilities on the one hand and the bundling
of logistics expertise and administrative functions on the other
hand.  With this strengthening of our competitiveness and
significant cost synergies we are taking a major step towards
achieving a profitability matching market standards.

Increased Co-operation of Thiel Automotive and Sudkraft

By the end of July 2005 the activities of the Thiel Automotive
(managing company Microlog) and Sudkraft business units had been
put under a joint management.  The aim of the co-operation is a
uniform market approach by both business units and the pooling of
their expertise in automotive and contract logistics.  The
synergies identified also include the administrative area.  A
shared service center for administrative functions of the
Sudkraft, Thiel Automotive and Thiel FashionLifestyle business
units and the Air & Ocean business segment is currently being
established.

Responsibilities of the Group Holding Streamlined

The reorganization of the Group holding is oriented towards
focusing on Group management functions and increasing efficiency
by streamlining responsibilities.  For this reason management
positions have been eliminated, holding departments have been
merged and certain services have been outsourced.

Solid Sales Growth, Strong Operating Trend in Q3

The third quarter was the strongest quarter of 2005 in terms of
sales and earnings.  Sales of EUR484.4 million lay clearly above
the EUR459.3 million of the same quarter in the previous year.
EBIT before restructuring costs and impairments of EUR13.4
million exceeded the previous years figure of EUR11.3 million.

The business trend of Thiel Logistik in the first nine months of
2005 was on the one hand characterized by an organic sales growth
and a solid operating profitability, although the expectations
set at the beginning of the year are not met.  On the other hand,
considerable one-time effects as well as impairments of
long-lived assets and goodwill were incurred.

The Thiel Group achieved sales of EUR1,367.9 million in the
period under review, which came out to a 4.6% increase over the
previous years comparable value (EUR1,307.4 million).  The
Quehenberger business unit as well as the Air & Ocean business
segment contributed significantly to this growth.  EBIT before
restructuring costs and impairments of EUR23.7 million lie at the
same level of the previous year of EUR24.4 million.

Burdens from One-time Effects and Impairment Losses

In the period under review, one-off effects in the amount of
EUR40.5 million were recorded.  This includes restructuring costs
accrued in the course of the close alignment of the Thiel
Automotive and Sudkraft business units as well as expenses for
the reorganization of holding functions of EUR5.2 million in
total.  In addition, impairment charges of long-lived assets in
the amount of EUR30.3 million were recorded as a result of the
impairment test.  EUR20.0 million thereof account for an
impairment of the Heppenheim warehouse.  Nevertheless, the
intensive marketing efforts for the logistics facility will
continue.  In addition, goodwill of EUR5.0 million was written
off in the Industry Solutions business segment.

After restructuring costs and impairment losses, earnings before
interest and taxes (EBIT) of -EUR16.8 million were generated
compared to EUR24.4 million in the previous year.  The
Group generated a net result of -EUR44.2 million (2004: EUR3.8
million), after interest expenses of -EUR13.0 million, income
taxes of -EUR9.8 million, and the result from discontinued
operations of -EUR4.7 million.  Overall, a stable operating cash
flow of EUR25.4 million (2004: EUR52.7 million) was achieved in
the period under review.

Industry Solutions Business Unit Shows Mixed Trend

While the Thiel FashionLifestyle and Thiel Media business units
managed to increase their sales and further expand despite
continuously difficult market conditions, the Thiel Automotive
business unit continued to show decreasing sales.  Considerable
additional expenses for the reorganization of a furniture
distribution center led to a significant deterioration of
earnings in the Thiel Furniture business unit in the first
half-year.  The measures initiated here in order to improve
logistics processes are beginning to bear fruit.

Dynamic Sales and Earnings Trend in the Air & Ocean Business
Segment

The Air & Ocean business segment showed a very positive
development.  Sales rose by around 10%.  This growth is mainly
attributable to the continuing high demand for intercontinental
air and sea freight transport between Asia and Europe.

Regional Logistics Services Showed Growth in Central and Eastern
Europe

The Regional Logistics Services business segment continues to be
the strongest business segment in the Thiel Group in terms of
sales with a plus of around eight percent.  The expansion of the
Regional Logistics Services in Central and Eastern Europe is
driven mainly by Quehenberger and delacher.  Both business units
grew significantly compared to the previous year.  The strategic
reorganization is also showing the first positive effects at
Sudkraft.

Outlook: Full-year Guidance Confirmed

The guidance of an EBIT before restructuring costs and
impairments of EUR25 million to EUR30 million for the full year
is confirmed.  In addition, the management expects that the new
Group structure will lead to an overall improvement in operating
performance.  This is seen as a pre-requisite for achieving a
profitability matching market standards.  Berndt-Michael Winter
added: With these organizational changes the announced structural
adjustments are concluded and lead the way for the targeted
earnings increase.

About Thiel Logistik AG

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 41 countries.  With more than 400 locations on all
continents, Thiel Logistik operates in the major European markets
and in every important procurement and sales market worldwide.
The Groups 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 comprise
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% of the share
capital.

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

CONTACT:  THIEL LOGISTIK AG
          ZIR Potaschberg 5
          an de Laengten
          6776 Grevenmacher
          Luxembourg
          Web site: http://www.thiel-logistik.com
          Contact:
          Tino Fritsch, Head of Public Relations
          Phone: 00352/71 96 90 -1353
          Fax: 00352/71 96 90 -1359
          E-mail: presse-kontakt@thiel-logistik.com


VOLKSWAGEN AG: Reiterates 2005 Earnings Guidance
------------------------------------------------
Volkswagen AG maintains its 2005 earnings guidance amid rumors it
may lower targets, Dow Jones says.

A spokesman for the carmaker said: "Our guidance for 2005
operating and pretax earnings are unchanged."  The company
predicts a year-on-year improvement in both operating profit
after special items and profit before tax this year.

Rumors are rife the company will slash full-year earnings
forecast due to higher restructuring costs.  The company said the
impact of its workforce reduction measures, which will be charged
as special items in the fourth quarter, will be lower than last
year's.

Earlier this month, the company admitted there are no significant
improvements in the economic environment in the first nine months
of 2005, and the overall situation in the important automotive
markets remained difficult.  It also expects tougher competition
in the Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.  But it still targets saving
EUR3.1 billion this year with the ongoing implementation of its
ForMotion program.

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


ZENNER GROUP: Minol Takes over Insolvent Rival
----------------------------------------------
Minol Messtechnik W Lehmann, maker of utilities meters, will take
over Zenner group after its parent filed for insolvency,
Frankfurter Allgemeine Zeitung says.

The acquisition will expand Minol's operations geographically and
its product lines.  Minol currently makes meters for residential
use, while Zenner targets industrial users.

Alexander Lehmann, who was Minol's head for production, materials
and exports, will manage Zenner group.  Minol, which does not
disclose profit figures, last year generated turnover of EUR89
million.  The company is aiming for EUR135 million total turnover
next year.

Insolvency proceedings were launched on Oct. 1 against Zenner
GmbH & Co KgaA.  The Zenner group employs 700.

CONTACT:  ZENNER GmbH & Co. KGaA
          Roemerstadt 4
          D-66121 Saarbrucken
          Phone: +49 (0) 681 / 99 67 6 - 0
          Fax: +49 (0) 681 / 6 43 94
          E-mail: info@zenner.de
          Web site: http://www.zenner.de

          MINOL MESSTECHNIK W. LEHMANN GmbH & CO. KG
          Nikolaus-Otto-Strasse 25
          70771 Leinfelden-Echterdingen
          Phone: (0711) 94 91-0
          Fax (0711) 94 91-238
          E-mail: info@minol.com
          Web site: http://www.minol.com


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


JEFFERSON SMURFIT: Nine-month Loss Swells to EUR98 Billion
----------------------------------------------------------
JSG Funding plc (JSG or the Group) announced results for the 3
months ended September 30, 2005.

                       3Q '05 3Q '04 Change 3Q '05 2Q '05 Change
                        EURM  EURM    %    EURM  EURM    %
                       ------  ----- ------ ------ ------ ------

Net sales - continuing   1,045  1,057  (1%)   1,045  1,085  (4%)
EBITDA - continuing [1]    113    128 (12%)     113    128 (12%)

EBITDA Margin - continuing
[1]                       10.8%  12.1% (11%)  10.8%  11.8%  (9%)

Net Sales                 1,045  1,186 (12%)  1,045  1,097  (5%)

EBITDA [2]                  113    146 (23%)    113    129 (13%)

EBITDA Margin [2]          10.8%  12.3% (12%)  10.8%  11.8% (9%)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Pre-exceptional EBITDA of subsidiaries only.  Continuing
operations exclude Munksjo's operations and The K Club.

[2] Pre-exceptional EBITDA of subsidiaries only
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Free cash flow             55     82    (33%)    55     13  323%

Net debt at period end
(including capital leases)
                        2,440  2,991    (18%) 2,440  2,499  (2%)


                                9 months to   9 months to Change
                                Sep 30, '05   Sep 30, '04
                                    EURM        EURM      %

Net sales - continuing               3,168        3,210    (1%)

EBITDA - continuing [1]                350          384    (9%)

EBITDA Margin - continuing [1]        11.1%        12.0%   (7%)

Net Sales                               3,194       3,613  (12%)

EBITDA [2]                                351         446  (21%)

EBITDA Margin [2]                       11.0%       12.4%  (11%)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Pre-exceptional EBITDA of subsidiaries only.  Continuing
operations exclude Munksjo's operations and The K Club.

[2] Pre-exceptional EBITDA of subsidiaries only
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Free cash flow                          35          165   (79%)

Net debt at period end
(including capital leases)           2,440        2,991   (18%)


Third Quarter, 2005: Summary

JSG's financial performance, for the third quarter, reflects the
ongoing difficult product market conditions in Europe that have
continued through the year.  Within the quarter, product pricing
declined as a consequence of the combined impact of general
economic weakness and the relative strength of the euro.
Moreover, new recycled containerboard capacity, introduced in
2005, has added to an already weak operating environment.
Looking forward, product price increases, for both kraftliner and
recycled containerboard grades, have been announced for the
fourth quarter.  These announced increases reflect, in part,
rising input costs and modestly improving market conditions in
some European product markets.

JSG continues to benefit from its balanced geographic exposure.
Latin America reported another solid financial performance for
the third quarter.  Following record results in 2004, Latin
America continues to perform strongly, although its year-on-year
comparisons are now becoming tougher.  In particular, Mexico,
JSG's largest country of operation in this region, is reporting
reduced growth and is being negatively impacted by rising input
costs.

JSG remains focused on cash flow generation and managing the
factors it can control.  In the context of a weak operating
environment, JSG reduced debt by EUR59 million in the third
quarter.

Third Quarter, 2005: Year-on-year performance

Third quarter net sales of EUR1,045 million declined 12% on the
third quarter of 2004 levels.  Excluding the impact of disposals
(principally Munksjo), third quarter continuing net sales of
EUR1,045 million declined just 1% on the third quarter of 2004.

Third quarter EBITDA, before exceptional items, of EUR113 million
declined 23% against EUR146 million in the third quarter of 2004.
Excluding the impact of disposals (principally Munksjo), the
decline in continuing EBITDA, before exceptional items, was
approximately EUR15 million or 12% compared to EUR128 million in
the third quarter of 2004.  2005 third quarter continuing EBITDA
represents a margin on net sales of 10.8% compared to 12.1% in
2004, a relative decline common within the industry.

Third Quarter, 2005: Quarter-on-quarter performance

Third quarter continuing net sales of EUR1,045 million declined
4% on the second quarter of 2005.  Third quarter continuing
EBITDA, before exceptional items, of EUR113 million declined 12%
against EUR128 million in the second quarter of 2005 representing
a margin on net sales of 10.8% and 11.8% respectively.  This
mainly reflected the reduction in paper prices, which occurred in
July and August.

Third Quarter, 2005: Summary Cash flows & Capital Structure

Free cash flow, for the third quarter, of EUR55 million compares
to EUR82 million in the same period in 2004.  The decrease
reflects the lower EBITDA figure, as well as a tax outflow in
2005 compared to a tax inflow in 2004 when JSG benefited from
Dutch tax refunds, partially offset by reduced capital
expenditure.

Net borrowing at September 30, 2005 was EUR2,425 million a
decrease of EUR58 million (EUR59 million including capital
leases) from June 30 levels of EUR2,483 million.  Debt reduction
comprises the operating surplus of EUR55 million and a financing
and investment surplus of EUR5 million offset by a negative
currency adjustment of EUR2 million.  Net borrowing at September
30, 2005 was EUR2,440 million (including EUR15 million capital
leases) a decrease of EUR59 million from June 30 levels of
EUR2,499 million (including EUR16 million capital leases). Net
debt to capitalization was 75.3% at September 30, 2005 compared
to 75.7% at June 30, 2005 and 77.0% at and December 2004.

If the new PIK notes in JSG Holdings are included together with
net cash in the companies above JSG Funding, the total net
borrowing at the level of JSG Packaging is EUR2,793 million at
September 2005.

First 9 Months 2005: Year-on-year performance

Net sales for the first nine months of 2005 of EUR3,194 million
decreased 12% against EUR3,613 million in the same period of
2004.  Excluding the impact of disposals during the first nine
months of 2005, which principally comprised Munksjo's specialty
paper and tissue assets, continuing net sales, for the first nine
months of 2005, of EUR3,168 million decreased just 1% against
EUR3,210 million in 2004.

EBITDA, before exceptional items of EUR351 million, for the first
nine months, decreased 21% against EUR446 million in the same
period of 2004 representing a margin on net sales of 11.0% and
12.4% respectively.  Continuing EBITDA, before exceptional items,
of EUR350 million, for the first nine months, decreased 9%
against EUR384 million in 2004 representing a margin on net sales
of 11.1% and 12.0% respectively.

                     Product Market Overview

Europe

JSG's financial performance, for the third quarter, reflects a
continuation of difficult product market conditions in Europe
that have continued throughout the year.  Within the quarter,
product pricing declined as a consequence of the supply/demand
imbalance in the industry.  On the demand side, the combined
impact of general economic weakness and the relative strength of
the euro affected the industry both directly and indirectly
through the relative weakness of the manufacturing sector of the
European economy.  On the supply side, new recycled
containerboard capacity, introduced in 2005, has continued to add
pressure to an already weak operating environment.

JSG's kraftliner volumes increased 2% on the third quarter of
2004.  The increase in kraftliner volumes year-on-year reflects
the underlying increase in the corrugated sales.  Product prices
remain below third quarter 2004 levels while input costs continue
to rise.  A kraftliner price increase of EUR50 per ton, to
recover rising input costs, has been announced for the fourth
quarter.

JSG's recycled containerboard volumes declined 3% on the third
quarter of 2004.  This decline includes the impact of the closure
of JSG's Cordoba and Clonskeagh mills and the sale of JSG's
Voghera mill with an aggregate capacity of 160,000 tons.
Excluding the impact of closed and disposed mills, recycled
containerboard volumes increased 2% on 2004 levels, in line with
kraftliner and corrugated growth.  Recycled containerboard prices
continued to decline during the third quarter despite a rising
input cost environment.  Prices remain below 2004 levels.  The
product price environment reflects weak demand and, in
particular, the effect of new recycled capacity growth.
Announcements of the rationalization of European recycled
capacity are positive given the extent of new capacity additions
in 2005.  A recycled containerboard price increase of EUR50 per
ton, reflecting rising input costs, has been announced for the
fourth quarter.

European corrugated volumes, which are effectively the driver of
kraftliner and recycled containerboard volumes, increased 1% in
the third quarter of 2005 on 2004 levels.  Excluding the UK,
where JSG closed one facility, corrugated volumes increased 2%
year-on-year.  Product market conditions have improved in some
European economies, in particular Germany, Holland and the Nordic
countries.  The French market remains flat year-on-year.  Growth
in Spain and Italy are at or below the average for the Group. JSG
experienced significant growth in its Polish business following
investment in the corrugated operation.  However, we are not, as
yet, seeing a broad-based improvement in demand in Europe.
Corrugated prices remained relatively stable during the third
quarter.  JSG's corrugated operations benefited from weak
containerboard prices, during the third quarter, which helped
protect margins despite challenging market conditions.  It is
likely that rising paper prices, during the fourth quarter, could
impact corrugated margins in the near-term.

Latin America

JSG continues to benefit from its balanced geographic exposure.
Latin America reported another solid financial performance for
the third quarter, with EBITDA in line with the prior year,
despite record results in 2004.  However, its year-on-year
comparisons are now becoming tougher.  In the third quarter,
containerboard and corrugated volumes in the region, increased 4%
and 9% respectively on 2004 levels.  Excluding the impact of
JSG's new corrugated facility in Chile, corrugated volumes
increased 7% on 2004 levels.

In Mexico, JSG's largest country of operation in the region,
economic growth is slowing.  Performance is also being negatively
impacted by rising input costs.  Containerboard and corrugated
volumes both increased just 1% during the third quarter on 2004
levels.

In Colombia the economy remains relatively strong and continues
to benefit from export led growth, despite the strengthened peso.
Colombian containerboard and corrugated volumes increased 2% and
6% respectively in the third quarter on 2004 levels.

In Venezuela, despite the socio-political challenges, the
economic environment remains positive.  Third quarter volumes in
containerboard and corrugated increased 1% and 16% on 2004 levels
respectively, with containerboard growth limited by mill
capacity.  JSG's financial performance in 2005, relative to 2004,
is, however, impacted by the increasing openness of the economy
(and consequently increasing imports) and the devaluation of the
Bolivar.

Argentina is continuing to perform reasonably well and economic
recovery is expected to continue in the near-term.  Third quarter
volumes, in both containerboard and corrugated, increased 20% on
2004 levels.  Rising input and paper prices, however, have eroded
product margins and impacted the performance during the third
quarter.

Third Quarter, 2005: Cash flows & Capital Structure

Free cash flow, for the third quarter, of EUR55 million compares
to EUR82 million in the same period in 2004.  The decrease
reflects the lower level of earnings in 2005 coupled with lower
add-backs for goodwill amortization, non-cash interest, higher
tax payments (where 2004 benefited from exceptional tax refunds)
and a lower working capital inflow.  Capital expenditure,
however, was considerably lower in 2005.

Primarily as a result of the phasing of expenditure during the
year, capital expenditure at EUR60 million in 2004 was
significantly higher than 2005's EUR33 million.  For the nine
months to September 2005, however, capital expenditure at EUR116
million represented 67% of depreciation compared to 70% in the
same period last year with the reduction in the absolute amount
reflecting mainly the absence in 2005 of Munksjo's specialty
operations.

Our depreciation and goodwill amortization charges, for the third
quarter of 2005, reflected an adjustment to the balances
determined by the fair value exercise following the privatization
of the Group in 2002.  As a result, the goodwill amortization
charge in the quarter was significantly reduced while the
depreciation charge was increased, thereby masking the impact of
the absence of Munksjo's specialty operations in 2005.

Working capital decreased by EUR39 million to EUR310 million in
the third quarter reflecting lower debtors and stocks offset by
lower creditors.  This represented 7.4% of annualized net sales
compared to 8.7% in the same period in 2004.  While working
capital levels have been reduced since privatization, we believe
that there is limited scope for further reduction.

In the third quarter of 2004, JSG reported an inflow in respect
of tax as a result of receiving refunds of almost EUR15 million
in Holland under the Bosal judgment.  Without these refunds, tax
payments in 2004 would have been approximately EUR12 million
compared to EUR13 million in the third quarter of 2005.

Cash flows from financing and investment activity were EUR5
million in the third quarter and reflect a cash transfer from the
newcos following the sale of the Pomona newsprint mill.

Free cash flow of EUR55 million and the financing and investment
surplus result in a net cash inflow of EUR60 million for the
third quarter compared to EUR81 million in 2004.  The surplus was
offset by a negative currency adjustment of EUR2 million
resulting in a reduction of EUR58 million in net debt (excluding
capital leases).

Net borrowing at September 30 was approximately EUR2,425 million
(EUR2,440 including capital leases) compared to EUR2,483 million
(EUR2,499 million including capital leases) at June 2005.

Summary cash flows for the third quarter and first nine months
of 2005 are set out in the following table.

                 3 months to 3 months to 9 months to 9 months to
                Sep 30,2005 Sep 30,2004 Sep 30,2005 Sep 30,2004
                     EURM       EURM       EURM       EURM

(Loss) / profit before
tax - subsidiaries   (9)       (4)        (66)          7
Exceptional items     (3)        -         (44)        (15)
Depreciation &
depletion            65        67         175         202
Goodwill amortization  1        10          19          31
Non cash interest
expense               3        15          43          46
Refinancing costs      -         -          53           -
Working capital change 39       48           7          31
Capital expenditure   (33)     (60)       (116)       (141)
Change in capital
creditors             (1)       6         (11)         (7)
Sales of fixed assets   -        1          10          23
Tax paid              (13)       3         (33)        (20)
Dividends from
associates            -         -           3           3
Other                  6        (4)         (5)          5

Free cash flow        55        82          35         165

Investments            -         -          (2)         (5)
Sale of businesses and
investments           1         -         325           -
Dividends paid to
minorities            -         -          (5)         (5)
Debt issue costs      (2)       (3)        (10)         (3)
Transaction fees       -         -           -          (2)
Transfer of cash from
affiliates            6         2          11          13
Refinancing costs      -         -         (53)          -

Net cash inflow       60        81         301         163

Net (debt) disposed    -         -          (4)          -
Munksjo inter-company
debt repaid           -         -         157           -
K Club inter-company
debt repaid           -         -          92           -
Non-cash interest
accrued               -       (11)        (12)        (33)
Currency translation
adjustments          (2)       12         (64)        (20)

Decrease in net
borrowing (excluding leases)
                     EUR58     EUR 82    EUR 470    EUR 110

Performance Review and Outlook

Gary McGann, JSG CEO, commented: "While there are initial
indications of improved industry conditions across Europe, it is
still a market characterized by excess industry capacity.  It is
likely to stay that way unless there is either a sustained
improvement in demand or industry-wide recognition that difficult
market conditions necessitate rational capacity decisions.
Indeed, the announced price increases do not fully recover the
significant increase in input costs.

"While JSG's financial performance shows a continuation of these
difficult product market conditions in Europe, it also reflects
another solid contribution from our Latin American operations.  A
continued focus on reduced operating cost and increased
efficiency is also shown in further progress against the
financial objective of debt pay down."

Web site Access to Reports

The Registrant's annual report on Form 20-F, current reports on
Form 6-K and all amendments to those reports are made available
free of charge at http://www.smurfit-group.comas soon as
practicable after such material is electronically filed with or
furnished to the Securities and Exchange Commission.

             Summary Group Profit and Loss Accounts

                                      3 months to   3 months to
                                      Sep 30, 2005  Sep 30, 2004
                                         EUR 000      EUR 000

Turnover
      Continuing operations              1,045,326     1,057,228
      Discontinued operations                    -       129,121
                                      ------------   -----------
                                         1,045,326     1,186,349
Cost of sales                              761,324       864,000
                                      ------------   -----------
Gross profit                               284,002       322,349
Net operating expenses                     233,424       249,080
Reorganization and restructuring costs       1,775         3,026

Operating profit subsidiaries
      Continuing operations                 48,803        58,014
      Discontinued operations                    -        12,229
                                      ------------   -----------
                                            48,803        70,243
Share of associates' operating profit        1,400         3,017

Total operating profit                      50,203        73,260

Profit on sale of operations                 1,173             -

Interest income                              1,157         1,233
Interest expense                           (56,860)      (72,301)
Loss from early extinguishment of debt           -             -
Share of associates' net interest             (251)        (468)
                                     --------------   ----------
                                           (55,954)     (71,536)

Other financial expense                     (3,214)      (3,751)

(Loss) / profit before taxation             (7,792)      (2,027)
Taxation
      Group                                  7,761         4,423
      Share of associates                      543           822
                                     -------------    ----------
                                             8,304         5,245

(Loss) after taxation                      (16,096)      (7,272)
Equity minority interests                    4,062         3,992


(Net loss)                              EUR(20,158)  EUR(11,264)


             Summary Group Profit and Loss Accounts

                                      9 months to   9 months to
                                      Sep 30, 2005  Sep 30, 2004
                                        EUR 000      EUR 000

Turnover
      Continuing operations              3,168,401     3,209,608
      Discontinued operations               25,205       402,897
                                     -------------  ------------
                                         3,193,606     3,612,505
Cost of sales                            2,317,649     2,611,809

Gross profit                               875,957     1,000,696
Net operating expenses                     709,161       775,050
Reorganization and restructuring costs      13,567         8,681

Operating profit subsidiaries
      Continuing operations                154,985       171,885
      Discontinued operations               (1,756)       45,080
                                     --------------  -----------
                                           153,229       216,965
Share of associates' operating profit        4,898         9,040

Total operating profit                     158,127       226,005

Profit on sale of operations                46,497        15,072

Interest income                              6,281         5,124
Interest expense                          (181,452)    (218,553)
Loss from early extinguishment of debt     (80,434)            -
Share of associates' net interest             (830)        (970)
                                     --------------  -----------
                                          (256,435)    (214,399)

Other financial expense                    (9,745)      (11,710)

(Loss) / profit before taxation           (61,556)        14,968
Taxation Group                              26,718        27,072
      Share of associates                    1,142         1,720
                                            27,860        28,792

(Loss) after taxation                      (89,416)     (13,824)
Equity minority interests                    9,383        11,115

(Net loss)                             EUR(98,799)   EUR(24,939)

                 Companies (Amendment) Act, 1986

The financial statements included in this report do not comprise
'full group accounts' within the meaning of Regulation 40(1) of
the European Communities (Companies: Group Accounts) Regulations,
1992 of Ireland insofar as such group accounts would have to
comply with the disclosure and other requirements of those
Regulations.  Full group accounts for the year ended December 31,
2004 have received an unqualified audit report and have been
filed with the Irish Registrar of Companies.

                       Segmental Analyses

Sales - third party

            3 months to  3 months to   9 months to   9 months to
           Sep 30, 2005 Sep 30, 2004  Sep 30, 2005  Sep 30, 2004
               EUR 000     EUR 000       EUR 000       EUR 000

Packaging      721,644      751,986     2,245,148     2,321,258
Specialities   117,329      256,080       365,549       771,464

Europe          838,973    1,008,066     2,610,697     3,092,722
Latin America   206,353      178,283       582,909       519,783
               ---------   ---------     ---------     ---------
              1,045,326    1,186,349     3,193,606     3,612,505


(Loss)/profit before taxation

                                      3 months to   3 months to
                                      Sep 30, 2005  Sep 30, 2004
                                          EUR 000      EUR 000

Packaging                                   14,499        29,888
Specialties                                 11,799        25,712
Associates                                   1,728         2,351

Europe                                      28,026        57,951

Packaging                                   30,028        30,102
Associates                                    (328)          666

Latin America                               29,700        30,768

Centre costs                                (8,088)      (6,672)

Profit before goodwill amortization,
interest and exceptional items              49,638        82,047
Goodwill amortization                         (874)      (9,512)
Group net interest                         (55,703)     (71,068)
Loss from early extinguishment of debt           -             -
Share of associates' net interest             (251)        (468)

(Loss) / profit before exceptional items    (7,190)          999

Reorganization and restructuring costs      (1,775)      (3,026)
Profit on the sale of assets and businesses  1,173             -

(Loss) / profit before taxation          EUR(7,792)   EUR(2,027)


(Loss) / profit before taxation
                                       9 months to   9 months to
                                      Sep 30, 2005  Sep 30, 2004
                                            EUR 000      EUR 000

Packaging                                   83,927       103,781
Specialties                                 26,725        74,770
Associates                                   4,543         7,057

Europe                                     115,195       185,608

Packaging                                   86,277        87,873
Associates                                     355         1,983

Latin America                               86,632        89,856

Centre costs                               (20,955)     (21,737)

Profit before goodwill amortization,
interest and exceptional items             180,872       253,727
Goodwill amortization                      (18,923)     (30,751)
Group net interest                        (175,171)    (213,429)
Loss from early extinguishment of debt     (80,434)            -
Share of associates' net interest             (830)        (970)

(Loss) / profit before exceptional items   (94,486)        8,577

Reorganization and restructuring costs     (13,567)      (8,681)
Profit on the sale of assets and
businesses                                 46,497        15,072

(Loss) / profit before taxation         EUR(61,556)   EUR 14,968


                  Summary Group Balance Sheets

                                     Sep 30, 2005   Sep 30, 2004
                                          EUR 000       EUR 000

Assets Employed
Fixed Assets
Intangible assets                       1,303,130      1,414,578
Tangible assets                         1,944,215      2,380,458
Financial assets                           83,548         82,433
                                       ----------     ----------
                                        3,330,893      3,877,469

Current Assets
Stocks                                    390,290        474,169
Debtors                                   875,620        965,649
Amounts due by affiliates                     399            351
Amounts due by affiliates after more
than one year                            261,107        270,267
Cash at bank and in hand                  141,089        201,181
                                       ----------     ----------
                                        1,668,505      1,911,617
Creditors (amounts falling due within
one year)                              1,068,296      1,189,314

Net current assets                        600,209        722,303

Total assets less current liabilities  EUR3,931,102 EUR4,599,772

Financed by
Creditors (amounts falling due after
more than one year)                    2,444,313      3,010,336
Government grants                          13,050         15,070
Provisions for liabilities and charges    186,002        232,169
Pension liabilities (net of deferred tax)
                                          356,511        367,112
                                       ----------     ----------
                                        2,999,876      3,624,687

Capital and Reserves
Called up share capital                        40             40
Other reserves                            935,363        923,964
Profit and loss account                  (136,681)      (68,935)

Group shareholders' funds (equity interests)
                                          798,722        855,069

Minority interests (equity interests)     132,504        120,016
                                       ----------      ---------
                                          931,226        975,085

                                      EUR3,931,102  EUR4,599,772

         Statement of Total Recognized Gains and Losses
                                       9 months to   9 months to
                                      Sep 30, 2005  Sep 30, 2004
                                           EUR 000      EUR 000

(Loss) for the period
-- Group                                  (99,855)      (27,139)
-- Associates                               1,056         2,200
                                          --------     ---------
                                          (98,799)      (24,939)

Translation adjustments on foreign currency
net investments
-- Group                                  (10,639)       (6,816)

Actuarial gain / (loss) recognized in
retirement benefits schemes                39,270       (8,532)
Minority share of actuarial (loss)            (211)            -

Total recognized gains and losses relating
to the period
-- Group                                  (71,435)      (42,487)
-- Associates                               1,056         2,200

                                         EUR(70,379) EUR(40,287)

       Reconciliation of Movements in Shareholders' Funds

                                        9 months to 12 Months to
                                       Sep 30, 2005 Dec 31, 2004
                                            EUR 000     EUR 000

At beginning of year                        869,101      895,356
(Loss) for the period                       (98,799)    (34,489)
Actuarial gain / (loss) recognized in
retirement benefit schemes                  39,270      (6,988)
Minority share of actuarial (loss)             (211)           -
Translation adjustments on foreign currency
net investments                            (10,639)      15,222

At end of period                          EUR798,722  EUR869,101

Reconciliation of net losses to EBITDA, before exceptional items

                                       3 months to   3 months to
                                      Sep 30, 2005  Sep 30, 2004
                                            EUR 000      EUR 000

Net losses                                (20,158)      (11,264)
Equity minority interests                    4,062         3,992
Taxation                                     8,304         5,245
Share of associates' operating profit       (1,400)      (3,017)
Profit on sale of assets and operations -
subsidiaries                               (1,173)            -
Reorganization and restructuring costs       1,775         3,026
Total net interest                          55,954        71,536
Depreciation, depletion and amortization    65,208        76,491

EBITDA before exceptional items           EUR112,572  EUR146,009


Reconciliation of net losses to EBITDA, before exceptional items

                                       9 months to   9 months to
                                      Sep 30, 2005  Sep 30, 2004
                                           EUR 000      EUR 000

Net losses                                (98,799)      (24,939)
Equity minority interests                    9,383        11,115
Taxation                                    27,860        28,792
Share of associates' operating profit       (4,898)      (9,040)
Profit on sale of assets and operations -
subsidiaries                              (46,497)     (15,072)
Reorganization and restructuring costs      13,567         8,681
Total net interest                         256,435       214,399
Depreciation, depletion and amortization   193,457       232,397

EBITDA before exceptional items          EUR350,508  EUR446,333

CONTACT:  JEFFERSON SMURFIT GROUP
          Gary McGann
          Phone: +353 1 202 7000
          or
          Tony Smurfit
          Phone: +353 1 202 7000
          or
          Ian Curley
          Phone: +353 1 202 7000

          WHPR (Media Consultant)
          Brian Bell
          Phone: +353 87 243 6130

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


JEFFERSON SMURFIT: European Commission Clears Kappa Merger
----------------------------------------------------------
Jefferson Smurfit Group and Kappa Packaging said the European
Commission has cleared its proposed merger.  The European
Commission clearance is subject to the fulfillment of an agreed
schedule of commitments to dispose of a number of businesses.
The proposed merger is still subject to other conditions, which
include a consultation and advisory process with the relevant
employee representative organizations.

                            *   *   *

As reported by TCR-Europe in October, the European Commission
required Jefferson Smurfit to divest assets in relation to its
planned merger with Kappa Packaging.  The Commission sent
Jefferson Smurfit a letter ordering it to dispose of Smurfit
Solidpack in Loenen, Holland, and Smurfit Interlok in Port
Glasgow to lessen dominance in the area of solidboard.

In September, Standard & Poor's revised the CreditWatch
implications for its ratings on JSG Packaging Ltd. and related
entities in the Jefferson Smurfit Group to negative from
developing after JSG announced the merger with Kappa Packaging.

The CreditWatch implications for the various unsecured notes
issued by group entities were also revised to negative from
developing.  The CreditWatch implications remain negative for the
'BB-' bank loan rating on the group's senior credit facilities
and 'BB-' secured debt rating on two outstanding bond issues.

"If the transaction is completed, the corporate credit rating on
the merged entity is likely to be 'B+' or 'B'," said Standard &
Poor's credit analyst Andreas Kindahl.  "This reflects
expectations of very high leverage in the combined group and weak
credit measures, mitigated by a satisfactory business risk
profile."

In the new entity, proposed to be named Smurfit/Kappa, JSG's
owners will hold 58% and Kappa Packaging's owners will hold 42%.

Smurfit/Kappa's business risk profile will be satisfactory, as
the group will become the clear market leader in the European
containerboard and corrugated board markets, at almost twice the
size of the second-largest producer (Svenska Cellulosa
Aktiebolaget SCA; A-/Negative/A-2).  Together, Smurfit/Kappa and
SCA will have a strong market share in the European market.  In
addition, the merger provides for substantial synergy effects,
especially in linerboard production.  The group will also benefit
from broad geographical coverage in Europe and a high level of
forward integrated operations.  Industry conditions, however,
remain relatively weak as a result of overcapacity and
higher-than-average input costs, which are putting pressure on
operating margins.

Smurfit/Kappa is expected to be highly leveraged, reflecting
continued ownership by private equity firms, resulting in weak
credit measures.  The CreditWatch on JSG and Kappa Packaging's
ratings are expected to be resolved when the proposed merger has
received the necessary approvals (EU clearance and labor union
approval), and the final capital structure and required asset
disposals have become known, S&P said.

CONTACT:  JEFFERSON SMURFIT GROUP
          Gary McGann
          Phone: +353 1 202 7000
          or
          Tony Smurfit
          Phone: +353 1 202 7000
          or
          Ian Curley
          Phone: +353 1 202 7000

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500

          WHPR (Media Consultant)
          Brian Bell
          Phone: +353 1 669 0030


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


KELECHEK: Under Bankruptcy Supervision
--------------------------------------
The Inter District Court of Bishkek has commenced bankruptcy
supervision procedure on Association of Business Initiative
Kelechek on March 14, 2005.  The case is docketed as
ED-85/05mbs8.  Mr. Maksatbek Sharshenov has been appointed
temporary insolvency manager.  Creditors will meet at Bishkek,
Micro-District 3, 19/23 on November 15, 2005, 10:00 a.m.

Creditors must submit their proofs of claim and register with the
temporary insolvency manager seven days prior to the meeting.
Proxies must have authorization to vote.

CONTACT:  Mr. Maksatbek Sharshenov
          Temporary Insolvency Manager
          Phone: (0-312) 47-26-64
                 (0-502) 85-12-61



K&O: Sets Proofs of Claim Deadline
----------------------------------
Joint Kyrgyz Russian LLC K&O, which recently became insolvent,
will accept proofs of claim at Bishkek, Manas Ave. 28 until
December 27, 2005.

CONTACT:  K&O
          Bishkek,
          Manas Ave. 28


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


ROYAL SHELL: Has 3,977,619,000 Remaining 'A' Shares
---------------------------------------------------
On 10 November 2005, Royal Dutch Shell plc purchased for
cancellation 2,250,000 'A' Shares at a price of EUR25.80 per
share.  It further purchased for cancellation 920,000 'A' Shares
at a price of 1,737.25 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,977,619,000.

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

                            *   *   *

Shell's buyback scheme is 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


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


INTERNATIONAL INDUSTRIAL: Eurobond Gets 'B' Rating
--------------------------------------------------
Fitch Ratings has assigned IIB Luxembourg S.A.'s forthcoming
issue of limited recourse loan participation notes an Expected
Long-term 'B' rating.  The notes are to be used solely for
financing a loan to Russia's International Industrial Bank CJSC
(IIB, rated Long-term 'B'/Stable, Short-term 'B', Individual 'D',
Support '5').

IIB Luxembourg S.A. will only pay noteholders amounts received
from IIB under the loan agreement.  The final rating is
contingent upon receipt of final documentation conforming
materially to information already received.

The loan agreement states that the claims of the noteholders will
rank at least pari passu with the claims of other unsecured
creditors, save those preferred by relevant (e.g. bankruptcy,
liquidation, etc.) laws.  Under Russian law, the claims of retail
depositors rank above those of unsecured creditors; however, at
end-2004, retail deposits accounted for under 4% of IIB's total
liabilities, according to the bank's International Financial
Reporting Standards (IFRS) accounts.

Covenants stipulate a minimum Tier 1 capital adequacy ratio of
12%, restrict dividend payments to 50% of IFRS net income in any
year and limit mergers and disposals by IIB.  They also specify
that the terms of all transactions with affiliated entities must
be no less favorable for IIB than those of transactions with
non-related parties, with a written opinion to be provided by an
independent appraiser in respect to transactions with affiliated
entities equal to more than US$20 million.

The loan agreement contains a negative pledge clause, which
allows for a degree of securitization by IIB.  In the event of
such a securitization, Fitch notes that the nature and extent of
any over-collateralization would be assessed by the agency for
any potential impact on unsecured creditors.

IIB was established in 1992 and is one of the 20 largest banks in
Russia by total assets.  It is majority-owned by one individual,
whose other interests include companies in the oil, defense,
shipbuilding, manufacturing and coal mining sectors, all of which
fall under the umbrella of United Industrial Corporation.  The
bank's other shareholders include members of its senior
management.  IIB's key customers have historically included
medium to large corporates in the oil and gas, steel, alcohol,
leasing, chemicals, defense, energy and nuclear sectors.  IIB is
also developing its retail and SME banking operations.  In May
2005, IIB acquired a small bank to which it plans to transfer its
retail business in the near future.

CONTACT:  INTERNATIONAL INDUSTRIAL BANK CJSC
          23 build. 1, Bolshaya Dmitrovka Street
          125009 Moscow
          Russia
          Phone: + 7 (095) 926-4446
          Fax: + 7 (095) 692-8284
          E-mail: mail@iib.ru
          Web site: http://www.iib.ru

          FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0)20 7417 3495
          James Watson, Moscow
          Phone: +7 095 956 9901

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


INTERNATIONAL INDUSTRIAL: Moody's Rates Luxembourg Unit's LPN B1
----------------------------------------------------------------
Moody's Investors Service has assigned a long-term rating of B1
to the upcoming issue of loan participation notes by IIB
Luxembourg S.A., the proceeds of which will be used for the sole
purpose of making a loan to International Industrial Bank (IIB)
of Russia.  The loan will represent a senior unsecured obligation
for IIB. The exact amount and tenor of the issue are yet to be
determined.  The rating is subject to receiving final
documentation on the issue.  The outlook for the rating is
stable. IIB's existing B1/NP long- and short-term foreign
currency deposit ratings and E+ financial strength rating remain
unaffected.

The B1 rating for the Notes is based primarily on the fundamental
ability of IIB, the ultimate obligor in respect of payments under
the Notes, to make timely payments of interest and ultimate
payment of principal on the Loan.  The rating does not
incorporate support from either IIB's shareholder or the
regulator.

According to Moody's, covenants embedded in the transaction state
that the Notes may become payable in the event that the bank's
rating were to be downgraded following a re-organization (such as
a merger, accession, division, separation or transformation).
The rating agency notes that, while the likelihood of this
covenant being triggered is relatively low, such an event could
potentially have adverse liquidity implications for the bank and
might exert additional downward pressure on its ratings.

IIB is headquartered in Moscow, Russian Federation, and reported
total assets of US$2 billion in accordance with IFRS as at 31
December 2004.

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

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


KISELEVSKIY: Kemerovo Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on limited liability company Kiselevskiy.
Mr. E. Bgatov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 653052, Russia,
Kemerovo region, Prokopyevsk, Esenina Str. 84-6.

CONTACT:  KISELEVSKIY
          Russia, Kemerovo region,
          Kiselevsk, Rashupkina Str. 1

          Mr. E. Bgatov
          Temporary Insolvency Manager
          653052, Russia, Kemerovo region,
          Prokopyevsk, Esenina Str. 84-6


KRASNOKAMENSKIY MEAT: Insolvency Manager Takes over Business
------------------------------------------------------------
The Arbitration Court of Chita region has commenced bankruptcy
supervision procedure on unitary municipal enterprise
Krasnokamenskiy Meat Combine.  The case is docketed as
A78-3604/2005-B-22.  Mr. I. Osipov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 664039, Russia,
Irkutsk, 4th Zheleznodorozhnaya Str. 52-2.  A hearing will take
place on December 7, 2006 at the Arbitration Court of Chita
region at 672000, Russia, Chita, Vystavochnaya Str. 6.

CONTACT:  KRASNOKAMENSKIY MEAT COMBINE
          674665, Russia, Chita region, Krasnokamensk

          Mr. I. Osipov
          Insolvency Manager
          664039, Russia, Irkutsk region,
          4th Zheleznodorozhnaya Str. 52-2


KRASNOYARSKOYE GLASS: Hires S. Tolstikhin Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on limited liability company
Krasnoyarskoye Glass.  The case is docketed as A33-17174/2005.
Mr. S. Tolstikhin has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 660061, Russia,
Krasnoyarsk, Post User Box 13818.  A hearing will take place on
January 18, 2006, 11:00 a.m.

CONTACT:  KRASNOYARSKOYE GLASS
          663013, Russia, Krasnoyarsk region, Emelyanovskiy
          region, Pamyati 13 Bortsov, Sovetskaya Str. 2a

          Mr. S. Tolstikhin
          Temporary Insolvency Manager
          660061, Russia, Krasnoyarsk region,
          Post User Box 13818


ORE: Bankruptcy Hearing Set Wednesday
-------------------------------------
The Arbitration Court of Khakasiya republic has commenced
bankruptcy supervision procedure on mining company Ore.  The case
is docketed as A74-2566/2005.  Mr. M. Tersin has been appointed
temporary insolvency manager.  A hearing will take place on
November 16, 2005.

CONTACT:  ORE
          Russia, Khakasiya republic, Ust-Abakan

          Mr. M. Tersin
          Temporary Insolvency Manager
          660049, Russia, Krasnoyarsk,
          Lenina Str. 62A, Office 10


OST-WEST-TRANSIT: Applies for Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Khakasiya region has commenced
bankruptcy supervision procedure on open joint stock company
Ost-West-Transit.  The case is docketed as A74-2444/2005.  Mr. S.
Makletsov has been appointed temporary insolvency manager.  A
hearing will take place on November 30, 2005, 10:00 a.m.

CONTACT:  OST-WEST-TRANSIT
          Russia, Khakasiya region, Abakan

          Mr. S. Makletsov
          Temporary Insolvency Manager
          655017, Russia, Khakasiya region, Abakan,
          Khakasskaya Str. 105, Room 23


SIMSKIY TIMBER: Bankruptcy Supervision Begins
---------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on state unitary enterprise
Simskiy Timber Combine.  The case is docketed as
A07-13135/05-G-KhRM.  Mr. F. gulyumov has been appointed
temporary insolvency manager.  A hearing will take place on
December 12, 2005, 10:00 a.m.

CONTACT:  Mr. F. Gulyumov
          Temporary Insolvency Manager
          Russia, Bashkortostan republic,
          Ufa-105, Post User Box 167


TRANSPORT-BUILDING ENTERPRISE: Succumbs to Bankruptcy
-----------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Transport-Building Enterprise after finding
the limited liability company insolvent.  The case is docketed as
A47-8624/05-14GK.  Mr. M. Shamsiev has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 420015,
Russia, Orenburg region, Kazan, Post User Box 20.

CONTACT:  Mr. M. Shamsiev
          Insolvency Manager
          420015, Russia, Orenburg region,
          Kazan, Post User Box 20


VISHNEVOYE: Bankruptcy Hearing Resumes January
----------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on breeding factory Vishnevoye.
The case is docketed as A64-4645/05-18.  Mr. D. Kozlov has been
appointed temporary insolvency manager.  A hearing will take
place on January 16, 2006, 10:00 a.m.

CONTACT:  VISHNEVOYE
          Russia, Tambov region,
          Staroyuryevskiy region, Vishnevoye

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


VOSTOK-METALLURG-MONTAGE: Declared Insolvent
--------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Vostok-Metallurg-Montage after finding the
limited liability company insolvent.  The case is docketed as
A76-21456/05-48/122.  Mr. B. Peskov has been appointed insolvency
manager.

CONTACT:  Mr. B. Peskov
          Insolvency Manager
          454092, Russia, Chelyabinsk region,
          Svobody Str. 141-118


VYSHNEVOLOTSKOYE: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on open joint stock company
Vyshnevolotskoye.  The case is docketed as A66-8772/2205.  Mr. Y.
Pushkarev has been appointed temporary insolvency manager.  A
hearing will take place on December 20, 2005, 10:30 a.m.

CONTACT:  VYSHNEVOLOTSKOYE
          171140, Russia, Tver region,
          Prigorodnyj, Vyshniy Volochek

          Mr. Y. Pushkarev
          Temporary Insolvency Manager
          170006, Russia, Tver region,
          Post office 6, Post User Box 0603
          Phone: (0822) 42-81-19


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


SKANDIA INSURANCE: Third-quarter Figures out Tomorrow
-----------------------------------------------------
Skandia Insurance Co. Ltd. will release its third quarter interim
report on 15 November 2005.

The Board feels that it is important that Skandia's shareholders
gain access to as complete information as possible on which to
base their decisions regarding Old Mutual's offer.

                        About the Company

Skandia is one of the world's leading independent providers of
quality solutions for long-term savings.  With operations in 20
countries, Skandia offers products and services catering to
customers' needs for savings solutions and financial security in
various phases of life.

In 2004, the company reported sales of SEK98 billion, and a net
result of -SEK139 million.  It has approximately 5,800 employees.

In August, Skandia reported result for first half of 2005 was
-SEK1,047 million.  Revenues rose 15% to SEK7,829 million, while
expenses increased to -SEK8,401 million.

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

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

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


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


SWISS INTERNATIONAL: Nine-month Net Loss Surges to CHF81 Mln
------------------------------------------------------------
Swiss International Air Lines (Group) increased its total income
from operating activities to CHF2,767 million for the first nine
months of 2005 (prior year: CHF2,695 million) and reported
earnings before interest and taxes (EBIT) before restructuring
costs of CHF24 million (prior year: CHF1 million).  However, the
net loss of CHF81 million reported for the period was
substantially higher than the CHF17 million loss of the prior
year period.  This is due to non-cash currency exchange value
adjustments on outstanding US dollar-denominated debt of CHF55
million and restructuring costs amounting to CHF10 million.  Fuel
prices, which remain at record high levels, had a substantial
adverse impact on results.

EBIT before restructuring costs for the third quarter of 2005 -
traditionally the strongest in traffic terms - amounted to CHF33
million (prior year: CHF20 million), while net profit for the
period totaled CHF8 million (prior year: CHF16 million).  SWISS
held cash and cash equivalents of CHF532 million on September 30,
2005 (compared with CHF481 million at the end of 2004).

SWISS increased its total income from operating activities to
CHF2,767 million for the first nine months of 2005 (prior year:
CHF2,695 million) and posted earnings before interest and taxes
(EBIT) before restructuring costs of CHF24 million (prior year:
CHF1 million).  The high cost of jet fuel eroded an additional
CHF175 million from the EBIT result for the first nine months of
2005 compared to the prior-year period.  In a tough competitive
environment, little more than a third of these additional costs
could be recouped through the fuel surcharges levied on passenger
air tickets.  Cost of materials (excluding the additional fuel
costs) for the period was reduced by approximately 15%
year-on-year, while seat-kilometer production was lowered by a
far smaller 5.2%.  The EBIT result includes a third-quarter
impairment of CHF45 million on the regional aircraft fleet.
Operating income and EBIT also include non-recurring income of
CHF43 million deriving from the transfer of slots at London
Heathrow Airport to British Airways during the first quarter.
Results for the first nine months of 2004 include CHF68 million
stemming from the settlement of the Holco legal case.

The net result for the first nine months of 2005 includes
restructuring costs of CHF10 million.  These were incurred in
connection with the partial reduction of personnel surplus to
requirements in the cockpit crew corps and the reorganization of
the company's call centers.  The costs of the restructuring
program announced in January 2005, which envisages a work-
force reduction by 800 to 1 000 positions, are only partly
included in the present results.  The negotiations with the
unions of the flying personnel, the outcome of which will have a
major influence on the associated restructuring costs, are yet to
be completed.

EBIT after restructuring costs for the first nine months of 2005
thus amounted to CHF14 million (prior year: CHF1 million).

EBIT before restructuring costs for the third quarter of 2005
totaled CHF33 million (prior-year quarter: CHF20 million).  The
year-on-year improvement in third-quarter results was achieved
primarily through the higher revenues generated: revenues from
scheduled services, charter services and cargo were all
improvements on their prior-year levels, in some cases
substantially so.

Financial expenses for the first nine months of 2005 amounted to
CHF103 million (prior year: CHF40 million) and comprised ordinary
interest payments on financial liabilities and CHF55 million in
currency exchange value adjustments on outstanding US
dollar-denominated debt.  This book loss derives from the fact
that the US dollar gained substantially in strength against the
Swiss franc over the first nine months of 2005.  The CHF8 million
financial income for the period (prior year: CHF22 million,
including CHF16 million in currency exchange gains) consists of
ordinary interest income from cash and cash equivalents and
fixed-term deposits.

The consolidated net result for the first nine months of 2005
amounted to a loss of CHF81 million, which compares to a net loss
of CHF17 million for the prior-year period.  The higher net loss,
despite an improved EBIT result, is due primarily to the
above-mentioned currency exchange-related value adjustments and
to restructuring costs.  As in 2004, results are expected to
weaken again for the fourth quarter in view of the traditionally
lower seasonal demand in the autumn and winter months.  SWISS
expects to post a significant net loss in the fourth quarter
2005.

"In posting a positive operating result for the third quarter of
2005, SWISS has confirmed the progress it has made in its
turnaround process," says Christoph Franz, the company's
President and Chief Executive Officer, "especially since this
EBIT improvement was achieved in an extremely demanding
competitive environment and against fuel prices that had climbed
to record levels.  At the same time, the fact that we continue to
report a net loss underlines that we must continue to
consistently pursue our restructuring and our ongoing Collective
Labour Agreement negotiations with our flying personnel."

A positive CHF188 million cash flow from operating activities

Cash flow from operating activities amounted to CHF188 million
for the first nine months of 2005.  This compares to a cash flow
of CHF109 million for the prior-year period.  As in the previous
quarter, the CHF79 million increase is attributable to the
improved EBIT result and to various actions taken to improve
working capital management.

Cash flow from investing activities was positive, thanks to
divestments effected during the period.  The CHF91 million net
cash inflow compares to a net cash outflow of CHF37 million for
the prior-year period.  The transfer to British Airways of slots
at London Heathrow Airport produced a cash inflow of CHF43
million; aircraft disposals and refunds of advance payments from
aircraft manufacturers generated a cash inflow of CHF46 million;
and the reduction of various cash deposits produced a cash inflow
of a further CHF40 million.  A cash outflow of CHF47 million was
incurred through investments in interior components, rotable
spares and consumables for the aircraft fleet.  Other divestments
and interest received resulted in a further cash inflow of CHF9
million.

Cash flow from financing activities amounted to minus CHF219
million, which compares to minus CHF227 million for the
prior-year period.  A total of CHF128 million of liquid funds was
used to amortise aircraft finance lease liabilities.  CHF47
million of liquid funds was used to repay liabilities, including
the repayment in full of the CHF43 million still outstanding on
the CHF50 million Barclays Bank loan.  The repayment of this loan
had no net impact on liquid funds, as it fell within the same
accounting period as the CHF43 million cash inflow from investing
activities deriving from the transfer of London Heathrow slots to
British Airways.  These slots had served as collateral for the
Barclays loan.  Further cash outflows of CHF43 million stemmed
from ordinary interest payments on finance lease liabilities.

Cash and cash equivalents amounted to CHF532 million on September
30, 2005.  The balance sheet also showed fixed-term deposits of
CHF1 million.  Cash and cash equivalents had stood at CHF481
million (plus CHF4 million in fixed-term deposits) at the end of
2004.  SWISS had an additional CHF225 million in liquid funds
available from existing banking credit facilities at the end of
September 2005.  This amount varies depending, among other
things, on the exchange rates of the US dollar and the Euro
against the Swiss franc.

SWISS has currently hedged 74% of its expected fuel needs for the
rest of 2005.  The record high prices of jet fuel created
additional pressure to consistently and effectively pursue the
present restructuring process, and to identify and exploit
further cost-saving and revenue-earning potential.

Equity ratio at 27.5%

Group shareholders' equity amounted to CHF840 million on
September 30, 2005 (equity ratio: 27.5%), having totaled CHF852
million  (equity ratio: 27.3%) at the end of 2004.

Further reduction in net financial debt

Net financial debt was further reduced in the first nine months
of 2005, by CHF195 million or around one third from the CHF594
million at the end of 2004 to CHF399 million on September 30,
2005.  In addition to the positive cash flow from operations, the
reduction was due in particular to the funds released by
divestment activities.

Improved load factors, but yields under pressure in Europe

Load factor: SWISS carried 7.33 million passengers in the first
nine months of 2005, an increase of 4.6% on the 7.01 million of
the prior-year period.  The company performed a total of 102 670
flights, which registered an average seat load factor of 79.1%
(prior year: 75.2%).  On the European network, available seat
kilometre (ASK) capacity was up 0.9% from its prior-year level,
while European seat load factor for the period rose 4.7
percentage points to 66.8%.  Seat load factor on intercontinental
routes rose 4.1 percentage points to 85.0%, an increase that was
achieved against a 7.8% reduction in intercontinental ASK
capacity.

Systemwide seat load factor for the third quarter of 2005 stood
at 83.2% (prior year: 78.6%).  Seat load factor on European
services amounted to 72.4%, up 6.7 percentage points.  For its
intercontinental routes, SWISS posted a third-quarter seat load
factor of 88.5%, up 4.0 percentage points on the prior-year
period.

Cargo load factor (by volume) for the first nine months of 2005
amounted to 85.7%, virtually unchanged (at 0.1 percentage points
down) from its prior-year level.  Swiss WorldCargo has thus so
far successfully resisted the general decline in air cargo
demand.

While SWISS' long-haul business has been showing very positive
trends in both seat load factor and revenues for some time, SWISS
has also significantly improved the seat load factors on its
European services over the past few months.  Nevertheless, the
capacity and pricing pressures exerted by the low-cost carriers
continued to increase, especially in the larger prime European
markets.  While SWISS was able to improve yields on its
intercontinental services, yields for the European network
continued to decline.

Yield: Yields (revenue per passenger kilometre) remained under
pressure throughout the European air transport sector in the
first nine months of 2005.  Despite the fuel surcharges levied,
SWISS reported a 6.4% year-on-year decline in yield for the
period on its European network.  Overcapacities which are still
distorting the market led to a continuing erosion of fares.
Yield on SWISS' intercontinental services was a 6.9% improvement
on its prior-year equivalent.  However, the record fuel prices
had a disproportionately strong impact on intercontinental route
results.

With its competitive pricing policy, SWISS managed to stem - for
the first time - the loss of market share, which had been
experienced over the past few years.  Market share was stabilized
at the Zurich Airport hub, and was substantially increased on
certain routes.

SWISS also continued to see a positive development in its revenue
per available seat kilometer or RASK.  Calculated from seat load
factor and yields, RASK - together with cost per available seat
kilometer or CASK - is a key component in determining a company's
operating results.  RASK for SWISS' European services showed a
slight 0.8% year-on-year improvement for the first nine months of
2005, while RASK for intercontinental services rose by a
substantial 12.2%.  As a result, system wide RASK for the first
nine months of 2005 was 8.3% up on the prior-year period.  This
RASK increase is also due to year-on-year shifts in the relative
contributions of intercontinental and European services to
overall ASK capacity: because RASK is lower on long
intercontinental routes than on the European network, a relative
shift in capacity towards European operations will automatically
raise RASK system wide.  RASK results also include the fuel
surcharges, which SWISS has been levying on its tickets since
summer 2004.  In line with general industry practice, SWISS
introduced these surcharges in the course of last year in
response to the steep rise in jet fuel prices, and has since
gradually adjusted them in line with fuel price trends, most
recently on September 23.

Unit Costs Still Too High

SWISS has substantially reduced its costs compared to those of
2004, but still has a cost position, which is too high in
comparison with its competitors.  Excluding the additional costs
incurred through high jet fuel prices, SWISS' cost per available
seat kilometer (CASK) for the first nine months of 2005 was 3.6%
below its prior-year equivalent.  But, as was explained in the
SWISS 2005 Half-Year Report, the achievements to date have been
largely neutralized by the present high cost of aviation fuel.
As a result, CASK for the first nine months was 4.1% higher than
for the same period last year; and the additional costs due to
the high fuel price even increased in the third-quarter period.

Like its RASK counterpart, CASK was also affected by the shift in
the relative contributions of European and intercontinental
production to overall ASK capacity.  Here, however, the effect
was the opposite: an increase in the proportion of European
production led to an expected increase in system wide CASK.  This
is because, in view of the shorter distances flown, CASK is
higher by nature for European services than for intercontinental
flights.

Irrespective of these mechanisms, SWISS' CASK must be further
reduced - especially in view of continuing losses, the persistent
price erosion and the still tense and unpredictable situation on
the jet fuel market.  The situation is exacerbated by the fact
that personnel expenses per full-time employee for the first nine
months of 2005 were 4.4% up on the prior-year period.  The rise
is due largely to the annual salary increases that are
automatically granted to flying personnel under the current
Collective Labour Agreements.

SWISS continues to consistently implement its present cost
reduction program throughout all areas of its organization.  In
doing so, it is putting a particular focus on catering, on ground
services (handling) and on raising internal productivity.

Group Personnel Numbers

The average number of employees (in full-time equivalents or
FTEs) in the first nine months of 2005 amounted to 6 446, a
decline of 864 on the 7 310 employed during the same period last
year.  SWISS employed a total of 6 321 FTEs on September 30,
2005 - 304 fewer than at the end of 2004.  The 6 321 FTE
positions were occupied by 7 433 employees.

Milestones Achieved in the Present Restructuring Program

SWISS continues to consistently implement the measures announced
in January 2005 to provide the company with a sustainable
competitive position.  The sustainable profitability which these
actions are designed to achieve should provide adequate scope for
investment and future growth.  As announced, the restructuring
program should be completed in the course of 2006.  SWISS'
integration into the Lufthansa Group also offers new strategic
prospects in cost synergy terms.

After protracted negotiations, SWISS and SR Technics concluded
their arbitration case on the interpretation of commercial
aspects of their current technical services agreement with an
out-of-court agreement at the end of July.  The new collaborative
basis provides SWISS with significant cost savings in the
maintenance of its Airbus fleet.  SWISS and SR Technics have also
extended the present technical services agreement (which was due
to expire in 2009) for a further three years.

Another milestone was reached in the current restructuring
endeavors with the decision to transfer SWISS' European regional
flight operations into a separate company within the SWISS Group.
Having received its operating permit from the Swiss Federal
Office for Civil Aviation, "Swiss European Air Lines" commenced
operations on November 1.  This fully owned SWISS subsidiary will
operate wet-lease services in the European market on behalf of
its parent company and under the SWISS brand.  In doing so, it
will make a substantial contribution to enhancing SWISS'
competitiveness.  With its clear structures and transparent
costs, the new organization should also help support the upcoming
investment in a new regional fleet and lay a firm foundation for
the future growth of SWISS' regional business.

By the start of the 2005/06 winter schedules, SWISS had reduced
its fleet by 11 aircraft in the course of 2005.  Despite this
downsizing, however, SWISS continues to offer its customers an
attractive range of air services and connections, through its
collaborations with various partner airlines, and with the
Lufthansa Group in particular.

Negotiations are continuing with the cabin crew unions and the
Aeropers pilots' union.  The   Swiss Pilots Association (SPA)
sought new arbitration proceedings at the beginning of May.
SWISS did not accept the SPA's declaration of affiliation to the
Aeropers Collective Labour Agreement.  SWISS will continue to
strive to find viable and forward-looking solutions with all its
social partners that help secure jobs in the longer term.

Integration into the Lufthansa Group Proceeding as Planned

Having acquired over 99% of SWISS' share capital, AirTrust AG has
exceeded the threshold shareholding required to initiate a
squeeze-out procedure to acquire the remaining shares and has now
initiated this, offering cash compensation for the shares still
publicly held.  SWISS is confident that this procedure can be
concluded by the end of 2005.  Lufthansa has increased its
shareholding in AirTrust AG from the original 11% to 49%.

The Swiss Air Transport Foundation, which is domiciled in Zug,
was established at the beginning of October.  The Foundation will
monitor the development of air transport and its structures in
Switzerland and the integration of SWISS into the Lufthansa
Group, ensuring that Swiss interests are duly represented and
appropriately respected.

Above all, however, SWISS' continued integration into the
Lufthansa Group has provided key innovations for customers.
Thus, for example, SWISS was able to announce at the beginning of
October that its Swiss TravelClub frequent flyer program would be
incorporated into Miles & More, Europe's leading frequent flyer
program, on April 1, 2006.  SWISS customers will therefore be
able to earn and redeem miles with an even wider range of
airlines and further program partners.  All Swiss TravelClub
mileage balances will be transferred one-for-one to Miles & More,
and Swiss TravelClub Silver and Gold status will be duly
recognized in the Miles & More program.  With Miles & More as its
new frequent flyer program, SWISS is also taking a further key
step towards membership of Star Alliance.

The range of benefits offered to customers through the
ever-closer collaboration between SWISS and Lufthansa was further
expanded with the start of the 2005/06 winter schedules on
October 30.  The partners have now harmonized their services
between Switzerland and Germany: all SWISS and Lufthansa flights
between the two countries are now flown as code share operations;
and the timetables have been realigned to offer a total of 563
weekly services between Switzerland and Germany (241 more than in
the 2005 summer schedules) spread conveniently throughout the
day.  Customers will enjoy more frequencies, more destinations
and - through the coordinated schedules - better connections at
the Zurich, Frankfurt and Munich hubs.  The close collaboration
will sustainably enhance SWISS' market position in Switzerland,
in Europe and at hundreds of destinations worldwide.

With the start of the new winter schedules, the two partners'
check-in desks and departure gates have all been brought under
the single "roof" of the home carrier at the Zurich, Frankfurt
and Munich hubs.  This, too, offers several customer benefits.
The shorter journeys involved allow quicker transfers and thus
better connections; the use of shared check-in facilities makes
the check-in process quicker and smoother for SWISS customers in
Germany and Lufthansa customers in Switzerland (at Zurich, Geneva
and Basel); and the partners' joint visual presence at the three
hubs underscores SWISS' integration into the Lufthansa Group to
the traveling public.  Ground services and facilities will be
similarly amalgamated at further airports in both countries by
the start of the 2006 summer schedules.

A copy of these financial results is available free of charge at
http://bankrupt.com/misc/SwissInternational_q3result.pdf

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 61 582 4553
          Fax: +41 61 582 3554
          E-mail:  communications@swiss.com


===========
T U R K E Y
===========


IS FINANSAL: Fitch Rates Long-term Foreign Currency 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned Turkey's Is Finansal Kiralama A.S.'s
(Is Leasing) ratings of Long-term foreign currency 'BB-' and
Long-term local currency 'BB'.  Additionally, the agency has
assigned Short-term foreign and local currency ratings of 'B', a
National Long-term rating of 'A+(tur)' and Support '3' ratings.
The Outlook on all Long-term ratings is Stable.

Is Leasing's Long- and Short-term ratings are driven by the
support from its majority shareholder, Turkiye Is Bankasi A.S.
(Isbank), the largest private bank in Turkey.  Accordingly, the
Support rating of '3' denotes that Isbank has a high propensity
to support Is Leasing but its ability to do so is moderate
because of its Long-term foreign currency rating of 'BB-'.  Is
Leasing is highly integrated with the parent bank and is
expanding its customer base through the retail distribution
capabilities of the large branch network of its parent.

Is Leasing was founded in 1988 and Isbank Group owned 60% of its
shares at end-Q305 with the remainder listed on the Istanbul
Stock Exchange.  The company focuses on increasing its coverage
within small and medium-sized enterprises and was the third
largest Turkish leasing company with a market share of 11% as of
December 31, 2004.

CONTACT:  IS FINANSAL KIRALAMA A.S.
          Is Kuleleri Kule-2 Kat: 10
          806204 Levent
          Istanbul
          Phone: 0212 350 74 00
          Fax: 0212 350 74 99
          Web site: http://www.isleasing.com.tr

          FITCH RATINGS
          Turda Ozmen
          Gulcin Orgun, Istanbul
          Phone: +90 212 2791065
          Ed Thompson, New York
          Phone: +1 212 908 0364
          Banu Cartmell, London
          Phone: +44 20 7417 4373

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


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


AVISAN: Bankruptcy Supervision Begins
-------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Avisan on August 8, 2005.  Mr.
Yaroslav Onushkanich (License AA 484203) has been appointed
temporary insolvency manager.

CONTACT:  AVISAN
          Ukraine, Lviv region,
          Dekart Str. 5/6

          Mr. Yaroslav Onushkanich,
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Strijska Str. 71-b/3

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


BIZNES-SOYUZ: Court Appoints Liquidator
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Biznes-Soyuz (code EDRPOU 25326062) on
September 19, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 5/141 B.  Ms. Kiryachok
Inessa (License AB 216816) has been appointed
liquidator/insolvency manager.  The company holds account number
26007059991011 at CB Privatbank, Krasnoarmijsk branch.

CONTACT:  BIZNES-SOYUZ
          85300, Ukraine, Donetsk region,
          Krasnoarmijsk, Gorkij Str. 51

          Ms. Kiryachok Inessa,
          Liquidator/Insolvency Manager
          83086, Ukraine, Donetsk region,
          Pervomajska Str. 12, Office 501 a

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


DONTORGPROEKT: Declared Insolvent
---------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Dontorgproekt (code EDRPOU 30482645) on
September 22, 2005 after finding the limited liability company
insolvent.  The case is docketed as 27/118 B.  Mr. Sergij Rublyov
has been appointed liquidator/insolvency manager.

CONTACT:  DONTORGPROEKT
          83050, Ukraine, Donetsk region,
          Roza Luksemburg Str. 26-a

          Mr. Sergij Rublyov
          Liquidator/Insolvency Manager
          83044, Ukraine, Donetsk region,
          Proletarska Str. 85/49

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


LOZOVA HORSE 124: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on State Enterprise Lozova Horse Plant 124
(code EDRPOU 00846412) on September 27, 2005.  The case is
docketed as B-24/83-05.  Mr. Sergij Sautenko (License AB 216886)
has been appointed temporary insolvency manager.

CONTACT:  LOZOVA HORSE PLANT 124
          Ukraine, Harkiv region,
          Lozova district, Kinne

          Mr. Sergij Sautenko
          Temporary Insolvency Manager
          61052, Ukraine, Harkiv region,
          Chervonoarmijska Str. 8/10-V-5

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


PROMTEHSNAB: Temporary Insolvency Manager Moves in
--------------------------------------------------
The Economic Court of Donetsk region has commenced bankruptcy
supervision procedure on LLC Promtehsnab (code EDRPOU 30701844).
The case is docketed as 27/97 B.  Mr. A. Karpenko (License AA
719837) has been appointed temporary insolvency manager.

CONTACT:  PROMTEHSNAB
          83052, Ukraine, Donetsk region,
          50 Gvardijska Diviziya Str. 17

          Mr. A. Karpenko
          Temporary Insolvency Manager
          85400, Ukraine, Donetsk region,
          Selidovo, Dubinin Str. 6

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


VINNITSYA SEEDS: Court Grants Debt Moratorium
---------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC Vinnitsya Seeds Plant (code EDRPOU
00385023) on July 29, 2005 and ordered a moratorium on
satisfaction of creditors claims.  The case is docketed as
5/200-05.  Mr. Andrij Bondar (License AB 176132) has been
appointed temporary insolvency manager.  The company holds
account number 26004000422001 at JSC Ukrinbank, Vinnitsya branch,
MFO 302333.

CONTACT:  VINNITSYA SEEDS PLANT
          21100, Ukraine, Vinnitsya region,
          Lebedinskij Str. 11

          Mr. Andrij Bondar
          Temporary Insolvency Manager
          03110, Ukraine, Kyiv region, a/b 14

          ECONOMIC COURT OF VINNITSYA REGION
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose 7


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


ACTIVE 8: Files for Liquidation
-------------------------------
C. Pilkington, director of Active 8 Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 25 at Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG.

Colin Burke of Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG was appointed liquidator.

CONTACT:  ACTIVE 8 LTD.
          Bank Chambers
          67 Dearden Gate
          Rossendale
          BB4 5SN Lancashire
          Phone: 01706 210210
          Fax: 01706 210211

          MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


AUTOCARE GROUP: Names Begbies Traynor Liquidator
------------------------------------------------
D Horton, chairman of Autocare Group Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 18 at Elliot House, 151 Deansgate, Manchester M3 3BP.

Stephen L. Conn of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP was appointed liquidator.

CONTACT:  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


COALES DISTRIBUTION: Hires Administrators from Chamberlain & Co.
----------------------------------------------------------------
Michael Chamberlain and Andrew Wilkinson (IP Nos 8735, 9344) of
Chamberlain & Co. were appointed joint administrators of road
haulers Coales Distribution Limited (Company No 00376226) on Oct.
31.

CONTACT:  COALES DISTRIBUTION
          Commondale Way
          Bradford BD4 6SF
          Phone: 01274-685729

          CHAMBERLAIN & CO
          Aireside House
          24/26 Aire Street
          Leeds
          West Yorkshire LS1 4HT
          Phone: 0113 242 0808
          Fax: 0113 242 0866
          E-mail: mail@chamberlain-co.co.uk


COMPLETE KITCHEN: Goes into Liquidation
---------------------------------------
P. Downey, chairman of The Complete Kitchen Warehouse Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 21 at The Cooden Beach Hotel, Cooden Sea Road,
Bexhill on Sea TN39 4TT.

Mark Newman of Vantis Business Recovery, Judd House, East Street,
Tonbridge, Kent TN9 1HG was appointed liquidator.

CONTACT:  COMPLETE KITCHEN WAREHOUSE
          23 Sea Road
          Bexhill-on-Sea
          TN40 1EE
          Phone: 01424212100
          E-mail: enquiries@completekitchenwarehouse.co.uk
          Web site: http://www.completekitchenwarehouse.co.uk/

          VANTIS BUSINESS RECOVERY
          Judd House
          East Street
          Tonbridge
          Kent TN9 1HG
          Phone: 01732 378680
          Fax: 07917260099
          E-mail: mark.newman@vantisplc.com


COMPUTEC SYSTEMS: Appoints Liquidator from Begbies Traynor
----------------------------------------------------------
K. Blowing, chairman of Computec Systems Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 21 at Avionics House, Quedgeley Enterprise Centre,
Quedgeley, Gloucestershire GL2 4SN.

James P. N. Martin and Simon Robert Haskew of Begbies Traynor,
4th Floor, Newater House, 11 Newhall Street, Birmingham B3 3NY
were appointed Joint Liquidators.

CONTACT:  COMPUTEC SYSTEMS LTD.
          Suite 2, Avionics House
          HQ Site
          Quedgeley Enterprise Centre
          Naas Lane
          Quedgeley, Gloucestershire
          GL2 4SN
          Phone: 01452 724488
          Fax: 01452 724419
          Web site: http://www.computec-systems.ltd.uk/

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


COROMANDEL INVESTMENT: Owners Call in Liquidator
------------------------------------------------
At the extraordinary general meeting of Coromandel Investment
Management Limited on Oct. 31, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Trevor Patrick O'Sullivan and Simon Peter Bower of RSM Robson
Rhodes LLP, 186 City Road, London EC1N 2NU was appointed joint
liquidators.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


C & P (ACTON STREET): Liquidator from Fisher Partners Moves in
--------------------------------------------------------------
Company Names: C & P (ACTON STREET) LIMITED
               C & P (INVERNESS TERRACE) LIMITED
               C & P (MONTAGUE SQUARE) LIMITED
               C & P (TYSSEN STREET) LIMITED
               JASMIN ESTATES LIMITED
               SPENTRA LIMITED

N. L. Bobroff, the director of these companies, informs that the
special resolution to wind up the companies was passed at EGM
held on Oct 26.  Michael Davis 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


DANDF GARDEN: Hires KPMG Administrators
---------------------------------------
Francis Graham Newton (IP No 9310) and Brian Green (IP No 8709)
of KPMG were appointed joint administrators of Dandf Garden
Products Ltd. (Company No 4312591) on Nov. 1.

Dandf Garden -- http://www.dandf.co.uk/-- brings the classic
English style of garden architecture to its customer's garden.
All Dandf products are manufactured from Scandinavian Redwood of
Northern Scandinavia.

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

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

          KPMG LLP
          St James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


DOMAIN TECHNOLOGIES: IT Firm Liquidates
---------------------------------------
K. S. Jutla, chairman of Domain Technologies (UK) Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 20 at Birmingham Chamber of Commerce, 75
Harborne Road, Birmingham B15 3DH.

Alisdair J. Findlay of Findlay James, 32 Saxon House, Saxon Way,
Cheltenham GL52 6QX was appointed liquidator.

Domain Technologies is a business-technology consulting company
operating in Europe, and the Far East.  The company was
established in 1994 in the U.K.  From there, it expanded its
services within the Media & Communications, Banking & Finance,
Telecommunications, Manufacturing, Local Government, and
Pharmaceutical markets.  Its business partners are IBM/Lotus,
Skyway Software, and Veridicom.

CONTACT:  DOMAIN TECHNOLOGIES (UK) LIMITED
          Roebuck House
          284-286 Upper Richmond Road West
          London
          SW14 7JE
          United Kingdom
          Main Office Phone: +44 (0) 208 878 4994
          Support: +44 (0) 208 878 8944
          Fax: +44 (0) 208 878 1554

          FINDLAY JAMES
          Saxon House
          Saxon Way
          Cheltenham
          Gloucestershire GL52 6QX
          Phone: 01242 576555
          Fax: 01242 576999
          E-mail: ajf@finjam.com


DUST EXTRACTION: Administrators Enter Company
---------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) of DTE Leonard
Curtis were appointed joint administrators of Dust Extraction
(International) Limited (Company No 01164041) on Nov. 1.  Its
registered office is at Town Street, Stanningley, Pudsey, West
Yorkshire LS28 6ES.

Dust Extraction (International) Ltd. commenced trading in 1974 to
respond to the increasing dust control needs of the industry.
The company has continued to grow and develop to meet the
ever-changing needs of its customers and we now offer these key
fundamental services like dust extraction solutions, centralized
vacuum cleaning systems, filter units (to the end user &
reseller), after sales care.  Visit http://www.dustx.co.uk/for
more information.

CONTACT:  DUST EXTRACTION (INTERNATIONAL) LTD.
          Town Street
          Stanningley
          Pudsey
          Leeds LS28 6ES
          England
          Phone: +44 (0) 113 236 1041
          Fax: +44 (0) 113 236 0562
          E-mail: postmaster@dustx.co.uk

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


FPC SERVICES: Liquidators from Begbies Traynor Take over Biz
------------------------------------------------------------
R. M. Ralphs, the chairman of FPC Services Plc, informs that the
special resolution to wind up the company was passed, at an EGM
held on Oct. 31, at Lancaster Terrace, 124 Station Road,
Ainsdale, Southport PR8 3HL.  David Moore and Donald Bailey of
Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF were
appointed joint liquidators.

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


FRIDGE CONTROLS: In Liquidation
-------------------------------
T. M. Pirrie, director of Fridge Controls Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 13 at Martins Bank Chambers, 25 High Street, Banbury.

Peter John Windatt and Gary Steven Pettit of BRI Business
Recovery and Insolvency, 100-102 St James Road, Northampton NN5
5LF were appointed Joint Liquidators.

CONTACT:  FRIDGE CONTROLS LIMITED
          4-5 Plantagaenet Estate Kineton Warwick
          CV35 0HU
          Warwick, Warwickshire
          Phone: (01926) 640171
          Fax: (01926) 641707

          BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mail: pwindatt@briuk.co.uk


FURNER MANUFACTURING: Hires Administrator
-----------------------------------------
William Duncan and Ian Schofield (IP Nos 06440, 2647) of PKF were
appointed joint administrators of metal profiler Furner
Manufacturing Solutions Ltd. (Company No 04641140) on Oct. 28.
Its registered office is at Cannon House, Rutland Road, Sheffield
S3 8DP.  The company's trading name is ATV Profilers.

CONTACT:  PKF
          Knowle House
          4 Norfolk Park Road
          Sheffield
          South Yorkshire S2 3QE
          Phone: 0114 276 7991
          Fax: 0114 275 3538


FUSION INTERACTIVE: Administrator from Butcher Woods Enters Firm
----------------------------------------------------------------
Roderick Graham Butcher (IP No 8834) of Butcher Woods Limited was
appointed administrator of Fusion Interactive Communication
Solutions Limited (Company No 04289822) on Oct. 27.  The company
is a data communications service provider.

CONTACT:  BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands B3 1UP
          Phone: 0121 236 6001
          Fax: 0121 236 5702
          E-mail: rod.butcher@butcher-woods.co.uk


GNAT INTERNATIONAL: Appoints DTE Leonard Curtis Administrator
-------------------------------------------------------------
P. D. Masters and A. Clifton (IP Nos 8262, 8766) of DTE Leonard
Curtis were appointed joint administrators of Gnat International
Limited (Company No 2561836) on Oct. 31.  Its registered office
is at The Royds, Whitechapel Road, Cleckheaton BD19 6HQ.

Gnat International -- http://www.gnat-int.com/-- specializes in
areas of demolition where restricted access or environmental
hazard make conventional methods impractical.  The company now
employs a fleet of Brokk Elecro-Hydraulic robots, with
capabilities across a wide range of service industries and civil
engineering applications.

CONTACT:  GNAT INTERNATIONAL LTD.
          Unit 5 Jackson Court
          Olympic Way
          Gallofields Industrial Estate
          Richmond
          North Yorkshire DL10 4FB
          United Kingdom
          Phone: (01748) 826046
          Fax: (01748) 826056

          DTE LEONRD CURTIS
          85-89 Colmore Row
          Birmingham
          West Midlands B3 2BB
          Phone: 0121 200 2111
          Fax: 0121 200 2122
          E-mail: AClifton@dte-leonardcurtis.com


HALLIWELL INTERNATIONAL: Textile Wholesaler Goes Bust
-----------------------------------------------------
S. Moussallati, director of Halliwell International Plc, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 25 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:  HALLIWELL INTERNATIONAL PLC
          Halliwell House, Rappax Road
          Altrincham, Cheshire WA15 0NR
          Phone: 01619039530

          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


HAUTIN LTD.: Tarpaulin Maker Folds up
-------------------------------------
Hautin Ltd. has gone into voluntary liquidation with debt of less
than GBP70,000, said icTeesside.

The Billingham-based firm manufactures tarpaulin-based products
for industrial, private and leisure applications, such as tents,
boat and market stall covers, bouncy castles, and advertising and
promotional banners.  Among its clients are the Ministry of
Defence, British Nuclear Fuels Ltd., Nestle and Shell U.K.
Exploration and Production.

Liquidator Ted Fergusson, of Stockton-based financial recovery
and insolvency accountancy Fergusson and Co., said: "It is hoped
that jobs will be safeguarded by a sale of the assets and the
subsequent transfer of the employees to a new company."

A meeting of creditors will be held on November 22 at the office
of Fergusson and Co. Ltd., Shackleton House, Falcon Court,
Preston Farm.

Mr. Fergusson added: "The company has for a number of years
struggled to counteract the effect of the loss of markets
associated with the decline of the petrochemical industry on
Teesside which is where historically its main customer base has
been."

He stressed that despite the company's effort to tap on other
sources of revenue, decreasing margins and tough market
conditions have pushed directors to seek formal advice.

Managing Director Brian Whitfield said: "We even tried making
bouncy castles and associated products but by the time we got
into the market there were too many in it and our customer base
became very weak."

CONTACT:  HAUTIN LTD.
          Unit 8B
          Royce Avenue
          Cowpen Lane Industrial Estate
          Billingham TS23 4BX
          United Kingdom
          Phone: +44 (0)1642 370094
          Fax: +44 (0)1642 563813
          E-mail: info@hautintarpaulins.co.uk
          Web site: http://www.hautintarpaulins.co.uk


J B CUTFORTH: EGM Passes Winding-up Resolution
----------------------------------------------
J. Avery-Gee, chairman of J B Cutforth Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 18.

Jonathan Elman Avery-Gee of Kay Johnson Gee, Griffin Court, 201
Chapel Street, Salford, Manchester M3 5EQ was appointed
liquidator.

CONTACT:  J B CUTFORTH LIMITED
          Unit 24 Century Park
          Garrison Lane
          Bordesley Green
          Birmingham
          B9 4NZ
          United Kingdom
          Phone: 0121-773 9947
          Fax: 0121-773 9945
          Web site: http://www.laboratoryglassware.co.uk

          KAY JOHNSON GEE
          Griffin Court
          201 Chapel Street
          Salford, Manchester
          Greater Manchester M3 5EQ
          Phone: 0161 832 6221
          Fax: 0161 834 8479
          E-mail: traceyshanley@kayjohnsongee.com


JEFF BAINS: Footwear Retailer Files for Winding-up
--------------------------------------------------
G. Baines, chairman of Jeff Bains Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 20 at Birmingham Chamber of Commerce, 75 Harborne Road,
Birmingham B15 3DH.

Alisdair J. Findlay of Findlay James, Saxon House, Saxon Way,
Cheltenham GL52 6QX was appointed liquidator.

CONTACT:  JEFF BAINS LIMITED
          Unit 14 The Pallasades
          Birmingham, West Midlands B2 4XA
          Phone: 01216325733

          FINDLAY JAMES
          Saxon House
          Saxon Way
          Cheltenham
          Gloucestershire GL52 6QX
          Phone: 01242 576555
          Fax: 01242 576999
          E-mail: ajf@finjam.com


K & L BUILDERS: Names Liquidators from Mazars
---------------------------------------------
L. R. Taylor, chairman of K & L Builders (Accrington) Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 15 at Sparth House Hotel, Whalley Road,
Clayton-le-Moors, Accrington BB5 5RP.

Tim Alan Askham of Mazars LLP, Merchant Exchange, Whitworth
Street West, Manchester M1 5WG, and Paul Charlton, of Mazars LLP,
Mazars House, Gelderd Road, Gildersome, Leeds LS27 7JN were
appointed Joint Liquidators.

CONTACT:  K & L BUILDERS (ACCRINGTON) LTD.
          Unit 4/Richmond Ind Est/Richmond St.
          Accrington, BB5 0RJ
          Phone: 01254 237776

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


KTRL LIMITED: Baker Tilly to Takes over Helm
--------------------------------------------
Lindsey Jane Cooper and Stephen Mark Quinn (IP Nos 008931,
005761) of Baker Tilly were appointed joint administrators of
holding company KTRL Limited (Company No 05094423) on Oct. 26.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


LABORATORY ACCREDITATION: Administrators Enter Firm
---------------------------------------------------
Lindsey Jane Cooper and Stephen Mark Quinn (IP Nos 008931,
005761) of Baker Tilly were appointed joint administrators of
Laboratory Accreditation Services Limited (Company No 04407692)
on Oct. 26.  The company is engaged in technical testing and
analysis.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


LATMAR SERVICES: Appoints Liquidators from Moore Stephens
---------------------------------------------------------
S. Kisselev, the chairman of Latmar Services Limited, informs
that the special and ordinary resolutions to wind up the company
were passed at an EGM held on Oct. 26 at 5th Floor, 53-54
Grosvenor Street, London W1K 3HX.  David Alan Rolph and Jeremy
Mark Willmont of Moore Stephens, 1 Snow Hill, London EC1A 2DH
were appointed joint liquidators.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


LONSDALE ESTATES: Calls in Liquidator
-------------------------------------
N. Horton, chairman of Lonsdale Estates Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 21 at Riverside Training & Conference Centre, Austin Way,
Great Barr, Birmingham B42 1DU.

Jane Walker of Errington Walker Limited, PO Box 9344, Dorridge,
Solihull, West Midlands B93 8YP was appointed liquidator.

Lonsdale Estates -- http://www.lonsdales-estates.co.uk/-- was
started in August 1997 by Martin Lonsdale to offer residents of
Thackley, Idle & North Bradford a new local office to sell or
rent out their properties.  It offers full independent financial
services in conjunction with Liam Lalley & Charles Sunter.  It is
a member of The Guild of Professional Estate Agents in 2004.

The firm has two employees.

CONTACT:  LONSDALE ESTATES LTD.
          490 Leeds Road
          Thackley
          Bradford
          BD10 8JH
          Phone: 01274 622073
          Fax: 01274 620570
          E-mail : martin@lonsdales-estates.co.uk


MARKETING MANAGEMENT: Begbies Traynor to Liquidate Business
-----------------------------------------------------------
R. Connolly, chairman of Marketing Management International
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 19 at  Elliot House, 151 Deansgate,
Manchester M3 3BP.

Stephen L. Conn of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP was appointed liquidator.

CONTACT:  MARKETING MANAGEMENT INTERNATIONAL LIMITED
          The Old Smithy, High Street
          Woking, Surrey GU23 6AN
          Phone: 01483210290

          MARKETING MANAGEMENT INTERNATIONAL LIMITED
          47 Buttermere Road
          Gatley, Cheadle, Cheshire SK8 4RH
          Phone: 01625860345

          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


MILFORD GLASSWORKS: Names Poppleton & Appleby Liquidator
--------------------------------------------------------
Milford Glassworks Limited informs that a resolution to wind up
the company was passed at an EGM held on Oct. 17 at Poppleton &
Appleby, The Old Barn, Caverswall Park, Caverswall Lane,
Stoke-on-Trent, Staffordshire ST3 6HP.

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

CONTACT:  Milford Glassworks Ltd.
          3 Chapel Lane
          Milford
          Godalming
          Surrey
          GU8 5HU
          Phone: +44 (0) 1483 422799
          Fax: +44 (0) 1483 422799

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


NORHAM INVESTMENTS: Grant Thornton to Liquidate Business
--------------------------------------------------------
R. Bingham, chairman of Norham Investments Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 21 at Grant Thornton UK LLP, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP.

Andrew Conquest and Joseph Mclean both of Grant Thornton UK LLP,
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP were appointed Joint Liquidators.

CONTACT:  NORHAM INVESTMENTS LTD.
          Berkeley Square
          London
          W1J 5AB
          Phone: 02074958686

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


NTL INCORPORATED: Cuts Q3 Loss to GBP52.1 Million
-------------------------------------------------
NTL Incorporated has reported its third quarter results for 2005.

Highlights

(a) RGUs (Revenue Generating Units) up 7% to 6.3 million vs. Q3
    2004;

(b) triples up 21% vs. Q3 2004; triple play penetration of
    25.4%;

(c) record quarter of 218,600 gross additions;

(d) strong total net additions of 53,900;

(e) strong broadband growth of 165,600;

(f) continued improvement in sequential OCF margin; and

(g) reduced operating loss vs. Q3 2004.

Simon Duffy, chief executive officer, said: "Following the major
restructuring we underwent in 2004, our focus on operational
improvements in 2005 is beginning to show results with strong
operational metrics for the second quarter in a row and robust
growth in RGUs and customers of 140,500 and 53,900 respectively.
As we have intensified our focus on RGU growth and triple-play
penetration, with an increased emphasis on quality and value of
acquisitions, we are delivering more services at the point of
safe than at any time in our history.  Complemented by our
cross-sell and up-sell initiatives, this has yielded an
additional 147,100 triple-play customers, which bodes well for
revenue and ARPU growth in subsequent periods.

"Total broadband growth of 484,400 and on-net growth of 372,800
over the past 12 months have been particularly strong and we are
upping our guidance for on-net broadband growth in 2005 from
20%-25%."

Q305 Review

Third quarter revenue was GBP482.7 million, down 3.2% compared to
the prior year period.  Consumer revenue in the third quarter was
GBP377.5 million, with strong broadband revenue offsetting lower
revenue in telephony and TV.  Net residential customers increased
by 53,900 (41,400 on-net) to end the quarter with 3.32 million
customers (3.10 million on-net), a 6.9% increase over Q3 2004
(2.8% on-net).

NTL added 140,500 net RGUs (121,300 on-net), ending the quarter
with 6.32 million RGUs (6.09 million on-net), a 7.0% increase
over Q3 2004 (4.5% on-net).  On-net RGUs per customer improved to
1.96, up from 1.93 in the same period last year.  This strong
performance reflects the success of targeted offers and bundled
packages with superior value over standalone offers.  As
expected, churn was up sequentially due to seasonality and is
expected to return to customary ranges in the fourth quarter.
Strong RGU growth, particularly in broadband, which increased by
484,400 or 41.2% (72,800 on-net or 31.8%) compared to the same
period last year, was offset by weakness in revenue, which was
down due to reduced usage, and lower TV revenue resulting from
fewer Sky premium subscribers and lower second set-top box
revenue.

Over the past two quarters, the company has increased subscribers
in telephony, broadband and DTV, adding 16,300 telephony RGUs
(26,900 on-net) and 21,400 DTV RGUs, which were offset by a
decline of 41,400 ATV RGUs.  More significantly, we added 277,400
(221,400 on-net) broadband RGUs, bringing our total broadband
customer base to 1.72 million (1.55 million on net), the largest
of any residential broadband provider in the U.K.

Customers taking all three services increased 21.1% from the
third quarter of last year, and 8.4% sequentially, bringing
triple customer penetration to 27.2% on-net.  It is also
continuing to benefit from the success of the "3 for GBP30" offer
which has increased our bundle penetration at the sale.

Video on Demand (VoD) deployment continues on schedule and the
company anticipates the service will be available to 600,000
customers by year-end.  During the quarter, it secured an
additional 242 hours of programming content ranging from movies
to music.  In addition, it has also launched a new TV Hits V
service, offering over 50 hours of hit TV shows from the past.

Business

Business revenue of GBP105.2 million was down GBP15.8 million
versus the same period last year, GBP11.3 million of which
reflects loss of wholesale revenue from virgin.net.  Following
its acquisition by NTL, virgin.net is no longer a third party
wholesale customer.  The remaining decline in Business revenue is
primarily due to lower wholesale revenue associated with the
previously announced conclusion of our University to supply
converged IP solutions to enable more effective communications
within the university.  The contract forms part of a partnership
agreement that will see ntl and the University continue to
develop new systems, technologies and projects -- some of which
are already underway -- in buildings across the campus.   As part
of NTL's local government activities, NTL was selected by a
regional council to provide a new corporate and education
ethernet network connecting over 50 sites to the NTL ethernet VPN
network.

NTL also continues to progress under its existing contract as a
tier one supplier for the London Airport Terminal 5 systems
project.  It is delivering an advanced IP infrastructure which is
designed to carry voice, data and most of the operational systems
within the terminal.

Operating income before depreciation, amortization and other
charges (OCF).  On reduced revenues OCF decreased by 3.0% to
GBP166.3 million versus the same period last year.  OCF includes
GBP1.8 million of costs incurred in preparing for the merger with
Telewest, without which OCF margin would have been 34.8% instead
of the reported 34.5%.  Higher margin broadband product in
Consumer was offset by adverse product mix in Business, but this
was more than compensated for by overhead cost savings.

Operating loss of GBP4.7 million in Q3 2005 compared to an
operating loss of GBP7.8 million during the same period last
year.  The reduced quarterly loss was driven by the lower OCF
partly offset by lower restructuring charges as well as a
decrease in depreciation due to certain short-lived assets
becoming fully depreciated at the end of 2004.

Loss from continuing operations of GBP53.5 million improved from
a loss of GBP77.4 million during the same period last year due
mainly to a reduction in net interest expense and an income tax
benefit, partly offset by the adverse impact of exchange rate
movements.

Net loss was GBP52.1 million versus a net loss of GBP95.6 million
during the same period last year.  The year on year improvement
reflects the reduced loss from continuing operations and the loss
in Q304 of GBP18.2 million relating to discontinued operations.

On October 3, 2005, NTL Incorporated and Telewest Global, Inc.
announced a definitive merger agreement under which NTL will
acquire Telewest, creating the U.K.'s second largest
communications company and leading triple play service provider
with a cable footprint covering more than 50% of the U.K.
households.  The combination of the two companies' local access
networks, which do not overlap, will provide a strong platform
allowing for product differentiation and innovation and the
delivery of unique packages of service offerings. The combined
company will have nearly 5 million residential customers.  It
will be the largest provider of residential broadband services in
the country with 2.5 million subscribers, second largest pay TV
provider with 3.3 million subscribers and also the second largest
fixed telephony provider with 4.3 million subscribers.

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

CONTACT:  NTL INCORPORATED
          Bartley Wood Business Park
          Bartley Way
          Hook
          Hampshire R627 9UP
          Phone: +44-1256-75-2000
          Fax: +44-1256-75-4100
          Web site: http://www.ntl.com


P T CONSTRUCTION: Files for Liquidation
---------------------------------------
P T Construction Limited informs that a resolution to wind up the
company was passed at an EGM held on Oct. 19 at 2nd Floor, 19
Castle Street, Liverpool L2 4SX.

Gerard Keith Rooney of Rooney Associates, 2nd Floor, 19 Castle
Street, Liverpool L2 4SX was appointed liquidator.

CONTACT:  P T CONSTRUCTION LTD.
          9 Coopers Croft
          Bretby
          Derby
          Derbyshire
          DE65 5QE
          Phone: 01283 814415


REPACK SERVICES: Goes into Liquidation
--------------------------------------
H. C. Clarkson, director of Repack Services Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 19 at Sargent & Company Limited, 36 Clare Road, Halifax HX1
2HX.

Peter Sargent of Sargent & Company Limited, 36 Clare Road,
Halifax HX1 2HX was appointed liquidator.

Repack Services provides bespoke packing services.

CONTACT:  REPACK SERVICES LTD.
          Unit 2
          SDH Industrial Estate
          Asquith Bottom Mill
          Sowerby Bridge
          West Yorkshire
          HX6 3BT

          Phone: 01422 839 303
          Fax: 01422 836 800
          E-mail: info@repackservices.com
          Web site: http://www.repackservices.com

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


ROYAL & SUNALLIANCE: Books GBP378 Million Nine-month Profit
-----------------------------------------------------------
Royal & SunAlliance Insurance Group plc has revealed results for
the nine months to 30 September 2005.

Highlights

(a) operating result of GBP488 million - up GBP247 million on
    nine months 2004;

(b) profit after tax of GBP378 million (2004: GBP8 million) -
    2005 includes GBP126 million positive impact from changes to
    U.K. pension scheme;

(c) net written premiums of GBP4.1 billion (2004: GBP3.7
    billion);

(d) ongoing business combined operating ratio (COR) of 93.1%
    (2004: 94.2%);

(e) group COR of 96.7% (2004: 101.9%);

(f) underlying return on equity for the Core Group of 19.2%
    (2004: 16.0%);

(g) Sub 100 CORs from all Core regions;

(h) targeted profitable growth and building a pipeline for the
    future; including acquisition of Chile's number one insurer;

(i) operational improvement program has delivered GBP223 million
    of annualized savings; and

(j) sale of Nonstandard Auto completed - U.S. RBC ratio now 2.3
    times.

Andy Haste, group chief executive of Royal & SunAlliance
Insurance Group plc, said: "It's been a very good nine months for
the Group with strong performances from each of our Core
businesses and further progress in derisking the U.S.

"We're delivering against our strategic objectives of sustainable
financial performance, selective profitable growth and driving
operational excellence.  I am confident that with the strength of
the Core Group, our focus on execution and our disciplined
underwriting we can continue to deliver sustainable profitable
performance."

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

CONTACT:  ROYAL & SUNALLIANCE INSURANCE GROUP PLC
          30 Berkeley Sq.
          London
          W1J 6EW, United Kingdom
          Phone: +44-20-7636-3450
          Fax: +44-20-7636-3451
          Web site: http://www.royalsunalliance.com


RYE GLASS: Owners Decide to Wind up Firm
----------------------------------------
S. J. Lane, chairman of Rye Glass Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 13 at Kent House, Station Road, Ashford, Kent TN23 1PP.

Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery, Kent House, Station Road, Ashford, Kent TN23
1PP were appointed Joint Liquidators.

Rye Glass, established in 1004 -- http://ryeglass.uktc.com/--  
specializes in double glazing windows and conservatories.  The
company operates in the Sussex area through 8 employees.

CONTACT:  RYE GLASS LTD.
          22A Winchelsea Road
          Rye
          East Sussex
          TN317EL
          Phone: 01797 224400
          Fax: 01797 227076
          Mobile: 07808 886808
          E-mail: admin@ryeglass.uktc.com


SCOTTISH POWER: Half-year Profit Up 45% to GBP273 Million
---------------------------------------------------------
Scottish Power plc has reported results for the half-year and
second quarter to 30 September 2005.

Highlights

(a) operating profit of GBP326 million, up 40%;

(b) profit before tax of GBP273 million, up 45%;

(c) earnings per share of 12.83 pence, up 64%;

(d) capital investment of GBP529 million, with 72% for growth;

(e) earnings per share of  20.50 pence, up 26%;

(f) dividend per share 5.20 pence for quarter & 10.40 pence for
    half year, both up 5%;

(g) corporate restructuring will deliver annualized cost savings
    of GBP60 million; and

(h) sale of PacifiCorp is proceeding on schedule.

              Report of Chief Executive Ian Russell

Our continuing businesses have again performed strongly in the
first half, delivering operating profit growth of 40%.  This
reflects the success of our strategy of focusing on organic
growth and improving operational performance.

The corporate restructuring program which will drive further
efficiency improvements is being implemented and will deliver
annualized cost savings of GBP60 million.  The process of selling
PacifiCorp is proceeding on schedule and upon completion this
will enable us to return approximately GBP2.5 billion to
shareholders.  Overall, Scottish Power is well positioned and we
are on track to deliver strong results for the full year.

The significant increase of GBP93 million, or 40%, in operating
profit for the half-year is principally attributable to the
performance of our U.K. businesses.  Energy Networks is
benefiting from the recent regulatory reviews and we expect the
quarter on quarter revenue growth to continue for the remainder
of the financial year.

Energy Retail & Wholesale has benefited from the significant
growth in customer numbers and investment in generation plant
last year.  Energy Retail & Wholesale's results for the remainder
of the financial year will be impacted by the combination of new
generation plant being fully incorporated into the portfolio by
the end of the second quarter last year and a slower rate of
growth in customer numbers.  PPM Energy's half-year results were
lower than the previous year due to the phasing of profit
recognition from our contracted gas storage business.  PPM
Energy's operating profit for the full year is expected to be
ahead of last year, as a result of profits from our gas storage
business and this year's wind development program that will
contribute to operating profit in the fourth quarter.

Investment for growth in our continuing businesses, for the half
year, was GBP379 million, representing 72% of the total net
capital investment spend.  The investment for growth primarily
related to expenditure on our windfarm portfolios in the U.K. and
U.S.

Construction of the 574 MW of windfarms announced by PPM Energy
for this financial year is on schedule.  The U.S. Energy Bill,
signed in August, extended Production Tax Credits for two years
to the end of December 2007 and as a result PPM Energy announced
the first of its projects for 2006, a 200 MW windfarm in
Washington state.  PPM Energy has also purchased 500 MW of
turbines, at competitive prices, for projects due to be
constructed in 2006 and 2007.  In the U.K. we are the largest
windfarm generator with 271 MW operational and 58 MW under
construction.  Forecast capital investment for our continuing
businesses remains consistent with our expectations at GBP1
billion for the full year, with some 70% for growth.  We expect
to invest GBP0.5 billion in PPM Energy by the end of the current
financial year.

Returns from our investment program are expected to be well ahead
of the cost of capital and are already evident in the strong
operating profit growth of our continuing businesses.   Damhead
Creek, Brighton and phase one of Black Law have contributed to
the operating profit growth in Energy Wholesale while PPM Energy
is benefiting from its wind development program and gas storage
facilities acquired in Alberta and Texas.  In addition, we
announced the sale of our underground natural gas storage project
at Byley and as a result have reported an exceptional gain on
sale of GBP79 million this quarter.  The sale, combined with
securing a 15-year gas storage contract for a substantial portion
of the planned capacity, presented an attractive opportunity for
Scottish Power to immediately maximize value from the project for
shareholders and secure our long-term gas storage requirements in
the U.K.

In September, we announced a corporate restructuring that will
lead to annualized cost savings of GBP60 million.  We have
established a flatter organizational structure that will increase
our focus on operational excellence and efficiency, reduce layers
of management and consolidate shared support functions in the
U.K.  As previously announced, the restructuring will remove more
than 700 full time positions.  We anticipate that there will be a
reduction of approximately 200 positions across the organization
by the end of the current financial year with a further reduction
of 500 positions the following year.  In addition to the
personnel savings, a comprehensive set of initiatives are
underway to simplify and standardize existing processes, many of
which relate to the cessation of activities related to the
ownership of PacifiCorp.  We anticipate that some GBP10 million
of savings will be delivered in the second half of this financial
year, representing an annualized equivalent of GBP20 million.
Approximately GBP50 million will be delivered next year and the
full GBP60 million in 2007/08.

The sale of PacifiCorp is proceeding on schedule.  In June, the
first of the regulatory filings was made with the Nuclear
Regulatory Commission.  In July, Scottish Power shareholders
approved the sale at the Extraordinary General Meeting and
filings were subsequently submitted to the Federal Energy
Regulatory Commission.  In July, filings were also submitted to
the six state utility commissions and hearings are scheduled, for
all states, from November 2005 to January 2006.  As a result of
the repeal of the Public Utility Holding Company Act, approval by
the Securities and Exchange Commission is no longer required.

As previously announced, we expect that the sale of PacifiCorp
will be completed between May and November 2006 and upon
completion this will enable us to return approximately GBP2.5
billion to shareholders.  PacifiCorp's trading results for the
half-year were in line with our expectations.

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

CONTACT:  SCOTTISH POWER PLC
          1 Atlantic Quay
          Glasgow
          G2 8SP, United Kingdom
          Phone: +44-141-248-8200
          Fax: +44-141-248-8300
          Web site: http://www.scottishpower.plc.uk


SEFTON DECORATORS: Begbies Traynor Liquidator Enters Firm
---------------------------------------------------------
D. Hewitt, chairman of Sefton Decorators Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 19 at Begbies Traynor, 1 Winckley Court, Chapel Street,
Preston, Lancashire PR1 8BU.

David R. Acland of Begbies Traynor, 1 Winckley Court, Chapel
Street, Preston, Lancashire PR1 8BU was appointed liquidator.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


SHG 1998: Liquidator from PwC Takes over Firm
---------------------------------------------
M. R. Powell, a member of SHG 1998 Limited, informs that the
special and ordinary resolutions to wind up the company were
passed on Oct. 28.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street,
Birmingham B3 2DT were appointed joint liquidators.

CONTACT:  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


TEAM VALLEY: Liquidators Enter Firm
-----------------------------------
J. Dodd, chairman of Team Valley Construction Training Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 20 at RMT, Gosforth Park Avenue, Newcastle upon
Tyne NE12 8EG.

A. A. Josephs and L. A. Farish of RMT, Gosforth Park Avenue,
Newcastle upon Tyne NE12 8EG were appointed Joint Liquidators.

The firm offers 4-day courses in plastering, painting and
decorating, joinery, tiling, brickwork, and plumbing.

CONTACT:  TEAM VALLEY CONSTRUCTION TRAINING LTD.
          Unit 12/Earls Park North/Earlsway,
          Team Valley Trading Estate
          Gateshead, Tyne and Wear
          NE110RQ
          Phone: 0191-491 3647


TRIPRAY LIMITED: Owners opt for Liquidation
-------------------------------------------
G. Cinotti, the chairman of Tripray Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Oct. 28 at Via Manzoni 29, Mareno Di
Piave, TV, Italy.  Richard A. J. Hooper of Haslars, Old Station
Road, Loughton IG10 4PL was appointed liquidator.

CONTACT:  HASLARS
          Old Station Road,
          Loughton IG10 4PL


VETROPRINT LIMITED: Shuts down Factory Without Warning
------------------------------------------------------
Vetroprint Limited stunned workers last week by its sudden
closure, says The Northern Echo.

Employees claim they were not warned at all.  One night-shift
worker learned of the closure only after he showed up for work
and found the doors locked.  The company operates a factory in
Spennymoor, County Durham, making glass for oven doors
manufactured by Electrolux, also based in Spennymoor.  The plant
employs a hundred workers.

The company, which also manufactures building materials, did not
explain the reason for the closure.  According to the paper,
management met with receiver Martin Buttriss, of FA Simms and
Partners, and Jeff Moorland, of Amicus Union on November 6,
presumably to announce the closure.

Davey Hall, regional secretary of Amicus, said: "Workers knew
nothing about it; they were absolutely shocked and stunned."

"It is heartless.  It is the worst possible time.  It is coming
up to Christmas and the lads don't know if there is any money
coming," one employee told the Echo.

Vetroprint was taken over by Leicester-based glass company Mawby
and King five years ago.  Both companies were not available for
comment.

CONTACT:  VETROPRINT LTD.
          Within Electrolux Ltd.,
          Merrington Lane Trading Estate
          Spennymoor County Durham DL16 7XL
          United Kingdom
          Phone: +44 (191) 301 34 41


WARD CONTRACTS: Appoints Liquidator
-----------------------------------
Rob Ward, director of Ward Contracts Group Limited, informs that
a resolution to wind up the company were passed at an EGM held on
Oct. 18 at Hodgsons, George House, 48 George Street, Manchester
M1 4HF.

Lawrence I. Freedman of Hodgsons, George House, 48 George Street,
Manchester M1 4HF was appointed liquidator.

The Ward Contracts Group Ltd. --
http://www.wclshopfitters.com/-- was founded in 1992 by managing
director Rob Ward.  It offers full turnkey shopfitting service.
Its focus is on Bakeries and the fresh food retailing sector.

CONTACT:  WARD CONTRACTS GROUP LTD.
          Units 5 & 6, 76 Stephenson Way
          Formby Business Park
          Formby Merseyside L37 8EG
          Phone: +44 (0) 1704 833344
          Fax: +44 (0) 1704 833345

          HODGSONS
          George House
          48 George Street
          Manchester
          Greater Manchester M1 4HF
          Phone: 0161 228 7444
          Fax: 0161 228 735
          E-mail: dmond@hodgsons.co.uk


WM MORRISON: Union Threatens to Strike Anew
-------------------------------------------
Labor union GMB has warned anew of strike action or litigation
against Wm Morrison Supermarkets plc after female workers set to
lose their jobs on Christmas Eve were told that they would be
paid the statutory redundancy pay only.

On November 4, these former Safeway female employees, who are now
working in the administration unit of Morrison in South Shields,
were informed that they would get only a third of the redundancy
pay promised to male depot workers.

According to The Independent, these women are being offered the
minimum severance payment -- about a week per year of service --
while male employees would receive an amount equivalent to more
than three weeks per year.

Tom Brennan, GMB Northern Region Secretary said: "The takeover of
Safeway by Morrisons has been a disaster for former Safeway
staff.  As well as the large job losses that will result,
Morrisons are planning to pay these women administration workers,
who will lose their jobs on Christmas Eve, only one third the
redundancy package they have already agreed to pay the male depot
workers.

"This sex discrimination is completely unacceptable to GMB.
Strike action or litigation will follow if the company persists
with this plan."

In September, the GMB and the Transport & General Workers unions
called for a three-day industrial action over fears of job
losses, which were later confirmed as Wm Morrison unveiled plans
to shut down three distribution depots.  However, the company
averted the strike by agreeing to initiate national wage
bargaining.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk


WOOLWICH CONTRACTS: Calls in Liquidators from Kroll Limited
-----------------------------------------------------------
Company Names: WOOLWICH CONTRACTS LIMITED
               WOOLWICH FINANCIAL SERVICES LIMITED
               WOOLWICH (GUERNSEY) LIMITED
               WOOLWICH PROPERTY SERVICES (1996) LIMITED

At the general meeting of these companies, the special, ordinary
and extraordinary resolutions to wind up the companies were
passed.  Gary Peter Squires and Neil Hunter Cooper of Kroll, 10
Fleet Place, London EC4M 7RB were appointed joint liquidators.

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


                            *********


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

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

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

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