TCREUR_Public/051117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, November 17, 2005, Vol. 6, No. 228

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: 'Don't cut Jobs, Hike Fare Instead,' Board told


F I N L A N D

COPTERLINE OY: Plans to Abandon Helsinki-Tallinn Route


G E R M A N Y

AAREAL BANK: Huge Provision for Bad Loans Hits 9-month Results
BM BUERO: Dresden Court Appoints Administrator from PKL
BUERO TOTAL: Court Names Wolff/Rapp Administrator
CL BAUSTOFFHANDEL: Creditors Meeting Set December 21
CS MASSIVHOLZ: Proofs of Claim Due Next Month

DAIMLERCHRYSLER AG: Chrysler Keeps in step with General Motors
INFINEON TECHNOLOGIES: In Final Stage of Fiber Optics Divestment
KOMPLETTSANIERUNG WOLFGANG: Court to Verify Claims March
MIT MASCHINEN: Creditors Meeting Set January
MODEN BENNOR: Succumbs to Bankruptcy
WALDBAD BRUNN: Under Bankruptcy Administration


G R E E C E

OLYMPIC AIRLINES: Government Opts for Yet Another Relaunch


H U N G A R Y

PANNONPLAST RT: Eyes Expansion to Bulgaria, Serbia


I T A L Y

SEAT PAGINE: Nine-month Net Income Up 24% Year-on-year


N E T H E R L A N D S

ROYAL NUMICO: Acquiring EAC's Baby Food Business for EUR1.2 Bln
ROYAL SHELL: Faces US$1.2 Bln Ding as LNG Project Hits Snag
ROYAL SHELL: Remaining 'A' Shares Total 3,971,959,000


N O R W A Y

PETROLEUM GEO-SERVICES: Cash Tender for US$746 Mln Notes Starts
PETROLEUM GEO-SERVICES: Raising US$1 Bln to Refinance Debt


R U S S I A

B.I.N. BANK: S&P Raises Counterparty Credit Rating to 'B-'
CHEMROVSKOYE: Bankruptcy Hearing Resumes Next Year
DEREVOOBRABOTCHIK: Kirov Court Opens Bankruptcy Proceedings
EAR: Claims Filing Period Ends December 1
INDUSTRY & CONSTRUCTION: Remains on Rating Watch Positive

KOPKULSKOYE: Insolvency Manager Takes over Firm
MOVABLE MECHANIZED: Declared Insolvent
SLOBODSKOY: Moscow Court Brings in Insolvency Manager
TROITSKIY: Undergoes Bankruptcy Supervision Procedure
ULYANOVSK-VEGETABLE-OIL: Appoints Insolvency Manager
UZHURSKOYE MILK: Under Bankruptcy Supervision
VIOLA: Succumbs to Bankruptcy


S W E D E N

SKANDIA INSURANCE: Names Nominating Committee Members


U K R A I N E

BEZZAR: Appoints Insolvency Manager
DIAMANT-ABRAZIV: Liquidator Takes over Helm
HLIB POKUTTYA: Under Bankruptcy Supervision
HOSEN: Sets Proofs of Claim Deadline
ITO BRIZ: Gives Creditors Until Next Week to File Claims

KOLOMIYATEPLOENERGO: Proofs of Claim Deadline Nears
NOVOCHORTORIJSKIJ MLINZAVOD: Goes into Liquidation
REAL-TRANSOIL: Succumbs to Insolvency
RTF: Odessa Court Opens Bankruptcy Proceedings
UKRSTROJSERVICE: Declared Insolvent


U N I T E D   K I N G D O M

ALPHA 4: Calls in Liquidators from Mazars
ASHTEAD GROUP: Lenders Agree to Increase, Extend Facility
BAMBINO BABY: Liquidators from Baker Tilly Enter Firm
BARRINGTON HOUSE: In Liquidation After DTI Probe
BRETBY LIMITED: Call in Liquidators

BRIGHT BARS: Hire Administrators from Kroll
CONTRACT (H.F.) ELECTRODE: In Liquidation
DHV INTERNATIONAL: Liquidator from Begbies Traynor Moves in
DIAMOND GLASS: Appoints Poppleton & Appleby Liquidator
DRAX GROUP: BCHP Bid Undervalues Company, says Board

DUNN'S (SHILDON): Administrators from Tait Walker Enter Firm
DURHAM PINE: Hires PwC Administrators
ELECTRIC MOTION: Files for Liquidation
EQUITABLE LIFE: Prudential Eyes GBP7 Billion Worth of Annuities
EUROMONEY INSTITUTIONAL: Full-year Results Out Next Week

FEDERAL-MOGUL: Seeks Approval for US$775 MM Amended DIP Facility
FEDERAL-MOGUL: Court Grants Relief to Complete U.K. Settlement
FINS TRAVEL: Calls in Liquidator
FIVE STAR: BDO Stoy to Liquidate Business
FURNITURE ITALIA: Creditors Meeting Set Friday

GEN SPED: Mark Reynolds to Wind up Freight Forwarding Biz
G J N TRADITIONAL: Goes into Liquidation
GLOBAL CABLES: Call in Administrators
GRAMMA'S INTERNATIONAL: In Liquidation
HIGHFIELD GARDENERS: Hires Liquidator from O'Hara & Co.

IN-SPEED PRINTERS: Creditors Meeting Set Next Week
KANGAROO POO: Clothing Firm Calls in Administrator
LDC NETWORK: Calls in Administrator from ThorntonRones
MINORPLANET SYSTEMS: Bares Directors' Interests
MOON.CO.UK LIMITED: Administrators from Harris Lipman Enter Firm

NEIL GRINNALL: In Administrative Receivership
RESTBRIGHT LIMITED: Liquidator Takes over Firm
SEA CONTAINERS: Posts US$58.5 Million Nine-month Loss
SEA CONTAINERS: Selling Silja, SeaStreak
SERVICE STAINLESS: Files for Administration

THUS GROUP: Secures GBP55 Million Bank Facility
TURNER & NEWALL: Parent Wants to Top Deutsche Bank's Debt Offer
TXU EUROPE: Hedge Fund Loses Case Against Administrator


                            *********


===========
C Y P R U S
===========


CYPRUS AIRWAYS: 'Don't cut Jobs, Hike Fare Instead,' Board told
---------------------------------------------------------------
Seeking to limit job losses as the airline restructures, unions
are suggesting a fare hike and a revamp of operating units, the
Financial Mirror says.

These proposals are among 40 submitted by unions during the
second round of negotiations with management last week, Chairman
Lazaros Savvides said.  They also suggest sub-leasing idle
planes, moving the headquarters to Larnaca from Nicosia and
merging several units to save CYP5 million.  Workers believe
these measures will achieve CYP21.5 million in savings, the same
amount the recovery plan proposed by management hopes to achieve.

Mr. Savvides acknowledges that some of the proposals, if
analyzed, could be incorporated into the plan.  "[I]n any case
the plan's internal structure and methodology can be altered if
the Board, the Administration and the Unions can reach common
ground," he said.

SYNYKA President Kostas Demetriou says all the unions agree that
the airline should raise fares by CYP5.  SIDIKEK-PEO General
Secretary Antonis Neofytou added all they want is a shift from
job cuts as a restructuring tool to raising revenues by
overhauling the company's pricing policy.

Mr. Savvides says all discussions must end by November 22.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


COPTERLINE OY: Plans to Abandon Helsinki-Tallinn Route
------------------------------------------------------
Copterline Oy plans to cancel its Helsinki-Tallinn flights,
business daily Kauppalehti says.

The traffic has been down since the crash of its Sikorsky 76C+
helicopters that killed 14 passengers on August 10.  Since then,
only one of its helicopters has been flying the route, while
others are only being used 30% of the time.  It plans to keep the
service until at least the end of 2005.

With the reduction in traffic, the company saw passengers plunge
from over 1,000 to as low as 300 a week and losses mount to
EUR100,000.  Cost-cutting measures, carried out immediately after
the crash, have since reduced the losses to EUR35,000 and
passenger number is slowly picking up.

Helsingin Sanomat, in another report, said the company revealed
in October it was to launch redundancy consultations.  Managing
Director Kari Ljungberg has said dismissals, lay-offs, and
converting some posts to part-time jobs are inevitable.  The
company employs 70 permanent staff.

Asked what the future holds for the company, Mr. Ljungberg said:
"Our customers are to make the decision.  If the owners do not
have faith in the recovery of the market, Copterline's helicopter
services will be closed down."

Half of the company's EUR10 million capital belongs to Mr.
Ljungberg's family, while private equity investor Capman controls
15%.  Last year, Copterline's turnover amounted to EUR14 million,
with profits of about EUR2 million.

CONTACT:  COPTERLINE OY
          Helsinki-Malmi Airport
          00700 Helsinki
          Finland
          Phone: +358 (0)9 350 5210
          Fax: +358 (0)9 374 3377
          E-mail: contact@copterline.com
          Web site: http://www.copterline.com


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


AAREAL BANK: Huge Provision for Bad Loans Hits 9-month Results
--------------------------------------------------------------
Troubled Aareal Bank posted EUR84 million in losses, after tax
and third-party interests, for the first nine months of 2005,
Frankfurter Allgemeine Zeitung says.

The bank blames the loss to a sharp increase in risk provision
for non-performing loans, from EUR90 million in 2004 to EUR249
million this year.  The figures were slightly buoyed by a EUR100
million capital hike.  Aareal is planning to cut its 1,250
workforce by 253 between now and 2008.

CONTACT:  AAREAL BANK AG
          Paulinenstrasse 15
          D - 65189 Wiesbaden
          Phone: +49 611 348 0
          Fax: +49 611 348 2549
          Web site: http://www.aareal-bank.com


BM BUERO: Dresden Court Appoints Administrator from PKL
-------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against BM Buero Master GmbH on October 20.  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 Jorg Spies.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 10:00 a.m. at the district court
of Dresden, Saal D131, Amtsgericht Dresden, Olbrichtplatz 1,
01099 Dresden, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BM BUERO MASTER GmbH
          Sosaer Str. 9 in 01257 Dresden

          Jorg Spies, Administrator
          PKL RECHTSANWALTE KELLER SPIES PARTNERSCHAFT
          Lockwitzer Str. 17, 01219 Dresden
          Web site: http://www.pkl.com


BUERO TOTAL: Court Names Wolff/Rapp Administrator
-------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against BUERO TOTAL Papieragentur GmbH on October 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until November 2, 2005
to register their claims with court-appointed provisional
administrator Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 10:00 a.m. at the district
court of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  BUERO TOTAL PAPIERAGENTUR GmbH
          Jankendorfer Strasse 6 in 02906 Niesky

          Albert Wolff, Administrator
          Wolff/Rapp Rechtsanwalte
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


CL BAUSTOFFHANDEL: Creditors Meeting Set December 21
----------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against CL Baustoffhandel GmbH on October 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until November 16, 2005 to register their
claims with court-appointed provisional administrator Christoph
Mathern.

Creditors and other interested parties are encouraged to attend
the meeting on December 21, 2005, 8:45 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  CL BAUSTOFFHANDEL GmbH
          Hauptstrasse 69 a, 09212 Limbach-Oberfrohna
          Contact:
          Carsten Loffler, Manager

          Christoph Mathern, Administrator
          Poessl-Willie-Mathern Rechtsanwalte
          Kanzlerstr. 32, 09112 Chemnitz
          Web site: http://www.poessl.com


CS MASSIVHOLZ: Proofs of Claim Due Next Month
---------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against CS Massivholz Verarbeitung GmbH & Co KG on October 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 20,
2005 to register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 10:30 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  CS MASSIVHOLZ VERARBEITUNG GmbH & Co KG
          Sandweg 30, 32549 Bad Oeynhausen
          Contact:
          Siegfried Sowa, Manager

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


DAIMLERCHRYSLER AG: Chrysler Keeps in step with General Motors
--------------------------------------------------------------
The Chrysler unit of DaimlerChrysler intends to match General
Motors' latest U.S. marketing campaign, United Press
International says.

On Monday, GM revealed a discount and rebates promo that is more
generous than its previous Employee Pricing for Everyone program
this summer.  Chrysler promised to unveil its own incentive
program no later than today (November 17), said the Detroit Free
Press.

Daimler has been trying to match every move that GM makes.  When
the rival announced recently a deal with the United Auto Workers
union that cut its annual health care expenses for workers by
around US$3 billion, Daimler also announced it will try to reach
a similar deal.

In July, Daimler's Canadian division extended its Employee
Pricing Plus program to customers.  Buyers were granted the same
financial savings that the unit's 12,000 employees enjoyed, and
up to US$5,500 (EUR4,614) in dealer discounts on virtually all
2005 Chrysler, Jeep and Dodge vehicles.

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


INFINEON TECHNOLOGIES: In Final Stage of Fiber Optics Divestment
----------------------------------------------------------------
After the sale of a significant part of the Fiber Optics group,
Infineon Technologies AG (FSE/NYSE: IFX) said it has worked out
solutions for all outstanding Fiber Optics assets that remained
at Infineon: the manufacturing facility in Trutnov (Cz) and the
Paroli business.

The automotive supplier Siemens VDO has signed a definitive
agreement to take over Infineon's plant in Trutnov from July 1,
2006 on.  Until next summer, Siemens VDO and Infineon plan to
work in parallel at the Trutnov site, thus enabling Siemens VDO
to ramp up its production of electric motor drives while allowing
Infineon to continue fulfilling all of customers' requirements.
Siemens VDO intends to absorb the current Infineon personnel.
Infineon currently employs approximately 500 people in Trutnov.

The Paroli products have been put on "End-of-Life" status with
mutual agreement regarding the respective key customer
requirements.  Consequently, the customers have placed their last
time buy orders, which will be fulfilled by Infineon over the
course of the next quarters.

In August 2005, Infineon has signed a definitive agreement with
EZConn Corporation of Taiwan concerning the sale of the business
with bi-directional components (BiDi) for FTTx applications.
Under the terms of this agreement, EZconn acquired all assets and
IP needed to continue and to grow the business with FTTx
products.  The deal includes Infineon's wafer level micro-module
processes, an enabling technology for the next generation of
higher performance and more efficient volume OSA manufacturing.
Furthermore EZconn will open a design and marketing center in
Berlin, Germany offering key employees of Infineon new jobs to
continue serving Infineon's and Ezconn's customers.

In January 2005, Infineon sold the Fiber Optics transceiver
business to Finisar Corporation.  Soon thereafter, the Plastic
Optical Fiber (POF) business was reorganized to become part of
Infineon's Automotive, Industrial and Multi-Market (AIM) Business
Group.

Overall, the restructuring measures undertaken led to the
elimination of operating losses in the fiber optics business.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multimarket
sectors, for applications in communication, as well as memory
products.  With a global presence, Infineon operates through its
subsidiaries in the U.S. from San Jose, CA, in the Asia-Pacific
region from Singapore and in Japan from Tokyo.  In fiscal year
2004 (ending September), the company achieved sales of EUR7.19
billion with about 35,600 employees worldwide.  Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O.  Box 80 09 49
          D-81609 Muenchen
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com


KOMPLETTSANIERUNG WOLFGANG: Court to Verify Claims March
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Komplettsanierung Wolfgang Harich GmbH on
October 25.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
January 21, 2006 to register their claims with court-appointed
provisional administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on December 5, 2005, 9:05 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on March 20,
2006, 9:05 a.m. at the same venue.

CONTACT:  KOMPLETTSANIERUNG WOLFGANG HARICH GmbH
          Adlergestell 643,12527 Berlin

          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


MIT MASCHINEN: Creditors Meeting Set January
--------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against MIT Maschinen-Innovation-Technik GmbH on October 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 9, 2005
to register their claims with court-appointed provisional
administrator Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 9:20 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MIT MASCHINEN-INNOVATION-TECHNIK GmbH
          Josef-Baumann-Str. 17, 44805 Bochum
          Contact:
          Wolfgang Schultz, Manager
          Am Gerstkamp 15, 44789 Bochum
          Werner Konig, Manager
          Josef-Baumann-Str. 17, 44805 Bochum

          Uwe Hueggenberg, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


MODEN BENNOR: Succumbs to Bankruptcy
------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Moden Bennor GmbH on October 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 10, 2005 to register their
claims with court-appointed provisional administrator Bernd
Depping.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 10:20 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MODEN BENNOR GmbH
          Bahnhofstrasse 105, 45701 Herten
          Contact:
          Birgit Frede, Manager
          Memeler Strasse 15, 45701 Herten

          Bernd Depping, Administrator
          Kunibertistrasse 9, 45657 Recklinghausen
          Phone: 02361/58208-88
          Fax: 02361/5821591


WALDBAD BRUNN: Under Bankruptcy Administration
----------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Waldbad Brunn GmbH on October 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 29, 2005 to register their
claims with court-appointed provisional administrator Bernward
Widera.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 9:00 a.m. at the district court
of Chemnitz, Saal 27, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  WALDBAD BRUNN GmbH
          Contact:
          Steffen Oertel, Manager
          Badstrasse 1 a, 08209 Auerbach

          Bernward Widera, Administrator
          Buettenstrasse 4, 08058 Zwickau


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


OLYMPIC AIRLINES: Government Opts for Yet Another Relaunch
----------------------------------------------------------
Athens will relaunch Olympic Airlines (OA) anew.

"Despite our serious efforts it is no longer possible to proceed
with this privatization effort.  We are moving toward an
alternative solution immediately," Transport Minister Michalis
Liapis said after emerging from a cabinet meeting earlier this
week.

He said a draft legislation "will be presented to parliament" to
create a new carrier, which would be controlled and managed by
private investors.  The Transport Ministry will hold talks with
OA's employees over their labor and pension rights.  The
government promised to implement job cuts through early
retirement programs and transfers to public units.  Greece would
seek European Commission approval for the plan to ensure
adherence to community competition rules.

According to analysts, the state will try to continue a slimmed
down version of OA to avoid a political backlash that will result
from a total closure.  Greece will try to follow Belgium's
Sabena, which was closed by the EC and relaunched as a private
company with a small state participation.

State-run NET television said the government would likely slash
by half the 6,000 jobs at OA and affiliated firms and trim down
its 40-plane fleet to 25-30.  Mr. Liapi said OA would be
relaunched in April 2006, bearing the same logo and a similar
name.  Athens will retain investment bank Lazard as adviser.

This is the second relaunch of the flag carrier.  In December
2002, the Commission ruled illegal an aid granted to Olympic
Airways, and ordered Greece to recover EUR160 million.  In 2003,
Greece set up Olympic Airlines to take over the flight operations
and most of the assets of Olympic Airways, leaving behind almost
all of its debts and circumventing the obligation to recover the
aid.

In September, the regulator ordered OA to repay around EUR540
million in illegal state aid, forcing Greece to hasten the
carrier's privatization.  The government signed a preliminary
agreement to sell the carrier to preferred bidder Olympic
Investors-York Capital, but extended the sale to allow U.S.
bidder to prove its credit worthiness before entering into final
negotiations.  According to Reuters, talks appear to have
collapsed.

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


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


PANNONPLAST RT: Eyes Expansion to Bulgaria, Serbia
--------------------------------------------------
Loss-making plastic manufacturer Pannonplast Rt is mulling
acquisitions in Bulgaria and Serbia, Dnevnik a.m. says.

In an interview with Interfax recently, Chief Financial Officer
Denes Gyimothy said these acquisitions could take place in the
second half of 2006; but he refused to identify the targets.  It
is also possible, he said, that the company would opt to start a
Bulgarian operation from scratch.

Pannonplast, which manufactures a wide range of plastic finished
products, has production units in Romania and Ukraine.  It ended
2004 in the red, its third successive annual loss, as demand for
its product in Western Europe dropped.  Last year's loss amounted
to HUF1.8 billion, despite revenues of HUF26.5 billion.

CONTACT:  PANNONPLAST MUANYAGIPARI RT.
          Nagytetenyi ut 216-218
          1225 Budapest,
          Phone: +36 1 207 1936
          Fax: +36 1 207 1525
          Web site: http://www.pannonplast.hu


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


SEAT PAGINE: Nine-month Net Income Up 24% Year-on-year
------------------------------------------------------
The Seat Pagine Gialle S.p.A. Board of Directors, led by Chairman
Enrico Giliberti, approved the results for the first nine months
of 2005 presented by CEO Luca Majocchi.

Profit recorded for the first nine months of 2005, both at the
consolidated level and at the individual company level, with a
positive Q3 performance, driven by the pick-up in revenue growth
and steady improvements in operating margins.

Debt repayment is proceeding at a fast rate: a total of EUR230.4
million was repaid in 2005, with early repayments of EUR10
million in October.

The main consolidated results for the first nine months of 2005:

-- Revenues amounted to EUR956.0 million, (+0.3% compared to
   September 30, 2004; +0.9% at constant exchange rates and
   considering a constant amount of directories published);

-- EBITDA amounted to EUR421.1 million, (+4.2% compared to 2004;
   +4.6% at constant exchange rates), with an increase in
   profitability (from 42.4% to 44.1% of revenues);

-- Net Income was EUR25.0 million (+24.3% compared to the first
   nine months of 2004);

-- Operating Cash Flow was EUR443.7 million (in line with the
   previous period), of which EUR387.1 million were generated by
   Seat PG S.p.A.; and

-- Net Financial Debt was EUR3,731.1 million (down by EUR193.3
   million from year-end 2004).  The total average cost of debt
   dropped to 5.87%.

            Consolidated Results at September 30, 2005

Revenue Performance

Net consolidated revenues amounted to EUR956.0 million (+0.3%, +0
.9% at constant exchange rates and number of directories
published), due to the revenue performance of SEAT S.p.A. and the
uptrend in U.K. directories (+3.7%) and Euredit S.A. (+6.2%),
which offset the deconsolidation of Pubblibaby S.r.l. in Q3 2005.

At a level of individual business areas, the performance was:

-- "Italian Directories":  revenues amounted to EUR712.9
   million, a slight increase from EUR712.6 million at September
   30, 2004.  The stable level of revenues is a positive result
   against the current difficult economic background, which
   gives rise to SMEs' lack of confidence.  Seat PG high-quality
   range of services is intended to increase SMEs' confidence,
   offsetting the difficulties currently experienced by print
   products with the most innovative products (which, however,
   closed Q3 with better results than those reported for Q1
   2005);

-- "UK Directories": with revenues amounting to EUR108.5
   million, growth was 3.6% (which would increase to +7.4% at
   constant exchange rates and number of directories published),
   thanks to the positive performance of all product lines
   (print directories +2.2%; online directories +31.7%; data
   sales and other business information services +11,1%).  The
   ongoing growth in the customer base (+7.9%), despite the
   highly competitive market scenario, is also noteworthy;

-- "Directory Assistance": revenues were substantially stable,
   amounting to EUR112.3 million.  Telegate revenues slightly
   decreased, due to the market trend in Germany, whereas  Spain
   and Italy posted positive results.  ProntoSeat S.r.l.
   revenues reached EUR6.5 million, thanks to increased traffic
   generated by Pronto Pagine Gialle; and

-- "Other businesses": revenues amounted to EUR47.0 million, up
   compared to EUR45.8 million at September 30, 2004,
   attributable to the good performance of operations in Euredit
   (+6.2%) and Consodata; at constant consolidation area (net of
   Pubblibaby deconsolidation), growth would have been +8.6%.

EBITDA Performance

EBITDA amounted to EUR421.1 million, up 4.2% (+4.6% at constant
exchange rates and amount of directories published), with an
increase in ratio to revenues from 42.4% to 44.1%.  This result
was driven by continuous improvements in sales quality and
profitability at SEAT S.p.A. and stepped-up efficiency at
Telegate.

Operating Income Performance

Operating income amounted to EUR266.7 million, a 21.7%% increase
compared to the first nine months of 2004, lifting the ratio to
revenues by almost five percentage points (from 23.0% to 27.9%).
This is attributable to the positive impact of EBITDA growth as
well as to non-recurring and restructuring charges, which
decreased EUR26.5 million compared to the first nine months of
2004.

Net Income

Net income increased 24.3% from EUR20.1 million in 2004 to
EUR25.0 million, despite the EUR33.9 million increase in
financial charges (average financial debt for the first nine
months of 2005 exceeded that for the same period of 2004,
following the loan raised in April 2004 relating to the
distribution of the extraordinary dividend) and higher taxes
totaling EUR14.9 million (in contrast to 2004, which benefited
from a positive tax effect worth EUR18 million on the sale of the
equity investment in Consodata S.A.).

Operating Cash Flow Performance

Operating cash flow for the first nine months of 2005 amounted to
EUR443.7 million, a slight decrease compared to the first nine
months of 2004, due to higher industrial investments totaling
EUR11.0 million, in particular in the Telegate Group call
centers.

Performance of Net Financial Debt

Net financial debt was EUR3,731.1 million, of which EUR3.620
million in non-current payables, which decreased EUR193.3 million
compared to EUR3,924.4 million at year-end 2004.  The total
amount repaid so far in 2005 comes to EUR230.4 million, including
EUR10 million in early repayments made in October.

Main Group Companies

SEAT PG S.p.A.

Attention to costs and a wait-and-see attitude towards investment
in communications continue to mark the approach of SMEs, small
retailers and service providers, due to the persistent weakness
of the Italian macroeconomic situation.  To tackle this situation
and create the basis for a future revenue growth, some time ago
SEAT Pagine Gialle launched a plan to strengthen its products and
services and to enhance the skills of the sales force, with a
view to offering its customers a wide range of media that largely
cater to their needs.

This strategy enabled the Company to post stable revenues,
despite difficulties linked to the economic cycle and the
pressure exercised by the focus on greater sales quality and
profitability on the Pagine Gialle product revenues (which
accounted for almost 50% of total revenues).

The trend of overall results of print products for Q3 improved
compared to H1 (-0.4%, vs. -4,0% in H1 2005).  This was due to
the better performance of the directories (Pagine Gialle and
Pagine Bianche) of smaller urban centers published in Q3 compared
to that of directories of larger centers published in H1, to the
positive trend of B2B products (Pagine Gialle Professional and
Europages), and to the publication of the new local guides
launched at year-end 2004 (In Zona).

Online and voice services showed a positive performance.  Their
growth more than offset the slight decrease in print products.
In the nine-month period, revenues reached EUR712.9 million, in
line with the figure posted at September 30, 2004 (EUR712.6
million).

At a level of individual products, the performance was:

-- Print: revenues totaled EUR577.7 million, down 2.5%, though
   improving compared to -4.0% reported at June 30, 2005;

-- Online: revenues stood at EUR65.1 million (+14.2%), thanks to
   the good performance of PAGINEGIALLE.it (EUR61.6 million,
   compared to EUR53.8 million at September 30, 2004).
   Noteworthy is the further strengthening of the offer with new
   functions, such as the search by proximity, virtual tours,
   and voice-over-IP services;

-- Voice: revenue growth continues at 89.24.24 Pronto
   PAGINEGIALLE (up +18.2% to EUR42.8 million), sustained by
   telephone traffic (+38.6%), with an increased number of calls
   (12.8 million calls, +7.0%), increased average call length,
   and advertising revenues (+1.9%); and

-- Other products: other products, including direct marketing
   and promotional items, were more or less stable at EUR17.2
   million.

EBITDA amounted to EUR366.6 million (+3.6%), with a ratio to
revenues increasing to 51.4% (49.6% at September 30, 2004) thanks
to improved sales quality and profitability.  This increased
operating leverage and reduced provisions to the fund for risks
and charges (thanks to more efficient and prompt error management
strategies) and to the allowance for doubtful accounts (stemming
from a better credit management policy that led to a decrease in
total credits).

Net financial debt was EUR3,683.4 million (compared to EUR3,758.1
million at December 31, 2004), and operating cash flow was
EUR387.1 million.

Thomson

Despite the shift in the publication of a directory compared to
the first nine months 2004 (publication is planned in Q4 2005),
revenues increased 3.6% (from EUR104.7 million to EUR108.5
million), rising to 7.4% at constant exchange rates and amount of
directories published.

Growth was driven by the sharp 31.7% increase in online
directories, boosted by investment in product innovation in
previous months and the multi-year agreement signed with Google
calling for the integration and use of Google AdWords services as
an integral part of the Thomson search engine.

The customer base increased significantly (+7.9%).  The average
customer value was substantially stable, thanks to the up-selling
and cross-selling policies adopted by the Company, which offset
the impact of the high number of new customers (whose starting
average value is lower than that of consolidated customers) and
of the price cap in the U.K. market.

EBITDA, amounting to EUR13.2 million, increased by 3.1% (+10.9%
considering a constant amount of directories published).

Telegate

Revenues amounted to EUR105.7 million, slightly decreasing
compared to EUR108.1 million at September 30, 2004 (-1,2% at
constant consolidation area compared to the first nine months of
2004, when the subsidiary was still present on the U.K. market).
In Germany, revenues shrank slightly, with value-added services
substantially increasing the average revenue per call (+6.3%).
This nearly offset the drop in volumes due to market contraction.
Positive results were instead achieved in Italy and Spain.

Margin improvement continued (EBITDA at EUR31.2 million, +8.7%),
thanks to efficiencies achieved in call-centers and lower costs
for data purchase in Germany.  The result was also affected by
the costs pertaining to the preparation phase of the launch of
new directory assistance services in France and Italy, which took
place in October-November.

Evolution of Operations

The trends seen in the first half of 2005 are expected to
continue into the fourth quarter, especially in Italy.  Q4 will
also see the launch of the new directory assistance services in
Italy and France.

In Italy, though GDP growth is estimated at 0.7% in the third
quarter, the Italian economy does not seem to be on a path to
recovery enough to have a positive and noticeable influence on
the propensity to consume among households and on confidence
among SMEs and small retailers and service providers.

In this scenario, Seat S.p.A. will continue focusing on improving
its products and the quality of its services targeted to users
and advertisers, on the one hand, and on improving the quality
and profitability of its sales, on the other.  The focus on
better sales quality, mainly for medium and high-end customers
will continue to influence short-term results of print
PAGINEGIALLE directories, in particular in larger urban centers
whose directories will be published in Q4 (especially Rome and
Naples).

Other product lines are expected to show a positive trend,
including some print products targeted to B2B customers.  In
fact, the restyling carried out in 2004 aimed at reversing the
significant contraction trend shown by these products in the past
few years, is expected to positively influence their performance.

Finally, the fourth quarter will see the launch of the new
directory assistance services in Italy and France, following the
liberalization of these two markets.  The fact that these events
will take place in the fourth quarter, thus later than initially
announced by the Authorities, will lead to a negative balance for
the Group between revenues (still limited) and costs
(significant, as they relate to advertising campaign to launch
the new services), which will accrue in Q4.

Taking the above trends into account, EBIDTA 2005 is expected to
grow in line with the announced targets.

Seat PG also confirms net income forecasts for the year, at the
individual company and consolidated levels.

Among the events occurring after September 30, 2005, it is
highlighted that the sale of the entire stake held in Pubblibaby
S.p.A. to Sfera Editore S.p.A. (RCS Mediagroup Group) became
effective.

Furthermore, it is reiterated that in October Seat PG S.p.A. paid
back in advance EUR10 million for the tranche B of the loan from
Royal Bank of Scotland PLC, Milan Branch, using cash
availabilities generated in the period.

CONTACT:  SEAT PAGINE GIALLE
          Communications
          Phone: +39 011 435.3030
          Fax: +39 011 435.3040
          E-mail: Comunicazione.stampa@seat.it

          Investor Relations
          Phone: +39.011.435.2600
          E-mail: Investor.relations@seat.it

          Legal and Corporate Affairs:
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519
          Niccolo Moschini
          E-mail: n.moschini@barabino.it


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


ROYAL NUMICO: Acquiring EAC's Baby Food Business for EUR1.2 Bln
---------------------------------------------------------------
Royal Numico N.V. has signed an agreement to acquire EAC Ltd.
A/S's Nutrition business, a leading Asian Baby Food company, for
a total consideration of EUR1.2 billion in cash on a cash and
debt free basis.  The acquisition is expected to be earnings
neutral by the end of the first full year of consolidation --
excluding exceptional items -- and accretive from there onwards.
In connection with the acquisition, an approximately EUR550
million equity offering by way of an accelerated book built
offering was launched on November 13.

Key Highlights of the Transaction:

(a) A leading specialized Baby Food company in Asia Pacific

(b) Leading market positions in key countries - China, Malaysia
    and Thailand

(c) Strong growth track record in markets with great upside
    potential

(d) Strong brand: Dumex - well regarded by the Medical Community

(e) Strong management with in-depth local expertise

(f) A stand-alone unit complementary with Numico's business

(g) Transaction expected to be EPS neutral in 2006 and accretive
    from 2007 onwards

The acquisition will provide Numico with leading market positions
through the highly recognized Dumex brand in the fast growing
Asian Infant Nutrition market, most notably in China, Malaysia
and Thailand.  The Asian Infant Nutrition market forms a
significant and sustainable opportunity characterized by a very
low per capita consumption, a high number of births and
increasing GDP per capita, offering ample growth opportunities.
This acquisition provides Numico with a strong platform to
benefit from the long-term growth potential of the Asia Pacific
market.  EAC Nutrition is an excellent strategic and geographical
fit with Numico's existing business in Indonesia, Australia and
New Zealand.

EAC Nutrition will be managed as a separate division within
Numico.  Numico's Operations and Research & Development
capabilities will be integrated into the EAC Nutrition
organization to maximize opportunities and cost synergies.

                    Report of CEO Jan Bennink

We are very pleased to welcome the people and brands of EAC to
the Numico family.  EAC Nutrition, a leading Asian Infant
Nutrition company, brings highly complementary geographic
coverage and expertise to our portfolio and represents an
important new source of long-term growth to our Baby division.

Numico and EAC Nutrition are, in many ways, an ideal fit -
combining EAC's leading sales and brand positions in key Asian
markets and regional management expertise with Numico's strong
nutrition and innovation skill set.

Together with Numico's leading position in Indonesia, EAC's
strong standings in China, Thailand and Malaysia provide a unique
platform to service the growth opportunities in the vast and
fast-growing Asia Pacific market.

With this acquisition, Numico moves an important step further in
becoming the truly leading, high-growth, high-margin specialized
nutrition company.  We are very confident that this acquisition
will create superior value for consumers, employees and
shareholders alike.

Jan Erlund, Chairman of EAC's Supervisory Board, said: "EAC
Nutrition's strong brands and market positions constitute a
considerable growth potential.  I am satisfied with the overall
outcome of the process, and I strongly believe that we have found
an ideal new home for our nutritional business, with a seamless
cultural, geographical and commercial fit between the two
organizations and with Numico being a dedicated baby food and
clinical nutrition company."

                          EAC Nutrition

EAC Nutrition is a leading baby food company primarily focused on
the development, manufacturing and marketing of infant nutrition
products under the Dumex family of brands, which include Mamex,
Mamil, Dupro and Dugro in Asia.  EAC Nutrition holds strong
market positions in China, Thailand and Malaysia and additional
presences in the Philippines and India, as well as a growing
export business to other markets in Asia and - to a lesser
extent - the Middle East.  EAC Nutrition currently employs
approx. 2,250 people including more than 475 Nutrition Advisors
working with local Health Care Professionals to provide education
and information on Baby Nutrition.

EAC Nutrition generated an annualized compounded average net
sales growth of 15% over the period 2001 - 2005, and grew by 34%
(based on local currencies) to EUR91 million in the third quarter
2005, compared to the same period last year.  The operating
profit (EBIT) increased by 70% (in local currencies) to EUR10
million, equivalent to an operating margin of 11.8% in the third
quarter of 2005.

       Core Profit Drivers - China, Thailand and Malaysia

Numico intends to focus the activities of EAC Nutrition on
profitable growth in the core markets.  The 'Core Profit Drivers'
are and are expected to remain centered around China, Thailand
and Malaysia.  These core markets accounted for approx. 90% of
EAC Nutrition's net sales in the third quarter 2005.  Net sales
in these 'Core Profit Drivers' increased by 35.8% (in local
currencies) to approx. EUR88 million in the third quarter of 2005
compared to the same period in 2004.  Operating profit (EBIT) for
the Core Profit drivers amounted to EUR12 million in the third
quarter of 2005.

In China, EAC Nutrition is the leading market player with a
volume-based market share of 17%.  The Chinese market is the
largest nutrition market in Asia and is expected to grow at
double-digit rates over the coming years, driven by high annual
birth rates, very low per capita consumption, increasing
purchasing power and urbanization of the population.  EAC
Nutrition is well positioned to capture these growth
opportunities through - among others - its 150 distributors in
more than 350 cities and its professional dealership to more than
2,700 healthcare formulas and 36,000 healthcare professionals.
Net sales of the Chinese operations grew by 63% (in local
currencies) to EUR42 million in the third quarter of 2005,
compared to the same period in 2004.

EAC Nutrition is the market leader in Thailand and Malaysia, with
a volume-based market share of 30% and 18%, respectively.
Thailand and Malaysia offer strong growth potential over the
coming years and EAC Nutrition is well placed to benefit from
these favorable market dynamics.  Both countries are witnessing
market growth that is increasingly driven by consumers' ability
to switch from the main stream to the premium segment of the
market.  Net sales in Thailand and Malaysia grew by 16% to EUR21
million and 16% to EUR20 million, respectively in the third
quarter of 2005, compared to the same period in 2004.

Net sales of Vietnam and the export countries amounted to EUR5
million in the third quarter of 2005.

       Markets under consideration - Philippines and India

Numico will put the acquired businesses in the Philippines and
India under consideration and will divest EAC Nutrition's infant
cereal company Hangzhou Future in China, in line with EAC's
announcement on 24 October 2005 that it plans to take an
impairment charge before year-end relating to the write-off of
goodwill on the Hangzhou investment.  These operations under
consideration generated net sales and operating profit (EBIT) of
EUR3 million and EUR(2) million respectively in the third quarter
of 2005.

Numico intends to take a one-off restructuring charge of up to
EUR35 million related to integration costs and the implementation
of the outcome of its review for the Philippines and India.
Numico intends to complete the integration in 2006.  The company
expects that cost savings of EUR5 million leading up to savings
of EUR10 million from 2007 onwards will be achieved in the areas
of purchasing, packaging and optimization of recipes.

On a combined basis, net sales growth of Numico's Baby Food
division would have been 18.1% compared to 14.0% as reported in
the third quarter 2005.  EBITA growth would have been 29.2%
compared to 23.9% as reported and the combined EBITA margin would
have been stable at 17.0% (17.6% reported) in the third quarter
2005.[1]  More related detailed information can be found in
Appendix 1-3 of this document.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] On a comparable basis and based on unaudited numbers
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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

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

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


ROYAL SHELL: Faces US$1.2 Bln Ding as LNG Project Hits Snag
-----------------------------------------------------------
Delays on a Nigerian gas project could cost Royal Dutch Shell and
its partners over US$1.2 billion (GBP688 million), said the
Financial Times.

The liquefied natural gas project involves the Nigerian Liquefied
Natural Gas Co. (NLNG), of which Shell Gas B.V. owns a 25.6%
stake.  Nigerian National Petroleum Corp. controls 49%, Total
S.A., 15%; and ENI International, 10.4%.

A draft report of the joint venture's five-year strategic plan
revealed that NLNG is to implement contingency plans in
preparation for a possible shortage of around 50 LNG cargos next
year and early 2007.  If those measures worked, NLNG will be able
to satisfy contractual obligations, the draft report added.

NLNG Managing Director Chris Haynes warned that supply would be
tight next year, but suppliers were trying to maximize
operations.  Shell officials in London could not be reached for
comment.

The plant, based in southeastern Nigeria, generates 10.5 million
tonnes of cooled gas for export annually on long-term deals with
European and North American companies mostly involved in power
generation.

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


ROYAL SHELL: Remaining 'A' Shares Total 3,971,959,000
-----------------------------------------------------
On 15 November 2005, Royal Dutch Shell plc purchased for
cancellation 800,000 'A' Shares at a price of EUR26.00 per share.
It further purchased for cancellation 280,000 'A' Shares at a
price of 1,750.92 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,971,959,000.

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 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


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Cash Tender for US$746 Mln Notes Starts
---------------------------------------------------------------
Petroleum Geo-Services ASA said on Tuesday it has commenced a
cash tender offer and consent solicitation for any and all of its
outstanding US$745.9 million aggregate principal amount of 10%
Senior Notes due 2010.  The tender offer is scheduled to expire
at 8:00 a.m. New York City time, on December 14, 2005, unless
extended.  The consent payment deadline is at 5:00 p.m. New York
City time, on November 29, 2005 unless extended.  The tender
offer is being made upon the terms, and subject to the
conditions, set forth in the Offer to Purchase and Consent
Solicitation Statement dated November 15, 2005, which more fully
sets forth the terms of the tender offer and consent
solicitation.  Holders may withdraw their tenders prior to 5:00
p.m. New York City time on November 29, 2005, but not thereafter,
except as may be required by law or as may be extended under the
Offer to Purchase.

The purchase price for each US$1,000 principal amount of Notes
validly tendered and accepted for payment pursuant to the tender
offer will be determined at 2:00 p.m. New York City time on
November 29, 2005, unless extended, in the manner described in
the Offer to Purchase.  The purchase price will be determined by
a yield of fixed spread of 50 basis points over the bid side
yield to maturity of the 3% U.S. Treasury Notes due November 15,
2007 (as quoted on Bloomberg Reference Page PX4 at 2:00 p.m. ET,
on November 15, 2005) plus accrued and unpaid interest up to but
excluding the applicable payment date, minus the US$20 Consent
Payment described below.  The purchase price for the Notes will
be announced by news release promptly after its determination.
PGS will also, upon the terms and subject to the conditions set
forth in the Offer to Purchase, make a consent payment of US$20
per US$1,000 principal amount of Notes to all holders of Notes
for which consents have been validly delivered and not revoked on
or prior to the Consent Payment Deadline.  Holders who tender
their notes after the Consent Payment Deadline will receive only
the purchase price for their Notes and no Consent Payment.

Holders tendering Notes will be required to consent to proposed
amendments to the indenture governing the Notes, which will
eliminate substantially all of the affirmative and restrictive
covenants and certain events of default and related provisions
contained in the indenture.  Adoption of the proposed amendments
requires the consent of at least a majority of the outstanding
principal amount of the Notes.  The consummation of the tender
offer and consent solicitation is subject to the conditions set
forth in the Offer to Purchase, including the receipt of consents
of holders of Notes representing the majority in aggregate
principal amount of the Notes and is conditioned on PGS obtaining
the financing necessary to fund the tender offer and consent
solicitation.

The tender offer will expire at 8:00 a.m., New York City time, on
December 14, 2005, unless the offer is extended or terminated by
PGS.  PGS may, subject to certain restrictions, amend, extend or
terminate the offer and consent solicitation at any time in its
sole discretion without making any payments with respect thereto.
Tendered Notes may not be withdrawn and consents may not be
revoked after the Consent Payment Deadline, except in limited
circumstances.

PGS has engaged UBS Investment Bank as dealer manager for the
tender offer and solicitation agent for the consent solicitation.
Questions regarding the tender offer and consent solicitation may
be directed to the Liability Management Group at UBS at (888)
722-9555 x 4210 or (203) 719-4210.  Requests for documentation
should be directed to Global Bondholder Services Corp. at (866)
470-3900 or (212) 430-3774, the information agent for the tender
offer and consent solicitation.

The Tender Offer and Solicitation of Consents are made solely on
the terms and conditions set forth in the Offer to Purchase,
dated November 15, 2005.  Under no circumstances shall this press
release constitute an offer to buy or the solicitation of an
offer to sell the Notes or any other securities of the company.
It also is not a solicitation of consents to the proposed
amendments to the indenture.  No recommendation is made as to
whether holders of the Notes should tender their Notes or give
their consent.

                        About the Company

Petroleum Geo-Services (OSE and NYSE: PGS) is a technologically
focused oilfield service company principally involved in
geophysical and floating production services.  PGS provides a
broad range of seismic and reservoir services, including
acquisition, processing, interpretation, and field evaluation.
PGS owns and operates four floating production, storage and
offloading units (FPSOs).  PGS operates on a worldwide basis with
headquarters at Lysaker, Norway.

The company filed for chapter 11 protection on July 29, 2003
(Bankr. S.D.N.Y. Case No. 03-14786).  When the company filed for
bankruptcy, it disclosed assets amounting to US$3,686,621,000 and
debt amounting to US$2,444,341,000.  The case was closed in May
2, 2005, but the firm remains in Bloomberg's list of companies
with insolvent balance sheets.  In May, Standard & Poor's Ratings
Services assigned its 'B+' rating and its 'B+' senior unsecured
rating to the company.  The outlook is stable.

CONTACT:  PETROLEUM GEO-SERVICES A.S.A.
          Strandveien 4
          P.O. BOX 89
          N-1326 Lysaker, Norway
          Phone: +47 67 52 64 00
          Fax: +47 67 52 64 64
          Web site: http://www.pgs.com


PETROLEUM GEO-SERVICES: Raising US$1 Bln to Refinance Debt
----------------------------------------------------------
Petroleum Geo-Services ASA said on Tuesday that, following a
comprehensive review of PGS' strategy and financial structure,
its Board of Directors has decided to refinance most of the
Company's debt by raising a new US$1 billion facility, comprised
of a US$850 million term loan and US$150 million revolving credit
facility and launching a tender offer for all of its US$746
million outstanding 10% Senior Notes due 2010.  In addition to
reduced interest expenses and extended maturities the refinancing
will improve the Company's financial and strategic flexibility.
Earlier this month, PGS completed the redemption of its 8% Senior
Notes due 2006.

The Company aims to complete the refinancing in the fourth
quarter of 2005.  Completion will, inter alia, be contingent upon
bondholder tender acceptance and market conditions.  If
successful, the refinancing is expected to result in a one-time
charge in the financial statements of approximately US$100
million, largely due to the current trading levels of the bonds,
with the Company receiving the financial benefits therefrom
through reduced interest expenses in future periods.

PGS further announced that it will explore possibilities for
separating into two independently listed companies, Geophysical
and Production. PGS believes that the two entities may be more
effectively developed and grown as separate companies. The
objective is to achieve a separation in 2006. PGS will revert
with additional information on this process at its Capital
Markets Day in Oslo and New York, December 5 and 6, 2005.

PGS' turnover in the last 12 months to September 2005 relating to
Geophysical and Production businesses respectively was $829
million and US$282 million.  PGS' Geophysical business is one of
the world's leading operators in marine seismic, with a global
market share in excess of 30 percent, and is a significant
operator in the onshore seismic market. PGS' Production business
is a pioneer within floating production, and owns and operates
the largest and most advanced fleet of Floating Production
Storage and Offloading vessels in the North Sea, and is also
targeting significant growth opportunities in international
markets.

The Company has retained ABG Sundal Collier and UBS Investment
Bank as financial advisors on the evaluation of a possible
separation. The refinancing is jointly lead arranged by UBS
Securities LLC, Credit Suisse First Boston and Barclays Capital.

          Report of PGS President and CEO Svein Rennemo

Refinancing in the current, favorable debt market will provide
PGS with more attractive financing and increased flexibility. The
strong market outlook for both our Geophysical and Production
businesses underlines the potential in fully exploiting the
growth capability and opportunities within each one of them
independently of the other. We believe that direct access to the
capital markets for both Geophysical and Production would allow
us to capture more opportunities for value creation, benefiting
shareholders, customers and employees. This is why we want to
explore this direction and why we target a refinancing in 2005
and a separation in 2006.

PGS invites to a briefing at its headquarters at Lysaker at 11.30
(CET).

PGS management will also inform through a conference call at 5:30
p.m. (CET).

Call in details:
Toll free Norway: 80 08 01 19
International Toll: +47 23 00 04 00
Toll free US: (888) 400 7916
International Toll (US): +1 703 925-2612

                        About the Company

Petroleum Geo-Services (OSE and NYSE: PGS) is a technologically
focused oilfield service company principally involved in
geophysical and floating production services.  PGS provides a
broad range of seismic and reservoir services, including
acquisition, processing, interpretation, and field evaluation.
PGS owns and operates four floating production, storage and
offloading units (FPSOs).  PGS operates on a worldwide basis with
headquarters at Lysaker, Norway.

The company filed for chapter 11 protection on July 29, 2003
(Bankr. S.D.N.Y. Case No. 03-14786).  When the company filed for
bankruptcy, it disclosed assets amounting to US$3,686,621,000 and
debt amounting to US$2,444,341,000.  The case was closed in May
2, 2005, but the firm remains in Bloomberg's list of companies
with insolvent balance sheets.  In May, Standard & Poor's Ratings
Services assigned its 'B+' rating and its 'B+' senior unsecured
rating to the company.  The outlook is stable.

CONTACT:  PETROLEUM GEO-SERVICES A.S.A.
          Strandveien 4
          P.O. BOX 89
          N-1326 Lysaker, Norway
          Phone: +47 67 52 64 00
          Fax: +47 67 52 64 64
          Web site: http://www.pgs.com


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


B.I.N. BANK: S&P Raises Counterparty Credit Rating to 'B-'
----------------------------------------------------------
B.I.N. Bank met its largest partners and counterparties in the
field of banking business during its 12th anniversary on Nov. 10.

Among the guests were representatives of leading foreign and
Russian banks, international financial organizations and rating
agencies.  President Mikail Shishhanov made a welcome speech in
which he outlined some results of B.I.N. Bank's activity.

As a result of 12 years' work, the Bank has overcome the
important psychological limit of the total assets of RUB50
billion.  In 2005, the Bank increased its own capital by US$100
million; consequently, Fitch Ratings and Standard and Poor's have
raised the bank's ratings.  B.I.N. Bank is now a reliable partner
and a dynamically developing financial institution.

On Nov. 1 UBS AG, Stamford Branch (USA) opened correspondent
account in favor of B.I.N.-Bank.

On Nov. 7, 2005, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Russia-based B.I.N. BANK
to 'B-' from 'CCC+'.  The outlook is stable.  At the same time,
Standard & Poor's affirmed its 'C' short-term counterparty credit
rating on the bank.  The Russia national scale rating on B.I.N.
BANK was also raised to 'ruBBB-' from 'ruBB'.

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


CHEMROVSKOYE: Bankruptcy Hearing Resumes Next Year
--------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on grain receiving enterprise Chemrovskoye.
The case is docketed as A03-12224/05-B.  Ms. L. Ponomarenko has
been appointed temporary insolvency manager.  A hearing will take
place on February 27, 2006.

CONTACT:  CHEMROVSKOYE
          Russia, Altay region,
          Biysk, Novyj

          L. PONOMARENKO
          Temporary Insolvency Manager
          656067, Russia, Barnaul,
          Post User Box 4201


DEREVOOBRABOTCHIK: Kirov Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Derevoobrabotchik (TIN 4303004241) after
finding the open joint stock company insolvent.  The case is
docketed as A28-210/05-212/20.  Mr. G. Storozhuk has been
appointed insolvency manager.

CONTACT:  DEREVOOBRABOTCHIK
          613200, Russia, Kirov region,
          Belaya Kholunitsa, Yubileynaya Str. 49

          G. STOROZHUK
          Insolvency Manager
          610000, Russia, Kirov region,
          Stepana Khalturina Str. 2, Office 10


EAR: Claims Filing Period Ends December 1
-----------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against LLC EAR after declaring the company
insolvent.  The case is docketed as A64-1787/05-21.  Ms. L.
Koptelina has been appointed insolvency manager.  Creditors have
until December 1, 2005 to submit their proofs of claim to 129110,
Russia, Moscow, M. Ekaterininskaya Str. 17/21.

CONTACT:  EAR
          Russia, Tambov region,
          Inzhavino, Belinskogo Str. 8

          Ms. L. Koptelina
          Insolvency Manager
          129110, Russia, Moscow,
          M. Ekaterininskaya Str. 17/21


INDUSTRY & CONSTRUCTION: Remains on Rating Watch Positive
---------------------------------------------------------
Fitch Ratings is keeping Industry & Construction Bank's (ICB)
Long-term 'B+' rating on Rating Watch Positive (RWP).  Its
Support '4' rating is also on RWP.  At the same time, its other
ratings are affirmed at Short-term 'B' and Individual 'D'.

Fitch notes that, whereas previously ICB's Long-term rating
depended on the agency's view of the probability of support being
forthcoming from its minority shareholder, Vneshtorgbank,
improvements in ICB's stand-alone profile mean that this now
drives the bank's 'B+' rating.

In particular, the rating takes into account ICB's improved
profitability, stronger total capital position following a recent
US$400 million subordinated debt issue, strong regional franchise
in north-western Russia and expansion of operations outside its
home region, which should enable it to further diversify its
customer base and revenues.

However, the rating also takes into account the bank's still low
core capitalization, significant appetite for market risk,
considerable loan book concentrations and still relatively high
exposure to related parties.

Fitch is keeping ICB's Long-term rating on RWP to reflect the
option of state-owned VTB (rated Long-term 'BBB') to increase its
total stake to 76%, which VTB has said it is likely to exercise
in the near future.  Fitch believes the exercise of the option
would further increase the probability of support in the event of
need and could lead to a significant upgrade in ICB's ratings.

Pending the possible exercise by VTB of its option, upside
potential for the Long-term rating (as well as for the Individual
rating) could also result from further improvements in ICB's
capital position, a reduction of market risk and related party
lending and continued diversification of the bank's business mix.
Downside pressure on the Individual rating may arise from a
deterioration of asset quality, poorer performance, or a
worsening of capitalization.  However, this would not by itself
result in downward pressure on the Long-term rating, which
continues to be underpinned by potential support from VTB.

ICB is the leading privately owned bank in the Northwest of
Russia, with an extensive branch network, and also one of the top
10 banks in the country with total assets of US$4.1 billion, net
loans of US$2.1 billion and shareholders equity of US$0.4 billion
at mid-2005.  The bank is ultimately controlled by the founders
of a financial industrial group known as the Bankers' House St.
Petersburg.

In March 2005, VTB acquired a 25% plus 1 share in the bank and an
option to purchase a further 51% minus 1 share.  Further details
on this transaction can be found in Fitch's announcement dated 30
March 2005 at http://www.fitchresearch.com

CONTACT:  INDUSTRY & CONSTRUCTION BANK
          10 Medikov pr., St-Petersburg
          Russia 197022
          Phone: (812) 329-8-329
          Fax: (812) 310-61-73
          E-mail: lider@icbank.ru
          Web site: http://www.icbank.ru

          FITCH RATINGS
          Dmitriy Piskulov
          James Watson, Moscow
          Phone: +7 095 956 9901

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


KOPKULSKOYE: Insolvency Manager Takes over Firm
-----------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Kopkulskoye.  The case is docketed as A45-17530/05-27/276.  Mr.
Y. Gomerov has been appointed temporary insolvency manager.  A
hearing will take place on January 23, 2006, 9:30 a.m. at Russia,
Novosibirsk region, Kirova Str. 3, Room 915.

CONTACT:  KOPKULSKOYE
          632760, Russia, Novosibirsk region,
          Kupinskiy region, Kopkul

          Y. GOMEROV
          Temporary Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk-1, Post User Box 325
          Phone: (383) 348-60-77


MOVABLE MECHANIZED: Declared Insolvent
--------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Movable Mechanized Column-140 (TIN
6325018763) after finding the open joint stock company insolvent.
The case is docketed as A-55-7673/2005-36.  Mr. A. Kornienko has
been appointed insolvency manager.  Creditors have until December
1, 2005 to submit their proofs of claim to 446001, Russia, Samara
region, Syzran - 01, Post User Box 41.

CONTACT:  MOVABLE MECHANIZED COLUMN-140
          Russia, Samara region,
          Syzran, Tolstogo Str. 2

          A. KORNIENKO
          Insolvency Manager
          446001, Russia, Samara region,
          Syzran-01, Post User Box 41


SLOBODSKOY: Moscow Court Brings in Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Slobodskoy (TIN 507016860, OGRN
1045003057186) after finding the breeding factory insolvent.  The
case is docketed as A41-K2-5651/02.  Mr. V. Andreev has been
appointed insolvency manager.  Creditors have until December 1,
2005 to submit their proofs of claim to 143591, Russia, Moscow
region, Istrinskiy region, Pavlovskaya Sloboda, Sadovaya Str. 1.

CONTACT:  SLOBODSKOY
          143591, Russia, Moscow region, Istrinskiy region,
          Pavlovskaya Sloboda, Sadovaya Str. 1

          V. ANDREEV
          Insolvency Manager
          143591, Russia, Moscow region, Istrinskiy region,
          Pavlovskaya Sloboda, Sadovaya Str. 1


TROITSKIY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on open joint stock company Troitskiy.  The
case is docketed as A03-12723/05-B.  Mr. S. Pupkov has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 656002, Russia, Barnaul, Vorovskogo Str.
140, Post User Box 130.  A hearing will take place on March 1,
2006.

CONTACT:  TROITSKIY
          659840, Russia, Altay region, Troitskiy regiom,
          Troitskoye, Zelenaya Str. 20

          S. PUPKOV
          Temporary Insolvency Manager
          656002, Russia, Barnaul, Vorovskogo Str. 140,
          Post User Box 130


ULYANOVSK-VEGETABLE-OIL: Appoints Insolvency Manager
----------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy external management procedure on open joint stock
company Ulyanovsk-Vegetable-Oil.  The case is docketed as
A72-10834/04-19/33-B.  Mr. O. Kurbanov has been appointed
external insolvency manager.  Creditors may submit their proofs
of claim to 432063, Russia, Ulyanovsk region, Post User Box 1786.

CONTACT:  ULYANOVSK-VEGETABLE-OIL
          Russia, Ulyanovsk region,
          Energetikov Str. 8

          O. KURBANOV
          External Insolvency Manager
          432063, Russia, Ulyanovsk region,
          Post User Box 1786


UZHURSKOYE MILK: Under Bankruptcy Supervision
---------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on open joint stock company
Uzhurskoye Milk.  The case is docketed as A33-4991/2005.  Ms. L.
Sergeeva has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 654084, Russia,
Novokuznetsk, 40 Let Pobedy Str. 7 -127.

CONTACT:  UZHURSKOYE MILK
          662300, Russia, Krasnoyarsk region,
          Uzhur, Pobedy Sotsializma Str. 113

          L. SERGEEVA
          Temporary Insolvency Manager
          654084, Russia, Novokuznetsk,
          40 Let Pobedy Str. 7-127


VIOLA: Succumbs to Bankruptcy
-----------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Viola (TIN 1326001185, OGRN 1021300976124)
after finding the open joint stock company insolvent.  The case
is docketed as A39-1265/05-90/7.  Mr. E. Mochalov has been
appointed insolvency manager.  Creditors have until December 1,
2005 to submit their proofs of claim to 430000, Russia, Mordoviya
republic, Saransk, Lenina Pr. 12, Room 230.

CONTACT:  VIOLA
          430003, Russia, Mordoviya republic,
          Saransk, Rabochaya Str. 173

          E. MOCHALOV
          Insolvency Manager
          430000, Russia, Mordoviya republic,
          Saransk, Lenina Pr. 12, Room 230


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


SKANDIA INSURANCE: Names Nominating Committee Members
-----------------------------------------------------
Skandia Insurance Co. Ltd. has appointed these persons to serve
on the nominating committee ahead of the 2006 Annual General
Meeting:

(a) Paolo Pellegrini, Paulson & Co. Inc.;

(b) Carl Rosen, Second and Fourth National Swedish Pension
    Funds;

(c) Per Granstrom, Fidelity Investments International;

(d) Lars Froberg, Cevian Capital; and

(e) Sten Trolle, Aktiespararna.

Skandia Chairman Lennart Jeansson is a co-opted member of the
committee.

According to the AGM's resolution, the nominating committee's
mandate is to draft and submit recommendations to the AGM for:

(a) election of a chairman to preside over the Annual General
    Meeting;

(b) directors' fees;

(c) the number of directors;

(d) election of directors;

(e) auditors' fees; and

(f) election of auditors.

                        About the Company

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

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

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

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

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

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


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


BEZZAR: Appoints Insolvency Manager
-----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Bezzar (code EDRPOU 33489465) on October 12,
2005 after finding the limited liability company insolvent.  The
case is docketed as 42/156 B.  Mr. Vasil Piskurskij (License
Number AA 783164) has been appointed liquidator/insolvency
manager.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) BEZZAR
    Ukraine, Donetsk region,
    Cheluskintsi Str. 299

(b) Mr. Vasil Piskurskij
    Liquidator/Insolvency Manager
    83117, Ukraine, Donetsk region,
    V. Tereshkova Str. 10/49

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


DIAMANT-ABRAZIV: Liquidator Takes over Helm
-------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Diamant-Abraziv (code EDRPOU 31526934) after
finding the private enterprise insolvent.  The case is docketed
as 6/120-5/9.  Mr. Igor Shimchishin (License Number AB 116089)
has been appointed liquidator/insolvency manager.  The company
holds account numbers 26004335281001 and 26060335281001 at CB
Privatbank, Lviv branch, MFO 325321.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) DIAMANT-ABRAZIV
    Ukraine, Lviv region,
    Chornovol Str. 63/904

(b) IGOR SHIMCHISHIN
    Liquidator/Insolvency Manager
    Ukraine, Lviv region,
    Shevchenko Str. 400/8

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


HLIB POKUTTYA: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on OJSC Hlib Pokuttya (code EDRPOU
00954426) on September 21, 2005.  The case is docketed as B-7/64.
Mr. Rudik Igor (License Number AA 779288) has been appointed
temporary insolvency manager.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) HLIB POKUTTYA
    Ukraine, Ivano-Frankivsk region,
    Zabolotiv, Grushevskij Str. 123

(b) Mr. Rudik Igor
    Temporary Insolvency Manager
    76022, Ukraine, Ivano-Frankivsk region,
    Galitska Str. 124/84
    Phone: 8 (03422) 50-06-96
           8 (067) 342-34-96

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16a


HOSEN: Sets Proofs of Claim Deadline
------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Hosen (code EDRPOU 14176777) after finding
the company insolvent.  The case is docketed as 2/98-B.  Mr.
Vasil Kunashenko (License Number AA 783088) has been appointed
liquidator/insolvency manager.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) HOSEN
    Ukraine, Hmelnitskij region,
    Netishin, Budivelnikiv Str. 4/21

(b) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square 1


ITO BRIZ: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ito Briz (code EDRPOU 39059159) on October
13, 2005 after finding the limited liability company insolvent.
The case is docketed as 24/606-b.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) ITO BRIZ
    Ukraine, Kyiv region,
    Tsurupinska Str. 3/27

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


KOLOMIYATEPLOENERGO: Proofs of Claim Deadline Nears
---------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on Kolomiyateploenergo (code EDRPOU
23921843) on July 13, 2005.  The case is docketed as B-13/178.
Mr. Rudik Igor (License Number AA 779288) has been appointed
temporary insolvency manager.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) KOLOMIYATEPLOENERGO
    Ukraine, Ivano-Frankivsk region,
    Kolomiya, Shkrumelyaka Str. 36

(b) Mr. Rudik Igor
    Temporary Insolvency Manager
    76022, Ukraine, Ivano-Frankivsk region,
    Galitska Str. 124/84
    Phone: 8 (03422) 50-06-96
           8 (067) 342-34-96

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16a


NOVOCHORTORIJSKIJ MLINZAVOD: Goes into Liquidation
--------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Novochortorijskij Mlinzavod (code EDRPOU
13578864) on September 15, 2005 after finding the open joint
stock company insolvent.  The case is docketed as 1/69 'B'
Mr. Shveduk L (License Number AA 719856) has been appointed
liquidator/insolvency manager.  The company holds account number
260031256 at JSPPB Aval, Zhitomir regional branch, MFO 311528.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) NOVOCHORTORIJSKIJ MLINZAVOD
    13120, Ukraine, Zhitomir region,
    Lubarskij district,
    Nova Chortoriya,

(b) Mr. L. Shveduk
    Liquidator/Insolvency Manager
    Ukraine, Zhitomir region, Shkilnij Lane 9/44
    Phone: 33-15-55
           8 (067) 94-77-608

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square 3/65


REAL-TRANSOIL: Succumbs to Insolvency
-------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Real-Transoil (code EDRPOU 33138001) on
October 13, 2005 after finding the limited liability company
insolvent.  The case is docketed as 2/219-05-8915.  Mr. Andrij
Nosach has been appointed liquidator/insolvency manager.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) REAL-TRANSOIL
    65091, Ukraine, Odessa region,
    Skisna Str. 27/29

(b) Mr. Andrij Nosach
    Liquidator/Insolvency Manager
    65091, Ukraine, Odessa region,
    Skisna Str. 27/29
    Phone: 63-49-52

(c) ECONOMIC COURT OF ODESSA REGION
    65032, Ukraine, Odessa region,
    Shevchenko Avenue 4


RTF: Odessa Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against RTF (code EDRPOU 33217863) on October 13,
2005 after finding the limited liability company insolvent.  The
case is docketed as 2/220-05-8916.  Mr. Viktor Pankratov has been
appointed liquidator/insolvency manager.  The company holds
account number 26008311013101 at JSB Pivdennij, Odessa branch,
MFO 328209.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) RTF
    65091, Ukraine, Odessa region,
    Starokinnij Lane 2

(b) Mr. Viktor Pankratov
    Liquidator/Insolvency Manager
    65091, Ukraine, Odessa region,
    Starokinnij Lane 2
    Phone: 63-58-70

(c) ECONOMIC COURT OF ODESSA REGION
    65032, Ukraine, Odessa region,
    Shevchenko Avenue 4


UKRSTROJSERVICE: Declared Insolvent
-----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Ukrstrojservice (code EDRPOU 32220807) on
October 12, 2005 after finding the limited liability company
insolvent.  The case is docketed as 42/157 B.  Mr. Vasil
Piskurskij (License Number AA 783164) has been appointed
liquidator/insolvency manager.

Creditors have until November 20, 2005 to submit their proofs of
claim to:

(a) UKRSTROJSERVICE
    Ukraine, Donetsk region,
    Zhmuri Str. 1

(b) Mr. Vasil Piskurskij
    Liquidator/Insolvency Manager
    83117, Ukraine, Donetsk region,
    V. Tereshkova Str. 10/49

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


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


ALPHA 4: Calls in Liquidators from Mazars
-----------------------------------------
Eddy Prior, chairman of Alpha 4 Limited, informs that resolutions
to wind up the company were passed at an EGM held on Oct. 18 at
37 Frederick Place, Brighton BN1 4EA.

Lucinda Ann Field and Timothy Colin Hamilton Ball of Mazars LLP,
37 Frederick Place, Brighton BN1 4EA were appointed Joint
Liquidators.

Alpha 4 -- http://www.alpha-4.co.uk-- is one of the companies in
the plastics vacuum forming industry.

CONTACT:  ALPHA 4 LTD.
          Unit 24, Brunel Road
          Churchfields Industrial Estate
          St Leonards on Sea
          TN38 9RT
          East Sussex
          Phone: 01424 854485
          Fax: 01424 854402

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


ASHTEAD GROUP: Lenders Agree to Increase, Extend Facility
---------------------------------------------------------
Ashtead Group plc has agreed amended terms with the syndicate of
lenders who make available its first priority asset based senior
secured loan facility to increase the size and maturity of the
facility and reduce its cost.

Principal changes include:

(a) increase in the size of the facility from US$675 million to
    US$800 million;

(b) extension of its maturity by a further year to November
    2010;

(c) lower interest rate grid from its current range of LIBOR
    plus 225bp to 300bp to a new range of LIBOR plus 150bp to
    250bp;

(d) revised calculation of the borrowing base providing an
    increase in the amount of the facility currently available
    of approximately US$90 million; and

(e) removal of maximum capital expenditure and minimum EBITDA
    covenants.

Finance Director Ian Robson said: "We are pleased with the
support we have received from our syndicate of lenders for this
amendment which underlines the continued improvement in the
Group's performance and the strength of our capital structure
following this summer's capital reorganization.  The amended
facility gives us substantial flexibility as we continue to
invest in the Group's future development, particularly in the
United States where conditions in our core market remain strong.
It also gives us an immediate reduction of 50bp in the cost of
our first priority senior debt which totaled GBP275 million
(US$487 million) at 31 October 2005."

Ashtead will announce its results for the second quarter and
first half of the year on Tuesday 13 December 2005.  There will
be a presentation to equity analysts at 9:30 a.m. on that day at
the offices of JPMorgan at 10 Aldermanbury, London EC2V 7RF and a
conference call for bondholders in the afternoon at 3:00 p.m.
The equity analysts' presentation will also be available at
http://www.ashtead-group.com

                        About the Company

Registered in the U.K., Ashtead is a leading provider of rental
equipment in the U.K. and the U.S. through its a-Plant and
Sunbelt subsidiaries.  As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million and
EBITDA of GBP169.7 million.  Net debt stood at GBP493.2 million.

In July, Ashtead completed its refinancing, which included:

(a) the raising of approximately GBP70 million before expenses
    through the Placing and Open Offer of approximately 73.4
    million New Ordinary Shares at 95.5 pence per share; and

(b) the raising of US$250 million (approximately GBP142
    million), before expenses, by the issue of New Senior Loan
    Notes, which carry an interest rate of 8 5/8% and will be
    repayable in full in August 2015.

From the proceeds of the refinancing, Ashtead has now repaid the
Convertible Loan Note at a discount of approximately 11% and will
redeem GBP42 million of the existing Senior Loan Notes, which
carry interest at a rate of 12%.

CONTACT:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead
          Surrey KT22 7AP, United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610


BAMBINO BABY: Liquidators from Baker Tilly Enter Firm
-----------------------------------------------------
E. J. B. Burrows, chairman of Bambino Baby Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 25 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:  BAMBINO BABY LTD.
          3 Hawthorn Lane
          Wilmslow
          Cheshire
          SK9 1AA
          Phone: 01625 539482

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


BARRINGTON HOUSE: In Liquidation After DTI Probe
------------------------------------------------
The Department of Trade and Industry has requested the
liquidation of Barrington House Publishing Corporation Ltd. after
finding irregularities at its operation.

An investigation by the DTI showed that the firm, which sells
advertising space on wall planners for children's charities, is
not remitting all their proceeds to the intended cause.
According to Liverpool Echo, it only paid GBP100,000 to charities
out of the GBP3.5 million they raised annually.  The rest were
used for salaries and luxury cars for sales managers.

At its peak, Barrington House employed around 50 people with
another 50-60 self-employed telesales staff.  It began trading in
February 2001, operating from Moorgate Point, Knowsley industrial
park.  It owes more than GBP700,000 to Crown creditors, mainly in
unpaid VAT.

CONTACT:  BARRINGTON HOUSE PUBLISHING CORPORATION LTD.
          Moorgate Point, Moorgate Road
          Liverpool, Merseyside L33 7XW
          Phone: +44 (0)151 477 0600
                 +44 (0)151 477 0625


BRETBY LIMITED: Call in Liquidators
-----------------------------------
M. F. Scott, the chairman of Bretby Limited, informs that the
special, ordinary and extraordinary resolutions to wind up the
company were passed at an EGM on Nov. 2 at The Old Police
Station, Church Street, Swadlincote DN11 8LN.  Andrew Philip Wood
and John Russell of P&A Partnership, 93 Queen Street, Sheffield
S1 1WF were appointed joint liquidators.

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


BRIGHT BARS: Hire Administrators from Kroll
-------------------------------------------
Robert Maxwell and Stuart Mackellar (IP Nos 1357, 6883) of Kroll
Limited were appointed administrators of Bright Bars Limited
(Company No 5094349) on Nov. 3.  Its registered office is at
Gordons Riverside West, Whitehall Road, Leeds LS1 4AW.

CONTACT:  BRIGHT BARS LIMITED
          Gordons Riverside West,
          Whitehall Road, Leeds LS1 4AW

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


CONTRACT (H.F.) ELECTRODE: In Liquidation
-----------------------------------------
D. Bentham, director of Contract (H.F.) Electrode Supplies
(Manchester) Limited, informs that a resolution to wind up the
company was passed at an EGM held on Oct. 17 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:  CONTRACT (H.F.) ELECTRODE SUPPLIES LIMITED
          Unit 11, Newhaven Business Park, Manchester,
          Lancashire M30 0HL
          Phone: 01617074090

          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


DHV INTERNATIONAL: Liquidator from Begbies Traynor Moves in
-----------------------------------------------------------
J. Van Geest, the chairman of DHV International Limited, informs
that the subjoined special and ordinary resolutions to wind up
the company were passed at an EGM held on Oct. 27 at 3800 AE,
Amersfoort, Holland.  Christopher Herron and Paul Michael Davis
of Begbies Traynor (South) LLP, Carolyn House, 22-26 Dingwall
Road, Croydon CR0 9XF were appointed joint liquidator.

CONTACT:  BEGBIES TRAYNOR
          Carolyn House
          22-26 Dingwall Road
          Croyden, Surrey CR0 9XF
          Phone: 020 8681 7037
          Fax: 020 8686 5152
          E-mail: nicky.fisher@begbies-traynor.com


DIAMOND GLASS: Appoints Poppleton & Appleby Liquidator
------------------------------------------------------
Diamond Glass Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Oct. 25 at 35 Ludgate Hill,
Birmingham B3 1EH.

A. Turpin of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3
1EH was appointed liquidator.

CONTACT:  DIAMOND GLASS LTD.
          Bulsar House Cromwell St, Coventry, CV6 5EZ
          Phone: 0808-155 8352

          POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


DRAX GROUP: BCHP Bid Undervalues Company, says Board
----------------------------------------------------
Further to the announcement by Drax Group Limited on 11 November
2005 and the announcement made by Blackstone Group International
Limited, Constellation Energy Group Inc., an affiliate of Hellman
and Friedman LLC and Perry Capital LLC (the BCHP Consortium), the
Board of Drax confirms that the proposal from the BCHP Consortium
to acquire Drax is at a cash price of 377% of par value for the
Linked Securities, equating to an enterprise value of
approximately GBP2.23 billion.

This cash price is stated by the BCHP Consortium on the basis of
a number of valuation assumptions, and on the basis that Drax
shareholders commit to take up at least 20% of the ordinary
shares in the BCHP Consortium bid vehicle.

In addition, the proposal remains subject to a number of
uncertainties with respect to the structure of the transaction
and its conditionality, as well as its deliverability and
timeliness.

The Board believes that a price of 377% undervalues Drax.
Following consultations with shareholders and with Greenhill &
Co. LLP, advisors to the shareholders' committee whose members
account for more than 80% of the Linked Securities, the Board
believes that a majority of shareholders would not accept an
offer at this level.

In order to see if it is possible for the BCHP Consortium to
improve the value of its proposal to a recommendable and
acceptable level, and to remove the uncertainties in respect of
conditionality, deliverability and timeliness, the Board is
continuing to engage with the BCHP Consortium and to provide
further due diligence material.

The Board is also continuing with preparations for the
refinancing of Drax and the listing of its shares on the London
Stock Exchange on 15 December 2005.

Deutsche Bank AG London Branch (Deutsche Bank), which is
regulated by the Financial Services Authority for the conduct of
designated investment business in the United Kingdom, is acting
for Drax in connection with the matters described herein and
no-one else and will not be responsible to anyone other than Drax
for providing the protections afforded to customers of Deutsche
Bank, nor for providing advice in relation to the matters
described herein.

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

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

          BLACKSTONE GROUP INTERNATIONAL LIMITED
          40 Berkeley Square
          London, W1J 5AL
          Phone: +44 20 7451 4000
          Fax: +44 20 7451 4001

          CONSTELLATION ENERGY GROUP, INC.
          750 E. Pratt St.
          Baltimore, MD 21202
          Phone: 410-783-2800
          Fax: 410-234-5220
          Web site: http://www.constellationenergy.com

          HELLMAN & FRIEDMAN LLC
          One Maritime Plaza
          12th Floor
          San Francisco, CA 94111
          Phone: (415) 788-5111
          Fax: (415) 788-0176
          E-mail: info@hf.com
          Web site: http://www.hf.com

          PERRY CAPITAL LLC
          599 Lexington Avenue
          36th floor
          New York, NY 10022


DUNN'S (SHILDON): Administrators from Tait Walker Enter Firm
------------------------------------------------------------
Gordon S. Goldie and Allan D. Kelly (IP Nos 5799, 9156) of Tait
Walker were appointed administrators of Dunn's (Shildon) Limited
(Company No 00847955) on Nov. 3.

CONTACT:  DUNNS (SHILDON) LTD.
          Dale Road Trading Estate,
          Dale Road, Shildon,
          County Durham DL4 2QL
          Phone: 01388773672

          TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


DURHAM PINE: Hires PwC Administrators
-------------------------------------
Ian David Green and Ian David Stokoe (IP Nos 9045, 6587) of
PricewaterhouseCoopers LLP were appointed joint administrators of
Durham Pine Franchising Limited (Company No 02506315) on Nov. 1.
The company's registered office is at Unit H Hylton Riverside,
Sunderland Enterprise Park, Sunderland SR5 3XF.

Durham Pine Franchising -- http://www.pwcglobal.com-- is a
subsidiary of DP Furniture Express Limited (DPFX).  The company
is a mid-market retailer of quality furniture with a network of
31 stores throughout the U.K.  The group headquarters is based in
Sunderland, Tyne & Wear.  It employs around 200 staff and has an
annual turnover of approximately GBP30 million.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460


ELECTRIC MOTION: Files for Liquidation
--------------------------------------
R. Preece, chairman of Electric Motion Control Services Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 25 at Ward Arms Hotel, Birmingham Road, Dudley,
West Midlands DY1 4RN.

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

CONTACT:  ELECTRIC MOTION CONTROL SERVICES LIMITED
          Building 26
          B3 First Ave
          The Pensnett Estate
          Kingswinford
          W. Midlands
          DY6 7TB
          United Kingdom
          Phone: (01384) 288257
          Fax: (01384) 404224
          Web site: http://www.emcsltd.co.uk

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


EQUITABLE LIFE: Prudential Eyes GBP7 Billion Worth of Annuities
---------------------------------------------------------------
Prudential plc is in talks to buy Equitable Life's around GBP7
billion worth of annuities, said Reuters, quoting an industry
source.

U.K.'s second-largest life insurer could seal its biggest annuity
purchase ever if the deal with Equitable Life materializes.
Insurance Business Review said Prudential is understood to be
looking to buy around GBP5 billion of the mutual insurer's
conventional annuities, and GBP2 billion of its with-profits
annuities.

However, it is unlikely that Prudential would take over the
assets in one go due to the complexity and the risks involved,
according to the source.

Scotsman, in another report, quoted a person close to the deal as
saying "doing due diligence on GBP7 billion of annuities at once
is very complex.  There are all sorts of issues, such as
longevity [of policyholders] to take into consideration."

Both companies refused to comment.

Prudential, a key player in the market for bulk purchase
annuities, acquired in June 52,500 policies worth GBP1.5 billion
from Resolution Life Group for an undisclosed sum.  In December,
the insurer took over Royal London's around 60,000 annuity
policies worth over GBP1 billion.

An annuity is a form of pension for which clients put in a lump
sum to collect an agreed income for life.  A bulk purchase
annuity deal allows companies to offload their pension schemes.

Prudential has said these purchases helped increased its sales.
Dow Jones, in another report, quoted Numis Securities as saying
the latest deal, if successful, would be positive for Prudential.
"[It] would be an effective source of new business, in an area
that Prudential knows well, already being one of the largest
pension providers in the UK," Numis added.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk

          PRUDENTIAL PLC
          Laurence Pountney Hill
          London ENG EC4R 0HH
          Phone: 20 722 0758
          Fax: 20 754 8385


EUROMONEY INSTITUTIONAL: Full-year Results Out Next Week
--------------------------------------------------------
Euromoney Institutional Investor plc will reveal its preliminary
results for the year ended September 30, 2005 at 7:00 a.m. on
Thursday, November 24, 2005.  There will be a presentation for
analysts at 11:30 a.m.

                        About the Company

Euromoney Institutional Investor plc is listed on the London
Stock Exchange and is a member of FTSE 250 share index.  It is a
leading international business-to-business media group focused
primarily on the international finance sector.  It publishes more
than 100 magazines, newsletters and journals, including Euromoney
and Institutional Investor.  It also runs an extensive portfolio
of conferences, seminars and training courses, and is a leading
provider of electronic information and data on international
finance and emerging markets.

CONTACT:  EUROMONEY INSTITUTIONAL INVESTOR PLC
          Nestor House, Playhouse Yard
          London
          EC4V 5EX, United Kingdom
          Phone: +44-20-7779-8888
          Fax: +44-20-7779-8656
          Web site: http://www.euromoneyplc.com


FEDERAL-MOGUL: Seeks Approval for US$775 MM Amended DIP Facility
----------------------------------------------------------------
James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub, in Wilmington, Delaware, relates that Federal-Mogul
Corporation and its debtor-affiliates need to amend their
existing US$500,000,000 postpetition debtor-in-possession
facility for two principal reasons:

(a) The Existing DIP Facility expires by its terms on Dec. 9,
    2005, while the Debtors have a continuing need
    to access postpetition financing comparable to the Existing
    DIP Facility to fund their ongoing business operations
    after that date; and

(b) The Debtors require additional liquidity beyond that
    provided by the Existing DIP Facility to fund a "Top Up
    Offer" covered by a settlement agreement entered into on
    Sept. 20, 2005, among:

      * Federal-Mogul Corporation,

      * T&N Limited,

      * the other co-proponents of the Debtors' Third Amended
        Joint Plan of Reorganization,

      * High River Limited Partnership,

      * the Administrators of the U.K. Debtors, and

      * the Pension Protection Fund in the United Kingdom.

                         The Top Up Offer

The Top Up Offer is a central feature under the U.K. Global
Settlement Agreement.  It is an offer by Federal-Mogul or its
designee to T&N for certain intercompany loan notes for an amount
equal to the difference between:

   (i) the aggregate amount necessary to fund the payments and
       reserves specified in the U.K. Global Settlement
       Agreement; and

  (ii) the cash held by the U.K. Debtors, less GBP20,000,000
       reserved for the U.K. Debtors' working capital needs.

The Debtors estimate that the amount of the Top Up Offer, net of
the interest payments to be made under the Loan Notes at the end
of 2005, is $312,000,000.

                     The Loan Note Agreement

Mr. O'Neill relates that in the event that the Top Up Offer is
made, the Administrators are required to accept the Top Up Offer
subject to the satisfaction of certain conditions.  One of those
conditions is the entry into a Loan Note Agreement by Federal-
Mogul or its designee and the Administrators, giving effect to
the Top Up Offer by Dec. 9, 2005.

To address the Debtors' need for an extended and enhanced
financing facility, the Debtors and Citigroup USA, Inc., entered
into discussions to amend the Existing DIP Facility.

On Oct. 25, 2005, the Debtors and Citigroup, as administrative
agent, entered into a Commitment Letter for an Amended DIP
Facility.  A full-text copy of October 25 Commitment Letter is
available at http://bankrupt.com/misc/Commitment_Letter.pdf

The Commitment Letter and its Term Sheet provide for the basic
terms of the Amended DIP Facility, most of which are merely
continuations of the terms of the Existing DIP Facility.

                Amended DIP Facility Term Sheet

   Facility:          The Amended DIP Facility will consist of:

                      a. $500,000,000 senior secured revolving
                         credit facility with a letter of credit
                         sublimit in at least the U.S. dollar
                         equivalent of $375,000,000; and

                      b. $275,000,000 senior secured Term Loan
                         Facility.

   Maturity:          a. Dec. 9, 2006; or

                      b. If earlier, the date of substantial
                         consummation of a plan of
                         reorganization
                         for Federal-Mogul and its subsidiaries.

   Purpose:           Federal-Mogul and its subsidiaries will
                      use the Amended DIP Facility to:

                      a. repay obligations owed under the
                         Existing DIP Facility;

                      b. finance the U.K. Settlement Agreement;

                      c. fund the purchase or retention of the
                         Intercompany Loan Notes from the U.K.
                         Administrators pursuant to the U.K.
                         Settlement Agreement and among Federal-
                         Mogul and its subsidiaries; and

                      d. provide working capital and funds for
                         other general corporate purposes.

   Administrative
   Agent:             Citicorp USA, Inc.

   Sole Arranger
   and Bookrunner:    Citigroup Global Markets, Inc.

   Lenders:           A syndicate of financial institutions,
                      including Citigroup USA arranged by the
                      Arranger in consultation with Federal-
                      Mogul and its subsidiaries.

   Priority
   and Liens:         The Lenders under the New Revolving Credit
                      Facility will have:

                      * first priority in repayment with respect
                        to current assets of Federal-Mogul and
                        its subsidiaries; and

                      * second priority in repayment with
                        respect to fixed assets of Federal-Mogul
                        and its subsidiaries.

                      The Lenders under the New Term Loan
                      Facility will have:

                      * first priority in repayment with respect
                        to fixed assets of Federal-Mogul and its
                        subsidiaries; and

                      * second priority in repayment with
                        respect to current assets of Federal-
                        Mogul and its subsidiaries.

                      To the extent no material adverse tax or
                      other financial consequences to Federal
                      Mogul and its subsidiaries would result,
                      the Loan Notes would be made available to
                      serve as collateral for the Lenders under
                      the Amended DIP Facility; provided that
                      the lenders will release any security
                      interest in the Loan Notes in the event
                      that Federal-Mogul and its subsidiaries
                      determine that to avoid material adverse
                      tax or other financial consequences to
                      Federal-Mogul and its subsidiaries, the
                      Loan Notes should be transferred to a
                      Federal-Mogul subsidiary that is not a
                      Borrower.

   Adequate
   Protection:        Substantially similar to that under the
                      Existing DIP Facility with certain
                      modifications with respect to adequate
                      protection in favor of the Surety Bond
                      Issuers to reflect the Stipulation and
                      Agreement for the Compromise and
                      Settlement of Secured Surety Claims for
                      Treatment under Third Amended Joint Plan
                      of Reorganization and Related Matters
                      approved by the Bankruptcy Court on March
                      17, 2005.

   Closing Date:      The date of the initial funding of the
                      Amended DIP Facility

   Interest Rates
   and Fees:          With respect to the New Revolving Credit
                      Facility, LIBOR plus 2.25% or Base Rate
                      plus 1.25%.

                      With respect to the New Term Loan
                      Facility, LIBOR plus 2.50% or Base Rate
                      plus 1.50%.

                      Letter of credit participating fees,
                      processing fees and fronting fees will be
                      identical to those in the Existing DIP
                      Facility.

                      Commitment fee on unused amounts under the
                      New Revolving Credit Facility equal to
                      0.375%.

   Representations
   and Warranties,
   Covenants, and
   Events of
   Default:           Substantially similar to that under the
                      Existing DIP Facility.

                      Includes an affirmative covenant requiring
                      Federal-Mogul and its subsidiaries to
                      conduct an appraisal of their inventory by
                      an independent inventory appraisal firm by
                      March 31, 2006, which:

                      * is in desktop form;

                      * contains a similar level of detail as
                        the appraisal provided to the
                        Administrative Agent in 2004; and

                      * is satisfactory to the Administrative
                        Agent.

                      With modifications acceptable to Citigroup
                      USA and Federal-Mogul and its
                      subsidiaries, including to accommodate the
                      transactions contemplated by the U.K.
                      Settlement Agreement and transfers of the
                      Intercompany Loan Notes among Federal-
                      Mogul and its subsidiaries.

   Financial
   Covenants:         The loan documentation will contain
                      financial covenants that are similar to
                      those contained in the Existing DIP
                      Facility, including maximum capital
                      expenditures and a minimum consolidated
                      EBITDA covenant, with threshold amount
                      contained in the covenants to be
                      determined.

   Mandatory
   Prepayments &
   Commitment
   Reductions:        Substantially similar to that under the
                      Existing DIP Facility.

   Conditions
   Precedent:         Customary conditions precedent to closing
                      other similar facilities and substantially
                      as set forth in the Existing DIP Facility,
                      including:

                      * the satisfaction of the Arranger and
                        Citigroup USA in their sole discretion,
                        the entry of a bankruptcy court order
                        approving the full amount of the Amended
                        DIP Facility and the granting of the
                        superpriority administrative claim
                        status and liens; and

                      * the execution and delivery of mutually
                        satisfactory definitive documentation
                        for the Amended DIP Facility on
                        substantially the same terms.

                      Receipt by Citigroup USA and Citigroup
                      Global Markets of an executed copy of a
                      Loan Note Agreement prior to any draw on
                      the New Term Loan Facility or New
                      Revolving Credit Facility where the
                      purpose of the draw is to fund the Top Up
                      Offer, or the issuance of a letter of
                      credit in connection with the draw.

The Amended DIP Agreement includes a number of modifications to
various covenants, events of default and other provisions aimed
at ensuring that the Debtors can implement the U.K. Global
Settlement Agreement, including submitting a Top Up Offer.  Those
amendments will ensure that the Debtors have flexibility as
necessary to make and consummate the Top Up Offer in an optimal
fashion, including the ability to undertake any intermediate or
ancillary transactions in connection with the Top Up Offer and
the Loan Notes.

The Debtors also propose to include a number of discrete
provisions in the Amended DIP Agreement that would enable them to
utilize the available financing more effectively and more
accurately track the Debtors' present strategic business plan.
The specific amendments include:

   * Allowances necessary to permit the merger of two of the
     Debtors' affiliates in Italy for the purpose of
     recapitalizing the operations of the Federal-Mogul group of
     companies in that country;

   * Covenant relief necessary to permit the transfer of the
     stock of certain of the Debtors' Asian affiliates, other
     than those owned by the United Kingdom, into a new holding
     company incorporated in Mauritius, for the purpose of
     enhancing the efficiency of those holdings;

   * Provisions allowing the Debtors to outsource certain of
     their inventory management and hold their inventory in
     consignment arrangements proposed to be established at
     certain of the Debtors' facilities;

   * Specific carve-outs from certain of the covenants in the
     Amended DIP Facility to permit the dissolution of dormant
     entities within the corporate structure of the Federal-
     Mogul group of companies;

   * Allowing for the consolidation of the stock ownership of
     certain foreign subsidiaries of the U.S. Debtors into an
     indirect holding company subsidiary of Federal-Mogul
     Corporation to simplify the corporate structure of the
     Federal-Mogul group of companies and achieve a number of
     efficiencies expected to result from that consolidation;
     and

   * Permitting the Debtors to invest in an Asian business,
     which they have determined offers long-term strategic
     benefits for their business.

As of Oct. 25, 2005, the Debtors have not finalized the terms of
the Amended DIP Agreement.

                          The Fee Letter

In return for Citigroup's commitment to fund the Amended DIP
Facility, the Debtors have agreed to pay non-refundable upfront
and facility fees to Citigroup.  The Debtors will also pay
Citigroup administrative agency and collateral monitoring fees
per annum.  The Debtors did not disclose the amount of the fees.

A full-text copy of Citigroup's Fee Letter is available at
http://bankrupt.com/misc/CUSA_Fee_Letter.pdf

The Debtors believe that the fees and expenses are at normal and
customary levels for comparable postpetition financing facilities
and that the payment of those fees and expenses is reasonable and
appropriate.

                    Continued Use of Cash Collateral

Mr. O'Neill maintains that the Amended DIP Facility preserves the
existing collateral packages of the Debtors' postpetition lenders
and the various forms of adequate protection afforded to certain
of the Debtors' prepetition creditors under the terms of the
original and existing credit facilities.

Accordingly, the Debtors seek the Court's authority to:

   (a) enter into the Amended DIP Facility;

   (b) enter into the Commitment Letter and the Fee Letter, and
       negotiate, execute, deliver and perform under any related
       documents, including the Amended DIP Agreement and all
       other ancillary documentation; and

   (c) continue using cash collateral and provide adequate
       protection on terms substantially similar to those
       previously approved by the Court; and

   (d) pay related fees and expenses pursuant to the Fee Letter.

The Debtors believe that it is both efficient and cost-effective
for them to enter into the Amended DIP Agreement rather than
negotiate and enter into a new financing facility from scratch
with a new group of lenders.

Mr. O'Neill tells the Court that even if an alternative source of
postpetition financing could be located, the level of due
diligence that the source would need to undertake in connection
with the potential financing would be extremely costly.

"Any potential alternative lender would doubtless seek to recoup
those costs through the terms of any financing offered to the
Debtors.  The process of conducting that due diligence would also
invariably create significant disruptions in the Debtors'
business, with attendant costs resulting therefrom," Mr. O'Neill
says.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion.  The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities.  At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a US$1.925 billion
stockholders' deficit.  At Mar. 31, 2005, Federal-Mogul's balance
sheet showed a US$2.048 billion stockholders' deficit, compared
to a US$1.926 billion deficit at Dec. 31, 2004.  Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford.  (Federal-Mogul Bankruptcy News, Issue No. 97;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

CONTACT:  TURNER & NEWALL LIMITED
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION
          26555 Northwestern Hwy.
          Southfield, MI 48034
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


FEDERAL-MOGUL: Court Grants Relief to Complete U.K. Settlement
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted
Federal-Mogul Corporation (OTCBB: FDMLQ) the relief necessary to
reach another key milestone set out in the U.K. Settlement
Agreement between, among others, Federal-Mogul and the UK
Administrators overseeing the U.K. restructuring proceedings of
the Company's U.K. subsidiaries.

The Court provided Federal-Mogul and its U.S. and U.K.
subsidiaries all of the approvals they needed for the actions
required by the U.K. Settlement Agreement that were the subject
of the Nov. 9, 2005, hearing.  The Court also agreed with the
Administrators' position that they did not need the U.S. Court's
authorization or approval to perform all their required actions
under the U.K. Settlement Agreement.

"We are pleased with the continued progress toward emergence from
Chapter 11 and U.K. Administration," Jose Maria Alapont,
Chairman, President & CEO said.  "We thank our customers and all
of our stakeholders for their ongoing support."

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion.  The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities.  At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a US$1.925 billion
stockholders' deficit.  At Mar. 31, 2005, Federal-Mogul's balance
sheet showed a US$2.048 billion stockholders' deficit, compared
to a US$1.926 billion deficit at Dec. 31, 2004.  Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford.

CONTACT:  TURNER & NEWALL LIMITED
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION
          26555 Northwestern Hwy.
          Southfield, MI 48034
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


FINS TRAVEL: Calls in Liquidator
--------------------------------
Fins Travel Group Plc informs that a resolution to wind up the
company was passed at an EGM held on Oct. 26 at Unique Business
Finance Ltd, Tarleton House, 112-116 Chorley New Road, Bolton BL1
4DH.

Mark Prideaux of Unique Business Finance Ltd., Tarleton House,
112-116 Chorley New Road, Bolton BL1 4DH was appointed
liquidator.

CONTACT:  FINS DIVING TOURS
          264 Sharoe Green Lane
          Fulwood
          Preston PR2 9HD
          Phone: 01772-772400
          Fax: 01772-772409
          E-mail: info@finstravel.com
          Web site: http://www.finstravel.com/


FIVE STAR: BDO Stoy to Liquidate Business
-----------------------------------------
Viv G. Watkins, chairman of Five Star Mechanical Handling Ltd.,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 25 at BDO Stoy Hayward LLP, 4th Floor, One
Victoria Street, Bristol BS1 6AA.

Simon Girling and Graham Randall of BDO Stoy Hayward LLP, Fourth
Floor, One Victoria Street, Bristol BS1 6AA were appointed Joint
Liquidators.

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

CONTACT:  FIVE STAR MECHANICAL HANDLING
          Penallta Industrial Estate
          Hengoed
          Pontypridd
          CF82 7QZ
          Mid Glamorgan
          Phone: 01443 813453


FURNITURE ITALIA: Creditors Meeting Set Friday
----------------------------------------------
Creditors of Furniture Italia Limited (Company No 03399697) will
meet on November 18, 2005, 11 a.m. at at The Grange, 100 High
Street, London N14 6TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to T. Papanicola of Bond Partners LLP, The Grange,
100 High Street, London N14 6TG not later than 12:00 noon,
November 17, 2005.

CONTACT:  FURNITURE ITALIA LIMITED
          Royal Oak Centre,
          Brighton Road,
          Purley, Surrey CR8 2PG
          Phone: 020-8660-6900

          BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400


GEN SPED: Mark Reynolds to Wind up Freight Forwarding Biz
---------------------------------------------------------
N. Sullivan, chairman of Gen Sped UK Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 21 at Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue,
London N3 2HS.

Robert Valentine and Mark Reynolds of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS were appointed
liquidators.

CONTACT:  GEN SPED UK LTD.
          8a London Road, Grays, Essex RM17 5XY
          Phone: 01268-820300

          VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


G J N TRADITIONAL: Goes into Liquidation
----------------------------------------
Gary John Newton, chairperson of G J N Traditional Builders
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 27 at S. F. Plant & Co, Lutomer
House, 100 Prestons Road, London E14 9SB was appointed
liquidator.  At the subsequent Meeting of Creditors held at the
same place on the same date, the Resolutions were ratified.

Daniel Plant of S F Plant & Co, Lutomer House, 100 Prestons Road,
London E14 9SB was appointed liquidator.

CONTACT:  GJN TRADITIONAL BUILDERS LTD.
          6 Glasgow Road
          Eastney
          Hampshire
          England
          UK
          PO4 8HR
          Phone & Fax: 02392 324176
          Web site: http://www.housebuildersuk.com/

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


GLOBAL CABLES: Call in Administrators
-------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) of Milner
Boardman & Partners were appointed joint administrators of Global
Cables & Electronics Limited (Company No 04777741) on Nov. 3.
Its registered office is at 86 Stamford Street East, Ashton under
Lyne, Manchester OL6 6QH.  The company is a distributor of
electrical, electronic cable and components.

CONTACT:  GLOBAL CABLES & ELECTRONICS LIMITED
          86 Stamford Street East,
          Ashton-under-Lyne
          Lancashire OL6 6QH
          Phone: 0161-343 7639
          Fax: 0161-330 8850

          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


GRAMMA'S INTERNATIONAL: In Liquidation
--------------------------------------
Gramma's International Limited informs that a resolution to wind
up the company was passed at an EGM held on Oct. 28 at 601 High
Road, Leytonstone, London E11 4PA.

Harjinder Johal and George Michael of Ashcrofts, 601 High Road,
Leytonstone, London E11 4PA were appointed Joint Liquidators.

CONTACT:  GRAMMA'S INTERNATIONAL LIMITED
          P.O. Box 218, London E6 6BG
          Phone: 02084708751


HIGHFIELD GARDENERS: Hires Liquidator from O'Hara & Co.
-------------------------------------------------------
S. A. Highfield, the director of Highfield Gardeners Limited,
informs that the special, ordinary and extraordinary resolutions
to wind up the company were passed at an EGM held on Nov. 2 at 1
Thorne Road, Doncaster DN1 2HJ.  Peter O'Hara of O'Hara & Co was
appointed liquidator.

CONTACT:  O'HARA & CO.
          Wesley House
          Huddersfield Road
          Birstall
          Batley
          West Yorkshire WF17 9EJ
          Phone: 01924 477449
          Fax: 01924 475262
          E-mail: insol@ohara.co.uk


IN-SPEED PRINTERS: Creditors Meeting Set Next Week
--------------------------------------------------
Creditors of In-Speed Printers Limited (Company No 02440345) will
meet on November 23, 2005, 11 a.m. at Jurys Inn Southampton, 1
Charlotte Place, Southampton SO14 0TB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Gordon Johnston of hjs Recovery, 12-14 Carlton
Place, Southampton SO15 2EA not later than 12:00 noon, November
22, 2005.

CONTACT:  IN-SPEED PRINTERS LTD.
          Unit 26, Ribocon Way
          Progress Business Park
          Luton LU4 9UR
          Bedfordshire
          Phone: 01582 494005
          Fax: 01582 493483
          Web site: http://www.inspeed.co.uk/

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


KANGAROO POO: Clothing Firm Calls in Administrator
--------------------------------------------------
David John Whitehouse and Simon Wilson (IP Nos 008699, 008963) of
Kroll Ltd. were appointed joint administrators of Kangaroo Poo
Limited (Company No 00711096) on Nov. 4.  Its registered office
is at Exmoor House, Chivenor Business Park, Chivenor, Devon EX31
4AY.

Based in North Devon, Kangaroo Poo --
http://www.kangaroopoo.com-- is a leading surf and leisurewear
company.  The company currently has a turnover of GBP3 million
and employs 14 people.

CONTACT:  KANGAROO POO
          Exmoor House,
          Chivenor Business Park,
          Chivenor, North Devon EX31 4AY
          Phone: 0845 22 66 050

          KROLL LIMITED
          The Observatory
          Chapels Walk
          Manchester
          Greater Manchester M2 1HL
          Phone: 0161 838 4500
          Fax: 0161 838 4501


LDC NETWORK: Calls in Administrator from ThorntonRones
------------------------------------------------------
Richard Jeffrey Rones (IP No 008807) of ThorntonRones was
appointed administrator of telecommunications LDC Network Limited
(Company No 04318606) on Oct. 28.

CONTACT:  THORNTONRONES
          1st Floor
          167 High Road
          Loughton
          Essex IG10 4LF
          Phone: 020 841 9333
          Fax: 020 8418 9444
          E-mail: info@thorntonrones.co.uk


MINORPLANET SYSTEMS: Bares Directors' Interests
-----------------------------------------------
Minorplanet Systems plc has been notified (pursuant to Part X of
the Companies Act 1985) that, following completion of the capital
reorganization and the placing and open offer, Directors of the
Company now hold beneficial interests in the issued ordinary
share capital of the Company:

(a) David Perry - 80,297 ordinary shares (representing
    approximately 0.28% of the issued share capital of the
    Company);

(b) Terence Donovan - 813,142 ordinary shares (representing
    approximately 2.82% of the issued share capital of the
    Company);

(c) Richard Hopkin - 64,285 ordinary shares (representing
    approximately 0.22% of the issued share capital of the
    Company);

(d) Lars McBride - 50,000 ordinary shares (representing
    approximately 0.17% of the issued share capital of the
    Company); and

(e) Andrew Walker - 20,000 ordinary shares (representing
    approximately 0.07% of the issued share capital of the
    Company).

On Friday, 11 November 2005, awards were made to Directors under
the Company's 2001 Unapproved Share Option Plan (as amended) and
Share Matching Plan 2005 as set out below:

(a) Terence Donovan - share options over 200,000 ordinary shares
    with an exercise price of 50 pence per share; and award of
    up to 803,142 matching shares; and

(b) Richard Hopkin - share options over 200,000 ordinary shares
    with an exercise price of 50 pence per share; and award of
    up to 64,285 matching shares.

Both the share options and the matching awards are subject to
performance targets over a 3-year performance period.

The option exercise price is equal to the placing price relating
to the placing and open offer, which became unconditional on 10
November 2005, the day on which the Company's shares were
admitted to trading on the Alternative Investment Market.  If the
Matching Share Awards are to be satisfied by the issue of new
shares, participants will pay the par value of 1 pence per share
upon exercise.  The Matching Share Awards reflect the levels of
individual investment on 10 November 2005 on a 1 for 1 basis.

Further details will be set out in the Directors' Remuneration
Report in due course.

                        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 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: http://www.minorplanet.com


MOON.CO.UK LIMITED: Administrators from Harris Lipman Enter Firm
----------------------------------------------------------------
Barry David Lewis and Michaela Joy Hall (IP Nos 2048, 9081) of
Harris Lipman were appointed joint administrators of Moon.Co.UK
Limited (t/a Against the Grain - Company No 03775345) on Nov. 2.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


NEIL GRINNALL: In Administrative Receivership
---------------------------------------------
Dunbar Bank Plc appointed Neil Grinnall Properties Limited (Reg
No 03252205) of Moore Stephens joint administrative receivers 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


RESTBRIGHT LIMITED: Liquidator Takes over Firm
-----------------------------------------------
Members of Crestbright Limited, informs that the subjoined
special resolution to wind up the company was passed at an EGM
held on Oct. 26 at Brunswick House, Birmingham Road, Redditch,
Worcestershire B97 6DY.  M. D. Hardy of Poppleton & Appleby, 35
Ludgate Hill, Birmingham B3 1EH was appointed liquidator.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


SEA CONTAINERS: Posts US$58.5 Million Nine-month Loss
-----------------------------------------------------
Sea Container Ltd. said that for the third quarter its net loss
was US$34.4 million (US$1.25 per common share diluted) on revenue
of US$456 million, compared with net earnings of US$18.4 million
(US$0.77 per common share diluted) on revenue of US$492 million
in the third quarter of 2004.  Non-recurring charges in the third
quarter of 2005, almost entirely related to the restructuring of
the ferries business announced on November 3, 2005, accounted for
US$19.5 million of this loss.

For the nine months, the net loss was US$58.5 million (US$2.16
per common share diluted) on revenue of US$1.3 billion, compared
with net earnings of US$8.9 million (US$0.35 per common share
diluted) on revenue of US$1.3 billion in the year earlier period.
Non-recurring charges account for US$38.5 million of the loss in
2005.  The nine-month period benefited from a US$41.1 million
gain in March 2005 on the sale of shares in Orient-Express
Hotels.

The London Underground bombings and attempted bombings in July
2005 were responsible for a decline in passenger carryings and
earnings from rail operations in the quarter, causing GNER to
incur a loss of US$7.6 million compared with a profit before
non-recurring charges of US$14.0 million in the prior year
period.  Passenger volumes and revenue have recovered following
the summer holidays but have yet to return to levels anticipated
before the bombings.

Earnings from the company's GE SeaCo investment declined to
US$6.0 million in the quarter from US$8.6 million in the prior
year period due to the acceleration of depreciation of containers
in the first lease.  This change impacted Sea Containers' share
of earnings by US$1.0 million and higher interest rates on GE
SeaCo's floating rate debt caused a decline of US$2.9 million on
Sea Containers' share.  At September 30, 2005 GE SeaCo had
acquired US$126 million of new containers in the year and
utilization of its owned fleet was 98%.

The company's other container businesses reported operating
income of US$5.0 million in the period compared with US$4.5
million in the prior year third quarter.

Excluding vessel write-downs, ferry operations had operating
income of US$9.7 million in the quarter, compared with US$17.1
million in the year earlier period.  Silja incurred a US$7.3
million fuel cost increase compared with the prior year period.
However, excluding fuel Silja's operating income increased US$6.1
million due to higher revenues.  Operating income from other
ferry businesses declined by US$6.1 million compared with the
prior year period, due to higher fuel costs, increased pension
costs and provision for past tax costs and lease termination.

           Report of Mr. James B. Sherwood, President

2005 has regrettably been a 'Perfect Storm' for the company.  All
three of our main business segments have encountered
unanticipated difficulties.  The company is engaged in a dispute
with our partners in GE SeaCo, GE Capital.  The issues have led
to arbitration and a decision is expected in January.

The ferries business has been hit with a huge increase in fuel
costs, losses from the m.v. Finnjet operation (which has now been
withdrawn and is on profitable charter in connection with the
Louisiana hurricane relief), a further deterioration of yield on
Hoverspeed's Dover-Calais route, and other reasons outlined in
the November 3rd restructuring announcement.  The company's
response to these events is to entertain offers to sell Silja and
SeaStreak, reduce its involvement in car-carrying fast ferries,
and sell or charter out to third parties Silja's non-core
vessels.  A restructuring charge totaling US$157 million will be
taken this year in respect of write-downs of certain vessels,
redundancy and other exit costs.  This includes an impairment
charge of US$19.2 million recognized in the third quarter.

It is difficult to predict how long it will take to dispose of
the businesses and assets as planned, but we hope to have made
substantial progress within six months.

We announced on November 8 the offering for sale through
underwriters of our remaining 9.9 million shares in
Orient-Express Hotels.  The share price has been around US$30 in
recent days.  Proceeds will be used to reduce debt and increase
working capital.  The book value of the shares being sold is
approximately US$18.50 per share so a large profit is expected to
arise on sale.

While it is impossible to predict the sales prices for the
various ferry assets being sold, it is anticipated that they will
exceed underlying debt.  This will allow the company to reduce
consolidated debt.

The board is taking meaningful steps to rectify the company's
poor operating performance.  We will be sorry to see businesses
and long serving employees depart in the process, but we feel we
have no other choice and ask for the understanding of all
interested parties.

Management believes that EBITDA (net earnings adjusted for net
finance costs, tax, depreciation, amortization and the investment
in equity investees other than GE SeaCo) is a useful measure of
operating performance, to help determine the ability to incur
capital expenditure or service indebtedness, because it is not
affected by non-operating factors such as leverage and the
historic cost of assets.  However, EBITDA does not represent cash
flow from operations as defined by U.S. generally accepted
accounting principles, is not necessarily indicative of cash
available to fund all cash flow needs and should not be
considered as an alternative to earnings from operations under
U.S. generally accepted accounting principles for purposes of
evaluating results of operations.

Sea Containers (NYSE: SCRA , NYSE: SCRB) --
http://www.seacontainers.com-- is a marine container lessor and
rail and ferries operator.

Financial tables are available free of charge at
http://bankrupt.com/misc/SeaContainers(9Mo2005).mht

CONTACT:  SEA CONTAINERS LTD.
          Head Office
          Canon's Court
          21 Victoria Street
          Hamilton HM12
          Bermuda
          Phone: +1 (441) 295 2244
          Fax: +1 (441) 292 8666

          SEA CONTAINERS SERVICES LTD.
          Regional Office
          Sea Containers House
          20 Upper Ground
          London SE1 9PF
          Phone: +44 (0) 20 7805 5000
          Fax: +44 (0) 20 7805 5900


SEA CONTAINERS: Selling Silja, SeaStreak
----------------------------------------
Sea Containers Ltd. is restructuring its ferries division.

The company's ferries business is composed of three units:

(a) the largest is Silja Oy Ab, the Finnish based leading Baltic
    operator of cruise ferries, ro-pax ships, fast ferries and
    cruise ships;

(b) the second is the company's car-carrying fast ferries
    business with 9 ships operating in European waters other
    than in the Baltic; and

(c) the smallest unit is SeaStreak, the New York based commuter
    ferry service operating between New Jersey ports and
    Manhattan.

In 2005 the profits of Silja have declined significantly, due to
a combination of higher fuel costs, which could not be recovered
except on services to Estonia; the unsuccessful m.v. Finnjet
operation between Germany, Estonia and Russia; reduced profits
from duty free sales; and overcapacity in the Swedish market
introduced by competitors.  However, Silja still remains the
leading operator in its region with an excellent brand name and
reputation for quality, with its core business remaining
profitable.

The company's car-carrying fast ferries incurred losses in 2005,
due in large measure to high fuel prices.  The ships burn light
fuel which has doubled in price over the 2004-2005 period and it
has been impossible to recover the extra cost through fuel
surcharges.  Other factors have impacted earnings.  The ferry
routes between France and England across the English Channel have
suffered from declining passenger and car volumes, excess
capacity and reduced profits from low tax merchandise sales.  The
company's subsidiary, Hoverspeed, operates between Dover and
Calais in the English Channel.

SeaStreak, operators of services employing 7 foot-passenger only
fast ferries on three routes between New Jersey and Manhattan,
has also incurred a loss in 2005 due largely to high fuel costs.
Passenger fares are being steadily increased to recover the extra
cost but the market will only absorb such increases to a certain
level before switching to cars, buses and trains.

In light of the situation described above, the board of Sea
Containers met on November 2, 2005 and has decided to take
measures that should eliminate or greatly reduce the operating
losses being incurred.

In the case of Silja Oy Ab, the company has decided to entertain
offers to buy the business.  Societe Generale has been appointed
to conduct a controlled auction of Silja.  In order to restore
Silja's health, a number of steps are being taken to improve
operating results:

(a) The cruise ship m.v. Walrus will be sold preferably or if
    sale cannot be achieved on satisfactory terms, it will be
    chartered out.  The ship has recently ended a long-term
    charter and is having off-hire rectifications at charterers'
    expense in Singapore;

(b) The Swedish flag cruise ship, m.v. Silja Opera will be sold
    preferably or if sale cannot be achieved on satisfactory
    terms, the ship will be chartered out for operation outside
    the Baltic without high cost Scandinavian manning.  The ship
    will operate in the Baltic until February, 2006, relieving
    the ships Silja Serenade and Silja Symphony which will be
    undergoing three year surveys and docking at that time.
    Silja regrets the loss of the Silja Opera which has
    established a good market following, but trade unions have
    been slow to allow manning conditions which would enable the
    vessel to continue to operate in the Baltic;

(c) The m.v. Finnjet has left the Baltic and is currently on
    charter to Louisiana State University Health Science Center
    through FEMA, based in Baton Rouge, Louisiana.  This vessel
    will not return to the Baltic.  The vessel will be offered
    for sale, or failing sale on satisfactory terms, it will be
    chartered out.  If chartered out, the ship's diesel engines
    may be increased in power to allow 24 knots service speed
    which prospective long term charterers have requested.  The
    ship's hull was built for a 30 knot speed using a
    combination of diesel engines and gas turbines but gas
    turbine operation is prohibitively expensive in light of
    today's high costs for light fuels;

(d) The ro-ro ship m.v. Starwind has been sold for US$5.4
    million in the fourth quarter, close to her book value;

(e) Silja's three SuperSeaCat fast ferries will be reduced to
    two for operation between Helsinki, Finland and Tallinn,
    Estonia.  Financial performance will be improved through
    better manning arrangements and other operational measures.
    The third SuperSeaCat will be returned to Sea Containers for
    deployment in the Mediterranean in 2006;

(f) Silja's flagship service employing state of the art vessels
    Silja Serenade and Silja Symphony, each with 2,852 beds,
    will be given a US$12 million upgrade to freshen the product
    and increase their profitability.  This upgrade will be
    financed with asset sales or through mortgages on these
    assets;

(g) Silja's largest vessel, m.v. Europa, will continue to
    operate on the Turku-Stockholm and Turku-Kappelskar routes
    together with m.v. Festival which operates between Stockholm
    and Turku.  Silja currently also operates two roll-on, roll-
    off ships on the Turku-Stockholm route and these vessels are
    capacity constrained;

(h) Silja will be reducing its staff and offices in Finland,
    Sweden and Germany, including up to 150 shoreside jobs at a
    cost of up to US$10 million, achieving annual savings of
    approx. US$18 million;

    Additionally, an action plan for improved internal cost
    efficiencies is being implemented to achieve further annual
    savings of $10 million by the end of 2007; and

(i) A restructuring charge of $70 million in connection with the
    plans outlined above will be recognized in the fourth
    quarter of 2005.  It is expected that underlying debt or
    more will be achieved on asset sales.  The cash component of
    the restructuring charge will be US$10 million or less.

In summary, Silja is being reduced to its core business of 8
vessels operating on three routes.  Silja's EBITDA for 2004 was
US$70 million and for 2005 after absorbing $22 million of extra
fuel costs it expects to achieve EBITDA of $39 million (excluding
restructuring costs).  EBITDA is expected to improve in 2006 and
2007, assuming fuel remains at today's costs and excluding
restructuring charges.  It is not possible to predict the sale
price for Silja.

Car-carrying Fast Ferries

The company owns or part-owns 9 such ships.  One SuperSeaCat is
on long-term profitable charter.  Two of the vessels are operated
in the Adriatic in a 50/50 partnership with the Mediterranean
Shipping Company group.  It is planned to put a fourth vessel
owned by Sea Containers into the partnership from 2006.  The
company also operates fast ferry services in the Cyclades Islands
in Greece in 50/50 partnership with the Eugenides Group.  It is
planned to introduce a second vessel into this trade in 2006.

Sea Containers is no longer able to support Hoverspeed's losses
on the English Channel so it will not operate the Dover-Calais
route in 2006 or thereafter.  Hoverspeed has commenced
consultation with staff as required by labor law, which will
result in a significant number of redundancies.  A restructuring
charge of US$15 million will be established to cover the closure
of Hoverspeed's Dover-Calais services.

Two of the company's car-carrying fast ferries are older than the
other ships and were built to a different construction code than
applies to newer vessels.  These two vessels are currently laid
up awaiting charter or sale.  Some countries (but not major ones
like the U.K., France and Italy) will not permit vessels built to
the older code to operate to their ports, thus reducing the
company's range of deployment possibilities.  The company has
determined, therefore, to reduce the carrying value of the two
vessels built to the earlier code by US$19 million in total and
to sell the ships in due course.  Two sister ships built to the
latest construction code are employed in joint ventures in the
Mediterranean where they will remain, however, the board has
determined to write them down by US$15 million to estimated
current market value.

Despite the re-deployment or sale of car carrying fast ferries it
is unlikely that this business will cover its full costs in 2006
unless either fuel prices decline or fuel surcharges can be
collected to cover the high fuel costs.  However, this deployment
is expected to improve significantly the operating results from
the car carrying fast ferry fleet in 2006.  The company will no
longer operate any of these ships itself but instead will charter
them out to joint ventures or other operators.

SeaStreak

The company has decided to entertain offers to buy this business.
In the meantime an action plan is being implemented to increase
prices to recover the extra fuel costs, to close the South Amboy
to Manhattan service and take a related charge of US$2 million
and to have the owners charter-out or lay up the two older
vessels engaged in this service.  SeaStreak time charters the
vessels from local owners as required by the Jones Act.

SeaStreak is forecast to have an EBITDA loss before non-recurring
items of US$2.7 million in 2005, including an adverse variance of
US$1.8 million in fuel costs and an EBITDA loss of US$1.3 million
on the South Amboy route.  It is believed that the steps to be
taken as outlined above will restore SeaStreak to profitability
in 2006.

Other Matters

The company's board has decided to suspend the payment of common
share dividends with immediate effect.  This will save US$2.7
million in cash on an annualized basis.

The board has also identified specific containers, which will be
sold, obsolete spare parts and manufacturing machinery no longer
required and will take a charge of $30 million.

At any moment in time the company carries an inventory of older
containers, which must be repaired at high cost to provide
continued revenue generating service.  In periods of low demand
for older units, the containers incur high overhead and storage
costs, which are a direct charge to profits.  The company
believes it should sell off such units even if a loss is incurred
in order to reduce the overhead and storage costs.  The return by
doing this can be extremely high.

Consequent upon the closure of car-carrying fast ferry operations
in the U.K., the company no longer has need for its related IT
systems.  Also, GE SeaCo is developing its own highly improved
computer systems for implementation in the second half of 2006.
Thus an associated restructuring charge of US$6 million will be
taken.

Due to the downsizing of the company's activities it will be
necessary to reduce central costs at the company's headquarters
in London.  Management of Sea Containers' container activities
other than GE SeaCo will likely be moved to Singapore where they
can be conducted at much lower cost than London.  A first step in
this cost reduction plan involves downsizing the publishing,
plantations, property and administration division's London costs,
which will be completed by the end of 2005.

The company has entered into a binding contract for the sale of
its remaining interests in the port of Newhaven, England for
US$20 million, realizing a profit of US$10 million, which will be
recorded in the fourth quarter.

Mr. Sherwood said that restructuring charges for possible losses
on sale of Silja ships, redundancy costs of Silja and those in
connection with the closure of Hoverspeed, the write-down of
values of the four car-carrying fast ferries, the provision
against losses on sale of certain older containers, spare parts
and manufacturing machinery, and IT would total US$157 million
pre tax, of which up to $26 million would be expended in cash.
US$19 million of this restructuring charge will be recorded in
the third quarter and the balance in the fourth quarter.  "As a
result of the losses incurred in ferry operations in 2005 when
combined with these cash and non-cash charges the company will
report a very large loss in 2005.  However, these measures should
set the stage for a return to profitability."  Mr. Sherwood also
indicated that since asset sales are expected to recover
underlying debt the balance sheet should be strengthened in the
process.

Mr. Sherwood also indicated that the company still intends to
exit its investment in Orient-Express Hotels Ltd.  "Proceeds from
sale of these 9.9 million shares will likewise strengthen the
company's balance sheet and a substantial profit will be
reported, which will in large measure offset the US$157 million
restructuring charge.

Sea Containers (NYSE: SCRA ; NYSE:
SCRB) --http://www.seacontainers.com-- is engaged in marine
container leasing, manufacturing, depot and logistics operations,
railways operator, ferry operator and leisure industry investor.

CONTACT:  SEA CONTAINERS LTD.
          Head Office
          Canon's Court
          21 Victoria Street
          Hamilton HM12
          Bermuda
          Phone: +1 (441) 295 2244
          Fax: +1 (441) 292 8666

          SEA CONTAINERS SERVICES LTD.
          Regional Office
          Sea Containers House
          20 Upper Ground
          London SE1 9PF
          Phone: +44 (0) 20 7805 5000
          Fax: +44 (0) 20 7805 5900


SERVICE STAINLESS: Files for Administration
-------------------------------------------
Leslie Ross and Keith Hinds (IP Nos 7244, 6745) of Grant Thornton
UK LLP were appointed joint administrators of Service Stainless
Limited (Company No 02312516) on Nov. 2.

Service Stainless Limited --
http://www.servicestainless.co.uk/-- is a stockholder of
Stainless Steel & Aluminum products.  It was formed in March
1989.  The company supplies chemical, food, pharmaceutical, oils,
gas and other allied industries.  It also offers products in
stainless steel, aluminum, brass, copper, bronzes and plastics.

CONTACT:  SERVICE STAINLESS LTD.
          Units 27-33 Stretford Motorway Estate
          Barton Dock Road
          Stretford, Manchester M32 0ZH
          United Kingdom
          Phone: 0161-864 3339
          Fax: 0161-864 3307

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


THUS GROUP: Secures GBP55 Million Bank Facility
-----------------------------------------------
THUS Group plc has agreed on a new GBP55 million bank facility.

The facility, comprising a GBP15 million revolving credit
facility and a GBP40 million amortizing term loan, will replace
the company's existing GBP57 million amortizing term loan and be
used for general corporate purposes including working capital
requirements.

Interest payable on the facility is at significantly improved
terms.  The facility extends to 30 June 2010, with amortization
payments on the term loan scheduled from 31 December 2006 to 30
June 2010.

The Royal Bank of Scotland plc has underwritten the transaction
and Rabobank International London has joined the facility as a
key relationship bank.

John Maguire, THUS Group plc chief financial officer, said: "The
agreement of the new, extended term, bank facility on a lower
interest rate underlines the progress that THUS has made towards
achievement of its strategy and financial objectives since the
original facility was put in place at the end of 2001.

"Since 2001, THUS has grown turnover consistently and moved
EBITDA and free cash flow from negative to positive.  Our
progress has been underpinned by our consistent focus on
developing and delivering high quality, innovative services for
the U.K. business telecommunication market over our advanced,
next generation network.  We continue to move forward with
confidence."

CONTACT:  THUS GROUP PLC
          Corporate Communications and PR
          1/2 Berkeley Square
          99 Berkeley Street
          Glasgow G3 7HR
          Phone: 0141 567 1234
          Fax: 0141 566 3035
          E-mail: thus.enquiries@thus.net
          Web site: http://www.thus.net

          THE ROYAL BANK OF SCOTLAND PLC
          42 St Andrew Square
          Edinburgh EH2 2YE
          Phone: +44-131-556-8555
          Fax: +44-131-557-6140
          Web site: http://www.rbs.com

          RABOBANK INTERNATIONAL LONDON
          Thames Court
          1 Queenhithe
          London EC4V 3RL
          Phone: +44 20 7809 3000
          Fax: +44 20 7809 3500
          Web site: http://www.rabobank.com


TURNER & NEWALL: Parent Wants to Top Deutsche Bank's Debt Offer
---------------------------------------------------------------
Three non-Debtor subsidiaries of Federal-Mogul Corporation owe
T&N Limited money under certain intercompany loan notes:

    (1) Federal Mogul S.A., a French entity;

    (2) Federal Mogul Holding Deutschland GmbH, a German entity;
        and

    (3) Federal Mogul SPA, an Italian entity.

The Loan Notes aggregate $898,000,000.  Specifically, the Loan
Notes consist of:

    (a) three separate notes of F-M France, two of which were
        made on Aug. 31, 1998, and the third of which was made
        on June 11, 1999, in the original aggregate amount of
        1,540,000,000 French francs;

    (b) two separate notes of F-M Germany, both of which were
        made on July 7, 1998, in the original aggregate amount
        of 738,000,000 Deutschemarks; and

    (c) one note of F-M Italy in the amount of EUR111,600,000,
        which was made on May 22, 2001.

According to James E. O'Neill, Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, in Wilmington, Delaware, Deutsche Bank
AG London offered to purchase the Loan Notes for a base purchase
price of $421,000,000, minus $65,000,000 on account of the
interest payment due to be made on those notes on Dec. 31, 2005,
for a net purchase price of $356,000,000.

The administrators of Federal-Mogul's U.K. affiliates entered
into a sale agreement with Deutsche Bank.

The Sale Agreement contemplates that the Administrators may
accept an offer for the Loan Notes that is more advantageous than
the offer made by Deutsche Bank, but in that event Deutsche Bank
is to receive a "break fee".

A full-text copy of the Sale Agreement is available for free at:

       http://bankrupt.com/misc/DeutscheBankSaleAgreement.pdf

Following the Administrators' entry into the Sale Agreement, the
Plan Proponents proposed to the Administrators an alternative
offer for the Loan Notes that became the Top Up Offer.  The Top
Up Offer equals the difference between:

    (a) the aggregate amount necessary to fund the payments and
        reserves specified in a global settlement agreement
        between the Plan Proponents and the Administrators as to
        the reorganization of the U.K. Debtors; and

    (b) the cash held by the U.K. Debtors, less GBP20,000,000
        reserved for the U.K. Debtors' working capital needs.

Mr. O'Neill relates that the Administrators have advised the
Debtors that they presently hold approximately $402,000,000 in
cash, while the amount required to fund the payments and reserves
specified in the U.K. Global Settlement Agreement is
approximately $780,000,000.  That cash held by the Administrators
is anticipated to increase by $66,000,000 at the end of 2005 as a
result of the interest payment to T&N by the Debtors' European
affiliates under the Loan Notes.  Accordingly, the net amount of
the Top Up Offer is anticipated to be approximately $312,000,000.

Under the U.K. Global Settlement Agreement:

    * Federal-Mogul or its designee is required to may make the
      Top Up Offer for the Loan Notes on or before Nov. 18,
      2005.

    * A binding agreement for the acceptance of the Top Up Offer
      must be entered into by Dec. 9, 2005.

    * Closing of the sale of the Loan Notes pursuant to the Top
      Up Offer is required to take place no later than seven
      business days after the date on which meetings of
      creditors are held for the purposes of voting on the CVAs
      or Schemes, or in the event that no meetings would take
      place, no later than February 28, 2006, which date may be
      extended by mutual consent of the Administrators and the
      Plan Proponents.

    * The sale of the Loan Notes to Federal-Mogul may take place
      before the CVAs or Schemes have been approved or become
      effective.  The U.K. Effective Date is required to occur
      no later than Feb. 28, 2006.

The Debtors and the Administrators ask Judge Lyons of the U.S.
Bankruptcy Court for the District of Delaware to:

    (a) authorize, but not require, Federal-Mogul or its
        designee to:

        (1) make the Top Up Offer;

        (2) provide the required security; and

        (3) consummate the various transactions required by that
            offer without further Court order; and

    (b) authorize the Debtors to take all necessary and
        appropriate actions to give effect to the sale of the
        Loan Notes pursuant to the Sale Agreement in the event
        that Federal-Mogul elects not to make the Top Up Offer.

Mr. O'Neill points out that making the Top Up Offer and
consummating the various transactions comprising the Top Up Offer
is a sound exercise of the Debtors' business judgment.  "As a
consequence of undertaking those transactions, the Loan Notes
will be retained as intercompany obligations in exchange for
paying a portion of their face value.  By making and consummating
the Top Up Offer, Federal-Mogul prevents a third party from
gaining control of the principal financial obligations of three
of its most significant foreign subsidiaries -- i.e., the
principal entities controlling the Federal-Mogul group's
operations in France, Germany and Italy, which countries
collectively accounted for 32% of the Federal-Mogul group's net
sales in 2004."

"Together, the three obligors on the Loan Notes own a majority of
the Federal-Mogul group's European manufacturing facilities,
substantial portions of the Federal-Mogul group's European
aftermarket business, research and development centers, key
trademarks and intellectual property, and interests in several
joint ventures that figure prominently in Federal-Mogul's long-
term strategic planning.  Many of the Federal-Mogul group's key
customer contacts and management also reside in one or more of
the European Obligors.  Put simply, the European Obligors, as
subsidiaries of Federal-Mogul -- a U.S. Debtor -- are
exceptionally important elements of Federal-Mogul's global
business," Mr. O'Neill says.

Mr. O'Neill argues that allowing a third-party creditor to take
control of the Loan Notes could be risky for the Federal-Mogul
group.  "A third party in control of the Loan Notes would be
interested solely in maximizing its recovery on those notes from
the European Obligors and might take precipitous actions against
the European Obligors based on that self-interest in certain
circumstances.  If the Loan Notes are retained by T&N or
purchased by another affiliated entity pursuant to the Top Up
Offer, however, the notes will remain in the stable hands within
the Federal-Mogul group of companies, which decreases the
prospect that the European Obligors might face rash actions or
efforts to compel them to take certain actions that might
increase recoveries on the Loan Notes while not being in the best
long-term interests of the European Obligors' businesses and the
business of the Federal-Mogul family of companies."

The Top Up Offer, Mr. O'Neill continues, also provides both the
Debtors and the Administrators with a benefit of exceptional
value; namely, the monetization of the value of the Loan Notes
without a jurisdictional conflict and the prospect of an overall
resolution of the U.K. Debtors' administration proceedings.  It
is for this benefit that the Administrators -- and all of the
major creditors' constituencies of the U.K. Debtors -- have
agreed to accept the Top Up Offer, even though the cash amount of
that offer may be less than the amount that Deutsche Bank has
agreed to pay for the Loan Notes under the Sale Agreement.

If the Debtors decide not to pursue the Top Up Offer, the Loan
Notes may be sold to Deutsche Bank or another party that submits
a more advantageous bid without further Court approval.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion.  The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. D. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities.  At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a US$1.925 billion
stockholders' deficit.  At Mar. 31, 2005, Federal-Mogul's balance
sheet showed a US$2.048 billion stockholders' deficit, compared
to a US$1.926 billion deficit at Dec. 31, 2004.  Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford.  (Federal-Mogul Bankruptcy News, Issue No. 96;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

CONTACT:  TURNER & NEWALL LIMITED
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION
          26555 Northwestern Hwy.
          Southfield, MI 48034
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


TXU EUROPE: Hedge Fund Loses Case Against Administrator
-------------------------------------------------------
A High Court judge has dismissed a challenged lodged by Sisu
Capital against an agreement struck between TXU Europe's
administrators and creditors, The Sunday Times reports.

Sisu Capital, headed by Joy Sepala, would have received GBP30
million under an agreement entered by KPMG with creditors in
January.  The report said a victory in the case would have
increased the payout by just a few more million pounds.  The fund
is now left with at least GBP6 million in legal bills.

In September, Sisu Capital and insurance fund UNUM Provident
asked London's High Court to unravel an agreement on the
distribution of the company's assets.  They claimed the deal
struck with creditors in January were unfair because some
investors used cross-holdings in different parts of the company's
debt to get a better package.

                        About the Company

TXU Europe Limited (TXU Europe) -- http://www.txu-europe.com--  
is an indirect, wholly owned subsidiary of TXU Corp., a Texas
corporation.  TXU Europe is a holding company for TXU Corp.'s
United Kingdom (UK) and other European operations.  Almost all of
TXU Europe's operating income is derived from, and consolidated
assets are held by, TXU Europe Group plc (TXU Europe Group) and
TXU Europe Group's subsidiaries.  The TXU Group's business
activities included power production, retail energy sales and
related services, wholesale energy sales, energy delivery,
portfolio management, risk management and various trading
activities.

TXU Europe went into administration on Nov. 19, 2002 after being
hit by power prices slump in the U.K.  KPMG and Ernst & Young
were appointed administrators.  It had debt of more than GBP3
billion that time, and holds more than US$2.77 billion in cash
for distribution to creditors.

Scottish and Southern Energy plc announced on 3 December 2004
that its subsidiary, SSE Energy Supply Ltd., had agreed a claim
of GBP294.2 million with the administrators of TXU Europe Group
plc and certain of its subsidiaries.

On Jan. 28, 2005, TXU Europe's company voluntary arrangement was
approved.  An agreement was struck with energy giants Drax Power,
International Power, Barking and SSE on a GBP1.2 billion
compensation.  SSE received a first net distribution of GBP159.1
million in April.

                         Status to date

In October, the administrators and liquidators of the company
informs that the United States Bankruptcy Court for the Southern
District of New York entered a Permanent Injunction and Order
Pursuant to Sections 105(a) and 304(b) of the Bankruptcy Code
Enforcing Company Voluntary Arrangements (the Order) in respect
of TXU Europe Limited and certain of its subsidiaries.

Philip Wedgewood Wallace and James Robert Tucker et al., are
joint administrators and liquidators of TXU Europe.

ONTACT:  TXU CORPORATION
          Web site: http://www.txucorp.com

          Media:
          Chris Schein
          Phone: +1-214-875-8329
          Mobile: +1-214-534-0087
          or
          Kimberly Morgan
          Phone: +1-214-875-8016
          Mobile: +1-214-543-1251

          Investor Relations
          Tim Hogan
          Phone: +1-214-875-9275
          or
          Bill Huber
          Phone: +1-214-875-8301

          ALLEN & OVERY LLP
          1221 Avenue of the Americas
          New York, New York 10020
          Phone: (212) 610-6300
          Fax: (212) 610-6399


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

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

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

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