TCREUR_Public/051118.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

           Friday, November 18, 2005, Vol. 6, No. 229

                            Headlines

C Z E C H   R E P U B L I C

SLEVARNA ZETOR: Has New Owner


G E R M A N Y

ACONA HYDRAULIK: Aachen Court Appoints Interim Administrator
AQUA-RESIDUA: Creditors' Claims Due Next Month
AS+M AUTOMATISIERUNG: Succumbs to Bankruptcy
AUGUSTA TECHNOLOGIE: Long-time Chairman Leaving Next Month
BOHNKE BEDACHUNGEN: Creditors to Meet January

DAIMLERCHRYSLER AG: Plans to Set up U.S. Bank
ELEKTRO MUELLER: Under Bankruptcy Administration
FREIMUTH MALERBETRIEB: Claims Filing Period Ends December 9
GUENTER HARTMANN: Declared Bankrupt
JENOPTIK AG: Loss of M+W Zander Sales Pull down 9-month Results

JENOPTIK AG: To Market Patented Laser Cutting Technology Soon
KARSTADTQUELLE AG: Positions Mail Order Biz for eCommerce Boom
SICUS HEIZUNG: Court to Verify Claims March


I T A L Y

PARMALAT SPA: Rewards Bankruptcy Administrator Top Post
SAFILO S.P.A.: Consob Clears IPO
SAFILO S.P.A.: Approval of IPO Prompts Fitch to Review Rating


N E T H E R L A N D S

HAGEMEYER N.V.: Appoints New CEO for British, Irish Units
ROYAL SHELL: Buyback Program Progressing
TBIH FINANCIAL: Austrian Insurer Acquires 40% of Parent
TBIH FINANCIAL: Fitch Reviews Ratings for Possible Upgrade


R U S S I A

BEARING: Nizhniy Novgorod Court Brings in Insolvency Manager
EAST-EUROPEAN: Claims Filing Period Ends
ELECTRO-MACHINE: Public Auction of Assets Set December
EVRAZ GROUP: Luxembourg Unit's US$750 Mln Bonds Rated 'BB-'
INSTRUMENTAL FACTORY: Bankruptcy Supervision Procedure Begins

KALININGRADSKIY: Declared Insolvent
MAJOR BUILDING: Succumbs to Bankruptcy
NOMOS BANK: Moody's Upgrades Ratings to Ba3
NYAGAN-GOR-TORG: Bankruptcy Hearing Set Next Year
SOVIET AGRO-DOR-STROY: Insolvency Manager Takes over Firm

TUYMAZINSKIY BAKERY: Undergoes Bankruptcy Supervision Procedure
VAGAYSKOYE: Insolvency Manager Enters Firm
YUKOS OIL: Appeals London High Court Ruling
YUKOS OIL: Ruling on Mazeikiu Stake out Next Week
YUKOS OIL: Main Investor Files New Case Against Government


S P A I N

SOL MELIA: Fitch Lowers Rating to 'BB+'; Outlook Stable


S W E D E N

SKANDIA INSURANCE: Posts SEK2 Billion Q3 Operating Profit


U K R A I N E

CENTER-PLUS: Creditors' Claims Due Next Week
ESENS-PLUS: Declared Insolvent
MAKARIV MILK: Proofs of Claim Deadline Nears
NAFTOHIM: Gives Creditors Until Next Week to File Claims
PROMETEJ: Bankruptcy Supervision Begins
SENS-ALFA: Under Bankruptcy Supervision
UKRGAZBUD: Court Appoints Temporary Insolvency Manager


U N I T E D   K I N G D O M

4OCEANS LIMITED: Calls in Liquidator from Grant Thornton
ALLSEASON YACHT: Claims Filing Period Ends Next Month
ARC RISK: Cuts Half-year Loss to GBP392,000
ASCIOM SOLUTIONS: Creditors Meeting Next Week
BARCLAYS CLIENT: Hires Deloitte & Touche Liquidator

BARNCREST NO.210: Owners Decide to Wind up Firm
BCCI: Deloitte Ordered to Reimburse Bank of England ASAP
BROADWAY MINERAL: Liquidators from Baker Tilly Enter Firm
BYRNE EXPRESS: Administrators Move in
CABLE & WIRELESS: Half-year Profit Down to GBP126 Million

CLYDESDALE BANK: Delivers Stable Result Amid Shakeup
COLLINS & AIKMAN: Creditors Seek Data on WL Ross' Claims
DIGNITY PLC: Nine-month Profit Up 11.7% to GBP31.6 Million
D J GEAR: Calls in Tenon Recovery Administrator
DORSETAVON LIMITED: Administrators Take over Firm

DRAX GROUP: Drax Holdings to Bare Results Monday
H LYES AND SON: Files for Liquidation
IRISH SEA: Ship Sale Falls Through
JUICE CREATIVE: EGM Passes Winding-up Resolution
KWELM: Average Payout to Creditors Increases to 88.7%

LANGFORD AND THOMSON: Hires Tenon Recovery Liquidator
LATHE TRAYS: Names Milner Boardman Administrator
LUMINAR PLC: Cuts Net Debt by GBP40 Million
MATE PRECISION: Calls in Grant Thornton
METROPOLITAN VENTURE: Liquidators from PwC Take over Firm

MINTON MEDICAL: Calls in Joint Liquidators
MP SECURITY: Goes into Liquidation
NORTHERN FOODS: Reports GBP14.4 Million Half-year Profit
NORTHERN PROPERTY: Administrator from Tenon Recovery Enters Firm
PETERS DOOR: Appoints Ernst & Young Administrator

PHILLIP PAYNE: Hires Vantage to Wind up Business
ROSSBANK TELENET: Administrators Take over Firm
ROY WALKER: Calls in Liquidator from Elwell & Elwell
SALSA STYLE: Liquidator Enters Firm
SEARCHEXIT LTD.: In Liquidation

SHILLAND LIMITED: PR Agency Files for Liquidation
SJT COMPUTER: Appoints Liquidator
SPEYMILL GROUP: Raising GBP2 Million via Share Offering
STEPPING STONE: Natural Stone Wholesaler Winds up
TOOMEY'S LIMITED: Hires Vantis Numerica Administrator

TRC ENGINEERING: Names Moore Stephens Liquidator
TRUE BRAND: Goes into Liquidation
VEHICLE SHAPE: EGM Passes Winding-up Resolution
WENTZEL, MURRAY: Calls in Liquidator from Moore Stephens
YORKSHIRE WINDOWS: Files for Liquidation

* DTI Seeks Liquidation of Four Birkenhead-based Firms


                            *********


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


SLEVARNA ZETOR: Has New Owner
-----------------------------
Prague-based Scuvarna has acquired bankrupt foundry Slevarna
Zetor for CZK30 million, Czech News Agency says.  The tender had
attracted two other companies, but failed to submit final bids.

Zetor succumbed to bankruptcy in March, four years after narrowly
avoiding it in April 2001, when creditors agreed to a settlement.
In July 2002, HTC Holding acquired the company for CZK310
million.

CONTACT:  SLEVARNA ZETOR A.S.
          Trnkova 111
          632 00 Brno - Lisen
          Phone: +42 05 44 13 24 00
          Fax: +42 05 44 21 03 44
          E-mail: zetor@zetor.cz
          Web site: http://www.zetor.cz

          SCUVARNA s.r.o.
          Praha 4,
          U Habrovky 247/11


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


ACONA HYDRAULIK: Aachen Court Appoints Interim Administrator
------------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Acona Hydraulik-Systeme GmbH on November 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 23,
2005 to register their claims with court-appointed provisional
administrator Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting on December 19, 2005, 11:00 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, II. Etage, Zimmer 21, 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:  ACONA HYDRAULIK-SYSTEME GmbH
          Industriestr. 13, D52134 Herzogenrath
          Contact:
          Manfred Scholz, Manager

          Heinrich C. Friedhoff, Administrator
          Viktoriastrasse 73-75, 52066 Aachen
          Phone: 0241/9491915
          Fax: 0241/9491919


AQUA-RESIDUA: Creditors' Claims Due Next Month
----------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against AQUA-RESIDUA-TERRA POPPINGHAUS CONSULT GmbH on November
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December
23, 2005 to register their claims with court-appointed
provisional administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on December 20, 2005, 10:00 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, II. Etage, Zimmer 21, 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:  AQUA-RESIDUA-TERRA POPPINGHAUS CONSULT GmbH
          Kackertstr. 10, 52072 Aachen
          Contact:
          Dr. Klaus Poppinghaus, Manager

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf
          Phone: 0211/ 49 76 59 0
          Fax: 021149765959


AS+M AUTOMATISIERUNG: Succumbs to Bankruptcy
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against AS+M Automatisierung Schaltanlagen und Montage GmbH on
October 25, 2005.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
December 13, 2005 to register their claims with court-appointed
provisional administrator Hendrik Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting on January 13, 2006, 10:45 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  AS+M AUTOMATISIERUNG SCHALTANLAGEN UND MONTAGE GmbH
          Neumann-Reichardt-Strasse 27-33, 22041 Hamburg
          Contact:
          Roland Meissner, Manager

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


AUGUSTA TECHNOLOGIE: Long-time Chairman Leaving Next Month
------------------------------------------------------------
Axel Haas, who in 1994 laid the groundwork for the business
activities of AUGUSTA Technologie AG (ISIN DE000A0D6612) and who
has been its Managing Board Chairman since 1995, is leaving the
Company by mutual agreement with the Supervisory Board as of
December 31, 2005.

Following the successful restructuring of AUGUSTA Technologie AG,
Axel Haas is to take up new business challenges in the private
equity field, in line with his personal life planning.

                            *   *   *

As reported by TCR-Europe on Aug. 30, with the conclusion of the
Company's restructuring, the AUGUSTA Group's balance sheet shows
an equity ratio of 31.7%.  Liabilities from the convertible bond,
which originally amounted to EUR75 million, were reduced to
EUR13.2 million, due as of November 4, 2007.  A new syndicated
loan agreement was also signed which matures on
Oct. 30, 2007.

CONTACT:  AUGUSTA TECHNOLOGIE AG
          Wilhelm-Leuschner-Str. 9-11
          60329 Frankfurt/Main, Germany
          Phone: 0049-(0) 69-242669-0
          Web site: http://www.augusta-ag.de
          Lena Trautmann, Investor Relations
          Phone: +49-(0) 69-242669-19
          Fax: +49-(0) 69-242669-40
          E-mail: trautmann@augusta-ag.de


BOHNKE BEDACHUNGEN: Creditors to Meet January
---------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Bohnke Bedachungen GmbH on November 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 22, 2005 to register their
claims with court-appointed provisional administrator Thomas
Georg.

Creditors and other interested parties are encouraged to attend
the meeting on January 24, 2006, 10:40 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, 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:  BOHNKE BEDACHUNGEN GmbH
          Borsigstr. 55, 52525 Heinsberg
          Contact:
          Holger Bohnke, Manager
          Hochbruecker Str. 71, 52525 Heinsberg

          Thomas Georg, Administrator
          Juelicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


DAIMLERCHRYSLER AG: Plans to Set up U.S. Bank
---------------------------------------------
DaimlerChrysler AG is considering forming its own bank in the
United States to cut refinancing costs for its Financial Services
business.

"We have applied for a license to found an industrial bank in the
U.S. and hope to get the approval in the first quarter of 2006,"
Dow Jones quoted DaimlerChrysler Financial Services Chief
Executive Juergen Walker as saying.

He said Daimler will transfer around EUR82 billion (US$96
billion) in credit contracts to the new bank, which will then
refinance itself and serve as lender for DaimlerChrysler
Financial Services.  The bank is expected to get better credit
rating than the BBB+ Fitch has for DaimlerChrysler.  A better
rating, he said, could translate to better refinancing
conditions.

"We will make a solid earnings contribution to the results of
DaimlerChrysler in 2005," he said.

Daimler also plans to expand car refinancing in China.  "In three
to four years' time, we could have some 100,000 cars with a
credit contract volume of EUR2 billion (US$2.3 billion) in our
Chinese portfolio," Mr. Walker said.

The business, which started operating in China earlier this
month, is registered as DaimlerChrysler Auto Finance (China) Ltd.
It is expected to seal about 3,000 financing contracts by next
year.

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


ELEKTRO MUELLER: Under Bankruptcy Administration
------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Elektro Mueller GmbH on October 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 8, 2005 to register their
claims with court-appointed provisional administrator Harald
Silz.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 10:00 a.m. at the district court
of Darmstadt, Zimmer 109, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  ELEKTRO MUELLER GmbH
          Hasslocher Str. 53, 65428 Ruesselsheim
          Contact:
          Frank Blott, Manager
          Heilmannstr. 27, 60439 Frankfurt am Main

          Harald Silz, Administrator
          Adolfsallee 24, 65185 Wiesbaden
          Phone: 0611/1504-0
          Fax: 0611/301774


FREIMUTH MALERBETRIEB: Claims Filing Period Ends December 9
-----------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Freimuth Malerbetrieb GmbH on October 28.  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 Dr. Dirk Andres.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 8:30 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:  FREIMUTH MALERBETRIEB GmbH
          Schuetzenstr. 250, 44869 Bochum
          Contact:
          Gerhard Freimuth, Manager

          Dr. Dirk Andres, Administrator
          Viktoriastrasse 10, 44787 Bochum
          Phone: 4145023


GUENTER HARTMANN: Declared Bankrupt
-----------------------------------
The district court of Bochum opened bankruptcy proceedings
against Guenter Hartmann Schlacht- und Zerlegebetrieb GmbH on
October 31.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 19, 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 19, 2006, 8:15 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:  GUENTER HARTMANN SCHLACHT- UND ZERLEGEBETRIEB GmbH
          Holsterhauser Str. 25, 44652 Herne
          Contact:
          Guenter Hartmann, Manager

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


JENOPTIK AG: Loss of M+W Zander Sales Pull down 9-month Results
---------------------------------------------------------------
For the first nine months of 2005, from the operating side, the
Jenoptik Group reported business on a comparable basis at
approximately the same level as in the previous year.  In
addition to the deconsolidation of M+W Zander Gebaudetechnik GmbH
at the end of 2004, the result was influenced one-off effects,
especially that of the comparison period 2004.

Sales of the Jenoptik Group as at September 30, 2005, at
EUR1,360.7 million, were below the high level achieved in the
previous year (previous year EUR1,665 million).  The fall is
primarily attributable to the sales of M+W Zander Gebaudetechnik
GmbH which are no longer included and which contributed around
EUR250 million to the previous year's figures.

The result from operating activities in the first nine business
months was EUR28.2 million (previous year EUR57.1 million).
Adjusted for one-off effects, the nine-month Group EBIT in 2005
was up on the figure in 2004 as a result of the increase in
Photonics earnings as well as of the contribution towards the
operating result by Gebaudetechnik, whose figures are no longer
included.  The main one-off effects in 2004 include, amongst
other things, the income from the sale of the SC300 investment
and in 2005 the one-off costs for the originally planned IPO of
the M+W Zander Singapore subsidiary, already announced in the
six-month report, in the sum of EUR5.2 million.

Reflecting positive effects in the net investment and interest
income, the financial result improved to -EUR24.5 million
(previous year -EUR34.3 million).  Earnings after tax, generated
primarily abroad, totaled -EUR2.2 million (previous year EUR14.3
million).

         Slight Increase in Adjusted Group Order Intake

The order intake in the first nine months of 2005 reached
EUR1,609.2 million (previous year EUR1,988.3 million).  The
previous year's figures included the orders from Gebaudetechnik
in the sum of approximately EUR410 million.  After adjustment for
this there was a slight increase in the order intake.  The
situation is similar when comparing the order backlog in the sum
of EUR2,221.5 million (previous year EUR2,600.8 million), with
M+W Zander Gebaudetechnik contributing around EUR330 million in
the same last year.   This also still included a large part of
the major order of M+W Zander for the new AMD chip factory in
Dresden, payment for which has since been settled.

       Further Increase in the Shareholders' Equity Ratio

The shareholders' equity rose from EUR369.0 million at the end of
2004 to EUR389.0 million as at September 30 and also recorded a
slight increase over this year's six-month report.  The rise in
the value of PVA TePla AG, in which Jenoptik has a minority
stake, was one of the factors that had a positive effect.  The
shareholders' equity ratio of the Jenoptik Group once again
exceeded the 25 percent mark, at 25.8 percent (31 Dec. 2004: 23.7
percent).

Group current liabilities fell by EUR116.4 million, attributable
in the main to sales tax payments as well as to the fall in
liabilities to suppliers.  The rise in net liabilities from
EUR238.8 million at the end of 2004 to EUR360.4 million as at
September 30, 2005 resulted from the acquisition of the remaining
30.9 percent of the shares in M+W Zander D.I.B. Facility
Management GmbH, as well as an increase in the working capital in
both business divisions.

               Outlook for the Current Fiscal Year

For fiscal year 2005 the Jenoptik Group aims to generate sales of
between EUR1.9 billion and EUR2.1 billion, repeating the same
high level achieved in 2004, after adjustment for Gebaudetechnik.
On the earnings side, the Group has a target operating EBIT of
between EUR60 and EUR70 million.  Income and expenses arising
from a possible sale of M+W Zander or from the restructuring
costs associated with the sale, have, as one-off effects, not
been included in the forecast operating results.

           Information on the Two Business Divisions

Sales and earnings of M+W Zander in 2004 and 2005 influenced by
                        one-off effects

Sales in the Clean Systems business division in the first nine
business months of 2005 totaled EUR1,075.8 million (prev. year
EUR1,397.8 million).  The figure in the previous year included
sales of EUR250 million of Gebaude-technik.  For this reason
sales in the Facility Engineering business area, at EUR773.8
million, were down on the high level achieved in the previous
year (prev. year EUR1.103.6 million).  The Facility Management
business area posted a small rise in sales in the first nine
business months of 2005 of 2.7 percent to EUR302.1 million (prev.
year EUR294.2 million).

Clean Systems result from operating activities, at EUR8.2
million, was sharply down on the figure in the same period last
year (prev. year EUR34.4 million).  This can be attributed to
one-off effects which influenced the result in 2004 and 2005: In
2004 this was basically a positive earnings contribution
resulting from the sale of the SC300 interest, in 2005 - as
announced - one-off costs from the originally planned IPO in
Singapore in the sum of EUR5.2 million.  Adjusted for all one-off
effects, the Clean Systems EBIT was slightly higher than in the
previous year - in spite of approx. EUR4 million in expenditure
due to a delay in a project in the area of new technologies.
That the EBIT, adjusted for one-off effects, was above the
previous year's level can be attributed in particular to the
Gebaudetechnik result which is no longer included and a strong
earnings rise in Facility Management to EUR8.2 million (prev.
year EUR6.0 million).

On a comparative basis the order intake and backlog were
maintained at the same high level recorded in the previous year.
In the first nine months M+W Zander posted an order intake of
EUR1,275.9 million (prev. year EUR1,668.6 million; of which
approx. EUR410 million came from Gebaudetechnik).  For example, a
major order for EUR130 million from Infineon Technologies AG
contributed towards the figure.  The order backlog as at
September 30, reached EUR1,776.5 million (prev. year EUR2,181.4
million; of which around EUR330 million came from
Gebaudetechnik).

For the full year 2005 Clean Systems plans sales of between
EUR1.5 billion and EUR1.7 billion, which on a comparable basis,
reflect the same high level as in 2004.  As a result of the costs
arising from the delays in the above-mentioned project in the
area of new technologies, the operating EBIT margin in Facility
Engineering will be below the 1.8 to 2.5 percent range.  The
target EBIT margin in Facility Management remains between 3% and
3.5%.

Photonics posts strong internal growth in sales and earnings.
With sales and earnings increased and a further improvement in
the order situation the Photonics business division remains on a
growth path.  The improvements in all the key indicators are the
result purely of the strong internal growth.  Photonics sales
rose to EUR282.6 million (prev. year EUR257.8 million),
representing a 9.6 percent increase.  In addition to a strong
rise in sales of plastic optics, the growth was achieved evenly
across virtually all Photonics areas.  The result from operating
activities was 12.6 percent higher at EUR24.7 million and
therefore showed slightly stronger growth than sales.

Photonics posted a rise in the order intake of 6.3 percent
compared with the same period in the previous year.

Contributions to the order intake totaling EUR331.1 million
(prev. year EUR311.3 million) came from virtually every area in
the Photonics business division, in particular from ESW-Extel
Systems Wedel, the traffic safety technology unit, but also from
the US optics subsidiaries.  The Photonics order backlog, at a
total of EUR445 million, surpassed the previous year's figure by
5.8 percent (prev. year EUR420.5 million).

With strategic partnerships, the internationalization of
distribution, more intensive research and development,
investments and acquisitions, in the current year 2005 the
Photonics business division has utilized the full range of
opportunities for corporate development in order to expand the
basis for its further growth.  This includes, in addition to the
two new investments from April this year and the recently
announced investment for the sale of high-performance laser
diodes in the Japanese market.  Over and above this, Jenoptik is
currently investing in new capacities, amongst others in the
plastic optics area in the Thuringen-based firm of Triptis as
well as for the manufacture of opto-electronic semiconductor
components for diode lasers in Berlin.

In the full year 2005 Photonics intends to generate strong
organic growth in sales with the target between EUR385 million
and EUR400 million and an EBIT margin once again of 9 to 10
percent.

                            *   *   *

In June, Fitch Ratings downgraded Jenoptik AG's Senior Unsecured
rating and EUR150 million senior notes to 'B' from 'B+'.  The
Short-term rating was affirmed at 'B'.  The Senior Unsecured
rating Outlook remained Stable.

The downgrade is based on Fitch's concerns over Jenoptik's
corporate governance practices.  In October 2004, Fitch put
Jenoptik on Rating Watch Negative, following the announcement to
integrate caatoosee ag, an IT company with a poor operating track
record and significant liquidity problems.  After discussions
with Jenoptik's management, the Rating Watch was removed and the
ratings affirmed, since it was deemed unlikely that the
transaction would progress (see announcement dated 10 December
2004 at http://www.fitchratings.com).

CONTACT:  JENOPTIK AG
          Investor Relations
          Cornelia Todt
          Phone/Fax: ++49(0) 3641-652290/2484

          PR
          Markus Wild
          Phone/Fax: +49(0) 3641-652255/2484
          Web site: http://www.jenoptik.com


JENOPTIK AG: To Market Patented Laser Cutting Technology Soon
-------------------------------------------------------------
Applied Photonics Inc. with headquarters in Scottsdale, Arizona,
USA and JENOPTIK Automatisierungstechnik GmbH in Jena, Germany
have signed a cooperation agreement to accelerate the
commercialization of break-through laser cutting technology for
flat panel display and cell phone manufacturers.  Both companies
believe that this cooperative effort will help move laser
technology into the next generation factories world wide in a
more expeditious manner.

Applied Photonics has developed a patented method for making full
laser cuts in attached or "laminated" display glass of 0.4 to 0.7
millimeter thickness with laser.  The Jenoptik subsidiary
contributes in-depth know-how of the engineering and
manufacturing to respond to demand of laser machines and laser
systems specifically for the flat panel display industry.  Both
parties intend to distribute their products worldwide with focus
on the Asian market.

Under their cooperation, both parties will translate the new
laser technology of cutting display glass to production hardware
in order to meet the high quality requirements of clean-room
production in the display industry.

Cutting with Laser is Faster and Provides Higher Quality

The optical and electronic characteristics of glass for flat
displays make this material a particular challenge for processing
with laser due to the complex interaction of glass and laser
energy.  In comparison with conventional methods, such as
scribing and mechanical breaking, cutting with laser has several
important advantages: Aside from being faster and cleaner, the
full cut also produces edges without microcracks which makes the
panels stronger and eliminates the need to grind the edges after
cutting.  This makes the laser technology not only a cost-saving
method for the flat display industry, it also offers higher
manufacturing efficiency and improved product quality.  As the
trends in industry continue towards larger and thinner displays,
this innovative laser cutting technology should become an
essential tool for producing high quality displays.

The laser system can make full cuts of single glass or laminated
display glass of different sizes.  It is possible to cut the top
and bottom panels of a laminated display glass without turning
the substrate.  This is possible with two cutting heads in the
system.  A pilot system for tests and technology development has
been installed at Applied Photonics.  The first production system
for customer applications is being set up in the clean room of
JENOPTIK Automatisierungstechnik GmbH.

Flat Panel Display Industry Invests in Most Advanced Production
Equipment

Global sales by flat panel manufacturers reached an all-time-high
of US$37 billion in 2004, after US$23.7 billion the year before.
To stem the downward drift of flat panel prices and to keep up
with consumer demand, LCD producers are investing in a new
production equipment at a record level.  According to information
from the DisplaySearch market research firm, investment in the
industry amounted to about US$8 billion in 2004.  Because of the
increasing price competition, most investments were in more
efficient production hardware.  In this process, each generation
of factories handles larger glass substrates.

Applied Photonics

Applied Photonics -- http://www.appliedphotonics.com-- is a
leading supplier of laser-based solutions to the semiconductor
and flat panel display industries.  The company is best known for
its glass cutting technology used for singulation of laminated
LCD glass panels, which replaces traditional mechanical cutting
equipment.  The company has in-depth understanding of how lasers
interact with electronic and optical materials.  As a result a
number of semiconductor and flat panel display applications are
being pursued.  Applied Photonics was formed in September 1999 in
the U.S. and has several other representatives in Taiwan, Japan,
Korea and China.  The first two production lines will be aimed at
manufacturing large HDTV screens and will be on-line by the end
of 2005.

JENOPTIK Automatisierungstechnik GmbH

The company -- http://www.automation-jenoptik.de-- develops and
supplies typical system solutions for laser processing of
materials, handling and assembly systems and has specialized in
the development and manufacture of systems for laser processing
of brittle materials.  In laser plastic cutting technology,
Jenoptik Automatisierungstechnik is one of the global leaders.
Jenoptik Automatisierungstechnik was instrumental in the adoption
of this new technology by automotive makers and part suppliers,
by which defined lines of preweakening for airbag covers are
generated in plastic, textile or leather panels.  Global leaders
in the automotive industry, including industry suppliers, are
among the customers of this company.  Jenoptik
Automatisierungstechnik is headquartered in Jena (Thuringia,
Germany), employs 170 specialists and is a 100% subsidiary of
JENOPTIK AG in the Photonics business division.

                            *   *   *

In June, Fitch Ratings downgraded Jenoptik AG's Senior Unsecured
rating and EUR150 million senior notes to 'B' from 'B+'.  The
Short-term rating is affirmed at 'B'.  The Senior Unsecured
rating Outlook remains Stable.

The downgrade is based on Fitch's concerns over Jenoptik's
corporate governance practices.  In October 2004, Fitch put
Jenoptik on Rating Watch Negative, following the announcement to
integrate caatoosee ag, an IT company with a poor operating track
record and significant liquidity problems.  After discussions
with Jenoptik's management, the Rating Watch was removed and the
ratings affirmed, since it was deemed unlikely that the
transaction would progress (see announcement dated 10 December
2004 on http://www.fitchratings.com).

CONTACT:  JENOPTIK AG
          Investor Relations
          Cornelia Todt
          Phone/Fax: ++49(0) 3641-652290/2484

          PR
          Markus Wild
          Phone/Fax: +49(0) 3641-652255/2484
          Web site: http://www.jenoptik.com


KARSTADTQUELLE AG: Positions Mail Order Biz for eCommerce Boom
--------------------------------------------------------------
The KarstadtQuelle Group revealed recently its latest moves to
revamp its mail order business.

Alongside measures to improve cost structure to be announced in
the next few weeks, the mail order division will be reorganized
with a focus on eCommerce.  In order to accommodate this
development and to improve the market positioning of both Quelle
as Germany's largest mail order company and of Neckermann,
Neckermann is to focus more on home shopping ordering via the
Internet and TV in the future.

The first step in this direction is the name change of Neckermann
Versand to neckermann.de from 1 January 2006.  This will position
neckermann.de as a mail order company for young, modern families.
The online shop will be expanded to become an open sales platform
that can also be used by external partners.

"After 55 years of success with the name Neckermann, the company
is now responding to new types of sales.  Modern and contemporary
forms of home shopping will be developed rigorously with
neckermann.de.  Online trade is the route to growth and profit in
the future," said Thomas Middelhoff, Chairman of the Management
Board of KarstadtQuelle AG in Frankfurt am Main on Tuesday.

neckermann.de is a wholly owned subsidiary of the retail group
and, together with Quelle, is No. 2 after eBay in terms of sales
in German online retail.

Sales at German online shops have increased from zero to almost
EUR8 billion in the last ten years and will climb to EUR12.7
billion by 2007.  neckermann.de's eCommerce business generated
growth of 31% in the first nine months of 2005 compared to the
previous year and is growing at twice the speed of the market and
is highly profitable.  The success is due to both experience in
the mail order trade and the opportunities presented by the
Internet.

The online business accounted for 30% of total demand in the
first nine months of 2005. The number of visits to neckermann.de
in the first nine months of 2005 increased by over 75% compared
to the previous year. The company anticipates a significant
increase in this as a result of opening the platform for external
partners.

In future, neckermann.de will offer external partners access to
over ten million visitors per month on a commission basis.
neckermann.de will handle the entire ordering process and then
forward the order to the partner.

Together with an innovative, multiple prize-winning concept,
which was voted "best Web site 2004", neckermann.de offers the
benefits typical of conventional mail order services which give
it considerable advantages in terms of credibility over pure
online shopping: convenient part payment options, delivery
service, assembly service, disposal of old appliances and a
repair and guarantee service.

The customer can find everything at a glance on a single Web
site: all categories can be accessed around the clock, seven days
a week, including special catalogues that are usually only sent
to specific target groups.  In the future, the catalogue will
provide an overview of trends and new ranges, customers can find
out the latest price changes at neckermann.de.  The current
catalogue also contains comprehensive information on using the
Internet platform.

There are also new home shopping sales channels: purchasing via
mobile phone, interactive television and the latest form,
neckermann.tv, the first ever German-language entertainment
format for the Internet, developed by neckermann.de.  A
seven-part online show began on 28 October, presented by popular
TV entertainer Thomas Gottschalk.

"We are developing with our customers," said Thomas Middelhoff,
Chairman of the Management Board of KarstadtQuelle AG. "With
eCommerce becoming increasingly more important, it was a logical
step to change Neckermann Versand into neckermann.de.  It is the
first time that a traditional brand such as Neckermann has
documented the road into the future in its name."

Background

Josef Neckermann founded Neckermann Versand KG (slogan:
"Neckermann macht's moglich" -- Neckermann makes it possible) on
April 1, 1950.  With a winning range of services comprising 24
hour delivery, disposal of old appliances, assembly service for
furniture, technical support, part-payment offers, goods advice
and customer support, Neckermann became the third largest mail
order company in Germany.  The company is particularly successful
with special catalogues and business abroad.

The neckermann.de online presence was established in 1995 and
broke even five years later.  Mail order at KarstadtQuelle AG
will consist of neckermann.de (Frankfurt/Main) and Quelle (Furth)
in future.  Marc Sommer, 43, Member of the Group Management Board
and previously Head of domestic and international club business
at Bertelsmann AG, will be responsible for the KarstadtQuelle
mail order segment from January 1, 2006.  Harald Gutschi and
Bernd Oppenrieder will be the future Managing Directors of
neckermann.de GmbH.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          Corporate Communications
          Joerg Howe
          Phone: + 49 (0) 201/727-25 38
          Fax: + 49 (0) 201/727-37 09
          E-mail: joerg.howe@karstadtquelle.com


SICUS HEIZUNG: Court to Verify Claims March
-------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against SICUS Heizung & Lufttechnik GmbH on October
28.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until January 24,
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 14, 2005, 9:45 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on March 22,
2006, 9:00 a.m. at the same venue.

CONTACT:  SICUS HEIZUNG & LUFTTECHNIK GmbH
          Wachtelstr. 1,12526 Berlin

          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


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


PARMALAT SPA: Rewards Bankruptcy Administrator Top Post
-------------------------------------------------------
The new Parmalat board has officially appointed bankruptcy
administrator Enrico Bondi managing director, Il Sole 24 Ore
says.

The board also confirmed Tuesday Raffaele Picella's appointment
as chairman and decided to create a committee to advise Mr. Bondi
on remaining lawsuits related to its insolvency.  Parmalat still
faces EUR7.5 billion in claims from creditors.

Mr. Bondi has said he will pursue claims against local and
foreign banks, most of which are now shareholders of Parmalat.
From the outset, he has been relentless in going after these
banks, which he has accused of helping the previous management
issue bonds using falsified financial documents.

The board is currently composed of Mr. Bondi, Mr. Picella, Carlo
Secchi, Marzio Saa, Vittorio Mincato, Marco de
Benedetti, Andrea Guerra, Piergiorgio Alberti, Massimo
Confortini, Erder Mingoli and Ferdinando Superti Furga.

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

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


SAFILO S.P.A.: Consob Clears IPO
--------------------------------
Italian Stock Exchange regulator Consob has given its approval to
the publication of the Official Prospectus relating to the Public
Offer of Ordinary shares of Safilo S.p.A.

The Offer will take place between Monday, 21 November, and
Friday, 2 December 2005.  Banca IMI S.p.A. and UBM S.p.A. are
leading the Public Offer.  The Public Offer forms part of a
Global Offer that will involve a Placing with Italian and
international institutional investors for which the Joint Global
Coordinators are Merrill Lynch International, Banca IMI and UBM.

Safilo is the leader in premium eyewear and in a leadership
position in the sector of prescription, sunglasses, fashion and
sports eyewear.  Present in the international market through
exclusive distributors and 28 subsidiaries in the U.S., Europe
and Far East, Safilo distributes its own brand collections,
Safilo, Carrera, Smith, Oxydo, Blue Bay, as well as licensed
branded collections, Alexander McQueen, Bottega Veneta,
Boucheron, Christian Dior, Diesel, 55DSL, Emporio Armani, Giorgio
Armani, Gucci, Imatra, Marc Jacobs, Max Mara, Oliver, Pierre
Cardin, Polo Ralph Lauren, Stella McCartney, Valentino, Yves
Saint Laurent.  In addition to the above, the following brands
are exclusive to the American market: Fossil, Juicy Couture, Nine
West, Kate Spade, Saks Fifth Avenue, Liz Claiborne and J.Lo by
Jennifer Lopez.

CONTACT:  SAFILO S.P.A.
          Zona Industriale, VII Strada, 15
          35129 Padua
          Italy
          Phone: +39-049-698-5111
          Fax: +39-049-698-5354
          Web site: http://www.safilo.com


SAFILO S.P.A.: Approval of IPO Prompts Fitch to Review Rating
-------------------------------------------------------------
Fitch Ratings has placed the ratings of Italy-based Safilo
S.p.A.'s on Rating Watch Positive (RWP), following the
announcement that Consob, the Italian Stock Exchange regulator,
has approved its proposed Initial Public Offering.

The following ratings are affected:

Safilo Capital International S.A. EUR300 million senior notes:
'CCC+'

Safilo S.p.A. Senior Unsecured: 'B'

Safilo S.p.A.'s senior secured debt: 'B+'

The RWP on Safilo will be resolved once the proposed IPO has been
completed and there is clarity as to how proceeds will be
utilized.  Safilo expects to launch a primary and secondary
public offer in the next few weeks.  Fitch expects funds from the
primary offering will be used to pay down debt, and up to 35% of
the senior note could be redeemed.

Fitch estimates that debt prepayment from IPO proceeds could
reduce total gross leverage to as low as 2.5x from 4.8x at the
end of September 2005, and this may result in a rating upgrade of
more than one notch.

Stefano Podesta, Director in Fitch's Leveraged Finance Group,
said: "Despite the consistent improvement in operating and
financial results in 2004 and 2005, the group's high financial
leverage and related debt servicing requirements have to date
constrained free cash flow generation and consequently Safilo's
rating profile."

Safilo's ratings reflect the company's market leading positions
in eyewear and, in particular, the very strong portfolio of
high-end licensing agreements with global fashion brands.
Headquartered in Padua, Italy, Safilo is the world's second
largest manufacturer and wholesaler of eyewear products sold
primarily under a number of licensed brand names including
Armani, Gucci, Dior, Yves Saint Laurent and Polo Ralph Lauren.

CONTACT:  SAFILO S.P.A.
          Zona Industriale, VII Strada, 15
          35129 Padua
          Italy
          Phone: +39-049-698-5111
          Fax: +39-049-698-5354
          Web site: http://www.safilo.com

          FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0) 20 7417 4316
          Kirsten O'Byrne
          Phone: +44 (0) 207417 6297

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


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


HAGEMEYER N.V.: Appoints New CEO for British, Irish Units
---------------------------------------------------------
Hagemeyer N.V. has hired John Hogan, 44, as new CEO for Hagemeyer
U.K. and Ireland.  His mission is to complete the Hagemeyer U.K.
turnaround and realize the growth potential of the Hagemeyer U.K.
business.  His appointment as CEO of Hagemeyer U.K. and Ireland
and as a member of the Hagemeyer PPS Executive Committee will
take effect from November 21, 2005.

John Hogan is an experienced chief executive with an impressive
track record in international parcel, freight and logistics
businesses. His most recent position was Managing Director for
the U.K. and Ireland at DHL Express.

Rudi de Becker, CEO of Hagemeyer, stated: "We are delighted to be
able to bring on board an experienced CEO with a successful track
record in a related business where customer service and
operational efficiency are key to success."

Mr. Hogan joined Securicor, a leading U.K. parcels and logistics
company, in London in 1987 and carried out a number of
operational roles before taking on the overall management of the
company's operation in his native Ireland, going on to become CEO
of Securicor Omega Express U.K. in 1999.

In 2001 he was promoted to CEO of Securicor Omega Holdings, a
joint venture between Securicor plc and Deutsche Post World Net.
He was selected in 2003 to lead the new DHL express parcel,
freight and logistics businesses in the U.K. and Ireland, created
as a result of acquisitions by Deutsche Post.

John Hogan said: "Hagemeyer U.K. is a dynamic company with
tremendous potential.  I am really looking forward to leading the
company towards a very successful and profitable future."

Naarden, 15 November 2005
HAGEMEYER N.V.
Board of Management

                            *   *   *

Hagemeyer had net revenues of EUR4.1 billion in the first nine
months of 2005 (full year 2004: EUR5.4 billion) and employs
approximately 17,200 employees.  Its core Professional Products
and Services (PPS) business generates more than 90% of total
revenue.  The Hagemeyer Group has its head office in Naarden, the
Netherlands.

Hagemeyer said in June it reached agreement in principle with a
bank consortium of ABN AMRO Bank, ING Bank, Rabobank and NIB
Capital Bank to refinance and improve existing senior secured
credit facility.  These banks will jointly increase their share
in the credit facility to approximately EUR240 million, allowing
Hagemeyer to pay down all other 26 lenders in its current senior
credit facility.

In April, the Group reported that total net interest bearing debt
increased from EUR476 million at year-end 2004 to EUR535 million
at March 31, 2005.  Apart from the impact of foreign exchange
movements, the increase in net debt in Q1 2005 is mainly due to
seasonal influences.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69,
          P.O. Box 5111,
          1410 AC Naarden
          The Netherlands
          Phone: + 31 (0) 35 6957676
          Fax: + 31 (0) 35 6944396
          Web site: http://www.hagemeyer.com
          Contact:
          Emilie de Wolf
          Phone: +31 (0)35 6957676


ROYAL SHELL: Buyback Program Progressing
----------------------------------------
On 16 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,200,000 'A' Shares at a price of EUR25.77 per
share.  It further purchased for cancellation 400,000 'A' Shares
at a price of 1,745.33 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,970,359,000.

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

                            *   *   *

Shell's buyback scheme is aimed at reviving shareholders' and
investors' confidence.  The buyback program follows a damaging
reserves overestimation scandal last year.

                        About the Company

Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges.  Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

                           The Trouble

Shell admitted overstating proved reserves by almost 6.0 billion
barrels between January 2004 and February this year.  This led to
the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations.  Shell's proved
reserves stood at 10.2 billion barrels at the end of
2004.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


TBIH FINANCIAL: Austrian Insurer Acquires 40% of Parent
-------------------------------------------------------
Following the press release of 10 November 2005, Kardan N.V. has
signed an agreement with Wiener Stadtische Allgemeine
Versicherung Aktiengesellschaft (WS) for an equity investment in
its financial services sector.  WS will acquire a 40% stake in
Kardan Financial Services B.V. (KFS) for EUR112.6 million.  KFS
holds a 58.18% stake in TBIH Financial Services Group N.V.

Kardan currently anticipates that its capital gain from the
transaction will amount to approximately US$33 million (EUR28
million).

WS will inject EUR105.6 million of capital into KFS, in exchange
for newly issued shares, and will purchase 4% of KFS
(pre-issuance) from minority shareholders for a purchase price of
EUR7 million.  After the transaction, Kardan will hold
approximately 55% of KFS.

WS is the leading Austrian insurance group in Central and Eastern
Europe.  Among the international insurance companies, WS has an
excellent second rank in the region.  WS is traded in the prime
market segment of the Vienna Stock Exchange and included in the
Austrian Traded Index with a market capitalization of over EUR4
billion.  As of 31 December 2004 WS had total premium of EUR4.1
billion, total assets of EUR12.7 billion and 12,347 employees.
WS is rated A+ by Standard & Poor.

This agreement will further strengthen the relationship between
TBIH and WS, which already exists through a partnership in
Omniasig Life, a life insurance company in Romania.  Kardan and
WS intend to cooperate in pursuing financial services
opportunities in the CEE countries.

Under the terms of the transaction, the parties intend to use the
proceeds from WS capital investment to (i) repay EUR21.8 million
of KFS debt, and to (ii) subject to certain conditions including
the approval of TBIH minority shareholders, increase KFS'
holdings in TBIH through a capital increase of at least EUR35
million.  If feasible, additional amounts will be used to
purchase additional TBIH shares currently held by minority
shareholders.  After such capital increase, TBIH shareholders'
equity would exceed EUR200 million.  In addition, WS has
committed to provide loans to KFS, under certain conditions, to
enable KFS to acquire additional shares in TBIH.

Within five years from the date of the transaction, WS may
increase its percentage shareholding in KFS to 50%, through the
purchase of additional shares and through capital increases.

Completion of the transaction is subject to certain conditions,
including due diligence and receipt of regulatory approvals.

KFS (former name Herfstzon Beheer) is a holding company through
which Kardan holds its interests in TBIH.  TBIH is a leading
retail financial services provider (including insurance, pension
fund management, asset management, leasing, consumer finance and
mortgages) in several CEE countries.

CONTACT:  TBIH FINANCIAL SERVICES GROUP N.V.
          Prins Hendriklaan 52
          1075 BE Amsterdam
          The Netherlands
          Phone: +31 20 6648884
          Fax: +31 20 6648861
          E-mail: shalom@tbih.com
          Web site: http://www.tbih.com


TBIH FINANCIAL: Fitch Reviews Ratings for Possible Upgrade
----------------------------------------------------------
Fitch Ratings has placed TBIH Financial Services Group N.V.'s
(TBIH) Long-term 'B-' rating on Rating Watch Positive (RWP) after
Wiener Stadtische Allgemeine Versicherung Aktiengesellschaft
(WS), a major Austrian insurer, signed an agreement to purchase a
40% stake in Kardan Financial Services B.V. (KFS).  KFS is
currently the majority shareholder of TBIH.   At the same time,
Fitch has also placed the Expected Long-term 'B' rating of TBIH's
proposed senior debt on RWP.

The RWP reflects the improved financial flexibility that is
potentially available from ownership links with an established
insurer such as WS and an expected improvement in market profile
following the acquisition.  Fitch also notes the potential
benefits to TBIH's competitive position, an expected capital
injection to TBIH of at least EUR35 million and the possibility
of a reduced risk appetite following the transaction.

The transaction is subject to certain conditions, including due
diligence and regulatory approval.  The RWP is expected to be
resolved following completion of the transaction and discussions
with management.

Under the terms of the agreement, WS will acquire a 40% stake in
KFS, which is currently the majority shareholder in TBIH with a
58.18% stake.  Kardan and WS intend to cooperate in pursuing
financial services opportunities in Central and Eastern Europe
(CEE).  It is understood that within five years from the date of
the transaction, WS may increase its percentage shareholding in
KFS to 50%.

TBIH is a joint stock company based in the Netherlands and acts
as a holding company for a number of operating units based
throughout CEE.  The group was set up in 1998 to take advantage
of the relatively undeveloped financial services provision in the
region.  The focus of the group's operations remains on financial
services operations in CEE, especially in the retail and small-
and medium-sized enterprise (SME) sectors.  TBIH has operations
in non-life and life insurance, pensions and asset management as
well as lending.  The group had unaudited equity (including
minority interests) of EUR110 million at 30 June 2005 and
unaudited revenues (gross premiums, interest and fees) of EUR148
million for the six months to 30 June 2005.

CONTACT:  TBIH FINANCIAL SERVICES GROUP N.V.
          Prins Hendriklaan 52
          1075 BE Amsterdam
          The Netherlands
          Phone: +31 20 6648884
          Fax: +31 20 6648861
          E-mail: shalom@tbih.com
          Web site: http://www.tbih.com

          FITCH RATINGS
          Andrew Murray, London
          Phone: +44 (0)20 7417 4303
          Damir Bettini
          Phone: +44 (0)20 7862 4095
          Alison Leveridge
          Phone: +44 (0)20 7417 4305
          Web site: http://www.fitchratings.com

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327


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


BEARING: Nizhniy Novgorod Court Brings in Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Bearing.  The case is docketed as A43-27529/2005-18-475.  Mr. Y.
Shishkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 606403, Russia,
Nizhniy Novgorod region, Balakhninskiy region, B. Kozino, 8th
Matra Str. 42.  A hearing will take place on January 24, 2006,
3:30 p.m. at the Arbitration Court of Nizhniy Novgorod region.

CONTACT:  BEARING
          Russia, Nizhniy Novgorod region,
          Lukoyanov, Pushkina Str. 59

          Y. SHISHKOV
          Temporary Insolvency Manager
          606403, Russia, Nizhniy Novgorod region, Balakhninskiy
          region, B. Kozino, 8th Matra Str. 42


EAST-EUROPEAN: Claims Filing Period Ends
----------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against East-European after finding the trust company
insolvent.  The case is docketed as A71-8/2005-G21.  Mr. V.
Abramov has been appointed insolvency manager.  Creditors have
until December 8, 2005 to submit their proofs of claim to 426063,
Russia, Udmurtiya republic, Izhevsk, K. Libknekhta Str. 65.

CONTACT:  EAST-EUROPEAN
          Russia, Udmurtiya republic,
          Izhevsk, Voroshilova Str. 111

          V. ABRAMOV
          Insolvency Manager
          426063, Russia, Udmurtiya republic,
          Izhevsk, K. Libknekhta Str. 65


ELECTRO-MACHINE: Public Auction of Assets Set December
------------------------------------------------------
The bidding organizer of Electro-Machine' will sell its assets on
December 21, 2005, 12 noon.  The public auction will take place
at 670000, Russia, Buryatiya republic, Ulan-Ude,
Borsoeva Str. 105.  Up for sale are 10 immovable properties for a
starting price of RUB14,116,758.

Preliminary examination and reception of bids are done every day
from 8:00 a.m. to 5:00 p.m. until December 15, 2005.  The list of
documentary requirements is available at 670000, Russia,
Buryatiya republic, Ulan-Ude, Borsoeva Str. 105.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the correspondent account
40702810509160102411 in Buryatskiy OSB #8601, Ulan-Ude,
correspondent account 30101810400000000604, BIC 048142604 on or
before December 20, 2005.

CONTACT:  ELECTRO-MACHINE
          670000, Russia, Buryatiya republic,
          Ulan-Ude, Borsoeva Str. 105

          N. TETERIN
          Bidding Organizer
          670000, Russia, Buryatiya republic,
          Ulan-Ude, Borsoeva Str. 105
          Phone: (3012) 21-96-33


EVRAZ GROUP: Luxembourg Unit's US$750 Mln Bonds Rated 'BB-'
-----------------------------------------------------------
Fitch Ratings has assigned Luxembourg-based Evraz Group S.A.'s
(Evraz) US$750 million senior unsecured notes a Final Senior
Unsecured 'BB-' rating.  This rating action follows a review of
the final offer documents confirming information already received
when Fitch assigned the Expected rating of 'BB-' on 19 October
2005.

The notes carry a coupon of 8.25% and have a 10-year maturity.
Evraz completed the issue of the notes on 7 November 2005.  As
expected, the bond documentation allows the proceeds to be used
to finance the acquisition of additional mining assets in Russia
and the CIS, to repay existing debt and for general corporate
purposes.  This new issue is in line with Evraz's financial
policy to centralize cash and funding management at the Evraz
parent company level.

As previously noted, many of the terms of the new unsecured notes
are in line with those in Evraz Securities S.A.'s US$150 million
unsecured notes due 2009 ('BB-') except for new clauses covering
subsidiary debt and dividend payments.  Fitch acknowledges that
should the credit profiles of Evraz's main subsidiary
Cyprus-based Mastercroft Ltd.('BB-'/'B'/Stable) and Evraz diverge
materially and/or there is evidence of a material change in
dividend policies between Mastercroft and Evraz, a rating review
may be warranted.

Evraz is Russia's largest vertically integrated steel producer in
output and ranks 15th in the world.  It specializes in production
of long-steel products, operates three steel plants and iron ore
and coal mines.

CONTACT:  EVRAZ GROUP S.A.
          Corporate Affairs and Communications
          Irina Kibina
          Alexander Karlashov
          Phone: +7 095 234 4629
          E-mail: IR@eam.ru

          FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 20 7417 3485
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901

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


INSTRUMENTAL FACTORY: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Instrumental Factory (TIN/KPP 1832022311/183201001).  The case is
docketed as A71-47/2005-G21.  Mr. V. Kuzhelov has been appointed
temporary insolvency manager.

CONTACT:  INSTRUMENTAL FACTORY
          427057, Russia, Udmurtiya republic,
          Izhevsk, Gorkogo Str. 90

          Legal address:
          427000, Russia, Izhevsk region,
          Novo-Azhimova Str. 12

          V. KUZHELOV
          Temporary Insolvency Manager
          426008, Russia, Udmurtiya republic,
          Izhevsk region, Post User Box 119A

          The Arbitration Court of Udmurtiya republic
          426057, Russia, Udmurtiya republic,
          Izhevsk region, Lomonosova Str. 5


KALININGRADSKIY: Declared Insolvent
-----------------------------------
The Arbitration Court of Kaliningrad region commenced bankruptcy
proceedings against Kaliningradskiy (TIN3905010402, KPP
390501001) after finding the wood processing plant insolvent.
The case is docketed as #A21-3161/05-S2.  Mr. I. Melnikov has
been appointed insolvency manager.  Creditors may submit their
proofs of claim to 236010, Russia, Kaliningrad region, Pobedy Pr.
137.

CONTACT:  KALININGRADSKIY
          236010, Russia, Kaliningrad region,
          Pobedy Pr. 137

          Mr. I. Melnikov
          Insolvency Manager
          236010, Russia, Kaliningrad region,
          Pobedy Pr. 137


MAJOR BUILDING: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Major Building and Repairs (TIN 4303004259)
after finding the open joint stock company insolvent.  The case
is docketed as A28-211/05-213/20.  Mr. G. Storozhuk has been
appointed insolvency manager.

CONTACT:  MAJOR BUILDING AND REPAIRS
          613200, Russia, Kirov region,
          Belaya Kholunitsa, Yubileynaya Str. 47

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


NOMOS BANK: Moody's Upgrades Ratings to Ba3
-------------------------------------------
Moody's Investors Service has upgraded to D- from E+ the
Financial Strength Rating (FSR) of Russia's Nomos Bank (NB), and
has raised the bank's long-term foreign currency deposit and
long-term foreign currency debt ratings to Ba3 from B1.

The bank's short-term deposit rating remains unchanged at
Not-Prime.  The outlook for the ratings is stable.  At the same
time, Moody's Interfax Rating Agency has assigned a Aa3.ru
long-term national scale credit rating (NSR) to NB.  Moscow-based
Moody's Interfax is majority owned by Moody's, a leading global
rating agency.

According to Moody's and Moody's Interfax, the Ba3/NP/D- global
scale ratings reflect NB's global default and loss expectation,
while the Aa3.ru national scale rating reflects the standing of
the bank's credit quality relative to its domestic peers.

According to Moody's, this rating upgrade reflects:

(a) The bank's strengthening position in the market, based on
    its experience in working with major clients in a number of
    sectors of the Russian economy, including gold-mining,
    defense and heavy machinery;

(b) A reduction in sectoral concentrations that existed in the
    loan book several years ago;

(c) Strengthening of the risk management function by creating a
    separate unit independent of risk-taking;

(d) Sound asset quality maintained despite rapid expansion, with
    a significant provisioning cushion allowing for some
    possible deterioration; and

(e) a well thought-out and cost-conscious approach towards
    regional expansion.

Moody's notes that NB's balance sheet still displays some degree
of borrower and deposit concentrations, which are compatible with
the current Ba3/NP/D- ratings. Nevertheless, further
diversification without compromising the bank's specialization
would be essential to achieve higher ratings.

The future direction of the bank's ratings will also depend on:

(a) Greater diversification of stable earnings;

(b) Striking a balance between wholesale and retail funding
    without undue dependence on either of these sources; and

(c) Continued capital support from the bank's shareholders to
    fuel its rapid growth; together with

(d) steps towards improvement in transparency of the bank's
    ownership structure.

Nomos Bank is headquartered in Moscow, Russian Federation, and
reported total assets of US$2.5 billion under IFRS (unaudited) as
of 30 September 2005.

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

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


NYAGAN-GOR-TORG: Bankruptcy Hearing Set Next Year
-------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on open joint stock c
company Nyagan-Gor-Torg.  The case is docketed as A75-7530/2005.
Mr. A. Shuravin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) NYAGAN-GOR-TORG
    628183, Russia, Khanty-Mansiyskiy autonomous region,
    Nyagan, Sibirskaya Str. 19

(b) Insolvency Manager
    625003, Russia, Tyumen region,
    Krasina Str. 7a, Office 500

(c) The Arbitration Court of
    Khanty-Mansiyskiy autonomous region
    628012, Russia, Tyumen region,
    Khanty-Mansiysk, Lenina Str. 54/1

A hearing will take place on January 30, 2006.


SOVIET AGRO-DOR-STROY: Insolvency Manager Takes over Firm
---------------------------------------------------------
The Arbitration Court of Mariy El has commenced bankruptcy
supervision procedure on open joint stock company Soviet
Agro-Dor-Stroy.  The case is docketed as A-38-2165-11/48-2005.
Mr. S. Dyuzhilov has been appointed temporary insolvency manager.

CONTACT:  SOVIET AGRO-DOR-STROY
          425400, Russia, Mariy El region,
          Sovetskiy, Zelenaya Str. 11

          S. DYUZHILOV
          Temporary Insolvency Manager
          425400, Russia, Mariy El region,
          Sovetskiy, Zelenaya Str. 11


TUYMAZINSKIY BAKERY: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Tuymazinskiy Bakery.  The case is docketed as A07-12381,
05-G-ADM.  Mr. S. Trofimov has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 450057, Russia, Bashkortostan republic, Ufa, Oktyabrskoy
Revolyutsii Str. 65, Room 14.

CONTACT:  S. TROFIMOV
          Temporary Insolvency Manager
          450057, Russia, Bashkortostan republic, Ufa,
          Oktyabrskoy Revolyutsii Str. 65, Room 14


VAGAYSKOYE: Insolvency Manager Enters Firm
------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on auto-transport enterprise Vagayskoye.
The case is docketed as A-70-5763/3-2005.  Ms. S. Shkarovskaya
has been appointed temporary insolvency manager.  A hearing will
take place on December 29, 2005.

CONTACT:   VAGAYSKOYE
           Russia, Tyumen region, Vagayskiy region,
           Vagay, Lenina Str. 5

           Ms. S. Shkarovskaya
           Temporary Insolvency Manager
           625026, Russia, Tyumen region,
           Melnikayte Str. 90A, Room 10
           Phone/Fax: (3452) 20-98-07


YUKOS OIL: Appeals London High Court Ruling
-------------------------------------------
Moscow's Federal Court of Arbitration will hear on Nov. 30 a
Yukos appeal of the ruling ordering it to pay US$475 million to a
group of Western banks.

In September, Moscow's arbitration court upheld the decision of
the High Court in London that required Yukos to repay the
outstanding loan.  The amount is what remains of a US$1 billion
loan granted in 2003 by a pool of 14 banks led by France's
Societe Generale, Citigroup Inc., Deutsche Bank AG, Commerzbank
AG, BNP Paribas S.A., ING Bank N.V., Credit Lyonnais, and HSBC.
The case is docketed as HC05CO1219 BNP Paribas and ors v. Yukos
Oil Co.

Yukos availed of the loan to pre-finance sale of oil and for
general corporate purposes.  It includes a three-year US$500
million loan facility and a five-year US$500 million loan
facility.  The lenders claim Yukos missed interest payments due
in March and April 2005.  In July, Yukos admitted receiving a
notification of default of payment on the loan.  The loan was
secured against Yukos' production subsidiaries, including
Yugansk, which is now owned by state-owned company Rosneft.

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

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

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

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


YUKOS OIL: Ruling on Mazeikiu Stake out Next Week
-------------------------------------------------
The court in Amsterdam will hear Monday the joint claim filed by
Yuganskneftegaz, Group Menatep and 14 Western banks and rule on
the matter on November 24.

Originally filed separately, the court consolidated the claims on
November 10.  The three parties all want to levy Yukos' stake in
Mazeikiu nafta, an oil refinery in Lithuania, as payment for
their multi-billion-dollar claims.

Rosneft is claiming EUR2.34 billion representing Yukos debt to
Yuganskneftegaz.  Rosneft bought Yuganks in December last year at
a public auction initiated by the government.

The bank syndicate, made up of BNP Paribas, Citigroup, Deutsche
Bank, Societe Generale, and 10 others, seeks payment for US$475
million in export loans obtained by Yukos.  Yukos has failed to
pay interest on these loans since March and in June the High
Court in London recognized the banks' claim, as did the
Arbitration Court in Moscow in September.
Yukos majority shareholder, Group Menatep, is claiming US$650
million in outstanding loan to Yuganskneftegaz.

Meanwhile, the Lithuanian government has started talks with Yukos
over the future of their stakes in Mazeikiu; this as the battle
among Yukos creditors to corner the asset rages on.  It plans to
hire Dutch lawyers to help find a solution to the legal wrangle,
according to The Baltic Times.

The state's special negotiating commission is led by Economic
Minister Kestutis Dauksys, and includes Deputy Minister Nerijus
Eidukevicius and an advisor to prime minister, Saulius Specius.

                       Interested Parties

Parties which submitted bids for the Mazeikiu stake to Lehman
Brothers, the U.S. investment bank representing Yukos, are:

-- Russia's Lukoil with ConocoPhillips;

-- TNK-BP;

-- Poland's PKN Orlen; and

-- KazMunayGaz, a state-run oil and gas company in Kazakhstan

TNK-BP is reportedly the favorite to acquire the property.  Mr.
Eidukevicius said there were no meetings scheduled with TNK-BP
this week.

                        About the Company

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

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

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

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


YUKOS OIL: Main Investor Files New Case Against Government
----------------------------------------------------------
Group Menatep is funding a new lawsuit that asserts frivolous
objections to the Russian government's tax enforcement measures
against Yukos Oil.

"This lawsuit is nothing more than another attempt to harass a
friendly foreign sovereign for enforcing its domestic tax laws,"
Michael Goldberg, a Baker Botts lawyer representing the
government, said.

Earlier this year, the Texas federal courts dismissed a
bankruptcy petition filed by Yukos Oil Company, Menatep's
majority controlled subsidiary, because disputes about the
Russian government's enforcement actions against Russian tax
evaders do not belong in the U.S. courts.  Yukos' lawyer later
reported admitting that the action was brought without any
realistic expectation of winning.

"This time," Mr. Goldberg added, "Group Menatep apparently hopes
for greater harassment value by improperly naming high Russian
government officials as defendants along with the Russian
government."

"We note that minority shareholders of Yukos long ago recognized
the true wrongdoers, since they have been pursuing legal claims
against Group Menatep and Yukos' management," Mr. Goldberg added.
"We are confident that the D.C. federal court, like the Texas
federal court, will promptly dispose of this latest abuse of the
U.S. judicial system."

CONTACT:  BAKER BOTTS
          Michael A. Cinelli, Public Relations Specialist
          Phone: +1-713-229-1764
          E-mail: mike.cinelli@bakerbotts.com
          Web site: http://www.bakerbotts.com/

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

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


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


SOL MELIA: Fitch Lowers Rating to 'BB+'; Outlook Stable
-------------------------------------------------------
Fitch Ratings has downgraded Sol Melia S.A.'s ratings to Senior
Unsecured 'BB+' from 'BBB-' and Short-term 'B' from 'F3',
respectively.  Following the downgrade, the Outlook is now
Stable.

Frederic Gits, Director in Fitch's European Corporate Department,
said: "Given a Spanish hotel market that is plagued by oversupply
and the economic difficulties in the British and German feeder
markets, Sol Melia's underlying profitability is unlikely to
improve significantly this year.

"Although asset sales have helped reduce leverage, subdued
underlying performance in the core hotel operations is unlikely
to push Sol Melia's credit profile back to a level consistent
with investment-grade peers in the near-term."

In its rating action commentary dated 30 June 2004, Fitch set
clear ratio guidelines which would trigger the conversion of the
Outlook Negative to a downgrade: "In order to maintain its
'BBB-' rating, Fitch would expect Sol Melia's lease-adjusted net
debt/EBITDAR ratio to be less than 5.0x for FY04 (FY03: 5.7x).
For FY05, when the hotel cycle is expected to recover more fully,
leverage of about 4.0x would be anticipated to maintain the
rating."

At FYE04, Sol Melia's leverage was 5.1x under Spanish GAAP.
Furthermore, Fitch expects the company's lease-adjusted leverage
to reach about 4.1x under Spanish GAAP and 4.3x under IFRS by
FYE05.  These FYE05 expected ratios exclude EUR59.6 million of
capital gains.  Two issues need explaining to put this statement
in context.

Firstly, Sol Melia has produced its FY04 figures under IFRS,
showing a FYE04 leverage ratio of 5.4x (as calculated by Fitch,
consistent with other hotel groups).  Whereas other European
hotel groups had few adjustments to their debt figures when
converting to IFRS, auditors increased Sol Melia's attributable
debt (due to the reclassification of operating leases).  Thus
when comparing European hotel companies, under the uniform IFRS
treatment, Sol Melia will remain higher leveraged than peers, as
reflected in the 'BB+' rating.

Secondly, Fitch does not include profits from capital
realizations in EBITDA.  Sol Melia's profits include capital
profits from realizing assets, time shares, and selling of
condominiums.  This recently increased activity is considered by
management as recurring and core, leveraging off its brand and
realizing capital from within the group.  Fitch does not include
this capital "profit" in its core ratios, other than the effect
of net proceeds received on reducing net debt.

In Sol Melia's case, the profit attributed to the income
statement is the "profit" above the book value of its assets,
rather than the recent Richard Ellis open market value of the
group's assets.  Consequently, the attributed income statement
"profit" of, for example, a GBP100 million asset realization, can
be anything between zero (realized at the balance sheet value) or
higher if the historical book value had been lower than GBP100
million.  While management makes the case that these capital
profits are expected to be recurring, Fitch regards the activity
as having a higher risk profile and thus separate from the more
stable, core hotel room rate-derived profitability of the group.
Furthermore, in rating investment-grade European hotel groups
Fitch does not include capital profits in its comparative ratios.

Sol Melia's nine months to September 2005 figures, excluding
EUR42 million capital profits versus EUR14 million in 9M04, show
EBITDA slightly down at EUR193 million versus EUR194 million a
year ago, mainly due to the continuing difficult operating
environment in Spain.  The 0.4% room rate decline in the European
City division indicates that competitive pressure remains strong.

Concerning Sole Melia's February 2006 EUR340 million bond
maturity, a EUR175 million committed syndicated facility, EUR145
million of FY05 asset sales, and the arrangement of other
bilateral bank lines are expected to cover maturing bond
obligations.  The group also benefits from a currently large
unencumbered asset base.  Given the prime location of many of its
hotels, it is likely that even in difficult times for the
industry Sol Melia would be able to access funding whether
shorter-term or secured debt - the latter being more detrimental
to unsecured bondholders.

Sol Melia is the world's 10th largest hotel company and ranks
number one in its core markets of Spain, Latin America and the
Caribbean with a portfolio of 328 hotels and 80,834 rooms at
YE04.  It is also the leading resort hotel chain globally.  In
room number terms, some 46% of the hotel portfolio is
owned/leased and 54% is under management/franchise contracts.
However, Sol Melia derives 86% of its FY04 revenues from owned or
leased hotels in which European cities accounted for 48%,
European resorts for 32% and Latin America & Caribbean for the
remaining 20%.  Sol Melia is controlled by the founding Escarrer
family.

CONTACT:  SOL MELIA
          Gremio Toneleros, 24
          Poligono Industrial Son Castello
          07009 Palma de Mallorca
          Spain
          Phone: (34) 971 22 44 00
          Fax: (34) 971 22 44 08
          Web site: http://www.solmelia.com

          FITCH RATINGS
          Frederic Gits, Paris
          Phone: +33 1 44 29 91 34
          Erwin van Lumich, Barcelona
          Phone: +34 93 323 8403

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


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


SKANDIA INSURANCE: Posts SEK2 Billion Q3 Operating Profit
---------------------------------------------------------
Skandia Insurance Co. Ltd. has reported results for the third
quarter and nine months ended September 2005.

Third quarter Highlights

(a) strong growth in all divisions;

(b) revenues rose 16% and expenses by 12%.  Excluding structural
    and restructuring costs, expenses increased by 7%.  In
    total, the result before tax according to IFRS improved to
    SEK398 million (235).  Structural costs increased to -SEK119
    million (-22) as a result of the ongoing bid process;

(c) the result for mutual fund savings products increased to
    SEK20 million (-2);

(d) the calculated profit margin for unit-linked assurance
    increased to 17.3%, compared with 14.9% for the second
    quarter, and the present value of new business amounted to
    SEK505 million (416);

(e) the operating result increased to SEK2,277 million (655).
    The underlying operational return increased to 10% (7%);

(f) operative cash flow was positive, at SEK0.1 billion (-0.2);
    and

(g) net asset value per share increased during the quarter by
    SEK1.35 to SEK32.54.

Nine-month Highlights

(a) the result for the period according to IFRS, including the
    result of discontinued operations and goodwill write-down,
    was -SEK715 million (1,603);

(b) the underlying result before tax improved, to SEK1,432
    million (647);

(c) revenues rose 15% to SEK12,067 million (10,472).  Expenses
    rose 10% -- excluding the write-down of goodwill and
    structural and restructuring costs -- and amounted to
    -SEK10,793 million (9,825);

(d) earnings per share before dilution were -SEK0.70 (1.58), of
    which -SEK0.47 (0.81) pertained to discontinued operations
    and -SEK1.11 (-) to the goodwill write-down.  The return on
    shareholders' equity was -SEK3% (8%); and

(e) cash flow from operating activities was -SEK0.1 billion
    (-1.8).

         Report of President and CEO Hans-Erik Andersson

Skandia is presenting a very strong interim report.  No matter
what result metric you look at, all divisions and essentially all
business segments are making significant contributions to the
strong result improvement.  What's even more gratifying is that
we are growing in a controlled manner.  Despite strong growth,
cash flow is improving at the same time that Skandia is creating
value-added both for our customers and our shareholders.  Results
are exceeding all our recently published forecasts for sales,
funds under management, value of new business, underlying IFRS
profit and the result of operations according to the embedded
value method, and net asset value.

Many of our businesses are reaching critical mass, which is
driving our business results: Our mutual funds business is
reaching profitability ahead of plan, and the underlying IFRS
result beat our forecasts substantially.

Following a prolonged slump and a difficult point of departure,
the Swedish operation has made impressive progress through the
adaptation of products and its organization to the customers'
needs, which has led to strong growth in new sales for the fourth
consecutive quarter and, even more important, to result
improvements and a decline in policy conversions to paid-up
status.  During the fourth quarter we are carrying out additional
improvements in our fund offering in the Swedish market.

The integration of SkandiaBanken's Internet platform has been
carried out.  This is now a major portal for Skandia's entire
product offering and is considered to be central to the strategic
development of our business in the Nordic region.

In the U.K., the restructuring of Bankhall has now been carried
out through a decision to discontinue certain unprofitable parts
of the business.  This gave rise to an earnings charge during the
third quarter.  At the same time, however, the continuing
operations, under new management, are positioned well for the
current market scenario, and we look forward to improved
performance in 2006.

In the U.K. market we have been steadily improving our market
position in unit-linked assurance for quite some time.  New
pension product initiatives have been successful, which
strengthens our position ahead of coming changes in the pensions
market in 2006.  The pricing of certain products has been
changed, leading to higher profitability and improved capital
utilization.  In the offshore businesses, significant, continued
sales successes were achieved.

The Europe & Latin America division has developed to become a
profitable and increasingly important part of the group at an
impressively rapid pace.  The division is showing its ability to
adapt to difficult and widely shifting market conditions.  What's
more, we have made important breakthroughs in new markets in a
short period of time.  The German market is an example of how
Skandia has fully capitalized on local market conditions.  Like
the market in general, the second quarter was very weak for
Skandia's German operation.  But already a quarter later we have
succeeded in restoring the profitability of new sales to a
satisfactory level, and we have good reason to believe in
continued improvements.  Another example is the successful entry
into the French market, which is otherwise dominated by
bancassurance.  Our adaptation to radically changed market
conditions in Italy is yet another example, as was our sales
success in Spain.  Initiatives in new markets in the Czech
Republic and Hungary are being taken in a collaborative effort
between Skandia's German and Austrian operations.  By virtue of
our business concept, this is being done primarily with the help
of existing resources and capital.

We have begun the implementation of the Turbo Plan where
possible.  For instance, the Europe & Latin America division has
recently carried out organizational changes in accordance with
the proposed measures laid out in the Turbo Plan.  As a step in
this direction, the Swiss unit is now organizationally a part of
the Europe & Latin America division (with result impact starting
in 2006), which will strengthen collaboration with Skandia's
units in Germany, Austria and Poland in the Central Europe
sub-region.  Switzerland is a prime example of collabo­ration in
product development and marketing between our various divisions.

The new "kapitalpension" product that was developed in Sweden is
the prime factor behind the 77% rise in new sales in Switzerland.
We hope to proceed with implementing other elements of our plans
during the fourth quarter, depending on our ongoing corporate
activity, which continues to divert management attention.

In my view, our strong focus on a business model that is unique
in many respects is the key explanation for our success. It is in
a cohesive business model that we find the industrial logic that
enables us to improve and develop shared platforms and further
bring down our costs - where we all speak the same business
language and can transfer innovations from one market to another.
It is this philosophy that is the core of the Turbo Plan.  We are
now in the process of formalizing this project to enable us to
report our progress to the shareholders in a clear manner.

We have long asserted our positive view of Skandia's future, but
it has taken time to leave our legacy issues behind us.  Step by
step we have made our way back on track to success and
profitability.  Our strengthened position is a result of a
concerted and consistently applied strategy, our focus on a well
thought out business model, and a management team that is
determined to execute our plans.  We are delivering on the
ambitious targets that we set for ourselves - and exceeding them.

This set of results I believe proves that this management team
can deliver on its goals, and I am excited by the opportunities
ahead for this strong business in the coming year.  Our excellent
result performance further strengthens our conviction that
Skandia as a standalone company is a very attractive investment
proposition for our shareholders.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/SkandiaInsurance(9M2005).pdf

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
=============


CENTER-PLUS: Creditors' Claims Due Next Week
--------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Center-Plus (code EDRPOU 31044755)
on September 13, 2005.  The case is docketed as B 15/134/05.  Mr.
Valerij Sidelnikov (License Number AB 216706) has been appointed
temporary insolvency manager.

Creditors have until November 21, 2005 to submit their proofs of
claim to:

(a) CENTER-PLUS
    51911, Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Dolmatov Str. 11

(b) VALERIJ SIDELNIKOV
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Hartsizk, Spartakivskij Avenue 5/77

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


ESENS-PLUS: Declared Insolvent
------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Esens-Plus (code EDRPOU 33116234) on October
4, 2005 after finding the limited liability company insolvent.
The case is docketed as B 26/134/05.  Mr. Sorokin Oleksij has
been appointed liquidator/insolvency manager.

Creditors have until November 21, 2005 to submit their proofs of
claim to:

(a) ESENS-PLUS
    49000, Ukraine, Dnipropetrovsk region,
    Tolstoj Str. 13/2

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


MAKARIV MILK: Proofs of Claim Deadline Nears
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Makariv Milk Plant (code EDRPOU 00445894) on
October 4, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 164-2 b-2005.  Mr. I.
Omelchenko (License Number AA 783142) has been appointed
liquidator/insolvency manager.  The company holds account number
2660473106 at Oshadbank, Makarivske branch 3033, MFO 320070.

Creditors have until November 21, 2005 to submit their proofs of
claim to:

(a) MAKARIV MILK PLANT
    08100, Ukraine, Kyiv region,
    Makarivskij district, Kalinivka,
    Kiyivska Str. 43

(b) I. OMELCHENKO
    Liquidator/Insolvency Manager
    02121, Ukraine, Kyiv region,
    M. Bazhan Avenue 9-b/4

(c) ECONOMIC COURT OF KYIV REGION
    01032, Ukraine, Kyiv region,
    Komintern Str. 165


NAFTOHIM: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on LLC Trade House Naftohim (code EDRPOU
30496946) on August 22, 2005.  The case is docketed as B-11/203.
Mr. Oleg Yashishin has been appointed temporary insolvency
manager.  The company holds account number 26007252334001 at CB
Privatbank, Ivano-Frankivsk branch, MFO 336677.

Creditors have until November 21, 2005 to submit their proofs of
claim to:

(a) NAFTOHIM
    78400, Ukraine, Ivano-Frankivsk region,
    Nadvirna, Majdanska Str. 5

(b) OLEG YASHISHIN
    Temporary Insolvency Manager
    76000, Ukraine, Ivano-Frankivsk region,
    Getman Mazepa Str. 7/17-B

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


PROMETEJ: Bankruptcy Supervision Begins
---------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Prometej (code EDRPOU 30920483) on
September 5, 2005.  The case is docketed as 7/83-05.  Mr. Boris
Krivenko (License Number AB 116043) has been appointed temporary
insolvency manager.  The company holds account number
26002552700000 at JSCIB Ukrsibbank, MFO 351641.

Creditors have until November 21, 2005 to submit their proofs of
claim to:

(a) PROMETEJ
    41107, Ukraine, Sumi region,
    Shostka district, Pirogivka,
    Zavodska Str. 1

(b) BORIS KRIVENKO
    Temporary Insolvency Manager
    40000, Ukraine, Sumi region,
    Nezalezhnosti Square 1, Office 408
    Phone: (0542) 21-98-37

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Shevchenko Avenue 18/1


SENS-ALFA: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on Private Firm Sens-Alfa (code EDRPOU
13362892).  The case is docketed as 1/72-B.  Mr. Volodimir
Temchishin (License Number AA 630072) has been appointed
temporary insolvency manager.  The company holds account number
26002301000072 at JSCB Mriya, Lutsk branch, MFO 303473.

Creditors have until November 21, 2005 to submit their proofs of
claim to:

(a) SENS-ALFA
    43000, Ukraine, Lutsk region,
    Shopen Str. 12

(b) VOLODIMIR TEMCHISHIN
    Temporary Insolvency Manager
    43025, Ukraine, Lutsk region,
    Svitla Str. 5/3

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Lutsk region,
    Voli Avenue 54-a


UKRGAZBUD: Court Appoints Temporary Insolvency Manager
------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on JSC Ukrgazbud (code EDRPOU 14277604).
The case is docketed as 23/668-15/518-b.  Mr. Anatolij
Vyazovchenko (License Number AB 116239) has been appointed
temporary insolvency manager.  The company holds account number
26002301231920 at Prominvestbank, Kyiv region branch, MFO 322067.

Creditors have until November 22, 2005 to submit their proofs of
claim to:

(a) UKRGAZBUD
    03110, Ukraine, Kyiv region,
    O. Pirogovskij Str. 19

(b) ANATOLIJ VYAZOVCHENKO
    Temporary Insolvency Manager
    02140, Ukraine, Kyiv region,
    B. Gmiri Str. 11/28

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


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


4OCEANS LIMITED: Calls in Liquidator from Grant Thornton
--------------------------------------------------------
G. Wilson, director of 4Oceans Limited, informs that the special
resolution to wind up the company was passed at a meeting held on
Oct. 31.  Roy Welsby of Grant Thornton UK LLP, 1 Westminster Way,
Oxford OX2 0PZ was appointed liquidator.

Creditors are required on or before December 31, 2005, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims and the names and addresses of
Solicitors (if any), to Roy Welsby and, if so required by notice
in writing their debt or claims.

CONTACT:  4OCEANS LIMITED
          7 Goodson Mews, Wellington Street,
          Thame, Oxfordshire OX9 3BX
          Phone: 01844252000

          GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


ALLSEASON YACHT: Claims Filing Period Ends Next Month
-----------------------------------------------------
Allseason Yacht Ltd. informs that the subjoined special
resolution to wind up the company was passed at an EGM held on
Oct. 31 at B&A Secserv. Ltd., 10-11 Dacre Street, London SW1H
0DJ.  Melvyn L. Rose, of Elliot, Woolfe & Rose, 1st Floor, Equity
House, 128-136 High Street, Edgware, Middlesex HA8 7TT was
appointed liquidator.

Creditors are required on or before December 31, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any), to Melvyn L.
Rose, of Elliot, Woolfe & Rose, 1st Floor, Equity House, 128-136
High Street, Edgware, Middlesex HA8 7TT, the Liquidator of the
Company, and, if so required by notice in writing their debt or
claims.

CONTACT:  ELLIOT WOOLFE & ROSE
          1st Floor
          Equity House
          128/136 High Street
          Edgware
          Middlesex HA8 7TT
          Phone: 020 8952 0707
          Fax: 020 8952 2332
          E-mail: mlr@ewr.co.uk


ARC RISK: Cuts Half-year Loss to GBP392,000
-------------------------------------------
ARC Risk Management Group plc has reported interim results for
the six months ended 30 September 2005.

Highlights

(a) loss before tax reduced to GBP392,000 compared with
    GBP560,000 in the first half of 2004;

(b) loss before tax down to GBP98,000 in second quarter;

(c) turnover up 68% to GBP893,000 compared with GBP532,000 in
    the first half of 2004;

(d) new distribution agreements with HSBC and AIG;

(e) Red24 sales are more than five times that of the
    corresponding period last year and now comprise over 50% of
    Group revenues; and

(f) investment in product development will result in further new
    product launches in the second half of the year.

                Report of Chairman Simon Richards

I am pleased to report that the strong customer growth, to which
I referred in the share placing announcement on 3 June, has been
maintained and is being translated into an improved financial
performance.  The benefits of the new structure where each
division has become a separate subsidiary with its own managing
director are also apparent.

Financial Overview

Turnover demonstrated a healthy 68% period on period growth to
GBP893,000, while the loss before tax of GBP392,000 for the half
year compares favorably with the loss of GBP560,000 incurred in
the same period last year.  It is worth noting that GBP294,000 of
this loss was incurred in the first three months and only
GBP98,000 was lost in the second three months.

Immediately after the publication of the results for the year to
31 March 2005, we successfully raised GBP320,000.  However, the
growth in turnover inevitably requires additional working
capital, and this, coupled with extra funding for our marketing
activities, means that it is likely, depending on market
conditions, that the Board may still decide to raise additional
capital before the financial year end.

Red24TM

Red24 is a global security service providing preventative and
reactive advice to help individuals avoid and manage personal
risks to themselves and their families.  Last June we entered
into an agreement with HSBC Bank plc to incorporate red24's
personal security service as part of HSBC's Premier banking
offering and ID imposter into their HSBC Plus banking offering.
These are two significant contracts, which have taken the total
number of customers of red24 to well over 500,000.  Each month
several thousand new customers are added and the English language
service of red24 now has sufficient mass to cover its costs on a
monthly basis.

Red24's Japanese service has taken longer to develop but is now
being sold in Japan through AIG's network of agents.  At present
the product is offered as a discretionary sale and take up is not
as high as we had hoped.  This is, however, consistent with our
early experience in the U.K. and critical mass is unlikely to be
achieved until red24 is incorporated in a major financial product
offering on a mandatory basis.  This is expected to occur in the
not too distant future.

Significant investment in product development continues to be
made and in the next half-year we expect to launch two new
offerings - a corporate care product and a gap year product.
Essentially we have developed a modular approach to the
management of security risk advice which enables us to tailor the
core red24 product to meet the needs of particular markets quite
readily.  The modular approach then gives an opportunity to our
distributors to purchase product upgrades appropriate to their
client needs and budgets.

It is pleasing to note that as contracts come up for renewal, our
distributors are tending to take the opportunity to upgrade the
product they are taking and that feedback from their clients when
using the red24 service has been positive.

In the half-year under review red24 sales were more than five
times that of the corresponding period last year and now comprise
over 50% of group revenues.

Consultancy

The Consultancy business has achieved a greater income, from a
smaller cost base, than in 2004 when much of the division's time
was taken up developing and testing the response procedures for
red24.

Training

The Training business has not enjoyed the same buoyant start to
the year as it did in 2004 and revenues in the first half were
down some 20% period on period.  Nonetheless there is a busy
autumn program with additional courses on offer and over the year
as a whole this revenue shortfall should be made up.

Outlook

ARC Risk Management is strongly positioned as a leading provider
of security risk management services which are meeting the
growing requirement for greater protection for those traveling,
whether on business or for pleasure, markets which, at present,
remain largely untapped.

We continue to grow our relationships with existing and new
partners in the financial service and insurance industries and
envisage increasing growth in the adoption worldwide of red24.

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

CONTACT:  ARC RISK MANAGEMENT GROUP PLC
          73 Watling St., 4th Fl.
          London
          EC4M 9BL, United Kingdom
          Phone: +44-207-332-5600
          Fax: +44-207-236-3918
          Web site: http://www.arcrisk.com


ASCIOM SOLUTIONS: Creditors Meeting Next Week
---------------------------------------------
Creditors of Asciom Solutions Limited will meet on November 22,
2005, 3 p.m. at Grant Thornton UK LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to N. Wood of Grant Thornton UK LLP, Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP not later
than 12 noon, November 21, 2005.

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


BARCLAYS CLIENT: Hires Deloitte & Touche Liquidator
---------------------------------------------------
Barclays Bank PLC, a shareholder of Barclays Client Credit
Limited, informs that the special and ordinary resolutions to
wind up the company were passed and Mr. J. R. D. Smith and Mr. N.
J. Dargan of Deloitte and Touche, Athene Place, 66 Shoe Lane,
London EC4A 3WA were appointed joint liquidators.

Creditors are required on or before December 7, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to J. R. D.
Smith of Deloitte and Touche, PO Box 810, Athene Place, 66 Shoe
Lane, London EC4A 3WA, the liquidator of the company, and, if so
required by notice in writing their debt or claims.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


BARNCREST NO.210: Owners Decide to Wind up Firm
-----------------------------------------------
Barncrest No.210 Limited informs that the special resolutions to
wind up the company were passed on Oct. 31 and Mr. Stephen Hobson
of Francis Clark, Southernhay House, 36 Southernhay East, Exeter,
Devon EX1 1NX was appointed liquidator.

Creditors are required on or before December 9, 2005, to send in
their full names and addresses, full particulars of their debt or
claims, and the names and addresses of their Solicitors (if any),
to Stephen James Hobson of Francis Clark, Southernhay House, 36
Southernhay East, Exeter EX1 1NX, the Liquidator of the Company,
and, if so required by notice in writing their debt or claims.

CONTACT:  FRANCIS CLARK
          Southernhay House
          36 Southernhay East
          Exeter
          Devon EX1 1NX
          Phone: 01392 667000
          Fax: 01392 662751
          E-mail: SJH@francisclark.co.uk


BCCI: Deloitte Ordered to Reimburse Bank of England ASAP
--------------------------------------------------------
The High Court rejected on Nov. 11 a request by Bank of Credit
and Commerce International S.A.'s liquidators to freeze for two
weeks the Bank of England's legal costs while it seeks a
settlement.  Justice Stephen Tomlinson said there is an
overwhelming public demand to resolve the case as quickly as
possible.

Deloitte Touche Tohmatsu, liquidator of BCCI, withdrew on Nov. 2
an GBP850 million lawsuit against Bank of England following an
advice by the High Court.

Bank of England is claiming more than GBP70 million (US$122
million) in costs for a 12-year legal battle with liquidators,
who claimed it failed to protect depositors of the collapsed
firm.  Its legal bill is estimated at around twice of Deloitte's
GBP38 million.  By freezing the cost for two weeks, Deloitte had
expected to save as much as GBP1 million, based on the rate at
which Bank of England previously accrued the expenses.

At a hearing on Nov. 11, Bank of England lawyer Nicholas Stadlen
told the court his client would seek interim payment of the GBP32
million currently being held in a joint bank account to cover
part of the bill.  The bank is seeking payment on an indemnity
basis plus interest.  The parties are due in court for a four-day
hearing on Jan. 30, 2006.

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

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

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

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


BROADWAY MINERAL: Liquidators from Baker Tilly Enter Firm
---------------------------------------------------------
E. P. A. Jones, chairman of Broadway Mineral Resources Plc,
informs that the special resolution to wind up the company was
passed at an EGM held on Nov. 4 at Baker Tilly, City Plaza,
Temple Row, Birmingham B2 5AF.  Richard Paul Rendle and Guy
Edward Brooke Mander of Baker Tilly, City Plaza, Temple Row,
Birmingham B2 5AF was appointed joint liquidators.

CONTACT:  BAKER TILLY
          City Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101


BYRNE EXPRESS: Administrators Move in
-------------------------------------
Lloyd Biscoe and Mark Robert Fry (IP Nos 009141, 008588) of
Begbies Traynor were appointed joint administrators of Byrne
Express Steel Today Limited (Company No 03728771) on Oct. 28.
Its registered office is at Lakeview House, 4 Woodbrook Crescent,
Billericay, Essex CM12 0EQ.  The company sells metal and metal
ores.

CONTACT:  BYRNE EXPRESS STEEL TODAY LIMITED
          Mermaid House, Wrexham Road,
          Basildon, Essex SS15 6PX
          Phone: 01268418899

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


CABLE & WIRELESS: Half-year Profit Down to GBP126 Million
---------------------------------------------------------
Cable & Wireless plc has reported results for the six months
ended 30 September 2005.

Highlights

(a) group revenue of GBP1,481 million - up by 1% over prior year
    at constant currency;

(b) operating profit before joint ventures, associates,
    exceptional items and excluding Bulldog, of GBP136 million.
    Operating profit before joint ventures, associates,
    exceptional items, including Bulldog, of GBP87 million;

(c) profit before tax and exceptional items from continuing
    operations, excluding Bulldog, of GBP185 million.  Profit
    before tax and exceptional items from continuing operations,
    including Bulldog of GBP134 million;

(d) profit before tax of GBP126 million;

(e) National Telco revenue of GBP595 million - up 11% against
    prior year at constant currency, driven primarily by mobile
    and broadband;

(f) National Telco operating margins and free cash flow stable
    against prior year;

(g) U.K. profitability adversely affected by shift to IP
    services from higher margin legacy products and shift in
    revenue mix to wholesale services;

(h) disposed of Spanish retail and Sakhalin fixed and mobile
    businesses and announced the disposal of the Group's stake
    in MobileOne for a total consideration of approximately
    GBP75 million; and

(i) announced acquisition of Energis for approximately GBP630
    million cash and up to GBP80 million deferred consideration.
    Transaction approved by Office of Fair Trading on 25 October
    2005.

              Report of Chairman Richard Lapthorne

The company is continuing to manage its way through a series of
steps to create a sustainable future both in its overseas
business and in the changing U.K. environment.

In June 2003, I reported that, following the Chief Executive's
strategic review, the Board had agreed that the Group should
withdraw from the U.S., improve operations in the U.K. business
and build on our National Telco businesses.  I said then that, on
the basis of implementing those plans, our expectation was to
create a business with a turnover of around GBP3.5 billion
producing double digit operating margins.  As a reminder, the
results for the year 2002/3 reported an operating loss from
continuing businesses of GBP6 billion on a turnover of GBP4.2
billion.

That same year, 2002/3, the U.K. business reported an operating
loss of GBP303 million from a turnover of GBP1.7 billion.  Since
then we have made considerable progress both in designing and
executing a strategy to create a sustainable competitive model
for the U.K. business.

In the U.K., the company's objective in the voice market is to
continue to maximize profitable revenue while retaining and
developing relationships with customers as they migrate to
IP-based telecommunications, and to continue to reduce costs in
line with revenue declines and re-shape the organization to
reflect future requirements.

Our model reflects the needs of our customers, the reality of the
competitive landscape and the need to seize the one-time
technological opportunity available to us.  It also reflects
Ofcom's view that the U.K. is best served by competition at the
deepest level of infrastructure.  Thus, our model is built around
three pillars: IP - through our next generation network (NGN);
access - through our plan to unbundle 800 exchanges reaching half
of the U.K. market; and scale - which has materially increased
through the acquisition of Energis, which will further reduce the
risk around the U.K. strategy.  We are pleased that clearance
from the OFT has now removed any doubts that it would proceed.
As a result of the de-risking of the U.K. strategy we are now
able to resume the share buy back program.

We do not want to over promise but, from the visibility we have
at the moment, we believe that what we are heading for in the
U.K., post NGN implementation, is a business that will be
producing revenue somewhere over GBP2 billion with an operating
margin in double digits.  We see the improvement coming from a
combination of the lower cost base that we are working on,
together with the revenue generated from the new telecoms
landscape, which we are now positioning our business to exploit.

This is an early sight of where we are headed and it is our
intention, over time, both to report on progress in achieving
this goal and to share our milestones with you as they are more
clearly defined.  The next step in this process will be when the
combined Cable & Wireless and Energis management team shares the
details of the integration plan with you in February.

Our dividend continues to be underpinned by the satisfactory
performance of our overseas businesses.

Our Group strategy is supported by a number of solid initiatives
which are already being implemented.  The path is clear, although
the rapid rate of change in the U.K. may well lead to some short
term volatility in reported profits, which could well be
exacerbated by timing decisions and the detail of the Energis
integration.  Our medium term vision is clear.  We will manage
the business with a view to delivering the value we believe can
be achieved, accepting, in some cases, that this may have an
impact on short-term reported profits.

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

CONTACT:  CABLE & WIRELESS PLC
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cw.com/new/


CLYDESDALE BANK: Delivers Stable Result Amid Shakeup
----------------------------------------------------
The National Australia Bank Group on Nov. 9 released the full
year results for its U.K. banking and wealth management
operations, announcing cash earnings before tax of GBP297 million
for the 12 months to 30 September 2005, stable on the previous
year.

Report of Lynne Peacock, Chief Executive Officer of NAG U.K.

We have stabilized profits, while conducting a major restructure
to make the business more competitive, are managing margins down
to bring them more into line with the U.K. market and invested in
an expansion program for future growth.

We have taken the hard decisions that were needed for our
business to be efficient, nimble and competitive and to develop
an offering that is distinctive and strongly differentiates us
from our competitors.  We are getting costs under control and
have made great progress in re-engineering processes, simplifying
management structures and improving our efficiency.

We have delivered more competitive products and invested in our
brands, technology and compliance.  We have pressed ahead with
building our integrated financial services business and third
party distribution of our mortgage products, building a unique
offering that is already showing results.  We have also almost
completed the reconfiguration of our retail branch network across
the U.K.

We are now seeing strong results from our key areas of investment
and believe we are generating the momentum we need to see
sustained growth.  Mortgage volumes have increased substantially,
with Clydesdale Bank writing an additional 40%, which now
includes the sale of Clydesdale mortgages through mortgage
brokers, while Yorkshire Bank was up 15% on the previous year.
Business lending volumes have also increased, with Clydesdale
Bank up 19% and Yorkshire Bank up 40%.

There is still a great deal to do to complete our turnaround.
However, to have delivered this result in a period of such
enormous change is an impressive achievement.

                     Operational Milestones

Key operational milestones included:

(a) The sale of National Irish Bank and Northern Bank to the
    Danske Bank Group;

(b) The completion of the "build" phase of a network of
    Financial Solutions Centres offering integrated business and
    premium banking services to small-medium sized business
    customers.  By 30 September 2005, there were 32 Financial
    Solutions Centres in the south of England, 28 centres in the
    north of England and 18 centres in Scotland;

(c) The expansion of the third party distribution channel which
    added GBP989 million of mortgage completions by 30 September
    2005.  The business now has relationships with more than 300
    of the U.K.'s leading brokers;

(d) A review of the distribution strategy and branch network,
    which resulted in a decision to close 64 Clydesdale Bank
    branches and 38 Yorkshire Bank branches over a 6-12 month
    period.  This decision reflected the changing needs of our
    customers and the different ways in which they are banking;

(e) A GBP7 million investment to upgrade the Internet banking
    platform, a GBP3 million upgrade to ATM software as well as
    continued expansion of the ATM network, including the
    introduction of the U.K.'s first ATMs for the hearing
    impaired, and upgraded telephone banking services; and

(f) Further advances in integration of Clydesdale Bank and
    Yorkshire Bank, including:

     (i) the merger of the legal entities of the two banks;

    (ii) a single management structure;

   (iii) the consolidation of call centre services and back
         office processing and administration; and

    (iv) the ongoing development of a single product set
         supporting multiple brands and distribution channels,
         including a new current account and an offset mortgage.

Financial Highlights (12 month comparisons)

Net interest income has increased 0.9% with growing momentum as
Financial Solutions Centres and Third Party Distribution impact
on the results.  Strong underlying volume growth is being offset
by the managed effects of margin contraction and changing
portfolio mix.

Lending volumes increased 21.1% on the previous year with major
increases in variable and fixed rate mortgages, term lending and
overdrafts.

Retail deposits increased 7.8% driven by pricing initiatives on
existing products and the launch of Current Account Plus designed
to attract 'new to bank' customers.

Other operating income has increased 18.4% reflecting:


(a) an increase in origination fees of GBP12.1 million driven by
    the volume growth of the Integrated Financial Solutions
    Centres and third party propositions;

(b) higher annual management charges on Funds Under Management
    of GBP3.1 million driven by strengthening investment market
    performance in the current year;

(c) the profit on property transactions of GBP21 million; and

(d) new income from Danske Bank A/S of GBP19 million in respect
    of transitional services (offset by an increase in
    expenses).

Operating expenses have increased 9.8% driven by:

(a) increase of GBP19 million due to costs associated with
    transitional services provided to Danske Bank A/S;

(b) costs associated with the transformation of the business
    have grown by GBP50 million including the costs of
    approximately 260 new staff in Financial Solutions Centres;

(c) additional property associated costs, advertising and
    marketing costs, additional brokerage commission costs as a
    result of 4,810 more mortgage completions through the third
    party channel and a self-sustaining incentive scheme aimed
    at rewarding strong income performance; and

(d) overhead costs previously internally charged to the Ireland
    operation of GBP24 million, and targeted to be managed out
    the business over 18 months from the date of sale.

CONTACT:  CLYDESDALE BANK
          London
          Tim Pie or Yolande Stratford
          Phone: 020 7710 2100

          Glasgow
          Lynn Hunter
          Phone: 0141 242 4357

          Leeds
          Peter Brown
          Phone: 0113 247 2510


COLLINS & AIKMAN: Creditors Seek Data on WL Ross' Claims
--------------------------------------------------------
The Official Committee of Unsecured Creditors of Collins & Aikman
Corporation and its debtor affiliates seeks authority from the
U.S. Bankruptcy Court for the Eastern District of Michigan to
conduct examinations and obtain documents from WL Ross & Co.,
LLC, pursuant to Rule 2004 of the Federal Rules of Bankruptcy
Procedure.

The Committee, as the statutory fiduciary representative of the
U.S. Debtors' unsecured creditors, wants to obtain information
from Ross regarding:

   -- the claims and interests it holds against the U.S. Debtors
      and the European Debtors;

   -- the establishment of the Joint Venture; and

   -- certain communications Ross has had with the U.S. Debtors'
      and European Debtors' competitors and customers, in each
      circumstance as it pertains to the U.S. Debtors and the
      European Debtors.

                      Ross Acquisition Plan

Since the early stages of the Debtors' Chapter 11 cases, Ross has
been outspoken in expressing its interest in Collins & Aikman.
Similarly, shortly after the Petition Date, Lear Corporation, a
competitor, expressed its interest in a transaction with Collins
& Aikman.

On October 17, 2005, Ross and Lear announced the creation of a
joint venture for the primary purpose of exploring an acquisition
of Collins & Aikman.

As reported by the Troubled Company Reporter on Oct. 24, 2005,
the proposed joint venture would involve Lear's Interior Systems
business segment, but not its seating and electrical &
electronics businesses.  WLR would contribute capital to fund
acquisitions.  Franklin Mutual Advisers, LLC, which is also a
party to the framework agreement, has agreed to co-invest in the
proposed joint venture with WLR.  Establishment of the joint
venture entity is subject to the negotiation and execution of a
definitive joint venture agreement between the parties.

Thomas B. Radom, Esq., at Butzel Long, in Bloomfield Hills,
Michigan, reports that Ross has also expressed interest in
purchasing the businesses of certain of Collins & Aikman's
foreign subsidiaries, which are the subject of insolvency
proceedings in the United Kingdom and elsewhere in Europe.  Ross,
which is providing financing to the European Debtors in
connection with the European Insolvency Proceedings, has had
direct communications with Collins & Aikman's customers in
connection with a potential acquisition of its foreign
operations.

                     Panel Need Information

The Committee wants information to ensure that there have not
been any inappropriate communications, which could negatively
impact the administration of these cases, compromise the value of
the U.S. Debtors' estates or impede the U.S. Debtors'
reorganization efforts.  The Committee also wants to determine
whether there exist any causes of action against Ross based on
those communications.

As a holder of a substantial amount of the U.S. Debtors' bank
debt, a lender to the European Debtors in connection with the
European Insolvency Proceedings and a bidder for the European
Debtors' assets, Mr. Radom asserts that Ross is in possession of
proprietary and confidential information regarding the U.S.
Debtors and the European Debtors.  The Committee needs to
determine whether that information has been and continues to be
properly guarded.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company has
a workforce of approximately 23,000 and a network of more than
100 technical centers, sales offices and manufacturing sites in
17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17, 2005
(Bankr. E.D. Mich. Case No. 05-55927).  When the Debtors filed
for protection from their creditors, they listed $3,196,700,000
in total assets and $2,856,600,000 in total debt. (Collins &
Aikman Bankruptcy News, Issue No. 18; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

                            *   *   *

Collin's U.K. operation, which accounts for 25% of total global
business, obtained a group-wide Administration order pursuant to
the jurisdiction of the English High Court in London in July
2005.  Kroll U.K.'s Simon Appell and Alastair Beveridge, among
others, have been appointed joint administrators of each of the
companies.

The companies included in the filing are located in the U.K.,
Austria, Belgium, Czech Republic, Italy, Germany, Luxembourg,
Netherlands, Spain and Sweden and have approximately 4,000
employees in 24 facilities.  Collins & Aikman has 4,000 employees
in 26 plants in nine countries in Europe.  Collins & Aikman's
European operations are expected to continue in the normal course
of business without interruption while the Administrators assess
appropriate options.

Additional information regarding the European group-wide
Administration is available at
http://www.collinsaikmaneurope.com/and information regarding the
Chapter 11 reorganization at http://www.collinsaikman.com
For more information, call the Company's toll-free
Reorganization Information Line at 1-866-795-7641; for
international callers +1 310-432-4170.

CONTACT:  FINANCIAL DYNAMICS
          Phone: +44 (0) 20 7269 7167
          Lucy Thom
          Phone: +44 (0) 7712 174690
          Nigel O'Connor
          Phone: +44 (0) 7968 095770
          E-mail: collinsandaikman@fd.com

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


DIGNITY PLC: Nine-month Profit Up 11.7% to GBP31.6 Million
----------------------------------------------------------
Dignity plc has revealed its unaudited trading statement for the
39-week period ended 30 September 2005.

Group revenue for the 39-week period ended 30 September 2005
increased by 7.3% to GBP107.7 million (2004: GBP100.4 million).

Operating profit for the same period increased by 11.7% to
GBP31.6 million (2004: GBP28.3 million).

Chief Executive Peter Hindley said: "The Group continues to trade
well notwithstanding that deaths in the third quarter are
estimated to be approximately 2.5% lower than last year.
However, we remain on track to achieve our expectations for the
full year."

All numbers are reported in accordance with International
Financial Reporting Standards (IFRS).

In accordance with the terms of the securitization carried out in
April 2003, Dignity (2002) Limited (the holding company of those
companies subject to the securitization) has issued reports to
the Rating Agencies (Fitch and Standard & Poor's), the Security
Trustee and the holders of notes issued in connection with the
securitization confirming compliance with the covenants
established under the securitization.

CONTACT:  DIGNITY PLC
          Plantsbrook House
          94 The Parade
          Sutton Coldfield
          West Midlands
          B72 1PH
          Phone: 0121 354 1557
          Fax: 0121 321 5644
          E-mail: enquiries@dignityuk.co.uk
          Web site: http://www.dignityfunerals.co.uk


D J GEAR: Calls in Tenon Recovery Administrator
-----------------------------------------------
T. J. Binyon and S. R. Thomas (IP Nos 9285 and 8920), both of
Tenon Recovery D J Gear Limited (Company No 03956226) on Nov. 4.

DJ Gear Ltd. -- http://www.djgear.co.uk-- was established in the
1970s.  It offers a wide range of DJ and PA equipment for hire
from small lighting systems for children parties to a large rig
for raves.

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


DORSETAVON LIMITED: Administrators Take over Firm
-------------------------------------------------
P. Stanley and D. Bailey (IP Nos 008123, 006739) of Begbies
Traynor were appointed administrators of real estate developer
Dorsetavon Limited (Company No 02221839) on Nov. 7.  The
company's registered office is located at 56 Bradshawgate, Bolton
BL1 1DW.

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


DRAX GROUP: Drax Holdings to Bare Results Monday
------------------------------------------------
Drax Group Limited will present consolidated results for the nine
months ended 30 September 2005 of its principal subsidiary, Drax
Holdings Limited, at 3:00 p.m. (U.K. time) on Monday, 21 November
2005 at The City Presentation Centre, 4 Chiswell Street, London,
EC1Y 4UP, United Kingdom.

Those wishing to attend the presentation should register their
intention to attend with Ann Gray at Drax Power Limited on
+44-(0)-1757-612933 or write to ann.gray@draxpower.com

The meeting can also be accessed remotely via a dial-in
conference call.  After the meeting, recordings of the dial-in
call will be made available.

A copy of the presentation will be made available from 12:00 p.m.
(U.K. time) on 21 November 2005 for download at
http://www.draxpower.com

U.K. Call In Number: 020-7162-0125
International Call In Number: +44-20-7162-0125
U.S. Call In Number: +1-334-323-6203

U.K. Instant Replay

Start Date: 21 November 2005
Delete Date: 21 December 2005
Dial In Number: +44-(0)-20-7031-4064
Freephone number (U.K. only): 0800-358-1860
Passcode: 683365

U.S. Instant Replay

Start Date: 21 November 200
Delete Date: 21 December 2005
Dial In Number: +1-954-334-0342
Freephone number: +1-888-365-0240
Passcode: 683365

                        About the Company

Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fire power plant in Europe.  Its
primary subsidiary, Drax Power, operates the Drax Power Station
in North Yorkshire England.

Drax Group underwent a financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative
protection.  Its former project creditors took control of the
firm from owner U.S. energy generator AES.  In December, it
secured an agreement for a GBP348 million claim from TXU.  It
received a first distribution of some GBP214 million at the end
of March.  Succeeding payments are expected in 2005 and 2006.
The company is using its money to discharge B debt.

Drax Group Limited has appointed Deutsche Bank AG London as lead
adviser and sponsor for the proposed refinancing and listing.
It has retained Dresdner Kleinwort Wasserstein Limited as
financial adviser.

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


H LYES AND SON: Files for Liquidation
-------------------------------------
G. Bennett, chairman of H Lyes and Son Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 25 at One Redcliff Street, Bristol BS1 6NP.

Timothy Alexander Close of Milsted Langdon, One Redcliff Street,
Bristol BS1 6NP was appointed liquidator.

CONTACT:  H LYES AND SON LIMITED
          Wholesale Butchers, Tje Abattor, Gloucester,
          Gloucestershire GL2 8JX
          Phone: 01452750454


IRISH SEA: Ship Sale Falls Through
----------------------------------
Ordinary creditors of Irish Sea Express.com are unlikely to
receive repayment after the sale of the firm's chartered vessel
ended in failure, the recovery specialist managing the business
said.

David Moore of recovery specialists Begbies Traynor had hoped to
sell the catamaran used on the route for more than GBP2.6 million
to exercise an option to buy the vessel from its owner Man Steam
Packet Company.  But the offer failed to generate enough
interest, and Mr. Moore ran out of time.

Irish Sea went into administration last month with more than
GBP300,000 in debt only about five months after it started
operations.  It was severely affected by soaring fuel costs and
competition.  It started with a seven-days-a week trip between
Liverpool and Dublin, but had to reduce this to five days a week.
It carried 60,000 passengers and 20,000 cars from May until
October.

Its administration made redundant eight staff based at its
Birkenhead base, and forces the return of 140 people employed
through a specialist crewing agency.

The company received more than GBP2.5 million capital from
shareholders, the latest of which is a GBP650,000 capital
injection.  A refit of the vessel costs GBP1 million.  One of its
investors is John Stafford, the former boss of collapsed Cammell
Laird shipyard.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


JUICE CREATIVE: EGM Passes Winding-up Resolution
------------------------------------------------
Juice Creative Services Ltd. informs that a resolution to wind up
the company was passed at an EGM held on Oct. 27 at Elwell
Watchorn & Saxton LLP, 41 Welbeck Street, London W1G 8EA.

Graham Stuart Wolloff and Richard John Elwell of Elwell Watchorn
& Saxton LLP, 2 Axon, Commerce Road, Lynchwood, Peterborough PE2
6LR were appointed Joint Liquidators.

CONTACT:  JUICE CREATIVE SERVICES LTD.
          135A Goldhawk Road, Hammersmith
          London W12 8EN
          Phone: 020 7637 9497

          ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Phone: (+44) 01733 235253
          Fax: (+44) 01733 236391
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


KWELM: Average Payout to Creditors Increases to 88.7%
-----------------------------------------------------
Creditors of the five insolvent London market insurance companies
collectively known as KWELM will receive payment of a further
US$770 million in December 2005.  The average payment to
creditors is increased from 64% in May of this year to 88.7%.

That compares with the average return of around 40% expected when
the original scheme of arrangement was launched late in 1993.
Creditors of the largest of the companies, Walbrook Insurance,
representing approximately 45% of the total liabilities of US$3
billion, will be paid in full.

The increased distribution follows the successful implementation
of an Amending Scheme of Arrangement which introduced an earlier
closure process including a claims bar date and was approved by
creditors of the companies and the courts in 2004.

Joint Scheme Administrators Chris Hughes and Ian Bond commented:
"The run off commenced in 1992 against a background of great
uncertainty, particularly in respect of pollution and asbestos
claims, limited expectations of the ultimate pay out and a
timescale which extended beyond 2015.  We are very pleased that
progress and payouts have been more rapid and higher than
expected.

"Our run off services company - KWELM Management Services Limited
(KMS) - has conducted a text book bar date process.  The staff
have maintained excellent working relationships with creditors,
operated proactively, managed realistic expectations, and agreed
submitted claims to the value of US$240 million.  The KMS
capability has contributed significantly to the outcome."

The KWELM companies are subsidiaries of the failed London United
Investments plc.  They comprise Kingscroft Insurance, Walbrook
Insurance, El Paso Insurance, Lime Street Insurance and Mutual
Reinsurance.  They specialized in U.S. casualty, professional
indemnity and other liability insurance business.  Over 90% of
the KWELM assets and liabilities are in US dollars and most of
the policyholders are based in the United States.

The revised payouts for the five companies, effective from the 15
December 2005 payment date are:

Company Revised payment     percentage
   Kingscroft                   81
   Walbrook                    100
   El Paso                      95
   Lime Street                  83
   Mutual                       72
   Weighted average             88.7

The administrators expect to make a further small distribution of
between one and three per cent within the next three years as the
run off team collects residual reinsurance and concludes the run
off.

                            *   *   *

The major proportion of insurance cover provided by the KWELM
companies was written between 1972 and 1990.

The companies and their creditors entered into a court approved
Scheme of Arrangement in 1993, the objective of which was to pay
out to valid creditors the maximum sum in the minimum timescale.
An Amending Scheme of Arrangement approved by creditors and the
courts in 2004 introduced an earlier closure process including a
bar date for claims of 29 September 2004, methodologies for
ascertaining and quantifying contingent claims, and the prospect
of achieving closure of the run off in a reduced timescale and at
lower cost.

All annual reports to creditors (1993-2004), press releases, full
texts of the Amending Scheme of Arrangement, and related
information, are available at http://www.kwelm.com

CONTACT:  KWELM
          John Stow House
          18 Bevis Marks
          London EC3A 7JB
          Phone: +44 (0) 20 7645 4700
          Fax: +44 (0) 20 7645 4777
          Chris Hughes
          Phone: +44 (0) 20 7029 5421
          E-mail: chughes@krollworldwide.com

          Chris Reynolds
          Phone: +44 (0) 20 7645 4990
          E-mail: chris.reynolds@kwelm.com

          CAROLINE CECIL ASSOCIATES
          Caroline Cecil
          Phone: +44 (0) 20 7610 4110
          E-mail: ccecil@carolinececil.co.uk
          Web site: http://www.kwelm.com


LANGFORD AND THOMSON: Hires Tenon Recovery Liquidator
-----------------------------------------------------
D. Langford, the chairman of Langford And Thomson Limited,
informs that the special resolution to wind up the company was
passed at an EGM held on Nov. 4 at Tenon Recovery, Arkwright
House, Parsonage Gardens, Manchester M3 2LF.  Christopher Ratten
was appointed liquidator.

Creditors are required on or before December 16, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to Christopher
Rattenof Tenon Recovery, Arkwright House, Parsonage Gardens,
Manchester M3 2LF, the liquidator of the company, and, if so
required by notice in writing their debt or claims.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com


LATHE TRAYS: Names Milner Boardman Administrator
------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) of Milner
Boardman & Partners were appointed administrators of Lathe Trays
Fabrications Limited (Company No 04342430) on Nov. 3.  Its
registered office is at Station Road, Rowley Regis, Warley, West
Midlands B65 0JX.

Lathe Trays specializes in components and assemblies including
the supply of complete kits of parts, for specialist road
vehicles, railway carriages, the nuclear power industry and
machine tool and electronic rotating machine industry.

CONTACT:  LATHE TRAYS FABRICATIONS LTD.
          Station Road
          Rowley, Warley
          West Midlands B65 0JX
          United Kingdom
          Phone: 0121 559 1115
          Fax: 0870 420 2912

          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


LUMINAR PLC: Cuts Net Debt by GBP40 Million
-------------------------------------------
Luminar plc has reported results for the half-year to 1 September
2005 for the first time under IFRS.

Highlights

(a) performance in line with the Company's plans, with like for
    like sales for core businesses flat on prior year;

(b) continued good progress towards re-focusing the Company
    following the disposal of the Enterprise division;

(c) pre-tax profit on continuing operations pre-exceptional
    items up GBP1 million to GBP20 million (2004 - GBP19
    million);

(d) seven re-branded units opened in the first half performing
    well;

(e) EPS from continuing operations pre-exceptional items up 7%
    to 17.7 pence, (2004 - 16.5 pence);

(f) net debt reduced by GBP40 million in 12 months to GBP140
    million, (2004 - GBP180 million), with net debt reduced by
    GBP25 million during the first half;

(g) 10% increase in level of the proposed interim dividend to
    4.44 pence;

(h) current trading: like for like sales for the nine weeks
    since 1 September - 0.5% (year to date like for like
    sales are flat).

Chief Executive Stephen Thomas said: "Despite a difficult trading
environment, which has continued into the second half, the
Company has made significant progress in its transformation.  Our
Branded units are performing well.

"The impact of licensing reform remains unpredictable, but the
Company is operationally prepared to meet this challenge.  We are
cautiously optimistic about the balance of the financial year."

The market in which the Company trades has remained difficult and
highly competitive.  Against this background the Company's
performance has been in line with its plans.

The Company is continuing to make encouraging progress in the
execution of its strategy of refocusing the business around a
high quality brand and market led business with good and stable
long-term cash returns on capital.  The successful disposal of
the 49 units comprising the Enterprise division for consideration
of GBP27 million was completed during June 2005.

Financial

Turnover from continuing operations for the half-year to 1
September 2005 was GBP154.4 million, (2004 - GBP158.8 million).
The half-year to 1 September 2005 contains GBP1.8 million (2004 -
GBP8.9 million) of sales relating to single sites which have been
closed pending sale or refurbishment.  Excluding these sites
closed pending disposal or refurbishment turnover from continuing
operations is up GBP2.7 million.  Despite the difficult market
conditions like for like sales for core businesses remained flat
on prior year.  The gross margin has been maintained at 82%
(2004 - 82%) as a result of a combination of better buying and
more targeted drinks promotions.

Operating profit pre-exceptional items on continuing operations
is GBP24.6 million (2004 - GBP26.1 million), with operating
margin maintained at 16%.  The reduction in profits is due to a
reduced contribution from the Entertainment segment and the
impact of the re-branding program on units undergoing
refurbishment.

Total administrative expenses before exceptional items were
GBP102.4 million, (2004 - GBP103.7 million) down 1% on the prior
year.  Included within administrative expenses before exceptional
items are corporate costs of GBP10.7 million (2004 - GBP10.3
million) including one off costs of GBP0.3 million.

Earnings before interest, tax, depreciation and amortization
(EBITDA) from continuing operations pre-exceptional items is down
GBP0.6 million to GBP41.4 million (2004 - GBP42.0 million),
although EBITDA margin has increased to 27% (2004 - 26%).

Net finance costs have reduced to GBP4.7 million (2004 - GBP7.2
million), from the prior year levels, as a result of lower
average net debt levels during the first half of 2005.  Profit
before tax on continuing operations pre-exceptional items is up
GBP1.0 million to GBP19.9 million, (2004 - GBP18.9 million).

With the effective tax rate on continuing operations
pre-exceptional items at 35%, (2004 - 36%), earnings per share
from continuing operations are up 7% to 17.7 pence, (2004 - 16.5
pence).

Exceptional items before tax relating to continuing operations
were income of GBP3.5 million, (2004 - GBP5.3 million charge).
These exceptional items primarily arise from the decision to exit
from selected single sites, a realized profit on the sale and
leaseback of the Company's Hemel Hempstead complex, together with
expenses associated with the strategic re-organization of the
group.  Profit before tax on continuing operations post
exceptional items is up GBP9.8 million to GBP23.4 million (2004 -
GBP13.6 million).

Cash flow and Net Debt

The Company continues to reduce its net debt through operational
cash flow and disposal of non-core assets.  Net debt at the end
of the period totaled GBP140.3 million, (2004 - GBP180.4
million).  Cash flow from operations at GBP33.2 million, (2004 -
GBP33.4 million), was maintained at prior year levels, including
exceptional cash flows of GBP1.1 million (2004 - GBPnil).  Cash
flow from operations before cash flows in respect of exceptional
items was GBP34.3 million, (2004 - GBP33.4 million).

Capital expenditure during the first half totaled GBP24.6
million, (2004 - GBP15.1 million), the increase resulting from
acceleration of the re-branding and refurbishment program during
2005/6.

Two single sites were disposed of in the first half for proceeds
of GBP2.0 million.  Proceeds of GBP22.3 million were received on
completion of the sale of the Enterprise division in the first
half.  Cash costs associated with the disposal totaled GBP2.0
million.

Cash proceeds of GBP17.0 million relating to the sale and
leaseback of the Hemel Hempstead complex have been received since
the half-year end.  Agreement has been reached to sell a further
five properties for proceeds of GBP2.5 million - the proceeds on
these disposals were slightly above net book value.

Additional proceeds from the disposal of the Enterprise division
of GBP2.3 million have been received since the half-year end, and
a further GBP0.9 million is due to be received during the second
half.

Dividend

The Board has declared an increase of 10% in the interim dividend
to 4.44 pence (2004 - 4.04 pence), which will be paid on 6
January 2006 to shareholders on the register at 9 December 2005.
The level of increase in the dividend reflects the Board's
confidence in the current re-branding strategy and the future
performance of the Company.

Management

Nick Beighton joined the Board as Finance Director in August from
Matalan plc.  David Crabtree also joined the business as Managing
Director of the Entertainment Division in July.  Work is
continuing to strengthen the management teams and to improve
management processes.  The business is currently moving its Admin
center premises to Milton Keynes enabling it to centralize most
of its head office and back office activities.

Current Trading

Trading in October was below previous trends.  Like for like
sales from core businesses for the nine weeks since the half-year
were down 0.5% - like for likes sales from core businesses for
the year to date including the 9 weeks since the half-year end
remain flat on prior year.

The market remains highly competitive, and it is expected that
trading conditions will remain difficult.  Throughout this period
the Board has continued to be encouraged with the performance of
the branded dancing units, although the unbranded units have been
under greater pressure through a lack of a clear proposition.

The initial impact of the forthcoming licensing reform presents
one of the biggest changes to the market place for many years,
and it is difficult to predict its impact.  The Board is
confident that the Company has put in place sound operational
plans to deal with the forthcoming changes, and remains
cautiously optimistic about the balance of the financial year.

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

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


MATE PRECISION: Calls in Grant Thornton
---------------------------------------
D. Vandenberghe, the director of Mate Precision Tooling Limited,
informs that the special resolution to wind up the company was
passed on Oct. 20.  Samantha Keen of Grant Thornton UK LLP, 31
Carlton Crescent, Southampton SO15 2EW was appointed liquidator.

Creditors are required on or before December 31, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to Samantha
Keen, of Grant Thornton UK LLP, 31 Carlton Crescent, Southampton
SO15 2EW, and, if so required by notice in writing their debt or
claims.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


METROPOLITAN VENTURE: Liquidators from PwC Take over Firm
---------------------------------------------------------
H. A. McGrath, a member of Metropolitan Venture Partners Limited,
informs that the special and ordinary resolutions were passed at
a meeting held on Oct. 31.  Jonathan Sisson and Tim Walsh of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT were
appointed joint liquidators.

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


MINTON MEDICAL: Calls in Joint Liquidators
------------------------------------------
S. Minton, the chairman of Minton Medical Centres Limited,
informs that the special and extraordinary resolutions to wind up
the company were passed at an EGM held on Oct. 31 at the Ground
Floor, Minton Chambers, 12 Heatons Court, Leeds LS1 4LJ.  Matthew
Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork,
33 George Street, Wakefield WF1 1LX were appointed joint
liquidators.

Creditors are required on or before December 2, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to Matthew
Colin Bowker and David Antony Willis, of Jacksons Joliffe Cork,
33 George Street, Wakefield WF1 1LX, the joint liquidators of the
company, and, if so required, by notice in writing their debt or
claims.

CONTACT:  MINTON MEDICAL CENTRES LTD.
          Minton Chambers
          12 Heatons Court
          Leeds LS1 4LJ
          Phone: 0113 234 1900
          Fax: 0113 234 3399

          JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


MP SECURITY: Goes into Liquidation
----------------------------------
M. Powell, chairman of MP Security Systems Ltd. (t/a Advance
Systems), informs that resolutions to wind up the company were
passed at an EGM held on Oct. 21 at 20 Cornhill, Lincoln LN5 7HB.

Stephen P. J. White, Suite 508 Daisyfield Business Centre,
Appleby Street, Blackburn BB1 3BL was appointed liquidator.

CONTACT:  SECURIT SECURITY SYSTEMS LTD.
          Unit 1
          Sleaford Road
          Sleaford Industrial Estate
          Bracebridge Heath
          Lincoln Lincolnshire LN4 2ND
          Phone: 01522 569960


NORTHERN FOODS: Reports GBP14.4 Million Half-year Profit
--------------------------------------------------------
Northern Foods plc has unveiled interim results for the 26 weeks
ended 1 October 2005.

Financial Highlights

(a) continuing sales GBP700.0 million (2004: GBP680.7 million);
    underlying sales growth 3.4%;

(b) satisfactory profit performance in difficult trading
    environment - profit from continuing operations up 7.0% at
    GBP38.4 million (2004: GBP35.9 million); profit before tax
    up 5.8% at GBP25.7 million (2004: GBP24.3 million);

(c) profit for the period GBP14.4 million (2004: loss GBP7.9
    million); and

(d) interim dividend increased to 3.40 pence per share (2004:
    3.35 pence per share).

Operational Highlights

(a) market share gains in key brands - Goodfella's, Fox's, Pork
    Farms;

(b) significant new business wins with major retailers;

(c) GBP10.7 million benefit delivered from efficiency
    programs, net of upfront program investment, largely
    offsetting inflationary cost pressures; and

(d) restructuring of chilled businesses initiated.

            Report of Chief Executive Pat O'Driscoll

During the first half of 2005/06, Northern Foods continued to
make good progress in driving sales growth, while delivering
efficiency savings and operational improvements through our GET
FIT program.  Our three year plan to transform the company into
an integrated "One Northern" business continues at pace and the
recently strengthened management team is now fully operational an
d focused on strategic delivery.

The retail market remained extremely competitive and there are
signs that consumers are becoming increasingly cautious.
Nevertheless, we have delivered underlying sales growth within
our target range of 3 to 4% and we are maintaining and improving
our operating margins.  Our determination to be the leader in our
chosen markets has been reinforced through strong brand
performance in the first half and our success in winning
important own label business.

Earnings per share before exceptional items from continuing
operations rose 5.5%.  Accordingly, the board is recommending an
increase in the interim dividend to 3.40 pence per share (2004:
3.35 pence per share).

Profit and Dividends

Profit from operations before exceptional items for continuing
operations was 7.0% higher at GBP38.4 million (2004: GBP35.9
million).  Profit before tax and exceptional items was 5.8%
higher at GBP25.7 million (2004: GBP24.3 million).  The Bakery
and Frozen divisions performed well; however, profitability in
the Chilled division is not at an acceptable level.

Net finance costs increased by GBP1.6 million to GBP12.7 million
(2004: GBP11.1 million), due to higher levels of debt resulting
from special pension contributions by the company of GBP40
million over the past 12 months.

Pre-tax exceptional items from continuing operations totaled
GBP8.8 million (2004: GBP34.8 million).  This comprised GBP3.7
million to complete factory and head office rationalization
started in 2004/05, together with GBP5.1 million to implement new
manufacturing structures and to consolidate the chilled
businesses into a single division.  We continue to present items,
which are both material and non-recurring as exceptional items
within their relevant consolidated income statement category.
The separate reporting of exceptional items helps provide a
better indication of the company's underlying business
performance as we go through this period of major business
transformation.

The full year effective tax rate is expected to be 20% (2004:
19%), with the company benefiting from the successful resolution
of prior year taxation matters and lower Irish tax rates.  Profit
for the period from continuing operations was GBP14.4 million
(2004: loss GBP4.0 million).  There were no discontinued
operations in 2005/06 (2004: loss GBP3.9 million).

Profit for the period was GBP14.4 million, compared with a loss
of GBP7.9 million in the prior period.  Earnings per share before
exceptional items from continuing operations rose 5.5% to 4.24
pence (2004: 4.02 pence).  Basic earnings per share from
continuing and discontinued operations was 2.96 pence (2004: loss
1.60 pence).  The board is recommending an interim dividend of
3.40 pence per share (2004: 3.35 pence per share) payable on 31
March 2006 to shareholders on the register at 27 January 2006.

Cash Generation and Balance Sheet

To drive shareholder value creation, we place a strong focus on
cash management and selective capital investment.  Despite a
seasonal increase in working capital ahead of Christmas
shipments, free cash flow was an outflow of only GBP7.9 million
(2004: outflow GBP12.3 million).

Capital expenditure remained tightly controlled at GBP30.2
million (2004: GBP29.6 million), with targeted expansion in the
growth areas of biscuits, frozen pizza and ready meals,
complemented by a sharp focus on driving efficiency improvements
in the Chilled division.  The first half saw the commissioning of
the GBP16 million stone-bake pizza line in Ireland to support the
launch of Solos.

With cash spend on exceptional items at GBP17.0 million and a
special pension contribution of GBP20.0 million, net debt
increased to GBP399.2 million (2004: GBP379.7 million).  Net
assets at the balance sheet date were GBP142.6 million (2004:
GBP113.1 million).

Pensions

In the last financial year we announced action to address the
deficit on the principal pension scheme.  Over the past 12 months
the after tax pension deficit has decreased by over one-third to
GBP104.7 million (2004: GBP160.2 million).  This excludes any
gain or loss on actuarial experience since 2 April 2005, which is
calculated only at each yearend.  Two special contribution
payments of GBP20 million each have been made to the scheme, one
in the second half of 2004/05 and one in the first half of
2005/06.  A further GBP10 million special contribution is
committed for 2006/07.  The scheme trustees are currently
undertaking their periodic actuarial valuation as at 31 March
2005 and the company expects shortly to agree a new contribution
rate for 2006/07 onwards.

Outlook

Our program for the transformation of Northern Foods is well
underway.  We have made encouraging progress in the last 12
months.

The trading environment remains difficult. Against a background
of rising input costs, particularly for energy, we expect the
recent period of price deflation to end.  We are negotiating with
our retail customers to recover input cost inflation.  With our
GET FIT program continuing to drive efficiencies, we expect
progressively to improve our operating margin over the next 18
months.

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

CONTACT:  NORTHERN FOODS PLC
          2180 Century Way, Thorpe Park
          Leeds
          LS15 8ZB, United Kingdom
          Phone: +44-113-390-0110
          Fax: +44-113-390-0211
          Web site: http://www.northern-foods.co.uk


NORTHERN PROPERTY: Administrator from Tenon Recovery Enters Firm
----------------------------------------------------------------
Ian William Kings (IP No 7232) of Tenon Recovery was appointed
administrator of Northern Property Developments (Jesmond) Limited
(Company No 04854228) on Nov. 4.

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


PETERS DOOR: Appoints Ernst & Young Administrator
-------------------------------------------------
G. Wilson (IP No 9062) and A. M. Hudson (IP No 9200) of Ernst and
Young were appointed joint administrators of Peters Door Systems
Limited (Company No 05222884) on Oct. 26.  Its registered office
is at Shawbank Road, Lakeside, Redditch, Worcestershire B98 8YN.
The company manufactures bus doors.

CONTACT:  PETERS DOOR SYSTEMS
          Bradbury Drive
          Springwood Industrial Estate
          Braintree CM7 2ET
          Essex
          Phone: 01376 555277
          Fax: 01376 555292

          ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com

          ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


PHILLIP PAYNE: Hires Vantage to Wind up Business
------------------------------------------------
C. Morjaria, director of Phillip Payne Limited (formerly Mortex
Enterprises Limited), informs that resolutions to wind up the
company were passed at an EGM held on Oct. 24 at Coventry
Courtyard, London Road, Ryton on Dunsmore, Coventry CV8 3DY.

Robert P. J. Allen of Vantage Corporate Restructuring, 20-24
Kirby Street, London EC1N 8TS. was appointed liquidator.

CONTACT:  PHILLIP PAYNE LTD.
          Phone: 0121 7052384

          VANTAGE
          20-24 Kirby Street
          London EC1N 8TS
          Phone: 0845 225 5801
          Fax: 0845 225 5802
          E-mail: Rallen_vantage@hotmail.com


ROSSBANK TELENET: Administrators Take over Firm
-----------------------------------------------
Nicholas Stewart Wood and Martin Gilbert Ellis (IP Nos 9064,
8687) of Grant Thornton UK LLP were appointed joint
administrators of Rossbank Telenet Services Limited (Company No
04179823) on Nov. 2.  The company's registered office is at St
James House, St James Square, Cheltenham Gloucestershire GL50
3WD.

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


ROY WALKER: Calls in Liquidator from Elwell & Elwell
----------------------------------------------------
Roy Walker Pine Limited informs that a resolution to wind up the
company was passed at an EGM held on Oct. 27 at Elwell Watchorn &
Saxton LLP, Cumberland House, 35 Park Row, Nottingham NG1 6EE.

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

CONTACT:  ROY WALKER PINE LTD.
          Lindens Farm, North Road
          Sutton on Trent
          Newark
          NG23 6QL
          Nottinghamshire
          Phone: 01636 822173
          Fax: 01636 822229
          Web site: http://www.roywalkerpine.com

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


SALSA STYLE: Liquidator Enters Firm
-----------------------------------
D. Langford, the chairman of Salsa Style Limited, informs that
the special resolution to wind up the company was passed at an
EGM held on Nov. 4 at Tenon Recovery, Arkwright House, Parsonage
Gardens, Manchester M3 2LF.  Christopher Ratten was appointed
liquidator.

Creditors are required on or before December 16, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to Christopher
Ratten of Tenon Recovery, Arkwright House, Parsonage Gardens,
Manchester M3 2LF, the liquidator of the company, and, if so
required by notice in writing their debt or claims.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com


SEARCHEXIT LTD.: In Liquidation
-------------------------------
G. M. Crowe, chairman of Searchexit Limited (t/a The Hazelthorpe
Residential Home), informs that resolutions to wind up the
company were passed at an EGM held on Oct. 27 at Tomlinsons, St
John's Court, 72 Gartside Street, Manchester M3 3EL.

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

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

CONTACT:  SEARCHEXIT LIMITED
          No 5153 Great Ducie Street
          Manchester M3 1FB
          Phone: 01706-365274

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


SHILLAND LIMITED: PR Agency Files for Liquidation
-------------------------------------------------
Peter I. Shilland, chairman of Shilland Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 28 at Bankside House, 107-112 Leadenhall Street, London EC3A
4AH.

Jeremiah O'Sullivan of Bishop Fleming, Bankside House, 107-112
Leadenhall Street, London EC3A 4AH was appointed liquidator.

Shilland -- http://www.shilland.co.uk/-- has provided PR
solutions since 1985.

CONTACT:  SHILLAND LIMITED
          55 Poland Street, London W1F 7NN
          Phone: 020 7439 2559
          Fax: 020 7734 6388
          E-mail: info@shilland.co.uk\


SJT COMPUTER: Appoints Liquidator
---------------------------------
S. J. Tonks, chairman of SJT Computer Technology Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 25 at No. 1 St Swithin Street, Worcester WR1 2PY.
Neil Francis Hickling of Smith & Williamson Limited, No 1 St
Swithin Street, Worcester WR1 2PY was appointed liquidator.  The
appointment was confirmed at a creditors meeting held the same
day.

CONTACT:  SJT COMPUTER TECHNOLOGY LIMITED
          Bordesley Hall, The Holloway, Birmingham, West
          Midlands B48 7QA
          Phone: 01527405300

          SMITH & WILLIAMSON
          1 St Swithin Street
          Worcester
          Worcestershire WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          E-mail: nfh@smith.williamson.co.uk


SPEYMILL GROUP: Raising GBP2 Million via Share Offering
-------------------------------------------------------
Speymill Group plc, through Lewis Charles Securities Limited,
has placed 3,400,000 new ordinary shares at a placing price of 59
pence per share representing approximately 6.47% of the enlarged
share capital of the Company, to raise approximately GBP2 million
before expenses.

The Company is raising additional working capital the majority of
which will be used to support and expand its fund management
business, to develop business initiatives in connection with the
launch of new funds as well as supporting the existing Speymill
Contracts Limited business.

Application will be made for the 3,400,000 new ordinary shares to
be admitted to trading on AIM and dealings are expected to
commence on 25 November 2005.

Appointment of Broker

The company has appointed Lewis Charles Securities Limited as its
sole broker.  Nabarro Wells will continue to act as the Company's
Nominated Adviser.

Chairman Bob MacDonald said: "The appetite for this placing has
been very encouraging and we are delighted to welcome new share
holders who have recognized the significant potential for
Speymill within its chosen markets.  Due to the successful launch
of our first fund, the Epicure Berlin Property Fund, and the
growing order pipeline in the construction business the Board
views the future with confidence."

                        About the Company

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

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

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

          LEWIS CHARLES SECURITIES LTD.
          David Scott, Director
          Phone: 020 7065 1150

          NABARRO WELLS & CO. LIMITED
          Robert Lo / Jonathan Naess
          Phone: 020 7710 7400


STEPPING STONE: Natural Stone Wholesaler Winds up
-------------------------------------------------
S. Mienczakowski, chairman of Stepping Stone Tiles Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 26 at Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP.

Richard Frank Simms and Martin Richard Buttriss of Insol House,
39 Station Road, Lutterworth, Leicestershire LE17 4AP were
appointed Joint Liquidators.

Stepping Stone -- http://www.steppingstonetiles.co.uk-- sells
natural stone tiles including travertine tiles, marble tiles and
mosaic tiles from Mexico, Spain and Italy.  It has a showroom in
Coventry.

CONTACT:  STEPPING STONE TILES LIMITED
          1 Crampers Field
          Coventry
          CV6 1HP
          United Kingdom
          Phone: (024) 7659 2500
          Fax: (024) 7659 2510


TOOMEY'S LIMITED: Hires Vantis Numerica Administrator
-----------------------------------------------------
Colin Ian Vickers (IP No 008953) of Vantis Numerica was appointed
administrator of Toomey's Limited (Company No 00521434) on Nov.
2.

CONTACT:  TOOMEYS LTD.
          67 Preston Street
          Brighton BN1 2HU
          East Sussex
          Phone: 01273 244800
          Fax: 01273 328271
          Web site: http://www.toomeys.co.uk

          VANTIS NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.vantisnumerica.com


TRC ENGINEERING: Names Moore Stephens Liquidator
------------------------------------------------
T. Eaves, director of TRC Engineering Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Aug. 2 at 6 Ridge House, Ridgehouse Drive, Festival Park, Stoke
on Trent ST1 5TL.

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

CONTACT:  TRC ENGINEERING LTD.
          Unit 1, 209 Torrington Avenue
          Coventry
          CV4 9GY
          West Midlands
          Phone: 024 7646 6119
          Fax: 024 7646 5225
          Web site: http://www.trcengineeringltd.co.uk

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


TRUE BRAND: Goes into Liquidation
---------------------------------
M. Armstrong, director of True Brand International Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 26 at Hodgsons, George House, 48 George Street,
Manchester M1 4HF.

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

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


VEHICLE SHAPE: EGM Passes Winding-up Resolution
-----------------------------------------------
S. Sofocleous, director of Vehicle Shape Up Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 21 at Mountview Court, 1148 High Road, Whetstone, London N20
0RA.

Kikis Kallis, Kallis & Co, Mountview Court, 1148 High Road,
Whetstone, London N20 0RA was appointed liquidator.

CONTACT:  VEHICLE SHAPE UP LTD.
          236 Princes Avenue, London, NW9 9QU
          Phone: 020 8931 0177

          KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


WENTZEL, MURRAY: Calls in Liquidator from Moore Stephens
--------------------------------------------------------
G. Whatmough, director of Wentzel, Murray and Co. Limited,
informs that the special and ordinary resolutions to wind up the
company were passed at an EGM held on Nov. 2.  David Rolph and
Jeremy Willmont of Moore Stephens LLP, 1 Snow Hill, London EC1A
2DH were appointed joint liquidators.

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


YORKSHIRE WINDOWS: Files for Liquidation
----------------------------------------
L. Leach, chairman of Yorkshire Windows East Anglia Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 27 at Burley House, 12 Clarendon Road, Leeds LS2
9NF.

Gerald Maurice Krasner of Bartfields (UK) Limited, Burley House,
12 Clarendon Road, Leeds LS2 9NF was appointed liquidator.

The resolution and appointment were confirmed at a subsequent
creditors meeting.

CONTACT:  YORKSHIRE WINDOWS EAST ANGLIA LIMITED
          122 New Road Side, Horsforth, Leeds
          West Yorkshire LS18 4QB
          Phone: 01223505710

          BARTFIELDS (UK) LIMITED
          Burley House
          12 Clarendon Road
          Leeds
          West Yorkshire LS2 9NF
          Phone: 0113 244 9051
          Fax: 0113 234 3208
          E-mail: gerald.krasner@bartfield.co.uk


* DTI Seeks Liquidation of Four Birkenhead-based Firms
------------------------------------------------------
Four Birkenhead-based companies are now being liquidated
following inquiries by the Department of Trade and Industry's
Company Investigation Branch, said Creditman.

The Official Receiver has been appointed as provisional
liquidator to McAllister Stone Limited, Cavendish Black Limited,
Debt Enforcement Agency Limited and Hamilton Black Limited.

McAllister Stone Limited and Cavendish Black Limited sold
advertising space in a series of publications intended for
off-duty emergency service personnel.  Meanwhile, Debt
Enforcement Agency acted as debt collector on behalf of Cavendish
Black.

DTI filed the winding-up petitions on November 8 under section
124a of the Insolvency 1986.  Hearing of the petitions will be on
December 12, 2005 at 10:00 a.m. in Manchester.

The registered office of Cavendish Black Limited and Hamilton
Black Limited is at 2nd Floor, 145 -147 St John Street, London
EC1V 4PY.  McAllister Stone Limited is located at Bridge House,
181 Queen Victoria Street, London EC4V 4DZ.  The registered
office of Debt Enforcement Agency Limited is at Suite B, 29
Harley Street, London W1G 9QR.

CONTACT:  THE INSOLVENCY SERVICE
          Public Interest Unit North
          PO Box 326
          Boulton House
          17 - 21 Chorlton Street
          Manchester M60 3ZZ
          Phone: 0161 934 4182

          DEPARTMENT OF TRADE AND INDUSTRY
          7th Floor
          1 Victoria Street
          London SW1H 0ET
          Phone: +44 (0)20 7215 5000
          Textphone: +44 (0)20 7215 6740
          Web site: http://www.dti.gov.uk


                            *********


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

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

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

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