TCREUR_Public/051122.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

           Tuesday, November 22, 2005, Vol. 6, No. 231

                            Headlines

B E L G I U M

DEXIA BANK: Files for Voluntary Liquidation


F R A N C E

AUTOCAM FRANCE: Moody's Junks Ratings on Weak Liquidity Profile


G E R M A N Y

ABS BAUGESELLSCHAFT: Celle Company Goes Bust
AVCD GMBH: Proofs of Claim Due Next Month
DAIMLERCHRYSLER AG: Smart Car unit Attracts Interest
FAMILIENHAUS - GENERALUNTERNEHMER: Succumbs to Bankruptcy
FRENKEN GMBH: Court to Verify Claims February

GLASEREI HOROTA: Calls in Administrator from Pfefferle Koch
HAUS RAPHAEL: Creditors Meeting Set January
INFINEON TECHNOLOGIES: Strong Q4 Fails to Prevent Full-year Loss
JOHANNES WAGNER: Under Bankruptcy Administration
LONA-MODEN: Claims Filing Period Ends December 20

OFFSETDRUCK KURT: Hamburg Court Names Administrator
PRIMACOM AG: NMa Clears Sale to Warburg
PRIMACOM AG: Wolfgang Preuss Leaving Management Board Nov. 30
TAKKO GASTRONOMIE: Creditors' Claims Due December
UNITY MEDIA: Tele Columbus Merger Receives Go ahead


I T A L Y

SAFILO S.P.A.: S&P Welcomes IPO; Hints of Two-notch Upgrade
TISCALI S.P.A.: Belies Tie-up Talks with FastWeb


L U X E M B O U R G

STOLT-NIELSEN: Continues Share Buyback Program


N E T H E R L A N D S

ALB FINANCE: Fitch Rates US$200 Mln Eurobond B+, Stable
ROYAL SHELL: Buys back 1,200,000 Additional 'A' Shares
ROYAL SHELL: Barter Deal with Total Expands South Texas Asset


R U S S I A

BUTURLINO-SEL-STROY: Proofs of Claim Deadline Expires Next Week
ENKOR: Insolvency Manager Takes over Firm
EVRAZ GROUP: Bares Financial Results of Subsidiaries
KAZANORGSINTEZ: Gets Lower-B Ratings, Stable Outlook from S&P
KSILEMA: Bankruptcy Supervision Procedure Begins

NIZHNEVARTOVSK-GRAZHDAN-STROY: Declared Insolvent
PETROCOMMERCE BANK: Ratings Stifled by Over-reliance on Lukoil
PLAMYA: Succumbs to Bankruptcy
REINFORCED CONCRETE: Undergoes Bankruptcy Supervision Procedure
SEL-KHOZ-KHIMIYA: Court Opens Bankruptcy Proceedings

SEL-KHOZ-MONTAZH: Declared Insolvent
SNOVEDSKOYE: Claims Filing Period Ends December 8
TYUMEN-AGRO-GAS: Tyumen Court Opens Bankruptcy Proceedings
YUKOS OIL: Nine-month Net Loss Down to RUB2.92 Billion


S P A I N

CABLEUROPA: Closes Auna Telecomunicaciones Takeover


U K R A I N E

GART: Cherkassy Court Opens Bankruptcy Proceedings
GIDRAVLIKA: Under Bankruptcy Supervision
INDEKO: Gives Creditors Until Friday to File Claims
IVEKO LTD.: Court Appoints Insolvency Manager
MORRIBFLOT: Goes into Liquidation

POLISSYA: Declared Insolvent
THERMAL CONVERSION: Temporary Insolvency Manager Steps in
TRUDIVNIK: Creditors' Claims Due Friday
UKRSOTSBANK: Bond Issue Receives Ba1 Rating from Moody's
UROZHAJ: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

ALLSERVE SYSTEMS: IT Company Crashes
ATLANTIC BAR: Names BDO Stoy Hayward Administrator
AURELIA PLASTICS: Administrators Take over Firm
AVALON COURIER: Hires Pattinsons as Administrator
BANNING HEATING: Files for Liquidation

BARNES BLASTING: Calls in Liquidator
BRADSEL LIMITED: Owners Pass Winding-up Resolutions
BUCKTON EXPORT: Citroen Wells Liquidators Enter Firm
BULMERS BUSINESS: Cranfield to Liquidate Business
CHADWICK & WALTER: Goes into Liquidation

CINIO ESTATES: Calls in Ernst & Young as Liquidator
DAWSON INTERNATIONAL: Raising GBP1.5 Million via Share Placement
DEUTSCHE (SERVICES): Calls in KPMG Liquidator
EQUITABLE LIFE: Hires Advisors to help Decide on Breakup
FK AUTO: Owners Opt for Liquidation

FUME AND DUST: Calls in Joint Liquidators
GIDEA INTERIORS: Names Begbies Traynor Liquidator
GLOBAL VEHICLE: Appoints Administrators from Tenon Recovery
GOSHAWK INSURANCE: Mulls Equity Offering to Raise US$15 Million
HARMER PERSONAL: PwC Administrators Enter Firm

HEARTBEAT FITNESS: Files for Liquidation
HEDGMAN MAINTENANCE: Liquidators from Valentine Enter Firm
INBLOW FORM: Creditors to Meet Tomorrow
INEOS VINYLS: Amends Indenture on EUR160 Million Notes
INFOODS LIMITED: Pastry Maker Calls in Administrator

MG ROVER: Govt Admits Cost Related to Collapse to Top GBP230 Mln
MICRO TITANIUM: Owners Decide to Wind up Firm
ORRACO LIMITED: Administrators from Begbies Traynor Move in
PRISMA (EUROPE): PwC Administrators Take over Helm
RIDLEYS RESTAURANTS: Administrator from Lameys Moves in

ROYAL MAIL: Overall Profit up 20% Despite Falling Letter Volumes
ROYAL MAIL: Govt Rules out Help as Pension Woes Heighten
SEVEN TELECOM: Appoint Administrators from BDO Stoy Hayward
SIETAL INVESTMENTS: Calls in Liquidator from Grant Thornton
SMC DIRECT: Administrators from Mazar Enter Firm
STRAND FITTING: Hires Smith & Williamson Administrator
VICKERS PRESSINGS: KPMG Sells Assets, Saves 107 Jobs

* Large Companies with Insolvent Balance Sheets


                            *********


=============
B E L G I U M
=============


DEXIA BANK: Files for Voluntary Liquidation
-------------------------------------------
                    NOTICE TO CUSTOMERS AND
                 CREDITORS OF DEXIA BANK BELGIUM
                        NEW YORK BRANCH

On or about November 4, 2005, Dexia Bank Belgium will commence
the voluntary liquidation of its New York Branch located at 445
Park Avenue, New York, New York 10022, under the provisions of
Section 605.11 (c) of the New York State Building Law.  Upon
completion thereof, all business related thereto shall be
conducted from Dexia Bank Belgium's offices located at Boulevard
Pacheco 44, B-1000 Brussels Belgium.  All inquiries with respect
to the winding-up of Dexia Bank Belgium New York Branch should
be directed to: General Manager, Dexia Bank Belgium, New York
Branch, 445 Park Avenue, New York, New York 10022.  Phone: 1-
212-151-7028, on or before December 4, 2005.

CONTACT:  Dexia Bank
          Pachecolaan 44
          1000 Brussels
          Phone: +32 2 222 11 11
                  +32 2 222 11 22


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


AUTOCAM FRANCE: Moody's Junks Ratings on Weak Liquidity Profile
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Autocam
Corporation and Autocam France SARL; Corporate Family and Senior
Secured Bank debt to Caa1 from B3; and Senior Subordinated notes
to Ca from Caa2.

The action flows from the weak year-to-date cash generation,
reduced earnings, corresponding reduction in debt coverage
ratios and elevated leverage, as well as the company's weak
liquidity profile.  Autocam's profitability has been adversely
affected by lower OEM production volumes in North America and
Western Europe, ongoing unit price reductions, restructuring
expenditures, and reduced shipments of components used in power
steering and electric motor applications as a result of being
de-sourced by certain European customers.  Delphi Corporation is
among the company's major customers (11% of revenues year-to-
date in 2005).

However, the ultimate impact to Autocam as a result of Delphi's
bankruptcy filing is unclear at this time.  The company has
indicated that it "is unlikely that we will be able to maintain
compliance with the financial covenants in our amended senior
credit facilities as of December 31, 2005."  It anticipates
entering into discussions with its senior lenders to seek
covenant relief and to source alternate financing to improve its
liquidity.  The Speculative Grade Liquidity rating has been
affirmed at SGL-4.  The outlook remains negative due to the
challenging automotive environment, the company's weak liquidity
profile and the uncertain resolution of its financial
arrangements.

Ratings downgraded:

Autocam Corporation

(a) Corporate Family to Caa1 from B3;

(b) Senior Secured bank credit facilities to Caa1 from B3; and

(c) Senior Subordinated to Ca from Caa2

Autocam France SARL

(a) Senior Secured bank credit facilities (guaranteed by
    Autocam) to Caa1 from B3;

(b) Speculative Grade Liquidity rating, SGL-4

Lower production volumes on key programs, high labor costs,
increased raw material expense and ongoing customer pricing
pressure have affected the company's European operations.  It
announced a goodwill impairment charge of US$33 million in its
third quarter against the carrying value of those assets.
Excluding the impairment charge, Autocam's European segment
would have had a net loss of approximately US$3 million for the
nine months ending September 30.

Its North American segment also had a net loss of roughly US$1
million for the same period.  The company's South American
operation has remained profitable.  Year-to-date the company has
had negative free cash flow of US$3 million.  Amortization of
existing term debt has, in part, been met by incremental
borrowings under its revolving credit facilities and higher use
of factoring arrangements in Europe.  Using Moody's standard
definitions, Debt/EBITDA on an LTM basis is just under 7 times
and EBIT/Interest has fallen below 1 time in the most recent
quarter.

The Caa1 Corporate Family rating incorporates the company's
elevated leverage, negative free cash flow, and diminished debt
service coverage ratios.  On a consolidated basis, senior
secured bank debt would represent more than 50% of the debt
capital should the commitments under the revolving credits be
fully drawn.  As such, the senior secured bank rating has been
kept even with the corporate family rating.  The senior
subordinated rating has been lowered two notches to Ca to
reflect its lower priority of claims and recovery expectations
at this risk level.

Autocam amended its senior bank credit facilities in March 2005.
While the company achieved greater flexibility under the terms
of those facilities, poor operating results and scheduled
tightening of its leverage covenants have combined to constrict
headroom under its financial covenants.  Autocam was in
compliance with its covenants at September 30.

However, as indicated in its 10-Q filing, it may not be in
compliance at year-end 2005.  At the end of the third quarter
the company had US$26 million borrowed under its revolving
credit facilities, which are split between some US$36.1 million
available to the parent and EUR11.6 million to Autocam France
SARL (approximately US$50 million in total at current exchange
rates).

At September 30 the company had current maturities of long-term
debt of approximately US$10 million.  While fourth quarter OEM
production volumes are expected to be up sequentially from the
third quarter of 2005, and at least level with the fourth
quarter of 2004, free cash flow is likely to be weak as capital
expenditures could be in the US$4.5 to US$6.5 million range for
the quarter.

Challenging automotive conditions in both North America and
Western Europe are expected to continue into 2006.  Developments
from Delphi's bankruptcy proceedings and negotiations with its
unions to resolve its wage and benefit issues could impact
Autocam's North American business.  The company's liquidity
profile is also subject to the outcome of discussions with its
bank group and access to alternative sources of financing.
Hence, the outlook remains negative.

Developments which could lead to higher ratings include;
stronger margins which would lead to positive free cash flow;
improvements in its liquidity profile through increased
availability under its bank facilities; and debt/EBITDA
retreating below 6 times.

Factors that could lead to lower ratings include; further
deterioration in its cash flow generation, and inability to
retain sufficient liquidity in its bank credit arrangements to
address current amortization requirements.

The SGL-4 liquidity rating has been affirmed and represents weak
liquidity over the next 12 months.  Internal sources are limited
given the slim operating margins, prospects for free cash flow,
existing cash balances (roughly US$1 million on a consolidated
basis at the end of September) and currently scheduled debt
payments.  External availability is constrained from the impact
of financial covenants and the stated need to initiate
discussions with the company's bank lenders.  Substantially all
of the company's assets are pledged, limiting the company's
ability to develop alternate liquidity arrangements.

Autocam Corporation, based in Kenwood, MI, is a leading designer
and manufacturer of precision machined, close tolerance,
specialty metal alloy components used in the transportation and
medical implement industries.  The company had 2004 revenues of
approximately US$350 million, roughly 2,500 employees and has
manufacturing facilities in North and South America, Europe and
China.

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

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


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


ABS BAUGESELLSCHAFT: Celle Company Goes Bust
--------------------------------------------
The district court of Celle opened bankruptcy proceedings
against ABS Baugesellschaft mit beschrankter Haftung on November
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until November
29, 2005 to register their claims with court-appointed
provisional administrator Dr. Thomas Westphal.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 11:45 a.m. at the district
court of Celle, Saal 014, Erdgeschoss, Nebenstelle,
Muehlenstrasse 4, 29221 Celle, 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:  ABS BAUGESELLSCHAFT MIT BESCHRANKTER HAFTUNG
          Stechinellistr. 1, 29323 Wietze
          Contact:
          Hans-Juergen Anding, Manager

          Dr. Thomas Westphal, Administrator
          Meteorstr. 1, 29221 Celle
          Phone: 05141/908690
          Fax: 05141/7648


AVCD GMBH: Proofs of Claim Due Next Month
-----------------------------------------
The district court of Celle opened bankruptcy proceedings
against AVCD GmbH on November 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 5, 2005 to register their claims
with court-appointed provisional administrator Jens Hamdorf.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 11:00 a.m. at the district
court of Celle, Saal 014, Erdgeschoss, Nebenstelle,
Muehlenstrasse 4, 29221 Celle, 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:  AVCD GmbH
          Behringer Strasse 100, 29640 Schneverdingen-Wintermoor
          Contact:
          Hans-Jorg Ruehlicke, Manager
          Martina Sternhagen, Manager
          Trift 28A, 29614 Soltau

          Jens Hamdorf, Administrator
          Hallerstr. 76, 20146 Hamburg
          Phone: 040/4146380
          Fax: 040/445635


DAIMLERCHRYSLER AG: Smart Car unit Attracts Interest
----------------------------------------------------
Smart GmbH, the troubled unit of DaimlerChrysler, is in advance
talks with six European firms to revive its cancelled sports car
model under a new brand, the Financial Times says.

The plan is part of a broader effort to deliver profit by 2007.
Earlier, it scrapped the EUR27,000 two-seater Roadster model to
cut cost.  Talks with potential partners have been going on for
six months; the company hopes to make a decision early next
year.

The report identified David James and his Project Kimber
consortium as one of those involved in the talks.  The
consortium had earlier bid for MG Rover.  It is studying two
manufacturing facilities for the Roadster model in the U.K. and
Eastern Europe.

Barrie Wills, speaking for Kimber, said: "The talks have reached
a point where a decision regarding these Smart products will be
decided by the parent company [DaimlerChrysler]."

Meanwhile, Heinz Gottwick, head of communications at Smart, said
the company has received approaches from several firms for the
rights to the Roadster model since its cancellation.   The
vehicle was abandoned in April together with yet-to-be-launched
ForMore offroader, as losses mounted.  DaimlerChrysler, which
gave Smart until 2007 to earn a profit, said the cancellations
would cost EUR1.2 billion this year.

In May, Smart disclosed it will miss annual sales target of
80,000 units, with only 14,500 Smart Fourfour models sold in the
first quarter.  The venture, which loses EUR4,000 for each car
sold, is expected to lose another EUR400 million this year.  It
has already cost DaimlerChrysler EUR512 million.  Despite this,
DaimlerChrysler still has high hopes for the unit, as it expects
sales of small cars to grow around 4% a year until 2010.

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


FAMILIENHAUS - GENERALUNTERNEHMER: Succumbs to Bankruptcy
---------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Familienhaus - Generalunternehmer GmbH on
November 2.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 8, 2005 to register their claims with court-appointed
provisional administrator Dr. Detlef-Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 10:25 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  FAMILIENHAUS - GENERALUNTERNEHMER GmbH
          Altlandsberger Chaussee 3 A, 15370 Fredersdorf

          Dr. Detlef-Ruediger Beckmann, Administrator
          Lietzenburger Strasse 77, 10719 Berlin


FRENKEN GMBH: Court to Verify Claims February
---------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Frenken GmbH on November 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 28, 2005 to register their claims
with court-appointed provisional administrator Dr. Arnold
Frenken.

Creditors and other interested parties are encouraged to attend
the meeting on January 23, 2006, 11:20 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, I. Etage, Saal 14, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report on February 2, 2006, 10:40 a.m. at
the same venue.

CONTACT:  FRENKEN GmbH
          Wassenberger Str. 112-114, D52525 Heinsberg
          Contact:
          Dr. Arnold Frenken, Manager

          Frank Wiedemann, Administrator
          Eupener Str. 181, 52066 Aachen
          Phone: 0241/6052800
          Fax: 0241/6052799


GLASEREI HOROTA: Calls in Administrator from Pfefferle Koch
-----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Glaserei Horota GmbH on November 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 14, 2005 to register
their claims with court-appointed provisional administrator
Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting on January 25, 2006, 11:00 a.m. at the district
court of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse
21, Chemnitz, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GLASEREI HOROTA GmbH
          Contact:
          Heiko Horota, Manager
          Schulstrasse 13, 09661 Rossau

          Horst Helberg, Administrator
          Pfefferle Koch Helberg & Partner Anwaltskanzlei
          Selliner Strasse 6, 01109 Dresden
          Web site: http://www.pfefferle.de


HAUS RAPHAEL: Creditors Meeting Set January
-------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
HAUS RAPHAEL e.V. on November 2.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 23, 2005 to register their claims
with court-appointed provisional administrator Dirk Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting on January 23, 2006, 9:00 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, Saal S
2.18, 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:  HAUS RAPHAEL e.V.
          Rosenburgweg 22, 53115 Bonn
          Contact:
          Marianne Schneider, Manager
          Karl-Finkelnburg-Str. 15, 53173 Bonn
          Manfred Molitor, Manager
          Lenaustr. 11, 53332 Bornheim

          Dirk Obermueller, Administrator
          Godesberger Allee 125-127, 53175 Bonn
          Phone: 81 000 45
          Fax: 81000820


INFINEON TECHNOLOGIES: Strong Q4 Fails to Prevent Full-year Loss
----------------------------------------------------------------
(a) Fourth-quarter revenues were EUR1.73 billion, up 8 percent
    sequentially, reflecting increased sales in all operating
    segments;

(b) Fourth-quarter EBIT loss improved significantly to EUR43
    million from EUR234 million in the prior quarter, reflecting
    improved EBIT in all operating segments.  The planned phase-
    out of production at the company's Munich-Perlach facility
    and impairment charges in the Communication segment
    contributed to charges of EUR64 million, included in the
    fourth-quarter EBIT loss.  In the third quarter, charges
    were EUR81 million.  Net loss in the fourth quarter was
    EUR100 million compared to a net loss of EUR240 million in
    the prior quarter;

(c) 2005 financial year revenues were EUR6.76 billion, down 6
    percent year-on-year;

(d) EBIT loss was EUR183 million in the 2005 financial year,
    compared with positive EUR256 million in the 2004 financial
    year.  Net loss for the 2005 financial year amounted to
    EUR312 million, compared to net income of EUR61 million in
    the 2004 financial year; and

(e) For the 2005 financial year, cash flow from operations
    decreased to EUR1.04 billion, from EUR1.86 billion in the
    2004 financial year, mainly the result of the net loss in
    the 2005 financial year.  Free cash flow in 2005 was
    negative EUR281 million, a decrease from positive EUR206
    million in 2004.

For the fourth quarter of the 2005 financial year, Infineon
Technologies AG (FSE/NYSE:IFX) reported increased revenues in
all operating segments compared to the prior quarter.  Growth
was primarily driven by higher bit shipments and slightly
increased average sales prices in the Memory Products segment,
as well as improved revenues in the mobile platform and radio
frequency transceiver business in the Communication segment.
Revenues in the Automotive, Industrial and Multimarket segment
were stable, as higher sales of power semiconductors offset
continued strong price declines in the security and chip-card
business.

Sequential EBIT loss improved significantly in all operating
segments.  The EBIT loss decrease is primarily attributable to
slightly increased average sales prices and a strong reduction
in the cost-per-bit in the Memory Products segment, as well as
improved gross margin in the Communication segment.  The planned
phase-out of production at the company's Munich-Perlach facility
and impairment charges in the Communication segment contributed
to charges of EUR64 million, included in the fourth quarter EBIT
loss.  Third-quarter EBIT included charges of EUR81 million,
primarily in connection with the planned phase-out of production
at the company's Munich-Perlach facility and impairment charges
in the Communication segment.

In the 2005 financial year, revenues decreased compared to the
2004 financial year, mostly reflecting a strong decline in
demand from some customers for mobile-phone components, and
continued pricing pressure in all operating segments, in
particular in the memory products and security and chip-card
businesses.  EBIT decreased year-on-year, reflecting lower EBIT
in all operating segments.

EBIT loss in the 2005 financial year included charges of EUR222
million primarily related to the planned phase-out of production
at the company's Munich-Perlach facility and net charges
resulting from the reorganization measures in the Communication
segment, which could not be entirely offset by non-recurring
license income of EUR118 million resulting from the settlement
with ProMOS.  In the 2004 financial year, EBIT was negatively
impacted by net charges aggregating EUR332 million, resulting
primarily from asset impairments and the U.S. and European DRAM
antitrust investigations and related potential civil claims.

Cash flow, Capital Expenditures, and Savings

Free cash flow in the 2005 financial year was negative EUR281
million, decreasing from positive EUR206 million in the previous
year.  The decline in free cash flow reflected a decrease in
cash flow from operations in the 2005 financial year to EUR1.04
billion compared to EUR1.86 billion in the 2004 financial year,
which was mostly the result of the net loss in the 2005
financial year.

This could not be offset by decreases in net cash used in
investing activities (excluding net proceeds from sales of
marketable securities) to EUR1.32 billion, thereof EUR1.37
billion used for capital expenditures in the 2005 financial
year, down from EUR1.65 billion, thereof EUR1.16 billion used
for capital expenditures in the 2004 financial year.  Infineon's
net cash position at the end of the 2005 financial year amounted
to EUR341 million, decreasing from EUR548 million as of
September 30, 2004.

SG&A expenses decreased to EUR655 million in the 2005 financial
year, down from EUR718 million in the 2004 financial year, but
remained constant at 10 percent of total revenues in both years.
The company's Smart Savings program, implemented in the first
quarter of the 2005 financial year, resulted in cost levels that
were EUR320 million lower than originally planned.

Employee Data

As of September 30, 2005, Infineon had approximately 36,400
employees worldwide compared to 35,600 employees at the end of
the 2004 financial year.  Thereof, approximately 7,400 were
engaged in Research and Development as of September 30, 2005,
compared to approximately 7,200 employees at the end of the 2004
financial year.

Outlook for the First Quarter of 2006 Financial Year

Industry experts forecast mid-single-digit growth for the
worldwide semiconductor market in the 2006 calendar year.  For
the 2006 financial year, Infineon expects to develop at least in
line with the market.  In its Automotive, Industrial and
Multimarket segment, the company anticipates further growth due
to increasing demand for electronics in cars, power conversion,
and energy-saving technologies.  In addition, Infineon expects
further business opportunities in the Communication segment,
mainly due to its capability in radio-frequency technologies.
In its Memory Product segment, Infineon will continue to focus
its portfolio on higher margin growth businesses.

In the first quarter of the 2006 financial year, Infineon
expects revenues to increase slightly compared to the fourth
quarter of the 2005 financial year.  The company will continue
to phase out the production at Munich-Perlach, build the new
production site in Kulim, Malaysia, and to ramp up the 300-
millimeter production facility in Richmond.  In the first
quarter of the 2006 financial year, Infineon expects no
significant charges.  In addition, Infineon will begin to
recognize stock-based compensation expense in its statements of
operations.

In November 2005, the company's Supervisory Board has approved a
plan to separate the memory products business and to form a
wholly owned subsidiary of Infineon effective July 1, 2006.  It
is the preferred plan of the Infineon management to subsequently
move towards a public offering of shares in this business.

        Report of CEO and President Dr. Wolfgang Ziebart

In the 2005 financial year, we have made substantial progress in
cost reduction, and streamlining the company.  Nevertheless, the
impact of these measures on the year's financials was more than
offset by the strong price erosion and a loss of market share of
some mobile phone customers.  For the third year in a row, the
Memory Products segment reported positive EBIT results despite a
strong decline in chip prices.  I am especially pleased with the
performance of our wireline business, where we achieved the
turn-around in the fourth quarter of the 2005 financial year.

We have intensively examined Infineon's strategic orientation.
Diverging processes and business models increasingly
characterize the logic and the memory segments.  Therefore, we
have decided on a new strategic set-up including two companies -
- one focused on logic products, the other on memories.  Both
companies will benefit from higher flexibility and will be able
to more efficiently exploit growth opportunities.

Copy of Infineon's results is available at
http://bankrupt.com/misc/infineon_4q2005.pdf

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


JOHANNES WAGNER: Under Bankruptcy Administration
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Johannes Wagner GmbH on November 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 24,
2006 to register their claims with court-appointed provisional
administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 9:25 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on March
22, 2006, 9:15 a.m. at the same venue.

CONTACT:  JOHANNES WAGNER GmbH
          Am Industriegelande 20,13591 Berlin
          Contact:
          Joachim Voigt-Salus, Manager
          Rankestrasse 33, 10789 Berlin


LONA-MODEN: Claims Filing Period Ends December 20
-------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Lona-Moden Handelsgesellschaft mbH on
November 3.  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 Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on January 24, 2006, 11:00 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  LONA-MODEN HANDELSGESELLSCHAFT mbH
          Ruedersdorfer Str. 8, 15566 Schoneiche

          Dr. Petra Hilgers, Administrator
          Goethestrasse 85, 10623 Berlin


OFFSETDRUCK KURT: Hamburg Court Names Administrator
---------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Offsetdruck Kurt Riedel GmbH on October 31.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 5,
2005 to register their claims with court-appointed provisional
administrator Karsten Totter.

Creditors and other interested parties are encouraged to attend
the meeting on January 4, 2006, 10:50 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg,
4. Etage, Anbau, Saal B 405, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  OFFSETDRUCK KURT RIEDEL GmbH
          Auf dem Konigslande 45, 22041 Hamburg
          Contact:
          Guenther Karl-Heinz Mahrt, Manager
          Ottersbekallee 25, 20255 Hamburg

          Karsten Totter, Administrator
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301246


PRIMACOM AG: NMa Clears Sale to Warburg
---------------------------------------
The company gives notice, that the Dutch cartel authority NMa
has given the merger clearance of the contract regarding the
indirect sales of all shares N.V. Multicable as well as all debt
of all Dutch subsidiaries vis-a-vis the PrimaCom group to the
Amsterdamse Beheer-en Consultingmaatschappij B.V. and Christine
Beheer-en Adviesmaatschappij B.V., companies which are
controlled by the global private equity firm Warburg Pincus.

PrimaCom AG's Common Stock (ISIN DE0006259104) is listed on the
Geregelten Markt (Regulated Market - General Standard) of the
Frankfurt Stock Exchange.  PrimaCom -- http://www.primacom.de--  
is a significant private cable network operator with over five
per cent market share in Germany and the Netherlands.  PrimaCom
offers a wide range of analog, digital and interactive broadband
services.  PrimaCom is Germany's most experienced Digital-TV
cable operator.  Customers, connected to the upgraded 862 MHz
networks, have access to more than 100 TV and radio programs, to
interactive Video on Demand, and to high speed Internet.

PrimaCom currently passes 2 million homes and serves 1.3 million
subscribers, 1.0 million in Germany and 300,000 in The
Netherlands.  PrimaCom shares are traded at the Frankfurter
Borse (ISIN: DE0006259104, Xetra Symbol: "PRC.ETR") and PrimaCom
ADRs (2 ADRs equal 1 share) are traded in the USA at the OTC BB
Market (Symbol: "PCAGY").

CONTACT:  PRIMACOM AG
          Phone: +49 6131-944-522
          Fax: +49 6131 944-508
          E-mail: investor@primacom.de


PRIMACOM AG: Wolfgang Preuss Leaving Management Board Nov. 30
-------------------------------------------------------------
At the supervisory board meeting of PrimaCom AG on Nov. 15
Manfred Preuss was appointed to the management board of the
company effective December 1, 2005.

Wolfgang Preuss will resign from management board effective Nov.
30, 2005, if the conditions precedent of the contract with the
Second Secured Lenders from October 12/13, 2005 is fulfilled
until November 30, 2005.  In this case Wolfgang Preuss will be
available for the company for at least another year as a
consultant.

Furthermore the supervisory board members Christian Kleinsorge
and Erwin Kleber have resigned from supervisory board effective
November 30, 2005.  The resignation are requested by the new
financing banks to allow the major shareholder of the company,
Liberty Global Inc., the occupancy of two supervisory board
seats.

Liberty Global Inc. has already declared its principal
willingness for the occupancy of two supervisory board seats,
after the closing on November 30, 2005.

The company further believes from that it will fulfill the
closing conditions by November 30, 2005.  In the meeting the
supervisory board has made the necessary decisions concerning
the credit facilities.  Nevertheless, the final success of the
restructuring is not guaranteed until all necessary conditions
are fulfilled by November 30, 2005.

The Common Stock (ISIN DE0006259104) of Primacom is listed on
the Geregelten Markt (Regulated Market - General Standard) of
the Frankfurt Stock Exchange.

                            *   *   *

On Oct. 13, Primacom entered into a Settlement Agreement with
its Second Secured Lenders under a Facility Agreement dated
March 26, 2002 (SSFA).

This follows a judgment by the District Courts of Mainz (on the
September 13, 2005) and an oral hearing in Frankfurt (on
September 16, 2005) in which both courts clearly stated that
they have no jurisdiction to hear the matters put before them,
which were subject to the exclusive jurisdiction of the English
courts as provided for in the SSFA.

Under the Settlement Agreement PrimaCom has agreed to withdraw
the litigation initiated by it against the Second Secured
Lenders.  Once this and certain other conditions have been
satisfied on or before November 30, 2005, the Settlement
Agreement provides for:

(a) The sale of PrimaCom's Dutch business, Multikabel;

(b) The refinancing and repayment in full of the existing Senior
    Facilities;

(c) A judgment in favour of the Second Secured Lenders to be
    obtained in the English courts in the amount of EUR425
    million;

(d) The settlement of all amounts due and payable under the SSFA
    including the judgment of the English Courts referred to
    above by payment by PrimaCom of the amount of EUR375 million
    to the Second Secured Lenders;

(e) The resolution of all litigation outstanding between
    PrimaCom and the Second Secured Lenders; and

(f) The giving of mutual waivers and releases between PrimaCom
    and the Second Secured Lenders.

                            *   *   *

In December, PrimaCom AG and the company's subsidiary PrimaCom
Management GmbH filed a lawsuit at the District Court in Mainz
against the holders of the "second secured loan."  The second
secured loan amounts to EUR375 million.  The lawsuit (AZ 10HKO
112/04) was aimed at determining whether PrimaCom AG and
PrimaCom Management GmbH is obligated to pay the interest of the
second secured loan or rather that the second secured holder
should currently not be able to enforce possible existing
interest claims.

The lawsuit is based on expert opinions obtained from the
renowned accounting partnership (Wirtschaftspruefersozietat) LKC
Kemper Czarske v. Gronau Berz -- functioning as special examiner
-- as well as from Prof. Dr. Armbruester on usurious credit and
additionally on an expert opinion from a renowned insolvency
office -- that the second secured loan has an equity character.
This implies that no interest would have to be paid over the
entire term and that interest already paid should be refunded to
the company.  Furthermore due to the equity character of the
second secured loans, it is not possible under the German law to
continue to make interest payments as long as, and until a
solution to the financial crisis is found.

PrimaCom -- http://www.primacom.de-- is a significant private
cable network operator with over five per cent market share in
Germany and the Netherlands.  PrimaCom offers a wide range of
analog, digital and interactive broadband services.  PrimaCom is
Germany's most experienced Digital-TV cable operator.
Customers, connected to the upgraded 862 MHz networks, have
access to more than 100 TV and radio programs, to interactive
Video on Demand, and to high speed Internet.  PrimaCom currently
passes 2 million homes and serves 1.3 million subscribers, 1.0
million in Germany and 300,000 in The Netherlands.  PrimaCom
shares are traded at the Frankfurter Borse (ISIN: DE0006259104,
Xetra Symbol: "PRC.ETR") and PrimaCom ADRs (2 ADRs equal 1
share) are traded in the USA at the OTC BB Market (Symbol:
"PCAGY").

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3, D-55124 Mainz
          Investor Relations
          Phone: +49 6131-944-522
          Fax: +49 6131 944-508
          E-mail: investor@primacom.de

          LKC KEMPER CZARSKE V. GRONAU BERZ
          Anschrift: Forstweg 8, 82031 Gruenwald
          Phone: (089) 54 67 01-0
          Fax: (089) 54 67 01 40
          Web site: http://www.lkc-wp.de


TAKKO GASTRONOMIE: Creditors' Claims Due December
-------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
TAKKO Gastronomie GmbH on October 26.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 13, 2005 to register their claims
with court-appointed provisional administrator Ruediger Stoll.

Creditors and other interested parties are encouraged to attend
the meeting on January 20, 2006, 9:30 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, 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:  TAKKO GASTRONOMIE GmbH
          Siemensstr. 6 - 12, 53121 Bonn
          Contact:
          Henry Schwabe, Manager
          Appenweier 2, 51107 Koln
          Anton Hodak, Manager
          Am Kolnkreuz 41, 53340 Meckenheim

          Ruediger Stoll, Administrator
          Sankt Augustiner Strasse 94 a, 53225 Bonn
          Phone: 0228/ 40 09 40
          Fax: 40 09 479


UNITY MEDIA: Tele Columbus Merger Receives Go ahead
---------------------------------------------------
Unity Media GmbH said that the German Federal Cartel Office has
no objections to the combination between Unity Media GmbH
(formerly Iesy Repository GmbH) and Tele Columbus.  It will
further comment on the matter during a conference call on Nov.
28.  Tele Columbus will hold its conference call Nov. 30.

As reported by TCR-Europe in August, the shareholders of iesy
Repository GmbH and Tele Columbus Kabel Holding GmbH have agreed
to combine their two businesses.

Tele Columbus is the largest Network Level 4 operator in Germany
and iesy is the largest cable television provider in the German
states of Hesse and, through its subsidiary ish, North Rhine-
Westphalia.

About iesy and ish

iesy and ish, headquartered in Frankfurt am Main and Cologne,
are the largest cable television operators in the German states
of Hesse and North Rhine-Westphalia.  The company's products and
services include basic television, digital TV, high-speed
Internet and telephony.  As of June 30, 2005, iesy and ish had
approximately 5.2 million basic cable subscribers, 88,450
digital TV subscribers, 27,500 high-speed Internet users and
9,800 telephone lines.  More information on iesy and ish can be
found at http://www.iesy.deand http://www.ish.de

About Tele Columbus

Tele Columbus, headquartered in Hanover, is the largest NL4
operator in Germany with approximately 2.6 million basic cable
subscribers, 52,837 digital TV subscribers, and 23,301 Internet
subscribers, as of June 30, 2005.  The company's core business
is the distribution of cable television and radio services.
More information on Tele Columbus can be found on its website at
http://www.telecolumbus.de

In June, ish GmbH completed its merger with iesy in Hesse,
capping a successful turnaround from a crisis three years ago.
ish narrowly avoided liquidation in 2002 when international
corporate turnaround expert, AlixPartners LLC, took over the
helm.  A case study by AlixPartners found out the company had
over-invested in anticipation for an increase in cable
subscribers that did not happen.  The firm incurred more than
EUR3 billion in debt, defaulted on bank agreements and ran out
of cash.

To rescue the business, AlixPartners arranged an out-of-court
reduction of ish's trade debt by 33%, secured EUR335 million in
new bank and trade financing, and established an achievable
operating plan.  AlixPartners' managing director Jim Bonsall,
who initially acted as chief restructuring officer, later became
chief executive officer of the company.  ish's EBITDA improved
40% in 2003.

CONTACT:  UNITY MEDIA GMBH
          Widdersdorfer Strasse 399-403
          D-50933 Koln
          Germany
          E-mail: Investor.Relations@unitymedia.de

          Carla Wagner
          Phone: +49-221-37792 164
          Michael Frank
          Phone: +49-221-37792 150
          Laurence Colombie
          Phone: +49-221-37792 915


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


SAFILO S.P.A.: S&P Welcomes IPO; Hints of Two-notch Upgrade
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Italy-based premium-eyewear
manufacturer Safilo S.p.A. on CreditWatch with positive
implications, following the company's announcement of its
planned IPO.

At the same time, the 'B' debt rating and '3' recovery rating on
Safilo S.p.A.'s senior secured bank loans were also placed on
CreditWatch with positive implications, as was the 'CCC+' debt
rating on the subordinated senior notes held by subsidiary
Safilo Capital International S.A. and guaranteed by Safilo
S.p.A.

Safilo hopes to raise at least EUR290 million -- based on a
pricing at the lower end of the proposed range -- in the primary
offering.  The proceeds will be used to reduce gross debt and
fund expansion.

"The CreditWatch listing reflects the credit-enhancing impact of
the expected material debt reduction," said Standard & Poor's
credit analyst Benedetta Rospigliosi. "Any upgrade will likely
be by no more than two notches."

Pro forma for the completion of the proposed offering and
subsequent debt reduction, adjusted total debt at Sept. 30,
2005, was about EUR537 million, compared with the actual figure
of EUR827 million.  Pro forma adjusted net debt to EBITDA for
the 12 months ended Sept. 30, 2005, was 3.1x, versus 4.8x.  The
forecast interest burden would also substantially decrease.

Standard & Poor's expects to resolve the CreditWatch status
shortly after completion of the IPO and Safilo's planned debt
reduction.

"We will closely assess the impact of the transaction on
Safilo's credit ratios, as well as on its future investment
strategy and financial policy, including management's appetite
for dividend distributions and acquisitions," said Ms.
Rospigliosi. "We will also reassess the notching on the
subordinated senior notes held by Safilo Capital International
S.A., based on the amount of the secured bank loan being repaid
relative to unsecured debt."

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


TISCALI S.P.A.: Belies Tie-up Talks with FastWeb
------------------------------------------------
Tiscali S.p.A. denies any merger talks with FastWeb S.p.A., as
reported by Il Mondo, which claimed that Tiscali CEO Tommaso
Pompei has approached the broadband operator.

FastWeb has been the subject of speculation since retaining
Deutsche Bank AG to advised it on strategic options, including
potential partnerships.  According to one report, the bank may
be helping Chairman Silvio Scaglia and former Deputy Chairman
Carlo Micheli sell their combined 30% stake in FastWeb.  FastWeb
has so far denied any takeover discussions either by the company
or by Mr. Scaglia.

Il Mondo has said a combined Tiscali-FastWeb group could venture
into mobile telecommunications with a commercial deal with 3
Italia Group, which is also planning to list on the Milan stock
exchange next month.

Shares of FastWeb and Tiscali shoot up last week amid the
speculation.  One analyst, who refused to be named, said: "The
market is very attentive to all consolidation moves in the
(technology) sector and especially to the players that are seen
as potential targets."

Another analyst, Edoardo Bonanno, said: "FastWeb may become prey
as a vehicle to enter such an important market as Italy.  It may
be interesting not only for other technology and telecoms firms,
but also for media companies which consider broadband as a
vehicle for distribution of their content."  Another trader
added Tiscali "will surely become part of some new group because
it's hard to believe it would remain independent given the
strong competition in the sector."

Tiscali is one of Europe's top Internet service providers.

CONTACT:  TISCALI S.P.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com

          FASTWEB S.P.A.
          Via Caracciolo, 51
          20155 Milan, Italy
          Phone: +39-02-4545-1
          Fax: +39-02-4545-4811
          Web site: http://www.fastweb.it


===================
L U X E M B O U R G
===================


STOLT-NIELSEN: Continues Share Buyback Program
----------------------------------------------
Stolt-Nielsen S.A. said on Wednesday that Stolt-Nielsen
Transportation Group (SNTG), a 100% owned subsidiary of SNSA,
purchased 200,000 of SNSA Common Shares on the Oslo Stock
Exchange at an average price of NOK219.16 per share
(approximately US$32.76 at the current exchange rate).  The
shares were purchased in accordance with the repurchase program
announced on August 25, 2005, authorizing Company to purchase up
to US$200 million worth of its Common Shares or related American
Depositary Shares.

Accordingly, in conformity with applicable Oslo Stock Exchange
requirements, we report that Stolt-Nielsen S.A., through its
wholly owned subsidiary, Stolt-Nielsen Transportation Group
Ltd., after this transaction has the following ownership (in the
aggregate) in Stolt-Nielsen S.A., whose Common Shares are
secondarily listed on the Oslo Stock Exchange with primary
listing (through ADS arrangements) in the United States:

Total number of Common Shares purchased: 200,000
Total number of Common Shares owned after purchase: 1,463,200
Percentage of issued shares of such class of shares following
such purchase: 2.2%

Including [Wednes]day's purchases, the Company has purchased
Common shares totaling approximately US$50.1 million under the
US$200 million repurchase program announced on August 25, 2005.

All Common Shares purchased by SNTG are classified as non-voting
shares held in Treasury and issued but not outstanding.  Any
further buyback transactions will be disclosed through the
disclosure system of the Oslo Stock Exchange, a press release,
and at http://www.stolt-nielsen.com

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids. The Company, through the parcel tanker, tank
container, terminal, rail and barge services of its wholly owned
subsidiary Stolt-Nielsen Transportation Group, provides
integrated transportation for its customers.  Stolt Sea Farm,
wholly owned by the Company, produces and markets high quality
turbot and Southern bluefin tuna.  The Company also owns 25% of
Marine Harvest, the world's largest aquaculture company.

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone: (U.S.) 1 203 299 3604
          E-mail: rlemanski@stolt.com

          Jan Chr. Engelhardtsen
          Phone: (U.K.) 44 20 7611 8972
          E-mail: jengelhardtsen@stolt.com


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


ALB FINANCE: Fitch Rates US$200 Mln Eurobond B+, Stable
-------------------------------------------------------
Fitch Ratings has assigned ALB Finance B.V.'s US$200 million 9%
eurobond due November 2010 a Final Long-term 'B+' rating.

ALB Finance B.V. is a Netherlands-domiciled subsidiary of
Kazakhstan's Alliance Bank, which is rated Long-term 'B+',
Short-term 'B', Individual 'D', and Support '4'.  The Outlook on
the Long-term rating is Stable.

Proceeds from the issue of the notes will be deposited with
Alliance.  Alliance has unconditionally and irrevocably
guaranteed the timely and full repayment of the notes in the
trust deed between Alliance, ALB Finance B.V. and the trustee,
J.P. Morgan Corporate Trustee Services Limited.

The terms and conditions of the notes specify that they will
rank at least pari passu with the claims of other unsecured
creditors of the issuer and that the obligations of Alliance
under the guarantee will rank at least pari passu with claims of
other unsecured creditors of Alliance, save those preferred by
relevant (bankruptcy, liquidation etc.) laws.  Under Kazakh law,
the claims of retail depositors rank above those of other senior
unsecured creditors.  At end-H105, retail deposits accounted for
around 16% of Alliance's total liabilities, according to the
bank's unaudited Local Accounting Standards (similar to IFRS)
accounts.

Covenants limit Alliance's dividend payments to 50% of net
income in any particular year and also specify that the terms of
all transactions of more than US$2 million must be concluded on
a market basis.  Alliance also commits to maintaining a total
BIS capital adequacy ratio of 10%, and a cross default clause
becomes applicable in case of overdue debt in excess of US$10
million.

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

Noteholders will benefit from a put option should the bank's
Long-term credit rating be downgraded as a result of an asset
sale by, or a merger of, Alliance.

At end-H105, Alliance was the fifth largest bank in Kazakhstan
with a market share of approximately 6.7% of total sector
assets.

CONTACT:  ALB FINANCE B.V.
          c/o Alliance Bank
          050091 100A, Furmanov str.
          Republic of Kazakhstan
          Phone: +7 (3272) 585 000
                 or +7 (3272) 59 71 91
          Fax: +7 (3272) 597 195
          E-mail: almt@alb.kz
          Web site: http://www.alb.kz

          FITCH RATINGS
          Alexei Kechko
          James Watson, Moscow
          Phone: +7 095 956 9901

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


ROYAL SHELL: Buys back 1,200,000 Additional 'A' Shares
------------------------------------------------------
On 18 November 2005, Royal Dutch Shell plc purchased for
cancellation 900,000 'A' Shares at a price of EUR26.50 per
share.  It further purchased for cancellation 300,000 'A' Shares
at a price of 1,811.03 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,967,659,000.

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


ROYAL SHELL: Barter Deal with Total Expands South Texas Asset
-------------------------------------------------------------
Shell Exploration & Production has signed an agreement for a
like kind exchange with Total E&P U.S.A.  Under this agreement,
Shell will exchange its 17% non-operated interest in the
deepwater Gulf of Mexico Tahiti field for Total's interests in
natural gas assets in South Texas.

The Tahiti field is operated by Chevron and located in Green
Canyon blocks 596, 597, 640 and 641 in 4,100 feet of water,
approximately 190 miles southwest of New Orleans.

In exchange for its interest in Tahiti, Shell will acquire
Total's operated interests in three natural gas fields and
additional interests in a fourth field, now operated by Shell.
With current net production of 107 million cubic feet equivalent
per day, these fields are a significant addition to the
portfolio bringing the net South Texas gas production to 300
million cubic feet equivalent per day.

Marvin E. Odum, Executive Vice President - EP Americas, Shell
Exploration & Production, said: "Bringing these fields into our
U.S. gas portfolio provides us an immediate growth opportunity
building on our demonstrated competitive cost structure and
drilling and development expertise.  A key element of Shell's
strategy is to add more integrated gas, and these assets are an
excellent fit with other onshore properties in Texas and the
Rockies."

The transaction is expected to close in January 2006 and is
subject to, among other things, customary regulatory
requirements and consents.

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


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


BUTURLINO-SEL-STROY: Proofs of Claim Deadline Expires Next Week
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Buturlino-Sel-Stroy after finding
the open joint stock company insolvent.  The case is docketed as
A43-5471/2005-24-144.  Mr. V. Tyupin has been appointed
insolvency manager.  Creditors have until December 1, 2005 to
submit their proofs of claim to 603104, Russia, Nizhniy
Novgorod, Gagarina Pr. 60, Building 19, Apartment 12.

CONTACT:  BUTURLINO-SEL-STROY
          Russia, Nizhniy Novgorod region,
          Buturlino, Bazinskaya Str. 15

          V. TYUPIN
          Insolvency Manager
          603104, Russia, Nizhniy Novgorod region,
          Gagarina Pr. 60, Building 19, Apartment 12


ENKOR: Insolvency Manager Takes over Firm
-----------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Enkor after finding the company insolvent.
The case is docketed as A41-K2-3070/05.  Mr. V. Sosnin has been
appointed insolvency manager.

Creditors have until December 8, 2005 to submit their proofs of
claim to 105062, Russia, Moscow, Post User Box 115.  A hearing
will take place on September 21, 2006.

CONTACT:  ENKOR
          Russia, Moscow region,
          Domodedovo, Airport Domodedovo

          Mr. V. Sosnin
          Insolvency Manager
          105062, Russia, Moscow region,
          Post User Box 115


EVRAZ GROUP: Bares Financial Results of Subsidiaries
----------------------------------------------------
Evraz Group S.A. says its major Russian operating subsidiaries
have filed financial results with the Federal Financial Markets
Service of the Russian Federation (FFMS) for the nine months
ended September 30, 2005.  The results are prepared in
accordance with Russian accounting standards (RAS).

The filing of RAS accounting results for Evraz's major Russian
operating subsidiaries is a Russian regulatory requirement.  RAS
accounting results differ materially from IFRS and are not
comparable to financial statements prepared in accordance with
IFRS.

The RAS accounting results of Evraz's major Russian subsidiaries
are not indicative of the financial condition or results of
operations of these entities or of Evraz Group S.A. under IFRS.
Reference should be made only to Evraz Group S.A.'s consolidated
financial statements prepared in accordance with IFRS for
information with respect to Evraz's financial condition and
results of operations.

Evraz Group S.A. publishes consolidated financial statements
prepared in accordance with IFRS for the six months ended June
30 and for the year ended December 31, in each year.  Evraz
Group S.A. expects to publish its consolidated financial
statements for the year ended December 31, 2005 in the second
quarter of 2006.

Highlights

(a) key mining enterprises more than doubled profits under RAS.
    During first nine months of 2005, KGOK posted a 45% increase
    in revenues and 168% increase in net profits.  VGOK's
    revenues rose 96% and net profit grew by 177%.  The improved
    performance of KGOK and VGOK is mainly attributable to a
    substantial growth in selling prices for iron ore products
    during the first half of 2005;

(b) strong net profit growth at NTMK under RAS.  At NTMK revenue
    and net profit grew by 43% and 37%, respectively, as a
    result of stronger domestic sales and substantial
    contribution from vanadium slag sales; and

(c) weaker performance under RAS at Zapsib and NKMK due to
    softening of the steel prices and higher raw material costs.

In export markets, softening of prices and weaker demand during
the second and third quarters impacted Zapsib and NKMK sales,
specifically pig iron and billet exports.  Operating profit was
also affected by higher raw material prices in the first half of
2005.

                            *   *   *

The subsidiaries referred to in this report are OAO Nizhny Tagil
Iron and Steel Plant (NTMK); OAO West Siberian Iron and Steel
Plant (ZapSib); OAO Novokuznetsk Iron and Steel Plant (NKMK);
OAO Kachkanarsky Mining and Metallurgical Complex (KGOK); OAO
Vysokogorsky Mining and Metallurgical Complex (VGOK); OAO
Evrazruda (Evrazruda); OAO Nakhodka Commercial Sea Port (NMTP).

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

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


KAZANORGSINTEZ: Gets Lower-B Ratings, Stable Outlook from S&P
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate rating to Russia-based base- and intermediate-
chemicals group Kazanorgsintez OJSC.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'ruBBB' Russia
national scale rating to Kazanorgsintez.

"The ratings are constrained by the company's aggressive
financial profile, limited liquidity, and EBITDA margins that
are very sensitive to changing selling and raw materials
prices," said Standard & Poor's credit analyst Khaled Zitouni.

Corporate governance issues such as limited transparency of the
group's ownership structure, and limited diversification, are
also constraining factors.  In 2005, the group started to
significantly expand capacity and develop new products --
projects that will be completed in the next few years.  Demand
or prices may be lower than expected, making the projects less
economically attractive.

These points are partially offset by a historically good EBITDA
margin, averaging 21% over the past three years, thanks to cheap
feedstock, favorable cycles, and growing Russian markets.

Standard & Poor's expects Kazanorgsintez' EBITDA margin to
remain relatively good in the second half of 2005 and in 2006,
at about 20% or more.

"As the safety margin regarding the group's expansion plans is
limited, we will closely monitor operating performance, the
selling prices of key products (notably high density
polyethylene and low density polyethylene), and the main raw
materials costs," said Mr. Zitouni.

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


KSILEMA: Bankruptcy Supervision Procedure Begins
------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Ksilema.  The case is docketed as A71-97/2005-G21.  Mr. R.
Gibadullin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 426034, Russia,
Udmurtiya republic, Izhevsk, Post User Box 3497.  A hearing will
take place on March 13, 2006, 9:00 a.m.

CONTACT:  KSILEMA
          Russia, Udmurtiya republic,
          Izhevsk, Gorkogo Str. 90

          R. GIBADULLIN
          Temporary Insolvency Manager
          426034, Russia, Udmurtiya republic,
          Izhevsk, Post User Box 3497


NIZHNEVARTOVSK-GRAZHDAN-STROY: Declared Insolvent
-------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Nizhnevartovsk-
Grazhdan-Stroy after finding the close joint stock company
insolvent.  The case is docketed as A75-3298/2005.  Ms. L.
Chuprova has been appointed insolvency manager.  Creditors may
submit their proofs of claim to Russia, Tyumen region,
Respubliki Str. 144.

CONTACT:  NIZHNEVARTOVSK-GRAZHDAN-STROY
          431770, Russia,
          Khanty-Mansiyskiy autonomous region

          L. CHUPROVA
          Insolvency Manager
          Russia, Tyumen region,
          Respubliki Str. 144


PETROCOMMERCE BANK: Ratings Stifled by Over-reliance on Lukoil
--------------------------------------------------------------
Moody's Investors Service has upgraded these global scale
ratings of Petrocommerce Bank: long-term foreign currency debt
and deposit ratings to Ba3 from B1 and the financial strength
rating to D- from E+.

The Not Prime short-term deposit rating has not been affected.
The outlook for all ratings is stable.  At the same time,
Moody's Interfax Rating Agency has upgraded the long-term
national scale credit rating of Petrocommerce to Aa3.ru from
A1.ru.  Moscow-based Moody's Interfax is majority owned by
Moody's, a leading global rating agency.

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

The upgrades reflect:

(a) The bank's solid financial indicators, in particular its
    strong performance in 2004 and H1 2005 with a proven
    resistance to external shocks;

(b) Its successful lending expansion outside the Lukoil group of
    companies;

(c) Relatively robust asset quality and good systems in place to
    ensure that loan growth is properly managed; and

(d) the potential for future diversification through a deeper
    integration of the bank within the IFD Kapital structure.

However, Petrocommerce's ratings remain constrained by its high
level of dependence on the Lukoil group of companies for both
funding and revenues, the still high level of concentration in
the loan portfolio as well as Moody's expectation of lower
levels of the bank's capitalization in the future.

Moody's notes that the upgrades assume that the bank will
continue to render services to its former controlling
shareholder, the Russian oil major Lukoil (Senior Implied rating
Ba1, Issuer rating Ba2).  Any changes in the current status of
Petrocommerce as the main banking house for Lukoil could thus
potentially trigger a negative rating action.

According to Moody's, the Ba3/NP foreign currency deposit
ratings do not incorporate any support in the event of need from
the bank's shareholders given that, while such support cannot be
ruled out, its scope and timeliness are somewhat uncertain.
Support from the Russian financial authorities is unlikely.

Petrocommerce is headquartered in Moscow, Russia, and reported
total assets of US$2.6 billion under IFRS (unaudited) at June
30, 2005.  According to Interfax, the bank was ranked 15th in
terms of total assets among Russian banks as at 1 July 2005.

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

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


PLAMYA: Succumbs to Bankruptcy
------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Plamya (TIN 5229003850) after
finding the limited liability company insolvent.  The case is
docketed as A43-23292/2005-24-206.  Mr. A. Obukhov has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 603000, Russia, Nizhniy Novgorod region, Post User
Box 602.

CONTACT:  PLAMYA
          Russia, Nizhniy Novgorod region,
          Sergach, Sovetskaya Str. 135

          A. OBUKHOV
          Insolvency Manager
          603000, Russia, Nizhniy Novgorod region,
          Post User Box 602


REINFORCED CONCRETE: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Reinforced Concrete Constructions - 4 (TIN 5249015188).  The
case is docketed as A43-23108/2005,33-348.  Mr. E. Kotkov has
been appointed temporary insolvency manager.  A hearing will
take place on February 14, 2006, 1:15 p.m. at the Arbitration
Court of Nizhniy Novgorod region Department #33 at 603082,
Russia, N. Novgorod, Kremlin, Building 9, Room 238.

CONTACT:  REINFORCED CONCRETE CONSTRUCTIONS - 4
          606000, Russia, Nizhniy Novgorod region,
          East Prom.Zone

          E. KOTKOV
          Temporary Insolvency Manager
          603159, Russia, Nizhniy Novgorod region,
          Post User Box 76


SEL-KHOZ-KHIMIYA: Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on open joint stock company Sel-Khoz-
Khimiya.  The case is docketed as A09-4854/05-26.  Mr. V.
Guslyakov has been appointed temporary insolvency manager.

Creditors had until November 15, 2005 to submit their proofs of
claim to Russia, Bryansk region, Krasnogorskiy region,
Lyubovsho.  A hearing will take place on December 7, 2005.

CONTACT:  SEL-KHOZ-KHIMIYA
          Russia, Bryansk region,
          Krasnogorskiy region, Lyubovsho

          V. GUSLYAKOV
          Temporary Insolvency Manager
          241033, Russia, Bryansk region,
          Timonovskaya 35
          Phone: (0832) 92-01-53


SEL-KHOZ-MONTAZH: Declared Insolvent
------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Sel-Khoz-Montazh after finding
the open joint stock company insolvent.  The case is docketed as
A43-10707/05,33-232.  Mr. S. Utkin has been appointed insolvency
manager.

CONTACT:  SEL-KHOZ-MONTAZH
          Russia, Nizhniy Novgorod region,
          Perevoz, Nagornaya Str. 11

          S. UTKIN
          Insolvency Manager
          Russia, Moscow region,
          Gilyarovskogo Str. 31


SNOVEDSKOYE: Claims Filing Period Ends December 8
-------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Snovedskoye (TIN 5247004021)
after finding the close joint stock company insolvent.  The case
is docketed as A43-4132/2005,33-157.  Mr. A. Tigulev has been
appointed insolvency manager.  Creditors have until December 8,
2005 to submit their proofs of claim to 603146, Russia, Nizhniy
Novgorod, Beketova Str. 38a.

CONTACT:  SNOVEDSKOYE
          Russia, Nizhniy Novgorod region,
          Vyksunskiy region, Snoved

          A. TIGULEV
          Insolvency Manager
          603146, Russia, Nizhniy Novgorod region,
          Beketova Str. 38a
          Phone: 8 (831) 315-37-44/8 (8312) 12-42-57


TYUMEN-AGRO-GAS: Tyumen Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Tyumen-Agro-Gas after finding the limited
liability company insolvent.  The case is docketed as A-70-
3872/3-2005.  Mr. F. Bekshenev has been appointed insolvency
manager.  Creditors have until December 8, 2005 to submit their
proofs of claim to 625026, Russia, Tyumen region, Respubliki
Str. 144.

CONTACT:  TYUMEN-AGRO-GAS
          Russia, Tyumen region, Tyumen region,
          Malkovo, Mira Str. 3

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


YUKOS OIL: Nine-month Net Loss Down to RUB2.92 Billion
------------------------------------------------------
Yukos Oil cut its net loss by 62% to RUB2.92 billion (US$101
million) for the first nine months of 2005, according to
RosBusiness Consulting.  Pre-tax net loss was down to RUB6.31
billion (US$219 million) from RUB23.62 billion (US$820 million)
last year.  Gross income was lower at RUB889.34 million
(US$30.87 million).  Non-consolidated revenue was down 2.5% to
RUB2.02 billion (US$70 million).

The company's unsettled tax burden stood at RUB27 billion
(US$937 million).

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

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

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

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


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


CABLEUROPA: Closes Auna Telecomunicaciones Takeover
---------------------------------------------------
Grupo Corporativo ONO, through its wholly owned subsidiary
Cableuropa, S.A.U., completed on Nov. 4 the acquisition of 100%
of Auna Tlc for EUR2,251 million.  Of this amount, EUR215
million will be paid in January 2008.

The Acquisition has been financed in part by a capital increase
of EUR1,000 million, provided by a group of financial sponsors
composed of JPMorgan Partners, Providence Equity Partners,
Thomas H. Lee Partners and Quadrangle Capital Partners.  The
remainder of the financing for the acquisition has been provided
by an EUR3,500 million financing package.

The new EUR3,500 million financing package is designed to enable
the acquisition of Auna Telecomunicaciones, S.A., refinance the
existing outstanding senior facilities of ONO and provide
sufficient funding for the enlarged ONO group to reach free cash
flow positive.  The financing comprises EUR3,100 million in
senior secured facilities, EUR130 million in subordinated
facilities and a EUR270 million subordinated bridge loan
facility.

The self-arranged EUR3,100 million in senior secured facilities
are provided by a group of banks consisting of ABN AMRO, Calyon,
Fortis Bank, Banco Santander Central Hispano, Instituto de
Credito Oficial (ICO), Royal Bank of Scotland, Ahorro
Corporacion Financiera, Societe Generale, WestLB, Caixa
Catalunya, SabadellAtlantico, Banesto, Rabobank and JPMorgan as
mandated lead arrangers.  Although the transaction is funded, a
general syndication process is currently underway.

The EUR130 million subordinated facilities are provided by ABN
AMRO, Calyon, Fortis Bank, Banco Santander Central Hispano and
Axis Participaciones.

The EUR270 million subordinated bridge loan facility has been
entered into with JP Morgan, Royal Bank of Scotland and Calyon
as bookrunners and ABN AMRO, Fortis Bank and WestLB as
arrangers.

About ONO

ONO is Spain's leading cable media and entertainment company.
It offers telephony, pay television and broadband internet
services to residential customers in Andalusia, Aragon, The
Canary Islands, Castilla -- La Mancha, Castilla and Leon,
Cantabria, Catalonia, Comunidad Valenciana, La Rioja, Madrid,
Mallorca, Navarra and Region of Murcia.  Through its own
national backbone network, ONO also provides voice, data and
related services to companies across Spain.  ONO shareholders
are: Grupo Multitel, JPMorgan Partners, Providence Equity
Partners, Thomas H. Lee Partners, Grupo Santander, GE Structured
Finance, Quadrangle Capital Partners, Caisse de Depot et
Placement du Quebec and Sodinteleco.

About JPMorgan Partners

JPMorgan Partners (JPMP) is a leading private equity firm with
over US$11 billion in capital under management as of June 30,
2005.  Since its inception in 1984, JPMP has invested over $15
billion worldwide in consumer, media, energy, industrial,
financial services, healthcare, hardware and software companies.
With more than 80 investment professionals in five principal
offices throughout the world, JPMP is an experienced investor in
companies with worldwide operations. Underpinning this platform
is a global integrated network, which enables JPMP to draw on
expert resources residing within JPMorgan Chase, its extensive
portfolio and worldwide contact network.  Selected investments
include: AMC Entertainment, Berry Plastics, Cabela's, National
Waterworks, Pinnacle Foods, PQ Corporation, SafetyKleen Europe,
Vetco International and Warner Chilcott.  JPMP is a private
equity division of JPMorgan Chase & Co. (NYSE: JPM), one of the
largest financial institutions in the United States, and is a
registered investment adviser with the Securities and Exchange
Commission.

About Providence Equity Partners

Providence Equity Partners Inc. is a global private investment
firm specializing in equity investments in communications and
media companies around the world.  The principals of Providence
Equity manage funds with over $9.0 billion in equity
commitments, including Providence Equity Partners V, a $4.25
billion private equity fund, and have invested in more than 80
companies operating in over 20 countries since the firm's
inception in 1990.  Significant investments include Metro-
Goldwyn-Mayer, Warner Music Group, Recoletos, PanAmSat,
VoiceStream Wireless, eircom, Casema, Kabel Deutschland,
ProSiebenSat.1, and Bresnan Broadband Holdings.

Providence Equity has offices in Providence, Rhode Island (USA),
London, England, and New York, New York (USA).

About Quadrangle Group LLC:

Quadrangle Group LLC manages more than $4 billion through
Quadrangle Capital Partners, its private equity funds that
specialize in the media and communications industries, and
Quadrangle Debt Recovery Advisors, which invests in debt
securities across all industry groups.  Founded in 2000,
Quadrangle is an existing investor in ONO and has sponsored
investments in ProSiebenSat.1 Media AG, Protection One, Inc.,
NTELOS, Inc, Cablevision and DataNet Communications.

About Thomas H. Lee Partners

Thomas H. Lee Partners, L.P., is a Boston-based private equity
firm focused on identifying and acquiring substantial ownership
positions in growth companies.  Founded in 1974, Thomas H. Lee
Partners currently manages approximately $12 billion of
committed capital, including its most recent fund, the $6.1
billion Thomas H. Lee Equity Fund V. Notable transactions
sponsored by the firm include Fisher Scientific, Houghton
Mifflin, Michael Foods, Nortek, Rayovac, Refco Group, Simmons
Company, Transwestern Publishing, Warner Chilcott and Warner
Music Group.

                            *   *   *

In August, Fitch Ratings placed Cableuropa on Rating Watch
Evolving, following the company's announcement that it has
reached an agreement to acquire 100% of AUNA TLC, the fixed-line
and cable business of the AUNA Group, for approximately EUR2.250
billion.  Ratings and issues that are affected include
Cableuropa's Senior Unsecured and Short-term 'B' ratings, the
'BB-'-rated EUR1.250 billion senior secured bank facility and
the 'B-' (B minus)-rated ONO Finance Plc's senior unsecured
notes.

CONTACT:  ONO
          Jonathan Cumming, Chief Financial Officer
          Phone: +34 91 180 9444
          E-mail: jonathan.cumming@ono.es
          Web site: http://www.ono.es

          GRUPO ALBION
          Alejandra Moore Mayorga
          Phone: +34 91 531 23 88
          E-mail: amoore@grupoalbion.net


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


GART: Cherkassy Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Gart (code EDRPOU 244123351) on November 8,
2004 after finding the limited liability company insolvent.  The
case is docketed as 05/244.  Mr. Oleg Krivoshej (License Number
AA 630145) has been appointed liquidator/insolvency manager.
The company holds account number 2600910203 at JSCIB Ukrsibbank,
Cherkassy branch, MFO 354456.

Creditors have until November 25, 2005 to submit their proofs of
claim to:

(a) GART
    20700, Ukraine, Cherkassy region,
    Smila, Artema Str. 119

(b) OLEG KRIVOSHEJ
    Liquidator/Insolvency Manager
    Ukraine, Cherkassy region,
    Engels Str. 243/1-510
    Phone: 8 (0472) 64-84-88

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


GIDRAVLIKA: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on CJSC Commercial House Gidravlika (code
EDRPOU 30802200).  The case is docketed as 25/185.  Mr. Rabushko
Vyacheslav has been appointed temporary insolvency manager.  The
company holds account number 26004211597011 at CB Privatbank,
Zaporizhya regional branch.

Creditors have until November 25, 2005 to submit their proofs of
claim to:

(a) GIDRAVLIKA
    72316, Ukraine, Zaporizhya region,
    Melitopol,
    Industrialna Str. 59

(b) RABUSHKO VYACHESLAV
    Temporary Insolvency Manager
    72315, Ukraine, Zaporizhya region,
    Melitopol, Fuchik Str. 11

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


INDEKO: Gives Creditors Until Friday to File Claims
---------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Indeko (code EDRPOU 23964083) on October 12,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/224-29/272.  Mr. Y. Onushkanich (License
Number AA 484203) has been appointed liquidator/insolvency
manager.  The company holds account number 260071455 at JSB
Ukrgazbank, Lviv branch, MFO 325967

Creditors have until November 25, 2005 to submit their proofs of
claim to:

(a) INDEKO
    79039, Ukraine, Lviv region,
    Shevchenko Str. 70-A/3

(b) Y. ONUSHKANICH
    Liquidator/Insolvency Manager
    79031, Ukraine, Lviv region,
    Strijska Str. 71-b/3

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


IVEKO LTD.: Court Appoints Insolvency Manager
---------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Iveko Ltd. (code EDRPOU 13620980) on October
6, 2005 after finding the limited liability company insolvent.
The case is docketed as 21/255.  Mr. Y. Zinchenko (License
Number AA 77921883) has been appointed liquidator/insolvency
manager.

Creditors have until November 25, 2005 to submit their proofs of
claim to:

(a) IVEKO LTD.
    Ukraine, Zaporizhya region,
    Patriotichna Str. 21/255

(b) Y. ZINCHENKO
    Liquidator/Insolvency Manager
    Ukraine, Zaporizhya region,
    Gulyajpole, Spartakivska Str. 8

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


MORRIBFLOT: Goes into Liquidation
---------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Morribflot (code EDRPOU 30671140) on
September 23, 2005 after finding the limited liability company
insolvent.  The case is docketed as 21/210-05-7256.  Mr. Igor
Maslyona has been appointed liquidator/insolvency manager.

Creditors have until November 25, 2005 to submit their proofs of
claim to:

(a) MORRIBFLOT
    Ukraine, Odessa region,
    Kilijskij district, Vilkove,
    Oktyabrska Str. 5-A

(b) IGOR MASLYONA
    Liquidator/Insolvency Manager
    68300, Ukraine, Odessa region,
    Kiliya, Kichenko Str. 54/19

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


POLISSYA: Declared Insolvent
----------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Polissya (code EDRPOU 30920771) on October
11, 2005 after finding the limited liability company insolvent.
The case is docketed as 163/2 b.  Mr. G. Serputko (License
Number AB 216866) has been appointed liquidator/insolvency
manager.

Creditors have until November 25, 2005 to submit their proofs of
claim to:

(a) POLISSYA
    Ukraine, Kyiv region, Makarivskij district,
    Nizhilovichi, Petrovskij Str. 4

(b) G. SERPUTKO
    Liquidator/Insolvency Manager
    Phone: 8 (050) 332-61-54

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


THERMAL CONVERSION: Temporary Insolvency Manager Steps in
---------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on State Enterprise Production Complex
Thermal Conversion of Hard Household Waste Specialized Plant
(code EDRPOU 055144436) on October 18, 2005.  The case is
docketed as B-19/84-05.  Mr. Oleksandr Trizna (License Number AA
216777) has been appointed temporary insolvency manager.

Creditors have until November 25, 2005 to submit their proofs of
claim to:

(a) STATE ENTERPRISE PRODUCTION COMPLEX THERMAL CONVERSION OF
    HARD HOUSEHOLD WASTE SPECIALIZED PLANT
    61031, Ukraine, Harkiv region,
    Gagarin Str. 360

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


TRUDIVNIK: Creditors' Claims Due Friday
---------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Agricultural LLC Trudivnik (code EDRPOU
04540526) on September 22, 2005.  The case is docketed as 4/251-
B.  Mr. Gorban Arkadij (License Number AA 485236) has been
appointed temporary insolvency manager.

Creditors have until November 25, 2005 to submit their proofs of
claim to:

(a) TRUDIVNIK
    Ukraine, Hmelnitskij region,
    Letichiv district, Mitkivtsi

(b) GORBAN ARKADIJ
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Skovoroda Str. 14/151

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


UKRSOTSBANK: Bond Issue Receives Ba1 Rating from Moody's
--------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating with
positive outlook to the local currency (hryvnia-denominated)
bonds to be issued by Ukrsotsbank which will represent a senior
unsecured claim on the bank.

The rating, which is based on the bank's fundamental credit
strength and imputes some degree of support from the Ukrainian
financial authorities, pertains only to those bonds denominated
in local currency.  The ratings do not reflect any transfer risk
and are therefore neither constrained by the B2 foreign currency
deposit ceiling for Ukraine, nor directly comparable with the
published foreign currency ratings of other Ukrainian financial
institutions.

The planned debt issue size is UAH70 million (approx. US$14
million), distributing quarterly coupons with an issue date of
12 December 2005 and a redemption date of June 8, 2009.  The
obligations associated with this debt issue include put options
that the bondholders will, according to the terms of the issue,
be able to exercise in order to sell the bonds back to the bank
on the sixth and tenth coupon payment dates and during the two
calendar days following these dates.  Moody's notes that if the
bank's credit quality were to have deteriorated at these times,
exercise of the put options might exert additional pressure on
the bank's financial condition.

According to Moody's, the Ba1 rating with positive outlook for
the bonds is based on Ukrsotsbank's fundamental credit quality
and on some likelihood of support from the financial
authorities.  The fundamental credit quality reflected in the
bank's E+ Financial Strength Rating (FSR) with a positive
outlook is underpinned by its improving bottom-line
profitability, stronger asset quality and satisfactory
liquidity, which permitted it to pass unscathed through last
year's systemic crisis.  Currently, Ukrsotsbank is a much better
managed institution and is far better technologically equipped
than it was several years ago.  However, the bank's FSR is also
constrained by a volatile operating environment and thus is
vulnerable to external shocks beyond its control.  The
likelihood of support from the financial authorities, which is
imputed in the rating, is based on Ukrsotsbank's ranking as the
fourth-largest bank in the country, on its strong market
position as a deposit taker and on the relatively important role
it plays in the Ukrainian economy.

Headquartered in Kiev, Ukraine, UkrsotsBank reported total
consolidated assets of US$1,308 million and total capital of
US$154 million under IFRS as of December 31, 2004.

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

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


UROZHAJ: Bankruptcy Supervision Begins
--------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on CJSC Agri-Industrial Association
Urozhaj (code EDRPOU 30531739) on September 22, 2005.  The case
is docketed as 4/250-B.  Mr. Gorban Arkadij (License Number AA
485236) has been appointed temporary insolvency manager.

Creditors have until November 25, 2005 to submit their proofs of
claim to:

(a) UROZHAJ
    Ukraine, Hmelnitskij region,
    Letichiv, Karmeluk Str. 83/1

(b) GORBAN ARKADIJ
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Skovoroda Str. 14/151

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


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


ALLSERVE SYSTEMS: IT Company Crashes
------------------------------------
Nimish Patel and Bijal Shah (IP Nos 8679, 8717) of RE10 were
appointed joint administrators of Allserve Systems Plc (Company
No 02881682) on Nov. 7.

Allserve Systems -- http://www.allservesystems.com/-- is an
international IT service company that provides comprehensive IT
and enabled solutions to global Fortune 500 companies.  The
company is based in the United Kingdom with offices and
development centers spread across the U.S., Europe and India.

CONTACT:  ALLSERVE SYSTEMS PLC
          St, George's House,
          Knoll Road, Camberley GU 15 3SY,
          Surrey, United Kingdom
          Phone: 00 44 870 850 0081
          Fax: 0044 870 850 0082
          E-mail: europe@allservesystems.com

          RE10
          Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU
          Helpline: 870 787 2346
          Web site: http://www.re10.co.uk


ATLANTIC BAR: Names BDO Stoy Hayward Administrator
--------------------------------------------------
Shay Bannon and Antony David Nygate (IP Nos 8777/01, 9237) of
BDO Stoy Hayward LLP were appointed administrators of The
Atlantic Bar And Grill Limited (Company No 02855719) on Nov. 2.
Its registered office is at The Quadrangle, 2nd Floor, 180
Wardour Street, London W1F 8FY.

CONTACT:  ATLANTIC BAR AND GRILL
          20 Glasshouse Street,
          London W1B 5DJ
          Phone: 0871 075 1623

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


AURELIA PLASTICS: Administrators Take over Firm
-----------------------------------------------
John Neville Whitfield and Gerald Clifford Smith (IP Nos 9131,
6335) of RSM Robson Rhodes LLP were appointed joint
administrators of Aurelia Plastics Limited (Company No 00880985)
on Nov. 7.  Its registered office is at 30 Bankside Court,
Stationfields, Kidlington, Oxfordshire OX5 1JE.

Aurelia Plastics -- http://www.aureliaplastics.com/--  
manufactures thermoplastic extrusion products.  The company was
founded in 1967.

CONTACT:  AURELIA PLASTICS LTD.
          Windrush Park Road
          Witney OX29 7EY
          Oxfordshire
          Phone: 01993 892430
          Fax: 01993 892439
          E-mail: enquiries@aureliaplastics.com

          RSM ROBSON RHODES LLP
          Centre City Tower,
          7 Hill Street,
          Birmingham B5 4UU
          Web site: http://www.robsonrhodes.co.uk


AVALON COURIER: Hires Pattinsons as Administrator
-------------------------------------------------
Ian Pattinson (IP No 004422) of Pattinsons was appointed
administrator of freight transport firm Avalon Courier Services
Limited (Company No 04628923) on Nov. 8.  Its registered office
is at 15A Anchor Road, Audridge, Walsall, West Midlands WS9 8PT.

CONTACT:  PATTINSONS
          Kings Business Centre
          90-92 King Edward Road
          Nuneaton
          Warwickshire CV11 4BB
          Phone: 024 7637 5777
          Fax: 024 7638 7587
          E-mail: insol@pattinsons.co.uk


BANNING HEATING: Files for Liquidation
--------------------------------------
T. Banning, chairman of Banning Heating and Plumbing Limited,
informs that a resolution to wind up the company was passed at
an EGM held on Oct. 27 at 2nd Floor, 19 Castle Street, Liverpool
L2 4SX.

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

CONTACT:  BANNING HEATING & PLUMBING LTD.
          6 Charmalue Av.
          Liverpool L23 2RU
          Phone: 0151 922 2960
          Fax: 0151 922 2940


BARNES BLASTING: Calls in Liquidator
------------------------------------
W. A. K. Barnes, director of Barnes Blasting Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 19 at Menzies Barons Court Hotel, Walsall Wood,
Walsall Road, West Midlands WS9 9AH.

Peter Anthony Jackson was appointed liquidator.

CONTACT:  BARNES BLASTING LIMITED
          2 St. Marys Cottages
          New Park Road, Devizes
          Wiltshire SN10 1EE
          Phone: 01225719274


BRADSEL LIMITED: Owners Pass Winding-up Resolutions
---------------------------------------------------
DB UK Holdings Limited, a member of Bradsel Limited, informs
that the special and ordinary resolutions to wind up the company
were passed at an EGM held on Oct. 28.  Jeremy Simon Spratt and
Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury Square, London
EC4Y 8BB were appointed joint liquidators.

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


BUCKTON EXPORT: Citroen Wells Liquidators Enter Firm
----------------------------------------------------
I. F. Buckman, the director of Buckton Export Co. Limited,
informs that the special and extraordinary resolutions to wind
up the company were passed at an EGM held on Nov. 7 at
Devonshire House, 1 Devonshire Street, London W1W 5DR.  Murzban
Khurshed Mehta and Mark Richard Phillips of Citroen Wells,
Devonshire House, 1 Devonshire Street, London W1W 5DR were
appointed joint liquidators.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


BULMERS BUSINESS: Cranfield to Liquidate Business
-------------------------------------------------
D. R. Bulmer, chairman of Bulmers Business Machines Limited,
informs that a resolution to wind up the company was passed at
an EGM held on Oct. 31 at 2 Hawkes Drive, Warwick CV34 6LX.

Tony Mitchell of Cranfield Recovery Limited, 2 Hawkes Drive,
Warwick CV34 6LX was appointed liquidator.

Bulmers Business Machines Limited is a privately owned Company
and has been trading either independently or as part of a larger
group, under the leadership of the Bulmer family since the
1920's.  In 1973 the Company was established in its current form
with Mr. D. Bulmer as Managing Director.  At this time the
Company was supplying and servicing office equipment, primarily
calculators, accounting equipment and typewriters.  In 1979 the
Company decided to specialize in the supply and service of
labeling, lettering and presentation equipment.  Its customer
base is spread in the Shetlands to the Channel Islands.

CONTACT:  BULMERS BUSINESS MACHINES LTD.
          Royston House
          267 Cranmore Boulevard
          Shirley
          Solihull
          West Midlands
          B90 4QT
          Phone: 0121 745 5529
          Fax: 0121 733 6180

          CRANFIELD RECOVERY LIMITED
          2 Hawkes Drive
          Warwick
          Warwickshire CV34 6LX
          Phone: 01926 450414
          Fax: 01926 831126


CHADWICK & WALTER: Goes into Liquidation
----------------------------------------
A. P. A. Clark, chairman of Chadwick & Walter Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 31 at The Express By Holiday Inn Washington,
Emerson Road, Washington, Tyne and Wear NE37 1LB.

E. Walls was appointed liquidator.

Chadwick & Walter Ltd. -- http://www.chadwickwalter.co.uk--  
manufactures, supplies and installs mezzanine floors and
TRIMLINE Office Partitioning, manufactured on-site in
Washington.  Since the company was founded in 1970, Chadwick &
Walter evolved from producing shelving systems to designing,
manufacturing and installing premium partitioning systems,
retail & storage mezzanine floors and pallet racking & conveyer
solutions.

CONTACT:  CHADWICK AND WALTER LTD.
          54 Hutton Close
          Crowther Industrial Estate
          District 3
          Washington
          Tyneside
          NE38 0AH
          Phone: (0191) 419 2195
          Fax: (0191) 415 3875


CINIO ESTATES: Calls in Ernst & Young as Liquidator
---------------------------------------------------
P. Manley, the chairman of Cinio Estates Limited, informs that
the special resolution to wind up the company was passed at an
EGM held on Nov. 7 at 33 Cavendish Square, London W1A 2NF.
Elizabeth Anne Bingham and Patrick Joseph Brazzill of Ernst &
Young LLP, 1 More London Place, London SE1 2AF were appointed
joint liquidators.

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


DAWSON INTERNATIONAL: Raising GBP1.5 Million via Share Placement
----------------------------------------------------------------
Dawson International plc has revealed its trading update for the
nine-month period to 1 October 2005.  Dawson is also raising
approximately GBP1.5 million via a placing of new ordinary
shares with institutional and other investors.

Highlights

(a) turnover increased by GBP32.4 million to GBP83.3 million;

(b) excluding acquisitions and disposals, turnover increased by
    24% to GBP49.2 million (2004: GBP39.8 million);

(c) pre-exceptional operating profit of GBP2.3 million (2004:
    GBP1.6 million loss);

(d) reorganization of Dorma ahead of schedule;

(e) GBP2 million capital investment in Todd & Duncan;

(f) redemption of Loan Stock second tranche announced; and

(g) placing of 17,364,707 new ordinary shares at 8.5 pence per
    ordinary share to raise approximately GBP1.5 million.

            Report of Executive Chairman Mike Hartley

Trading remains broadly in line with our expectations for the
current year.  The reorganization of the Dorma business which
was acquired in February 2005 is ahead of schedule although
results for that business have been constrained by difficult
market conditions and the challenges posed by the unexpected re-
introduction of quotas on Chinese sourced products in the
summer.

Dorma produced a modest pre-exceptional operating profit in the
latest quarter.  Since acquisition at a cost of GBP6.9 million,
Dorma has generated a net cash inflow from trading of GBP1.9
million after reorganization costs incurred to date.

All of our remaining businesses have grown turnover and profits
year on year with the exception of our European sourcing
business, which, like Dorma, was impacted by the re-introduction
of Chinese quotas in the summer.  The Todd & Duncan business is
currently implementing a GBP2 million capital investment program
which is expected to yield further benefits following completion
in Q1 2006.

Trading Update

The financial results for the nine months to 1 October 2005 are
derived from the unaudited, consolidated management accounts of
the Company.  2004 comparative figures have been restated to
reflect the implementation of FRS17 (Retirement Benefits) and
FRS20 (Share Based Payment).

Reflecting these positive results, the Company recently
announced its intention to redeem the second tranche of its zero
coupon, redeemable, convertible loan stock on 19 November 2005.
The Fibres & Yarns division includes the Joseph Dawson business,
which was disposed of on 15 October 2004.  The Knitwear division
includes the Ballantyne division, which was disposed of on 31
March 2004.

Placing

The Company is placing 17,364,707 new ordinary shares of 1 pence
each in the Company with institutional and other investors at a
price of 8.5 pence per ordinary share in order to raise
approximately GBP1.5 million before expenses.  The proceeds of
the placing will be used for general working capital purposes.
These new ordinary shares will rank pari passu in all respects
with the existing ordinary shares in the Company.  Application
will be made for the new ordinary shares to be admitted to
trading on AIM, a market operated by the London Stock Exchange,
and it is expected that trading will commence on 22 November
2005.

CONTACT:  DAWSON INTERNATIONAL PLC
          Lochleven Mills
          Kinross
          KY13 8GL, United Kingdom
          Phone: +44-1577-867000
          Fax: +44-1577-867010
          Web site: http://www.dawson-international.co.uk


DEUTSCHE (SERVICES): Calls in KPMG Liquidator
---------------------------------------------
Deutsche (Services) Australia Limited informs that the special
and ordinary resolutions to wind up the company were passed at a
general meeting held on Oct. 27.  Jeremy Simon Spratt and
Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury Square, London
EC4Y 8BB were appointed joint liquidators.

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


EQUITABLE LIFE: Hires Advisors to help Decide on Breakup
--------------------------------------------------------
Equitable Life has called in Lexicon Partners to advise it on
its potential breakup, The Telegraph says.

This comes after Resolution Life and Life Company Investor Group
expressed interest in taking over the mutual insurer's with-
profits life insurance fund.  Prudential plc has also held talks
with Equitable about buying around GBP7 billion worth of
annuities, while Friends Provident and Canada Life have inquired
about its insurance policies.  Equitable could cut its risk
profile and easily sell its remaining stock of policies should
the disposal prove successful.

Founded in July 2000, Lexicon specializes in the break-up of
insurance firms.  It has appointed a number of executives from
other investment banks and is wholly owned by its partners and
employees.

In related development, Equitable recently held an "away day"
for board members to discuss the society's direction.  The
insurer has been closed to new business since 2000 when the
House of Lords forced it to recognize guarantees on policies
sold in the 1970s and 1980s.  The ruling cost Equitable
millions.

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

          LEXICON PARTNERS
          No. 1 Paternoster Square
          London EC4M 7DX
          Switchboard: 020 7653 6000
          Fax: 020 7653 6001
          E-mail: contacts@lexiconpartners.com
          Web site: http://www.lexiconpartners.com


FK AUTO: Owners Opt for Liquidation
-----------------------------------
K. Hutt, chairman of FK Auto Electrical Supplies Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 22 at 6c Church Street, Reading RG1 2SB.

Peter Bridger was appointed liquidator.

CONTACT:  FK AUTO ELECTRICAL SUPPLIES LTD.
          18 Hambridge Road
          Newbury
          RG14 5XA Berkshire
          Phone: 01635 44601
          Fax: 01635 34905


FUME AND DUST: Calls in Joint Liquidators
-----------------------------------------
Fume and Dust Control Limited informs that resolutions to wind
up the company were passed at an EGM held on Oct. 21 at 18 St.
Christopher's Way, Pride Park, Derby DE24 8JY.

Michael R. Ellingworth and Paul A Whitwam of A & E Business
Solutions, 18 St Christopher's Way, Pride Park, Derby DE24 8JY,
and BWC Business Solutions, 8 Park Place, Leeds LS1 2RU were
appointed Joint Liquidators.

Fume & Dust Control - http://www.fumeanddust.co.uk-- provides
fume and dust extraction systems to industrial and commercial
sectors.  Located in Sheffield, it serves customers in United
Kingdom and The Republic of Ireland.

CONTACT:  FUME AND DUST CONTROL LTD.
          192 Forncett Street
          Sheffield
          S4 7QG
          South Yorkshire
          Phone: 0114 279 6688
          Fax: 0114 279 7700


GIDEA INTERIORS: Names Begbies Traynor Liquidator
-------------------------------------------------
Gidea Interiors Limited informs that a resolution to wind up the
company was passed at an EGM held on Oct. 27 at The Old
Exchange, 234 Southchurch Road, South-on-Sea, Essex SS1 2EG.

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

CONTACT:  GIDEA INTERIORS LIMITED
          Swan House, 54 Station Lane
          Hornchurch, Essex, RM12 6NB
          Phone: 01708 472275

          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


GLOBAL VEHICLE: Appoints Administrators from Tenon Recovery
-----------------------------------------------------------
Carl Stuart Jackson and Duncan Robert Beat (IP Nos 8860, 8161)
of Tenon Recovery were appointed joint administrators of Global
Vehicle Imports.Com Limited (Company No 04889853) on Nov. 7.
Its registered office is at 11 Dragoon House, Hussar Court,
Waterlooville, Hampshire PO7 7SF.

Global Vehicle Imports -- http://www.globalvehicleimports.co.uk/
-- has been importing new and used vehicles from Japan for over
15 years.  It has its own British staff working in Japan to hand
pick and purchase vehicles.

CONTACT:  GLOBAL VEHICLE IMPORTS.COM LIMITED
          Dock Gate 4, Eastern Gate,
          Southampton, Hampshire SO14 3GE
          Phone: 023 8023 8661
          Fax: 023 8023 8662
          E-mail: sales@globalvehicleimports.com

          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


GOSHAWK INSURANCE: Mulls Equity Offering to Raise US$15 Million
---------------------------------------------------------------
Following GoshawK Insurance Holdings plc's announcement on 21
October 2005 that Rosemont Re is to be placed into run-off, the
board has reviewed the resources of the Company and the
structure of the board to ensure that the run-off is managed in
a manner that aims to maximize value for shareholders.

The board has appointed Rory Macnamara as Chairman and Michael
Dawson as Chief Executive of the Company with immediate effect.
The current board are to resign from GoshawK and all its
subsidiaries with immediate effect, with the exception of
Richard Titley, who intends to do so shortly and Russell Brooke
and Jonathan Beck who will remain on the board of Rosemont Re
for a short period of time to facilitate an orderly operational
handover to the new directors.  All members of the current board
have agreed to make themselves available to the incoming board,
as appropriate, going forward.

Rory Macnamara has been working as a consultant to the board in
conjunction with Michael Dawson and is planning the run-off.
Following the breaching of certain banking covenants as
announced on 3 November, he is in ongoing consultation with the
Company's lending banks and the Bermuda Monetary Authority
(BMA) to seek a satisfactory outcome for the benefit of both the
Banks and shareholders.

Possible Equity Issue

In conjunction with these board changes, the Company is
considering the possibility of launching an equity issue to
raise US$15 million - US$20 million, (before related costs and
fees), although the terms of any issue and the exact amount
required to meet the Company's ongoing needs are still to be
determined.

Phoenix Asset Management Partners Limited (Phoenix), GoshawK's
largest shareholder, has provided a written indication of its
intention to underwrite such an equity issue if it is made.
Such an equity issue, if completed, should improve the Company's
financial position and would be used to repay part of the
amounts due to the Banks and fund ongoing running costs.
Phoenix's underwriting is conditional on the board changes
described above and on the grant of a waiver by the Panel on
Takeovers and Mergers (the Panel) from the obligation that might
otherwise arise to make a mandatory offer for all the shares in
GoshawK not already owned by Phoenix (a Code Whitewash).

However, there can be no certainty that an equity issue will
take place or, if it does, as to its quantum or timing.  Further
details will be provided to shareholders in due course.

Implementation of the equity issue would require, and be
conditional upon, a Code Whitewash.  The grant of a Code
Whitewash by the Panel would require, inter alia, the approval
by independent GoshawK shareholders in general meeting (so that
Phoenix, and any other non-independent shareholders, would not
participate in the vote).

Proposed sale of certain assets of Rosemont Re - Heads of terms

It was further announced on 21 October 2005 that heads of terms
had been agreed with a consortium led by Don Kramer (the
Consortium) for the sale of certain Rosemont Re assets,
including the majority of the team.  The Consortium is in the
process of incorporating a new Bermuda reinsurer with capital of
not less than US$750 million.  Progress continues and a further
announcement will be made in due course.

Chairman Paul Spencer said: "The board has been working hard to
try and maximize the potential value for shareholders.  In the
circumstances, we believe it is appropriate for Rory and Michael
to lead the next stage of an orderly run-off process for the
benefit of all stakeholders."

Rory Macnamara added: "I appreciate the support that Paul and
the other directors have provided, and, with Michael Dawson,
will seek the best outcome for shareholders."

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          52 Jermyn Street
          London SW1Y 6LX
          Phone: +44 (0) 20 7499 2355
          Fax: +44 (0) 20 7491 7247
          Web site: http://www.goshawk.co.uk


HARMER PERSONAL: PwC Administrators Enter Firm
----------------------------------------------
Stephen Andrew Ellis and Ian David Green (IP Nos 8843, 9045) of
PricewaterhouseCoopers LLP were appointed joint administrators
of Harmer Personal Care Limited (Company No 02773233) on Nov. 8.
Its registered office is at Unit 5, City Link Business Park,
Phoenix Way, Bradford BD4 8JP.  The company is into perfumes and
toilet preparations.

CONTACT:  HARMER PERSONAL CARE LTD.
          Phoenix Way,
          Unit 5 City Link Business Park
          Phoenix Way, Bradford BD4 8JP
          United Kingdom
          Phone: +44 (1274) 66 01 10
          Fax: +44 (1274) 66 01 17

          PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


HEARTBEAT FITNESS: Files for Liquidation
----------------------------------------
S. Sharp, chairman of Heartbeat Fitness Centres (2001) Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 28 at Concept House, Brooke Street,
Cleckheaton, West Yorkshire BD19 3RY.

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

CONTACT:  HEARTBEAT FITNESS CENTRE
          Upper Parkgate, Little Germany
          Bradford B01 5DW
          Phone: (01274) 395502
          Fax: (01274) 723359

          47 Dale Street Ossett
          WF5 9HE
          Phone: (01924) 266357

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


HEDGMAN MAINTENANCE: Liquidators from Valentine Enter Firm
----------------------------------------------------------
A. Hedgman, chairman of Hedgman Maintenance Services Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 27 at Valentine & Co., 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS.

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

CONTACT:  HEDGMAN MAINTENANCE SERVICES LIMITED
          Phone: 01252 650828
          92, Kings Rd, Aldershot, GU11 3PJ

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


INBLOW FORM: Creditors to Meet Tomorrow
---------------------------------------
Creditors of Inblow Form Limited will meet on November 23, 2005,
1 p.m. at 66 Wigmore Street, London W1U 2HQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy form must be submitted together with written
debt claims to Peter Hughes-Holland and Frank Wessely of Vantis
Numerica, 81 Station Road, Marlow, Buckinghamshire SL7 1NS not
later than 12:00 noon, November 22, 2005.

CONTACT:  VANTIS NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.vantisnumerica.com


INEOS VINYLS: Amends Indenture on EUR160 Million Notes
------------------------------------------------------
                        To the holders of
                    INEOS Vinyls Finance plc
(a public limited company incorporated under the laws of England
                           and Wales)
                         EUR160,000,000
                  9.125% Senior Notes due 2011
                          (the "Notes")
               ISIN Codes: XS018620626;XS018620543
                 Common Codes: 02862062;01862054

NOTICE IS HEREBY GIVEN in accordance with Section 907 of the
Indenture, dated as of November 25, 2003 (the "Indenture"),
among INEOS Vinyls Finance plc (the "Issuer"), the guarantors
named therein, The Bank of New York, as Trustee, Paying Agent,
Transfer Agent, Registrar and Bond Security Agent and The Bank
of New York (Luxembourg) S.A., as Luxembourg Paying Agent and
Transfer Agent, of an amendment to the Indenture pursuant to a
supplemental indenture dated as of November 1, 2005 (the
"Supplemental Indenture") under Section 901 of the Indenture.

The Supplemental Indenture evidences the guarantees of INEOS
Vinyls Sales GmbH, a company organized under the laws of Germany
and INEOS Films Staufen GmbH, a company organized under the laws
of Germany (the New Subsidiary Guarantors) under the Indenture
of the INEOS Vinyls Finance plc


INFOODS LIMITED: Pastry Maker Calls in Administrator
----------------------------------------------------
Alec David Pillmoor (IP No 007243) and Philip Edward Pierce (IP
No 009364) of Baker Tilly were appointed joint administrators of
Infoods Limited (Company No 05034252) on Nov. 4.  Its registered
office is at Sigma House, Beverley Business Park, Beverley HU17
0JS.  The company manufactures fresh pastry goods and cakes.

CONTACT:  INFOODS LTD.
          Annie Reed Road,
          Grovehill Industrial Estate,
          Beverley HU17 OLF
          Phone: 01482 869797

          BAKER TILLY
          Wilberforce Court
          Alfred Gelder Street
          Hull
          East Yorkshire HU1 1YH
          Phone: 01482 327406
          Fax: 01482 326957

          BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk


MG ROVER: Govt Admits Cost Related to Collapse to Top GBP230 Mln
----------------------------------------------------------------
MG Rover's demise will cost taxpayers around GBP231 million, but
it's money well spent, according to Trade and Industry Minister
Ian Pearson.

The sum includes the GBP6.5 million spent to keep the company
running for a week until it eventually shut down in April.  It
also includes GBP50 million used to retrain West Midland
employees.  Over GBP40 million went to redundancy packages for
Longbridge workers, GBP24 million to establish the Rover Task
Force, and GBP41.6 million to aid Rover suppliers.

Despite the burgeoning cost, Mr. Pearson told BBC News:  "What
we've seen has been a tragedy for those who have lost their
jobs.  But now over half are in work.  Three thousand are booked
on to training courses.  Two thousand have taken up and started
training courses."

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


MICRO TITANIUM: Owners Decide to Wind up Firm
----------------------------------------------
A. Chin, the director of Micro Titanium Limited, informs that
the special resolution to wind up the company was passed at an
EGM held on Nov. 4 at 6 Rosslyn Hill, London NW3 1PH.


ORRACO LIMITED: Administrators from Begbies Traynor Move in
-----------------------------------------------------------
David P. Appleby (IP No 8976) and Stephen Conn (IP No 1762) of
Begbies Traynor were appointed administrators of Orraco Limited
(Company No 03669325) on Nov. 4.  Its registered office is at
Strand Street West, Ashton on Ribble, Preston PR2 2NS.  The
company offers hardware and software consultancy services.

CONTACT:  ORRACO LIMITED
          Strand Street,
          West, Preston,
          Lancashire PR2 2NS
          Phone: 08708870170

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

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


PRISMA (EUROPE): PwC Administrators Take over Helm
--------------------------------------------------
David Mathew Hammond and Robert Jonathan Hunt (IP Nos 9355 and
1139) of PricewaterhouseCoopers LLP were appointed joint
administrators of Prisma (Europe) Limited (Company No 03237168)
on Nov. 7.  Its registered office is at The Chapman Suite,
Lonsdale House, 51 Bucher Street, Birmingham B1 1QU.

Prisma Europe Ltd. -- http://www.prisma-europe.co.uk/-- is a
division of Sangers Group, one of U.K.'s largest imaging groups.
The company distributes professional AV, industrial and
broadcast television equipment.

CONTACT:  PRISMA (EUROPE) LIMITED
          Priory House
          Pitsford Street
          Hockley
          Birmingham B18 6LX
          Phone: +44 (0) 870 4440577
          Fax: +44 (0) 870 4440578
          E-mail: sales@prisma-europe.co.uk

          PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


RIDLEYS RESTAURANTS: Administrator from Lameys Moves in
-------------------------------------------------------
Michelle Anne Weir (IP No 9107) of Lameys was appointed
administrator of Ridleys Restaurants Limited (Company No
04793686) on Nov. 8.  Its registered office is at 30 Fore
Street, Totnes, Devon TQ9 5RP.  The company manages restaurant,
public house and caf,.

CONTACT:  RIDLEYS RESTAURANTS LIMITED
          9-10 Regents Street
          Teignmouth, Devon TQ14 8SL
          United Kingdom
          Phone: 07717204115

          LAMEYS
          1 Courtenay Park
          Newton Abbot
          Devon TQ12 2HD
          Phone: 01626 366117
          Fax: 01626 201196
          E-mail: enquiries@lameys.co.uk


ROYAL MAIL: Overall Profit up 20% Despite Falling Letter Volumes
----------------------------------------------------------------
Royal Mail Group announced a 20.5% increase in operating profit
to GBP159 million for the first half of 2005-06 but warned that
profits in its letters business had fallen as growth in
addressed mail volumes went into reverse.

Allan Leighton, Royal Mail Group's Chairman, said the downturn
in letters profits and volumes meant the biggest part of the
Company was no longer contributing to the Group's overall growth
in profitability.  But he praised postmen and women for
delivering to customers the best quality of service on record.

The Group operating profit of GBP159 million in the six months
to the end of September 2005 was a GBP27 million improvement on
the same period a year earlier.

But the increase was driven by better financial performance in
General Logistics Systems (Royal Mail's European parcels
business), Post Office Limited and Parcelforce Worldwide.
Operating profit in the letters business had fallen as addressed
mail volumes declined for the first time in a quarter of a
century.

GLS performed particularly strongly with a GBP43 million
operating profit in the first half of the year -- almost double
the GBP23 million profit in the same period a year earlier.
There was strong growth in external revenue helped by further
gains in operational efficiency and Mr. Leighton said GLS, whose
business is not subject to regulatory control, had enormous
potential to grow profits and revenue even further.

"GLS is the star performer in the Royal Mail Group with an
impressive record of revenue and profit growth," he said.

Elsewhere in the Group, more Post Office(R) products and
services were launched, including a credit card, and while Post
Office Limited's overall revenue decreased by GBP70 million due
to reduced benefit payments revenue, the operating loss slightly
improved to GBP57 million.  This was down to further growth in
banking revenue and the Post Office's range of financial
services as well as new revenue from HomePhone but Mr. Leighton
said the business still faced a tough challenge to create a
viable, sustainable network.

Despite the increasingly tough conditions in its market,
Parcelforce Worldwide increased its external turnover by GBP10
million (7.2%) and, together with a 10% increase in operational
efficiency compared to last year, its operating loss reduced
from GBP13 million to GBP1 million during the first six months
of 2005-06.

However, the letters business, which accounts for around 76% of
Royal Mail Group's revenue, made an operating profit of GBP168
million -- down 3% on the GBP173 million during the first half
of last year.

The fall came despite a below-inflation 1.8% overall rise in
postage prices at the beginning of April 2005.

Mr. Leighton said: "These latest results underline the massive
and unprecedented challenges facing Royal Mail.

"We've come a long way since we launched the Renewal Plan in
2002 when the Company was losing more than GBP1 million every
working day.

"But in just over a month's time, the postal market opens to
full competition and Royal Mail is facing the prospect of the
Regulator imposing a price control which will undo the
remarkable turnaround achieved in the last three years by our
people."

He said Royal Mail very much wanted to see a way in which the
Company's people could have a real stake in the business.

"We are a people business and we need to ensure our people have
the right incentives to continue delivering consistent service
to customers.  We would like to see our people having a 20%
stake in the Company," said Mr. Leighton.

He stressed that Royal Mail's number one priority was unchanged
-- to deliver even better service to customers.  First and
Second Class mail had now been performing at or above target
levels for more than a year -- with around 94% of First Class
letters arriving the next working day after posting, beating the
93% target.  Mailsort for bulk mail services, Presstream for
magazine and catalogue mail, and PPI (Postage Paid Impression)
services for mail posted in pre-paid envelopes, were also all
performing above target, according to the latest figures.

But he warned that apart from a dip three years ago, addressed
mail volumes had fallen in the last six months for the first
time in 25 years.

Profitable bulk mail -- used by Royal Mail's biggest customers
-- had slumped by 7.1%.  First Class fell by 4.2% and Second
Class by 3.8%.

Meanwhile, there was a huge rise in the volume of "Access" mail
-- letters collected and handled by rival companies or customers
before being presented to Royal Mail at a lower price than other
business mail for delivery by the Company's postmen and women.
Access volumes had climbed to around 90 million letters a month
and by the end of this financial year, more than one billion
letters will have been handled by this service -- compared to
only 13 million last year.

Royal Mail also saw some growth in unregulated unaddressed mail
-- the leaflets and booklets delivered to every address on a
postman and woman's walk -- but still saw profitability fall as
the Company receives a much lower income from unaddressed mail
than the postage prices of addressed mail.

Adam Crozier, Royal Mail's Chief Executive, said the downturn in
profits in the letters business reflected the slowdown in the
U.K. economy and the impact of lower revenues from Access
services.

             Report of Adam Crozier, Chief Executive

The Regulator had predicted it would take four years for Access
volumes to reach the sort of levels we are seeing today and had
also been predicting growth in the overall mail market.  Royal
Mail has to live in the real world -- not the theoretical one of
regulatory economists -- and the reality is that we are seeing a
significant decline in regulated mail volumes.

Royal Mail is at a critical point.  The massive rise in Access
services -- which other E.U. national postal companies do not
allow on the terms available under regulation in the U.K. --
demonstrates that the battle for competition will be in the
market for business mail, which accounts for 93% of all letters
posted.

Royal Mail needs to have a fair and balanced pricing structure
to compete for business mail.  Instead, the Regulator is
proposing a pricing straightjacket.

The Regulator must take full account of the huge obstacle posed
by the GBP4 billion accounting deficit in Royal Mail's fund.

We also need to invest GBP2 billion to replace ageing equipment
and vehicles and invest in new technology to equip Royal Mail
with the capabilities and efficient operations that rival
companies already have.

We believe it would be an unrealistic approach for the Regulator
to set efficiency targets for our mails operations far above the
gains we made during the three years of our Renewal Plan when
33,000 people left the business.  The result is the biggest
threat we've yet faced to the continued provision of the one-
price-goes-anywhere universal service to the U.K.'s 27 million
addresses.

If Royal Mail is unable to compete successfully then no other
company will be able to replicate the universal service.

Mr. Crozier stressed the importance of making a further Share in
Success payment of GBP400 to Royal Mail's people, by hitting
financial targets despite the fall in addressed mail volumes.

We are determined to hit our target and reward our people.  We
know Royal Mail can compete in an open market and, with our
people fully engaged in our business, we are confident we can
have a successful future if the regulator allows us the same
sort of freedoms as rival companies.


"That means Royal Mail must get a realistic price control from
the Regulator in order to invest in the Company and tackle the
pension fund deficit.

                            *   *   *

All references to operating profit are before exceptional items

The prior year figures quoted have been restated for the impact
of the transition to International Financial Reporting
Standards.

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


ROYAL MAIL: Govt Rules out Help as Pension Woes Heighten
--------------------------------------------------------
Royal Mail Group chairman is certain the company could go
bankrupt if it does not solve its burgeoning pension deficit.
When asked if the GBP4.25 billion million gap that threatens to
get even bigger could push Royal Mail into collapsed, he said:
"Of course it could; if you run out of cash you're dead."

The firm generates about GBP500 million cash a year, and expects
to pay about GBP450 million to cover the pension shortfall.  The
contribution could increase to almost GBP1 billion a year on a
worst case scenario as the deficit may rise to GBP6 billion to
cover the costs of people living longer, according to The
Guardian.

The government has already ruled out providing financial help to
the firm as this would breach European Union state aid laws.
Barry Gardiner, minister for competition, refused outright
suggestion the state will help Royal Mail reduce its pension
deficit.

He said: "This should be done as it would be commercially."  But
he said the government might invest in the company if the 4-year
price controls being finalized by postal regulator Postcomm left
the company in need for cash.  The investment would have to
generate return to the government as shareholder.

Royal Mail is demanding significant increase in postal prices to
fund a GBP2 billion modernization plan in preparation for full
market competition next year, and plug part of the pension
shortfall.

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


SEVEN TELECOM: Appoint Administrators from BDO Stoy Hayward
-----------------------------------------------------------
Shay Bannon and Antony David Nygate (IP Nos 8777/01, 9237) of
BDO Stoy Hayward LLP were appointed administrators of Seven
Telecom Limited (Company No 04213684) on Nov. 2.

CONTACT:  SEVEN TELECOM LIMITED
          6 Lloyds Avenue,
          London EC3N 3AX
          Phone: 02079770100

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


SIETAL INVESTMENTS: Calls in Liquidator from Grant Thornton
-----------------------------------------------------------
Company Names: SIETAL INVESTMENTS LIMITED
               SIETAL

M. Wright, the director of these companies, informs that the
special resolution to wind up the firms was passed on Oct. 31.
Samantha Keen of Grant Thornton UK LLP, 31 Carlton Crescent,
Southampton SO15 2EW was appointed liquidator.

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


SMC DIRECT: Administrators from Mazar Enter Firm
------------------------------------------------
Timothy Colin Hamilton Ball and Lucinda Ann Field (IP Nos 8018,
9295) of Mazars were appointed joint administrators of
motorcycle dealer SMC Direct Limited (Company No 0367598) on
Oct. 31.

CONTACT:  MAZARS LLP
          8 New Fields
          2 Stinsford Road
          Nuffield, Poole
          Dorset BH17 0NF
          Phone: 01202 680777
          Fax: 01202 682671


STRAND FITTING: Hires Smith & Williamson Administrator
------------------------------------------------------
Stephen Robert Cork (IP No 8627) of Smith & Williamson appointed
administrator of The Strand Fitting Company Limited (Company No
04113420) on Nov. 7.  The company builds and designs exhibition
stands.  Its trade classification is under general construction
and demolition.

CONTACT:  SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Inner London
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: henry.shinners@smith.williamson.co.uk


VICKERS PRESSINGS: KPMG Sells Assets, Saves 107 Jobs
----------------------------------------------------
The joint administrators of Vickers Pressings Tolwood Automotive
Limited, Richard Fleming and Graham Newton from KPMG Corporate
Recovery, have announced that they have sold part of the
business based in Newton Aycliffe, County Durham, safeguarding a
total of 107 jobs.  Formerly known as Tolwood, the company will
now trade as Tolwood Technologies Limited.

VPTA went into administration on 21 October 2005.  The company,
which was created earlier this year by a merger between Tolwood
and Vickers Pressings, employed 370 staff at its sites in Newton
Aycliffe, Newcastle, Wolverhampton and Walsall.

Earlier this month, the administrators sold the Walsall site to
one of VPTA's Taiwanese suppliers, saving seven jobs.

Richard Fleming, joint administrator and partner, KPMG Corporate
Recovery, said: "We are delighted to have concluded a sale of
the Newton Aycliffe part of the VPTA business, particularly as
we have been able to protect so many jobs in the process."

He added: "From the offers received following the company
entering into administration, it became apparent that we would
have to sell the businesses separately in order to maximize the
return to creditors.  As such, we continue to negotiate with
those parties who are interested in purchasing the remaining
parts of the business and are confident of concluding a deal in
the near future."

CONTACT:  VICKERS PRESSINGS TOLWOOD AUTOMOTIVE LIMITED
          Coatham Avenue
          Aycliffe Industrial Park,
          Newton Aycliffe, Co Durham
          England DL5 6DB
          Phone: 01325 300777
          Fax: 01325 300399
          E-mail: info@tolwood.co.uk
          Web site: http://www.tolwood.co.uk

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds LS1 4DW
          Phone: (0113) 231 3000
          Fax: (0113) 231 3200
          Web site: http://www.kpmg.co.uk


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        N.A.         232     (321)


RUSSIA
------
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L     (101)         540       34
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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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