TCREUR_Public/051116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 16, 2005, Vol. 6, No. 227

                            Headlines

C Z E C H   R E P U B L I C

OLSANSKE PAPIRNY: Winding down Loss-making Mill
PRAGA COMPANY: High Court Cancels Bankruptcy Order
PROMIL A.S.: Alimpex Takes over Business


F I N L A N D

BENEFON OYJ: Issues Convertible Bonds to Raise Fresh Funds
BENEFON OYJ: 9-month Report Forecasts EUR2.9 Mln Full-year Loss


F R A N C E

ALSTOM SA: Barclays Acquires Power Conversion unit
ALSTOM SA: MSC Cruises Orders two more Ships


G E R M A N Y

ADOLF DOLD: Frankfurt Court to Verify Claims March
BPS GMBH: Creditors Meeting Set January
DUERR AG: Expects Net Profit Next Year
FJH AG: Fortifies Sales Unit
GAT ABGASTECHNIK: Under Bankruptcy Administration

HOFFMANN-WERFT: Proofs of Claim Due Next Month
KANTINENBETRIEB: Files for Bankruptcy
NIM NEUBAU: Hamburg Company Goes Bust
PIANOCENTER HSP: Claims Filing Period Ends Friday
REGIOCONCEPT BETREUUNGSGESELLSCHAFT: Succumbs to Bankruptcy
WCM AG: Posts EUR18.7 Million Q3 Pre-tax Loss


H U N G A R Y

PANNONPLAST RT: Cuts Nine-month Loss to HUF237 Million


I R E L A N D

SMURFIT KAPPA: New Group Gets 'B+' Rating from Fitch


I T A L Y

IMPREGILO SPA: Extraordinary Charges Pull down 9-month Results
PARMALAT SPA: Bank of America Seeks Dismissal of Amended Suit
PARMALAT SPA: Parma Prosecutors Open New Probe


N E T H E R L A N D S

KONINKLIJKE AHOLD: Outsources IT Needs to ATOS ORIGIN, EDS
ROYAL NUMICO: Raises EUR550 Mln Through Equity Issuance
ROYAL SHELL: Cancels Further 1,980,000 'A' Shares


R U S S I A

BALTIC: Bankruptcy Hearing Resumes Next Week
GRAIN RECEIVING: Bankruptcy Supervision Procedure Begins
KURSK-METAL: Court Appoints Temporary Insolvency Manager
KUZNETSOVSKIY PORCELAIN: Declared Insolvent
OAO ROSNEFT: Earns 'BB+' Rating from Fitch

OIL-GAS-SERVICE: Insolvency Manager Takes over Firm
PERL: Nizhniy Novgorod Court Opens Insolvency Proceedings
SAYAN-FURS: Claims Filing Period Ends November 24
SIB-GAS-OIL-STROY: Creditors Have Until Next Week to File Claims
SOBOLEVSKOYE: Orenburg Court Brings in Insolvency Manager
SOFRINSKIY: Building Materials Supplier Succumbs to Bankruptcy


T U R K E Y

DOGAN YAYIN: Fitch Affirms 'B+' Ratings; Outlook Stable
HURRIYET GAZETECILIK: Fitch Upgrades Rating to 'BB'


U K R A I N E

BIOTEHPROM: Proofs of Claim Due Friday
CJSC PRIVATBANK: Profitability, Capitalization Weak, says Fitch
EURO-FARM: Creditors' Claims Due this Week
GRANIT: Files for Bankruptcy
IBERDESIGN: Court Appoints Liquidator

IMPORTPOBUTSERVICE: Insolvency Manager Steps in
LVIV-CONTACT: Gives Creditors Until this Week to File Claims
MARIUPOL AUTO 11433: Court Grants Debt Moratorium
POLIMERI UKRAINI: Declared Insolvent
UKRPROMAGROSERVICE: Insolvency Manager Takes over Helm


U N I T E D   K I N G D O M

CAPITALIFE ASSOCIATES: Calls in Liquidators from PwC
CHILWOOD LIMITED: Claims Deadline November 28
COSINE COMMUNICATIONS: Calls in Liquidator
DAWS ENGINEERING: Files for Liquidation
DOWLAIS REORGANISATION: Appoints Liquidator

EASYNET GROUP: Majority of Shareholders Accept BSkyB Offer
EATON FINE: Liquidators from KPMG Move in
ELEPHANT FLOORING: EGM Passes Winding-up Resolution
EUROPEAN SCIENCE: Names David Rubin Liquidator
G.D.C. STEEL: Baker Tilly to Liquidate Business

GEORGE BOWLEY: Engineering Firm Opts to Wind up Operations
GO BEYOND: Files for Liquidation
HORIZON CONSERVATORIES: Appoints Liquidator
JESSOPS PLC: Preliminary Results Out Later this Month
KINGSTON FINISHES: Liquidators Enter Firm

KIRSTOL LIMITED: Names Kroll Liquidator
L & C CONTRACT: Files for Liquidation
LEARAY TRADING: Appoints Liquidator
LOADED LTD.: Clothing Firm Winds up
LOVE SAVES: Food Retailer Liquidates

LUCKYRIGHT LTD.: Winding up Operations
MARKET DEVELOPMENT: Hires Administrators from Begbies Traynor
MARKS & SPENCER: To Name New Non-executive Directors February
MINORPLANET SYSTEMS: Issues Shares to pay GBP330 Mln Debt
MONSOON NIGHTS: Food Retailer Files for Liquidation

MONUMENT EXECUTIVE: Creditors Meeting Set Friday
MSH TRANSPORT: Goes into Liquidation
MULTIPAC (LEEDS): Calls in Liquidator
NEIL GRINNALL: In Administrative Receivership
NJM PRODUCTIONS: Liquidators from Vantis Numerica Enter Helm

O'SULLIVAN INDUSTRIES: To Pay U.K. Creditors' Claims
PARTS PLUS: Files for Liquidation
PERMACOOL HEAT: Goes into Liquidation
PINE STREET: Calls in KPMG Liquidator
PLANET (HERTS): Creditors Meeting Set Thursday

RAMSDALE WINDOWS: Creditors to Meet Friday
RED ROOSTER: Appoints Liquidator
REGAL PETROLEUM: To Appeal Ruling on CNGG Case
RURAL ESTATES: Calls in Milner to Liquidate Business
SARAN WINDOWS: Owners Decide to Wind up Firm

SKYEPHARMA PLC: Hires Lehman Brothers to Study Takeover Offer
SOPHIA DEVELOPMENTS: Creditors to Meet Friday
SUMMIT ENGINEERING: Liquidator from Turpin Enters Firm
SYMBIOSYS LIMITED: Claims Deadline Set December
UK ACCESS: Creditors to Meet Next Week

UNIQ PLC: Reveals GBP1.5 Million Half-year Loss
UNUMPROVIDENT FINANCE: Moody's Rates US$400 Mln Debentures Ba1
VALENTINA GROUP: Clothing Firm Goes into Liquidation
WICKS TRANSPORT: Calls in Joint Liquidators
WOODLEY PROPERTY: Files for Liquidation
YOLDINGS LTD.: Members Decide to Wind up Firm


                            *********


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C Z E C H   R E P U B L I C
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OLSANSKE PAPIRNY: Winding down Loss-making Mill
-----------------------------------------------
Paper mill Olsanske Papirny will shut down its Vlcice site by
February next year, Czech News Agency says.  It cited low
long-term productivity for the closure, which will affect 60
employees.  The company lost a record CZK1.3 billion in 1999.

CONTACT:  OLSANSKE PAPIRNY a.s.
          Lukavice 21
          789 01 Zabreh
          Phone: +420 583 492 111
          Fax: +420 583 492 302
          E-mail: olpa@olpa.cz


PRAGA COMPANY: High Court Cancels Bankruptcy Order
--------------------------------------------------
The Prague High Court has reversed the bankruptcy of Praga
Company, Czech News Agency says.

The regional court in Usti nad Labem declared the company
insolvent in July this year and appointed Josef Cermak receiver.
On November 1, it appointed a liquidator to wind up production
and sell its assets.

Only a year ago, Praga Company absorbed bankrupt engineering
group Praga.  Together they employ 130 workers and manufacture
car parts -- conic and front gears and gearboxes.  Its clients
include J.B. Trade, TOS Znojmo, Daewoo Avia Cz, Tatra Kopoivnice,
Gama Kladno and AVC Eadca.  Praga Company earned CZK61.4 million
in 2003.

CONTACT:  PRAGA COMPANY s.r.o.
          Louena 241
          463 34 Hradek nad Nisou
          Phone: +420 485 140 220
          Fax: +420 485 140 213
          E-mail: praga.mark@tiscali.cz


PROMIL A.S.: Alimpex Takes over Business
----------------------------------------
Alimpex Food has acquired debt-ridden dairy group PML
Protein.Mleko.Laktoza a.s. (Promil), according to Czech News
Agency.

Prior to this, Alimpex had acquired claims of farmers at 45%
their value.  Promil collapsed in September when farmers stopped
supplying milk, which substantially affected production.

The country's fourth largest dairy group, Promil exports milk
products to Saudi Arabia, Egypt, Yemen, Kuwait, Lebanon, United
Arab Emirates and Syria.

CONTACT:  PML PROTEIN.MLEKO.LAKTOZA a.s.
          as Smetanova 1332 Novy
          Bydzov 504 01
          Phone: +420 495490305
          Fax: +420 495491288
          E-mail: promil@promil.cz
          Web site: http://www.promil.cz

          ALIMPEX FOOD a.s.
          Ceskobrodska 1174
          198 00 Praha 9 - Kyje
          Phone: +420 - 234 106 147-8
          Fax: +420 - 281 866 152
          E-mail: alimpex@alimpex.cz
          Web site: http://www.alimpex.cz


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


BENEFON OYJ: Issues Convertible Bonds to Raise Fresh Funds
----------------------------------------------------------
Based on the authorization given to the Board of Benefon Oyj by
the annual general meeting of May 26, 2005, the Board has decided
to increase the share capital of the Company by a maximum of
EUR23,809.52.  It is issuing -- in deviation from the
shareholders' first right -- a convertible bond loan Benefon
2005A of EUR500,000 to MMA Limited and Biggles Limited.  One
convertible bond of EUR250,000 will be issued to each of the two
lenders.

The Loan is needed to secure the financing of the Company until
the completion of the on-going strategic financing program and,
therefore, there is a weighty financial reason to deviate from
the shareholders' first right.

The loan carries no interest and shall be paid back on Dec. 31,
2007, unless converted into the shares of the Company before it.
The issued transferable bonds shall entitle the carriers to
convert their bonds, in their entirety only, into new S-shares of
the Company (BNFSV) at the conversion rate of EUR0.21 of un-paid
bond capital per share.  With the conversions, the share capital
of the Company would increase by a maximum total of EUR23,809.52
and the number of shares in the company by a maximum total of
2,380,952.  The conversion period shall begin from the
registration of the convertible loan at the Trade Register and
continue until Dec. 31, 2007.  In the event a bond has not been
converted into shares by December 15, 2007 by the holder, the
Company has the option to convert the unpaid principal capital of
such bond into the shares of the Company at the same conversion
rate of EUR0.21 per share.

In addition, the Board of Benefon has decided to issue an
incentive package of a total of 3,300,000 option rights, with a
total of 740,385 options issued to each of MMA Limited and
Biggles Limited, together with 1,466,666 options issued to
Ashland Partners and 352,564 options issued to Tomi Raita, the
COO of the Company.  The issuance of the decided incentive
package is on the condition that all recipients will exercise the
received options without undue delay.

The Board decided to use for the purpose part of the 39,597,988
option rights decided by the extraordinary general meeting of
Feb. 26, 2004, registered in the Trade Register on Dec. 16, 2004
and of which 32,097,988 are currently available to the Board and
parked at Octagon Capital Ltd.  All of these options are
exercisable at EUR0.14 per share until Jan. 31, 2008.  After the
now decided issuance of options, the remaining number of
non-committed option rights 2004A parked at Octagon Capital will
be 28,797,988.

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


BENEFON OYJ: 9-month Report Forecasts EUR2.9 Mln Full-year Loss
---------------------------------------------------------------
The reorganization solution, which the Company applied for in
April 2003, confirmed in March 2004, and was crucial in regard to
the continuity of the Company, is available at
http://www.benefon.comand detailed in the financial report of
FY2004 issued on Feb. 24, 2005.

The Company reported on April 20, 2005 about the agreement
between the Company, the supervisor of the reorganization of the
Company, Finnvera, OKO Bank and Sampo Bank (FOS) according to
which the reorganization program of the Company will be applied
to be amended to end on June 30, 2005 instead of the prior
confirmed Dec. 31, 2008.  The agreed application was sent on
April 28, 2005 to Turku District Court, which on June 13, 2005
resolved to approve the application of the Company.  The decision
of the Turku District Court became legally enforceable on June
20, 2005 and the Company reported after the end of the period on
July 4, 2005 that in accordance with the approved program
amendment it had paid off all non-collateralized debt.

At the same time, the Company also paid to non-collateralized
creditors of the Company additional payments, which more than
doubled the payments to the non-collateralized creditors
determined in the reorganization program.

With the Turku District Court having decided to amend the
reorganization program in accordance with the application, the
Supervisor withdrew the regression suits filed in the District
Court of Helsinki as reported by the Company in a market bulletin
released on Dec. 16, 2003.

Further, the Company and FOS have agreed certain financial
covenants upon fulfillment of which, but not later than Sept. 28,
2008, FOS will waive all claims towards and receivables from the
Company and will release all collateral provided to them.

The advanced completion of the reorganization program has no
direct effect on the alternate forced leaves of the Company,
which are continuing on production and financial grounds.

Additional Financing Secured for Operations

On April 12, 2005, the Company reported about the financing
arrangement for product development.  In the arrangement, the
selected leasing company Benecap Limited of Jersey, Channel
Islands, will acquire from outside suppliers certain deliverables
needed in the new product program mentioned in the FY2004 result
report issued on Feb. 24, 2005.  These deliverables, including
items like the operating system, molds, Bluetooth software, and
other mobile software, among others, are licensed to Benefon for
utilization in the said new product program.  In the arrangement,
there is a structure in place for Benefon to buy out the
ownership of these operating licenses with agreed terms and
conditions.  In accordance with the terms of such operating
license, the Board decided further to commit to issue a maximum
of 2,340,000 option rights with share exercise price of EUR0.14
each which shall be directed to the investors providing the funds
for the license acquisitions.

Connected with the agreement for the advanced reorganization exit
of Benefon Oyj outlined above, the Company reported on April 20,
2005 about raising a capital loan of EUR1,200,000 for financing
the payments in the agreement.  The loan was granted by the said
Jersey company Benecap Limited who arranged the loan capital from
investors.  The loan carries no interest and it will be paid back
at the end of 2007, as latest, subject to legal limitations
pertaining to capital loans.  As part of the negotiated terms and
conditions of the loan, the Board of the Company committed to
issue 2,160,000 option rights with share exercise price of
EUR0.14 each to be directed to the investors providing the funds.

On July 6, 2005 the Company reported further that, in order to
ensure the completion of the planned new product development
program and to secure sufficient components required for such
products as well as the ongoing strategic financing, the company
will raise a capital loan of EUR1,250,000.  This loan was
arranged by Benecap Limited, who arranged the loan capital from
investors.  The interest of the loan is 8% p.a. and it will be
paid back at the end of 2007, as latest, subject to legal
limitations pertaining to capital loans.  As part of the
negotiated terms of the loan, the Board committed to issue a
total of 2,500,000 option rights with share exercise price of
EUR0.14 to the investors providing the funds.

On Aug. 3, 2005, the Company reported further that the Board of
the Company has decided to realize the commitments due to its
said earlier three decisions, and to issue the committed total of
7,000,000 option rights to the 26 investors assembled by Benecap
Limited in proportion to their contributions.  The decision will
be implemented by transferring to the investors a total of
7,000,000 options from the option rights granted by the
extraordinary general meeting of Feb. 26, 2004 of the Company,
the amount of which was originally set at 39,597,988, which were
registered in the Trade Register on Dec. 16, 2004 and which
currently are being parked at Octagon Capital Ltd.  All of these
options are exercisable at EUR0.14 per share until Jan. 31, 2008.

The Company reported after the end of the reporting period on
Nov. 10, 2005 about additional measures to secure the short-term
financing of the Company including the convertible bond loan of a
total of EUR500,000, issued to MMA Limited and Biggles Limited
and convertible at EUR0.21 per share until end of year 2007, and
about a total of 3,300,000 option rights Benefon 2004A, with
exercise price of EUR0.14 per share, directed to the said two
investors together with Ashland Partners and the COO of the
Company.  The options will be exercised without delay.

The Longer-term Financing Solution of the Company is Proceeding

The Company reported in December 2004 about retaining a New York
investment bank to explore and evaluate the various financing
alternatives for securing the long term financing of the Company.
In the update report issued on May 13, 2005 the Company informed
that one of the objectives of the on-going strategic financing
project is to secure the financing for the said new product
program to be realized during the years 2005 and 2006 in a cost
effective manner and within the planned timeframe, and that the
bank is about to contact interested investors for the purpose of
presenting the history, current situation and trading information
and the ongoing business development projects of the Company, of
which the most central is the said new product program started
last autumn.

In the new update report issued on Aug. 1, 2005, the Company
informed that the Company's evaluation of various strategic
funding alternatives, as referred to in the bulletin dated May
26, 2005, is still ongoing and further information will be
available towards the end of August 2005.

After this, on Sept. 5, 2005, the extraordinary general meeting
decided to authorize the Board of Directors to decide on an
increase in the Company's share capital by a maximum of
EUR1,000,000 through a new issue of shares based on pre-emptive
subscription rights of the shareholders, by issuing a maximum of
100,000,000 new investment class shares (BNFSV), or convertible
loans or option rights that entitle to said shares.  The shares
each have a counter book value of EUR0.01.  Any shares,
convertible loans or option rights that are not subscribed by the
shareholders pursuant to the pre-emptive subscription rights of
the shareholders may be allocated by the Board of Directors to
new investors for subscription.

The meeting decided further that the Board of Directors shall
decide on the subscription price so that the subscription price
may incorporate a discount to the market price prevailing at the
time the decision is taken, but shall not be lower than the
counter book value of the shares.  The principal amount of the
capital loans, as defined in the Finnish Companies Act, issued by
the Company, excluding any accrued interest thereon, may be used
to set-off the subscription price.  The Board of Directors was
authorized to determine the subscription price and to decide on
all other terms and conditions of the share issue.  The
authorization shall be valid for a period of one year from this
decision.  The evaluation of the Company's financing alternatives
is ongoing and expected to be completed by the end of this year.

Extraordinary General Meeting on Sept. 5, 2005

The extraordinary general meeting of the Company on Sept. 5,
2005, in addition to the authorization detailed above, also
decided about the new option program of 20,000,000 options, about
the conditionally promised option package of 1,500,000 options to
the previous CEO and about amendment of the terms of the option
program of the Company decided on Feb. 26, 2004 to include in the
target group also parties in the inner circle of the Company.

Satelinx-LOI about GPS/GSM/GPRS-technology in Wrist Watch

The Company reported on Sept. 8, 2005 about an LOI signed with
Satelinx regarding acquisition of the product designs of a
GPS/GSM/GPRS watch currently owned by Satelinx Inc.  Benefon will
be testing the capability of the GPS/GSM/GPRS watch in relation
to its own core technology and will be integrating its'
proprietary protocols into the Satelinx watch to test its
compatibility and integration into Benefon's back-end solutions.
The LOI is subject to the successful testing of the GPS/GSM/GPRS
watch and once proven to work will be subject to a royalty based
payment arrangement with a maximum payment amount.

Benefon would then launch a bundled solution, which will enable
the company to sell its new integrated GPS/GSM/GPRS handheld due
out in the 4th quarter of 2005 with multiple watches as a set.
This will then enable parents to track their kids as well as
Benefon will then be able to provide solutions linked to the
elderly.

The Company received a working test unit in October and testing
and evaluation is ongoing.

New CEO Starts and London Office Opens

The Company informed on July 18, 2005 that the Board of the
Company has appointed Jonathan Bate to the position of Chief
Executive Officer, effective from October 15, 2005, and further
on Aug. 26, 2005 that the new CEO will begin in the Company
already on Sept. 19, 2005.  Connected with this, the activity at
the prior reported London office started at the end of September.
The preceding CEO Tomi Raita, continues in the Company as the
Chief Operating Officer.  The total number of employees in the
U.K. office stands at five.

Distribution Agreement for U.K. with 20-20 Logistics

After the end of the reporting period on Oct. 17, 2005, the
Company reported about signing an exclusive distribution deal
with the U.K.'s biggest distributor, 20:20 Logistics, part of the
Caudwell Group of companies which includes Dexter Solutions and
Phones4U.  The agreement will allow 20:20 to distribute Benefon
products and services to operators, retail outlets and large
corporate users throughout the U.K. and Ireland.  The agreement
contains commitment of 10,000 units shipped after the U.K.
approval and for 185,000 units to be sold annually in order for
20:20 to maintain exclusive distribution arrangement.

Incentive Option Package for Lextel Marketing

On Oct. 17, 2005, the Company reported further that the Board of
Benefon has decided to issue an incentive package of 500,000
option rights to Lextel Group who have been contracted by the
Company for marketing services in China and Hong Kong.  The
decided options are part of the 39,597,988 option rights Benefon
2004A decided by the extraordinary general meeting of Feb. 26,
2004 and exercisable at EUR0.14 per share until Jan. 31, 2008.

Financial Outlook Updated

The Company updated its financial outlook by reporting after the
end of the reporting period on Oct. 26, 2005 that its fiscal 2006
revenues and net income are expected to be EUR66.5 million and
EUR7.5 million respectively.  The company also expects that it
will achieve 2005 revenues of approximately EUR8.46 million with
a net loss of approximately EUR2.9 million.  Benefon also expects
fourth quarter 2005 sales to be approximately EUR2.39 million
with a net loss of EUR439,000.  The Company expects further that
its partnership with China Putian will generate significant
manufacturing savings from its new products along with sales
opportunities commencing in 2006 and beyond. Consequently, the
Company expects to reach profitability in the first quarter of
2006, generating net profit for the full year 2006, and
maintaining profitability on an annual basis thereafter.

According to the Company, the schedule of the new product program
detailed on May 13, 2005 has stretched, shifting deliveries from
the last quarter of this year into the beginning of next year.
The strategic outlook provided in the said spring earnings
projection has not essentially changed.

The Company underlined that the given estimates are based on
facts and assumptions the Company believes to be accurate;
however, there is a high degree of uncertainty in these
assumptions.  Specifically, the Company's ability to achieve its
financial forecasts is highly dependent on its ability to
complete funding requirements, its ability to meet product
development timelines, the success of its partnership with China
Putian, its ability to hire and retain qualified employees, its
ability to manage its growth, changes and trends in the mobile
communications industry in general.

The Company still complemented the given outlook update on Nov.
4, 2005 by informing that the latest financial projection update
of Oct. 26, 2005 and the preceding projections do not yet include
eventual effects from the Company adapting a financial accounting
and reporting system based on the International Financial
Reporting System (IFRS) standards, which shall take place in
Finland in this year at the latest.  The Company is in the
process of adapting IFRS based accounting, and the financial
statements from this year 2005, in accordance with the new
regulations, will be based on the IFRS.

The Company Defends Against Patent Claim in Italy

Benefon Oyj informed on May 25, 2005 about a patent claim raised
against the Company by Magi.tel in Rome, Italy, and maintained
that in the Company's view the claims were totally groundless
both as to any alleged infringement as well as to any liability
for damages, and that the Company intends to vigorously defend
its no-fault position against all such claims.  After the end of
the reporting period on Oct. 26, 2005, the Company provided a
situational update by informing that, in a hearing in June 2005,
the Company provided the court with additional material
substantiating its position and refuting the claim of Magi.tel,
and, in a new hearing on Oct. 19, 2005, the judge agreed with the
requests of the Company to file further evidence supporting its
position.  The next hearing will be held on April 5, 2006.

China Putian JV and Agreements

After the end of the reporting period the Company reported to
have entered into an agreement with China Putian to establish a
joint venture for the development and manufacturing of GPS mobile
phones and Mobile Telematics solutions.  The Joint Venture will
market the products in China and other agreed-upon world markets.
The Joint Venture will be established in Beijing, China, and
encompass R&D, manufacturing and sales of GPS mobile equipment
and solutions.  Under the agreement, Benefon and China Putian
will officially establish the joint venture by April 2006 with a
minimum of US$2 million dollars of capital.  Products from the
joint venture will be sold in China under either a China Putian
brand or a co-brand and are expected to hit the market next year.

Benefon has also signed a manufacturing agreement with Putian's
Beijing Capitel to begin production of its new personal
navigation phone expected to be shipping for European
distribution later this year.  Under the agreement, Capitel is to
manufacture a minimum of 200,000 units over a twelve-month period
and will also allow for Benefon to continue manufacturing in
Salo, Finland, as agreed between the parties.

On the same day, Benefon reported further that it had signed
distribution deal with one of China's biggest distributors, China
Putian International, with the initial committed order being
10,000 units.  China Putian International will distribute Benefon
products and services to operators, retail outlets and large
corporate users throughout mainland China.  The agreement allows
for China Putian International to market and distribute Benefon's
GPS products via any of its subsidiaries and will leverage their
strong sales and distribution channels to gain market share in
China.

Sales, Marketing and Business Development

The business of the Company is to offer mobile telematics
terminals, software and solutions for securing lives and
property, for improving field management and for personal
navigation applications and location based services.

Mobile telematics sales are directed to about 20 countries and
the sales efforts were focused especially on customer projects in
Europe and in USA.  The share of mobile telematics sales of all
sales in the reported quarter was almost 100%.

The range of mobile telematics products covers personal security
and navigation applications as well as field management
applications, vehicular and machine communications (M2M)
applications and asset tracking.  The objective is to continue
introductions of novel terminal and software products and product
versions in the most central markets for increased sales
opportunities.  Connected with this, the Company has started the
new product program centering on years 2005 and 2006 as outlined
previously.

Financial Performance in the Period

As informed by the Company, the financial information in this
interim report is still in accordance with the Finnish accounting
practice.

The net sales of the Company increased by 2% from the prior
quarter and 20% from the same quarter of the prior year.  The
operating loss before one-off items stayed on the level of prior
quarter but improved from that of the same period in 2004.

The net sales of the company in quarter July to Sept. 2005 were
EUR2.142 million, as compared to EUR2.103 million in the
preceding quarter April to June 2005.  The net sales in the same
quarter July to Sept. 2004 a year before were EUR1.790 million.

The operating result before one-off items in quarter July to
Sept. 2005 was -EUR416,000.  The comparable figure in the
previous quarter April to June 2005 was -EUR401,000 and the same
in the same quarter July to Sept. 2004 a year before was
-EUR590,000.  The operating result in quarter July to Sept. 2005,
including a EUR269,000 write-off of non-current material,
was -EUR685,000 and the net result -EUR720,000, whereas in the
previous quarter April to June 2005 the operating result was
-EUR401,000 and net result -EUR1.140 million.  In the same
quarter July to Sept. 2004 a year before, the operating result
was -EUR1.688 million and the net result -EUR1.700 million.

The total of the balance sheet at the end of quarter July to
Sept. 2005 was EUR4.678 million.  The total of the balance sheet
at the end of the previous quarter April to June 2005 was
EUR4.137 million and at the end of the same period July to Sept.
2004 a year before it was EUR4.926 million.  The share of the
shareholders´ equity of the balance sheet at the end of July to
Sept. 2005, including the capital loans, was EUR1.584 million, or
about 34%, when at the end of the prior quarter April to June
2005 it was EUR1.056 million, or about 26%.  The
interest-carrying net debt at the end of the quarter, including
the capital loans, was EUR4.349 million.  The total liabilities
at the end of the period July to Sept. 2005 were EUR3.049
million, whereas they were EUR3.036 million at the end of the
prior quarter April to June 2005 and EUR4.547 million at the end
of the same quarter July to Sept. 2004 a year before.  The total
liabilities at the end of quarter July to Sept. 2005 were
EUR3.049 million, all non-current.  This figure includes EUR1.627
million worth of collateralized debt and interests which in
accordance with the re-organization exit agreement will be waived
and booked as income by Sept. 30, 2008 at the latest.  Cash at
hand and in the banks at the end of the period was EUR1.523
million of which EUR352,000 was pledged.

Report on Sufficient Liquidity in Period 10/2005-12/2006

The account on the sufficient cash flow provided hereinafter is
based on the latest business plan.  Existing order stock does not
make a significant part of the estimated sales in the period.
The account includes the repayments of the reorganization debt
according to the re-org program and the proceeds from the Rights
Issue and the offering to investors.

Cash flow Account of Period Oct. 2005 to Dec. 2006/million euros

Operating result before extraordinary items
(presuming the said new product program)           7.1
Depreciations (mainly of R&D-capitalization)     3.3
Increase of current receivables               -10.3
Increase of inventories                      -7.5
Increase of non-interest bearing debt              2.3
Paid interests                                  -0.3
Investments (mainly R&D-capitalization)         -13.1
Share subscriptions and convertible loans    20.0
Change of interest bearing debt                 0.0
Change of cash at hand and in the banks           1.5

Should the future development deviate from current information or
estimates, it may significantly affect the construed cash flow
account.

Investments

The Company made no investments in the reporting period.

Personnel

The number of employed personnel at Benefon in the quarter July
to Sept. 2005 averaged 74.  At the end of the quarter, the number
of personnel was 74 when at the end of the prior quarter April to
June 2005 it was 76 and at the end of the same quarter 7-9/2004 a
year before it was 88.  In quarter July to Sept. 2005, the
alternate forced leaves affected about 33 people of the employed
personnel.

Future Outlook

On Oct. 26, 2005 the Company updated the revenue and
profitability projections for the year 2005.  In the projection,
the Company estimates the sales will increase and the result
improve in the final quarter of the year.  The Company underlined
that the estimates are based on facts and assumptions the Company
believes to be accurate but that there is a high degree of
uncertainty in these assumptions.  Specifically, the Company's
ability to achieve its financial forecasts is highly dependent on
its ability to complete funding requirements, its ability to meet
product development timelines, the success of its partnership
with China Putian, its ability to hire and retain qualified
employees, its ability to manage its growth, changes and trends
in the mobile communications industry in general.  Also, the
evolution of the euro-dollar parity may affect the outlook.

On Nov. 4, 2005, the Company still complemented the given outlook
update by informing that the latest financial projection update
of Oct. 26, 2005 and the preceding projections do not yet include
eventual effects from the Company adapting a financial accounting
and reporting system based on the International Financial
Reporting System (IFRS) standards, which shall take place in
Finland this year at the latest.  The Company is in the process
of adapting IFRS based accounting, and the financial statements
for the current fiscal year 2005, in accordance with the new
regulations, will be based on the IFRS.

Equity Issue Authority of the Board

The ordinary general meeting of May 26, 2005 decided to cancel
the authorization granted on May 28, 2004, and authorized the
Board of Directors, within the time limit of one year from the
meeting granting the authorization, to decide on the increase of
share capital by rights issue, issue of options or convertible
bonds in one or more installments so that in the issue of
convertible bonds or options or in the rights issue a total
maximum of 25,630,809 new investment shares with a book parity
value of EUR0.01 per share shall be entitled to be subscribed
for.  Therefore, the share capital may, based on the
authorization, be increased by a maximum of EUR256,308.09.

The authorization includes the right to deviate from the
pre-emptive right of the shareholders, referred to in Chapter 4,
Section 2 of the Companies Act, to subscribe for new shares,
convertible bonds or options and the right to decide on prices of
the subscriptions, those entitled to subscription, the terms and
conditions of the subscription and the terms and conditions of
the convertible bonds and options.  The authorizations may be
used in deviation from the shareholders' pre-emptive right
provided that there is a weighty financial reason from the
company's point of view, such as financing of corporate
acquisition or other arrangement relating to the development of
the company's business operations or strengthening the company's
balance sheet.

When the share capital is increased by a rights issue on other
basis than convertible bonds or options, the Board of Directors
is authorized to decide that the shares can be subscribed for in
kind, using the right of set-off or on other specific terms.

As reported on Nov. 10, 2005 and detailed hereafore in section
General, this authorization was used for directing to the two
outside investors a convertible bond loan of a total maximum of
EUR500,000, convertible into a maximum of 2,380,952 new shares at
the maximum at EUR0.21 per share until the end of year 2007, due
to which the share capital of the Company may increase by
EUR23,809.52 at the maximum.  After this, the remaining authority
of the Board to increase share capital is for EUR232,498.57.

Adopting IFRS Reporting

The Company intends to adopt the IFRS reporting standard in
connection with the financial statements of FY 2005.  The interim
reports in 2005 will be prepared according to the current Finnish
regulations.  Preparations for IFRS standard are proceeding.  No
precise estimates for the effects from the adoption of the IFRS
standards can yet be offered.

Financial tables are available free of charge at
http://bankrupt.com/misc/Benefon(9Mo_2005).htm

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


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


ALSTOM SA: Barclays Acquires Power Conversion unit
--------------------------------------------------
ALSTOM has closed the sale of its Power Conversion activity to
Barclays Private Equity.

ALSTOM Power Conversion specializes in the supply of systems and
equipment, which convert electrical energy into mechanical
energy, such as drives, controls, motors and generators.  This
activity recorded sales of over EUR500 million during the past
fiscal year.

It operates in four markets: marine and offshore, particularly
with electrical propulsion systems for civil and military
vessels, metals processing, oil and gas and power generation.
ALSTOM Power Conversion's main sites are located in France,
Germany, United Kingdom, United States and Brazil.

On becoming a shareholder, Barclays Private Equity intends to
pursue ALSTOM Power Conversion's development strategy in its key
markets.

About Barclays Private Equity

Barclays Private Equity is a leading European investment firm
specialized in private equity deals, in particular MBOs, managing
around EUR3 billion in Europe.  With more than 300 deals in
Europe and around 80 in France, the team has 12 members dedicated
to operations in French-speaking countries.  In France, Barclays
Private Equity has a strong experience in the food industry
(Saveur, Benedicta), catering (Courtepaille, La Croissanterie),
health (Gibaud, Saime, Medi-Partenaires), consumer products (Eau
Ecarlate, Interflora, SPhere), construction (Spie Batignolles,
Groupe Geoxia - Maisons Phenix, Frans-Bonhomme), and engineering
(Fives-Lille).

                            About Alstom

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

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

          Press Relations
          G. Tourvieille/S. Gagneraud
          Phone: 01 41 49 27 13 / 27 40
          E-mail: press@chq.alstom.com

          Investor Relations:
          E. Chatelain
          Phone: 01 41 49 37 38
          E-mail: investor.relations@chq.alstom.com

          BARCLAYS PRIVATE EQUITY
          Phone: +33 (0)1 44 43 78 99
          E-mail: stephanie.tabouis@consultants.publicis.fr
                  valerie.dudoit@consultants.publicis.fr


ALSTOM SA: MSC Cruises Orders two more Ships
--------------------------------------------
MSC Cruises has awarded ALSTOM a contract for the construction of
two 1,650-cabin cruise ships, following a letter of intent signed
in June this year.

These new liners, with length of 333 meters and a width of 38
meters, will be the largest ever ordered by a cruise-ship owner.
They will each have a capacity of up to 3,887 passengers and more
than 1300 crew members.

The first ship will be delivered in spring 2008 and the second in
spring 2009.  They will be built in the shipyard of Chantiers de
l'Atlantique (France), a subsidiary of ALSTOM.

"This largest ever firm order won by Chantiers de l'Atlantique is
a true demonstration of MSC Cruises' confidence in our
capabilities," said Patrick Boissier, President of ALSTOM's
Marine Sector. "We are proud to contribute to the impressive
growth of MSC in the cruise market worldwide."

ALSTOM Marine previously built two 800-cabin cruise ships for MSC
Cruises, MSC Lirica and MSC Opera, delivered respectively in
March 2003 and May 2004.  Two other 1,275-cabin cruise ships, MSC
Musica and MSC Orchestra, are currently under construction at the
Chantiers de l'Atlantique's shipyard of Saint-Nazaire (France)
and will be delivered for the 2006 and 2007 seasons.

                         About Alstom

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

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

          Press Relations
          G. Tourvieille/S. Gagneraud
          Phone: 01 41 49 27 13 / 27 40
          E-mail: press@chq.alstom.com

          Investor Relations:
          E. Chatelain
          Phone: 01 41 49 37 38
          E-mail: investor.relations@chq.alstom.com


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


ADOLF DOLD: Frankfurt Court to Verify Claims March
--------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Adolf Dold GmbH + Co. Kommanditgesellschaft
on October 12.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 24, 2006 to register their claims with court-appointed
provisional administrator Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2006, 9:20 a.m. at the district court of
Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ADOLF DOLD GmbH + Co. KOMMANDITGESELLSCHAFT
          August-Schanz-Strasse 20, 60433 Frankfurt am Main
          Contact:
          Nicola Doringer, Manager
          Am Erdbeeracker 6, 65830 Kriftel

          Ulrike Hoge-Peters, Administrator
          Cronstettenstrasse 30, D-60322 Frankfurt am Main
          Phone: 069/9591100
          Fax: 069/959110-12


BPS GMBH: Creditors Meeting Set January
---------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against BPS GmbH Bau on October 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 6, 2005 to
register their claims with court-appointed provisional
administrator Dr. Karsten Forster.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 11:20 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BPS GmbH BAU
          Lebuser Strasse 2, 15234 Frankfurt (Oder)

          Dr. Karsten Forster, Administrator
          Herbert-Jensch-Str. 111, 15234 Frankfurt (Oder)


DUERR AG: Expects Net Profit Next Year
--------------------------------------
Despite a continuing difficult market environment, new orders for
the Duerr Group rose in the first nine months of 2005 to
EUR1,177.4 million (previous year: EUR1,139.1 million).  At
EUR1,153.7 million, sales revenues were down 15 % compared with
the previous year (EUR1,356.1 million), which had seen
above-average sales revenues, however, due to one large order.
Duerr improved its ratio of cost-of-sales to sales revenues
significantly, with a gross margin of 19.5% on average for the
year to date (previous year: 16.5%).  This improvement is due to
efficiency gains in project management and purchasing.

Operating earnings (EBITDA) from January through September 2005
amounted to EUR41.4 million after EUR45.4 million in the previous
year's period and were influenced by earnings declines in plant
engineering business.  Net income/loss was -EUR4.6 million
(previous year: EUR+3.3 million), which was influenced by higher
interest expenses (EUR27.9 million; previous year: EUR18.0
million).  Including discontinuing operations net profit stood at
EUR6.6 million (previous year: EUR2.3 million).

Net financial debt held more or less steady in the third quarter,
at EUR312.2 million (June 30, 2005: EUR299.6 million).  One
reason for this development was that prepayments received were up
EUR10 million for the first time in several quarters.

Financial Structure Improves

In the framework of its strategic realignment, Duerr is
concentrating on its core business with the automotive industry.
Operations that do not fit in with core business are therefore
being sold.  With the proceeds Duerr improves its financial
structure substantially.  The company sold its Development Test
Systems business unit for EUR27 million in the third quarter.
The sale of the Measuring and Process Technologies business unit
to Hg Capital will bring Duerr EUR205 million by the end of 2005,
most of which will be used to reduce financial liabilities.

Implementation of FOCUS Going According to Plan

The operational strengthening of core business that Duerr has
begun with the group-wide FOCUS program is well under way.  As
part of the restructuring of the Paint and Assembly Systems
division, which will yield annual savings of EUR50-60 million
beginning in 2007, about 300 of the 800 job cuts that are planned
worldwide were completed by the end of October.  Restructuring
has begun in the loss-bringing activities in the United States
and Mexico.  In addition, important organizational improvements
were made, including establishing a uniform group-wide sales
organization for key accounts, closer coordination of market
development activities in painting technology for automobile
manufacturers and their suppliers, and an international
competence-center structure for large-scale plant engineering.
Another current emphasis of FOCUS is product harmonization.

"The sale of Measuring and Process Technologies successfully
concludes our disposal of peripheral activities.  The proceeds
give us the liquidity we need to concentrate entirely on
strengthening operating earning power in our core business," said
Ralf Dieter, who will take over as Chairman of the Board of
Management of Duerr AG on January 1, 2006.

Mr. Dieter continued: "We are benefiting from growth in the
automotive industry in Asia and Eastern Europe as well as from a
growing diversity of vehicle models, which requires flexible
production systems.  Moreover, our great expertise in technology
and project management makes us a key partner for the
increasingly important remodeling and optimization of existing
automobile factories."

Outlook

For the full year 2005, Duerr expects sales revenues of around
EUR1.7 billion (previous year: EUR1.9 billion) for its continuing
operations including Measuring and Process Technologies and new
orders on the previous year's level of EUR1.6 billion.  Weak
capacity utilization in plant engineering will weigh on earnings
in the fourth quarter.  With the proceeds from the sale of
peripheral activities, Duerr expects to reduce net financial debt
to about EUR200 million by the end of the year.  The equity ratio
is expected to reach about 20%.

The implemented FOCUS measures will find expression in a more
favorable cost structure as early as 2006.  Interest expense will
decline significantly.  Duerr expects to achieve a net profit for
that year.  After conclusion of the 18-month FOCUS program, the
company expects to achieve a pre-tax margin of 4 % and an EBITDA
margin of 8 % in 2007.


        Jan. 1 - Sept. 30 Jan. 1 - Sept. 30   Q3    Q3
                 2005                2004        2005   2004
in EURmillions
Incoming orders  1,177.4  1,139.1  321.0  274.3
Orders on hand
(as of Sept. 30)   950.8  1,053.9  950.8  1,053.9

Sales revenues  1,153.7  1,356.1  396.9    466.3

EBITDA           41.4     45.4      18.0       15.1
EBIT                 22.6     28.2   11.7      9.3
Net income/loss for
the period       -4.6      3.3    2.1     -1.3

Cash flow from operating activities
                   -131.1   -106.3  -28.3     -5.2
Cash flow from investing activities
                     94.5     -7.5   20.3     -6.7
Cash flow from financing activities
                     69.3     -4.9   44.5     27.1

Total assets (as of Sept. 30)
                  1,383.8  1,404.0   1,383.8  1,404.0
Equity (excl. minority interests) (as of Sept. 30)
                    243.7    227.8     243.7      227.8
Net financial debt (as of Sept. 30)
                    312.2    240.6  312.2    240.6
Net working capital (as of Sept. 30)
                    260.3    120.1  260.3    120.1

Employees as of Sept. 30
                    7,103    7,387  7,103   7,387

Please note: All figures are for the Duerr Group's continuing
operations unless otherwise provided.  The Measuring and Process
Technologies business unit is included in the figures for the
first nine months of 2005.  The Premier Group and the Development
Test Systems business unit are no longer included.

The Duerr Group is one of the world's leading suppliers of
products, systems, and services for automobile manufacturing.
Its range of products and services covers important stages of
vehicle production.  As a systems supplier, Duerr plans and
builds complete paint shops and final assembly facilities.  Duerr
also delivers cleaning and filtration systems for the manufacture
of engine and transmission components as well as balancing
systems for vehicle components.

CONTACT:  DUERR AG
          Guenter Dielmann
          Corporate Communications & Investor Relations
          Phone: +49 (0)711 136-1785
          Fax: +49 (0)711 136-1034
          E-mail: corpcom@durr.com


FJH AG: Fortifies Sales Unit
----------------------------
FJH AG (ISIN DE0005130108), the specialist insurance consultancy
and software house listed in the German Prime Standard, shifts
responsibility for sales to board level.  To increase efficiency
and keep costs at bay the department will be headed by CEO Ulrich
Korff u.  Korff also holds responsible for the company's
strategy, marketing and PR as well as revision.  Responsibility
for Human resources will move to CFO Sven-Roger von Schilling.

Under Korff's management all sales activities in Germany and
abroad will be brought together.  "A successful, efficient and
international sales structure is of vital importance to FJH's
further development.  The new structures implemented so far have
proved to be very strong.  In order to strengthen these further
the Supervisory Board followed the recommendation of the Board of
Directors and decided to set up a sales department on board
level," says Korff.

"We have made important progress with our sales efforts over the
last months.  With the new structure we will be even more
effective."

About FJH

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

Around half of all Germany's life insurance companies number
among FJH's longstanding business partners.  Worldwide, FJH
software is used in 20 countries on three continents, as for
example in Russia, the U.S. and Australia.

In addition to its headquarters in Munich, the FJH Group has
offices in Hamburg, Cologne and Stuttgart.  It also has
subsidiaries in Switzerland, Austria, the U.S.A. and Slovenia.
FJH was founded in 1980 and has been listed at the Frankfurt
Stock Exchange since February 2000.

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


GAT ABGASTECHNIK: Under Bankruptcy Administration
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
GAT Abgastechnik GmbH i.L. on October 25.  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 Georg F.
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 1:35 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, 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:  GAT ABGASTECHNIK GmbH i.L.
          Haldenstr. 14, 45966 Gladbeck
          Contact:
          Christoph Amft
          Birkenweg 1a, 45966 Gladbeck

          Georg F. Kreplin, Administrator
          Limbecker Platz 1, 45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40


HOFFMANN-WERFT: Proofs of Claim Due Next Month
----------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Hoffmann-Werft Verzinkerei GmbH Bernau on
October 27.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 14, 2005 to register their claims with court-appointed
provisional administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on January 8, 2006, 10:30 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HOFFMANN-WERFT VERZINKEREI GmbH BERNAU
          Schonefelder Weg 23 - 31, 16321 Bernau

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


KANTINENBETRIEB: Files for Bankruptcy
-------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against KANTINENBETRIEB D. BAUMANN Limited on October
11.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December 5,
2005 to register their claims with court-appointed provisional
administrator Andre K. Gabel.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 10:00 a.m. at the district court
of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KANTINENBETRIEB D. BAUMANN LIMITED
          Mittlerer Hasenpfad 85, 60598 Frankfurt am Main
          Contact:
          Dieter Baumann, Manager

          Andre K. Gabel, Administrator
          Bockenheimer Anlage 7, D-60322 Frankfurt am Main
          Phone: 069/1505963
          Fax: 069/15059647


NIM NEUBAU: Hamburg Company Goes Bust
-------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against NIM Neubau-, Instandhaltungs- und
Modernisierungsbauunternehmen GmbH on October 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 16, 2005 to
register their claims with court-appointed provisional
administrator Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 10:00 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  NIM NEUBAU-, INSTANDHALTUNGS- UND
          MODERNISIERUNGSBAUUNTERNEHMEN GmbH
          Femerlingstrasse 7, 21073 Hamburg
          Contact:
          Muharrem Acar, Manager
          Gottschalkring 16, 21073 Hamburg

          Dr. Olaf Buechler, Administrator
          Herrengraben 3, 20459 Hamburg
          Phone: 36968351
          Fax: 36968383


PIANOCENTER HSP: Claims Filing Period Ends Friday
-------------------------------------------------
The district court of Hagen opened bankruptcy proceedings against
Pianocenter HSP GmbH on October 26.  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 Thomas Neumann.

Creditors and other interested parties are encouraged to attend
the meeting on December 1;9, 2005, 9:40 a.m. at the district
court of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097
Hagen, Etage 2, Raum 283, 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:  PIANOCENTER HSP GmbH
          Wilhelmstr. 8, 58332 Schwelm
          Contact:
          Ralf Brink
          Sauerbruch 18, 58285 Gevelsberg

          Thomas Neumann, Administrator
          Altenaer Str. 2, 58507 Luedenscheid
          Phone: 02351/3265
          Fax: +49235132670


REGIOCONCEPT BETREUUNGSGESELLSCHAFT: Succumbs to Bankruptcy
-----------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Regioconcept Betreuungsgesellschaft mbH on
October 26.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 22, 2005 to register their claims with court-appointed
provisional administrator Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 12:00 p.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  REGIOCONCEPT BETREUUNGSGESELLSCHAFT mbH
          Coppistr. 1 - 3, 16227 Eberswalde

          Axel Raap, Administrator
          Marburger Strasse 2, 10789 Berlin


WCM AG: Posts EUR18.7 Million Q3 Pre-tax Loss
---------------------------------------------
WCM Beteiligungs- und Grundbesitz-AG achieved pre-tax earnings
for the Group of -EUR18.7 million (previous year: -EUR25.4
million) with sales of EUR225 million in Q3 (previous year:
EUR204 million).  Consolidated sales totaled EUR677 million
(previous year: EUR655 million) in the first nine months of the
2005 financial year, with pre-tax earnings at -EUR9.3 million
(previous year: -EUR31.4 million).  It is not anticipated for the
Q3 result to be offset in the remainder of the financial year.
The financial year is likely to end with a double-digit million
euro loss for the Group instead of a single-figure million result
(previous year: -EUR105.2 million)

The current expected earnings reflect the previously unconsidered
settlement costs with REBON and I.G. Farben and the considerable
impact of one-off expenditure (restructuring costs) on the
earnings situation in the Bottling and Packaging Technology
division (KHS).  As these expenses will not occur again in 2006
and the positive effects of the KHS restructuring will be felt in
2006, we expect to have significantly higher earnings for our
industrial activities than in the 2005 and 2004 financial years.
This will also be supported by the positive development of orders
at our KHS subsidiary following the "drinktec" fair.

The full interim report will be published on Friday, 11 November
2005.

CONTACT:  WCM GROUP
          Ralph Wintermantel
          Phone: +49 (0) 69 90026-510
          Fax: +49 (0) 69 90026-110
          Hotline: 0800 7801000
          E-mail: ir@wcm.de or info@wcm.de


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


PANNONPLAST RT: Cuts Nine-month Loss to HUF237 Million
------------------------------------------------------
Pannonplast Group's consolidated, non-audited figures as prepared
in accordance with the International Financial Reporting
Standards (IFRS):

Highlights

-- Positive profit after taxes in Q3 and continuingly double
   EBITDA as compared to the base period;

-- Pannonpipe and Pipelife Romania, operating with losses in the
   past years, have been sold.  As a consequence, the net
   indebtedness of Pannonplast has diminished to the lowest
   level as compared to recent years.  The decrease has
   been HUF2.1 billion;

-- APEH [Tax and Financial Control Office] has approved the
   utilization of a HUF2.6 billion negative tax base for
   Pannonplast Rt. to represent more than HUF400 million savings
   in tax payments in the future;

-- Gross profit was higher in Q3 than in the base period.  The
   decrease in consolidated sales revenue and gross profit as in
   comparison with the base period has been the consequence of
   the sale and dissolution of subsidiaries in Q4 2004, as well
   as the sale of the two pipe-producing companies this year;

-- Economical operations have been maintained in Q3, as well.
   The low level of unallocated costs has brought about
   improvement in all the business lines as compared to the
   operating profits of the base period;

-- The employee headcount of the shareholder Pannonplast Rt. has
   been further reduced.  The company has managed to save HUF306
   million in its operations in the first nine months of the
   year so far as compared to the same period in 2004.

                       Financial Analysis

Profit and Loss Account

The Company's consolidated sales revenue for the first nine
months of 2005 has amounted HUF17,013 million, which is 15.5%
lower than the corresponding value in the same period of the
previous year.  The underlying reasons for such a decrease have
been the loss of sales revenues from four group companies sold in
2004 and the two Pipe member companies disposed in 2005 (almost
12% of the consolidated sales revenue) and the strengthening of
the domestic currency (with its nearly 2% effect).  Concerning
the volume of sales, it has been the technological plastics
business line and group companies belonging to the scope of other
corporate investments that have brought about poorer results than
those in the base period.

Sales by the technological plastics business line in the first
nine months is to be also highlighted, as they have lagged behind
by more than 40% in the face of the corresponding figure for
2004.  The value of export has been HUF7.732 million, 45.4% of
the total sales revenue, which indicates a 4.9% increase as
compared to the base period.

The proportion of direct costs in relation to the base has taken
an unfavorable course.  Due to the slower decrease in the sales
revenue and direct costs, the rate of gross profit has amounted
to HUF3,770 million in Q1-Q3.  The gross profit rate has dropped
from 23.1% to 22.2% on the basis of cumulative figures, primarily
because of the low margin of technical plastics.  The decrease in
the profit rate has been generated by the first half of the year,
while in Q3 some improvement has already been brought about.  The
reasons of improvement in Q3 have been the more efficient
operation of consumer packaging business line and the change in
the cost structure of other investments and pipe manufacturing.

Further difficulties have been caused by the influence of base
material prices that could just partly enforced in the product
prices, which has been a problem for a long time.  As concerning
price increases of PVC constituting almost 50% of the total base
materials used, however, the hardest period was over by March,
thus the narrowing gap in the packaging business line has also
been induced by the price level of PVC, as purchase prices have
turned out to be lower in Q2 than in the base period.  Base
material prices, unfortunately, started to increase again in Q3.

Indirect costs of sales have amounted to HUF4,053 million in the
period under review, which is 23.8% of the sales revenue and
77.6% of the base period value.  The main root of the decrease
has been the more cost-efficient operations in the technological
plastics business line and at the shareholder, Pannonplast Rt.
Pannonplast Rt. alone has been able to operate on a HUF306
million lower cost level than in the same period of 2004.  The
start-up of projects towards the reduction of indirect costs, as
well as the development of central purchasing activities, has
been continued.  The full-time headcount of the Group has fallen
to 1,165 employees from 2,000 just recently, partly due to
cost-saving restructuring measures and the disposal of companies.
The central active headcount of Pannonplast has lately been
reduced from 40 to 9 employees.  Central activities were moved to
a new office in January 2005 with the related size and running
expenses being much lower than those at the previous site.

In Q1-Q3 of the year the balance of other expenditures and
revenues increased the Group's profit by HUF228 million, out of
that in Q2 this increase was HUF35 million.  A major part in
other profits is constituted by the earnings realized on the
sales of certain fixed assets.

In the period under review, the Group has recognized HUF46
million one-off cost.

The operating profit (EBIT) has been -HUF55 million in the first
nine months of 2005, and -HUF1,018 million in the base period.
In the third quarter of the year, an operating loss of HUF36
million has charged cumulated profits.

The operating cash flow (EBITDA) has been HUF1,570 million in the
first nine months of 2005, which reaches up to almost one and a
half times the EBITDA in the entire year of 2004, and more than
the double of the value for the base period.  In the period under
review, HUF1,625 million depreciation has been recognized, which
is HUF185 million less than the base value.  The underlying
reasons have involved the disposal of business entities, as well
as the moderate investment activities in the past two years.

In the first nine months of 2005, the total of financial
transactions has induced HUF23 million expenses, which is HUF223
million lower than the corresponding value in 2004.  The
financial profit approximating zero balance in the period under
review can be regarded as favorable, since net interest expenses
have been largely compensated for.

The ordinary business result has been -HUF78 million, which is
much more favorable than the -HUF1,246 million base value.  No
material extraordinary profit has occurred.  For tax payment
obligations HUF66 million has been accounted.  We have recognized
HUF93 million deduction for minority interest.  The profit after
tax for the first nine months was -HUF144 million (+EUR31 million
in Q3).

The consolidated net profit has been come to be a HUF237 million
loss for the first nine months of 2005, which indicates
significant improvement in the face of the HUF1,007 million loss
in the base period.

Balance Sheet

In general, it can be claimed that the volume of assets in the
consolidated balance sheet has declined due to the sale of group
companies approximately to those of the Pipe companies.  In
addition, the value of investments last year has amounted to 40%
of the depreciation recognized which has caused decreases in
intangible and tangible assets.  Even for 2005, the company is
not planning to implement any investment level in excess of
depreciation.

The volume of net current assets -- as considering trade
receivables, inventories and trade payables -- has considerably
been under the base value due to the unfavorable base values of
the Pipe companies.  Increases in the volume of cash have been
mainly induced by the sale of companies and strong operating cash
flow.  The balance of other receivables has come approximately on
the same level as that of the base period.  The majority of other
receivables have comprised various tax receivables.

The decrease in the equity of the Company has been a consequence
of the net results achieved in the period under review.

The amount of long-term liabilities has fallen from the base
HUF5,130 million value to HUF1,578 million with the underlying
reason being the intensive loan repayment activities last year
and the rescheduling of those repayment obligations to short-term
loans that were originally undertaken with maturities within the
year.  The volume of short-term loans has increased as a result
of this rescheduling, as well as the seasonally increased demand
for financing current assets (approximately HUF500 million).

The total volume of short-term and long-term loans has declined
by HUF780 million to HUF7,074 million (net loan: HUF3,503
million) as compared to the base value.  Such a decrease has been
a result of loan repayments of the past year.  The ratio of net
loan/equity has been reduced to 0.28 (from 0.45 at the end of the
first half of the year).

The balance of other short-term liabilities has slightly
decreased as compared to the base value.

The largest single items include wages and salaries in current
operations, social security contributions, as well as accrued and
deferred liabilities.

Cash flow

Liquid assets from operations have reflected a HUF643 million
inflow with the primary reason being the strong business
intensity and the rise of sales in Q2.

New investments have amounted to HUF1,244 million, and at the
same time HUF2,193 million has been realized on the sales of
fixed assets, consequently the net balance of investments has
turned out to be considerably positive.

The cash flow of financing activity has been positive due to the
increase in the volume of short-term loans.

The Group's cash volume has increased considerably as compared to
the beginning of the period, mainly resulting from the investment
of the value of fixed assets sold.

                          Miscellaneous

Investments and Developments

In the year of 2004, the Company spent almost HUF1,000 million on
investment.  The majority of this sum covered investments into
maintaining the existing level.  These moderate investment
activities have been a part of the program towards the intensive
reduction of indebtedness.  With the year of 2004, the Company
did complete the so-called "investment stop" program, and in 2005
it has concentrated again -- though in a heavily controlled
way -- on development purpose investments.  In the first nine
months of 2005, Pannonplast Group has turned HUF1,244 million on
investments.

Deferred Taxes

Pannonplast Group has these positions in relation to deferred tax
(data in HUF million):

-- Losses available for future utilization        6,537
-- Accrued income from taxes                      1,046
-- Recognized income from taxes                     630

The Company has not accounted HUF416 million deferred income from
tax for reasons of precaution.  The 16% corporation income tax
rate has been applied to tax calculation.

Corporate Events

On April 29, Pannonplast Rt. held its Annual Ordinary General
Meeting.  The resolutions by the General Meeting are accessible
at http://www.bet.huand http://www.pannonplast.hu

Employees

The total headcount of the Group's own employees has been 1,695
at the end of the base period, while 1,651 at the end of the
period under review.  The underlying reason for such decreases
has been the sale of certain group companies, as well as the
measures towards the enhancement of efficiency (e.g. headcount
rationalization at the central organization).  The decrease in
lease labor force by more than 50% is the result of the fact that
increases in capacity utilization of the group companies made the
reorganization of headcount necessary.  Certain group companies
have terminated the employment of the flexible, but more
expensive lease work and increased the number of their own
employees.

                   Sept. 30 2004  Sept. 30 2005       Change
                 Own Lease Total Own Lease Total Own Lease Total
Pannonplast Rt.   31   0    31     9    0     9   -22    0   -22
Pannonplast    1,695 180 1,875 1,165   74 1,266  -530 -106  -609
Group

Changes in Share Capital, Management and Organization

As of December 31 2004, the share capital amounted to
HUF421,093,100, which still has not changed in 2005.

As of September 30 2005, the Company held 162,500 stock-exchange
futures contracts for Pannonplast Rt.'s shares.

The membership and number of the Board of Directors and the
Supervisory Board have not changed in Q3 of 2005.
Information as concerning senior officers is detailed in Data
Sheet TSZ3.

In accordance with the related legal regulations, we hereby
declare that this Report does not present any material errors
that would cause this quarterly stock-exchange flash report to
reflect any unrealistic view on the Company's asset, financial
and income status as of September 30, 2005.

A copy of this report is available free of charge at
http://bankrupt.com/misc/Pannonplast(9Mo2005).pdf

CONTACT:  PANNONPLAST RT
          Muanyagipari Reszvenytarsasag
          H-1097 Budapest, Konyves Kalman krt. 5/b.
          Phone: (36-1) 323-2371
          Fax: (36-1) 323-2373
          Contact:
          Denes Gyimothy, Investor Relations
          E-mail: denes.gyimothy@pannonplast.hu


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


SMURFIT KAPPA: New Group Gets 'B+' Rating from Fitch
----------------------------------------------------
Fitch Ratings has assigned an expected Senior Unsecured rating of
'B+' to the Smurfit Kappa Group, the entity to be created through
the acquisition of Kappa Packaging (Kappa) by Jefferson Smurfit
Group (JSG).

At the same time the agency assigned a 'BB' expected rating to
the proposed new senior secured facilities for the combined
Smurfit Kappa Group, reflecting Fitch's view of significant
recoveries available to senior lenders in a distress scenario.
Following completion of the acquisition, Fitch expects to affirm
the ratings of the JSG Funding plc Senior Notes at 'B', the JSG
Funding plc Senior Subordinated Notes at 'B-' and the JSG Holding
plc Senior PIK Notes at 'CCC+'.  The expected ratings are subject
to completion of the acquisition as presented to Fitch and review
of final documentation.  A Stable Outlook has been assigned.

The combination of JSG with Kappa will create the largest
Europe-based integrated manufacturer of containerboard,
corrugated containers and other paper-based packaging products.
While Fitch believes that significant synergy potential arises
from the proposed combination of the two companies, the next two
years will be critical for the new group.

Michelle De Angelis, Associate Director in Fitch's Leveraged
Finance Group, said: "The ability of the group to deliver
synergies and realize cash from disposals within a 12-24 month
timeframe will be key to the maintenance of the expected 'B+'
rating.  The European paper and packaging market has yet to
exhibit any significant signs of recovery, which means that the
Smurfit Kappa Group will be embarking on a business restructuring
program and inevitably incurring additional costs at a time when
cash flow generation is under continued pressure."

The paper and packaging industry is cyclical and conditions in
Europe have been difficult for some time, due to excess capacity.
While some industry commentators expect a recovery to begin in
2006, Fitch believes that the fundamental demand-supply imbalance
is likely to continue beyond that time and that market conditions
will remain soft through 2007.  However, Smurfit Kappa is a
strong market player with the potential to ride out a longer
cyclical downturn and emerge with significant earning and cash
generation ability.  The merged entity will benefit from Kappa's
well-invested facilities and JSG's disciplined track record of
cash flow generation, as well as geographic diversification in
Eastern Europe and Latin America.

Nonetheless, Fitch has identified a number of challenges ahead
for the group, and expects that downward rating pressure would
result from the following occurrences: a reduction in rolling
last twelve months EBITDA below EUR800 million; an increase in
total cash-pay leverage above 6.0x; a deterioration in the
company's liquidity position; or a failure to generate
significant cash from disposals within an 18-month timeframe.

While these factors are relatively limiting, the agency has
assigned a Stable Outlook reflecting Fitch's view that the upside
potential from the acquisition balances the downside potential
inherent in the current European market conditions. Furthermore,
the ratings of the combined group are likely to remain
constrained by high overall financial leverage and moderate cash
flow coverage in the near term.

The proposed acquisition will result in a refinancing of the
current outstanding senior secured facilities of both JSG and
Kappa Packaging and all of the bonds at Kappa Beheer B.V. The
ratings for these instruments will be withdrawn at that time.
JSG's bonds, debentures and securitization program are expected
to remain in place, and the ratings will be updated to reflect
the transaction at close.

CONTACT:  FITCH RATINGS
          Michelle De Angelis, London
          Phone: +44 (0) 20 7417 3499
          Kirsten O'Byrne, London
          Phone: +44 7417 6297

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


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


IMPREGILO SPA: Extraordinary Charges Pull down 9-month Results
--------------------------------------------------------------
The year to September 30, 2005 closed with consolidated negative
EBITDA of EUR264.5 million and consolidated negative EBIT of
EUR308.1 million (including minority interests).

The results were significantly affected by the restructuring that
began in the Spring.  This involved non-recurring provisions and
write-downs relating to all Group business units, most of which
were recognized in the half-year accounts. Without these charges,
both EBITDA and EBIT would have been positive (the charges
recognized in the half-year accounts totaled EUR318.9 million in
respect of EBITDA and EUR345.7 million in respect of net profit).

The restructuring plan envisaged:

(a) The entry of new reference shareholders;

(b) A change in company top management in May 2005;

(c) A fundamental financial re-organization relating to both
    debt and equity, completed in July 2005;

(d) The definition and rapid introduction of new business plan
    guidelines for the three years 2005-2007; these introduce
    significant strategic changes and are designed, among other
    things, to resolve the weaknesses reported at the time of
    the rights issue in June.

During the third quarter, EBITDA showed a slight worsening
(-EUR12.6 million) compared with the result at June 30, 2005;
this reflected the net impact of opposing trends in Impregilo's
core businesses, essentially positive margin growth in the
Infrastructures business (+ EUR43 million) set against a downturn
at Fibe and Fibe Campania (-EUR17 million) and Imprepar (-EUR13
million), as well as coverage of charges at Corporate staff units
(-EUR20 million, of which more than 50% relating to the current
restructuring).

The financial position showed net debt of EUR592.1 million at
September 2005, down by EUR61.8 million from June 30.  After
recognition of the portion of the share capital increase
subscribed after closure of the first half, of EBIT and of the
estimated tax effect, shareholders' equity increased to EUR532.4
million (EUR461 million at June 30, 2005).  The debt/equity ratio
at September 30, 2005 was therefore approximately 1.1, compared
with about 1.4 at June 30, 2005 and about 5.5 at 31 December
2004.

More specifically, consolidated results were:

(a) Value of production was EUR1,805.9 million, against
    EUR2,289.4 million a year earlier.  The difference was
    largely due to a decrease in production as a result of the
    slowdown in work at sites nearing completion (in particular
    the Turin-Novara section of the Turin-Milan high-speed
    railway), and to the Group's financial weakness before the
    turnaround, which caused delays in obtaining the bank
    guarantees needed to start up new contracts.  In addition,
    2004 included non-recurring income (of about EUR60 million)
    following settlement of a claim in the Infrastructures
    sector.  Delays also occurred in the start-up of work on a
    number of large new contracts (including the two sections of
    the Salerno-Reggio Calabria motorway and the Mestre Orbital)
    for reasons that were largely beyond Impregilo's control.

(b) EBITDA was negative at EUR264.5 million, compared with
    positive EBITDA of EUR130.2 million in the year-earlier
    period;

(c) On-going operations showed a loss of EUR310.1 million,
    against a gain of EUR64.6 million in 2004.  The result arose
    from restructuring write-downs and provisions, and also from
    recognition of a net financial charge of EUR45.6 million,
    although the amount was approximately EUR20 million smaller
    than the charge in the year-earlier period.  This
    improvement arose essentially from non-recurring income
    relating to the capital gain on the sale to Gemina of the
    equity investment in Leonardo (EUR16 million) and from the
    decrease in interest expense after the 2005 bond repayment;
    these factors were offset in part by the fact that in 2004
    Impregilo had a non-recurring gain (EUR54 million) from
    the sale of its investment in Consorzio Venezia Nuova;

(d) Group EBIT was negative at EUR308.1 million (compared with
    positive EBIT of EUR64.2 million in 2004), after a loss of
    EUR4.6 million on discontinued operations and losses of
    EUR6.6 million attributable to minorities.

As already mentioned, in accordance with standard quarterly
reporting practice, the consolidated figures for the year to 30
September 2005 are presented before tax for the period

At the end of the third quarter, the parent company Impregilo
S.p.A. reported value of production of EUR1,253.9 million
(EUR1,519.9 million at September 30, 2004); negative EBITDA of
EUR42.4 million (positive at EUR84.0 million at September 30,
2004); negative EBIT of EUR390.2 million (positive at EUR28.2
million at September 30, 2004).  Net debt was EUR250.6 million.

Regarding the sale by the subsidiary Impregilo International
Infrastrucures N.V. of the interest in Costanera Norte, the
motorway concession holder in Chile, talks are underway with
Autostrade S.p.A. and SIAS S.p.A., whose joint offer, based on
the due diligence conducted by the companies, was the best of
those presented.  Impregilo expects the talks to be completed by
the end of November.

Copy of Impregilo's nine-month result can be viewed at
http://bankrupt.com/misc/Impregilo_9m2005.pdf

                            *   *   *

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

In June, Impregilo reached agreements with banks on:

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

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

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

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

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

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

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


PARMALAT SPA: Bank of America Seeks Dismissal of Amended Suit
-------------------------------------------------------------
Bank of America Corp. (BofA) wants to be dismissed from two
amended lawsuits separately filed by newly elected Parmalat CEO
Enrico Bondi and a group of shareholders, Knobias says.

At last week's hearing before U.S. District Judge Lewis A.
Kaplan, Joseph B. Tompkins Jr., who represents BofA, said Mr.
Bondi couldn't sue the bank for damages under civil racketeering
laws because Parmalat insiders were responsible for the alleged
fraud.  He said BofA had no fiduciary duty to Parmalat since it
was "little more than a lender" and didn't act as an underwriter
or financial advisor to the group.

But Mr. Bondi's lawyer, Peter E. Calimari, argued that BofA aided
the Parmalat executives in hiding the group's true financial
condition.  The case is expected to go to trial in 2007.

Judge Kaplan released BofA from the original shareholder
complaint this summer, but allowed claims to proceed against
three other banks.  The shareholders subsequently amended their
suit, which still named BofA as one of the respondents.

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

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

          BANK OF AMERICA CORPORATION
          Bank of America Corporate Center
          100 N. Tryon St.
          Charlotte, NC 28255
          Phone: 800-432-1000
          Fax: 704-386-6699
          Web site: http://www.bankofamerica.com


PARMALAT SPA: Parma Prosecutors Open New Probe
----------------------------------------------
Parma prosecutors have launched another probe, this time to find
out if the company was already on the brink long before its
collapse in December 2003.

According to Il Sole 24 Ore, prosecutors believe Parmalat listed
on the stock market in 1990 to avert bankruptcy and its
subsequent acquisitions were made to justify its high level of
debt.

The probe will include transactions as far back as 1990 when the
company first went public.  The respondents may include Banca
Intesa, Cassa di Risparmio di Parma, Capitalia, Banca Monte dei
Paschi di Siena, Nextra, Deutsche Bank, Credit Suisse, Morgan
Stanley and Bank of America.  Prosecutors expect to complete the
investigation next spring.

Parmalat collapsed in December 2003 after revealing a EUR14
billion hole on its accounts, eight times higher than it had
initially claimed.

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

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


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


KONINKLIJKE AHOLD: Outsources IT Needs to ATOS ORIGIN, EDS
----------------------------------------------------------
Koninklijke Ahold on Monday said it signed several major IT
outsourcing agreements.

Ahold signed a five-year contract for global information
technology (IT) enterprise outsourcing with EDS, including
applications maintenance services in the U.S.  The company also
signed a five-year applications maintenance agreement with ATOS
ORIGIN, covering the Albert Heijn Arena, and a five-year contract
with NCR for in-store IT-support in the Albert Heijn Arena.  The
total value of the contracts is approximately EUR467 million.
Ahold has agreed to purchase from EDS, on a flexible basis,
global IT infrastructure services, and applications management
services for its two retail arenas in the United States, Stop &
Shop/Giant-Landover and Giant-Carlisle/Tops.  ATOS ORIGIN will
expand its existing applications management services to the
Albert Heijn Arena.

This strategy will provide Ahold with the ability to respond to
market opportunities efficiently and accelerate its business/IT
innovations. Approximately 450 Ahold employees located in the
United States and in the Netherlands will transition to EDS. This
development will support Ahold's "Road to Recovery" strategic
objectives to re-engineer its food retail business and reduce
overall IT costs by streamlining the company's infrastructure.

"Our competitive markets and strategic goals require us to focus
our attention and resources on our core food retail business,"
said Anders Moberg, Ahold President and CEO, after signing the
contracts.

"EDS worked with us to develop a global solution for our current
geographic areas.  The EDS team has demonstrated a commitment to
a global integrated service delivery that will help us execute
our business strategy.  Expanding the scope of our current
services with ATOS ORIGIN and NCR will also enable us to make our
information technology more effective in the Netherlands," he
said.

As part of the agreement, EDS will assume responsibility for
maintaining Ahold's global IT infrastructure, which will include
hosting its mainframe and midrange servers and providing
local-area network and voice network support. The EDS agreement
also consolidates Ahold's IT helpdesk support. EDS will manage
the company's computing workplace of more than 9,600 desktop and
laptops, printers and e-mail clients and provide IT helpdesk
support for more than 10,000 users. Ahold expects an aggregate
cost savings of approximately EUR 166 million in the coming 5
years as a result of streamlining its IT infrastructure. The
calculation of these cost savings includes transition costs that
will almost completely be incurred in 2006.

CONTACT:  KONINKLIJKE AHOLD
          Phone: +31 (0)20 509 5343


ROYAL NUMICO: Raises EUR550 Mln Through Equity Issuance
-------------------------------------------------------
Under the offering, Numico N.V. has allocated in aggregate 8,500
new ordinary shares to Messrs Chris Britton, Jean-Marc Huet and
Niraj Mehra, members of Numico's Executive Board, and 1,659,125
new ordinary shares to Findim Group S.p.A., an investment holding
company in which Mr. Fossati, a member of Numico's Supervisory
Board, holds a controlling interest.

Payment for and delivery of the ordinary shares is expected to
take place on Friday, 18 November 2005, at which date the new
ordinary shares are expected to be admitted to trading and
listing on Eurolist by Euronext Amsterdam N.V.

After closing of the offering, Numico will have 190,051,519
ordinary shares outstanding.

ABN AMRO Rothschild and Goldman Sachs International acted as
Joint Global Coordinators and Joint Book runners in the offering.
Fortis Bank acted as co-adviser on the transaction together with
the Book runners.

ABN AMRO Rothschild, an unincorporated equity capital markets
joint venture between ABN AMRO Bank N.V. and NM Rothschild & Sons
Limited, each of which are authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting
exclusively for Numico and no one else in connection with the
matters described in this announcement and is not advising any
other person and accordingly will not be responsible to any
person other than Numico for providing the protections afforded
to clients of ABN AMRO Rothschild or for providing advice in
relation to the matters described in this announcement.

Goldman Sachs International, which is authorized and regulated in
the United Kingdom by the Financial Services Authority, is acting
exclusively for Numico and no one else in connection with the
matters described in this announcement and is not advising any
other person and accordingly will not be responsible to any
person other than Numico for providing the protections afforded
to clients of Goldman Sachs International or for providing advice
in relation to the matters described in this announcement.

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

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 20 456 9077

          Investor Relations
          Phone: +31 20 456 9003


ROYAL SHELL: Cancels Further 1,980,000 'A' Shares
-------------------------------------------------
On 14 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,600,000 'A' Shares at a price of EUR25.82 per
share.  It further purchased for cancellation 380,000 'A' Shares
at a price of 1,738.10 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,973,039,000.

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

                            *   *   *

Shell's buyback scheme is 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
===========


BALTIC: Bankruptcy Hearing Resumes Next Week
--------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad region
has commenced bankruptcy supervision procedure on building
company-2 Baltic (TIN 7826699191).  The case is docketed as
A56-37422/2005.  A hearing will take place on November 21, 2005,
10 a.m. at Russia, St-Petersburg, Suvorovskiy Pr. 50/52, Hall
201.

CONTACT:  BALTIC
          199178, Russia, St-Petersburg,
          V.O., 16th Liniya, 37


GRAIN RECEIVING: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Grain Receiving Enterprise.  The case is docketed as
A73-6754/2005-38.  Mr. Y. Dolgikh has been appointed temporary
insolvency manager.

CONTACT:  GRAIN RECEIVING ENTERPRISE
          680000, Russia, Khabarovsk region,
          Industrialnaya Str. 7v

          Y. DOLGIKH
          Insolvency Manager
          680038, Russia, Khabarovsk region,
          Serysheva Str. 42, Apt. 22


KURSK-METAL: Court Appoints Temporary Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on limited liability company Kursk-Metal.
The case is docketed as A35-5445/05 "g".  Mr. V. Sakhno has been
appointed temporary insolvency manager.  A hearing will take
place on December 7, 2005, 3:40 p.m.

CONTACT:  KURSK-METAL
          Russia, Kursk region,
          Kulakova Pr. 109A


KUZNETSOVSKIY PORCELAIN: Declared Insolvent
-------------------------------------------
The Arbitration Court of Novgorod region commenced bankruptcy
proceedings against Kuznetsovskiy Porcelain (TIN 5318007039)
after finding the limited liability company insolvent.  The case
is docketed as A44-538/05-4k.  Mr. A. Baranov has been appointed
insolvency manager.  Creditors have until November 24, 2005 to
submit their proofs of claim to 190121, Russia, St-Petersburg,
Angliyskiy Pr. 3, Office 205.

CONTACT:  KUZNETSOVSKIY PORCELAIN
          Russia, Novgorod region, Chudovskiy region,
          Krasnoforfornyj, Oktyabrskaya Str. 1

          A. BARANOV
          Insolvency Manager
          190121, Russia, St-Petersburg,
          Angliyskiy Pr. 3, Office 205


OAO ROSNEFT: Earns 'BB+' Rating from Fitch
------------------------------------------
Fitch Ratings has assigned OJSC Rosneft, Russia's second largest
integrated oil company, Senior Unsecured Local Currency and
Foreign Currency ratings of 'BB+'.  The Outlook for the ratings
is Stable.

The assigned ratings reflect Rosneft's strong competitive
position as one of Russia's leading integrated oil companies,
particularly in upstream operations, due to enhanced exploration
and production combined with demonstrated access to export
markets through a developed system of marketing and distribution
entities.  The Stable Outlook foresees a measurable reduction in
the company's total debt over the medium term as solutions
regarding outstanding tax claims and other technical default
events are resolved in the company's favor.

The takeover of Yuganskneftegaz (YNG) last year has greatly
enhanced the company's business activity, propelling it to
Russia's second largest crude oil and gas producer from sixth
largest before the acquisition.

Jeffrey Woodruff, Director in Fitch's Corporate Group in Moscow,
said: "Earnings from YNG are expected to greatly increase
profitability and cash flow generation for the company, even in a
slightly lower oil price environment.  Maintenance of the
existing ratings, and any potential upgrade, depends greatly on
the company's ability to demonstrate improved operating
efficiencies, especially in the area of reserve replacement and
increased exports."

Additionally, Fitch expects management to bring credit ratios
back in line with averages appropriate for the rating category,
specifically FFO Adjusted Leverage below 2.0x and FFO to Gross
Interest Coverage above 10.0x over the next few years.  Increased
capital expenditure or dividend payments beyond those envisaged
could negatively affect the company's free cash flow generation
and possibly delay current debt reduction plans.

Proceeds from the planned IPO in 2006 are expected to re-pay the
US$7.5 billion loan facility extended to the holding company,
Rosneftegaz that was used to purchase a 10.7% stake in OAO
Gazprom (rated 'BB+'/Stable) on behalf of the Russian government
earlier this year.  Any disruption to the timely repayment of
these borrowings would place downward pressure on Rosneft's
ratings.  Additional factors that could negatively impact the
ratings include any delay in resolving outstanding tax and
technical default claims as well as delay in obtaining the waiver
from existing creditors regarding any change of control
provisions necessary for the IPO to proceed.

At the same time, the current ratings and Outlook also
incorporate the positive impact of state-ownership in supporting
the business profile of Rosneft, specifically as it relates to
licensing, and company participation in other strategic interests
of the state.  While the planned IPO will ultimately dilute state
interests in the company, Fitch expects the government to retain
at least 51% ownership and to continue to exercise influence over
company decisions via the Board of Directors.

Fitch will continue to closely monitor developments related to
Rosneft's credit profile.

CONTACT:  OAO ROSNEFT
          26/1, Sofiyskaya embankment,
          1, GSP-8 115998, Moscow, Russia
          Phone: 777-44-22
          Fax: 777-44-44
          Telex: 114405 DISVO.RU
          E-mail: postman@rosneft.ru
          Web site: http://www.rosneft.ru

          FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986
          Isaac Xenitides, London
          Phone: +44 (0)20 7417 4300

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


OIL-GAS-SERVICE: Insolvency Manager Takes over Firm
---------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Oil-Gas-Service after finding the close joint
stock company insolvent.  The case is docketed as
A47-9046/2005-14GK.  Mr. V. Kirzhaev has been appointed
insolvency manager.

CONTACT:  OIL-GAS-SERVICE
          461130, Russia, Orenburg region,
          Sorochinsk, Zelenaya Str. 25

          Mr. V. Kirzhaev
          Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A
          Phone/Fax: 78-38-43


PERL: Nizhniy Novgorod Court Opens Insolvency Proceedings
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Perl after finding the factory
insolvent.  The case is docketed as A43-4142/2005-18-68.  Mr. Y.
Demidenko has been appointed insolvency manager.  Creditors have
until December 1, 2005 to submit their proofs of claim to 142810,
Russia, Moscow region, Stupinskiy region, o/s Prioksk, Post User
Box 62.

CONTACT:  PERL
          607340, Russia, Nizhniy Novgorod region,
          Voznesenskoye, Vostochnaya Str. 1

          Y. DEMIDENKO
          Insolvency Manager
          142810, Russia, Moscow region, Stupinskiy region,
          o/s Prioksk, Post User Box 62


SAYAN-FURS: Claims Filing Period Ends November 24
-------------------------------------------------
The Arbitration Court of Khakasiya republic commenced bankruptcy
proceedings against Sayan-Furs after finding the close joint
stock company insolvent.  The case is docketed as A74-1721/2005.
Mr. M. Tersin has been appointed insolvency manager.  Creditors
have until November 24, 2005 to submit their proofs of claim to
660049, Russia, Krasnoyarsk region, Lenina Str. 62A, Office 10.

CONTACT:  M. TERSIN
          Insolvency Manager
          660049, Russia, Krasnoyarsk region,
          Lenina Str. 62A, Office 10


SIB-GAS-OIL-STROY: Creditors Have Until Next Week to File Claims
----------------------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Sib-Gas-Oil-Stroy (TIN 7203117504) after
finding the limited liability company insolvent.  The case is
docketed as A-70-1878/3-2005.  Mr. F. Bekshenev has been
appointed insolvency manager.  Creditors have until November 24,
2005 to submit their proofs of claim to 625026, Russia, Tyumen,
Respubliki Str. 144.

CONTACT:  SIB-GAS-OIL-STROY
          Russia, Tyumen region,
          Respubliki Str. 252

          F. BEKSHENEV
          Insolvency Manager
          625026, Russia, Tyumen region,
          Respubliki Str. 144


SOBOLEVSKOYE: Orenburg Court Brings in Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Orenburg region has commenced bankruptcy
supervision procedure on grain receiving enterprise Sobolevskoye.
The case is docketed as A47-2863/2005-14GK.  Mr. O. Podkopaev has
been appointed temporary insolvency manager.  A hearing will take
place on December 14, 2005, 10:30 a.m. at the Arbitration Court
of Orenburg region at Russia, Orenburg, 9th January Str. 64.

CONTACT:  SOBOLEVSKOYE
          461982, Russia, Orenburg region,
          Pervomayskiy region, Sobolevo

          Mr. O. Podkopaev
          Temporary Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23a
          Phone: (3532) 78-38-44


SOFRINSKIY: Building Materials Supplier Succumbs to Bankruptcy
--------------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Sofrinskiy (TIN 5038014227) after finding the
manufacturer of building materials insolvent.  The case is
docketed as A41-K2-20660/04.  Mr. O. Lykov has been appointed
insolvency manager.  Creditors have until December 1, 2005 to
submit their proofs of claim to 117049, Russia, Moscow,
Shabolovka Str. 26, Building 4.

CONTACT:  SOFRINSKIY
          141270, Russia, Moscow region, Pushkinskiy region,
          Sofrino, Zheleznodorozhnaya Str. 55

          O. LYKOV
          Insolvency Manager
          117049, Russia, Moscow region,
          Shabolovka Str. 26, Building 4
          Phone: 785-6965


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


DOGAN YAYIN: Fitch Affirms 'B+' Ratings; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Turkey's Dogan Yayin Holding A.S.
(DYH), Turkey's leading media conglomerate, Senior Unsecured
local and foreign currency ratings at 'B+'.  Fitch has removed
the Rating Watch Evolving and put the ratings on Stable Outlook.

DYH was placed on Rating Watch Evolving on 29 September 2005
following its winning bid in a tender process to acquire Star TV
for approximately US$306.5 million in cash.  The Outlook revision
and ratings affirmation follows the completion of the Agency's
review process.

Although DYH has reduced leverage over the past two years (gross
leverage declined to 1.9X annualized at the end of June 2005 from
4.7.X at the end of 2002) since the consolidation of broadcasting
assets at the end of 2002 Fitch concludes that the Star TV
acquisition should result in increase in debt where gross
leverage is expected to increase to approximately 2.5x, which is
consistent with the current rating category.  The ratings
acknowledge the operational synergies that this acquisition will
provide.

The ratings also take into consideration Dogan Yayin Holding's
business portfolio, particularly its controlling stakes in
Hurriyet Gazetecilik (rated 'BB'), Dogan TV (mainly driven by
Kanal D) and Dogan Gazetecilik, which together comprise 65% of
consolidated EBITDA in 1H05.  The ratings also reflect DYH's
prominence in various advertising mediums.  DYH attracts a
market-leading 39% of Turkey's advertising expenditure through
its main businesses in publishing and broadcasting.  DYH stands
to benefit the most from the promising ad market in Turkey, which
is currently underdeveloped but should benefit from the economy's
return to stabilization (Fitch expects Turkish GDP to grow 6.1%
and advertising spending by 15% for end-2005).  On the other
hand, the ratings also reflect Fitch's continued concern about
the company's reliance on cyclical ad revenues, which accounted
for about 50% of total revenues during H105.

DYH as a holding company depends largely on dividend income and
service income.  Fitch's ratings reflect dividend flows from
DYH's traditional media businesses - mainly from Hurriyet, Dogan
Gazetecilik, Dogan TV (driven mainly by Channel D) and Dogan
Burda Rizzoli (DBR).  As of first half of 2005, the bulk of the
debt resides at parent company level (US$150.9 million of total
US$299.2 million gross debt), putting lenders to the parent
structurally subordinated to the lenders to the subsidiaries.

Although Turkey's new media law is intended to harmonize the
regulatory framework with E.U. norms more clarification is needed
regarding the uncertainty surrounding the application of the new
media law along with the related ownership issues.

DYH is currently owned by Dogan Sirketler Grubu A.S (by 66.57% on
effective basis), which is the holding company of Mr. Aydin Dogan
and his family.  About 30% of DYH shares are floated.

CONTACT:  DOGAN YAYIN HOLDING A.S.
          Huerriyet Medya Towers 34212 Guenesli
          Istanbul, Turkey
          Phone: +90(212) 677 00 00
          Fax: +90(212) 677 08 01
          Web site: http://www.dmg.com.tr

          FITCH RATINGS
          Bulent Akgul, Istanbul
          Phone: +90 212 279 1065
          Raymond Hill, London
          Phone: +44 (0)20 7417 4314

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


HURRIYET GAZETECILIK: Fitch Upgrades Rating to 'BB'
---------------------------------------------------
Fitch Ratings has upgraded Turkish newspaper group Hurriyet
Gazetecilik ve Matbaacilik A.S.'s (Hurriyet) Senior Unsecured
local currency rating to 'BB' from 'BB-'.  Following the upgrade,
the Outlook is now Stable.  At the same time, Hurriyet's Senior
Unsecured foreign currency rating is affirmed at 'BB-'.
Hurriyet's foreign currency rating continues to be constrained by
the Sovereign Long-term foreign currency 'BB-' rating.
Hurriyet's National Long-term rating is affirmed at 'A+(tur)'.

The upgrade reflects the domestic economy's return to stability,
which would in turn benefit Hurriyet's ad revenues.  The group
has a strong position in the Turkish ad market with a 42% share.
Total ad market for newspapers in Turkey reached US$269 million
in H105 (31% growth).  Newspapers continue to represent the
second largest advertising medium, ensuring that it remains an
attractive channel (some 35% of total Turkish advertising
expenditure) for advertisers.

Fitch expects Turkish GDP to grow 6% and advertising spending by
more than 25% for end-2005, exceeding the pre-crisis level of
US$396 million in 2000.  On the other hand, the ratings also
reflect Fitch's continued concern about the company's reliance on
cyclical ad revenues, which accounted for about 56% of total
revenues during H105.

Increasing circulation trends (Hurriyet's average circulation
increased by 6% versus 17% in the country), increase in newsprint
consumption and prices have led to margin pressures in H105.
However, the downside was limited by strong ad revenue growth and
EBITDA margin of 27% in 1H05, which although down from 30% in
1H04, is strong for the current rating level.  Improved
advertising trend has yielded moderate consolidated (including
55%-owned Dogan Ofset and wholly owned Germany operations) 0.9x
gross leverage (adjusted for vendor financing) as end-June 2005.

Hurriyet is Turkey's leading daily national newspaper, with
strong positions in advertising and circulation revenues.
Hurriyet is a subsidiary of Dogan Yayin Holding, which has 60% eq
uity interest.  The latter is controlled by Dogan Holding.

CONTACT:  HURRIYET GAZETECILIK VE MATBAACILIK A.S.
          c/o Dogan Yayin Holding A.S.
          Huerriyet Medya Towers 34212 Guenesli
          Istanbul, Turkey
          Phone: +90(212) 677 00 00
          Fax: +90(212) 677 08 01
          Web site: http://www.dmg.com.tr

          FITCH RATINGS
          Raymond Hill, London
          Phone: +44 (0)207 417 4314
          Michael Dunning
          Phone: +44 (0)207 417 6343

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


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


BIOTEHPROM: Proofs of Claim Due Friday
--------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Biotehprom (code EDRPOU 3299439) on October
5, 2005 after finding the private company insolvent.  The case is
docketed as 15/117 B.  Mr. A. Sabadash (License AA 779358) has
been appointed liquidator/insolvency manager.

Creditors have until November 18, 2005 to submit their proofs of
claim to:

(a) BIOTEHPROM
    83096, Ukraine, Donetsk region,
    Kujbishev Str. 58

(b) A. SABADASH
    Liquidator/Insolvency Manager
    83122, Ukraine, Donetsk region,
    Kujbishev Str. 248/16

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


CJSC PRIVATBANK: Profitability, Capitalization Weak, says Fitch
---------------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based CJSC Privatbank's
(Privat) ratings at Long-term 'B', Short-term 'B', Individual 'D'
and Support '4'.  The Outlook on the Long-term rating remains
Positive.

Privat's Long-term, Short-term and Support ratings reflect
Fitch's view of the strong propensity of the Ukrainian
authorities to provide support for the bank in case of need,
based on Privat's size and importance to the banking sector.
However, Fitch notes that the ratings also factor in the probable
limited ability of the authorities to provide support if
required, as reflected in the 'BB-' Long-term sovereign rating.

The Individual rating reflects Privat's weak core profitability
and capitalization, relatively high loan concentrations and
weaknesses in the operating environment.  However, it also
considers Privat's broad domestic franchise and quite low funding
concentrations.

The Positive Outlook on Privat's Long-term rating reflects the
Positive Outlook on the Long-term ratings of Ukraine.  Upward
pressure on the Long-term rating would result from an upgrade of
the Ukraine sovereign rating. Downward pressure would result from
a sovereign downgrade or a substantial reduction in Privat's
market shares, suggesting a decreased propensity of the Ukrainian
authorities to provide support.  Significant and sustainable
improvements in the bank's core earnings and capitalization,
combined with continued franchise expansion and improvements in
the operating environment, could put upward pressure on the
Individual rating.  Downward pressure could result from a
deterioration of capitalization or a worsening of asset quality.

Privat, based in Dnepropetrovsk in south-east Ukraine, is
currently the country's largest bank by assets, equity and retail
deposits, with market shares of approximately 11%, 9% and 13%,
respectively, at end-H105.  Privat also has the largest branch
network in the Ukraine.  Three individuals own a combined 94%
stake in the bank, with the remaining 6% belonging to management.

CONTACT:  CSJC PRIVATBANK
          Web site: http://www.privatbank.com.ua

          FITCH RATINGS
          James Watson
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 99 01

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


EURO-FARM: Creditors' Claims Due this Week
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Euro-Farm (code EDRPOU 30402774) on September
29, 2005 after finding the limited liability company insolvent.
The case is docketed as 15/379-b.  Mr. O. Agafonov (License AA
779171) has been appointed liquidator/insolvency manager.

Creditors have until November 18, 2005 to submit their proofs of
claim to:

(a) EURO-FARM
    01133, Ukraine, Kyiv region,
    Shors Str. 44

(b) O. AGAFONOV
    Liquidator/Insolvency Manager
    01024, Ukraine, Kyiv region,
    Chekistiv Lane, 4/17

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


GRANIT: Files for Bankruptcy
----------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against LLC Granit (code EDRPOU 31533480) on
September 29, 2005 after finding the limited liability company
insolvent.  The case is docketed as B 24/145/05.  Mr. Oleksandr
Osadchij (License AA 783229) has been appointed
liquidator/insolvency manager.  The company holds account number
26002012111 at JSPPB Aval, Dniprodzerzhinsk branch, MFO 306663.

Creditors have until November 18, 2005 to submit their proofs of
claim to:

(a) GRANIT
    51800, Ukraine, Dnipropetrovsk region,
    Petrikivka, Ukrainskij lane, 4/13

(b) OLEKSANDR OSADCHIJ
    Liquidator/Insolvency Manager
    49005, Ukraine, Dnipropetrovsk region,
    Chernishevskij Str. 15

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


IBERDESIGN: Court Appoints Liquidator
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Iberdesign (code EDRPOU 30435621) on October
6, 2005 after finding the limited liability company insolvent.
The case is docketed as 15/600-b.  Mr. G. Kurshev has been
appointed liquidator/insolvency manager.

Creditors have until November 19, 2005 to submit their proofs of
claim to:

(a) IBERDESIGN
    Ukraine, Kyiv region,
    Bogomoltsya Str. 4

(b) G. KURSHEV
    Liquidator/Insolvency Manager
    01010, Ukraine, Kyiv region,
    Anishenko Str. 12, office 12

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


IMPORTPOBUTSERVICE: Insolvency Manager Steps in
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Importpobutservice (code EDRPOU 21520873) on
September 21, 2005 after finding the limited liability company
insolvent.  The case is docketed as 43/677.  Mr. Oleksij Sichov
has been appointed liquidator/insolvency manager.

CONTACT:  OLEKSIJ SICHOV
          Liquidator/Insolvency Manager
          04050, Ukraine, Kyiv region,
          Glibochitska Str. 53

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


LVIV-CONTACT: Gives Creditors Until this Week to File Claims
------------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Lviv-Contact (code EDRPOU 02759143) on
September 14, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/119-29/116.  Mr. Yurij
Storozhinskij has been appointed liquidator/insolvency manager.

Creditors have until November 18, 2005 to submit their proofs of
claim to:

(a) LVIV-CONTACT
    79010, Ukraine, Lviv region,
    Chernigivska Str. 14

(b) YURIJ STOROZHINSKIJ
    Liquidator/Insolvency Manager
    Phone: 239-50-18

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


MARIUPOL AUTO 11433: Court Grants Debt Moratorium
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Mariupol Auto Transport Enterprise
11433 (code EDRPOU 03399422) on August 22, 2005 and ordered a
moratorium on satisfaction of creditors claims.  Mr. S. Pilipenko
(License AA 630060) has been appointed temporary insolvency
manager.  The company holds account number 26009900175623 at
First Ukrainian International Bank, Mariupol branch MFO 335742.

CONTACT:  MARIUPOL AUTO TRANSPORT ENTERPRISE 11433
          87502, Ukraine, Donetsk region,
          Mariupol, Taganrogska Str. 179

          S. PILIPENKO
          Temporary Insolvency Manager
          87500, Ukraine, Donetsk region,
          Mariupol, Metalurgiv Avenue 25/81

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


POLIMERI UKRAINI: Declared Insolvent
------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Polimeri Ukraini (code EDRPOU 32331454) on
October 4, 2005 after finding the limited liability company
insolvent.  The case is docketed as 5/169 B.  Ms. S. Lunkova
(License AA 668348) has been appointed liquidator/insolvency
manager.

Creditors have until November 18, 2005 to submit their proofs of
claim to:

(a) POLIMERI UKRAINI
    83009, Ukraine, Donetsk region,
    Novorosijska Str. 9

(b) S. LUNKOVA
    Liquidator/Insolvency Manager
    83000, Ukraine, Donetsk region,
    Artema Str. 62/1

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


UKRPROMAGROSERVICE: Insolvency Manager Takes over Helm
------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Ukrpromagroservice (code EDRPOU 31150886) on
September 5, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-39/38-05.  Mr. Sergij
Guryanov (License AA 250364) has been appointed
liquidator/insolvency manager.

Creditors have until November 19, 2005 to submit their proofs of
claim to:

(a) UKRPROMAGROSERVICE
    63200, Ukraine, Harkiv region,
    Nova Vodolaga, Kooperativna Str. 8
    61070, Ukraine, Harkiv region,
    Academic Proskura Str. 1/7

(b) SERGIJ GURYANOV
    Liquidator/Insolvency Manager
    61123, Ukraine, Harkiv region
    Traktorobudivnikiv Avenue 87/155

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


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


CAPITALIFE ASSOCIATES: Calls in Liquidators from PwC
----------------------------------------------------
Company Names: CAPITALIFE ASSOCIATES LIMITED
               CHARWELL PROPERTIES LIMITED
               DEVELOPMENT SECURITIES (HARROW) LIMITED
               DEVELOPMENT SECURITIES (L&R) LIMITED
               DEVELOPMENT SECURITIES (MARYLEBONE) LIMITED
               DEVELOPMENT SECURITIES (SOUTHERN) LIMITED
               EUROCREST DEVELOPMENT LIMITED
               GLOSSY PROPERTIES LIMITED
               PRIMEACRE ESTATES LIMITED
               TALISMAN CONSTRUCTION LIMITED

M. Marx, a member of these companies, informs that the special
and ordinary resolutions to wind up the firms were passed at a
meeting held on Oct. 31.  Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT were
appointed joint liquidators.

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


CHILWOOD LIMITED: Claims Deadline November 28
---------------------------------------------
B. Sutcliffe, the chairman of Chilwood Limited, informs that the
special resolution to wind up the company was passed on November
2.  Mark Terence Getliffe of CLB, Century House, 11 St Peter's
Square, Manchester M2 3DN was appointed liquidator.

Creditors are required on or before November 28, 2005 to send in
their full names and addresses, with particulars of their debt or
claims to Mark Terence Getliffe, of CLB, Century House, 11 St
Peter's Square, Manchester M2 3DN, the liquidator of the company,
and, if so required by notice in writing, to prove their said
debt or claims.

CONTACT:  CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Phone: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk


COSINE COMMUNICATIONS: Calls in Liquidator
------------------------------------------
T. R. Gibson, the director of Cosine Communications Limited,
informs that the special resolutions to wind up the company were
passed at an EGM held on Oct. 28 at 1200 Bridge Parkway, Redwood
Shores, CA 94065, U.S.A.  Stephen Goderski of Geoffrey Martin &
Co, 7-8 Conduit Street, London W1S 2XF was appointed liquidator.

Creditors are required on or before December 31, 2005 to send in
their full names and addresses, with particulars of their debt or
claims, to Stephen Goderski of Geoffrey Martin & Co, 7-8 Conduit
Street, London W1S 2XF, the Liquidator of the Company, if so
required by notice in writing, to prove their said debt or
claims.

CONTACT:  GEOFFREY MARTIN & CO.
          7-8 Conduit Street
          London W1S 2XF
          Phone: 020 7495 1100
          Fax: 020 7495 1144
          E-mail: stephen.goderski@geoffreymartin.co.uk


DAWS ENGINEERING: Files for Liquidation
---------------------------------------
D. M. Cole, director of Daws Engineering Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 25 at Square Root Business Centre, 102 Windmill Road,
Croydon CR0 2XQ.

Jeremy C. Frost of Frost Business Recovery Limited, Square Root
Business Centre, 102 Windmill Road, Croydon CR0 2XQ was appointed
liquidator.

CONTACT:  DAWS ENGINEERING LTD.
          Curtis Road
          Dorking
          RH4 1XD Surrey
          Phone: 01306 881546
          Fax: 01306 740407
          Web site: http://www.dawseng.co.uk
          Contact:
          Bill Brian, Managing Director


DOWLAIS REORGANISATION: Appoints Liquidator
-------------------------------------------
I. Horton, the secretary of Dowlais Reorganisation Limited,
informs that the special resolutions to wind up the company were
passed at an EGM held on Nov. 1 at Dumfries House, Dumfries
Place, Cardiff.  Peter Richard Dewey of Dewey & Co was appointed
liquidator.

Creditors are required on or before December 29, 2005 to send
their names and addresses and the particulars of their debt or
claims, and the names and addresses of their Solicitors (if any),
to Peter Richard Dewey of Dewey & Co, 17 St Andrew's Crescent,
Cardiff CF10 3DB, the Liquidator of the company, and, if so
required by notice in writing their debt or claims.

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


EASYNET GROUP: Majority of Shareholders Accept BSkyB Offer
----------------------------------------------------------
On 21 October 2005, Lazard & Co., Limited (Lazard) and Morgan
Stanley & Co. Limited (Morgan Stanley) made a recommended cash
offer on behalf of Sky Broadband Services Limited, a wholly owned
subsidiary of British Sky Broadcasting Group plc (BSkyB), for the
entire issued and to be issued share capital of Easynet Group
plc.

The directors of BSkyB disclosed Monday that as at 3:00 p.m.
(London time) on 11 November 2005, the first closing date of the
Offer, valid acceptances of the Offer had been received in
respect of a total of 68,339,119 Easynet Shares, representing
approximately 56.8% of the existing issued share capital of
Easynet.

On 21 October 2005, the directors of BSkyB revealed that they had
received irrevocable undertakings to accept the Offer in respect
of 19,175,334 Easynet Shares, representing approximately 15.9% of
the existing issued share capital of Easynet.  Valid acceptances
have been received in respect of 19,122,334 of those Easynet
Shares, representing approximately 15.9% of the existing share
capital of Easynet.   Acceptances in respect of the balance of
53,000 Easynet Shares that are subject to irrevocable
undertakings, representing approximately 0.04% of the existing
share capital of Easynet, remain to be received.

Further, as announced by the directors of BSkyB on 21 October
2005, BSkyB had also received a letter of intent to accept the
Offer from GAM London Limited in respect of 7,100,000 Easynet
Shares, representing approximately 5.9% of the issued share
capital of Easynet.  Valid acceptances have been received in
respect of all of the Easynet Shares which were the subject of
such letter of intent and are included in the total number of
valid acceptances referred to above.

On 21 October 2005, Morgan Stanley, acting on behalf of the
Offeror, purchased in the market a total of 28,750,000 Easynet
Shares representing approximately 23.9% of the existing issued
share capital of Easynet.

Accordingly, as at 3.00 p.m. (London time) on 11 November 2005,
BSkyB has acquired or received valid acceptances under the Offer
in respect of a total of 97,089,119 Easynet Shares, representing
approximately 80.7% of the existing issued share capital of
Easynet.  The Offer has been extended for a period of 14 days and
will therefore remain open for acceptance until 3:00 p.m. (London
time) on 25 November 2005.

Easynet Shareholders who have not yet accepted the Offer and who
hold Easynet Shares in certificated form are urged to complete,
sign and return the Form(s) of Acceptance by hand (during normal
business hours) or by post as soon as possible but no later than
3:00 p.m. (London time) on 25 November 2005, to the receiving
agents to the Offer, Capita Registrars at Capita Registrars,
Corporate Actions, PO Box 166, The Registry, 34 Beckenham Road,
Beckenham, Kent BR3 4TH.

Additional Forms of Acceptance are available from Capita
Registrars, by calling 0870 162 3121, or if calling from outside
the U.K., on +44 20 8639 2157.  If you hold your Easynet Shares
in uncertificated form (that is, in CREST) you are urged to
accept the Offer by TTE instructions as soon as possible and, in
any event, so as to be settled not later than 3:00 p.m. (London
time) on 25 November 2005.

All terms defined in the Offer Document have the same meaning in
this announcement, unless the context requires otherwise.

CONTACT:  EASYNET GROUP PLC
          44-46 Whitfield St.
          London
          W1P 5RF, United Kingdom
          Phone: +44-20-7900-4700
          Fax: +44-20-7900-4701
          Web site: http://www.easynet.com

          BRITISH SKY BROADCASTING GROUP PLC
          Grant Way, Isleworth
          London TW7 5QD
          United Kingdom
          Phone: +44-20-7705-3000
          Fax: +44-20-7705-3453
          Web site: http://www.sky.com

          LAZARD & CO., LIMITED
          Joint Financial Adviser to BSkyB
          Trevor Nash
          Peter Warner
          Sarah Carter
          Phone: +44 (0)20 7187 2000

          MORGAN STANLEY & CO. LIMITED
          Joint Financial Adviser to BSkyB
          Scott Matlock
          Daniel Bailey
          Hugo Baring
          Phone: +44 (0)20 7425 5000

          DEUTSCHE BANK AG LONDON
          Joint Corporate Broker to BSkyB
          Charlie Foreman
          Bill Frith
          Phone: +44 (0)20 7545 8000

          GOLDMAN SACHS INTERNATIONAL
          Joint Corporate Broker to BSkyB
          Matthew Westerman
          Neil Chugani
          Phone: +44 (0)20 7774 1000

          ABN AMRO CORPORATE FINANCE LIMITED
          Financial Adviser to Easynet
          Tom Willett
          Phone: +44 (0)20 7678 8000

          HOARE GOVETT LIMITED
          Corporate Broker to Easynet
          Ranald McGregor Smith
          Lee Morton
          Phone: +44 (0)20 7678 8000
          Hudson Sandler
          Andrew Hayes
          Sandrine Gallien
          Wendy Baker
          Phone: +44 (0)20 7796 4133


EATON FINE: Liquidators from KPMG Move in
-----------------------------------------
At the general meeting of Eaton Fine Dining Limited, the special
and ordinary resolutions to wind up the company were passed.
Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB were appointed joint
liquidators.

CONTACT:  EATON FINE DINING LIMITED
          59-66 Greenfield Road,
          London E1 1EJ
          Phone: 02073751079

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


ELEPHANT FLOORING: EGM Passes Winding-up Resolution
---------------------------------------------------
S. Pandya, chairman of Elephant Flooring Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 21 at The Master Brewer Hotel, Freezeland Way, Hillingdon,
Uxbridge, Middlesex UB10 9NX.

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

CONTACT:  ELEPHANT FLOORING LIMITED
          63 Camden Rd
          London NW1 9EU
          Phone: 0808-155 7143

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


EUROPEAN SCIENCE: Names David Rubin Liquidator
----------------------------------------------
P. D. Fowler, chairman of European Science Channel Limited,
informs that a resolution to wind up the company were passed at
an EGM held on Oct. 24 at David Rubin & Partners, Pearl Assurance
House, 319 Ballards Lane, London N12 8LY.

Lane Bednash of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY was appointed liquidator.

CONTACT:  EUROPEAN SCIENCE CHANNEL LIMITED
          78 Queens Road, Bristol, BS8 1QX
          Phone: 0117 907 5588

          DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


G.D.C. STEEL: Baker Tilly to Liquidate Business
-----------------------------------------------
G. Foote, chairman of G.D.C. Steel Fabrications Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 24 at Baker Tilly, Brazennose House, Lincoln Square,
Manchester M2 5BL.

Lindsey J. Cooper and Stephen M Quinn of Baker Tilly, Brazennose
House, Lincoln Square, Manchester M2 5BL were appointed Joint
Liquidators.

CONTACT:  G D C STEEL FABRICATIONS LTD.
          Unit H Adamson Industrial Estate
          Croft Street
          Hyde, Cheshire
          SK14 1EE
          Phone: 0161 367 8990
          Fax: 0161 367 8992


GEORGE BOWLEY: Engineering Firm Opts to Wind up Operations
----------------------------------------------------------
I. Beswick, chairman of George Bowley & Son Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 26 at 1st Floor, Gibraltar House, Crown Square, First
Avenue, Burton on Trent DE14 2WW.

M. F. P. Smith of Dains, St Johns Court, Wiltell Road, Lichfield,
Staffordshire was appointed liquidator.

George Bowley & Son --
http://www.bosun-bowley.co.uk/--manufactures components for the
caravan, trailer and park home chassis industry.  It was founded
in 1890 as a privately owned company, and remained so until now.

CONTACT:  GEORGE BOWLEY & SON LTD.
          76 Leicester Rd.
          Mountsorrel, Loughborough
          Leicestershire LE12 7AN
          Phone: +44 (0) 116 230 2278
          Fax: +44 (0) 116 230 2578


GO BEYOND: Files for Liquidation
--------------------------------
R. Bibby, chairman of Go Beyond Limited, informs that resolutions
to wind up the company were passed.

Andrew T. Clay of Andrew Michaels & Co Ltd., Concept House,
Brooke Street, Cleckheaton, West Yorkshire BD19 3RY was appointed
liquidator.

CONTACT:  GO BEYOND LTD.
          Oxford Street
          Castleford
          WF10 5SZ
          West Yorkshire
          Phone: 01977 710200
          Fax: 01977 710201

          ANDREW MICHAELS & CO. LTD.
          Concept House
          Brooke Street
          Cleckheaton
          Bradford BD19 3RY
          West Yorkshire
          Phone: 0870 750 5411
          Fax: 0870 750 5412
          E-mail: info@andrew-michaels.com


HORIZON CONSERVATORIES: Appoints Liquidator
-------------------------------------------
C. Cash, chairman of Horizon Conservatories Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 27 at 46 Moorlands Business Centre, Balme Road, Cleckheaton
BD19 4EW.

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

CONTACT:  HORIZON CONSERVATORIES LTD.
          Strikes Garden Centre
          Red Hall Lane
          Wellington Hill
          Leeds
          West Yorkshire
          LS17 8NA
          Phone: 0845 230 1560
          Fax: 0845 230 1570

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


JESSOPS PLC: Preliminary Results Out Later this Month
-----------------------------------------------------
Jessops plc will unveil its Preliminary Results for the year
ended 30 September 2005 on Wednesday 30 November 2005.   There
will be a presentation for analysts at ABN Amro, 250 Bishopsgate,
London EC2 at 9:30 a.m.

                        About the Company

With a complete database of over 16,000 product lines, Jessops
plc is one of the most comprehensive retail Web sites in the
U.K.  The site generates circa 7 million page impressions per
month.

Jessops also operates a wholesale and commercial sales business
from its head office in Leicester.  The wholesale distribution
business, trading as Photoline, was formed in 1986.  Jessops'
business-to-business sales are primarily to the Government,
quasi-governmental organizations, schools, colleges and local
councils and Insurance companies.  It also sells photographic
equipment to professional photographers under the trading name
Jessops Professional.

In May, Jessops plc reported that earnings before interest, tax
and amortization ('EBITA') for the 26 Weeks to 27 March 2005 were
18% down at GBP5.7 million.  Profits on ordinary activities
before tax for the period, which included a higher interest
charge for October under the group's former financing structure,
were GBP1.3 million.  Net debt was reduced to GBP42.8 million
(2003: GBP126 million).

The positive start to the company's life as a listed company was
in contrast to the Group's trading in February and early March,
which saw an unprecedented decline in digital camera sales and
the toughest trading conditions seen at Jessops at least since
digital cameras were launched onto the market in the mid 1990s.

The impact of the sales shortfall in February and early March not
only had a material impact on profits for the period, but caused
the company to reconsider projections for the second half of the
year.  In response to these difficult market conditions, the
company has set in motion a number of projects to drive sales and
deliver efficiency savings.

CONTACT:  JESSOPS PLC
          Jessop House, Scudamore Rd.
          Leicester
          LE3 1TZ, United Kingdom
          Phone: +44-116-232-6000
          Web site: http://www.jessops.com


KINGSTON FINISHES: Liquidators Enter Firm
-----------------------------------------
P. Garland, chairman of Kingston Finishes Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 14 at the Quality Hotel Royal, Ferensway, Hull HU1 3UF.

Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe
Cork, Lowgate House, Lowgate, Hull HU1 1EL were appointed Joint
Liquidators.

CONTACT:  KINGSTON FINISHES LTD.
          St. Marks Square, English St HU3 2DQ
          Phone: 01482 323943
          Fax: 01482 325568


KIRSTOL LIMITED: Names Kroll Liquidator
---------------------------------------
P. Harrison, chairman of Kirstol Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 17.

D. J. Whitehouse and S. Wilson of Kroll, The Observatory, Chapel
Walks, Manchester M2 1HL were appointed Joint Liquidators.

Kirstol provides textile processing machinery, accessories, spare
parts and service to meet the needs of today's yarn and fabric
producers.  It has more than 20 years experience in the industry.

CONTACT:  KIRSTOL LTD.
          Cheethams Park Estate
          Park Street, Stalybridge
          Cheshire,SK15 2BT, UK
          Phone: ++44 (0) 161 338 7512
          Fax: ++44 (0) 161 338 8097
          E-mail: info@kirstol.co.uk

          KROLL
          Web site: http://www.krollworldwide.com


L & C CONTRACT: Files for Liquidation
-------------------------------------
J. Carston, chairman of L & C Contract Services Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 26 at 46 Moorlands Business Centre, Balme Road,
Cleckheaton BD19 4EW.

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

CONTACT:  L & C CONTRACT SERVICES LTD.
          New Works Rd Low Moor
          Bradford BD12 0QP
          Phone: 01274678809

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


LEARAY TRADING: Appoints Liquidator
-----------------------------------
M. Gould, chairman of The Learay Trading Co. Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 27 at 43 Blackstock Road, London N4 2JF.

Andrea Georgiou Kakouris of 43 Blackstock Road, London N4 2JF was
appointed liquidator.

CONTACT:  THE LEARAY TRADING CO.
          Unit 7-8 Bow Industrial Park Carpenters Road
          London E15 2DZ
          Phone: (020 8986 5347)


LOADED LTD.: Clothing Firm Winds up
-----------------------------------
N. Charalambous, chairman of Loaded Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 12 at Saint Georges Hotel, Langham Place, Regent Street,
London W1B 2QS.

Andrew Andronikou and Peter Kubik of Hacker Young were appointed
Joint Liquidators.

CONTACT:  LOADED LTD.
          71-73 Great Portland Street
          London W1W 7LP
          Phone: 02074367654

          UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


LOVE SAVES: Food Retailer Liquidates
------------------------------------
Love Saves The Day Limited informs that resolutions to wind up
the company were passed at an EGM held on Oct. 24.

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

CONTACT:  LOVE SAVES THE DAY LIMITED
          Sun House, 2-4 Little Peter Street
          Manchester M15 4PS
          Phone: 01618321666


LUCKYRIGHT LTD.: Winding up Operations
--------------------------------------
K. Goodwin, chairman of Luckyright Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 25 at Begbies Traynor, 1 Winckley Court, Chapel Street,
Preston PR1 8BU.

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

CONTACT:  LUCKYRIGHT LIMITED
          Cronton Road, Tarbock
          Prescot, Merseyside L35 1QY
          Phone: 0151-480-6284

          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


MARKET DEVELOPMENT: Hires Administrators from Begbies Traynor
-------------------------------------------------------------
G. N. Lee and P. Stanley (IP Nos 009204, 008123) of Begbies
Traynor were appointed administrators of Market Development
Associates Limited (Company No 05048916) on Oct. 31.

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


MARKS & SPENCER: To Name New Non-executive Directors February
-------------------------------------------------------------
Marks & Spencer Group plc has appointed Steven Sharp as an
executive director of the company.

In accordance with paragraph 9.6.13 (1) of the Listing Rules,
Steven Sharp has confirmed that he is not a director of any other
publicly quoted companies and, in addition, that he has not been
a director of any publicly quoted companies within the last five
years.

Steven Sharp has been a director of PR Fashion plc, Steven Sharp
plc and Martin Dawe Design plc which are not publicly quoted
companies.

In accordance with s329 of the Companies Act 1985 it is disclosed
that, on appointment, Steven Sharp had an interest in 27,565
ordinary shares of 25 pence each in Marks & Spencer Group plc.
Furthermore, he had previously been awarded a conditional
allocation of 234,146 Performance Shares, a conditional award of
90,000 Restricted Shares, and 406,603 options under the Executive
Share Option Scheme.

Meanwhile, Lady Patten is to be appointed a non-executive
director of Marks and Spencer Group plc on 1 February 2006.

In accordance with paragraph 9.6.13 (1) of the Listing Rules, Ms.
Patten has confirmed that she is currently a director of Bradford
& Bingley plc, Somerfield plc, Brixton plc and GUS plc and, in
addition, that she has been a director of Hilton Group plc within
the last five years.

Jeremy Darroch is also to be appointed a non-executive director
of Marks and Spencer Group plc on 1 February 2006.

In accordance with paragraph 9.6.13 (1) of the Listing Rules
Jeremy Darroch has confirmed that he is currently a director of
British Sky Broadcasting Group plc, he has not been a director of
any other publicly quoted companies within the last five years.

                        About the Company

Marks & Spencer has over 400 stores located throughout the U.K.,
including its largest store at Marble Arch, London.  In addition,
the Company has 150 stores worldwide, including over 130
franchise businesses, operating in 30 countries.  In 2004, it had
turnover of over GBP8 billion, operating profit of GBP823.9
million, and almost GBP2 billion in assets.

It has carried out aggressive price cutbacks to offset declining
sales.  The prices of its ladieswear clothing brands have been
reduced by 25%.  In July, the company reported that U.K. Retail
Sales for the 14 weeks to 9 July 2005 were down 3.1% in total,
with General Merchandise down 10.3% and Food up 5%.  Clothing was
down 9.2% and Home down 22.3%.  Like-for-like sales were down
5.4%, with General Merchandise down 11.2% and Food up 0.7%.

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


MINORPLANET SYSTEMS: Issues Shares to pay GBP330 Mln Debt
---------------------------------------------------------
Further to the announcement made on 7 November 2005, application
has been made by Minorplanet Systems plc to list an additional
550,000 ordinary shares of 1 pence each to be issued (at a
subscription price of 50 pence per share) in settlement of
certain historic liabilities of the Company.

300,000 of the ordinary shares are being issued in satisfaction
of the remaining balance due to Michael Abrahams under an
unsecured loan advanced to the Company in 1997 of GBP230,000
(referred to in the Prospectus issued by the Company on 13
October 2005).

200,000 ordinary shares are being issued in satisfaction of the
sum of GBP100,000 owed by the Company to The Media Buzz Limited
(Media Buzz).  The remaining 50,000 ordinary shares are being
issued in respect of certain marketing and database services
supplied to Minorplanet by Media Buzz, representing a substantial
discount to the potential liability.

                        About the Company

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

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

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

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

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


MONSOON NIGHTS: Food Retailer Files for Liquidation
---------------------------------------------------
Y. S. Macdonald, director of Monsoon Nights (2) Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 14 at Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB.

Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB was appointed liquidator.

CONTACT:  MONSOON NIGHTS (2) LIMITED
          104-108 Wilmslow Road, Manchester
          Lancashire M14 5AJ
          Phone: 01612246669

          CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


MONUMENT EXECUTIVE: Creditors Meeting Set Friday
------------------------------------------------
Creditors of Monument Executive Limited (formerly known as
Mitrearch Ltd.- Company No 01432285) will meet on November 18,
2005, 11 p.m. at Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Stanley Donald Burkett-Coltman and Steven John
Parker of Tenon Recovery, Sherlock House, 73 Baker Street, London
W1U 6RD not later than 12 noon, November 17, 2005.

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


MSH TRANSPORT: Goes into Liquidation
------------------------------------
S. B. Heine, chairman of MSH Transport Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 26 at Holiday Inn, University Way, Dartford, Kent DA1 5PA.

Ruth Duncan of Maxwell Davies, 16 Caring Lane, Maidstone, Kent
ME14 4NJ was appointed liquidator.

CONTACT:  MSH TRANSPORT LIMITED
          61 High Street, Green Street Green
          Orpington, Kent BR6 6BQ
          Phone: 01689822309


MULTIPAC (LEEDS): Calls in Liquidator
-------------------------------------
R. F. Millet, director of Multipac (Leeds) Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 26 at Haines Watts, First Floor, Park House, Park Square
West, Leeds LS1 2PS.

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

CONTACT:  MULTIPAC LTD.
          Forge Lane, Scotch Park Trading Estate
          Leeds, West Yorkshire LS12 2PY
          Phone: 01132310686

          HAINES WATT
          231-233 St Vincent Street,
          Glasgow G2 5QY
          Web site: http://www.hwca.com


NEIL GRINNALL: In Administrative Receivership
---------------------------------------------
Dunbar Bank Plc appointed Mark Elijah Thomas Bowen and David
Rolph (Office Holder Nos 8778, 8711 and 5930) of Moore Stephens
LLP joint administrative receivers of Neil Grinnall Properties
Limited (Reg No 03252205) on Oct. 31.

CONTACT:  NEIL GRINNALL PROPERTIES LIMITED
          The Grinnall Business Centre,
          Sandy Lane,
          Stourport-On-Severn, Worcestershire DY13 9QB
          Phone: 01299-827767

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


NJM PRODUCTIONS: Liquidators from Vantis Numerica Enter Helm
------------------------------------------------------------
N. Marmont, the chairman of NJM Productions Limited, informs that
the special, ordinary and extraordinary resolutions to wind up
the company were passed at an EGM held on Oct. 27 at 66 Wigmore
Street, London W1U 2SQ.  Nicholas Hugh O'Reilly and Jonathan Mark
Birch of Vantis Numerica, PO Box 2653, 66 Wigmore Street, London
W1A 3RT were appointed joint liquidators.

Creditors are required on or before December 22, 2005 to send in
their full names, their addresses and descriptions, full
particulars of their debt or claims, and the names and addresses
of their Solicitors (if any), to Nicholas Hugh O'Reilly of Vantis
Numerica, 66 Wigmore Street, London W1U 2SQ, the joint liquidator
of the company, and, if so required by notice in writing their
debt or claims.

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


O'SULLIVAN INDUSTRIES: To Pay U.K. Creditors' Claims
----------------------------------------------------
O'Sullivan Industries Holdings, Inc., and its debtor-affiliates
sell products manufactured in the United States to large
retailers in Europe through branch operations in the United
Kingdom.  The U.K. Branch leases office and warehouse space and
has 14 employees.  James C. Cifelli, Esq., at Lamberth, Cifelli,
Stokes & Stout, P.A., in Atlanta, Georgia, tells the U.S.
Bankruptcy Court for the Northern District of Georgia that the
U.K. Branch is an expanding and important component of the
Debtors' overall business, generating between US$5,000,000 and
US$6,000,000 in revenues in fiscal year 2005.  The Debtors
believe that there is significant opportunity for growth in the
U.K. and European markets and that the U.K. Branch will become
even more important to the Debtors as they pursue foreign
sourcing opportunities.

In connection with their operation of the U.K. Branch, the
Debtors have ongoing business relationships with various
creditors in the United Kingdom that provide freight, carriage,
temporary staffing, utility, and other services to the Debtors.
Mr. Cifelli relates that the U.K. Creditors have certain
prepetition claims against the Debtors totaling no more than
GBP250,000.

According to Mr. Cifelli, the U.K. Creditors have threatened to
take, or have already taken, actions that could cripple the U.K.
Branch operations.  Certain U.K. Creditors have told the Debtors
that they will not provide, or have already ceased providing,
essential services to the U.K. Branch until their claims are
paid.  Other U.K. Creditors have refused to release freight that
the U.K.  Branch needs to satisfy customer orders until their
claims are paid.  Still other U.K. Creditors have indicated that,
unless their claims are paid, they will bring U.K. insolvency
proceedings against the U.K. Branch, which could result in the
liquidation of the U.K. Branch's assets.

In addition, Mr. Cifelli continues, management of the U.K. Branch
is concerned that they may be subject to wrongful trading claims
under U.K. law.

Accordingly, the Debtors seek the Court's authority to pay, in
their absolute discretion, the U.K. Claims.

The Debtors also seek the Court's authority to condition payment
of the U.K. Claims on the continued services to them during the
course of their Chapter 11 case.

In certain circumstances, the Debtors would include letters with
checks paying outstanding U.K. Claims that would condition the
cashing of those checks on an agreement by the particular U.K.
Creditor to provide services in accordance with the usual and
customary terms and conditions of the industry or on other terms
acceptable to the Debtors.

The Debtors also reserve the right to require written
confirmation of that agreement from any U.K. Creditor before
paying any U.K.  Claim, to demand a return of any funds paid if
appropriate postpetition services are not provided to them, and
to contest any invoice of any U.K. Creditor.

Mr. Cifelli says that the Debtors have considered various
alternatives to paying the U.K. Claims.  They have informed many
of the U.K. Creditors that the Bankruptcy Code prevents them from
paying the U.K. Claims and that the U.K. Creditors' actions or
threatened actions would violate the automatic stay of the
Bankruptcy Code.  However, many of the U.K. Creditors were
undeterred.  Mr. Cifelli asserts that even assuming that the
automatic stay or other provisions of the Bankruptcy Code apply,
it would be extremely difficult, if not impossible, not to
mention costly, for the Debtors to enforce those provisions
against the U.K. Creditors.

The Debtors have provided a confidential break-down of the U.K.
Creditors and the U.K. Claims to the U.S. Trustee, counsel to the
largest holders of the senior secured notes due 2008, counsel to
The CIT Group/Business Credit, Inc., and counsel to the Official
Committee of Unsecured Creditors.

Headquartered in Roswell, Georgia, O'Sullivan Industries
Holdings, Inc. -- http://www.osullivan.com/-- designs,
manufactures, and distributes ready-to-assemble furniture and
related products, including desks, computer work centers,
bookcases, filing cabinets, home entertainment centers,
commercial furniture, garage storage units, television, audio,
and night stands, dressers, and bedroom pieces.  O'Sullivan sells
its products primarily to large retailers including OfficeMax,
Lowe's, Wal-Mart, Staples, and Office Depot.  The Company and its
subsidiaries filed for chapter 11 protection on October 14, 2005
(Bankr. N.D. Ga. Case No. 05-83049).  On September 30, 2005, the
Debtor listed $161,335,000 in assets and $254,178,000 in debt.
(O'Sullivan Bankruptcy News, Issue No. 5; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

CONTACT:  O'SULLIVAN FURNITURE - EUROPE
          European Headquarters
          Fairfax House
          Cromwell park
          Chipping Norton
          Oxfordshire
          OX7 5SR
          United Kingdom
          Phone: +44(0) 1 608 647 300
          Fax: +44(0) 1 608 647 319


PARTS PLUS: Files for Liquidation
---------------------------------
S. Ingman, chairman of Parts Plus Liverpool Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 25 at The Paddington House Hotel, 514 Manchester Road,
Paddington, Warrington WA1 3TZ.

Vincent A. Simmons of Bennett Verby, 7 St. Petersgate, Stockport,
Cheshire SK1 1EB Office Holder Number: 889 was appointed
liquidator.

CONTACT:  PARTS PLUS LIVERPOOL LTD.
          Unit 3 Speke Hall Industrial Estate Spindus Road
          Speke
          Liverpool, Merseyside
          L24 1YA
          Phone: 0151448 2900
          Fax: 0151448 2901
          Web site: http://www.partsplusliverpool.com

          BENNETT VERBY
          7 St Petersgate
          Stockport
          Cheshire SK1 1EB
          Phone: 0161 477 9345
          Fax: 0161 429 7224
          E-mail: v.simmons@bennettverby.co.uk


PERMACOOL HEAT: Goes into Liquidation
-------------------------------------
N. R. Brooks, director of Permacool Heat Transfer Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 26 at Parkin S. Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB.

Jonathan R. Booth of Parkin S. Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB was appointed liquidator.

CONTACT:  PERMACOOL HEAT TRANSFER LIMITED
          18 Regent Road, Liverpool
          Merseyside L3 7DS
          Phone: 01512551672

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


PINE STREET: Calls in KPMG Liquidator
-------------------------------------
At the general meeting of Pine Street Investments Limited, the
special and ordinary resolutions to wind up the company were
passed.  Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG
LLP, 8 Salisbury Square, London EC4Y 8BB were appointed joint
liquidators.

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


PLANET (HERTS): Creditors Meeting Set Thursday
----------------------------------------------
Creditors of Planet (Herts) Limited (Company No 4260435) will
meet on November 17, 2005, 11 a.m. at Acre House, 11-15 William
Road, London NW1 3ER.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to David Birne & Stephen Katz of Fisher Partners,
Acre House, 11-15 William Road, London NW1 3ER not later than
12:00 noon, November 16, 2005.

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


RAMSDALE WINDOWS: Creditors to Meet Friday
------------------------------------------
Creditors of Ramsdale Windows Limited (Company No 03649259) will
meet on November 18, 2005, 11 p.m. at The Scotch Corner Hotel,
Junction A1/A66, Scotch Corner, near Darlington, North Yorkshire
DL10 6NR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to David Leighton Cockshott and Paul Andrew Whitwam
of BWC Business Solutions Limited, 8 Park Place, Leeds LS1 2RU
not later than 12:00 noon, November 17, 2005.

Ramsdale Windows -- http://www.ramsdalewindows.co.uk/-- is a
family-owned business established in 1981.  It is a window and
conservatory specialist in the North East.

CONTACT:  RAMSDALE WINDOWS LTD.
          Middlesbrough
          Cleveland TS6 6DU
          Phone: 01642 453838

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


RED ROOSTER: Appoints Liquidator
--------------------------------
Red Rooster Fashion and Lifestyle PR Limited informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 20 at 228 Shoreditch High Street, London E1 6PJ.

Keith Barry Stout of KSA, 228 Shoreditch High Street, London E1
6PJ was appointed liquidator.

CONTACT:  RED ROOSTER FASHION AND LIFESTYLE PR LIMITED
          15/19 Cavendish Place, London W1G 0DD
          Phone: 020-7251-1400


REGAL PETROLEUM: To Appeal Ruling on CNGG Case
----------------------------------------------
Commenting upon the weekend's press commentary on its
announcement made on Friday, 11 November 2005, the Board of Regal
Petroleum plc has made it very clear that there were two sets of
legal proceedings that affected its business operations in
Ukraine.

This was spelled out in the company's announcement made on 29
September 2005 when the second of these legal proceedings first
manifested itself and again on 3 October 2005 when the outcome of
the Appeal in the first case became available.  Previously on 26
September 2005, Regal issued an announcement explaining the
circumstances of the first case in detail.

The first case involves a dispute on the dissolution and
distribution of the assets of the previous joint venture in
Ukraine between Regal and Chernigivnaftogasgeologia (CNGG).  The
joint venture, 75% Regal and 25% CNGG, covered the exploration of
and pilot production from what are now Regal's Ukrainian
licenses/assets.  It is a case brought by Regal to establish the
position regarding the distribution of assets (wells and
infrastructure) following the dissolution of the joint venture in
June 2004, prior to the award of the present 20-year production
licenses to Regal.  It does not relate to the validity of these
production licenses.

The initial hearing of this case found in favor of Regal
directing that the physical assets of the joint venture be
acquired by Regal from CNGG with a cash compensation payment.
This payment was determined by an auditor appointed by the
Court.  This ruling was appealed by CNGG and early in October
2005 this appeal was heard and the Appeal Court upheld the ruling
of the original court.  CNGG have again appealed, this time to
the Ukraine Supreme Commercial Court and this further appeal will
be held in the near future.  It is at the discretion of either
party, irrespective of the outcome of any further appeal, to take
this case to the Ukraine Supreme Court for a final and absolute
ruling.

The second case has been brought by CNGG against its own parent
organization, the Ministry of Environmental Protection (MEP).
Despite Regal not being a party in this case, the Company
believes that the real aim of this action is to damage the
interests of Regal.  The basis of this claim is that the State
Committee, the predecessor to the MEP, when awarding the
production licenses to Regal did not follow correct procedure and
that therefore the production licenses are not valid.

Despite not being a participant in this case, Regal and its legal
counsel in Kiev have followed it closely and have always been
convinced that this assertion is not valid.  The Board was
therefore surprised by the outcome announced last Friday, 11
November 2005 that the Court had found in favor of CNGG.  Regal
will itself join these proceedings and launch an appeal, which it
now has a formal right to do.  Regal is confident that this
appeal process will result in a favorable outcome.

The Company is seeking to have both of these cases concluded with
favorable outcomes for Regal with rulings possibly at the highest
level of legal standing in Ukraine, the Ukraine Supreme court.
This legal process is well underway in the first case but only at
the beginning of the process in the second case.

Ukraine is a country undergoing a period of massive social and
political change.  It is currently pursuing applications to join
the WTO and the European Union.  It is taking well-publicized
steps to establish its political, commercial, fiscal and legal
institutions as being appropriate to those legitimate aims.

Therefore Regal, as a foreign investor with a large stake in
Ukraine, is confident that the legal proceedings now underway
which affect its Ukraine assets will be dealt with, in a correct
and proper manner.  Specifically, that its current licenses will
be upheld, that the decision handed down determining the
dissolution of its previous joint venture will be ratified and
that its future intentions to invest further in the economy of
Ukraine will be rewarded with success.

Regal will announce further updates as the above issues are
concluded.

CONTACT:  REGAL PETROLEUM PLC
          4th Floor
          11 Berkeley Street
          London, England W1J 8DS
          Phone: +44 20 7647 6622
          Fax: +44 20 7629 4297
          Web site: http://www.regalpetroleum.com


RURAL ESTATES: Calls in Milner to Liquidate Business
----------------------------------------------------
S. Whalley, director of Rural Estates Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 26 at Milner Boardman and Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG.

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

CONTACT:  BRADFORD RURAL ESTATES LTD.
          Bradford Estate Office
          Weston-under-Lizard
          Shifnal
          Shropshire
          TF11 8JU
          United Kingdom
          Phone: ++44-(0)1952-852000
          Fax: ++44-(0)1952-852004

          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


SARAN WINDOWS: Owners Decide to Wind up Firm
--------------------------------------------
Saran Windows Limited informs that a resolution to wind up the
company were passed at an EGM held on Oct. 25 at 10 Eagley House,
Deakins Business Park, Bolton BL7 9RP.

Andrew Rosler of Ideal Corporate Solutions Limited, 10 Eagley
House, Deakins Business Park, Bolton BL7 9RP was appointed
liquidator.

CONTACT:  SARAN WINDOWS LIMITED
          Unit 12/13, Dale Street Industrial Estate
          Manchester, Lancashire M26 1AD
          Phone: 01617246400

          IDEAL CORPORATE SOLUTIONS LTD.
          Tarleton House
          112A-116 Chorley New Road
          Bolton
          Lancashire BL1 4DH
          Phone: 01204 467100
          Fax: 01204 843030
          E-mail: andrew.rosler@idealcorporatesolutions.co.uk


SKYEPHARMA PLC: Hires Lehman Brothers to Study Takeover Offer
-------------------------------------------------------------
SkyePharma plc has disclosed that following a recent unsolicited
approach from a third party, the Board of SkyePharma has decided
to review all of its strategic options, including inter alia
offers for the company as a whole.

The Board has appointed Lehman Brothers Europe Limited as sole
financial adviser to undertake this review.  There is no
certainty that the review will result in any change to the
present ownership structure of the company.  A further
announcement will be made when appropriate.

Lehman Brothers Europe Limited, which is regulated in the United
Kingdom by the Financial Services Authority, is acting for
SkyePharma PLC and no one else in relation to the matters
described in this announcement, and will not be responsible to
anyone other than SkyePharma PLC for providing the protections
afforded to customers of Lehman Brothers Europe Limited or for
providing advice on matters described in this announcement.

                        About the Company

SkyePharma plc, headquartered in London, develops pharmaceutical
products benefiting from world leading drug delivery technologies
that provide easier-to-use and more effective drug formulations.
In May, it reported net loss of GBP24.3 million for 2004, a
decrease of 44% compared with GBP43.2 million in
2003.

In September, the Board of SkyePharma proposed to raise
approximately GBP35 million (net of expenses) by means of a 1 for
5 Rights Issue of 125,627,357 New Ordinary Shares at 30 pence per
share to Qualifying Shareholders.

The Rights Issue has been underwritten in full by Credit Suisse
First Boston (Europe) Limited (CSFB).  The Directors (other than
one Director resident in the United States) intend to take up
their rights under the Rights Issue in respect of all of their
beneficial interests in Existing Ordinary Shares over which they
have control, representing less than 1% of the issued share
capital.

The net proceeds of the Rights Issue will be used primarily to
provide the Company with additional working capital to fund the
Phase III clinical development of Flutiform(TM), a key pipeline
product.  The proposed issue of 125,627,357 New Ordinary Shares
represents approximately 16.7% of the enlarged issued share
capital.

CONTACT:  SKYEPHARMA PLC
          105 Piccadilly
          London
          United Kingdom
          W1J 7NJ
          Phone: +44 20 7491 1777
          Fax: +44 20 7491 3338
          Web site: http://www.skyepharma.com

          LEHMAN BROTHERS EUROPE LIMITED
          25 Bank Street
          London E14 5LE
          United Kingdom
          Phone: 44-20-7102-1000
          Web site: http://www.lehman.com


SOPHIA DEVELOPMENTS: Creditors to Meet Friday
---------------------------------------------
Creditors of Sophia Developments Limited will meet on November
18, 2005, 2 p.m. at Fourth Floor, One Victoria Street, Bristol
BS1 6AA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy form must be submitted together with written debt
claims to G. D. Randall of BDO Stoy Hayward, Fourth Floor, One
Victoria Street, Bristol BS1 6AA not later than 12:00 noon,
November 17, 2005.

CONTACT:  BDO STOY HAYWARD
          Fourth Floor
          One Victoria Street
          Bristol BS1 6AA
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          E-mail: graham.randall@numerica.biz


SUMMIT ENGINEERING: Liquidator from Turpin Enters Firm
------------------------------------------------------
D. McAllen, chairman of Summit Engineering (SE) Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 24 at Allen House, 1 Westmead Road, Sutton, Surrey
SM1 4LA.

Martin Charles Armstrong of Turpin, Barker Armstrong, Allen
House, 1 Westmead Road, Sutton, Surrey SM1 4LA was appointed
liquidator.

CONTACT:  SUMMIT (ENGINEERING) LTD.
          Unit 7/Patricia Way/Pysons Rd. Ind. Est,
          Broadstairs,
          Kent
          CT102LF
          Phone: 01843 860866
          Web site: http://www.summit-aviation.co.uk

          TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


SYMBIOSYS LIMITED: Claims Deadline Set December
-----------------------------------------------
M. Minshull, the chairman of Symbiosys Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Oct. 28 at Hollins Chambers, 64A Bridge
Street, Manchester M3 3BA.  Roderick Michael Withinshaw of Royce
Peeling Green Limited, The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG was appointed liquidator.

Creditors are required on or before December 2, 2005, to send in
their names and addresses, with particulars of their debt and
claims, to R. M. Withinshaw of Royce Peeling Green Limited, The
Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG, the
Liquidator of the company, and, if so required by notice in
writing their debt or claims.

CONTACT:  SYMBIOSYS LIMITED
          19 Beresford Road,
          Prenton, Merseyside CH43 1XQ
          Phone: 0151-651-1877

          ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


UK ACCESS: Creditors to Meet Next Week
--------------------------------------
Creditors of UK Access Marketing Limited (Company No 04638717)
will meet on November 23, 2005, 11 a.m. at Charnwood House,
Gregory Boulevard, Nottingham NG7 6NX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Patrick Ellward of Tenon Recovery, Charnwood
House, Gregory Boulevard, Nottingham NG7 6NX, and Ian William
Kings, of Tenon Recovery, Tenon House, Ferryboat Lane,
Sunderland, Tyne & Wear SR6 3JN not later than 12:00 noon,
November 22, 2005.

CONTACT:  TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com

          TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


UNIQ PLC: Reveals GBP1.5 Million Half-year Loss
-----------------------------------------------
Uniq plc has reported interim results for the 26 weeks to 1
October 2005.

Highlights

                                        2005           2004
                                     GBPmillion     GBPmillion

Revenue                                407.8          424.4

Operating profit
before significant items                 0.2           13.1

Operating profit/(loss)                  0.9           (6.7)

Loss before tax                         (1.5)          (9.5)

Dividend for the period                  2.5p           2.5p

Loss per share on basic earnings       (1.1)p         (5.5)p

(Loss)/profit per share
on adjusted earnings                   (2.7)p           6.8p


(a) group result deteriorated significantly compared with first
    half of last year due to:

    (i) loss of focus in the U.K. on customer needs and mounting
        losses at Minsterley;

   (ii) Northern Europe poor summer and increased market
        pressure; and

  (iii) phasing of new product initiatives in Southern Europe;

(b) new Chief Executive appointed 1 August 2005:

    (i) decisive action taken to improve U.K. profitability;

   (ii) initiatives in Northern Europe to increase focus on
        national markets;

  (iii) Southern Europe business entering second half with
        strong momentum; and

   (iv) interim dividend maintained reflecting Board expectation
        of recovery in second half.

              Report of Chief Executive Geoff Eaton

This is my first opportunity to address all our shareholders as
your new Chief Executive, a role I was appointed to on the 1
August 2005.  I have joined your company at an interesting and
challenging time.  My initial impressions are that Uniq has
strong potential, but also faces serious short-term issues
requiring immediate action.  I am pleased to report that we have
made swift progress in positioning the Company to achieve that
potential and I am confident that the changes we are making will
deliver a more profitable future.

My main priority over the next six months is to bring about a
marked improvement in the profitability of our U.K. business,
which I believe has the potential for significant growth and
development.  I have already taken decisive action to change both
the senior management of this Division, and the way we operate
and interact with our customers.

I am also working closely with our Northern European management
to strengthen our market focus, where in the first half of this
year we saw the combined effect of increasing competitor activity
and a poor summer reducing the demand for our products, which
prevented us from achieving year-on-year growth in this market.

Our Southern European business has continued to perform in line
with our expectations, and I am encouraged by the strength and
further potential of our St-Hubert and Marie brands.

Operating Performance

The financial result in the first half was poor.  This was driven
by an unacceptable performance from Minsterley in the U.K. and
some difficult trading conditions in Northern Europe, with
actions being taken to address these issues in the second half of
this year.

In Southern Europe, sales in France, excluding the effect of the
withdrawal from the yogurt market, rose by just over 2%.  In a
competitive market we have grown our market shares in health
spreads and chilled and delivered a better performance in frozen.
We completed the restructuring of the sales force to integrate
sales of chilled and frozen convenience foods.  New products
launched during the summer have been well received.  We are
working on a number of projects to build multi functional teams
in the factories, to speed up our time to market in New Product
Development and to develop our category management.

Northern Europe has performed below our expectation with sales
down 3% on a like for like basis against last year, due
principally to a poor summer and increased competitor activity in
a challenging German market.  At the end of October, we
reorganized the Division to create market focused, profit
accountable teams supported by regional integrated operations
incorporating purchasing and New Product Development.  We believe
this change will increase the focus on national market
profitability and deliver more integrated management of the
supply chain.

While this change is being implemented we have slowed down other
cost rationalization programs and associated implementation
costs.  We have now completed the transfer of all our Northern
European fish manufacturing from Germany to Poland on schedule
and we expect to see the benefits of this transfer during the
second half of the year.  We successfully divested the
underperforming Nordic business for GBP9.5 million.  The assets
and goodwill of Subliem BVBA were acquired for GBP2.7 million and
the integration and site closure into our Belgium facility was
completed in line with our plan.

The trading performance in the U.K. was unacceptable with a first
half operating loss before significant items of GBP9.6 million.
The main cause of this loss was Minsterley where the business was
unable to manage a large increase in business in conjunction with
the commissioning of new IT systems.

A broader issue faced in the U.K. was that the organization was
not sufficiently aligned with customers.  I appointed Rick
Turnbull as the new Divisional Managing Director and we are
devolving responsibility to six new entrepreneurially-led,
customer-focused, profit-accountable business units. These are
three desserts businesses (Evercreech, Minsterley and Paignton)
with different customer focus; Northampton sandwiches and dips;
spalding prepared salads; and Annan fish and ready meals.

The decision to keep Evercreech open underlines its importance as
an engine of growth in premium desserts and cottage cheese.
Following a period of consultation, the new organizational
structure was launched on 1 November.  Central purchasing is
being divisionalized, with the U.K. moving to a center-led
structure with devolved buying.  These U.K. reorganizations have
resulted in a reduction of around 75 jobs, saving circa GBP5
million per annum at a one-off cost of circa GBP2 million.  I am
confident this new organization will deliver much improved
service and support for our customers, recovery in profitability
and better growth.

As reported at the last yearend the Group had commenced a "Fit
for Purpose" program to change its organizational structure to be
in line with its needs.  The changes in the U.K. and Northern
Europe have taken this principle to a new level.  However, the
costs of achieving the improvements in the business are being
rigorously challenged and I believe the GBP14.5 million of cash
costs previously estimated for 2005/06 will be under-spent.

At the center, we have strengthened the team with some important
appointments.  We are introducing a new financial control culture
to support more autonomy and entrepreneurialism in the
businesses.  We also plan to redesign and simplify our incentive
plans to encourage greater focus on profitable growth and higher
returns on capital.

Strategic Direction

Our short-term priorities are clear and urgent.  We are adapting
our organization to ensure each business is best placed to
succeed in its environment.  We expect to build our portfolio
through acquisition and consider divestment whenever this would
best serve the shareholders.  We are not just recovering the
position in the U.K.; we are building the infrastructure and
culture for the future.

Dividend

Your Board has given due consideration to the level of its
interim dividend.  It has decided to hold the dividend at last
year's level of 2.5 pence per share, despite the poor first half
trading performance, reflecting the Board's expectation of
recovery in the second half and the Group's longer term
prospects.

Outlook

We have taken decisive action in the last three months to change
the direction and profitability of the business.  Although the
scale of the changes in the U.K. are such that we cannot be
certain about the timing of recovery, the Board remains confident
of achieving a significant improvement in profitability in the
second half of this year.  We anticipate that the improvement
coupled with further planned management actions will also provide
good momentum into the next financial year.

CONTACT:  UNIQ PLC
          1 Chalfont Park
          Gerrards Cross
          Buckinghamshire SL9 0UN
          Phone: +44-1753-276-000
          Fax: +44-1753-276-071
          Web site: http://www.uniq.com


UNUMPROVIDENT FINANCE: Moody's Rates US$400 Mln Debentures Ba1
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 senior unsecured debt
rating, with negative outlook, to UnumProvident Finance Company
PLC's US$400 million issue of ten year 6.85% senior debentures.
The issuer is a wholly owned U.K. subsidiary of UnumProvident
Corporation (NYSE: UNM) and the senior debentures carry full and
unconditional guarantees by UNM and Unum European Holding Company
Limited (UNM European HC), the holding company for
UnumProvident's U.K. life insurance operations.

The rating agency also affirmed UNM's credit ratings, including
its senior debt at Ba1 and insurance financial strength ratings
at Baa1 for its U. S. life insurance affiliates.  The outlook on
UNM and its affiliates is negative.

Moody's said that its Ba1 rating for the UNM Finance debt
issuance represents credit transference by UNM's full and
unconditional guarantee for principal and interest, which ranks
pari passu with UNM's other senior unsecured debt obligations.
The rating agency noted that it expects that interest payments
would be serviced by UNM Finance and that UNM would hedge the
dollar-denominated interest payments against future foreign
exchange movements between the dollar and the British pound.

According to the rating agency, UNM Finance's issuance is part of
UNM's plan to repatriate up to US$450 million from its U.K.
operations in accordance with the terms of the Homeland
Investment Act (HIA.)  The repatriation plan benefits UNM, as the
HIA provides that 85% of qualifying cash dividends distributed by
foreign subsidiaries are excluded from US federal taxes.  Moody's
said that proceeds from the repatriation will be used to pay
domestic, non-executive compensation, consistent with the intent
of the legislation.

Moody's noted that amounts that the company would have otherwise
used for compensation expense will be applied to debt repayment
in the U.S. through UNM's participation in the February 2006
remarketing of its $575 million of hybrid securities-related debt
in an amount equal to the UNM Finance issuance.  Because of the
time lag between the UK debt issuance and the hybrid securities
remarketing, UNM's reported financial leverage will rise over
year-end.

However, Moody's said that it views the U.K. debt issuance as a
credit neutral event.  Because the proceeds will be invested in
highly liquid, high-grade, short-term securities between the time
of issuance and remarketing of the hybrid securities, the rating
agency said that it will analytically adjust year-end 2005
financial leverage for the U.K. debt issuance.

Moody's said that UNM's ratings are based on the company's
leading market share in the group long-term and individual
disability markets and that the ratings also reflect:

   * the company's access to a huge claims data-base;
   * focus on claims management and return-to-work programs;
   * its position in the group life market; and
   * a solid presence in the growing worksite marketing area.

However, the rating agency noted that these strengths are
tempered by:

   * UNM's concentration of earnings in the group and individual
     disability businesses;

   * strong competition in the group disability and group life
     markets; and

   * the group's relatively high financial leverage and
     constrained fixed charge coverage.

Despite the positive impact of capital raising initiatives, which
resulted in a reduction in inter-company loans and improved
risk-adjusted capitalization at its life subsidiaries, the rating
agency remains concerned about the financial flexibility of the
company.  Moody's continues to believe that there is substantial
execution risk associated with the company's strategic plan to
restore profitability to its core U.S. group long-term disability
business.

The rating agency is concerned that if UNM experiences
difficulties in retaining distribution and maintaining
persistency within targeted levels, the company could experience
pressure on its expense structure.  Claim trends have resulted in
weak statutory operating earnings in recent years (although
improved in 2004 and 2005), and volatile earnings present
challenges to longer-term statutory planning and the ability of
the operating companies' to send dividends to the holding company
to service interest and common stock dividend payments, according
to the rating agency.

UnumProvident Corporation is headquartered in Chattanooga,
Tennessee.  At September 30, 2005, UnumProvident had total assets
of US$51.1 billion and total shareholders' equity of US$7.2
billion.

CONTACT:  UNUMPROVIDENT CORPORATION
          Investor Relations
          Thomas A. H. White
          Phone: 423-294-8996
          or
          Linnea R. Olsen
          Phone: 410-872-8970
          or

          Corporate Communications
          Jim Sabourin
          Phone: 423-294-6300
          Toll free: 866-750-8686
          Web site: http://www.unumprovident.com/


VALENTINA GROUP: Clothing Firm Goes into Liquidation
----------------------------------------------------
N. Charalambous, chairman of Valentina Group Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 12.

Andrew Andronikou and Peter Kubik of Hacker Young, St. Alphage
House, 2 Fore Street, London EC2Y 5DH were appointed Joint
Liquidators.

CONTACT:  VALENTINA GROUP LIMITED
          Unit 14 Ponders End Ind Estate
          35 East Duck Lees Lane
          Enfield, Middlesex EN3 7SP
          Phone: 0870-4450-1720

          UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


WICKS TRANSPORT: Calls in Joint Liquidators
-------------------------------------------
J. A. Wicks, chairman of Wicks Transport Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 11 at Standon Business Centre, Storrford Road, Standon,
Hertfordshire SPP 1PH.

Bernard Hoffman and Ian Yerrill both of Gerald Edelman Business
Recovery, 25 Harley Street, London W1G 9BR were appointed Joint
Liquidators.

CONTACT:  WICKS TRANSPORT LIMITED
          Standon Business Park
          Stortford Road, Standon
          Nr Ware, Hertfordshire SG11 1PH
          Phone: 01920 823976
          Fax: 01920 822743
          Web site: http://www.wicks-transport.co.uk/
          GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


WOODLEY PROPERTY: Files for Liquidation
---------------------------------------
D. A. Carroll, director and chairman of Woodley Property Services
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 26 at BN Jackson Norton, Peter
House, Oxford Street, Manchester M1 5AN.

Jane Madeleine Laura Finch of BN Jackson Norton, Peter House,
Oxford Street, Manchester M1 5AN was appointed liquidator.

CONTACT:  WOODLEY PROPERTY SERVICES
          69 Egremont Drive, Lower Earley
          Reading, Berkshire,
          RG6 3BS
          Phone: 0118 944 0767


YOLDINGS LTD.: Members Decide to Wind up Firm
---------------------------------------------
E. Bohloulzadeh, director of Yoldings Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 25 at 74 New Cavendish Street, London W1G 9TB.

Mark Levy of Berley, 76 New Cavendish Street, London W1G 9TB was
appointed liquidator.

CONTACT:  YOLDINGS LIMITED
          Unit 2
          Swan Barn Business Centre
          Old Swan Lane
          Hailsham
          East Sussex
          BN27 2BY
          United Kingdom
          Phone: (01323) 442288
          Web site: http://www.yoldings.com

          BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115
          E-mail: mark.levy@berley.co.uk


                            *********


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

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

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

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