TCREUR_Public/051121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 21, 2005, Vol. 6, No. 230

                            Headlines

C Y P R U S

INVEST CYPRUS: Gets B1 Issuer Rating, Stable Outlook from Moodys


C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: Board Shakeup Seen


F R A N C E

AIR HORIZONS: Insolvency Grounds Charter Airline
ALSTOM SA: H1 Net Income Swings to Black; 2006 Recovery on Track


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: S&P Cuts Ratings to B
BERLINER BUEROBEDARFS: Court to Verify Claims April
BHW HOLDING: AHBR-related Charges Pull down 9-month Results
BLUM U.: Under Bankruptcy Administration
BWH CONSTRUCTION: Creditors' Claims Due March

COLORS UN LIMITED: Essen Court Names Administrator
FOCUS BAUGESELLSCHAFT: Calls in Administrator from HWW
IHR PLATZ: Creditors Okay Restructuring Plan
INFINEON TECHNOLOGIES: Board Backs Strategic Realignment
KAMPS AG: 3rd-quarter Operating Profit Slips to EUR68 Million

KOCHANSKI PRINTING: Duisburg Firm Goes Bust
LLOYD WERFT: Offers Stake to State-owned Shipbuilder
SIC BRANDSCHUTZANLAGEN: Proofs of Claim Due December
VOLKSWAGEN AG: BMW, Mercedes Benz Outclass Luxury Model Phaeton
VZI - INDUSTRIESERVICE: Succumbs to Bankruptcy


G R E E C E

ABG FINANCE: Capitalization Remains Weak Despite Rights Issue
DRYSHIPS INC.: Q3, Nine-month Net Income up


I R E L A N D

ELAN CORPORATION: Seeks Consent to Reopen Sale of TYSABRI


I T A L Y

ALITALIA SPA: Workers Go on Strike
IMPREGILO SPA: Shareholders Cut Offer for Chilean Unit
IT HOLDING: Nine-month Net Loss Swells to EUR10.5 Million


K Y R G Y Z S T A N

KYRGYZKURULUSH: Under Bankruptcy Supervision
UNEKO: Government Appoints New Insolvency Manager
UNIKS: Creditors' Claims Due Early Next Year


N E T H E R L A N D S

ROYAL SHELL: Cluster Scheme in U.K. Disturbs Managers
ROYAL SHELL: Cancels Another 1,500,000 'A' Shares


N O R W A Y

PETROLEUM GEO-SERVICES: S&P Rates New Credit Facilities B+
PETROLEUM GEO-SERVICES: US$1 Bln Facility Gets Ba3 from Moodys


P O L A N D

MOSTOSTAL ZABRE: Creditor Offers to Write off Debt, Buy Assets
NETIA SA: Reports PLN71.3 Million Nine-month Net Profit


R U S S I A

ALNASHSKOYE: Bankruptcy Supervision Procedure Begins
BUILDER-75: Court Appoints Insolvency Manager
ECO-LES: Applies for Bankruptcy Proceedings
ILYINSKOYE: Proofs of Claim Deadline December 8
KINO-VIDEO CENTRE: Bankruptcy Supervision Begins

METROMEDIA INTERNATIONAL: Delays Results Anew
MILK: Undergoes Bankruptcy Supervision Procedure
REIFFEISEN INVESTMENT: Succumbs to Bankruptcy
REINFORCED CONCRETE: Insolvency Manager Takes over Firm
STARCH: Declared Insolvent
YUBILEYNYJ: Claims Filing Period Ends Next Month


U K R A I N E

CELOGIN: Bankruptcy Supervision Begins
FERMER TEH: Proofs of Claim Deadline Expires Tomorrow
SHORS ELECTRIC-MECHANICAL: Sets Public Auction Wednesday
TALISMAN: Liquidator Takes over Helm
TEPLOENERGOMONTAZH: Goes into Liquidation
UKRAINIAN PRODUCTION: Insolvency Manager Steps in
UKRINVESTSTROJ: Declared Insolvent


U N I T E D   K I N G D O M

ACACIA RECRUITMENT: Hires Liquidator
ALPHA LEATHERGOODS: Calls in Joint Liquidators
ARCHIE LTD.: Files for Liquidation
ASINARI LIMITED: Claims Deadline December 6
A & N COMMUNICATIONS: Goes into Liquidation

ATLAS DEMOLITION: BWC to Liquidate Business
BANKSIDE INSURANCE: Names PwC Liquidator
CARNE HOLDINGS: Call in Liquidators from Carter Backer Winter
CENTRAL DESIGNS: Liquidators from Begbies Traynor Enter Firm
CHILWOOD HOLDINGS: Calls in Liquidator from Milner Boardman

CLEVERSOURCE LIMITED: Falls Under Administration
COLLINS & AIKMAN: Creditors OK Cross-border Insolvency Protocol
COLT TELECOM: Delists Securities from U.K.L.A.
COPAL CASTING: Alumasc Shuts down Loss-making Casting Unit
COSTAIN GROUP: Wins GBP34 Million Design, Construction Deal

DE FACTO: Owners Pass Winding-up Resolutions
DTF TRAVEL: Appoints Liquidator
GOULDS DESIGN: Business up for Sale
GOULDS LTD.: Tissue Maker Calls in Administrator
GYMBOREE U.K.: Grant Thornton Liquidators Enter Firm

HARRY THORNES: Appoints BDO Stoy Hayward Administrator
HOMEFLARE LTD.: Files for Liquidation
LIFESTYLE CONSTRUCTION: Names Elwell Watchorn Liquidator
LINK FASHION: Goes into Liquidation
MG ROVER: DTI Inquiry Costs GBP23,000 a day

MIDLAND REFUGEE: Hires BDO Stoy Liquidator
MULLWIN LTD.: Owners Decide to Wind up Firm
OASI LIMITED: Hires Administrators from Cresswell Associates
ONSLOW DITCHLING: Creditors Meeting Set Friday
PAYSAGISTE LTD.: Landscaper Liquidates

PHOENIX CALL: Liquidator from DTE Leonard Enters Firm
PLANESTATION S.R.O.: Holding Company Opts for Administration
PMGH LTD.: Calls in Liquidator from Armstrong Watson
ROYAL MAIL: To Appoint New Managing Directors
SANCTUARY GROUP: Hunts for New Non-executive Chairman

SHIERS DIVING: Appoints Tenon Recovery Administrator
SKIPLINE WASTE: Calls in Administrator from Haines Watts
SMFB LIMITED: Administrators from Poppleton & Appleby Move in
SMI (OVERSEAS): DTI Winds up Real Estate Broker
TBH (IPSWICH): Begbies Traynor to Liquidate Business

TGB TRANSMISSIONS: Calls in Administrator
TRAFFIC CONTROL: EGM Passes Winding-up Resolutions
WHITE SHADOW: Creditors Meeting Set Wednesday
WM MORRISON: Loss Widens by GBP8.4 Million Under IFRS
WORLD INSURANCE: Names PricewaterhouseCoopers Liquidator
ZENITH KITCHENS: Appoints Sale Smith Liquidator


                            *********


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


INVEST CYPRUS: Gets B1 Issuer Rating, Stable Outlook from Moodys
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 issuer rating to
Reserve Invest (Cyprus) Ltd. (RIC).  The outlook for the rating
is stable.  Moody's says the B1 (stable outlook) issuer rating
reflects:

(a) A relatively high likelihood of support from the beneficial
    shareholders in case of need, although its timeliness and
    extent may be uncertain;

(b) The fact that, in economic terms, RIC is the foreign arm of
    a sound and promising group (IG Kapital);

(c) The facility lines obtained from some top investment banks
    worldwide, serving as testimony that RIC is a reliable
    counterparty; and

(d) RIC's location in an EU-member state, giving some degree of
    assurance that it is adequately regulated and supervised.
    In addition, RIC compared to peer financial companies is
    characterized by strong levels of capitalization and
    liquidity, relatively high transparency of ownership and a
    fairly efficient internal control system.

    However, Moody's notes that RIC has an underdeveloped
    franchise with non-related parties and a little-known brand
    name, as well as a very high portfolio concentration,
    creating de facto a high correlation between movements in
    Lukoil [senior implied rating Ba1] shares and volatility of
    asset value and earnings.

Headquartered in Limassol, Republic of Cyprus, Reserve Invest
(Cyprus) Ltd. was founded in 1998 and since then has been wholly
owned by Reserve Invest Holding (RIH), another Cyprus-based
company, while RIH is indirectly owned by some of Lukoil's top
managers.  RIC's activities, which effectively started in 2002,
are closely monitored by, and related to, IG Kapital, a
Moscow-based company with leading positions in asset management
in Russia.  IG Kapital's beneficial shareholders are also
Lukoil's top managers.

RIC's business lines are proprietary trading, brokerage,
underwriting, asset management and advisory.  However,
proprietary trading (mainly Lukoil shares) still represents a
very significant part of RIC's business.

The Cyprus Securities and Exchange Commission licensed RIC to
operate as a Cypriot Investment Firm and to provide investment
and non-core services in relation to transferable securities and
shares in collective investment undertakings.  Its license was
recently extended to trade in money market instruments, futures,
forward rate agreements, interest rate, currency and equity swaps
and options.

RIC reported shareholders' equity of US$458.0 million and total
assets of US$851 million in accordance with IFRS as of December
31, 2004.  The net profit for year 2004 reached US$119 million.

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)
          Joel Bismuth, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


VSEOBECNA ZDRAVOTNI: Board Shakeup Seen
---------------------------------------
The government is pushing ahead with the board revamp at General
Health Insurance Company (VZP), Czech News Agency says.

Health Minister David Rath last week submitted to the cabinet a
list of 10 nominees to replace the government's representatives
on the board and garner enough votes to oust VZP chief Jirina
Musilkova.

Mr. Rath has blamed the poor performance of Ms. Musilkova for the
company's CZK12 billion debt.  He has received positive response
from independent directors for his plan against the VZP chief,
who refuses to step down despite strong clamor to do so.  She
challenged the government to prove she was responsible for the
debt.

The health minister refused to identify the nominees, but
according to the news agency the list includes Jan Kostelecky, an
adviser to Labour and Social Affairs Minister Zdenek Skromach.
He and the other nominees will replace Deputy Labour Minister
Jiri Hofman and Senator Ludmila Muellerova, among others.

The health ministry placed VZP under forced administration two
weeks ago and appointed Antonin Pecenka administrator.  Prime
Minister Jiri Paroubek has called on Ms. Musilkova to resign
post-haste, citing her refusal to cooperate with the
administrator, especially in producing copies of contracts and
invoices.

CONTACT:  VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY
          (The General Health Insurance Company)
          Orlicka 4/2020
          Phone: 221 751 111
          E-mail: info@vzp.cz
          Web site: http://www.vzp.cz


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


AIR HORIZONS: Insolvency Grounds Charter Airline
------------------------------------------------
Charter flight operator Air Horizons filed for insolvency at the
commercial court in Bobigny on Nov. 14, Le Monde says.

Nearly three weeks ago, TCR-Europe had said the carrier risked
losing its license due to insolvency.  The court in Bobigny had
also appointed a trustee to help the company renegotiate its
debt.

The airline posted losses of over EUR100 million last year on
turnover of EUR100 million.  It owns five Boeing 737 planes and
employs 267 staff.  It flies to the Mediterranean and Africa from
hubs in Orly Airport, Charles de Gaulle International Airport,
and Le Bourget Airport.

Air Horizon rose from the ashes of Euralair in 2004 after a
last-minute takeover by U.K.-based Angel Gate Aviation, which
saved the firm from liquidation.

CONTACT:  AIR HORIZONS S.A.
          1 Place de Londres
          93290 Tremblay En France


ALSTOM SA: H1 Net Income Swings to Black; 2006 Recovery on Track
----------------------------------------------------------------
Alstom S.A.'s half-year results (April 1 - September 30) reached
the level targeted for year-end 2005/06.

(a) Operating margin expressed in IFRS reaches 5% (higher than
    the 6% target for year-end in French GAAP);

(b) Net income is positive (at EUR136 million);

(c) Free cash flow is positive (at EUR115 million); and

(d) Visibility is further reinforced, with:

    (i) A new bonding program secured to July 2008; and

   (ii) The disposals program close to completion.

            Statement of Chairman & CEO Patrick Kron

"These results, as well as the successful extension of our
bonding lines indicate that ALSTOM is now reaching its final
stage of recovery: our results are fully in line with our March
2006 targets, six months ahead of schedule.  Beyond March 2006,
ALSTOM should be in a position to enter a new phase of profitable
growth."

A copy of Alstom's first-half results can be viewed at
http://bankrupt.com/misc/AlstomSA(1h2005).pdf

                            About Alstom

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

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

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

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


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


ALLGEMEINE HYPOTHEKENBANK: S&P Cuts Ratings to B
------------------------------------------------
Standard & Poor's Ratings lowered its ratings on subordinated
debt issued by Germany-based Allgemeine Hypothekenbank Rheinboden
AG to 'B' from 'BB'.  The ratings on AHBR, including the 'BB+'
counterparty credit and senior unsecured ratings, remain on
CreditWatch with negative implications, where they were placed on
Oct. 25, 2005.  At the same time, the 'AAA' ratings on senior
secured Offentliche Pfandbriefe and Hypothekenpfandbriefe issued
by AHBR were affirmed.

"The rating actions follow up-to-date discussions with the bank
and its stakeholders, and are based on Standard & Poor's
expectation that initiatives to resolve AHBR's future are moving
toward an orderly solution," said Standard & Poor's credit
analyst Bernd Ackermann.

"Nevertheless, Standard & Poor's believes that the holders of
Pfandbriefe and senior unsecured debt are in a substantially
better position than holders of subordinated debt," added Mr.
Ackermann.  At this stage, it remains unclear whether AHBR will
be taken over or liquidated.  Therefore, the downgrade of the
ratings on subordinated debt obligations reflects that, on a
stand-alone basis, AHBR is unlikely to sustain its operations
without support, and that in a liquidation scenario subordinated
debt holders would be more likely to incur losses, given that its
subordinated debt is treated as regulatory capital.

The counterparty credit and senior unsecured debt ratings are
also based on Standard & Poor's expectation that a new owner
would have to present a sustainable business plan and to ensure
that support be made available for AHBR to receive regulatory
approval and the approval from the domestic deposit protection
scheme.

Currently, however, AHBR's sale process remains a developing
situation.  Therefore, the CreditWatch also reflects
uncertainties related to the outcome of this process.  Any agreed
new final stipulations would need to be reviewed by Standard &
Poor's to determine any rating implications.  This is of
paramount importance considering AHBR's poor earnings outlook and
capitalization, and ongoing structural weaknesses in its eastern
German loan portfolio.

Standard & Poor's expects to resolve the CreditWatch placement in
the short term once a decision regarding the future of the bank
has been reached, and should details of a potential acquisition
by a new owner be announced.

The ratings affirmation on AHBR's Offentliche and Hypotheken
Pfandbriefe reflect that at present the Pfandbriefe's
overcollateralization continues to be sufficient to absorb
potential credit losses and mitigate pool specific risks in order
to pay interest on, and repay principal of the corresponding
Pfandbriefe when they become due.  Following discussions with all
relevant parties, Standard & Poor's is comfortable that the
current adequate overcollateralization and liquidity levels will
be maintained.  Standard & Poor's will continue to tightly
monitor inherent pool risks as well as liquidity, and will
continue to comment regularly.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com It can also be found at
http://www.standardandpoors.com Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  ALLGEMEINE HYPOTHEKENBANK RHEINBODEN AG
          Betreff
          Bockenheimer Landstrasse 25
          D-60325 Frankfurt/Main
          Phone: (0 69) 71 79-0
          Fax: (0 69) 71 79-100
          Web site: http://www.ahbr.de/de/html/Homepage.htm


BERLINER BUEROBEDARFS: Court to Verify Claims April
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Berliner Buerobedarfs- und
Papiergrosshandels-KG Goldner & Thesenvitz GmbH & Co. on October
11.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 1,
2006 to register their claims with court-appointed provisional
administrator Christian Kohler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2005, 9:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on April 25,
2006, 9:30 a.m. at the same venue.

CONTACT:  BERLINER BUEROBEDARFS- UND PAPIERGROSSHANDELS-KG
          GOLDNER & THESENVITZ GMBH & CO.
          Ritterstr. 11,10969 Berlin

          Christian Kohler-Ma, Administrator
          Kurfuerstendamm 212, 10719 Berlin


BHW HOLDING: AHBR-related Charges Pull down 9-month Results
-----------------------------------------------------------
BHW Holding AG posted EUR61.1 million in pre-tax losses for the
first nine months of 2005, a complete turnaround from last year's
EUR58.5 million profit, Frankfurter Allgemeine Zeitung says.

Nine-month operating profit also slipped from EUR131 million to
EUR115 million, as a result of the sale of troubled mortgage
banking unit Allgemeine Hypothekenbank Rheinboden (AHBR).  BHW
set aside EUR189 million in provisions to complete the sale and
wrote down AHBR's value on its books.

BHW Holding AG's principal activity is that of a holding company
for a group offering banking services like mortgages, savings,
private and commercial banking, property management, mortgage
banking and investment services.  The group also offers life and
other insurance services.  Private construction accounted for 72%
of 2002 revenues; commercial construction, 12%; private assets,
6%; and government loans and others, 10%.

CONTACT:  BHW HOLDING AG
          Lubahnstrasse 2
          31789 Hameln
          Phone: +49 5151 18-0
          Fax: +49 5151 18-3001
          Web site: http://www.bhw.de


BLUM U.: Under Bankruptcy Administration
----------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Blum u. Co. KG on November 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 15, 2005 to register their claims
with court-appointed provisional administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on December 19, 2005, 11:15 a.m. at the district
court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn,
1. Stock, Saal W126, 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:  BLUM U. Co. KG
          Hellmaarstr. 3, 53340 Meckenheim
          Contact:
          Verena Velten, Manager
          Herrmann Josef Blum, Manager

          Dr. Jorg Nerlich, Administrator
          Sternstr. 79, 53111 Bonn
          Phone: 0228/94 59 820
          Fax: 0228/9459829


BWH CONSTRUCTION: Creditors' Claims Due March
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BWH Construction GmbH on November 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 1, 2006 to
register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2005, 9:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on April 25,
2006, 9:35 a.m. at the same venue.

CONTACT:  BWH CONSTRUCTION GmbH
          Lohengrinstr. 20 A,14109 Berlin

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


COLORS UN LIMITED: Essen Court Names Administrator
--------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Colors un limited GmbH on November 2.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 7, 2005 to register their claims
with court-appointed provisional administrator Dr. Frank
Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting on December 21, 2005, 1:50 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  COLORS UN LIMITED GmbH
          Dahlhauser Strasse 103, 45279 Essen
          Contact:
          Norbert Hovel, Manager
          Heintzmannsheide 69, 44797 Bochum

          Dr. Frank Nikolaus, Administrator
          Alfredstr. 108-112, 45131 Essen
          Phone: 87 90 40


FOCUS BAUGESELLSCHAFT: Calls in Administrator from HWW
------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against focus Baugesellschaft mbH on October 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 28, 2005 to
register their claims with court-appointed provisional
administrator Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting on December 19, 2005, 9:45 a.m. at the district court
of Dresden, Olbrichtplatz 1, 01099 Dresden, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  FOCUS BAUGESELLSCHAFT mbH
          Meissner Str. 13 in 01623 Lommatzsch

          Ulrich Kraft, Administrator
          HWW Wienberg Wilhelm
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


IHR PLATZ: Creditors Okay Restructuring Plan
--------------------------------------------
Creditors of German drugstore chain Ihr Platz unanimously
approved its restructuring plan.  At a creditors' meeting in
Osnabrueck on Thursday, 98.98% of creditors accepted a
comprehensive turnaround plan kicked off in June 2005.

After streamlining its operations across the company, reducing
its chain by 80 loss-making shops to 733 healthy drugstores
(including franchises) and strengthening the operational margin,
Ihr Platz expects to be profitable again in 2006 after five
loss-making years.  The company employs 8,100 people and achieved
a cash-positive status in the 4th quarter 2005.

In each of the five groups of creditors, the company registered
support of 97.7% to 100% of the votes.

"This is a tremendous vote of confidence and demonstrates that
Ihr Platz is on the right track," said Horst Piepenburg, a lawyer
and one of Germany's most experienced insolvency experts who
joined Ihr Platz' management team for an interim period.

Only 5 1/2 months ago, Ihr Platz filed for protection and was
granted to pursue an insolvency process in self-administration,
an option the German insolvency code allows and is similar to the
U.S.-model of Chapter 11.

With the key measures in place, the company expects to achieve
its turnaround targets already by the end of this year.  Since
the beginning of 2005, the company has been managed by
restructuring experts from Alvarez & Marsal and Modalis.
According to the insolvency plan, the creditors will be
compensated within two months once legal clearance has been
granted and outstanding issues solved amicably.

Ihr Platz, founded in 1895, recorded sales of around EUR700
million in 2004.

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


INFINEON TECHNOLOGIES: Board Backs Strategic Realignment
--------------------------------------------------------
On November 17, 2005, Infineon's Supervisory Board agreed to a
proposal from the Management Board concerning the company's
strategic realignment.  The objective is to create two focused
and independent companies, one for Logic and one for Memory
Products.  The realignment reflects fundamental shifts in
Infineon's target markets, characterized by changing market
conditions and business processes.  The Memory Products business
will be carved out as a legally independent entity by July 1,
2006.  As a next step, Infineon will consider an IPO of the
Memory Products Company as the preferred option.  Infineon, as
the parent company, will focus on the Logic business, comprised
of the business groups Automotive, Industrial Electronics and
Multimarket (AIM) and Communications (COM).

Rationale

"There are two essential reasons for taking this step: First, the
processes and business models for Memory and Logic are developing
in diverging directions.  Second, we improve the growth dynamic
and profitability potential for both companies," said Dr.
Wolfgang Ziebart, Chairman of the Board of Directors for Infineon
Technologies AG.

"For Memory Products, 'time-to-market,' manufacturing efficiency
and direct access to capital markets are essential.  For Logic
products, a profound understanding of applications, as well as a
strict alignment of all innovation activities with customers'
individual requirements in their competitive markets is crucial."

Memory Products as Technology and Cost Leader

The Memory Products business has significantly improved its
market position since Infineon's IPO and today is one of the
leading suppliers of memory products worldwide.  Additionally, on
an accumulated basis, the Memory Products business has positively
contributed to Infineon's EBIT since the year of the IPO.  The
market for memory products still offers significant potential for
growth and new business opportunities due to the broadening of
target applications.

Memory products manufacturers with critical size and respective
capabilities for product development can realize these market
potentials.  The strategic realignment will create a legally
independent Memory Products company with a leading position in
world markets and significant potential for growth.  Legal
independence, as well as direct access to capital markets, will
increase flexibility for strategic cooperation and will broaden
financing options.

The Memory Products business will primarily leverage its
development expertise to broaden its product portfolio to
gradually increase its sales volume with higher margin products,
such as in the application areas of servers, graphics, consumer
electronics and communications.  Infineon is the technology
leader in 300mm silicon wafer manufacturing.  The Memory Products
business plans to further improve its cost position by expanding
its 300mm share in manufacturing and accelerating migration to
smaller chip structures.

The continuation of established partnerships for development and
manufacturing will ensure optimization of capital expenditure, as
well as investment in research and development.  Based on its
legal independence and the accordingly increased opportunities to
seize the above-mentioned potentials, Infineon sees the Memory
Products business as best positioned for the future.

The new company will retain its operational headquarters in
Germany.  Dresden will remain the technology development center
for the planned company.  Kin Wah Loh, member of the Management
Board for Infineon AG and responsible for Memory Products, is
designated to lead the new company.

Logic With Clearly Defined Core Competencies

Logic includes the business group Automotive, Industrial
Electronics and Multimarket (AIM) and the business group
Communications (COM).  Infineon will further strengthen its core
technological competencies in Analog/Mixed Signal, Power,
RadioFrequency and Embedded Control.

Infineon will leverage these strengths to further develop
customer-oriented solutions in combination with its proven
application expertise in the following six areas:

(a) Automotive Electronics,

(b) Industrial Electronics and Power Management,

(c) Chip Cards and Security ICs,

(d) RadioFrequency solutions,

(e) Platforms for Mobile Telecommunications,

(f) Broadband Communications.

In addition, Infineon will use its manufacturing competence and
product know-how in more application areas.  Today, Infineon has
a leading market position in all application segments mentioned
above with good prospects to achieve competitive earnings.
Infineon intends to use proceeds from a possible IPO of the
Memory Products business for targeted investments in the
expansion of its Logic business.

Selective manufacturing strategy strengthens competitive
advantages

In the future, Infineon will pursue a selective manufacturing
strategy in the Logic business: The Company will continue to
invest in development and manufacturing capacities for advanced
technologies where it has a clear competitive edge, both today
and in the future.  Examples of Infineon's manufacturing strategy
are the production sites in Regensburg and Villach, as well as
the new fab for power semiconductors in Kulim, Malaysia.  In the
area of standard CMOS technologies, Infineon will continue to use
its existing manufacturing sites in Dresden and Essonnes, France,
while intensifying its established development and manufacturing
partnerships.  Examples are the cooperation for 90nm technology
with UMC as well as the partnerships for 65nm- and
45nm-technology with Chartered Semiconductors, IBM and Samsung.
As of today, Infineon does not intend to build in-house 65nm
capacity.

Growth potential for both businesses

"Both the Memory and the Logic businesses gain more room for
action to consolidate and expand their market leadership in
selected segments, to enhance customer orientation and to seize
opportunities for more forceful growth," said Dr.  Wolfgang
Ziebart.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multimarket
sectors, for applications in communication, as well as memory
products.  With a global presence, Infineon operates through its
subsidiaries in the US from San Jose, CA, in the Asia-Pacific
region from Singapore and in Japan from Tokyo.  In fiscal year
2004 (ending September), the company achieved sales of Euro 7.19
billion with about 35,600 employees worldwide.  Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).

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


KAMPS AG: 3rd-quarter Operating Profit Slips to EUR68 Million
-------------------------------------------------------------
Kamps AG's level of debt was significantly reduced in the third
quarter by the refund of a EUR240 million bond.  The proceeding
integration of supply chain ensures achieving the cost target.
At the same time the company invests to the same extent as in
2004.  One focus of the investment is the new plant in
Luedersdorf (Mecklenburg-Vorpommern).  The topping-out ceremony
will take place on 17 November, the production is supposed to
start mid-2006.

Due to a low consumption and the severe competition, the
improvement of cost structures within production is one main
issue of the planning.  After the already executed change of one
board member, the cooperation with the retailers should be
intensified within the area of self-service bakery products.

By the end of 30 September 2005, Kamps achieved a net group sales
volume of EUR948 million compared to EUR1.043 million within the
previous year (incl. the shares of sales volume of sold
companies).  The operating profit EBITDA was about EUR68 million
(previous year: EUR73 million).

                        About the Company

Kamps AG, through its 11,400 employees in around 1,000 bakeries,
supplies more than 23,000 food retail outlets in Germany with
fresh bread and fresh bakery goods of the brands, Golden Toast
and Lieken Urkorn, as well as private labels and bake-off
products.  In 2004, the Kamps Group generated sales of around
EUR1.4 billion, and EBITDA of EUR102 million (2003: EUR127
million).

In September 2004, Kamps initiated a comprehensive cost-cutting
program, implementing a new, centralized corporate structure as
the first step.  In June, the company confirmed it achieved
expected savings in the first quarter of 2005.  Besides three
closures more favorable terms for the purchase of raw materials
that have been agreed and the restructuring of the retail
business in the Netherlands contributed to lower costs.  For the
whole year, Kamps expects a turnover of EUR1.4 billion and a
operating profit EBITDA of EUR127 million.

CONTACT:  KAMPS AG
          Prinzenallee 11
          40549 Dusseldorf, Germany
          Phone: +49-211-53-06-34-0
          Fax: +49-211-53-06-34-34
          Web site: http://www.kamps.de

          Press Office
          Christina Stylianou
          Phone: +49-211-530634-435
          Fax: +49-211-520276-435
          E-mail: pressestelle@kamps.de


KOCHANSKI PRINTING: Duisburg Firm Goes Bust
-------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Kochanski Printing for Business GmbH & Co. KG on November
2.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December
30, 2005 to register their claims with court-appointed
provisional administrator Tanja Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 11:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, III. Etage, Raum 315, 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:  KOCHANSKI PRINTING FOR BUSINESS GmbH & Co. KG
          Im Lipperfeld 38, 46047 Oberhausen
          Contact:
          Horst Kochanski, Manager
          Weseler Str. 322, 46147 Oberhausen

          Tanja Bueckmann, Administrator
          Lindnerstr. 165, 46149 Oberhausen


LLOYD WERFT: Offers Stake to State-owned Shipbuilder
----------------------------------------------------
Shipyard Lloyd Werft Bremerhaven GmbH is selling a stake to
Italian state shipbuilder Fincantieri to raise needed capital,
Lloyds List says.

Lloyd Werft, which filed for insolvency in February last year,
has said it needs a strategic partner to secure and expand its
business.  Managing Director Werner L'ken has said the new
investor could take over majority control of the company.

Members of the management currently own the company.  Fincantieri
could acquire a stake before the end of the year, the report
said.

Lloyd Werft filed for insolvency after its cruiseship Pride of
America capsized in January 2004.  The insolvency proceeding was
suspended in June this year after the yard settled part of its
debt.

CONTACT:  LLOYD WERFT BREMERHAVEN GMBH
          Brueckenstrasse 25
          27568 Bremerhaven
          Germany

          P.O.B. 120542
          27519 Bremerhaven
          Germany
          Phone: +49 (0) 700 LLOYDWERFT
          Fax: +49 471 / 478-280
          E-mail: info@lloydwerft.com
          Web site: http://www.lloydwerft.com/

          FINCANTIERI
          Via Genova, 1
          34121 Trieste
          Phone: +39 040 319 3111
          Fax: +39 040 319 2305
          Web site: http://www.fincantieri.com/


SIC BRANDSCHUTZANLAGEN: Proofs of Claim Due December
----------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
SIC Brandschutzanlagen GmbH on November 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 20, 2005 to register their
claims with court-appointed provisional administrator Rolf Otto
Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting on January 4, 2006, 9:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG, gelber
Bereich, Saal 185, 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:  SIC BRANDSCHUTZANLAGEN GmbH
          Teilungsweg 30, 45329 Essen
          Contact:
          Stephan Lohmann, Manager

          Rolf Otto Neukirchen, Administrator
          Zweigertstr. 28-30, 45130 Essen
          Phone: (0201) 438740
          Fax: +492014387479


VOLKSWAGEN AG: BMW, Mercedes Benz Outclass Luxury Model Phaeton
---------------------------------------------------------------
Volkswagen AG will pull its Phaeton sedan model out of the U.S.
market next year after failing to meet sales targets, Bloomberg
News says.

The carmaker said it is exiting the large-sedan class in the U.S.
to "focus on increasing sales of its key models."   Hans-Gerd
Bode, a spokesman for the company, said: "The sales are not as
successful as they theoretically could have been.  We need to
concentrate all our efforts on the turnaround."

Phaeton was no match to BMW and Mercedes Benz, managing to sell
only 686 units in the U.S. in the last 10 months.  Created by
former Chief Executive Ferdinand Piech to penetrate the luxury
market, Phaeton was targeted to achieve yearly sales of 20,000,
in the U.S.  Sales of Phaeton in Germany rose 24% in the nine
months through September to 2,426 units.

Patrick Juchemich, an analyst with Sal Oppenheim in Frankfurt,
said: "They are simply not willing to spend additional money on
this car in the U.S.  It would have required a huge marketing
offensive."

Volkswagen's U.S. sales plunged 11% in the first 10 months of
2005 even after launching new Jetta and Passat models.  The
US$66,770 Phaeton model was up against Mercedes Benz's S-Class,
which starts at US$65,675 in the U.S., and Bayerische Motoren
Werke AG's 7-Series at US$71,800.

Analyst Stephen Pope said: "At that price, the Volkswagen
Phaeton, well built as it is, can only be described as an
inferior product.  The U.S. is the most dynamic consumer market
in the world, and if it won't work there, it won't work anywhere.
They should just stop it completely."

Volkswagen's U.S. division lost EUR907 million last year.  In the
first nine months of 2005, the loss widened to EUR818 million
from EUR614 million in 2004.  Chief Financial Officer Hans Dieter
Poetsch has said Volkswagen may continue losing in the U.S. this
year.  Volkswagen hopes to return to profit in North America by
2007.

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


VZI - INDUSTRIESERVICE: Succumbs to Bankruptcy
----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against VZI - Industrieservice GmbH on November 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 30, 2005 to
register their claims with court-appointed provisional
administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on January 20, 2006, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  VZI - INDUSTRIESERVICE GmbH
          Franz-Werfel-Str. 44-50, 32257 Buende
          Contact:
          Heike Boudount, Manager
          Enger Str. 137, 32257 Buende

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Luebbecke


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


ABG FINANCE: Capitalization Remains Weak Despite Rights Issue
-------------------------------------------------------------
Moody's Investors Service has confirmed the D- financial strength
rating (FSR) assigned to Agricultural Bank of Greece SA (ABG).
At the same time, Moody's has affirmed the Baa1/Prime-2 foreign
currency deposit ratings assigned to ABG and the Baa3
subordinated debt rating of ABG Finance International.  The
outlook for the deposit and debt ratings is stable, while the
outlook for the FSR is negative.

This rating action concluded a review process initiated to assess
the possible negative impact of the legislation regarding the
systemic restructuring of borrowers' bank debt (the Panotokia
Law) on ABG's financial fundamentals.  According to the Panotokia
Law (introduced in August 2004), borrowers' long-outstanding debt
that had multiplied due to past high interest rates had to be
restructured and rescheduled over seven years with a two-year
grace period.  The law provided that the total amount of loans
outstanding extended by Greek banks, including ABG, should not
exceed specified limits, with amounts beyond these limits having
to be written off.

Panotokia Law Cost EUR400 in Added Provisions

According to ABG's management, 85,000 customers with EUR1.3
billion of on-balance sheet loans were affected, necessitating an
approximate EUR800 million write-off or a EUR400 million hike in
already existing loan loss reserves.

Additional IFRS Adoption Charges Incurred

In addition to the EUR400 million provision charge related to the
Panotokia Law, ABG was required, as part of the IFRS adoption, to
boost its loan-loss reserves by another EUR500 million and to
take a EUR293 million charge relating to the shortfall in its
auxiliary pension fund scheme.

To absorb these charges and to restore its equity, ABG made a
rights issue of about EUR1.25 billion during the first half of
2005.  As a result, the bank's equity (on a consolidated basis)
was topped up to EUR1.4 billion in June 2005, accounting for
about 7% of total assets.  Moody's explains that the restoration
of the bank's equity position was the main factor preventing an
FSR downgrade in the rating review process.

Positive Changes

However, Moody's views positively the current management's
efforts to transform ABG from a state-supported agricultural bank
into a profitable, commercially driven, universal bank by
expanding its business with the non-farming sector.  Accordingly,
the bank has reorganized its branch network and is in the process
of rebranding branches, has upgraded its IT systems and is
launching new products to existing and new clients.

Moody's notes that the outlook for ABG's D- FSR is negative and
reflects challenges that need monitoring.

In Moody's view, ABG faces challenges going forward, some of
which are beyond management's control.  One of the key issues
ahead is how successful ABG will be in winning a desirable
quality of business with non-agriculture-related customers, as
its new strategy stipulates.  Furthermore, ABG's recent incursion
into the household sector has been taking place in tandem with
benign economic conditions in Greece, suggesting that the
resilience of its credit portfolio, as well as the adequacy and
the appropriateness of its credit risk management systems, remain
to be tested.  Finally, the transition in ABG's role will require
a major change in the perception and expectations of its existing
customers.

The process of implementing the Panotokia Law involved the
signing of restructuring agreements with customers throughout
2005.  Although Moody's views positively the fact that through
this restructuring a number of borrowers will have the
opportunity to normalize their relationship with ABG, the poor
past payment record of the farmers -- the bank's main though
declining customer segment -- suggests that the future
post-restructuring performance of these loans may remain
uncertain for some time.  Moody's believes that the restructured
loan portfolio may have a loss content that cannot be quantified
at present, and will monitor its progress.

Sustainable Improvements

Although ABG reported improved profitability during the first
half of 2005, the bank's earning power remains relatively low,
while a heavy provisioning burden continues to pressure
bottom-line profitability.

Non-provisioned NPLs Weaken Economic Capital

Furthermore, though improving, ABG's credit quality remains
relatively poor with a high level of problem loans.  According to
management, non-performing loans (NPLs) (loans overdue by more
than six months) accounted for 19% of gross loans, with loan-loss
reserves covering 66% of NPLs and non-provisioned NPLs accounting
for 56% of June 2005 equity.  Hence, despite the rights issue,
Moody's estimates that the bank's economic capitalization remains
weak, pressuring its FSR.  Furthermore, Moody's believes that the
bank's provisioning coverage remains low compared to
internationally accepted levels, especially when taking into
account ABG's lax classification criterion and the uncertainty as
regards the future performance of recently restructured loans.

Going forward, the FSR could slip if:

(a) The level of NPLs were to increase, leading to higher
    provisioning requirements and hence, poor profitability; and

(b) The bank's economic capital were to weaken further or the
    level of non-provisioned NPLs increase significantly.  On
    the other hand, the FSR could benefit from higher equity
    levels, better NPLs provisioning coverage and/or reduced
    NPLs, and higher and more sustainable profitability.

The Baa1/Prime-2 deposit ratings and Baa3 subordinated debt
ratings were affirmed, based on strong implied support reflecting
the bank's majority ownership by the Hellenic Republic and its
importance within the Greek banking system and economy.

Agricultural Bank of Greece is headquartered in Athens, Greece,
and had June 2005 total assets of EUR19.9 billion (based on
IFRS).

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

          Constantinos Pittalis, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


DRYSHIPS INC.: Q3, Nine-month Net Income up
-------------------------------------------
DryShips Inc. has reported its unaudited results for the three
months and nine months to September 30, 2005.

Net revenues for the third quarter of 2005 were US$57.29 million
compared to US$13.99 million for the third quarter of 2004.
Operating Income for the third quarter of 2005 was US$28.78
million compared to US$10.31 million for the third quarter of
2004.  Net income for the third quarter 2005 was US$22.85 million
compared to US$9.82 million for the third quarter of 2004.  Basic
earnings per share, based on average number shares outstanding,
was US$0.75 for the third quarter 2005.  The results of the third
quarter 2005 include one-time delivery expenses of US$1.6 million
or US$0.05 per share.  Without this charge EPS for the third
quarter would have been US$0.80.

Net revenues for the nine-month period ended September 30, 2005
were US$156.11 million compared to US$46.77 million last year.
Operating income was US$97.69 million compared to US$34.18
million for the nine-month period ended September 30, 2004.  Net
income for the nine-month period ended September 30, 2005 was
US$85.29 million compared to US$33.05 million for the nine-month
period ended September 30, 2004.  Basic earnings per share, based
on average number shares outstanding, was US$3.03 for the
nine-month period ended September 30, 2005.

CONTACT:  DRYSHIPS INC.
          80 Kifissias Avenue
          Marousi
          Athens - 15125
          Greece
          Web site: http://www.dryships.com

          Christopher J. Thomas
          Chief Financial Officer
          Phone: 011-30-210-809-0570
          E-mail: finance@dryships.com

          Investor Relations / Media
          Nicolas Bornozis
          Capital Link, Inc. (New York)
          Phone: 212-661-7566
          E-mail: nbornozis@capitallink.com


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


ELAN CORPORATION: Seeks Consent to Reopen Sale of TYSABRI
---------------------------------------------------------
Biogen Idec and Elan Corporation, plc said on Thursday that the
supplemental Biologics License Application (sBLA) for TYSABRI(R)
(natalizumab) for the treatment of multiple sclerosis (MS) has
been accepted and designated for Priority Review by the U.S. Food
and Drug Administration (FDA).

The FDA grants Priority Review status to products that are
considered to be potentially significant therapeutic advancements
over existing therapies that address an unmet medical need.
Based on the FDA's designation of Priority Review for TYSABRI in
MS, the companies anticipate action by the Agency approximately
six months from the submission date, rather than 10 months for a
standard review.  On September 26, 2005, the companies announced
they had submitted the sBLA for the market re-entry of TYSABRI
for MS and requested Priority Review.

The sBLA for TYSABRI in MS includes:

(a) final two-year data from the Phase III AFFIRM monotherapy
    trial and SENTINEL add-on trial with AVONEX(R) (Interferon
    beta-1a) in MS;

(b) integrated safety assessment of patients treated with
    TYSABRI in clinical trials; and revised label and risk
    management plan.

"We are pleased that TYSABRI has received Priority Review
designation, which we believe, reflects the unmet need in MS,"
said Burt Adelman, MD, executive vice president, Development,
Biogen Idec.  "We look forward to working with the FDA throughout
the review process and are hopeful that we will be able to bring
TYSABRI back to people living with MS."

"We believe that the acceptance of the sBLA for Priority Review
is another step in our ongoing commitment to provide TYSABRI as a
treatment option for MS patients in need," said Lars Ekman, MD,
executive vice president and president, Research & Development,
Elan. "We will continue to work closely with the FDA as they
review the filing so that TYSABRI can be made available with an
appropriate benefit-risk profile."

On February 28, 2005, Biogen Idec and Elan announced that they
voluntarily suspended TYSABRI from the U.S. market and all
ongoing clinical trials based on reports of progressive
multifocal leukoencephalopathy (PML), a rare and potentially
fatal, demyelinating disease of the central nervous system.
Biogen Idec and Elan recently completed a comprehensive safety
evaluation of more than 3,000 TYSABRI patients in collaboration
with leading experts in PML and neurology.  The results of the
safety evaluation yielded no new confirmed cases of PML beyond
the three previously reported.

About Elan

Elan Corporation plc (NYSE: ELN) is a neuroscience-based
biotechnology company.   Elan shares trade on the New York,
London and Dublin Stock Exchanges.   Visit http://www.elan.com
for additional information.

About Biogen Idec

Biogen Idec (NASDAQ: BIIB) creates new standards of care in
oncology, neurology and immunology.  As a global leader in the
development, manufacturing, and commercialization of novel
therapies, Biogen Idec transforms scientific discoveries into
advances in human healthcare.   Visit
http://www.biogenidec.comfor product labeling, press releases
and additional information about the company.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com


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


ALITALIA SPA: Workers Go on Strike
----------------------------------
Six of Alitalia's nine unions will stage a series of strikes, the
first on Nov. 29, to protest the airline's restructuring plan.

Unions FILT CGIL, FIT CISL, UIL Trasporti, UGL, ANPAV, and Unione
Piloti say the plan is deficient because it fails to address
fundamental weakness.  They also blasted a deal with Air
France-KLM, which accordingly "gives away part of the market."

The unions also criticized Alitalia's EUR1 billion capital hike,
which they acknowledge as "necessary but not enough to offer a
future to the 20,000 workers."  Strikes interrupted 2,800 flights
in 2004 and hundreds of flights this year.

From Nov. 14 to Dec. 2, Alitalia will issue 1.257 billion new
shares at 80 cents each.  It will offer current shareholders 13
new shares for every two held and bondholders 13 shares for every
60 bonds held.

A consortium of banks -- composed of Deutsche Bank AG (40.4%),
Banca Intesa's Caboto (19.3%), Unicredito Italiano's UBM (4.8%),
Societe Generale (4.8%), Morgan Stanley (4.8%), Lehman Brothers
(4.8%), Sanpaolo IMI's Banca IMI (4.8%), Credit Suisse (3.9%),
Nomura (3.9%), Credit Agricole's Calyon (2.9%), Capitalia's MCC
(3.9%), and Banca Popolare di Milano's Banca Akros (1.5%) -- will
underwrite EUR516.9 million of the offering.  Alitalia has 129
million outstanding shares.

The capital hike is at the core of Alitalia's 2005-2008
turnaround plan, which also entails job cuts and a split of
operations.  The Italian treasury will acquire EUR450 million of
new stocks, allowing Italy to slash its holding from 62% to below
50%.  Banks would take on any unsold stock.

                        About the Company

Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it-- generates more than
EUR4 billion in annual revenue and employs more than 20,000
people.  As of December 2004, group net debt stood at EUR1.76
billion in 2004.  Alitalia flies to about 80 destinations in more
than 60 countries from hubs in Rome and Milan and operates a
fleet of about 185 aircraft.  Despite a EUR1.4 billion
state-backed restructuring in 1997 and a EUR1.4 billion capital
injection two years ago, it remains in deep financial crisis.
Alitalia has posted annual profit only four times in the past 16
years.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


IMPREGILO SPA: Shareholders Cut Offer for Chilean Unit
------------------------------------------------------
Two Impregilo shareholders slashed their offer by US$50 million
for Sociedad Concessionaria Costanera Norte (SCCN), the group's
Chilean unit, AFX News says.

Autostrade S.p.A. and Societa Italiana Apparecchi Scientifici
S.p.A. (SIAS) originally offered US$308.9 million for SCCN, which
holds a concession to a 43-kilometer motorway in the Chilean
capital Santiago.  According to daily MF, the parties will resume
talks in the coming weeks.

About 33 km of the six-lane motorway is already opened to
traffic; the rest is due for completion in 2007.  SIAS is a unit
of Gavio, which together with Autostrade, controls a minority
stake in Impregilo.

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

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

          AUTOSTRADE S.p.A.
          Via A. Bergamini, 50
          00159 Rome
          Phone: +39-06-4363-1
          Fax: +39-06-4363-4090
          Web site: http://www.autostrade.it

          SIAS S.p.A.
          Via Minghetti, 9
          40057 Cadriano di Granarolo - Bologna
          Phone: +39 051 60 20 211
          Fax: +39 051 60 20 218
          E-mail: comm@sias-spa.it
          Web site: http://www.sias-spa.it


IT HOLDING: Nine-month Net Loss Swells to EUR10.5 Million
---------------------------------------------------------
The Board of Directors of IT Holding S.p.A. has approved the
interim consolidated financial statements for the nine months
ended September 30, 2005, prepared in accordance with
International Financial Reporting Standards (IAS/IFRS).

Net consolidated revenues amounted to EUR518.3 million, and
showed a growth of 3.1% on a like-for-like basis (the Group
disposed of its eyewear business, Allison S.p.A. in October 2004)
and year on year.

Revenues were driven by an excellent performance of the
accessories division: the EUR67.6 million achieved (up 44.8% with
respect to the EUR46.7 million recorded for the nine months ended
September 30, 2004), confirm the positive development of the
specialized sales channel for which five points of sale have
already been opened (in Milan, Paris, Moscow, Warsaw and
Casablanca).

In terms of sales channels, revenues are once again driven by the
wholesale channel and in particular by licensed brands.

Operating Performance

As had already become apparent from the results for the first six
months of the year, the results for the nine months ended
September 30, 2005 once again confirm the progressive focus that
the Group is placing on its owned brands, particularly in terms
of profitability.

There is a significant improvement in EBITDA as a percentage of
revenues for both the Ferre brand (from 2.0% to 6.6%) and the
Malo brand (from 3.1% to 7.9%).

With regard to the accessories division, growth was significant
both in terms of revenues (+44.8% with respect to the
corresponding nine months of the previous year) and in terms of
EBITDA (amounting to EUR17.3 million, +49.1%).

Operating income, amounting to EUR32.1 million, improved
significantly both in absolute terms (+52.1%) and as a percentage
of net revenues (from 3.8% to 6.2%), following changes in
accounting principles regarding amortization of intangible
assets.

The nine months ended September 30, 2005 recorded a net loss of
EUR10.5 million, after tax of EUR13.4 million, compared to a net
profit of EUR7.3 million in the corresponding period of the
previous year, which was, however, positively influenced by a
gain on disposal of the fragrance business of EUR25.8 million.

Net debt as at September 30, 2005 amounted to EUR374.5 million
(of which EUR138.3 million due to securitization and factoring),
and is significantly lower than net debt at September 30, 2004,
which amounted to EUR427.5 million.

Outlook

Tonino Perna, chairman and chief executive officer of IT Holding
S.p.A., said: "The results for the nine months ended September 30
give us confirmation that the decision to focus on three owned
brands, each of which is strong, has a specific target and is
characterized distinctively, was the correct decision to take.

"Each of Ferre, Malo and Exte have their own precise identity and
are growing autonomously both in terms of volumes and
profitability.  In addition, the choice to pursue a specialized
sales channel for accessories is proving to be a winning
strategy."

Mr. Perna also said that with two months remaining to the yearend
he is confident in confirming estimated revenues of approximately
EUR680 million and an EBITDA margin in the order of 16%.

The Board of Directors called an extraordinary shareholders'
meeting to be held on December 19, 2005 (second call on December
20, 2005) to propose that the term granted for the increase in
share capital be extended to December 31, 2007 at the same
conditions authorized on April 20, 2005.

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

                            *   *   *



CONTACT:  IT HOLDING S.p.A.
          Corso Monforte, 30
          20122 Milan
          Phone: +39 02763039.1
          Fax: +39 02780016
          Web site: http://www.itholding.it


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


KYRGYZKURULUSH: Under Bankruptcy Supervision
--------------------------------------------
The Inter-District Court of Bishkek on Economic Issues commenced
bankruptcy supervision procedure on OJSC Kyrgyzkurulush on
October 20, 2005.  The case is docketed as ED-621/05 mbs1.  Mr.
Taalaibek Ashyraliev has been appointed temporary insolvency
manager.  Creditors will meet at Bishkek, L. Tolstogo Str. 20, on
November 25, 2005 at 10:00 a.m.

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

CONTACT:  TAALAIBEK ASHYRALIEV
          Temporary Insolvency Manager
          Phone: (0-312) 54-84-08
                 (0-502) 25-17-78


UNEKO: Government Appoints New Insolvency Manager
-------------------------------------------------
The Department for Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic appointed Mr. Bolotbek Aralbayev
temporary insolvency manager of LLC Uneko, replacing Mr. K.
Tochtayev.

Creditors will meet at Bishkek, Moskovskaya Str. 151, Room 108 on
November 22, 2005 at 10:00 a.m.  They must submit their proofs of
claim and register with the temporary insolvency manager seven
days prior to the meeting.  Proxies must have authorization to
vote.

CONTACT:  BOLOTBEK ARALBAYEV
          Temporary Insolvency Manager
          Phone: (0-312) 21-67-25
                 (0-502) 23-31-99


UNIKS: Creditors' Claims Due Early Next Year
--------------------------------------------
LLC Uniks, which recently became insolvent, will accept proofs of
claim until January 2, 2006.  Call (0-312) 62-43-66 for more
information.


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


ROYAL SHELL: Cluster Scheme in U.K. Disturbs Managers
-----------------------------------------------------
A new system to be implemented at the retail division of Royal
Shell will result in job losses, The Press and Journal says.

The clustering program seeks to put six stations under a single
manager.  The move is necessary to protect its network of around
600 stations across the U.K., Shell said.

"These changes are critical if the Shell U.K. Retail business is
to safeguard its U.K. service station network.  Through focusing
on operating costs in a sustainable manner, the business can
continue to offer its customers competitively priced fuel and
additional choice in an already highly competitive market,"
an unnamed spokesperson said.

The company clarified that the new system will not necessarily
lead to redundancies, but some managers are not convinced.  Those
who will not take on clusters will be redeployed.

"As soon as they have someone to take this cluster on, that will
be me finished.  It will be a case of 'you are redundant'," an
unnamed manager told The Press and Journal.  "[H]ow they expect
you to run six sites is beyond me."

Shell has yet to confirm whether reassigned managers will absorb
wage cuts.  The company has already chosen 117 cluster managers
from 250 applicants.  Some 74 sites in Scotland are already
operating on a similar system, although not under the terms of
the new agreement.

The spokesperson said Shell is committed to "treating all
affected parties in an open and honest manner, supported by a
comprehensive stakeholder and engagement plan."

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


ROYAL SHELL: Cancels Another 1,500,000 'A' Shares
-------------------------------------------------
On 17 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,150,000 'A' Shares at a price of EUR26.32 per
share.  It further purchased for cancellation 350,000 'A' Shares
at a price of 1,791.38 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,968,859,000.

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


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


PETROLEUM GEO-SERVICES: S&P Rates New Credit Facilities B+
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
secured rating to Petroleum Geo-Services' new US$150 million
revolving credit facility and US$850 million term loan B.  In
addition, Standard & Poor's affirmed the 'B+' corporate credit
rating on PGS and revised the outlook to positive from stable.

Pro forma for the announced refinancing, Lysaker, Norway-based
PGS will have US$939 million in long-term debt.

"The proceeds from the issuance will be used to refinance the
company's outstanding US$746 million, 10% senior unsecured notes
due in 2010, and pay related fees," said Standard & Poor's credit
analyst Jeffrey B. Morrison.  The ratings are dependent on
Standard & Poor's receipt and review of final documentation.

"The refinancing of higher coupon debt is expected to lower
borrowing costs, and the bank facility is expected to yield PGS
some additional flexibility over its former capital structure,"
he continued.

The positive outlook incorporates PGS' improved operating
performance over the past 12 months to 18 months, strengthened
cash flow from operations, credit measure improvement, and the
potential for further debt reduction that could lead to higher
ratings in the intermediate to long term.  Although not viewed as
likely in the near term, if operating performance deviates
materially from expected parameters or if management adopts more
aggressive policies, the outlook could be revised or the ratings
could be lowered.

Complete ratings information is available to S&P subscribers at
http://www.ratingsdirect.com All ratings affected by this rating
action can be found at http://www.standardandpoors.com

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


PETROLEUM GEO-SERVICES: US$1 Bln Facility Gets Ba3 from Moodys
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Petroleum
Geo-Services ASA's (PGS) proposed US$1 billion of senior secured
bank credit facilities consisting of a US$150 million revolving
credit facility and a US$850 million term loan facility.

Proceeds from the term loan will be used to tender for PGS' 10%
senior unsecured notes due 2010.  Moody's also affirmed PGS'
Corporate Family Rating (previously known as the senior implied
rating) of Ba3 and lowered the ratings on the company's 10%
senior unsecured notes due 2010 to B1 in anticipation of the new
secured bank financing.  Moody's may revisit the notching on the
senior unsecured notes depending on the outcome of the tender
process.  If all but a de minimus amount is tendered, the ratings
on the senior unsecured notes will be withdrawn.

Moody's changed PGS' rating outlook to developing from stable in
response to the company's announcement that it is exploring
possibilities for separating into two independently listed
companies, Geophysical and Production.  The company plans to
evaluate several alternatives for completing the separation and
will provide additional information on the process in early
December 2005.  Such alternatives could include a disposition or
spin-off of either the Geophysical or Production businesses;
however, the ultimate capital structure of each of the separate
companies has not yet been determined.  The separation is
expected to occur sometime in 2006.

Moody's observes that the maximum total leverage ratio (as
defined, but generally debt-to-EBITDA less multi-client
investments) in the proposed bank credit facilities will tighten
in the event of a separation from 3.5x to 3.0x.  The ratio would
be calculated on a pro forma basis for both the 12 months
commencing on the date of the separation and for the 12 months
ending as of the most recent fiscal period prior to the
separation.

In our estimation, PGS would not currently meet this covenant if
all of the company's indebtedness was carried solely by the
Geophysical business and therefore any potential transaction
would need to involve cash proceeds either from a disposition or
equity issuance combined with debt reduction.

Moody's will resolve the developing outlook upon evaluating the
company's plans regarding the separation, particularly the
proposed capital structure of each of the respective businesses.
Moody's also will evaluate the benefits of greater strategic
focus offset by, from the perspective of Geophysical business, a
loss of some level of diversification and tangible asset coverage
provided by the Production business.

PGS' ratings are restrained by the inherent cyclicality of the
seismic business which is dependent on the less predictable
exploration phase of the oilfield life cycle; the competitive
nature of the seismic business which historically has suffered
from over-capacity and low returns on investment; and material
weaknesses in the company's internal control over financial
reporting.  PGS' ratings are supported by its scale as one of the
largest providers of seismic services in the industry and its
conservative financial posture over the last couple of years
including greater discipline regarding multi-client investments.

In the time since Moody's assigned ratings to PGS earlier this
year, the company has shown continued strong financial
performance, reflecting the current upturn in the industry.

For the nine months ended September 30, 2005, PGS' pro forma
EBITDA (excluding Pertra) was approximately US$283 million
compared to US$252 million for the comparable period last year.
Pro forma EBITDA less multi-client investments was approximately
US$233 million and US$215 million for the nine months ended
September 30, 2005 and 2004, respectively.  Moody's estimates
that PGS will report pro forma EBITDA of US$400-US$420 million
for the full year 2005, of which US$85-US$90 million pertains to
the Production business, and EBITDA of US$430-US$480 million in
2006, of which US$85-US$90 million pertains to the Production
business.

Investments in multi-client data are expected to be in the range
of US$60-US$65 million in 2005 and US$90-US$100 in 2006.
Accordingly, relative to US$984 million of debt on a pro forma
basis, Moody's expects that PGS will report debt-to-EBITDA less
multi-client investments in the range of 2.5x to 3.5x in both
2005 and 2006 on a consolidated basis.

The ratings on the bank credit facilities are subject to Moody's
review of final documentation.  PGS is headquartered in Lysaker,
Norway.

CONTACT:  MOODY'S INVESTORS SERVICE (NEW YORK)
          John Diaz, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653

          Michael Doss, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


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


MOSTOSTAL ZABRE: Creditor Offers to Write off Debt, Buy Assets
--------------------------------------------------------------
One of Mostostal Zabre's major creditors is willing to write off
PLN30 million of the company's debt and acquire some of its
assets, according to Polish News Bulletin.

Belgium's Ateliers Vlassenroot has given the construction group
until Nov. 10 to accept the offer, but the investor has not
received any response from Mostostal yet.  Its offer includes
PLN7.5 million in cash payment for the company's steel-element
subsidiary, ZPK; real estate in Gliwice and Zabre; and
manufacturing equipment.  Ateliers also plans to bring in PLN5
million in additional capital and wants a deal sealed by Dec. 5.

Ateliers previously bought PLN30 million in Mostostal debt from
Bank Millennium.  The company's other major creditors are Kredyt
Bank and BGZ.

CONTACT:  MOSTOSTAL ZABRZE HOLDING S.A.
          41-800 Zabrze,
          ul. Wolnos'ci 191
          Phone: +48 (0 32) 271 32 21
                 +48 (0 32) 373 44 44
          Fax: +48 (0 32) 271 50 47
               +48 (0 32) 271 19 21
               +48 (0 32) 271 26 49
               +48 (0 32) 271 80 01
          E-mail: post@mz.pl
          Web site: http://www.mostostal.zabrze.pl


NETIA SA: Reports PLN71.3 Million Nine-month Net Profit
-------------------------------------------------------
Netia S.A. recently disclosed unaudited consolidated financial
results in accordance with IFRS EU(*) for the third quarter and
nine months ended September 30, 2005:

Financial Highlights

-- Year-to-date revenues were PLN670.5 million (EUR171.2
   million), a year-on-year increase of 4%;

-- Revenues for Q3 2005 were PLN230.3 million (EUR58.8 million),
   representing a year-on-year increase of 5%;

-- Year-to-date EBITDA was PLN262.4 million (EUR67.0 million), a
   year-on-year increase of 8%, representing an EBITDA margin of
   39.1%.  EBITDA for Q3 2005 was PLN89.7 million (EUR22.9
   million), a year-on-year increase of 7%, representing an
   EBITDA margin of 39.0%;

-- Year-to-date net profit was PLN71.3 million (EUR18.2 million)
   while net profit for Q3 2005 was PLN22.8 million (EUR5.8
   million).  Excluding the impact of one-off items recorded in
   2004, i.e., negative goodwill amortization (no longer
   recorded in 2005 due to the adoption of new accounting
   standards from January 1, 2005) and a gain on deferred
   license fee payments, and excluding a deferred income tax
   charge recorded in 2005, year-to-date net profit increased by
   6% and net profit for Q3 2005 increased by 14% on a year-on-
   year basis;

-- Cash at September 30, 2005 was PLN237.6 million (EUR60.7
   million) as  compared to PLN257.1 million at September 30,
   2004 and PLN371.2 million at June 30, 2005;

-- P4 Sp. z o.o., a company operating previously under the name
   "Netia Mobile Sp. z o.o.," was announced as a winner of
   Poland's UMTS tender on May 9, 2005.  On August 24, 2005, P4
   received the reservation of the UMTS frequencies from the
   Polish regulator ("URTiP") and paid a single reservation fee
   in the amount of PLN345.0 million (EUR88.1 million) on
   Sept. 5, 2005.  The P4's shareholders are Netia Ventures Sp.
   z o.o. (30%), Netia's subsidiary, and Novator Telecom Poland
   S.a.r.l. (70%) (see section "Other Highlights"); and

-- Netia completed its share and subscription warrants buyback
   program, amounting to PLN120.0 million (EUR30.6 million), on
   Sept. 30, 2005 (see section "Other Highlights").

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(*) In accordance with the accounting standards adopted for use
in the European Union.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operational Highlights

-- Sales of telecommunications products other than traditional
   direct voice (including indirect voice, data transmission,
   interconnection revenues, wholesale, intelligent network and
   other telecom services) increased their share of total
   revenues from telecom services to 48% or PLN110.3 million
   (EUR28.2 million) in Q3 2005 from 38% in Q3 2004.  For the
   nine-month period ended September 30, 2005 sales of these
   products grew 30% year-on-year to PLN291.1 million
   (EUR74.3 million), increasing from 35% to 44% of total
   telecom revenues.

-- Revenues from business customers accounted for 77% of total
   telecom revenues in Q3 2005 and 74% for the nine-month period
   ended September 30, 2005;

-- Subscriber lines (net of voluntary churn and disconnections)
   were 419,225 at September 30, 2005 as compared to 426,523 at
   Sept. 30, 2004 and 423,678 at June 30, 2005.  Business
   customer lines increased by 4% year-on-year to 150,853 and
   these now account for 36.0% of total subscriber lines;

-- ADSL active ports increased to 34,662 at Sept. 30, 2005,
   reaching a penetration rate of 8% Netia's total subscriber
   lines;

-- Average monthly revenue per line (with regard to direct voice
   services only) decreased by 11% to PLN93 (EUR24) in Q3 2005
   from PLN105 in Q3 2004 and by 5% from PLN98 in Q2 2005,
   reflecting the continued overall tariff reduction trends in
   the sector; and

-- Headcount of the Netia group was 1,210 at September 30, 2005,
   compared to 1,253 at September 30, 2004 and 1,201 at June 30,
   2005.

          Report of President and CEO Wojciech Madalski

Netia has delivered continued robust profitability and free cash
generation combined with solid top-line growth for the first nine
months of 2005, led by a 30% increase in sales from products
other that traditional direct voice.  Revenues from this
strategically targeted segment now represent 44% of total telecom
revenues, and we are particularly pleased with the momentum from
data transmission.  Netia also continued to gain ground with
business customers, who now account for over 75% of total telecom
sales.  This performance reaffirms our confidence in our ability
to deliver on Netia's stated financial objectives while pursuing
established strategic directions and exciting new initiatives to
support the Company's success.

Our preparations to offer mobile services are underway with the
formation of the P4 mobile venture, as well as management
appointments and active planning on key operational issues needed
for launch.  Netia will be the exclusive direct sales channel for
P4 focusing on business customers, with guaranteed long-term
access to mobile products and infrastructure.  The ability to
further strengthen Netia's product offering by including mobile
and convergent products represents a significant opportunity to
grow our customer base and expand geographically.  P4 is
targeting a 20% market share over the long term and we expect
mobile services to contribute significantly to Netia's future
revenue growth.

                   Report of Kent Holding, CFO

Netia's third quarter 2005 revenue growth of 5% and EBITDA growth
of 7% are in line with our expectations, while EBITDA margin at
39.0% once again exceeded our 35% strategic target.  Pro forma
net profit, adjusted for one-off items in 2004 and a deferred
income tax charge in 2005, also grew roughly in-line with sales
and EBITDA.

Netia continues to demonstrate its financial strength and ability
to return capital to shareholders in the form of share buy-backs
and dividends while investing in future growth.  In September we
completed our PLN120 million share and subscription warrant
buy-back program, equivalent to some 7% of Netia's total share
capital as of the program's completion day, executing repurchases
of PLN90 million this quarter.  We also made an initial equity
contribution of PLN108 million (EUR28 million) to the P4 mobile
venture as part of our overall EUR90 million financial commitment
to this project.

Despite these outlays amounting to PLN198 million, our cash
position at the end of Q3 stood at a healthy PLN238 million -- a
reduction of only PLN133 million compared to Q2 2005 --
underscoring Netia's strong ongoing cash generation.

                        Other Highlights

Netia's Share and Subscription Warrant Buy-back Program

Netia acquired under the program 27,693,462 of its own shares and
3,569 of subscription warrants for the total amount of
PLN120.0 million (EUR30.6 million) to be redeemed by the Company.
The shares purchased under the buy-back program, which
constituted 6.96% of Netia's share capital as of Sept. 30, 2005,
will decrease the Company's share capital following the approval
of the relevant resolution at the shareholders' meeting.  The
buyback program was executed from May 9, 2005 to September 30,
2005 as a further initiative to return capital to shareholders,
in addition to the dividend payment of PLN38.7 million (EUR9.9
million) or PLN0.10 per share made in April 2005, as adopted by
Netia's Ordinary shareholders' meeting on March 17, 2005.

Netia's issued and outstanding share capital totaled
PLN397,833,440 as of Sept. 30, 2005 and was comprised of
397,833,440 shares, PLN1 par value per share, each
representing one right to vote at Netia's general meeting of
shareholders.  Netia's share capital continues to increase upon
the exercise of subscription warrants and options, which were
issued in connection with Netia's financial restructuring.  As of
Nov. 8, 2005, 50,328,583 subscription warrants had been exercised
and 1,361,947 two-year subscription warrants had expired out of a
total of 64,848,442 two- and three-year subscription warrants
issued.

As at November 8, 2005, Netia's share capital equaled
PLN401,183,504.  This included 27,693,462 shares repurchased by
the Company under the buy-back program mentioned above, which are
subject to redemption.

P4 (previously Netia Mobile) Update

(a) UMTS/GSM 1800

P4 won a UMTS tender and received the reservation of the UMTS
Frequencies covering the period from July 1, 2006 to Dec. 31,
2022.  In addition, on May 9, 2005 P4 re-applied for the
reservation of GSM 1800 MHz channels (the earlier tender for
acquiring GSM 1800 MHz spectrum, in which P4 participated in
parallel, remained unresolved);

(b) P4 Shareholders' Agreement

A shareholders agreement was signed on August 23, 2005, giving
Netia a 30% minority interest in P4 with the majority 70% stake
held by Novator Telecom Poland S.a.r.l.  Until Oct. 13, 2005, P4
was operating under the company name Netia Mobile Sp. z o.o.
Netia's total financial commitment in the P4 mobile venture will
not exceed EUR90.0 million out of a total equity contribution of
EUR300.0 million.  It is assumed that P4's further financing
requirements will be met by vendor financing and bank loans.
Netia group started accounting for investment in P4 using the
equity method from Aug. 23, 2005, when it became an associate.
In addition, Netia expects to book the incremental mobile
revenues of as much as PLN100.0 million after the first full year
of P4's operation and as much as PLN400.0 million by the fifth
year;

(c) P4 Management

P4's supervisory board consists of three members representing
Novator and two members representing Netia.  Mr. Wojciech
Madalski was appointed as the Chairman of P4's supervisory board
and Mr. Constantine Gonticas of Novator became the Vice Chairman.
The first appointments of the five-member management board of P4
are underway; and

(d) P4 Business Developments

Currently, P4 is finalizing negotiations with telecommunications
equipment suppliers and is also in discussions with the existing
Polish mobile operators on potential network interconnection and
national roaming agreements.

WiMax

Netia Globe S.A. and Netia Swiat S.A., Netia's subsidiaries, were
announced as winners of Poland's tender for frequency
reservations in 3.6-3.8 GHz range, on July 25, 2005.  Both
companies received their respective frequency reservations on
October 27, 2005.  Netia plans to use the above frequencies to
provide high quality data and voice transmission in WiMax
technology allowing cost efficient geographic expansion beyond
Netia's existing fixed-line network. Netia also expects to
benefit from the WiMax and UMTS network build-out by taking
advantage of such operational synergies as site sharing and
common utilization of transmission equipment.

Netia acquired 100% of share capital of HFC Internet Sp. z o.o.
on September 30, 2005 for the total amount of PLN3.2 million
(EUR0.8 million), including transaction costs.

Consolidated Financial Information

Please note that due to the changes in presentation introduced as
of January 1, 2005 in connection with the implementation of the
IFRS 2 "Share-based payments," a related adjustment to employee
benefit costs was made.

In addition, changes in the presentation format were introduced
as of January 1, 2005 with regard to the reclassification of the
cost of traffic termination, including intelligent network
revenue sharing, (previously shown separately under the "Other
operating expenses" category).  Following the IFRS good practice
in the telecom sector, these expenses are now transferred to
telecommunications revenue and netted against the related revenue
categories (i.e., "Interconnection revenues" and "Intelligent
network services" lines).

Due to the above, the revenues and operating costs comparative
figures for periods ended through December 31, 2004 were adjusted
accordingly and therefore vary from the figures reported
previously.

Moreover, pursuant to the adoption of the IFRS 3 "Business
Combinations" by the Netia group, as of January 1, 2005 the
amount of PLN77.7 million (EUR19.8 million), representing the
unamortized part of the negative goodwill, was transferred to
retained earnings.  Consequently, as of January 1, 2005 Netia
ceased the amortization of negative goodwill, which decreased
EBIT and net profit results compared to earlier periods.

Please also see our interim condensed consolidated financial
statements for the nine-month period ended September 30,
2005.

2005 Year-to-Date vs. 2004 Year-to-Date

Revenues increased by 4% to PLN670.5 million (EUR171.2 million)
for the nine-month period ended September 30, 2005 compared to
PLN643.4 million for the same period in 2004.

Revenues from telecommunications services increased by 4% to
PLN663.0 million (EUR169.3 million) from PLN635.5 million in the
corresponding period of 2004.  The increase was attributable to
the expansion of products other than traditional direct voice
such as data transmission, interconnection revenues and wholesale
services.  Total revenues from products other than direct voice
increased by 30% to PLN291.1 million (EUR74.3 million) during the
first nine months of 2005 from PLN224.1 million for the same
period in 2004, and constituted 44% of total revenues from
telecommunications services as compared to 35% for the nine-month
period ended September 30, 2004.  The revenues from direct voice
services decreased by 10% to PLN372.0 million (EUR95.0 million)
during the first nine months of
2005 from PLN411.4 million in the corresponding period of 2004,
reflecting mainly the overall tariff reduction trend in this
product segment.

In April 2005 Netia introduced new tariff plans for mass market
direct voice customers and continued the rollout of ADSL products
of a broadband Internet access.  In March and April 2005 Netia
also introduced new tariff plans for indirect voice services.  In
October 2005 Netia launched new product offering for business
customers within its voice and fixed Internet access products
(see section "Operational Review").

Interconnection charges increased by 13% to PLN134.7 million
(EUR34.4 million) for the nine-month period ended Sept. 30, 2005
as compared to PLN119.4 million for the corresponding period of
last year, driven by an increase in traffic volumes associated
with wholesale services.

Operating expenses (excluding interconnection charges)
represented 41% of total revenues for the nine-month period ended
September 30, 2005 as compared to 44% for the same period last
year.  This improvement was attributable to the continuous
increase in key operating cost efficiencies, led by lower
manpower costs (14.4% of total revenues for the first nine months
of 2005 vs. 16.0% for the same period in 2004) and professional
services costs (1.2% of total revenues for the first nine months
of 2005 vs. 1.6% for the same period in 2004).

EBITDA increased by 8% to PLN262.4 million (EUR67.0 million) for
the first nine months of 2005 from PLN243.0 million for the same
period in 2004.  EBITDA margin increased to 39.1% from 37.8%.
This was due to increases in revenues combined with our
continuous effort to optimize the level of operating costs.
Depreciation of fixed assets increased by 9% to PLN150.2 million
(EUR38.3 million) compared to PLN137.4 million for the nine-month
period ended September 30, 2004, mainly in connection with the
completion of the investment projects and the revision of useful
lives of certain fixed assets, resulting in the introduction of
higher depreciation rates as of Jan. 1, 2005.

Amortization of intangible assets decreased by 5% to PLN36.0
million (EUR9.2 million) from PLN37.8 million for the first nine
months of 2004.

Profit from operations (EBIT) was PLN76.3 million (EUR19.5
million) as compared to PLN85.5 million for the nine-month period
ended September 30, 2004.  EBIT recorded for the first nine
months of 2004 included the positive impact of the amortization
of negative goodwill of PLN17.7 million.  Following the
implementation of the IFRS 3 as of Jan. 1, 2005, Netia ceased the
amortization of negative goodwill as of that date.  Net financial
income was PLN11.8 million (EUR3.0 million) as compared to
PLN28.4 million for the nine-month period ended
Sept. 30, 2004, of which PLN13.4 million represented a gain
recorded on deferral of El-Net's license fee payments.

Income tax charge of PLN16.2 million (EUR4.1 million) was
recorded during first nine months of 2005.  This was mainly due
to a change in value of the deferred income tax asset as
recognized in Q3 2005 and Q4 2004 (i.e., in the amount of
PLN31.1 million and PLN46.8 million, respectively), which
resulted from the partial utilization of temporary differences,
higher depreciation rates applied as of January 1, 2005 and an
update of Netia's assessment with regard to the Company's income
tax position for the years 2006-2008.

Net profit was PLN71.3 million (EUR18.2 million) as compared to
PLN113.5 million for the nine-month period ended Sept. 30, 2004.
The change in net profit is due to the fact that Netia has ceased
to amortize negative goodwill and also reflects the impact of
higher amortization of fixed assets, lower net financial income
and the income tax charge, as mentioned above.  Excluding the
impact of one-off items recorded in 2004, such as amortization of
negative goodwill of PLN17.7 million (EUR4.5 million) (no longer
recorded in 2005 due to adoption of new accounting standards from
January 1, 2005) and a gain on deferral of license fee payments
of PLN13.4 million (EUR3.4 million), and excluding a deferred
income tax charge of PLN15.7 million (EUR4.0 million) recorded in
2005 as a result of recognizing a deferred tax asset as of Dec.
31, 2004, year-to-date net profit increased by 6%.

Net cash used for the purchase of fixed assets and computer
software decreased by 27% to PLN102.6 million (EUR26.2 million)
for the nine-month period ended Sept. 30, 2005 from PLN140.9
million for the same period in 2004.  In addition, PLN107.7
million (EUR27.6 million) was transferred in August 2005 to P4 as
part of Netia's equity contribution to the mobile venture.
Further investment activities included outflow of PLN3.2 million
(EUR0.8 million) on the purchase of HFC Internet group, offset by
PLN8.4 million (EUR2.1 million) of cash acquired in this
transaction, and granted loans of PLN25.0 million (EUR6.4
million).  As a result, cash used for investing activities
amounted to PLN234.0 million (EUR59.7 million) for the first nine
months of 2005 as compared to PLN241.8 million for the
corresponding period of 2004.

Cash and cash equivalents at Sept. 30, 2005 in the amount of
PLN237.6 million (EUR60.7 million) were available to fund Netia's
operations.

Q3 2005 vs. Q2 2005

Revenues increased by 3% to PLN230.4 million (EUR58.8 million)
for Q3 2005 from PLN223.8 million for Q2 2005.  The revenues from
telecommunications products other than traditional direct voice
increased by 15% to PLN110.3 million (EUR28.2 million) in Q3 2005
from PLN96.3 million in Q2 2005.  Direct voice revenues were
PLN117.6 million (EUR30.0 million) for Q3 2005 as compared to
PLN124.9 million in Q2 2005.  Netia introduced new tariff plans
with regard to all its voice services (including both direct and
indirect voice products) in March and April 2005.  In October
2005 Netia introduced new offering with its voice and fixed
Internet access products, targeted to small and medium
enterprises (see section "Operational Review").

EBITDA increased by 3% to PLN89.7 million (EUR22.9 million) in Q3
2005 as compared to PLN87.1 million in Q2 2005.  EBITDA margin
remained stable between the quarters at 39.0% in Q3 2005 as
compared to 38.9% in Q2 2005.  Net profit of PLN22.8 million
(EUR5.8 million) was recorded in Q3 2005 as compared to PLN25.1
million in Q2 2005.

Operational Review

Subscriber lines in service were 419,225 at Sept. 30, 2005 as
compared to 426,523 at September 30, 2004 and 423,678 at June 30,
2005.  This included ISDN equivalent lines, which increased to
95,637 at September 30, 2005 from 89,132 at September 30, 2004
and 93,807 at June 30, 2005.

Business customer lines in service increased to 150,853 at Sept.
30, 2005, i.e., by 4% from 145,499 at September 30, 2004 and by
1% from 149,093 at June 30, 2005.

Business lines as a percentage of total subscriber lines at Sept.
30, 2005 reached 36.0%, up from 34.1% at Sept. 30, 2004 and from
35.2% at June 30, 2005.

New tariff plans within Netia's direct voice services were
introduced effective April 4, 2005.  The new tariff plans are
targeted to mass market customers using Netia's analogue lines.
Depending on a customer profile, clients now have a choice
between seven tariff plan options with competitive pricing terms,
including, among others, the packages of free local and domestic
long distance calls within a monthly subscription fee and unified
rates for local, domestic long-distance and fixed-to-mobile
calls.

New tariff plans for Telekomunikacja Polska customers using Netia
's indirect voice services (Netia 1055) were introduced effective
March 15, 2005.  The new tariff plans "Optymalna 1055" and
"Zyskowna 1055", with competitive pricing terms, are targeted to
medium and large corporate clients, respectively, and are based
on a per-second billing.  In addition, the price reductions were
introduced within the "Specjalna 1055" tariff plan, offered to TP
customers of Netia 1055 service since November 2004, with regard
to fixed-to-mobile and international long distance calls,
effective March 1, 2005 and April 15, 2005, respectively.

Local calls in two stage access for Telekomunikacja Polska
customers using "Netia 1055" service were introduced as of May 1,
2005.  The calls will be set-up after dialing a free access
number (having obtained a connection with the dial-in number, a
client dials "0", then an area code and a local number).

New product options within Netia's ADSL broadband Internet access
service "Net24" were offered as of April 4, 2005.  The new
options "Net24 Optimum" and "Net24 VIP" are addressed to Netia's
residential subscribers using both analog or ISDN lines and
complement the existing "Net24" service offering with regard to
data transmission speeds (i.e., download speeds of 256 kb/s and
1024 kb/s, respectively, and outbound speeds of 64 kb/s and 160
kb/s, respectively). Currently, the "Net24" service is offered in
four options: "Net24 Premium", "Net24 Komfort", "Net24 Optimum"
and "Net24 VIP."

A new ADSL service "SuperNet24" (in SADSL technology) was
launched on April 15, 2005.  The service is targeted to Netia's
subscribers using analog lines, mostly to medium and large
enterprises.  It is offered in two options -- "SuperNet24
Komfort" and "SuperNet24 Premium" -- providing a choice of data
transmission speeds, with unlimited data transfer in each case,
(i.e., two-way speeds of 1 Mb/s and 2 Mb/s, respectively) and
fixed IP addresses.

As of November 7, 2005 there were in total 36,116 ports used by
Netia's clients for all type of its ADSL services (i.e., "Net24",
"BiznesNet24" and "SuperNet24" services).

New rates for international long-distance calls were introduced
effective September 5, 2005.  The changes apply to all ILD
connections (traditional and VoIP technology) in tariff plans for
direct and indirect voice products.

New product offering for business customers, in particular the
small and medium enterprises, was launched on Oct. 10, 2005.
This included the introduction of three new "Business" tariff
plans within Netia's voice services, the introduction of "TopNet"
service for fixed Internet access in SDSL technology and
modifications within "BusinessNet24" fixed Internet access in
ADSL technology.  Within this new offering Netia introduced the
value packages, defining the amount of money to be used for voice
connections per month, with the possibility to transfer the
unutilized part of the package's limit onto next months (up to
the amount of two packages).

Netia (WSE: NET) is Poland's largest alternative provider of
fixed-line telecommunications services.

A copy of this report is available free of charge at
http://bankrupt.com/misc/Netia(3Q2005).pdf

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul. Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323

          Investor Relations Manager
          Anna Kuchnio
          Phone: [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl


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


ALNASHSKOYE: Bankruptcy Supervision Procedure Begins
----------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on repair-technical enterprise
Alnashskoye.  The case is docketed as A71-82/2005-G21.  Ms. S.
Gorodilova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 427795, Russia,
Udmurtiya republic, Mozhga, Sverdlovskiy Avenue, 91.

CONTACT:  ALNASHSKOYE
          427780, Russia, Udmurtiya republic,
          Alnashi, Mezhevaya Str. 2B

          S. GORODILOVA
          Temporary Insolvency Manager
          427795, Russia, Udmurtiya republic,
          Mozhga, Sverdlovskiy Avenue, 91


BUILDER-75: Court Appoints Insolvency Manager
---------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Builder-75 after finding
the limited liability company insolvent.  The case is docketed as
A75-7484/2005.  Mr. A. Shuravin has been appointed insolvency
manager.

CONTACT:  BUILDER-75
          Russia, Khanty-Mansiyskiy autonomous region,
          Uray, Location 48

          A. SHURAVIN
          Insolvency Manager
          625003, Russia, Tyumen region,
          Krasina Str. 7a, 5th floor

          THE ARBITRATION COURT
          OF KHANTY-MANSIYSKIY AUTONOMOUS REGION
          628012, Russia, Tyumen region,
          Khanty-Mansiysk, Lenina Str. 54/1


ECO-LES: Applies for Bankruptcy Proceedings
-------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Eco-Les after finding the limited liability
company insolvent.  The case is docketed as A-70-6701/3-05.  Mr.
A. Ivanov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to Russia, Tyumen region, Osipenko
Str. 84-27.

CONTACT:  ECO-LES
          Russia, Tyumen region, Respubliki Str. 16

          A. IVANOV
          Insolvency Manager
          Russia, Tyumen region, Osipenko Str. 84-27


ILYINSKOYE: Proofs of Claim Deadline December 8
-----------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on limited liability company Ilyinskoye.
The case is docketed as A-70-1669/3-05.  Mr. A. Pshenichnikov has
been appointed temporary insolvency manager.  Creditors have
until December 8, 2005 to submit their proofs of claim to 625000,
Russia, Tyumen region, Khokhryakova Str. 71-11.

CONTACT:  ILYINSKOYE
          627432, Russia, Tyumen region, Kazanskiy region,
          Ilyinka, Lenina Str. 28

          A. PSHENICHNIKOV
          Temporary Insolvency Manager
          625000, Russia, Tyumen region,
          Khokhryakova Str. 71-11


KINO-VIDEO CENTRE: Bankruptcy Supervision Begins
------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on municipal enterprise
Kino-Video Centre Aurora.  The case is docketed as
A72-5845/2002-Sk416-b.  Mr. A. Kurochkin has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 432011, Russia, Ulyanovsk-11, Post User Box 9876.

CONTACT:  KINO-VIDEO CENTRE AURORA
          432046, Russia, Ulyanovsk region,
          Zhukovskogo Str. 45

          Mr. A. Kurochkin
          Insolvency Manager
          432011, Russia, Ulyanovsk-11,
          Post User Box 9876


METROMEDIA INTERNATIONAL: Delays Results Anew
---------------------------------------------
Metromedia International Group, Inc., owner of interests in
communications and media businesses in the country of Georgia,
announced Wednesday it has not yet completed the restatement
activities that the Company previously disclosed on June 3, 2005,
August 8, 2005 and September 7, 2005 in connection with the
issuance of its 2004 financial statements and restated 2003 and
2002 financial statements.  At present the Company contemplates:

(a) That it will file its 2004 Form 10-K, which include its
    restated 2003 and 2002 financial statements, and its amended
    2004 first, second and third quarter reports on Form 10-Q
    with the Securities and Exchange Commission (SEC) during the
    fourth quarter of 2005; and

(b) That it might not be able to file its 2005 first, second and
    third quarter reports on Form 10-Q with the SEC until
    sometime during the first quarter of 2006.

                        About the Company

Metromedia International Group (Pink Sheets:MTRM) - Common Stock
and (Pink Sheets:MTRMP) - Preferred Stock, through its wholly
owned subsidiaries, the Company owns interests in communications
and media businesses in the country of Georgia.  The Company's
core businesses includes Magticom, Ltd., the leading mobile
telephony operator in Tbilisi, Georgia; and Telecom Georgia, a
well-positioned Georgian long distance telephony operator.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7380
          E-mail: investorrelations@mmgroup.com


MILK: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------
The Arbitration Court of Lipetsk region has commenced bankruptcy
supervision procedure on open joint stock company Milk.  The case
is docketed as A36-308/2005.  Mr. A. Golubev has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 606100, Russia, Nizhniy Novgorod region, Pavlovo,
Romantikov Str. 22.  A hearing will take place on January 26,
2006.

CONTACT:  MILK
          399900, Russia, Lipetsk region,
          Chaplygin, Lunacharskogo Str. 4a

          A. GOLUBEV
          Temporary Insolvency Manager
          606100, Russia, Nizhniy Novgorod region,
          Pavlovo, Romantikov Str. 22


REIFFEISEN INVESTMENT: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Reiffeisen Investment (TIN 7702218709) after finding the
limited liability company insolvent.  The case is docketed as
A40-42556/05-103-83B.  Mr. I. Kopytov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 117465, Russia, Moscow region, Teplyj Stan Str. 11, Building
1.

CONTACT:  REIFFEISEN INVESTMENT
          129090, Russia, Moscow region,
          Troitskaya Str. 17/1

          I. KOPYTOV
          Insolvency Manager
          117465, Russia, Moscow region,
          Teplyj Stan Str. 11, Building 1
          Phone: 338-20-33


REINFORCED CONCRETE: Insolvency Manager Takes over Firm
-------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Reinforced Concrete Goods after finding the
factory insolvent.  The case is docketed as A60-11361/2002-S3.
Mr. V. Novoselov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 624222, Russia,
Sverdlovsk region, Nizhnyaya Tura, Ilyicha Str. 11.

CONTACT:  REINFORCED CONCRETE GOODS
          624300, Russia, Sverdlovsk region,
          Kushva, Stroiteley

          V. NOVOSELOV
          Insolvency Manager
          624222, Russia, Sverdlovsk region,
          Nizhnyaya Tura, Ilyicha Str. 11


STARCH: Declared Insolvent
--------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Starch after finding the open joint stock
company insolvent.  The case is docketed as A65-8110/2005-SG4-21.
Mr. A. Gabdullin has been appointed insolvency manager.
Creditors have until December 8, 2005 to submit their proofs of
claim to 420054, Russia, Tatarstan republic, Kazan, Post User Box
153.

CONTACT:  STARCH
          Russia, Tatarstan republic,
          Tukaevskiy region, Knyazevo

          A. GABDULLIN
          Insolvency Manager
          420054, Russia, Tatarstan republic,
          Kazan, Post User Box 153

          ARBITRATION COURT OF UDMURTIYA REPUBLIC
          426004, Russia, Udmurtiya republic,
          Izhevsk, Lomonosova Str. 5


YUBILEYNYJ: Claims Filing Period Ends Next Month
------------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Yubileynyj after finding the open joint stock
company insolvent.  The case is docketed as A39-1491/05-103/7.
Mr. A. Tsuran has been appointed insolvency manager.  Creditors
have until December 8, 2005 to submit their proofs of claim to
431710, Russia, Mordoviya republic, Chamzinskiy region,
Komsomolskiy, Lenina Str. 22-2.

CONTACT:  YUBILEYNYJ
          431770, Russia, Mordoviya republic,
          Dubenskiy region, Dubenki, Brovtseva Str. 12

          A. TSURAN
          Insolvency Manager
          431710, Russia, Mordoviya republic,
          Chamzinskiy region, Komsomolskiy, Lenina Str. 22-2


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


CELOGIN: Bankruptcy Supervision Begins
--------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on OJSC Logistics Innovations Centre
Celogin (code EDRPOU 31319039) on September 27, 2005.  The case
is docketed as 10/298/05.  Mr. Boris Ivanishin has been appointed
temporary insolvency manager.

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

(a) CELOGIN
    54015, Ukraine, Mikolaiv region,
    Varvarivskij Uzviz 5

(b) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


FERMER TEH: Proofs of Claim Deadline Expires Tomorrow
-----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on agricultural firm Fermer Teh (code
EDRPOU 30065135) on June 22, 2005.  The case is docketed as
08/587.  Mr. S. Pshenichnij has been appointed temporary
insolvency manager.

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

(a) FERMER TEH
    19200, Ukraine, Cherkassy region,
    Zhashkivskij district, Nagirna

(b) S. PSHENICHNIJ
    Temporary Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Vernigora Str. 16/6

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


SHORS ELECTRIC-MECHANICAL: Sets Public Auction Wednesday
--------------------------------------------------------
The Agency of Bankruptcy Questions in Chernigiv region will sell
the properties of OJSC Shors Electric-Mechanical Plant on
November 23, 2005, 10:00 a.m. at Ukraine, Chernigiv region, Miru
Avenue 139/22.  Up for sale is a complex located at Ukraine,
Chernigiv region, Shors, 30 Rokiv Peremogi Str. 39.  Starting
price is UAH2,373,000 (inclusive of VAT).

To participate, bidders must deposit an amount equivalent to 5%
of the starting price and pay a registration fee of UAH17.  The
amount must be deposited to account number 260044492 at JSPPB
Aval, Chernigiv regional branch, MFO 353348, EDRPOU 26334916.
Participants must submit competitive bids on or before
November 17, 2005 at 14033, Ukraine, Chernigiv region, Miru
Avenue 139/22.

CONTACT:  AUCTION COMMITTEE
          14033, Ukraine, Chernigiv region,
          Miru Avenue 139/22
          Phone: 8 (04622) 5-63-78


TALISMAN: Liquidator Takes over Helm
------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Talisman (code EDRPOU 20641066) on September
22, 2005 after finding the limited liability company insolvent.
The case is docketed as 9/282.  Ms. Bilodid Galina (License
Number AB 216869) has been appointed liquidator/insolvency
manager.

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

(a) TALISMAN
    Ukraine, Kirovograd region,
    Svitlovodsk district, Vlasivka, Shidna Str. 5/92

(b) BILODID GALINA
    Liquidator/Insolvency Manager
    03143, Ukraine, Kyiv region, a/b 6


TEPLOENERGOMONTAZH: Goes into Liquidation
-----------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Zaporizhya Erection Department
Teploenergomontazh (code EDRPOU 33268745) on October 12, 2005
after finding the limited liability company insolvent.  The case
is docketed as 19/124-21/159.  Mr. Radion Kravchenko (License
Number AA 783025) has been appointed liquidator/insolvency
manager.

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

(a) ZAPORIZHYA ERECTION DEPARTMENT TEPLOENERGOMONTAZH
    71503, Ukraine, Zaporizhya region, Energodar,
    Lisova Str. 3/51, a/b 79

(b) KRAVCHENKO RADION
    Liquidator/Insolvency Manager
    71500, Ukraine, Zaporizhya region,
    Energodar, Skifska Str. 18/17, a/b 42
    Phone: (06139) 3-10-25
           (066) 143-97-78

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


UKRAINIAN PRODUCTION: Insolvency Manager Steps in
-------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Ukrainian Production Company (code EDRPOU
25423718) on October 14, 2005 after finding the limited liability
company insolvent.  The case is docketed as 2/117-05-4708.  Mr.
Oleksandr Dvornichenko (License Number AA 216781) has been
appointed liquidator/insolvency manager.  The company holds
account number 26005964866539 at First Ukrainian International
Bank, Odessa branch, MFO 328019.

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

(a) UKRAINIAN PRODUCTION COMPANY
    68640, Ukraine, Odessa region,
    Izmail district, Suvorove, Limanska Str. 20

(b) OLEKSANDR DVORNICHENKO
    Liquidator/Insolvency Manager
    Ukraine, Odessa region, Shevchenko Avenue 27/41

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


UKRINVESTSTROJ: Declared Insolvent
----------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Ukrinveststroj (code EDRPOU 25183504) after
finding the limited liability company insolvent.  The case is
docketed as B-24/115-04.  Mr. O. Tkachov (License Number AA
719868) has been appointed liquidator/insolvency manager.

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

(a) UKRINVESTSTROJ
    Ukraine, Harkiv region,
    Polyova Str. 67

(b) O. TKACHOV
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Derzhavinska Str. 2-B/44

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


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


ACACIA RECRUITMENT: Hires Liquidator
------------------------------------
J. Routledge, chairman of Acacia Recruitment Solutions Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 28 at Saville Exchange, Howard Street, North
Shields NE30 1SE.

Greg Whitehead was appointed liquidator.

CONTACT: ACACIA RECRUITMENT SOLUTIONS LTD.
         TEDCO Business Centre
         Jarrow
         NE32 3DT
         Phone: 0191 428 3405


ALPHA LEATHERGOODS: Calls in Joint Liquidators
----------------------------------------------
D. S. Osborne, chairman of Alpha Leathergoods Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 28 at Lichfield Place, 435 Lichfield Road, Aston,
Birmingham B6 7SS.

Neil Charles Money and Geoff Robbins of CBA, Lichfield Place, 435
Lichfield Road, Aston, Birmingham B6 7SS were appointed Joint
Liquidators.

Alpha Leathergoods -- http://alphaleather.com/-- has served the
British royal family, Rolls Royce, Bentley, BMW, Harrods, Shell,
Hilton Hotels, and Wedgwood.

CONTACT:  ALPHA LEATHERGOODS LIMITED
          Osborne House, Charles Street
          Walsall, West Midlands, WS2 9LZ
          Phone: 01922 721804
          Fax: 01922 722733
          E-mail: info@alphaleather.com

          CBA
          435 Lichfield Road
          Aston Birmingham B6 7SS
          Phone: (0121) 326 0880
          Fax: (0121) 328 6456
          E-mail: bham@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


ARCHIE LTD.: Files for Liquidation
----------------------------------
C. Barnett, chairman of Archie Limited, informs that resolutions
to wind up the company were passed at an EGM held on Oct. 27 at
Regent House, 24-25 Nutford Place, London W1H 5YN.

Mark S. Willis of Icarus Financial Solutions Ltd. was appointed
liquidator.

CONTACT:  ARCHIE LIMITED
          Cadogan House, High Street
          Epsom, Surrey KT19 8AD
          Phone: 01372725333


ASINARI LIMITED: Claims Deadline December 6
-------------------------------------------
A. K. D. S. Marzano, the director of Asinari Limited, informs
that the special resolution to wind up the company was passed at
an EGM held on Nov. 7 at Dodd & Co, Clint Mill, Cornmarket,
Penrith, Cumbria CA11 7HW.  Jeanette Brown of Dodd & Co, Clint
Mill, Cornmarket, Penrith, Cumbria CA11 7HW has bee appointed
liquidator.

Creditors are required on or before December 6, 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 Jeanette
Brown of Dodd & Co, Clint Mill, Cornmarket, Penrith, Cumbria CA11
7HW, and, if so required by notice in writing their debt or
claims.

CONTACT:  DODD & CO
          Clint Mill
          Cornmarket
          Penrith
          Cumbria CA11 7HW
          Phone: 01768 864466
          Fax: 01768 865653
          E-mail: jeanette@doddaccountants.co.uk


A & N COMMUNICATIONS: Goes into Liquidation
-------------------------------------------
R. Neufeld, chairman of A & N Communications in Print Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 28 at the Holiday Inn, Bath Road, Corner Sipson
Way, West Drayton UB7 0DP.

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

CONTACT:  A & N COMMUNICATIONS IN PRINT LTD.
          61-71 Littleton Rd
          Ashford
          Middlesex
          Postcode
          TW15 1UU
          Phone: +4401 784248383
          Fax: +4401 784251248

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


ATLAS DEMOLITION: BWC to Liquidate Business
-------------------------------------------
R. A. Beck, chairman of Atlas Demolition and Dismantling Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 26 at BWC Business Solutions, 8 Park Place,
Leeds LS1 2RU.

David L. Cockshott and Paul A Whitwam of BWC Business Solutions,
8 Park Place, Leeds LS1 2RU were appointed Joint Liquidators.

CONTACT:  ATLAS DEMOLITION AND DISMANTLING LTD.
          Mill Lane, Halifax, West Yorkshire HX3 6TR
          Phone: 01422364427

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


BANKSIDE INSURANCE: Names PwC Liquidator
----------------------------------------
Company Names: BANKSIDE INSURANCE HOLDINGS LIMITED
               BANKSIDE UNDERWRITING AGENCIES LIMITED
               ENSIGN PLUS INSURANCE SERVICES LIMITED
               EUROPEAN CLAIMS ORGANISATION LIMITED
               LIMIT (INSURANCE & REINSURANCE) SERVICES LIMITED
               TORCH INSURANCE SERVICES LIMITED

The chairman of these companies informs that the special and
ordinary resolutions were passed on Oct. 28. Mr. Richard Setchim
and Jonathan Sisson 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


CARNE HOLDINGS: Call in Liquidators from Carter Backer Winter
-------------------------------------------------------------
J. Carne, the director of Carne Holdings Limited, informs that
the special resolution to wind up the company was passed at an
EGM held on Nov. 7 at the Enterprise House, 21 Buckle Street,
London E1 8NN.  Melvyn Julian Carter and John Alexander of Carter
Backer Winter, Enterprise House, 21 Buckle Street, London E1 8NN
were appointed joint liquidators.

Creditors are required on or before January 3, 2006, 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
Julian Carter of Carter Backer Winter, Enterprise House, 21
Buckle Street, London E1 8NN, the joint liquidator of the
company, and, if so required by notice in writing their debt or
claims.

CONTACT:  CARTER BACKER WINTER
          Enterprise House,
          21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


CENTRAL DESIGNS: Liquidators from Begbies Traynor Enter Firm
------------------------------------------------------------
E. M. Davidson, the chairman of Central Designs Limited, informs
that the special resolution to wind up the company was passed at
an EGM held on Oct. 27 at Trinity House, 47 Wright Street,
Southport PR9 0TL.  David Moore and Donald Bailey of Begbies
Traynor, No 1 Old Hall Street, Liverpool L3 9HF was appointed
joint liquidators.

Creditors are required on or before December 8, 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 David Moore
of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF, the
joint liquidator of the company, and, if so required by notice in
writing its debt or claims.

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


CHILWOOD HOLDINGS: Calls in Liquidator from Milner Boardman
-----------------------------------------------------------
B. Sutcliffe, the chairman of Chilwood Holdings Limited, informs
that the special resolution to wind up the company was passed on
Nov. 4.  Mark Terence Getliffe was appointed liquidator.

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 Mark Terence
Getliffe of CLB, Century House, 11 St Peter's Square, Manchester
M2 3DN, the liquidator of the company, and, if so required by
notice in writing its debt or claims.

CONTACT:  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


CLEVERSOURCE LIMITED: Falls Under Administration
------------------------------------------------
Paul William Ellison and Gareth Wyn Roberts (IP Nos 7254, 1162)
of Hurst Morrison Thomson Corporate Recovery LLP were appointed
joint administrators of Cleversource Limited (Company No
04316444) on Nov. 3.

CONTACT:  HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


COLLINS & AIKMAN: Creditors OK Cross-border Insolvency Protocol
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Collins & Aikman
Corporation and its debtor-affiliates posed no objection to the
proposed cross-border insolvency protocol, but expressly reserves
of all of its rights to raise in the future any issues relating
to the European Debtors and their Administration as those issues
may impact the U.S. Debtors, their estates and their unsecured
creditors.

The Debtors previously proposed a cross-border insolvency
protocol to facilitate the efficient administration of their
Chapter 11 cases and the administrative proceedings of their
European units.

Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in New York,
explains that the Protocol will ensure that the counsel, retained
professionals and management for each of the U.S. Debtors and the
European Debtors work cooperatively and effectively with minimal
friction or duplication of efforts.  While the Protocol has not
yet been formally approved, the Debtors have been acting in
accordance with the terms of the Protocol since it was developed
on July 15, 2005.

The terms of the Protocol are designed to:

  (a) promote the orderly and efficient administration of the
      Insolvency Proceedings;

  (b) harmonize and coordinate activities undertaken and
      information exchanged in connection with the Insolvency
      Proceedings;

  (c) honor the independence and integrity of the US and English
      Courts; and

  (d) promote international cooperation and respect for comity
      among the U.S. and English Courts.

A full-text copy of the 15-page Protocol is available for free at
http://bankrupt.com/misc/collins_protocol.pdf

                    Committee's Statement

The Official Committee of Unsecured Creditors notes that the
cross-border insolvency protocol provides, in essence, that the
parties will agree to communicate and negotiate with each other
regarding the sharing of Confidential Information.  While the
Protocol does not provide the Committee or the U.S. Debtors with
direct access to information or a guarantee of information
regarding the European Debtors and their Administration, to date,
the Committee has been receiving periodic updates from the U.S.
Debtors and the Administrators regarding the Administration and
recently participated in a productive meeting with the
Administrators.

The Committee is hopeful that, despite the non-binding nature of
the Protocol, during the course of the Chapter 11 cases and the
Administration, the Administrators will be forthcoming in
providing information to the Committee and the U.S. Debtors
regarding the European Debtors and the Administration that is
pertinent to the U.S. Debtors and their unsecured creditors.

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)

                            *   *   *

ollin'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


COLT TELECOM: Delists Securities from U.K.L.A.
----------------------------------------------
COLT Telecom Group plc has confirmed, as announced on 21
September 2005, that redemption of EUR295,000,000 2% Senior
Convertible Notes due 2006 took place on 21 October 2005.  A
request has been made to the U.K. Listing Authority for the
cancellation of the listing of these securities with effect from
17 November 2005.

                About the Company

COLT is a leading European provider of business communications.
COLT specializes in providing data, voice and managed services to
midsize and major businesses and wholesale customers.  It has
more than 50,000 customers across all industry sectors.  COLT
owns and operates a 13-country, 20,000km network that includes
metropolitan area networks in 32 major European cities with
direct fiber connections into 10,000 buildings and 13 COLT data
centers.

COLT Telecom Group plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT).  In July, the company said it
continued to make progress in the implementation of its strategic
plan, even though market conditions remained challenging.  Its
financial position continues to be strong with cash and cash
equivalents of GBP335.9 million at the end of the quarter.

CONTACT:  COLT TELECOM GROUP PLC
          Web site: http://www.colt.net

          John Doherty
          Director Corporate Communications
          Phone: +44 (0) 20 7390 3681
          E-mail: jdoherty@colt.net

          Gill Maclean
          Head of Corporate Communications
          Phone: +44 (0) 20 7863 5314
          E-mail: gill.maclean@colt.net


COPAL CASTING: Alumasc Shuts down Loss-making Casting Unit
----------------------------------------------------------
Alumasc Group plc has disclosed the closure of Copal Casting
Ltd., its loss-making gravity casting business, based in
Handsworth, West Midlands.

Following expressions of interest, negotiations to sell Copal
have been taking place for several months, but have failed to
secure a buyer.  The business incurred mounting losses since the
demise of MG Rover in April.

Alumasc's accounts for the year to 30 June 2005 included Copal's
losses in the year and a write-down of assets in anticipation of
a sale of the business.  Trading losses prior to closure in the
current year and redundancy costs, estimated at approximately
GBP1.5 million in aggregate, will be accounted for as
discontinued activities in the half year accounts to 31 December
2005.

Withdrawal from Copal is consistent with the Group's strategy to
focus its development in those core business areas of premium
building and engineering products where know-how and service are
at a premium.

Alumasc's ongoing engineering activities are in the process of
replacing business at Rover and Powertrain, the loss of which was
reported to have cost the Group GBP1 million in the prior year.

While the introduction of new projects and customers outside the
automotive industry is, in general, proceeding satisfactorily, it
appears unlikely to compensate fully in the short term for the
work lost, with the result that the Board now anticipates lower
profits from its ongoing engineering business in the first half
of the current year (to 31 December 2005) than in the equivalent
period of the prior year, with a further increase in the Group's
second half bias, highlighted in last month's AGM Statement.
Meanwhile, the Group's building products activities, which
contributed two-thirds to last year's profits, have continued to
advance in the early months of the current year.

CONTACT:  COPAL CASTING LTD.
          Kentish Road, Handsworth
          Birmingham B21 0AZ
          United Kingdom
     Phone: 0121-558 4211
          Fax: 0121-558 1729
          Web site: http://www.alumascprecision.co.uk

          ALUMASC GROUP PLC
          Phone: 01536-383 844


COSTAIN GROUP: Wins GBP34 Million Design, Construction Deal
-----------------------------------------------------------
Nations Healthcare Ltd. has awarded Costain Midlands the GBP34
million contract for the design and construction of a Day
Treatment Centre at the Queens Medical Centre (QMC) Campus in
Nottingham, the largest Treatment Centre contract to be tendered
to date.

The purpose-built Treatment Centre will be located next to the
Postgraduate Centre and will be offering its services to NHS
patients by the end of 2007.  The Centre will be fully integrated
with the clinical services and educational responsibilities of
QMC and will provide opportunities to develop new models of
patient-centered care.  The Treatment Centre will also free up
space for future development of inpatient and emergency clinical
services.

There are approximately 10,000 square meters of clinical area set
over two levels, with covered parking for 80 cars in an
undercroft.  Alternative access from the existing QMC building
will be via a link bridge.

Simon Burton, Costain Midlands Director, said: "Costain is
pleased to be working with Nations Healthcare Limited, Queens
Medical Centre and the Nottingham NHS community on the provision
of the new facility.  Queen's Medical Centre, Nottingham, is the
second largest teaching hospital in Europe."

                        About the Company

Costain collapsed under heavy debt in the mid-1990s after
venturing into U.S. mining.  It is still trying to recover with
its first dividend in years expected this year or next.  Its core
U.K. business reported a GBP10.5 million profit last year after
plunging into a EUR5 million loss in 2000.

The company has moved into asset management of water utilities
from civil engineering.  In May, the special resolution approving
the reduction of share capital and cancellation of share premium
account in the company was approved by the Companies Court and
registered at Companies House.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444


DE FACTO: Owners Pass Winding-up Resolutions
--------------------------------------------
The members of De Facto 1301 Limited, informs that the special
and extraordinary resolutions to wind up the company was passed
on Nov. 7 and Richard Setchim and Jonathan Michael Sisson 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


DTF TRAVEL: Appoints Liquidator
-------------------------------
B. Joergensen, the chairman of DTF Travel Limited, informs that
the special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 7 at Markedsgade 13, 9800 Hjrring,
Denmark.  Simon James Bonney of BN Jackson Norton, 1 Gray's Inn
Square, Gray's Inn, London WC1R 5AA was appointed liquidator.

Creditors are required on or before December 3, 2005, to send in
their full names, addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to Simon James Bonney, of BN Jackson Norton,
1 Gray's Inn Square, Gray's Inn, London WC1R 5AA, the liquidator
of the company, and, if so required by notice in writing their
debt or claims.

CONTACT:  BN JACKSON NORTON
          1 Gray's Inn Square,
          Gray's Inn, London WC1R 5AA


GOULDS DESIGN: Business up for Sale
-----------------------------------
The Joint Administrators, Michael Horrocks and Russell Cash,
offer for sale the business and assets of Goulds (Design and
Manufacturing) Ltd., a Lancashire based manufacturer and
distributor of printed kitchen, toilet and facial tissues.

Principal features:

(a) Strong U.K. and European blue chip customer base including
    all major U.K. supermarkets;

(b) Worldwide reputation for niche quality products

(c) Well-equipped and fully flexible freehold manufacturing
    facility in Heywood (11,000 sq. m.);

(d) 180-strong workforce; and

(e) Turnover (year ended December 31 2004) of GBP22 million.

CONTACT:  Goulds (Design and Manufacturing) Ltd.
          Sefton Street
          Heywood OL10 2JF
          Phone: 01706 898000
          Fax: 01706 898067
          Web site: http://www.goulds-ltd.com

          PRICEWATERHOUSECOOPERS LLP
          1 East Parade
          Sheffield S1 2ET
          Phone: [44] (114) 272 9141
          Fax: [44] (114) 275 2573
          Web site: http://www.pwcglobal.com
          Contact:
          Dean Ardon
          Phone: 0114 259 210
          Fax: 0114 259 8202
          E-mail: dean.ardron@uk.pwc.com


GOULDS LTD.: Tissue Maker Calls in Administrator
------------------------------------------------
Russell Cash and Michael Horrocks (IP Nos 1238, 8026) of
PricewaterhouseCoopers LLP were appointed joint administrators of
Goulds (Design & Manufacturing) Limited (Company No 02761615) on
Nov. 3.  Its registered office is at Sefton Street, Heywood,
Lancashire OL10 2JF.  The company manufactures tissue paper.

CONTACT:  GOULDS DESIGN & MANUFACTURING LTD.
          Sefton Street
          Heywood OL10 2JF
          Phone: 01706 364613

          PRICEWATERHOUSECOOPERS
          101 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3PW
          Greater Manchester
          Phone: 0161 247 4330
          Fax: 0161 228 3920
          Web site: http://www.pwcglobal.com


GYMBOREE U.K.: Grant Thornton Liquidators Enter Firm
----------------------------------------------------
The Gymboree U.K. Leasing Limited, informs that the special
resolution to wind up the company was passed and Mr. Andrew
Conquest and Mr. Andrew Hosking of Grant Thornton UK LLP, Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP were
appointed liquidators.

Creditors are required on or before December 9, 2005, to send in
their full names, addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to Andrew Conquest of Grant Thornton UK LLP,
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP, the liquidator of the company, and, if so required by notice
in writing their debt or claims.

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


HARRY THORNES: Appoints BDO Stoy Hayward Administrator
------------------------------------------------------
T. Underwood and C. C. S. MacMillan (IP Nos 9271, 6000/01) of BDO
Stoy Hayward LLP were appointed joint administrators of Harry
Thornes Limited (Company No 00453173) on Nov. 3.  The company
sells vehicles.

CONTACT:  HARRY THORNES LIMITED
          Jaguar House Calder Island,
          Denby Dale Road, Wakefield,
          West Yorkshire WF2 8DJ
          Phone: 01924381111

          BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


HOMEFLARE LTD.: Files for Liquidation
-------------------------------------
Homeflare Limited informs that resolutions to wind up the company
were passed at an EGM held on Oct. 25 at 50 Newhall Street,
Birmingham B3 3QE.

Gagen Dulari Sharma was appointed liquidator.

CONTACT:  HOMEFLARE LTD.
          19 High Street, Solihull
          West Midlands B91 3SJ
          Phone: 0121-705-2649


LIFESTYLE CONSTRUCTION: Names Elwell Watchorn Liquidator
--------------------------------------------------------
Lifestyle Construction Limited informs that a resolution to wind
up the company was passed at an EGM held on Oct. 26 at Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN.

John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN were appointed Joint Liquidators.

Lifestyle Construction is a brick and block house builders,
providing either a complete package from design and planning to
building the finished property, or a build only service.  All
work is covered by Zurich buildings guarantee.

CONTACT:  LIFESTYLE CONSTRUCTION LTD.
          40 Valebrook Road
          Stathern
          Melton Mowbray
          Leicestershire
          LE14 4EB
          U.K.
          Phone: 01949 869183
          Fax: 01949 869183
          E-mail: enquiries@cpdltd.freeserve.co.uk

          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


LINK FASHION: Goes into Liquidation
-----------------------------------
P. Kangatharan, chairman of Link Fashion Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 12 at 410 Horns Road, Barkingside IG6 1BT.

Peter Bridger was appointed liquidator.

CONTACT:  LINK FASHION LIMITED
          307 Sprowston Mews, London E7 9AE
          Phone: 02085550315


MG ROVER: DTI Inquiry Costs GBP23,000 a day
-------------------------------------------
The inquiry backed by the Department of Trade and Industry into
the collapse of MG Rover already costs GBP23,000 daily, The Times
reported.

Gerry Sutcliffe, minister at the DTI, admitted that the costs of
investigation into the carmaker's failure reached GBP1.6 million
at the end of September.  This compares with GBP1.09 million
spent for the three months ended August.  DTI expects the inquiry
to take at least two years.

Norman Lamb, Liberal Democrat spokesman on trade and industry,
said: "These sort of inquiries have an enormous capacity to
ratchet up costs.  The danger is that they go on for so long that
the issue being investigated is lost sight of.  It is important
that a conclusion is drawn but not that the costs are
disproportionately high for the subject."

Led by Guy Newey, QC, and Gervase MacGregor, head of forensic
accounting at BDO Stoy Hayward, the inquiry could cost around
GBP10 million if it were to last two years.

Mr. Sutcliffe added: "The accountant inspector has a team of
junior staff working for him, retrieving, copying, logging and
analyzing documents.  The costs of the inspection are inherently
front-loaded because of the need to obtain the records and
financial information at the outset."

He also said that both the Secretary of State and the inspectors
are working to finish the inquiry as soon as possible "with due
regard to the fairness procedures and to the thoroughness of the
task."

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          NANJING AUTOMOBILE (GROUP) CORPORATION
          General Management Division
          Phone: 86-25-3432671
          Fax: 86-25-3111295 3417873
          E-mail: bnj3111037@jlonline.com
          Web site: http://www.nanqi.com.cn


MIDLAND REFUGEE: Hires BDO Stoy Liquidator
------------------------------------------
H. N. Boyd, chairman of Midland Refugee Council, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 26 at the Institute of Directors Hub, 1 Victoria Square,
Birmingham B1 1BD.

A. P. Supperstone and C. K. Rayment of BDO Stoy Hayward LLP, 125
Colmore Row, Birmingham B3 3SD were appointed Joint Liquidators.

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

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


MULLWIN LTD.: Owners Decide to Wind up Firm
-------------------------------------------
A. Peek, chairman of Mullwin Limited (t/a Moors Glass), informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 27 at Rogers Evans, 20 Brunswick Place, Southampton
SO15 2AQ.

T. C. Evans was appointed liquidator.

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

CONTACT:  T/A MOORS GLASS
          Poole, Dorset BH17 0UJ
          Phone: 01202746560


OASI LIMITED: Hires Administrators from Cresswell Associates
------------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy (IP Nos 0978, 1388) of
Cresswell Associates Limited were appointed joint administrators
of Oasi Limited (Company No 04003868) on Sept. 30.

CONTACT:  OASI LTD
          St Werburgh Street,
          Chester, Cheshire CH1 2DY
          Phone: 01244-31466

          CRESSWELL ASSOCIATES LIMITED
          Maple View, White Moss Business Park,
          Skelmersdale, Lancashire WN8 9TG


ONSLOW DITCHLING: Creditors Meeting Set Friday
----------------------------------------------
Creditors of Onslow Ditchling Limited (Company No 4673094) will
meet on November 25, 2005, 11 a.m. at The Howard Hotel, Temple
Place, London WC2R 2PR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Antony Manning and Nicholas Guy Edwards of
Deloitte & Touche LLP, PO Box 810, 66 Shoe Lane, London EC4A 3WA
not later than 12:00 noon, November 24, 2005.

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


PAYSAGISTE LTD.: Landscaper Liquidates
--------------------------------------
G. Edwards, chairman of Paysagiste Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 27 at Regency House, 21 The Ropewalk, Nottingham NG1 5DU.

Peter A. Blair and Paul Finnity of Regency House, 21 The
Ropewalk, Nottingham NG1 5DU was appointed Joint Liquidators.

CONTACT:  PAYSAGISTE LTD.
          6 City Road
          Nottingham
          NG7 2JJ
          Phone: 01159783145


PHOENIX CALL: Liquidator from DTE Leonard Enters Firm
-----------------------------------------------------
J. P. Salmon, director of Phoenix Call Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 27.

A. Clifton of DTE Leonard Curtis, 85-89 Colmore Row, Birmingham
B3 2BB was appointed liquidator.

CONTACT:  PHOENIX CALL LTD.
          96 London Fruit & Wool Exchange, Brushfield St.
          London, E1 6EP
          Phone: 0845 2003344


PLANESTATION S.R.O.: Holding Company Opts for Administration
------------------------------------------------------------
Andrew Conquest and Joseph McLean (IP Nos 5329, 8903) of Grant
Thornton were appointed joint administrators of holding company
Planestation S.R.O. (Company No Czech Registered) on Oct. 19.
Its registered office is at Mala Strana, Nerudova cp. 234, org
45, PSC 11000, PRAHA 1, Czech Republic.

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


PMGH LTD.: Calls in Liquidator from Armstrong Watson
----------------------------------------------------
PMGH Limited informs that a resolution to wind up the company was
passed at an EGM held on Oct. 24 at Burley House, 12 Clarendon
Road, Leeds LS2 9NF.

Michael C. Kienlen of Armstrong Watson, Central House, 47 St
Paul's Street, Leeds LS1 2TE was appointed liquidator.

CONTACT:  ARMSTRONG WATSON
          Central House
          47 St Paul's Street
          Leeds LS1 2TE
          West Yorkshire
          Phone: 0113 384 3840
          Fax: 0113 384 3841
          E-mail: mike.lienlen@armstrongwatson.co.uk


ROYAL MAIL: To Appoint New Managing Directors
---------------------------------------------
Royal Mail Group is to streamline its Group structure to give its
four businesses -- Royal Mail Letters, Post Office Ltd.,
Parcelforce Worldwide and General Logistics Systems (GLS) -- the
best platform to meet the growing competitive challenges in their
markets over the next three to five years.

The Group will shortly announce the appointments of new Managing
Directors for both Royal Mail Letters and Post Office Ltd., both
of whom will report to Group Chief Executive, Adam Crozier.

Mr. Crozier has run Royal Mail Letters on a day-to-day basis
since April 2004, in addition to his role as Group Chief
Executive.  The Letters business is now delivering record Quality
of Service levels, with almost 94% of First Class letters
delivered the working day after posting, and is preparing for its
next phase of development as the market is fully opened to
competition on 1 January 2006.

The new Managing Director for Post Office Ltd. will succeed David
Mills, who plans to leave the business at the end of this year.

Mr. Mills has been Chief Executive of Post Office Ltd. for past
three and a half years in which time he has overseen a
transformation of Post Office Ltd., reshaping the Post Office
network and turning it into a major high street provider of
financial services.  David and the Company have agreed that the
time has come to find a successor to lead Post Office Ltd.
through its next challenging stages of development.

Allan Leighton, Royal Mail Group Chairman, said: "[Mr. Mills] has
made a great contribution to the Business, and we wish him well."

The structural changes -- and new appointments -- will not only
allow each company to drive opportunities in their markets over
the next three to five years, but will also help the Group to
benefit from the synergies between their respective operations
and markets and create further revenue opportunities.

"We now have the structure in place to take the Group though the
next stage of its development.  Royal Mail has achieved a huge
amount over the last three years but we know there are more
challenges to come in all our businesses over the next three to
five years.  I am confident that our people, and the management
team we are putting in place, will continue to meet those
challenges."

CONTACT:  ROYAL MAIL
          148 Old Street
          London
          EC1V 9HQ
          Web site: http://www.royalmail.com


SANCTUARY GROUP: Hunts for New Non-executive Chairman
-----------------------------------------------------
In relation to Sanctuary Group plc's implementation of its new
business plan and overall review, the company intends to revise
the Board's structure and to make a number of new appointments.
The process of identifying new directors (non-executive and
executive) and the process of restructuring current executive
responsibilities is progressing well.

As part of these revised arrangements it is expected that Andy
Taylor will retain the senior executive position but will step
down as Executive Chairman, and a new non-executive Chairman will
be appointed.  This change is intended to enable Mr. Taylor to
concentrate his full energies on overseeing the implementation of
the Group's new business plan.  The Board has appointed an
executive search agency to recruit a non-executive Chairman.  The
Board will announce further management changes as appropriate.

Meanwhile, Non-executive Director Douglas McArthur has stepped
down from the Board with effect from 16 November 2005.  The Board
would like to thank Douglas for his contribution to the Group
since he joined in 2000 and understand that the extra time
commitment presently required by Sanctuary is not compatible with
his role as full time chief executive of the Radio Advertising
Bureau.

                        About the Company

The Sanctuary Group plc is one of the world's leading developers
of music intellectual property rights (IPR), with offices in
London, New York, Berlin, Houston and Los Angeles.  In 2004,
Sanctuary recorded a turnover of GBP221 million and a group
profit of GBP16.1 million.

The Artist Management arm of Sanctuary comprises: Music World
Entertainment (part of Sanctuary Urban) based in Houston;
Trinifold Management based in London; Sanctuary Artist Management
(London, Los Angeles, New York and Berlin) and Sanctuary
Entertainment (London).

Sanctuary's visual rights licensing and merchandising operations,
Bravado and World Online, are part of the Artist
Services division and have clients ranging from Elton John,
Robbie Williams and Simon and Garfunkel to Eminem, Christina
Aguilera, 50 Cent and Hilary Duff.

On September 21, due to a number of operational and trading
problems, the company said it is likely to generate a loss at
EBITDA level before exceptional items such as restructuring costs
and provisions.  The Group has also suffered from recent negative
commentary as a result of poor trading in 2005 and this has had
an adverse impact in particular in the Records division.

It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.

CONTACT:  THE SANCTUARY GROUP PLC
          Sanctuary House
          45 - 53 Sinclair Road
          London W14 0NS
          Phone: +44 (0)20 7602 6351
          Fax: +44 (0)20 7603 5941
          E-mail: info@sanctuarygroup.com
          Web site: http://www.sanctuarygroup.com


SHIERS DIVING: Appoints Tenon Recovery Administrator
----------------------------------------------------
Carl Jackson (IP No 8860) and Christopher Ratten (IP No 9338) of
Tenon Recovery were appointed administrators of holding company
Shiers Diving Group Limited (Company No 05042701) on Nov. 7.  Its
registered office is at Vauguard House, Vanguard Road, Gapton
Hall Industrial Estate, Great Yarmouth, Norfolk NR31 0NT.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com

          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


SKIPLINE WASTE: Calls in Administrator from Haines Watts
--------------------------------------------------------
Timothy Calverley (IP No 009335) of Haines Watts was appointed
administrator of Skipline Waste Management Limited (Company No
04874846) on Oct. 28.  Its registered office is at 44 Bradford
Road, Idle, Bradford BD10 9PE.  The company is engaged in
machinery and equipment rental.

CONTACT:  SKIPLINE WASTE MANAGEMENT LTD.
          Milners Road Industrial Estate,
          Leeds, West Yorkshire LS19 7JE
          Phone: 0113 250 3400

          HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com


SMFB LIMITED: Administrators from Poppleton & Appleby Move in
-------------------------------------------------------------
M. D. Hardy and A. Turpin (IP Nos 1453, 1452) of Poppleton &
Appleby were appointed joint administrators of SMFB Limited
(Company No 03908334) on Nov. 1.  The company was previously
named Sitemech Fabrications Ltd.  It manufactures fabricated
metal products.

CONTACT:  SMFB LIMITED
          Porritt Street,
          Bury, Lancashire BL9 6HJ
          Phone: 01617643901

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


SMI (OVERSEAS): DTI Winds up Real Estate Broker
-----------------------------------------------
SMI (Overseas) Limited has been wound up following an
investigation by the Department of Trade and Industry, said
Creditman.

The Lincolnshire-based firm lured investors to buy into the
Spanish and Turkish property market.  SMI promised to help them
set up a multi-million pound international property portfolio by
investing on properties that were yet to be built.

Investigators from the DTI's Companies Investigations Branch
found no evidence that SMI had acquired any properties.  DTI,
however, failed to establish how much money had been taken from
investors after SMI directors refused to present accounting or
company records.

The court has appointed the Official Receiver as liquidator of
the company.  The Official Receiver will look into the SMI's
failure and the conduct of the directors.

SMI (Overseas) Limited is located at The Grey House, 3 Broad
Street, Stamford, Lincolnshire, PE9 1PG.

CONTACT:  THE INSOLVENCY SERVICE
          Public Interest Unit
          PO Box 203
          21 Bloomsbury Street
          London

          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


TBH (IPSWICH): Begbies Traynor to Liquidate Business
----------------------------------------------------
TBH (Ipswich) Limited informs that a resolution to wind up the
company was passed at an EGM held on Oct. 28 at the Holiday Inn,
London Road, Ipswich, Suffolk IP2 0UA.

Jamie Taylor of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed
liquidator.

CONTACT:  T B H (IPSWICH) LTD.
          Tovells Wharf/New Cut East
          Ipswich
          IP3 0EA
          Phone: 01473 287188

          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


TGB TRANSMISSIONS: Calls in Administrator
-----------------------------------------
R. F. Simms and M. R. Buttriss (IP Nos 9252, 9291) of F A Simms &
Partners PLC were appointed administrators of TGB Transmissions
Limited (Company No 3076202) on Oct. 26.  The company offers
power transmission drives and belting services.

CONTACT:  T G B TRANSMISSIONS LTD.
          81 Somers Road
          Rugby
          Warwickshire CV22 7DG
          United Kingdom
          Phone: (01788) 552400
          Fax: (01788) 552409

          F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


TRAFFIC CONTROL: EGM Passes Winding-up Resolutions
--------------------------------------------------
C. Harlin, director of Traffic Control Services Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 27 at John Swift Building, 19 Mason Street,
Manchester M4 5FT.

Claire L. Dwyer was appointed liquidator.

Traffic Control Services supplies and hires traffic management
and provides construction work on highways.

CONTACT:  TRAFFIC CONTROL SERVICES LTD.
          Old Station Yard
          Mullineux Street
          Walkden
          M28 3DZ
          United Kingdom
          Phone: 01617033344


WHITE SHADOW: Creditors Meeting Set Wednesday
---------------------------------------------
Creditors of White Shadow Services Limited (Company No 2565420)
will meet on November 23, 2005, 11 a.m. at Pridie Brewster, St
Andrew's House, 18-20 St Andrew Street, London EC4A 3AJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Hasan Imam Mirza of Pridie Brewster, St Andrew's
House, 18-20 St Andrew Street, London EC4A 3AJ not later than
12:00 noon, November 22, 2005.

CONTACT:  PRIDIE BREWSTER
          St Andrew's House
          18-20 St. Andrew Street
          London EC4A 3AJ
          Phone: 020 7282 5900
          Fax: 020 282 5901
          E-mail: chammond@bridie.brewster.com


WM MORRISON: Loss Widens by GBP8.4 Million Under IFRS
-----------------------------------------------------
Following the publication on 20 October 2005 of Wm Morrison
Supermarkets plc's unaudited U.K. GAAP results for the 25 weeks
ended 24 July 2005, the group unveils the conversion of those
U.K. GAAP interim results to International Financial Reporting
Standards (IFRS) using the standards and interpretations that are
anticipated to be enforced on 29 January 2006, the yearend date
of the Group's first full financial results under IFRS.

IFRS Impact on Results

(a) operating profit before 'exceptionals' unchanged;

(b) exceptionals unchanged;

(c) loss before tax increased by GBP8.4 million, primarily due
    to reversal of negative goodwill amortization;

(d) no asset impairment;

(e) net debt decreased by GBP19.1 million; and

(f) operating cash flow unchanged for all periods.

                        About the Company

Founded in 1899 by William Morrison, the company has grown from a
single egg and butter stall in Bradford market to become the
U.K.'s fourth largest, and rapidly growing supermarket chain.
With over 150,000 people working in stores, factories,
distribution centers and its head office, the company serves more
than 10 million customers weekly.

Morrison is experiencing difficulty integrating Safeway, the
US$3 billion business it acquired last year.  Since the
acquisition, it has issued five profits warning in over a year.
In September, it unveiled plans to shut down three distribution
depots, confirming fears of job cuts.  The decision, which would
affect sites in Aylesford, Bristol and Warrington, could leave
2,500 workers jobless.

In May, the company stated clearly that it was not in a position
to provide reliable guidance on the level of profitability for
the year as a whole.  Since that time, the market has produced a
wide range of profit estimates for the year 2005/6.  While
detailed forecasting work was underway, the Board believed the
guidance for profit before tax, exceptionals and goodwill for the
current year will fall within the range GBP50 million to
GBP150 million.

The Board reiterated that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.

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


WORLD INSURANCE: Names PricewaterhouseCoopers Liquidator
--------------------------------------------------------
P. Gregory, the chairman of World Insurance Network Limited,
informs that the special and ordinary resolutions to wind up the
company were passed at the EGM held on Nov. 1.  Jonathan Sisson
and Tim Walsh of PricewaterhouseCoopers LLP, 12 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


ZENITH KITCHENS: Appoints Sale Smith Liquidator
-----------------------------------------------
R. McCann, chairman of Zenith Kitchens & Bedrooms Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 31 at The Express By Holiday Inn, Acton Court,
Acton Gate, Stafford ST18 9AR.

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

CONTACT:  ZENITH KITCHENS & BEDROOMS LTD.
          Eaton Studio
          Watling Street
          Gailey
          Stafford
          ST195PN
          Phone: 01902790508
          E-mail: enquiries@zenithkitchens.co.uk
          Web site: http://www.zenithkitchens.co.uk/

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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