TCREUR_Public/051123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 23, 2005, Vol. 6, No. 232

                            Headlines

C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: Wins Reimbursement Case vs. Rescue Services


F R A N C E

ALSTOM SA: Secures EUR150 Million U.K. Contracts
GLOBAL AUTOMOTIVE: Low-B Ratings Slip Further
LANSON INTERNATIONAL: Three Buyers Eye Champagne Maker


G E R M A N Y

CLEAN PUR: Darmstadt Firm Succumbs to Bankruptcy
E&G HOCHBAU: Proofs of Claim Due January
FACK ENGINEERING: Creditors to Meet February
FIRST RAIL: Under Bankruptcy Administration
FRESENIUS AG: Moody's Affirms Ba2 Ratings; Outlook Stable

GTL GEBAUDETECHNIK: Leipzig Court Names Administrator
HOLDING GMBH: Bremen Business Goes Bust
KARSTADTQUELLE AG: Cutting 1,000 Jobs Next Year
LEFFERS GMBH: Claims Verification Set March
METALLBAU MATTHIAS: Appoints Interim Administrator

M&S ELEKTROTECHNIK: Creditors' Claims Due Next Month
PROSIEBENSAT.1 MEDIA: Cartel Office Blocks Sale to Springer
RAAB HAUSTECHNIK: Creditors Meeting Set December


G R E E C E

FAGE DAIRY: Moody's Flags down Weak Finances in Latest Action
FAGE DAIRY: S&P Cuts Rating to 'B'; Further Downgrade Seen
OLYMPIC AIRLINES: Govt Files Bill to Relaunch Carrier


H U N G A R Y

PANNONPLAST RT: Sees Smaller Losses this Year


I T A L Y

FIAT SPA: CONSOB Okays Option Rights Sale


N E T H E R L A N D S

ROYAL SHELL: Delists from New York Stock Exchange


P O L A N D

WALCOWNIA RUR: Succumbs to Bankruptcy


R U S S I A

ALFA BANK: Fitch Rates Loan Participation Notes B-
ELECTRO-STROY-MONTAGE: Bankruptcy Hearing Set Next Year
INTA-LADA: Succumbs to Bankruptcy
KAZANORGSINTEZ: Fitch Gives firm Low-B Senior Unsecured Rating
KOZH-OBUV: Insolvency Manager Takes over Firm

LYSOGORSKOYE: Declared Insolvent
MASTER CAPITAL: Bankruptcy Hearing Resumes Today
NEFTE-MASH: Bashkortostan Court Opens Bankruptcy Proceedings
REINFORCED-CONCRETE CONSTRUCTIONS: Under Bankruptcy Supervision
SATISSKAYA: Proofs of Claim Deadline Nears
SIBERIAN CROWN: Claims Filing Period Ends Dec. 15
SUKHANOVO: Undergoes Bankruptcy Supervision Procedure


U K R A I N E

BAGET: Goes into Liquidation
MIR: Court Freezes Debt Payments
OBRIJ: Declared Insolvent
TALAN-AGRO: Insolvency Manager Steps in
ZHITLO-ALLIANCE: Kyiv Court Opens Bankruptcy Proceedings
ZHITLO POBUT 1: Creditors' Claims Due this Week


U N I T E D   K I N G D O M

ALLSPORTS LTD.: Court Orders GBP100,000 Payment to SWI
BAY WHEELS: Hires Joint Liquidators from Mazars
BLISWORTH TUNNEL: Boatyard Goes Belly up
BLUETIME LIMITED: Liquidators from Begbies Traynor Move in
CENTRAL DOMESTIC: Files for Liquidation

CIP (MANAGEMENT): Calls in Liquidator from David Rubin
COMM-BINARY LTD.: Goes into Liquidation
DAISLEY & CO.: Names Administrator
DAVE CLARKE: Husaberg Dealer Winds up
DAWSON INTERNATIONAL: To Redeem GBP111,503 of Loan Stock

DESIGNS FOR LIVING: Calls in Begbies Traynor
DRAX GROUP: Nine-month Revenue Swells to GBP512 Million
EFFOLD PROPERTIES: Calls in Ernst & Young Liquidator
ETHEL AUSTIN: Appoints Simon Cooper Chief Executive
EUROPLAS COATINGS: Poppleton & Appleby to Liquidate Business

FALCON FOODS: Calls in Administrator from Mazars
HIGH SPEC: Liquidators from Kroll Move in
H.T.P.A. LTD.: Files for Liquidation
ICW PUBLICATIONS: Names Deloitte & Touche Liquidator
INTERCONTINENTAL FURNITURE: In Liquidation

KASUGA PLASTICS: Appoints McTear Williams Liquidator
KJB TRANSPORT: Owners Opt for Liquidation
K L SERVICES: EGM Passes Winding-up Resolutions
LEASING 3: Appoints KPMG Liquidator
LITTLE HOLLY-HALL: Names Bennett Verby Administrator

LUMINAR PLC: Buys 10 Nightclubs for GBP9.8 Million
MARSDEN VANPLAN: Names DTE Leonard Liquidator
MILLER METCALFE: Calls in Administrator
MINORPLANET SYSTEMS: Italian Partner Puts in GBP0.5 Million
M & P JOHNSON: Appoints Administrators

MRM EUROPE: EGM Passes Winding-up Resolution
NEWFELD PRESS: Files for Liquidation
NORTH MILLS: BRI to Liquidate Business
NORTH'S CLEANERS: Administrators from DTE Leonard Curtis Move in
PHOENIX THERMOFRAME: Window Maker Calls in Administrator

PLENUM PUBLISHING: Liquidators from Deloitte & Touche Move in
PRISMA EUROPE: Business for Sale
PROMOTION SOLUTIONS: Appoints Hazlewoods Liquidator
PTF (NORTHERN): Names Administrator from PKF
READE ENVIRONMENTAL: Hires Cresswall Administrator

ROLAND SMITH: Hires PKF to Liquidate Business
SCHRODER VENTURES: Liquidator from Begbies Traynor Enters Firm
STANFORD LODGE: Members Decide to Wind up Firm
SYS DYNAMICS: IT Firm Crashes
TEAM MANAGEMENT: Goes into Liquidation

THUS GROUP: Loss Drops 75% to GBP5.8 Million
UPWOOD NO.2: Calls in Liquidator from KPMG
WINGMEAD SECURITIES: Names Gallagher & Co. Liquidator
WM MORRISON: Sells Safeway Store for GBP17 Mln
WOMANKIND LTD.: Owners Opt for Liquidation


                            *********


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


VSEOBECNA ZDRAVOTNI: Wins Reimbursement Case vs. Rescue Services
----------------------------------------------------------------
The Supreme Court has overruled a decision by the lower instance
courts and ordered rescue services to return advance payments
made by Vseobecna zdravotni pojistovna Ceske republiky (The
General Health Insurance Company, VZP), Lidove noviny says.

The ruling covers CZK220 million in advance payments made in 2001
and 2002 and awards VZP CZK30 million in interest.  The Court
said the rescue services failed to deliver work commensurate to
the payment.

VZP started recovering money from rescue services in 2003.  It
filed claims worth CZK9.5 million against the Rescue Service of
the Usti nad Labem region in north Bohemia.  It has pending
claims against 44 other rescue services that received advance
payments.

The health ministry placed VZP under forced administration on
Nov. 10.  Antonin Pecenka was appointed administrator.  VZP,
which operates on an annual budget of CZK200 billion, has CZK10
billion in debt.

CONTACT:  VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY
          (The General Health Insurance Company)
          Orlicka 4/2020
          130 00 Praha 3
          Czech Republic
          Phone: 221 751 111
          E-mail: info@vzp.cz
          Web site: http://www.vzp.cz


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


ALSTOM SA: Secures EUR150 Million U.K. Contracts
------------------------------------------------
ALSTOM has won two orders worth EUR150 million from RWE npower to
retrofit 3 x 500 MW steam turbine units and to design and supply
new emissions control systems for its Aberthaw coal-fired power
station in Wales (U.K.).

The first contract is for the design, engineering and
installation of steam turbine retrofit solutions for the three
units at the station.  The project is scheduled for completion in
2008.

The second contract, in consortium with AMEC, is for emission
control systems including a seawater flue gas desulfurization
system.  ALSTOM will supply the emission control systems and
components, while AMEC will be responsible for the structural and
civil engineering design and overall site management.

The seawater flue gas desulfurization system is designed to
reduce sulfur dioxide emissions from the station by 95%, in line
with the most stringent EU emission requirements.  Aberthaw Power
Station produces around one third of the electricity output for
Wales.

This brings to three the number of major orders awarded to ALSTOM
by RWE npower this year.

Philippe Joubert, President of ALSTOM's Power Turbo Systems and
Power Environment Sectors, said: "We are a world-leading company
in both the steam retrofit and the emissions control market, so
we were well placed to respond effectively to RWE npower's
request. Many of our customers are driving for more efficiency
from their equipment coupled with massively reduced emissions and
ALSTOM's solutions and plant integrator expertise are giving us
the edge in the power plant upgrade market."

                            *   *   *

Headquartered in 25 Avenue Kleber, 75795 Paris Cedex 16, Alstom
S.A. -- http://www.alstom.com-- is a leading maker of
power-generation systems and constructs power plants, rail
equipment, luxury passenger ships, naval vessels, and natural gas
tankers.   Other businesses include electrical drives, motors,
and generators.  The group generates around EUR13 billion in
annual revenue and employs more than 70,000 people worldwide.  As
of March 2005, the group has EUR865 million in net loss and
EUR1.4 billion in net debt.

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

          Press Relations
          G. Tourvieille/S. Gagneraud
          Phone: +33 1 41 49  27 13
          E-mail: internet.press@chq.alstom.com

          Investor relations:
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: Investor.relations@chq.alstom.com


GLOBAL AUTOMOTIVE: Low-B Ratings Slip Further
---------------------------------------------
Moody's Investors Service has downgraded all the ratings of
Global Automotive Logistics S.A.S. (GAL) and its financial
subsidiary GAL Finance S.A. prompted by further weakness in the
operating profile of the company, expected lower profitability
for full years 2005 and 2006 and the recent decline in Renault's
car volumes.  Outlook for all ratings remains negative.

GAL's operating performance continue to be challenged in the
third quarter due to weakness in Renault's market share across
Western Europe markets and in France overall.  Furthermore,
changing geographies and end markets in Renault's final
deliveries also adversely impacted GAL's operating margins, which
are expected to remain under pressure over the near term as this
uncertainty is likely to persist due to structural changes in the
overall auto market.

Deteriorating profitability has contributed to a notable increase
in company's leverage, measured as Adjusted Debt over EBITDAR
that at September 2005 stood at 6.6x on an LTM basis, which is
considered high for the current rating category.  In addition,
despite modest working capital and capital expenditure needs,
free cash flow generation deteriorated together with its overall
liquidity profile.  The company maintains a cash balance of
EUR075.7 million, but this amount has reduced by approximately
EUR45 million during the third quarter, and GAL's liquidity is
now increasingly reliant upon bank support to waive covenants on
its existing facilities.

The negative outlook reflects Moody's expectation that
profitability will remain under pressure over the intermediate
term and that the Company's liquidity profile is expected to
deteriorate further if free cash flow losses persist.
Notwithstanding that the third quarter is a seasonally weak
quarter; a marked improvement in operating performance going
forward is not expected.

Moody's is likely to revisit the current rating, should metrics
deteriorate further over the next 6 months.  Any stabilization of
the outlook is likely to be predicated upon the company being
able to improve profitability towards 5% margin on a EBITA basis,
strengthening of Free Cash Flow generation, leading to a
reduction in leverage, measured as Total Adjusted Debt over
EBITDAR, towards 5x level.

More positively Moody's acknowledges the benefit from the strong
historical relationship with Renault, the significant technical
and practical integration of both parties' operations, as well as
the long term nature of the contract.  The ratings also factor
the substantial barriers to entry for a competitor seeking to
enter into a relationship with Renault, the experienced
management team and the flexibility of the company in reducing
capital expenditure in a downside scenario.

Ratings affected:

(a) Corporate family rating is downgraded to B1 from Ba3;

(b) The EUR72.5 million Senior Secured Term Loan due 2008
    downgraded to B1 from Ba3;

(c) The EUR50 million Senior Secured Revolving facility due 2007
    downgraded to B1 from Ba3; and

(d) The EUR100 million Senior Unsecured Notes due 2009
    downgraded to B3 from B2.

Headquartered in Boulogne-Billancourt, France, GAL is currently
one of Europe's largest lead logistics providers to the
automotive industry, providing transportation and distribution
services to automotive customers.  GAL's two areas of business
are vehicle logistics and logistic cargo.  On a pro forma basis,
for the nine months ended September 30, 2005, the company
reported revenues and EBITDA of approximately EUR882.2 million
and EUR18.9 million, respectively, for total debt of
approximately EUR229.0 million.

CONTACT:  MOODY'S INVESTORS SERVICE (MILAN)
          Paolo Leschiutta, Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


LANSON INTERNATIONAL: Three Buyers Eye Champagne Maker
------------------------------------------------------
Three parties are interested in debt-laden champagne group Lanson
International.  French daily Le Figaro identified them as
Boizel-Chanoine-Champagne (BCC), Thienot and Moet-Hennessy, and
French bank Credit Agricole in partnership with the Rothschild
family.

Earlier this month, businessman Jean-Claude Darmon was also
floated as a potential buyer, but trade union CGT has vowed to
block his bid.  Workers consider Credit Agricole as the only
bidder that can ensure the company's future.  More importantly,
the bank has the support of winegrowers in the Champagne region.

Lanson, which has been on the market since July, has more than
EUR400 million in debt.  Set up in 1760, Lanson makes champagne
labeled Besserat de Bellefon, Gauthier and Champagne Lanson.  It
has annual sales of EUR220 million.

CONTACT:  LANSON INTERNATIONAL
          12 Boulevard Lundy
          51100 Reims
          Phone: +33 (0) 3 26 78 50 50
          Fax: +33 (0) 3 26 78 50 99
          E-mail: info@lanson.fr
          Web site: http://www.lanson.fr


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


CLEAN PUR: Darmstadt Firm Succumbs to Bankruptcy
------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Clean Pur Gebaudereinigungsgesellschaft mbH on November
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors had until November 21,
2005 to register their claims with court-appointed provisional
administrator Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting on December 20, 2005, 9:00 a.m. at the district court
of Darmstadt, Zimmer 1, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  CLEAN PUR GEBAUDEREINIGUNGSGESELLSCHAFT mbH
          Oberstr. 51 b, 64589 Stockstadt
          Contact:
          Tobias Stein, Manager

          Ulrich Bert, Administrator
          Birkenweg 24, 64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


E&G HOCHBAU: Proofs of Claim Due January
----------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against E&G Hochbau GmbH on November 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 2, 2006 to register their
claims with court-appointed provisional administrator Dr.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on February 2, 2006, 9:30 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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:  E&G HOCHBAU GmbH
          Mengeder Str. 78, 44536 Luenen
          Contact:
          Nazim Guersu, Manager
          Krayer Str. 23, 44866 Bochum

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


FACK ENGINEERING: Creditors to Meet February
--------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Fack Engineering GmbH on November 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 22, 2005 to register their
claims with court-appointed provisional administrator Dr. Jan
Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on February 2, 2006, 9:30 a.m. at the district court
of Darmstadt, Zimmer 108, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  FACK ENGINEERING GmbH
          Robert-Bunsen-Strasse 13, 64579 Gernsheim
          Contact:
          Anne-Claire Fack, Manager
          Ludwigstrasse 10, 64584 Biebesheim
          Stella-Marie Fack, Manager
          Hingergasse 21, 64589 Stockstadt

          Dr. Jan Markus Plathner, Administrator
          Lyoner Strasse 14, 60528 Frankfurt
          Phone: 069/962334-0
          Fax: 069/962334-22


FIRST RAIL: Under Bankruptcy Administration
-------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against First Rail Estate Betriebs- und Verwaltungsgesellschaft
mbH on November 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
December 15, 2005 to register their claims with court-appointed
provisional administrator Gotz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006 at the district court of
Darmstadt, Zimmer 108, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  FIRST RAIL ESTATE BETRIEBS- UND
          VERWALTUNGSGESELLSCHAFT mbH
          Starkenburgstrasse 2, 64546 Morfelden-Walldorf
          Contact:
          Dirk Breitkreuz, Manager
          Theodor-Koner-Strasse 13, 65719 Hofheim

          Gotz Lautenbach, Administrator
          Zeilweg 42, 60439 Frankfurt
          Phone: 069/963761-130
          Fax: 069/963761-145


FRESENIUS AG: Moody's Affirms Ba2 Ratings; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has confirmed all ratings of Fresenius
AG.  This concludes the rating review initiated on October 14,
2005.  The outlook for all ratings is stable.

Ratings Affirmed:

(a) Corporate family rating of Ba2; and

(b) EUR300 million senior notes rated Ba2.

Fresenius' ratings were placed under review for possible
downgrade upon the announcement of the group's agreement to
acquire Helios for EUR1.5 billion in October 2005, which followed
on from the group's acquisition (through its subsidiary Fresenius
Medical Care, FMC) of the Renal Care Group (RCG) in May 2005 for
US$4 billion.

The ratings confirmation reflects the strategic rationale for the
acquisition of Helios and expected benefits to the Fresenius
group in terms of a significantly improved market position in the
hospital sector in Germany, an opportunity to accelerate the
turnaround at ProServe and further diversification of the group's
revenue and cash flow generation.  The confirmation also reflects
Moody's view of Helios' good track record of acquiring,
integrating and restructuring public hospitals and its business
model as a low cost provider within a network of regional
clusters.

However, Moody's notes that the group's corporate family rating
is weakly positioned in the Ba2 category as a result of its
increased appetite for large scale M&A as evidenced over the past
several months combined with an increase in acquisition related
debt of c. EUR600 million at the Fresenius AG level and Moody's
expectation that free cash flow of ProServe/Helios will be
constrained over the medium term by capex requirements and growth
acquisitions.

In its analysis of Fresenius, Moody's considers the impact of
proportional consolidation of the cash flows of FMC i.e.
Fresenius' portion of FMC's dividend, given the fact that
Fresenius' economic interest in FMC is limited to c.  37%, while
at the same time recognizing the value of that equity stake,
which at current market valuations, is worth roughly twice the
debt at Fresenius AG (excluding FMC debt) pro forma for the
acquisition of Helios.  Furthermore, Moody's recognizes the value
of the size and scale of the total Fresenius group in Fresenius
AG's Ba2 rating.

Fresenius' Kabi division benefited from leading market positions,
robust organic growth, solid margins and stable cash flows.
Operational performance at ProServe, however remains weak.  Its
engineering unit, Pharmaplan, continues to be impacted by ongoing
cautiousness in the pharmaceutical sector while the turnaround at
WKA, its hospital operator business, remains at an early stage.
Top-line growth at Vamed, its international hospital project
management business has been strong, but this business is subject
to lumpiness due to its project nature.

The addition of Helios, as noted above, is expected to provide
Fresenius with a strong current market position and a platform
for future growth in the private hospital sector in Germany.
However, low operating margins at the ProServe business currently
do not cover ongoing capex and growth acquisition needs.  The
addition of Helios is expected to be margin enhancing but given
our expectation of capex and acquisition spending in the range of
EUR200 million to EUR300 million per annum for the non FMC
business units, we expect free cash flow from ProServe/Helios to
be somewhat constrained over the medium-term.

Fresenius is funding the Helios transaction through a rights
issue of EUR900 million and a bridge loan facility with an
aggregate principal amount of EUR700 million, which will be
refinanced with a bond in early 2006.  Fresenius' debt funded
acquisition of RCG in May 2005 materially increased the group's
then pro forma consolidated FY05 lease adjusted leverage to close
to 5.0x compared to 3.7x in FY04.  As a result of the proposed
rights issue for the Helios transaction, FY05 pro forma
consolidated lease-adjusted leverage is expected to remain at c.
5.0x.

As of September 30, 2005 Fresenius had EUR2.8 billion of total
debt outstanding, of which approximately EUR834 million was
located at the parent company level.  The Helios transaction is
expected to add c. EUR600 million of debt at the AG level.  All
debt at the parent ranks pari-passu and as a consequence the
senior notes are not notched down from the corporate family
rating.  There is currently no divergence between the corporate
family ratings of FMC and Fresenius AG, despite the inherent
structural subordination of the group to the debt at FMC.
However, Moody's notes that there could be a case for notching in
the future should debt at the group level increase beyond its
ability to service it on a deconsolidated basis.

Pro forma for both the acquisitions of RCG and Helios, Fresenius'
metrics remain strained for the Ba2 rating category but
prospectively factor expected de-leveraging.  Ratings could fall
if consolidated pro forma leverage does not fall to c.  4.5x in
FY06 or if adjusted RCF/net adjusted debt falls below 11%
indicating that integration has not proceeded as planned or the
development of heightened pricing pressure or operational
performance issues across any of its three divisions.  In
particular, Moody's expects the EBIT margins of ProServe to show
a material recovery from the 1.1% generated in FY04.

Fresenius' ratings continue to factor ongoing small, bolt-on
acquisitions for the non FMC business units in the range of EUR50
to EUR100 million per annum, but there is currently no
flexibility in its Ba2 rating for any further debt-funded
acquisitions until its credit metrics materially improve.

Whilst the acquisition of Helios is expected to improve the
diversification of the group's earnings, Fresenius' ratings
remain closely aligned to those of FME, given the importance of
the subsidiary to the group's consolidated cash flow generation.
Ratings could rise if lease adjusted leverage falls below 4.0x,
adjusted RCF/net adjusted debt returns to the high teens on a
sustainable basis and the integration of both RCG and Helios
proceed as planned.

Separately, the Baa3 issuer rating of Helios remains under review
for possible downgrade until such time as the transaction has
closed, after which point, we expect Helios' standalone rating to
be withdrawn.

About Fresenius AG

Fresenius AG is a global health care company with products and
services for dialysis (through Fresenius Medical Care), hospital
management and international healthcare services (Fresenius
ProServe) and nutrition and infusion therapies (Fresenius Kabi).
For the nine months ended 30 September 2005, Fresenius AG
generated consolidated sales of EUR5,712 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Amanda Neff, VP - Senior Credit Officer
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


GTL GEBAUDETECHNIK: Leipzig Court Names Administrator
-----------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against GTL Gebaudetechnik Leipzig GmbH on November 3.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 23,
2005 to register their claims with court-appointed provisional
administrator Dr. Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting on January 23, 2006, 10:30 a.m. at the district court
of Leipzig, Saal 056, 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:  GTL GEBAUDETECHNIK LEIPZIG GmbH
          Pittlerstr. 28a, 04159 Leipzig
          Contact:
          Wolfgang Lucke, Liquidator

          Dr. Florian Stapper, Administrator
          Karl-Heine-Strasse 16, 04229 Leipzig


HOLDING GMBH: Bremen Business Goes Bust
---------------------------------------
The district court of Bremen opened bankruptcy proceedings
against deneg Holding GmbH on October 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 17, 2006 to register their
claims with court-appointed provisional administrator
Detlef-Helmut Stuermann.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 9:20 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, 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 9, 2006, 9:00 a.m. at the same venue.

CONTACT:  DENEG HOLDING GmbH
          Kurfuerstenallee 130, 28211 Bremen
          Contact:
          Burkhard Klaus Bleilevens, Manager
          Ernst-Kohlrautz-Str. 26, 30827 Garbsen

          Detlef-Helmut Stuermann, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


KARSTADTQUELLE AG: Cutting 1,000 Jobs Next Year
-----------------------------------------------
KarstadtQuelle AG plans to cut a thousand jobs at its mail order
business to boost profits, AFX News says.

Chief Executive Thomas Middelhoff plans to make the cut in the
first quarter next year.  Around half of it will come from the
Nuremberg-Fuerth region.  Mr. Middelhoff had recently said he
intends to trim down cost by 20% at the unit and shift its
business focus to ecommerce.

In July, the troubled retailer cut its full-year EBITDA forecast
to EUR350 million from EUR500 million partly because the mail
order division will fail to meet targets this year.  It maintains
its EUR3.3 billion net debt guidance.

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

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


LEFFERS GMBH: Claims Verification Set March
-------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Leffers GmbH on November 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 14, 2006 to register their claims
with court-appointed provisional administrator Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 11:35 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, 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
9, 2006, 9:00 a.m. at the same venue.

CONTACT:  LEFFERS GmbH
          Am Brill 8-12, 28195 Bremen
          Contact:
          Andre Broens, Manager

          Uwe Kuhmann, Administrator
          Schuesselkorb 3, 28195 Bremen
          Phone: 0421/33061-0
          Fax: 0421/33061-10


METALLBAU MATTHIAS: Appoints Interim Administrator
--------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Metallbau Matthias Luetzler KG on November 8.  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
Dirk-Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 20, 2006, 8:50 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  METALLBAU MATTHIAS LUETZLER KG
          Feldstrasse 4, 53340 Meckenheim

          Dirk-Henning Tonnesmann, Administrator
          Josef-Ruhr-Str. 30, 53879 Euskirchen
          Phone: 02251 / 65081-22
          Fax: 65081-25


M&S ELEKTROTECHNIK: Creditors' Claims Due Next Month
----------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against M&S Elektrotechnik GmbH on November 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 7, 2005 to register their
claims with court-appointed provisional administrator Ulrich
Bert.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 9:00 a.m. at the district court
of Darmstadt, Saal U2, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  M&S ELEKTROTECHNIK GmbH
          Industriestrasse 12, 64297 Darmstadt
          Contact:
          Friedrich Massong, Manager
          Trifelstrasse 48, 67269 Gruenstadt
          Reinhard Steinhausser, Manager
          Im Burggarten 2, 67482 Freimersheim

          Ulrich Bert, Administrator
          Birkenweg 24, 64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


PROSIEBENSAT.1 MEDIA: Cartel Office Blocks Sale to Springer
-----------------------------------------------------------
Local anti-trust authorities object to the merger of Axel
Springer Verlag AG and ProsiebenSat1 Media AG, Bloomberg News
says.

The cartel office said, that based on its current assessment, the
merger of Springer, Europe's largest newspaper publisher, and
ProsiebenSat.1, Germany's largest private broadcaster, "is not
approvable" since it would stifle competition in the advertising
market by fortifying the dominance of the two companies.

Authorities are also worried that Springer and larger rival
Bertelsmann AG might be averse to compete against each other
since both groups own stakes in radio broadcasters and in
printing venture Prinovis.  The anti-trust office is also
concerned that the merger would buttress Springer's dominance in
tabloid newspaper readership and in national daily advertising.
Springer Chief Executive Mathias Dopfner said in August the
takeover would allow it to challenge Bertelsmann as the largest
magazine publisher in the region.

Springer spokeswoman Edda Fels said the group is still confident
it could secure approval for ProsiebenSat.1's takeover.  Already,
it controls a majority stake it acquired for EUR2.5 billion from
a group of investors led by Haim Saban.

ProSiebenSat.1 was formed in 2000 with the merger of Germany's
leading broadcasters ProSieben Media AG and Sat.1.  It is the
largest and most successful television corporation in Germany
with four stations -- Sat.1, ProSieben, kabel eins and N24.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Medienallee 7
          85774 Unterfohring
          Phone: +49 (89) 95 07-11 80
          Fax: +49 (89) 95 07-11 84

          AXEL SPRINGER VERLAG AG
          Axel-Springer-Str. 65
          10888 Berlin, Germany
          Phone: +49-30-2591-0
          Web site: http://www.asv.de


RAAB HAUSTECHNIK: Creditors Meeting Set December
------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Raab Haustechnik GmbH on November 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 15, 2005 to register their
claims with court-appointed provisional administrator Wilhelm
Oelert.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 9:30 a.m. at the district court
of Darmstadt, Zimmer 108, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  RAAB HAUSTECHNIK GmbH
          Sandwiesenstr. 37a, 64665 Alsbach-Hahnlein
          Contact:
          Karl-Heinz Raab, Manager

          Wilhelm Oelert, Administrator
          Baustrasse 17, 64372 Ober-Ramstadt
          Phone: 06154/630848
          Fax: 06154/630850


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


FAGE DAIRY: Moody's Flags down Weak Finances in Latest Action
-------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
(previously known as senior implied rating) of Fage Dairy
Industry S.A. and changed the outlook to negative.

The outlook change reflects:

(a) The company's weak operating performance particularly over
    the second and third quarters of financial year 2005;

(b) A decreasing domestic market share for FAGE across its main
    product categories; and

(c) The company's negative free cash flow generation and
    weakened credit protection measures over the last twelve
    months.

Moody's notes further that the company's operating results
continue to be impacted by compensation payments to certain
members of the Filippou family, sole shareholder of the company.

At the end of March 2005, the company announced it had to recall
approximately 350,000 cups of yogurt because mould had developed
in a certain number of them.  While the accident directly
affected the company's second-quarter results, the impact
persisted into Q3 as well.  The gross margin decreased from 38%
in the first nine months of 2004 to 35.6% over the same period of
2005.  The margin reduction resulted mainly from increased cost
of goods due to a higher number of product returns, intensified
promotional activity coupled with the inability of the company to
increase prices accordingly.  A generally weak market environment
in Greece, characterized by reduced consumer spending,
exacerbated the reduction in margins.

FAGE's market share in the local market decreased across its main
product categories, particularly in the yogurt market.  In this
segment, the company saw its share by value decrease over the
first nine months of 2005 to 36.7% from 44.8% a year earlier and
54% in 2003.  At the same time, while Friesland Coberco only
moderately increased its market share in the yogurt market from
7.8% to 8.4%, consumers reportedly turned to smaller local
producers, which increased their market share to 18.2% for the
first nine months of 2005 compared with 13.5% a year earlier.

The negative publicity resulting from the accident has also led
to a decrease in its market share in the milk segment from 18.3%
a year earlier to 16.3% and in packaged cheese from 26.2% to
24.4%.  While Moody's recognizes FAGE's established brand name
and management's extensive knowledge of the market, it also notes
that the company has been able in the past to charge premium
prices by virtue of a perceived superior quality and that it will
be necessary for the company to put in place appropriate actions
to re-establish confidence in its brands in the coming months.

Compensation in the form of shareholder payments to members of
the Filippou family continued through the first nine months of
2005, amounting to EUR7.1 million compared with EUR8.9 million a
year earlier.  Moody's believes these payments have further
weakened the company's current cash flow generation ability, and
therefore views positively management's intention to temporarily
suspend these payments over the next few quarters.

Current ratings also reflect FAGE's deteriorated financial
position and weakened credit metrics over the last twelve months.
At the end of 2004, FAGE's reported lease-adjusted Total
Debt/EBITDAR ratio was at 3.74x, rising to just below 7 times in
the last twelve months ended September 2005.  In addition, the
company's cash flow generation has weakened since it introduced
new supplier payment terms in 2003, after which it has recorded
working capital outflows.

More positively, the ratings continue to reflect the company's
leadership in the Greek dairy market, its portfolio of well-known
household brands and the strength of its national distribution
network.  Moody's also notes the stronger growth rates of FAGE's
international sales, particularly on account of Italy, the UK and
the US, where FAGE is investing in a new manufacturing site to
service that market.

An upgrade would result from a combination of factors including a
stabilization of the company's local market share and overall
operating performance, positive free cash flow generation and a
sustainable reduction in the adjusted Total Debt/EBITDAR ratio
below 4.0x.

Although Moody's expects FAGE's results to improve as the impact
of the product recall dissipates, the overall competitive
environment and pricing pressures, combined with on-going
shareholder compensation payments, will remain a burden on
profitability.  Should there be no clear sign of a sustained
reduction in financial leverage or improvement in the company's
cash flow generation, the rating could be lowered.

Affected ratings:

(a) Corporate Family Rating of B1 affirmed; and

(b) B1 rating on the EUR130.0 million senior notes due 2015
    affirmed

Headquartered in Athens, Fage Dairy is the leading dairy company
in Greece mainly focused on yogurt, refrigerated milk and
packaged cheese.  For the nine months ended September 30, 2005,
Fage reported consolidated net sales of EUR255 million, operating
profit of EUR7.6 million and total debt of around EUR145 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Richard Morawetz, Vice President - Senior Analyst
          Corporate Finance Group
          Moody's Investors Service Ltd.
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


FAGE DAIRY: S&P Cuts Rating to 'B'; Further Downgrade Seen
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Greece-based dairy company Fage Dairy
Industry S.A. to 'B' from 'B+'.  The outlook is negative.

"The downgrade reflects the company's continued operating
pressures and the upward revision of planned capital
expenditures," said Standard & Poor's credit analyst Benedetta
Rospigliosi.

The rating continues to reflect the company's geographical
concentration in and reliance on its domestic Greek market, given
only modest exports (14% of 2004 sales); low profitability,
owing -- in addition to the recent operating pressures -- to
substantial management fees (EUR10 million in the 12 months ended
Sept. 30, 2005); and aggressive financial policy.  At
end-September 2005, the company had net debt of EUR125 million.

Heavy promotional activities and overstocking to avoid further
market share erosion following a product recall for quality
issues in April 2005, coupled with higher costs, led to a 28%
year-on-year drop in EBITDA (before management costs) in the
first nine months of 2005, compared with the 14% decrease already
experienced in the first half.

"The negative outlook reflects the further deterioration of
Fage's financial profile and our expectation that the recently
announced 50% increase in planned capital expenditures will
challenge the company's ability to internally fund its
development and shareholder remuneration," said Ms.
Rospigliosi.

To revert to a stable outlook, Fage must show that it is on a
clear path toward sufficiently improving its operating
performance and moderating any future debt increases to return to
a net debt-to-EBITDA ratio in the 5x-5.5x range.  In this
respect, Fage still has the flexibility to decrease, if
necessary, discretionary outflows such as management costs,
upstream funding, and dividend distributions.

"Importantly," added Ms. Rospigliosi, "we also assume that the
Filippou family's other business interests will not result in a
cash drain on Fage's liquidity position, apart from the
above-mentioned shareholder payments.  Any evidence of the
contrary would have a negative credit impact on the company."

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:  FAGE DAIRY INDUSTRY S.A.
          35 Hermou St. - GR 144 52 Metamorfossi
          Athens, Greece
          Phone: +30 210 28 92 555
          Fax: +30 210 28 28 386
          E-mail: info@fage.gr
          Web site: http://www.fage.gr/


OLYMPIC AIRLINES: Govt Files Bill to Relaunch Carrier
-----------------------------------------------------
The government on Friday forwarded to the parliament a draft
legislation that will relaunch loss-making national carrier
Olympic Airlines (OA), Reuters says.

In a statement introducing the bill, Greece said, "The government
is resorting to the only solution of setting up a new airline
from scratch without repeating the statist interventions of the
past."

Transport Minister Michalis Liapi earlier said it was no longer
possible to privatize OA and the government would impose "an
alternative solution immediately."

Private investors -- both local and foreign -- would control and
manage the new carrier while the government will drastically cut
its stake, sparking protest from unions.  Greece has to seek
European Commission approval for the plan to ensure adherence to
competition rules.  The state will try to continue a slimmed down
version of OA to avoid a political backlash.  Mr. Liapi said OA
would be relaunched in April 2006, bearing the same logo and a
similar name.  Athens will retain investment bank Lazard as
adviser.

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

In September, the regulator ordered OA to repay around EUR540
million in illegal state aid, forcing Greece to hasten the
carrier's privatization, which failed eventually.

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


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


PANNONPLAST RT: Sees Smaller Losses this Year
---------------------------------------------
Troubled plastic manufacturer Pannonplast Rt. forecasts a sharp
drop in net losses for 2005, Budapest Business Journal says.

According to Chief Financial Officer CFO Denes Gyimothy, the
group expects last year's HUF1.83 billion loss to drop by
three-fourths.  The company recently posted encouraging results
for the first nine months of 2005.  It booked HUF237 million in
nine-month losses, a vast improvement from HUF1.007 billion in
the same period last year.  Pannonplast, however, forecasts a 17%
drop in revenues to HUF22 billion this year, after posting only
EUR17 billion in the first three quarters.

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

          Denes Gyimothy, Chief Financial Officer
          E-mail: denes.gyimothy@pannonplast.hu


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


FIAT SPA: CONSOB Okays Option Rights Sale
-----------------------------------------
Fiat Group gives notice that after Friday's acknowledgment by
CONSOB, the offering to stockholders of option rights to purchase
291,828,718 Fiat ordinary shares will take place.  The shares
subject of the offer were subscribed by the lending Banks on
September 20, 2005 following conversion of the EUR3 billion
Mandatory Convertible Loan.

The relevant Prospectus will be made available in the next few
days and from November 28 to December 14 the abovementioned
shares will be offered at a price of EUR10.28 per share in a
ratio of 149 new ordinary shares for every 500 ordinary,
preference and savings shares owned.

                        About the Company

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR33.4 billion in the
first nine months of 2005.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                           Status to date

The company recently converted EUR3 billion bank debt into
shares, halving net industrial debt to EUR4.7 billion.  The
founding Agnelli family maintains its 30% control of the company.

In August, S&P revised its outlook on Italy-based automaker Fiat
S.p.A. to stable from negative.  At the same time, it affirmed
its 'BB-' long-term and 'B' short-term corporate credit ratings
on the group.

CONTACT:  FIAT S.p.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


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


ROYAL SHELL: Delists from New York Stock Exchange
-------------------------------------------------
Pursuant to an order of the U.S. Securities and Exchange
Commission on 18 November 2005, shares in N.V. Koninklijke
Nederlandsche Petroleum Maatschappij (Royal Dutch) were delisted
from the New York Stock Exchange (NYSE) on 21 November 2005.

Under Dutch law, transfers of the registered ownership of Royal
Dutch shares in registered form that are executed after the
delisting date may only be made through a Dutch notarial deed
process.

A letter containing information regarding the procedures to
transfer shares through this notarial deed process was sent to
New York registered shareholders on 14 October 2005.
Information on this process may also be obtained, for holders of
New York registered shares, from The Bank of New York by
telephone on +1 888 737 2377 (or if you are outside the United
States, on +1 212 815 3700) or, for holders of Hague registered
shares, from N.V. Algemeen Nederlands Trustkantoor ANT by Phone
on +31 (0) 20 522 2510 or by E-mail at registers@ant-trust.nl

Shareholders should also note that, as announced on 31 October
2005, Royal Dutch Shell plc and Royal Dutch have proposed a
restructuring in which Royal Dutch will be merged into a
subsidiary.  In the merger, assuming it is completed as expected
on or around 21 December 2005, minority shareholders in Royal
Dutch would receive EUR52.21 per share (or an equivalent amount
in U.S. dollars for New York registered shares) or for eligible
U.K. resident shareholders who so elect, exchangeable loan notes.

                        About the Company

Royal Dutch Shell plc, 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


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


WALCOWNIA RUR: Succumbs to Bankruptcy
-------------------------------------
Walcownia Rur Jednosc, a rolling mill that is yet to start
operation, has gone bust, according to Polish News Bulletin.

Management filed for bankruptcy on Nov. 14, a few days after
Elpol, a creditor, investor and general contractor filed an
involuntary bankruptcy petition on Nov. 9 to demand payment.

On Nov. 11, Puls Biznesu reported that shareholders of the firm
did not approve a PLN125 million (EUR31 million) capital
increase, but agreed to take out a PLN5 million loan to meet a
PLN4.8 million debt amortization due November 16.

Construction of the mill has remained unfinished after more than
two years and PLN600 million in expenses.  WRJ says it still
needs PLN150 million to complete it.  The bulk of the expenses
has been defrayed by the state.

Russian Sinara Trading is offering to acquire the company for
EUR37.5 million, but without its debt.  WRJ's debt is estimated
at PLN500 million, PLN300 million of which are owed to a
consortium of banks.  The lenders are represented by ING BSK.
WRJ's shareholders include TFS, which owns 40.7% of the company;
and Budus, 4%.

CONTACT:  WALCOWNIA RUR JEDNOSC
          ulica 27-go Stycznia 1
          Siemianowice Slaskie 41-100
          Poland


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


ALFA BANK: Fitch Rates Loan Participation Notes B-
--------------------------------------------------
Fitch Ratings has assigned Alfa Bond Issuance's upcoming issue of
10-year limited recourse loan participation notes an Expected
Long-term 'B-' rating.  The notes are to be used solely for
financing a subordinated loan to Russia's Alfa Bank (Alfa, rated
Long-term 'B+', Short-term 'B', Support '4', and Individual 'D').
The issuer will only pay noteholders amounts (principal and
interest), if any, received from Alfa under the loan agreement.
The Final rating is contingent on receipt of final documents
conforming materially to information already received.

The difference between the rating of the notes and Alfa's
Long-term rating reflects the higher expected loss for
subordinated, compared to senior unsecured, instruments.  In
particular, Fitch notes that the two-notch, rather than
one-notch, differential between the ratings is a result of the
application of the agency's new methodology for rating debt
issues, which places greater emphasis on expected recoveries for
entities with default ratings of 'B+' and below.

Fitch is implementing this new approach globally and will also
shortly be reviewing the existing ratings of debt issues of
Russian and other Commonwealth of Independent States banks within
this rating range based on the new methodology.

The issuer's claims in relation to repayment of the subordinated
loan will be junior to those of all senior claims and will rank
at least pari passu with the claims of other subordinated
creditors of Alfa.  The interest rate will be fixed, with a
step-up after five years.  Alfa will have the right to prepay the
subordinated loan five years before maturity or at any time if
the subordinated loan does not qualify as tier II capital.

Alfa is the largest privately owned bank in Russia, and its
parent company, ABH Financial Ltd., is ultimately owned by seven
individuals.

CONTACT:  ALFA BANK
          27 Kalanchevskaya Street
          Moscow 107078
          Russian Federation
          Phone: +7 095 929-91-91
                 or 974-25-15
          E-mail: mail@alfabank.ru
          Web site: http://www.alfa-bank.com

          Alfa Capital Markets
          21st Floor, City Tower
          40 Basinghall Street
          London EC2V 5DE
          United Kingdom
          Phone: +44 (0) 20-7588-8500
          Fax: +44 (0) 20-7382-4170
          E-mail: info@alfa-cm.com

          FITCH RATINGS
          James Watson, Moscow
          Phone: +7 095 956 99 01
          Lindsey Liddell, London
          Phone: +44 207 417 3495

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


ELECTRO-STROY-MONTAGE: Bankruptcy Hearing Set Next Year
-------------------------------------------------------
The Arbitration Court of Orenburg region has commenced bankruptcy
supervision procedure on close joint stock company
Electro-Stroy-Montage.  The case is docketed as
A47-7274/2005-14GK.  Ms. V. Tsykler has been appointed temporary
insolvency manager.  A hearing will take place on January 11,
2006, 10 a.m. at the Arbitration Court of Orenburg region at
Russia, Orenburg, 9th January Str. 64.

CONTACT:  ELECTRO-STROY-MONTAGE
          460001, Russia, Orenburg region,
          Turkestanskaya Str. 45, Apartment 99

          V. TSYKLER
          Temporary Insolvency Manager
          460001, Russia, Orenburg region,
          Post User Box 3167


INTA-LADA: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Inta-Lada after finding the limited liability
company insolvent.  The case is docketed as A29-2503/05-3B.  Mr.
V. Gerechanikov has been appointed insolvency manager.  Creditors
have until December 15, 2005 to submit their proofs of claim to
167001, Russia, Komi republic, Syktyvkar, Kommunisticheskaya Str.
44A, Apartment 2.

CONTACT:  INTA-LADA
          169840, Russia, Komi republic,
          Inta, Trudovaya Str. 1A

          V. GERECHANIKOV
          Insolvency Manager
          167001, Russia, Komi republic, Syktyvkar,
          Kommunisticheskaya Str. 44A, Apartment 2
          Phone/Fax: (8212) 310732


KAZANORGSINTEZ: Fitch Gives firm Low-B Senior Unsecured Rating
--------------------------------------------------------------
Fitch Ratings has assigned Russia-based petrochemicals producer
Kazanorgsintez a Senior Unsecured 'B' rating with Stable Outlook.
Fitch has also assigned it a Short-term 'B' rating.

The ratings take into account Kazanorgsintez's position as a
large petrochemicals producer in Russia and its strong
profitability (EBITDAR margin of 28% in 2004) and close
government ties.

The group benefits from its involvement in the Republic of
Tatarstan's (rated 'BB'/'B') strategic development program of its
oil, gas and petrochemicals industry.  Strong governmental
relations are further evidenced by the representation of the
government on the group's board of Directors (currently five out
of 13 Directors).  The government exercises significant control
due to its "golden share", which enables it to veto certain board
decisions.  Furthermore, the group is well diversified with more
than 170 products and exposure to individual customers remains
moderate (highest individual customer being Gazprom, purchasing
up to 20% of certain products by volume), mitigating the
cyclicality inherent in the business.

Kazanorgsintez is planning a significant increase in capital
expenditure to further enhance its integration, improve its scale
and to launch higher value-added products.  In Fitch's opinion,
the investment program is a sensible, but also defensive move to
compensate for past under-investments and to shore-up its strong
market position in certain products.  However, the agency takes a
cautious view of the pace and magnitude of Kazanorgsintez's
spending plans.  The group plans to invest approximately US$600
million - US$633 million (plus VAT) in the next three years,
which represents more than 5x its present EBITDAR and places it
among the most aggressive players in the industry.  The program
entails considerable execution risk.  Nevertheless, Fitch
acknowledges that the market fundamentals for Kazanorgsintez's
products remain positive.  The risk is further mitigated by its
financing plan, of which the largest debt component is a planned
Eurobond in 2006, which will extend the maturity profile of the
group and limit amortization requirements throughout the plant
capacity build-up.

Kazanorgsintez's major credit metrics were comfortable at FYE04,
with net debt/EBITDAR of just 0.2x and EBITDA-based interest
coverage of more than 60x based on low debt levels.  However, the
capital expenditure program will substantially increase the
group's balance-sheet debt while internally generated cash flow
is unlikely to meet its requirements.  The group expects to
reduce its leverage to a total debt/EBITDA(R) multiple of about
2x by 2007, while the peak leverage is expected to reach 3.0x in
2006.  Based on Fitch's computations, this will require EBITDA(R)
to increase substantially within the next two years, which the
agency views as highly optimistic and financial covenants under
certain bank debt documentations could impose a challenge should
market conditions deteriorate.  Fitch also has some concerns
regarding the limited transparency of the group's ownership
structure, which has been factored into the ratings.

CONTACT:  KAZANORGSINTEZ
          420051, Kazan, Belomorskaia str., 101
          Contact:
          Vladimir Borisovich Slepov
          Head of Foreign Trade Division
          Phone: +7(843) 533-99-75
          Vladimir Valer'evich Cherevin
          Deputy Head of Foreign Trade Division
          Phone: +7(843) 533-99-76
          Fax: +7(843) 512-33-98
          Web site: http://www.kazanorgsintez.ru/english

          FITCH RATINGS
          Karsten Frankfurth, Frankfurt
          Phone: +49-69-7680-76170
          Nikolai Lukashevich, Moscow
          Phone: +7 095-956-9968

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


KOZH-OBUV: Insolvency Manager Takes over Firm
---------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision procedure on limited liability company Kozh-Obuv.
The case is docketed as A-49-6753/2005-117b/26.  Mr. S. Palivoda
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 410012, Russia,
Saratov, Moskovskaya, 85.  A hearing will take place on February
10, 2006, 12:30 p.m.

CONTACT:  KOZH-OBUV
          442530, Russia, Penza region,
          Kuznetsk, Ordzhonikidze Str. 165

          S. PALIVODA
          Temporary Insolvency Manager
          410012, Russia, Saratov region,
          Moskovskaya, 85


LYSOGORSKOYE: Declared Insolvent
--------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Lysogorskoye after finding the grain
receiving enterprise insolvent.  The case is docketed as
A57-193B/04-23.  Ms. T. Karpova has been appointed insolvency
manager.

CONTACT:  LYSOGORSKOYE
          Russia, Saratov region, Lysye Gory

          T. KARPOVA
          Insolvency Manager
          241019, Russia, Saratov region,
          Lysye Gory, Ozernaya Str. 12


MASTER CAPITAL: Bankruptcy Hearing Resumes Today
------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on investment company Master Capital.  The
case is docketed as A13-2015/0-22.  Mr. Y. Shubin has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 160001, Russia, Vologda, Mira Str.
36-15.  A hearing will take place on November 23, 2005, 4 p.m. at
Russia, Vologda, Gertsena Str. 1a, Hall 4.

CONTACT:  Y. SHUBIN
          Temporary Insolvency Manager
          160001, Russia, Vologda region,
          Mira Str. 36-15


NEFTE-MASH: Bashkortostan Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court commenced bankruptcy proceedings against
Nefte-Mash after finding the open joint stock company insolvent.
The case is docketed as A07-14970/50G-FLE.  Mr. A. Dyachenko has
been appointed insolvency manager.

CONTACT:  NEFTE-MASH
          453840, 02, Russia, Bashkortostan republic,
          Ishimbay, Naberezhnaya Str. 7
          Phone: 8-927-239-47-07

          A. DYACHENKO
          Insolvency Manager
          453840, 02, Russia, Bashkortostan republic,
          Kumertau, 40 Let Pobedy Str. 2 -157
          Phone: 8-927-239-47-07, 8-261-3-44-04


REINFORCED-CONCRETE CONSTRUCTIONS: Under Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Kurgan region has commenced bankruptcy
supervision procedure on close joint stock company
Reinforced-Concrete Constructions.  The case is docketed as
A34-4677/05.  Mr. V. Shmelev has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 620051, Russia, Ekaterinburg, Taganskaya Str. 51, Post User
Box 137.

CONTACT:  REINFORCED-CONCRETE CONSTRUCTIONS
          640000, Russia, Kurgan region,
          Mashinostroiteley Str. 34

          V. SHMELEV
          Insolvency Manager
          620051, Russia, Ekaterinburg,
          Taganskaya Str. 51, Post User Box 137


SATISSKAYA: Proofs of Claim Deadline Nears
------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Satisskaya (TIN 5224000863) after
finding the furniture factory insolvent.  The case is docketed as
A43-4143/2005, 33-162.  Mr. I. Dyukov has been appointed
insolvency manager.  Creditors have until December 15, 2005 to
submit their proofs of claim to 606023, Russia, Nizhniy Novgorod
region, Dzerzhinsk-23, Post User Box 71.

CONTACT:  SATISSKAYA
          Russia, Nizhniy Novgorod region,
          Pervomayskiy region, Satis

          I. DYUKOV
          Insolvency Manager
          606023, Russia, Nizhniy Novgorod region,
          Dzerzhinsk-23, Post User Box 71


SIBERIAN CROWN: Claims Filing Period Ends Dec. 15
-------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Siberian Crown after finding the open joint
stock company insolvent.  The case is docketed as A33-14675/2005.
Mr. E. Katser has been appointed insolvency manager.

Creditors have until December 15, 2005 to submit their proofs of
claim to:

(a) SIBERIAN CROWN
    660131, Russia, Krasnoyarsk region,
    Voronova Str. 14-15

(b) INSOLVENCY MANAGER
    660041, Russia, Krasnoyarsk region,
    Post User Box 12161

(c) ARBITRATION COURT OF KRASNOYARSK REGION
    660021, Krasnoyarsk region,
    Lenina Str. 143


SUKHANOVO: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on agro company Sukhanovo.  The case is
docketed as A50-26554/2005-B.  Mr. A. Boltrushevich has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 618400, Russia, Perm region, Berezniki,
Sovetskiy Pr. 75.  A hearing will take place on January 11, 2006.

CONTACT:  SUKHANOVO
          618426, Russia, Perm region,
          Berezniki, Sukhanovo

          A. BOLTRUSHEVICH
          Temporary Insolvency Manager
          618400, Russia, Perm region,
          Berezniki, Sovetskiy Pr. 75


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


BAGET: Goes into Liquidation
----------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Baget (code EDRPOU 31582576) on October 13,
2005 after finding the limited liability company insolvent.  The
case is docketed as 5/178 B.  Mr. S. Lunko (License Number AA
668348) has been appointed liquidator/insolvency manager.

Creditors have until November 26, 2005 to submit their proofs of
claim to:

(a) BAGET
    83055, Ukraine, Donetsk region,
    Cheluskintsiv Str. 151

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

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


MIR: Court Freezes Debt Payments
--------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Mir (code EDRPOU 00414463).
September 12, 2005 and ordered a moratorium on satisfaction of
creditors claims.  The case is docketed as 42/148 B.  Mr.
Bogutskij Gennadij (License Number AA 176143) has been appointed
temporary insolvency manager.  The company holds account number
26000300404 at Oshadbank, Velikonovoselkivske branch 3227, MFO
394482.

Creditors have until November 26, 2005 to submit their proofs of
claim to:

(1) MIR
    85512, Ukraine, Donetsk region,
    Velikonovoselkivskij district, Piddubne,
    Kyivskij Lane, 31

(2) BOGUTSKIJ GENNADIJ
    Temporary Insolvency Manager
    83110, Ukraine, Donetsk region,
    Prozhektorna Str. 2/89

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


OBRIJ: Declared Insolvent
-------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Obrij (code EDRPOU 30738811) on September 27,
2005 after finding the limited liability company insolvent.  The
case is docketed as 5/106.  Mr. N. Harchenko (License Number
216834) has been appointed liquidator/insolvency manager.  The
company holds account number 260033524 at JSPPB Aval, Mikolaiv
regional branch, MFO 326182.

Creditors have until November 26, 2005 to submit their proofs of
claim to:

(a) OBRIJ
    Ukraine, Mikolaiv region,
    Veselinivskij district, Porichya

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


TALAN-AGRO: Insolvency Manager Steps in
---------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Talan-Agro (code EDRPOU 30766372) on October
11, 2005 after finding the limited liability company insolvent.
The case is docketed as 10/29.  Mr. V. Cherepenko (License Number
AB 176091) has been appointed liquidator/insolvency manager.  The
company holds account number 26003446396001 at CB Privatbank, MFO
326610.

Creditors have until November 26, 2005 to submit their proofs of
claim to:

(a) TALAN-AGRO
    Ukraine, Mikolaiv region,
    Zhovtnevij district, Shevchenkove,
    Urozhajna Str. 1

(b) V. CHEREPENKO
    Liquidator/Insolvency Manager
    54017, Ukraine, Mikolaiv region,
    Moskovska Str. 54-a
    Phone: 8 (0512) 47-34-64

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


ZHITLO-ALLIANCE: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Zhitlo-Alliance (code EDRPOU 32661107) on
October 19, 2005 after finding the private company insolvent.
The case is docketed as 24/646-b.  Mr. I. Fedorov (License Number
AB 176115) has been appointed liquidator/insolvency manager.

Creditors have until November 26, 2005 to submit their proofs of
claim to:

(a) ZHITLO-ALLIANCE
    02660, Ukraine, Kyiv region,
    Kosmonavta Volkova Str. 2-A

(b) I. FEDOROV
    Liquidator/Insolvency Manager
    03141, Ukraine, Kyiv region,
    Amosov Str. 4/85

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


ZHITLO POBUT 1: Creditors' Claims Due this Week
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Zhitlo Pobut 1 (code EDRPOU 32661107) on
October 19, 2005 after finding the private company insolvent.
The case is docketed as 24/648-b.  Mr. I. Fedorov (License Number
AB 176115) has been appointed liquidator/insolvency manager.

Creditors have until November 26, 2005 to submit their proofs of
claim to:

(a) ZHITLO POBUT 1
    02660, Ukraine, Kyiv region,
    Magnitogorska Str. 1/42

(b) I. FEDOROV
    Liquidator/Insolvency Manager
    03141, Ukraine, Kyiv region,
    Amosov Str. 4/85

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


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


ALLSPORTS LTD.: Court Orders GBP100,000 Payment to SWI
------------------------------------------------------
               In The Competition Appeal Tribunal
                        Case: 1021/1/1/03
                              1022/1/1/03

                             Before:

                Sir Christopher Bellamy (President)
                        Mr. Barry Colgate
                     Mr. Richard Prosser OBE
                         JJB Sports plc
                            Appellant
                              -and-

                      Office of Fair Trading
                            Respondent

                          -supported by-

                 Sports World International Limited
                            Intervener

                        Allsports Limited
                            Appellant
                              and-

                     Office of Fair Trading
                           Respondent

                         -supported by-

                Sports World International Limited
                           Intervener

                              ORDER

UPON issuing judgment on 21 November 2005 in respect of the
assessment of the costs awarded by the Tribunal in favor of
Sports World International Limited (SWI) ([2005] CAT 38)

IT IS ORDERED THAT: The sum of GBP100,000 plus VAT shall be paid
to SWI in equal amounts by JJB Sports plc and Allsports Limited
subject, in the case of Allsports Limited, to the relevant
statutory provisions applicable in respect of the administration
of that company.

Sir Christopher Bellamy
Made: 21 November 2005
President of the Competition Appeal Tribunal
Drawn: 21 November 2005

I. Introduction

1. The background to this judgment is to be found in the Tribunal
's earlier judgments of 15 July 2005 (JJB Sports and Allsports v.
OFT [2005] CAT 26) and 11 October 2005 (see JJB Sports and
Allsports v. OFT [2005] CAT 34.  In our judgment of 11 October
2005 we held that Sports World International (SWI) was entitled,
in principle, to its reasonably and proportionately incurred
costs in relation to the following heads of claim:

(a) 50% of the costs of disclosure,

(b) providing information and representation regarding the
    Umbro/Sports Soccer relationship,

(c) legal assistance in preparing Mr. Ashley's second witness
    statement,

(d) 50% of the costs of applying for costs

See paragraph 28 of that judgment.

2. At paragraph 31 of that judgment, the Tribunal said:
"On the information available, the Tribunal would be minded to
make a summary assessment of the costs of GBP100,000 exclusive of
VAT, i.e. GBP50,000 plus VAT to be paid by each of JJB and
Allsports.  The Tribunal will make an order to that effect unless
any further observations are received within 14 days."

3. By a letter dated 13 October 2005, Messrs Addleshaw Goddard,
the solicitors who had acted for Allsports during the course of
the proceedings before the Tribunal, stated that they were
currently without instructions as Allsports had gone into
administrative receivership.  However, the Tribunal was referred
to the provisions of the Insolvency Act 1986, which states at
section 43(6) of Schedule B1:

"No legal process (including legal proceedings, execution,
distress and diligence) may be instituted or continued against
the company or property of the company except-

(a) with the consent of the administrator, or

(b) with the permission of the court."

By a letter dated 19 October 2005 JJB Sports submitted certain
brief observations.  As to the costs claimed by SWI in relation
to disclosure, JJB submits that the starting figure of
GBP76,696.82 is unreasonable and disproportionate.  Very little
disclosure was sought from SWI by JJB and Allsports.  The time
spent by SWI on organising the request was excessive. Moreover,
there was no need for anything more than minimal input from
counsel.

4. As to the costs claimed in relation to the exploration by JJB
and Allsports of the Umbro/Sports Soccer relationship, for which
GBP22,283.31 is claimed, JJB contends that it was unreasonable
for SWI's solicitors to have spent considerable time drawing up
explanatory papers and to seek to recover under this head the
costs of certain unrelated actions.  Counsel's fees are also
disproportionate.

5. As to the costs claimed by SWI in relation to Mr. Ashley's
second witness statement, JJB argues that SWI's solicitors played
a minimal role, simply reviewing the drafts apparently prepared
by the OFT and discussing them with SWI; a figure of GBP14,846.98
is in the circumstances unreasonable.

6. As to the costs claimed by SWI in relation to its application
to recover costs, the starting figure of GBP61,678.75 is
unreasonable.  An unreasonably large amount of time was spent
researching the Tribunal's rules of procedure and case law on
costs; moreover, a large amount of the work done would have been
unnecessary had SWI properly particularized its application in
the first place.

7. JJB also submits that the partner rates being claimed by SWI,
namely GBP403.75 per hour and GBP413.28 per hour, are
unreasonable in the light of the City of London guideline rate of
GBP359 per hour.  Further, it contends that the use of two
partners was in itself unreasonable.

8. JJB submits that, in accordance with what it says is High
Court procedure, SWI should be awarded no more than two thirds of
the costs incurred under the heads of cost to which it is
entitled; in other words, SWI should be awarded costs of no more
than GBP66,000 plus VAT, to be split equally between JJB and
Allsports.

9. SWI submits that a summary assessment, which is what the
Tribunal is engaged in, is a general assessment of what it is
reasonable for one party to recover against the others.  JJB has
sought, in its submissions, to engage in a detailed assessment
exercise, looking at whether particular time entries are
reasonable.  SWI contends that it is unreasonable to reduce the
figure of GBP100,000 plus VAT -- which equates to only 34% of its
total costs -- yet further.

In particular, SWI submits that an assessment of the
reasonableness of SWI's costs has apparently already been
conducted by the Tribunal in its judgment of 11 October 2005:

(a) that JJB has constantly resisted SWI's application to
    recover costs;

(b) that SWI has sought to keep to a minimum its legal costs in
    these proceedings, using counsel sparingly and keeping
    partner involvement to a minimum; and

(c) that SWI is in fact unlikely to recover much, if anything,
    from Allsports now that it has gone into administration.

II. The Tribunal's Analysis

10. It seems to us that the rationale behind section 43(6) of
Schedule B1 of the Insolvency Act 1986 is the protection of a
company from enforcement action from creditors.  There is no
authority, as far as we are aware, to the effect that the making,
by a court or tribunal which is not the court seized with the
administrative receivership, of an order on the basis of a
previous costs judgment is a continuation of a legal process for
the purposes of that provision.

In the circumstances, the Tribunal's discretion to make such an
order is not in our view affected by that Act or the
administration order apparently made in respect of Allsports, of
which we have been provided with no details.  In any event, the
Tribunal needs to complete the process of cost assessment in
order to determine the amount payable by JJB, even if an order
for costs may be unenforceable against Allsports.  In our view,
any restriction on commencing or continuing a legal process
arising under the Insolvency Act 1986 falls to be considered, if
at all, in the event that SWI seeks to enforce the order for
costs in its favour against Allsports, and not at the stage of
the making by the Tribunal of the present Order.

11. The exercise we are conducting is a summary assessment of the
costs incurred by SWI of and incidental to these proceedings.
This task does not involve making detailed inquiries into
particular entries in SWI's schedules but, rather, requires the
Tribunal to look at the matter in the round, ensuring that the
costs actually awarded are not unreasonable and disproportionate
in all the circumstances of the case.

12. We bear in mind in particular, as general matters, the
voluminous nature of the proceedings, that this was the first
time a whistleblower had been called on by the OFT to assist it
in such proceedings, and that on the face of the costs schedules
the great majority of the work was done at associate rather than
partner level.  We also bear in mind that in relation to two of
the items -- disclosure and the costs of the application for
costs -- we have already excluded 50 per cent of the costs
originally claimed.

13. As to the particular heads of costs in respect of which we
have already indicated that an award should be made, we note,
first, that disclosure of the Umbro/Sports Soccer relationship,
which ultimately proved to be irrelevant to the issues in the
proceedings, was understandably very sensitive for SWI, for the
reasons set out in our judgment of 11 October 2005, in particular
at [8].  That issue was provoked entirely by the approach adopted
by JJB and Allsports by way of defence and was found by the
Tribunal to be irrelevant and a distraction from the main issues
to be decided.  Although the disclosure was sought mainly from
Umbro, the documents themselves closely affected SWI's interests.
In our view, the time spent and the involvement of counsel were
reasonable.

The second head of claim, explaining the Umbro/Sports Soccer
relationship, in our view was also provoked entirely by the
tactics adopted by JJB and Allsports and could not reasonably
have been dealt with by SWI without the assistance of solicitors
and counsel.  No partner time is involved.

14. Thirdly, it appears on the face of SWI's schedule that the
preparation of Mr. Ashley's second witness statement, responding
to JJB and Allsports' appeals and in particular the witness
statements of Messrs Whelan, Hughes, Bryan and Russell, involved
more work on the part of SWI's legal advisers than simply
reviewing drafts prepared by others.  No counsel's fees and
little partner time are involved.  Finally, the proportion (50%)
awarded by the Tribunal in relation to SWI's application for
costs already excludes various matters, as set out in our earlier
judgment at paragraph 26.  Given that this was the first time in
which a whistleblower had sought costs, and that a renewed
application to intervene was necessary for that purpose, the
involvement of counsel in our view was reasonable.

15. In all these circumstances, we consider that on a summary
assessment of SWI's costs a figure of GBP100,000 (out of
GBP214,553.87 originally claimed in these proceedings) plus
VAT is reasonable and proportionate.  An order will be drawn
accordingly.  That figure is to be paid equally by JJB and
Allsports subject, in the case of Allsports, to the relevant
statutory provisions applicable in respect of the administration
of that company.

Christopher Bellamy
Barry Colgate
Richard Prosser
Charles Dhanowa
21 November 2005
Registrar

                            *   *   *

Dermot Power, Matthew Dunham and Simon Michaels were appointed
Joint Administrators of Allsports Limited, Allsports (Retail)
Limited and Allsports.co.uk Limited on 26 September 2005.
Allsports is one of Britain's leading sports goods retailers with
over 260 stores nationwide employing approximately 1,700 staff.
A helpline -- 0161 406 1504 -- has been set up to assist
Allsports customers, suppliers and landlords.

Established in June 1996, Allsports, which sells sports
leisurewear, has seen its network grow to 267 stores across the
U.K. and turnover from GBP100 million in 1997 to GBP187 million
in 2004.  Profitability, however, has been inconsistent.  It
earned GBP17.8 million in 1997 and GBP22.5 million in 1998, but
in the succeeding years profit slipped 40%.  In 2002, it booked
profit of over GBP12.5 million, but sank to GBP3.8 million in
2004, its all-time low.

CONTACT:  ALLSPORTS LTD.
          50 Volcy Pougnet Str.
          Port Louis
          Phone: 2088272
          Fax: 2104719
          Web site: http://www.allsports.co.uk

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


BAY WHEELS: Hires Joint Liquidators from Mazars
-----------------------------------------------
S. B. Neal, director of Bay Wheels Limited (t/a Lewes Tyres),
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 27 at Mazars LLP, Frederick Place, Brighton BN1
4EA.

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

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


BLISWORTH TUNNEL: Boatyard Goes Belly up
----------------------------------------
A. D. Dawson, chairman of Blisworth Tunnel Boats Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 27 at Saxon House, Saxon Way, Cheltenham GL52 6QX.

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

Blisworth is a small Northamptonshire village alongside the Grand
Union canal just north of the famous Blisworth tunnel.  There has
been a boatyard at Blisworth for more than 25 years.  Blisworth
Tunnel Boats -- http://www.blisworthtunnel.co.uk-- is a
family-run boatyard that helps clients choose and book holidays.
It also offers day boat hire, boat servicing/repairs, coach
painting, pump outs, moorings, base for ownerships afloat, and
resident boat builder.

CONTACT:  BLISWORTH TUNNEL BOATS LTD.
          The Wharf
          Gayton Road, Blisworth
          Northampton
          NN7 3BN
          Northamptonshire
          Phone: 01604 858868

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


BLUETIME LIMITED: Liquidators from Begbies Traynor Move in
----------------------------------------------------------
J. A. Brave, director of Bluetime Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 31 at Begbies Traynor, No 1 Old Hall Street, Liverpool L3
9HF.

David Moore and Donald Bailey of Begbies Traynor, No 1 Old Hall
Street, Liverpool L3 9HF were appointed Joint Liquidators.

CONTACT:  BLUETIME LTD.
          Regina House, 124 Finchley Road
          London NW3 5JS
          Phone: 01492-531486

          BEGBIES TRAYNOR LTD.
          1 Old Hall Street
          Liverpool
          L3 9HF
          Phone: 01512274010


CENTRAL DOMESTIC: Files for Liquidation
---------------------------------------
D. A. Evans, chairman of Central Domestic Appliances Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 28.

Paul J. Webb of Sanderlings LLP, Sanderling House, 1071 Warwick
Road, Acocks Green, Birmingham B27 6QT was appointed liquidator.

CONTACT:  CENTRAL DOMESTIC APPLIANCES LIMITED
          264 Kilmarnock Road, Newlands
          Glasgow, Lanarkshire G41 3JF
          Phone: 01416495086


CIP (MANAGEMENT): Calls in Liquidator from David Rubin
------------------------------------------------------
P. Cherry, chairman of CIP (Management) Plc, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 27 at David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY.

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

CONTACT:  CIP LTD.
          60 Littleworth
          Mansfield
          NG18 2SH
          Nottinghamshire
          Phone: 01623 622439
          Fax: 01623 420134
          Web site: http://www.ciponline.co.uk

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


COMM-BINARY LTD.: Goes into Liquidation
---------------------------------------
J. Jones, director of Comm-Binary Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 26 at Maple View, White Moss Business Park, Skelmersdale,
Lancashire WN8 9TG.

Daniel Paul Hennessy and Gordon Craig of Cresswall Associates
Limited, of Maple View, White Moss Business Park, Skelmersdale,
Lancashire WN8 9TG were appointed Joint Liquidators.

CONTACT:  COMM-BINARY LTD.
          Citrus House
          40-46 Dale Street
          Liverpool
          L2 5SF
          United Kingdom
          Phone: 0151-255 2121
          Fax: 0151-255 2122
          Web site: http://www.commbinary.com


DAISLEY & CO.: Names Administrator
----------------------------------
Gary Bell (IP No 8710) of Cowgill Holloway Business Recovery LLP
was appointed administrator of cardboard packaging company
Daisley & Co. Limited (Company No 04578824) on Nov. 9.  Its
registered office is at Plantation Mill, Brentwood Road,
Haslingden, Rossendale, Lancashire BB4 5EJ.

CONTACT:  DAISLEY & CO. (CONTAINERS)
          Plantation Mill
          Flip Rd., Haslingden BB4 5EJ
          Lancashire England
          United Kingdom
          Phone: (44) 177 233-8615
          Fax: (44) 188-858-3368

          COWGILL HOLLOWAY BUSINESS RECOVERY LLP
          Regency House,
          45-51 Chorley New Road,
          Bolton BL1 4QR


DAVE CLARKE: Husaberg Dealer Winds up
-------------------------------------
D. J. Clarke, director and chairman of Dave Clarke Racing
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 31 at The Tickled Trout Hotel,
Preston New Road, Samlesbury, Nr Preston PR5 0UJ.

Clive Morris was appointed liquidator.

Owner Dave Clarke became a Husaberg dealer after his racing
career was curtailed by a serious foot and leg injury in 1993.

CONTACT:  DAVE CLARKE RACING LTD.
          Heath House Farm
          Off Long Moss Lane
          New Longton
          Preston, Lancashire,
          PR4 4YS
          UK
          Phone: 01772 612118
          Fax: 01772 619957
          E-mail: e.dave@daveclarkeracing.com
          Web site: http://www.daveclarkeracing.com/


DAWSON INTERNATIONAL: To Redeem GBP111,503 of Loan Stock
--------------------------------------------------------
Following Dawson International plc's announcement on 1 November
2005 of its intention to redeem approximately GBP2.5 million of
the Company's zero coupon, convertible, secured, redeemable loan
stock 2009, the Company will be redeeming GBP111,503 of Loan
Stock plus premium.

On 19 November 2005, the Company resolved to allot 47,727,940
Ordinary Shares of one pence each in the share capital of the
Company to holders of the Loan Stock.  The allotment of Ordinary
Shares was pursuant to notices of conversion received from the
holders of Loan Stock exercising their right under the conditions
of the Loan Stock to convert each GBP0.05 of Loan Stock into one
Ordinary Share rather than accept redemption. Application has
been made to the London Stock Exchange for these shares to be
quoted on AIM and it is expected that dealings will commence on
23 November 2005.

As a result of the conversion and redemption, GBP2,500,000 units
of Loan Stock will be cancelled.

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


DESIGNS FOR LIVING: Calls in Begbies Traynor
--------------------------------------------
J. Rispin, director of Designs for Living (Eastbourne) Ltd.,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 1 at The Thistle Victoria, Buckingham Palace
Road, London SW1W 0SJ.

G. W. Rhodes of Begbies Traynor, 2-3 Pavilion Buildings,
Brighton, East Sussex BN1 1EE was appointed liquidator.

CONTACT:  DESIGNS FOR LIVING (EASTBOURNE) LTD.
          118-120 Seaside, Eastbourne
          East Sussex BN22 7QP
          Phone: 01323417050

          BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton
          Sussex BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743
          E-mail: geoff.rhodes@begbies-traynor.com


DRAX GROUP: Nine-month Revenue Swells to GBP512 Million
-------------------------------------------------------
Drax Group Limited has reported its consolidated results for the
nine months ended 30 September 2005.  The consolidated results,
which have been prepared under IFRS, encompass all the operations
of Drax Group and its subsidiary undertakings.

Drax Group's revenues from generation during the nine months
ended 30 September 2005 were GBP512.0 million, compared to
GBP364.8 million during the corresponding period in 2004, an
increase of GBP147.2 million (40.4%).  This increase was mainly
due to increases in average electricity capture prices over the
period.  In the nine months to 30 September 2005 15.8 TWh of
power was sold, compared to 16.4 TWh in the corresponding period
in 2004.

Drax purchases power in the market to cover any shortfall in
generation and when the cost of power in the market is below
Drax's marginal costs of production in respect of power
previously contracted by Drax.  The cost of purchased power has
remained relatively constant between each of the two nine month
periods.

In Drax's historical financial statements (prepared under U.K.
GAAP), revenue has been recorded net of the costs of power
purchased to meet power sales commitments.  Under IFRS, the costs
of power purchased is treated as fuel costs, and revenue has been
grossed-up accordingly.

Drax's fuel costs in respect of generation during the nine months
ended 30 September 2005 were GBP312.0 million, compared to
GBP211.8 million during the comparable period in 2004, an
increase of GBP100.2 million (or 47.3%).  This increase was
primarily due to the cost of CO2 emissions allowances and an
increase in the cost of coal and other fuels.

Reflecting the above factors, Drax's gross margin, being revenues
less fuel costs, increased from GBP153.0 million in the nine
months ended 30 September 2004 to GBP200.0 million in the nine
months ended 30 September 2005, an increase of GBP47.0 million
(or 30.7%).

Drax's other operating expenses excluding exceptional items
increased from GBP132.8 million in the nine months ended 30
September 2004 to GBP159.8 million in the corresponding period in
2005, an increase of GBP27.0 million (or 20.3%).  This increase
was largely due to the charge for LTIP share-based payment
transactions in the period of GBP17.7 million, as well as costs
incurred with respect to the Refinancing and Admission of GBP9.7
million.

Drax had no exceptional operating expenses in the nine months
ended 30 September 2004, but had a credit to exceptional
operating income in the corresponding period in 2005 totaling
GBP274.8 million, comprised of GBP19.0 million due to the
reversal of provisions relating to impairment of tangible fixed
assets and GBP255.8 million as a result of two distributions
received by Drax from the Administrators and Supervisors of TXU
EET and TXU EG, pursuant to the company voluntary arrangements
for those companies.

IAS 32 and IAS 39, the International Financial Reporting
Standards in respect of derivatives and financial instruments,
are applicable to Drax for the period from 1 January 2005.  As a
result of applying these standards, an unrealized loss on
derivative contracts of GBP211.7 million has been recognized for
the nine months to 30 September 2005.  This unrealized loss
reflects the mark-to-market of Drax's power contracts for power
yet to be delivered and some coal contracts, which meet the
definition of derivatives under IAS 39.  Relevant hedge
accounting documentation was not in place for the six months to
30 June 2005 and therefore the mark-to-market movement during the
period has been reflected in the profit and loss account. From 1
July 2005 the Drax Group has put in place appropriate hedge
accounting documentation to enable it to achieve hedge accounting
for a large proportion of its commodity contracts.  As a result,
mark-to-market movements on contracts which are now considered to
be effective hedges are recognized through the hedge reserve.
The out-of-the-money position mainly reflects prices in Drax's
forward sales contracts for power against rising market prices
for power.

Interest payable and similar charges in the nine months ended
30 September 2005 were GBP81.1 million, compared to GBP74.3
million in the same period in 2004, an increase of GBP6.8 million
(or 9.2%).  This increase was generally due to unrealized losses
from derivative contracts accounted for under IAS 39 from 1
January 2005.

Drax's tax credit during the nine months ended 30 September
2005 was GBP69.8 million, compared to a tax credit of GBP3.3
million during the comparable period in 2004.  The tax credit in
2005 reflects the benefits of the Inpower project finance
structure and the utilization of tax losses brought forward from
earlier years which more than offsets the profit before tax for
the period.  The tax credit for 2004 reflects the loss for the
nine months and the effect of the Inpower structure, offset by
tax losses not recognized in the period.

Reflecting the above factors, Drax had a profit for the period
from continuing operations of GBP95.9 million in the nine months
ended 30 September 2005, compared to a loss of GBP47.6 million in
the nine months ended 30 September 2004.

Current Trading and Prospects

For the nine-month period ended 30 September 2005, the Group's
turnover was GBP573.3 million resulting in an operating profit of
GBP103.3 million.  On the basis of preparation and principal
assumptions set out in Part XIII of the Drax Group plc prospectus
published on 28 October 2005, the Directors reconfirm their
forecast that for the twelve months ending 31 December 2005, the
EBITDA of the Group will be GBP311 million, the Operating Profit
will be GBP279 million and net profit before interest expense and
tax will be GBP284 million.  These forecasts include an
exceptional credit relating to termination of the TXU Contract
and financial restructuring of GBP275 million, unrealized losses
on derivative contracts of GBP119 million, LTIP expenses of GBP38
million and estimated fees of the Refinancing and Admission of
GBP27 million.  The forecasts include assumptions on prices for
electricity and coal based on average prices prevailing over the
five days up to and including 11 November 2005, and that the
forced outage rate remains at around 6.5%.  The forecast has been
prepared in accordance with IFRS.

The first and final quarters of each year normally account for a
substantial proportion of Drax's earnings for the year.
Accordingly, the results for 2005 will be significantly affected
by the final quarter's operating performance, including the
impact on margins of unhedged electricity and coal prices for the
remainder of the year (i.e. including winter 2005/06 prices for
electricity) as well as the impact of any significant forced
outages.  Drax has previously indicated that Dark Green Spreads
were lower than expected during summer 2005 but that winter
2005/06 spreads remained strong.  As at 11 November 2005 this
continued to be the case.

As at 11 November 2005, the Group had contracted for some 98% of
forecast 2005 electricity net generation at an average price of
c.GBP32.9/MWh and had fixed all of its forecast 2005 CO2
emissions allowances requirements through a combination of
allowances allocated to Drax under the U.K. National Allocation
Plan (NAP), market purchases and structured deals.  Also, as at
11 November 2005, some 97% of the Group's forecast 2005 coal
requirements had been covered at fixed prices.

As at 11 November 2005, the Group had contracted for some 48% of
estimated 2006 net generation at an average price of
c.GBP42.18/MWh, including the contracts with EDF Trading Limited
and Sempra Energy Europe Limited announced recently.  On 11
November 2005, the Group had also covered 66% of estimated 2006
CO2 emission allowances requirements through a combination of
allowances allocated to Drax under the U.K. NAP, market purchases
and structured deals.  At the same date, approximately half of
the contracted 2006 net generation related to Q1 2006, with
progressively lower volumes contracted for subsequent quarters.
As at 11 November 2005, the Q1 2006 baseload contract was trading
at GBP60.50/MWh, the summer 2006 baseload contract was trading at
GBP38.10/MWh, the summer 2006 peak load contract was trading at
GBP44.50/MWh, and the winter 2006 baseload contract was trading
at GBP54.95/MWh.

Operational Performance

The forecast forced outage rate for 2005 of 6.4% is in line with
plan and 46% below 2004.  The 2005 forecast rate includes 1.3% of
elective zero cost outages during the summer period to prepare
for the critical winter period.  The forecast planned outage rate
for 2005 of 7.2% is 0.5% above plan as a result of Units 2 and 3
making early returns to service but being more than offset by the
late return of Unit 6.

Business Enhancement Opportunities

The petroleum coke trial commenced in June 2006 and there has
been no elevation in critical emissions.  The unit burning
petcoke was fed a coal/petcoke blend up to a maximum of 85/15% by
heat during the third quarter of 2005.

The biomass direct injection project has been successfully
implemented on Unit 3 with work underway to develop further
direct injection units for 2006.  Current through the mill
biomass burn rates represent a threefold increase against typical
fourth quarter 2004 levels.

Conditioned ash rail loading facilities are now in operation,
with dry ash facilities under development for execution in 2006.
In the procurement area, contractor rationalization and
retendering of existing contracts are progressing well.  Property
advisers have been engaged to evaluate incremental development
opportunities for the Site.

Improvements to forced and planned outage rates are being
delivered.  Plans are being finalized to deliver a 4.5% forced
outage rate by 2007/2008.

Developments in Trading

Drax has an experienced trading team with deep knowledge of the
U.K. power market, and initiatives are underway to further
enhance quantitative tools and capability.

Trading has commenced in financial coal recently and, as
previously announced, sulphur.  Initial assessment of gas swaps
is underway as a potential proxy hedge for power particularly in
the winter extended peak period.

Summary of Third Party Approaches

As separately announced, and outlined in the Prospectus, since
13 September 2005, Drax has received indicative proposals to
acquire Drax from three consortia, being the BCHP Consortium, the
ATT Consortium and the IPM Consortium, each of which the Board
believed significantly undervalued the Company.

In order to allow Drax to continue the preparations for the
Refinancing and Admission, the Board asked each consortium, and
any other interested parties, to submit final terms for a
possible offer by early November 2005.  The three consortia have
been given access to equivalent information relating to Drax, as
well as site visits and management meetings.

International Power announced the withdrawal of the IPM
Consortium's proposal on 7 November 2005.  The Board and its
advisers continued to have discussions with the BCHP consortium
and the ATT Consortium and also consulted with Greenhill & Co.
International LLP and Milbank, Tweed, Hadley & McCloy LLP,
advisers to the Shareholder Committee.  Following those
discussions, the Board decided to investigate further the
proposal from the BCHP Consortium and decided not to proceed with
the ATT Consortium.  To date, the Board has received no other
proposals to acquire the Company.

Drax announced on 15 November 2005 that the proposal it has
received from the BCHP Consortium to acquire Drax is at a cash
price of 377% of par value for the Linked Securities, equating to
an enterprise value of approximately GBP2.23 billion.  The cash
price of 377% is stated by the BCHP Consortium to be on the basis
of a number of valuation assumptions, and on the basis that Drax
shareholders commit to take up at least 20% of the ordinary
shares in the unlisted BCHP Consortium bid vehicle.  In addition,
the proposal remains subject to a number of uncertainties with
respect to the structure of the transaction and its
conditionality, as well as its deliverability and timeliness.

The Board continues to believe that the BCHP Consortium's
proposal undervalues Drax.  In addition, following consultations
with shareholders and with the advisers to the Shareholder
Committee (whose members account for more than 80% of the Linked
Securities), the Board believes that a majority of shareholders
would not accept an offer at this level.

The Board is continuing to engage with the BCHP Consortium and to
provide further due diligence material, in order to give the BCHP
Consortium the opportunity to increase the value of its proposal
and to remove the uncertainties attached to it.  However, there
can be no certainty of the BCHP Consortium making a satisfactory
offer for Drax.

The Board is continuing the process, which has been mapped out to
deliver the Refinancing and Admission.  It is expected that
Admission will take place on 15 December 2005.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/DraxGroup(9m2005).pdf

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


EFFOLD PROPERTIES: Calls in Ernst & Young Liquidator
----------------------------------------------------
P. Manley, the chairman of Effold Properties 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


ETHEL AUSTIN: Appoints Simon Cooper Chief Executive
---------------------------------------------------
Retailer group Ethel Austin is reorganizing its management while
talks regarding its financial restructuring continue.  It
appointed Simon Cooper as chief executive to replace Phil
Hoskinson, who will become executive deputy chairman.  Finance
director Steve Williams is leaving to pursue other interests.  He
is being replaced by Steve Smith.

Ethel Austin started negotiations with bankers and investors
about a restructuring in September.  A report from the Times
Online then said, the shopping chain has breached banking
covenants.

Mr. Hoskinson at the time said the talks include discussions on
source of funds to modernize its stores next year.  The
management, which bought the business for GBP55 million from the
Austin family in 2002, was backed by the private equity arm of
Dutch banking group ABN Amro Capital.  In 2004, ABN Amro paid
GBP68 million to buy 56% of the business from LloydsTSB
Development Capital.

The company suffered a slump in sales at its 300 outlets.  It
warned earlier this year it might cut jobs due to difficult
trading conditions.  It now denies there will be store closures
and redundancies.  Ethel Austin had turnover of GBP170 million
for the year to August 2004.  Pre-tax profit was GBP13 million.

The Times Online report said among the retailers hit by the
downturn, those backed by private equity will be strongly
affected because they usually have higher levels of debt.  Ethel
Austin's bankers are Barclays and HSBC.

CONTACT:  ETHEL AUSTIN LTD.
          1c Market Place, Bulwell, Nottingham NG6 8QA
          Phone: 0115 976 0831


EUROPLAS COATINGS: Poppleton & Appleby to Liquidate Business
------------------------------------------------------------
Europlas Coatings Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Oct. 25 at 35 Ludgate Hill,
Birmingham B3 1EH.

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

CONTACT:  EUROPLAS COATINGS LTD.
          Unit 1
          Sketchley Meadows Business Park
          Hinckley
          LE10 3EN
          Leicestershire
          Phone: 01455 633110
          Fax: 01455 633120

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


FALCON FOODS: Calls in Administrator from Mazars
------------------------------------------------
Alistair Steven Wood (IP No 007929) of Mazars LLP was appointed
administrator of Falcon Foods Limited (Company No 01970324) on
Nov. 9.  Its registered office is at Keddington Grange,
Keddington, Louth, Lincolnshire LN11 7HF.  The company
manufactures food products.

CONTACT:  FALCON FOODS LIMITED
          Gallamore Lane
          Industrial Estate
          Market Rasen
          Lincolnshire LN8 3HZ
          Phone:(01673) 844114
          Fax: (01673) 844110

          MAZARS
          Lancaster House
          67 Newhall Street
          Birmingham
          West Midlands B3 1NG
          Phone: 0121 236 7711
          Fax: 0121 236 2778


HIGH SPEC: Liquidators from Kroll Move in
-----------------------------------------
G. Bottomley, chairman of High Spec Industries Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 31 at Premier Travel Inn, Bishopsgate, 7-11 Lower
Mosley Street, Manchester M2 3DW.

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

High Spec Industries -- http://www.highspec.co.uk-- was founded
in January 1988 in Trafford Park, Manchester with a workforce of
4.  In the beginning High Spec Industries concentrated on custom
converting/slitting and specialized in narrow width precision
conversion of a wide range of materials.  It afterwards expanded
to custom conversion and supply to the cable industry, machinery
refurbishment and supply of adhesive products especially into the
automotive industry.

It is now divided into three divisions:

(a) High Spec Industries Limited which remains in the core
    business of slitting and conversion and is a major supplier
    of flexible materials to the Packaging and Cable Industry;

(b) HS Machinery Limited, which handles the refurbishment and
    sales of slitting/conversion equipment; and

(c) Autex Automotive Products Limited, which specializes in
    conversion and sales of adhesive products primarily, but not
    exclusively into the automotive industry.

It now employs more than 50 people.

CONTACT:  HIGH SPEC INDUSTRIES LTD.
          Highfield Road Industrial Estate
          Little Hulton
          Manchester
          M38 9ST
          Lancashire
          Phone: 0161 799 1111
          Fax: 0161 799 1100


H.T.P.A. LTD.: Files for Liquidation
------------------------------------
C. M. Garrett, chairman of H.T.P.A. Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 28 at Maclaren House, Skerne Road, Driffield, East Yorkshire
YO25 6PN.

Andrew James Nichols of Redman Nichols was appointed liquidator.

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

CONTACT:  REDMAN NICHOLS
          Maclaren House
          Skerne Road
          Driffield
          East Yorkshire YO25 6PN
          Phone: 01377 257788
          Fax: 01377 249119
          E-mail: andrew.nichols@redman-nichols.co.uk


ICW PUBLICATIONS: Names Deloitte & Touche Liquidator
----------------------------------------------------
Stampdew Limited, the shareholder of ICW Publications Limited,
informs that the special and ordinary resolutions to wind up the
company were passed and J. R. D. Smith and N. J. Dargan of PO Box
810, Athene Place, 66 Shoe Lane, London EC4A 3WA were appointed
joint liquidators.

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


INTERCONTINENTAL FURNITURE: In Liquidation
------------------------------------------
Z. Sardar, chairman of Intercontinental Furniture Exhibition Plc,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 31 at Trinity House, Heather Park Drive,
Wembley, Middlesex HA0 1SU.

Nimish C. Patel of Kranefields, Trinity House, Heather Park
Drive, Wembley, Middlesex HA0 1SU was appointed liquidator.

CONTACT:  INTERCONTINENTAL FURNITURE EXHIBITION PLC
          Capitol Indstl Park
          Capitol Way, London NW9 0EQ
          Phone: 02082057711


KASUGA PLASTICS: Appoints McTear Williams Liquidator
----------------------------------------------------
J. Minto, chairman and director of Kasuga Plastics Company
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 28 at Saracens House, 25 St
Margaret's Green, Ipswich IP4 2BN.

Andrew McTear of McTear Williams & Wood, 90 St Faiths Lane,
Norwich NR1 1NE was appointed liquidator.

CONTACT:  KASUGA PLASTICS CO. LTD.
          Wynnstay Technology Park
          Ruabon, Wrexham, Clwyd LL14 6EN
          Phone: 01978 810770

          MCTEAR WILLIAMS & WOOD
          90 St Faiths Lane,
          Norwich NR1 1NE
          Phone: 01603 877540
          Fax: 01603 877549
          E-mail: mail@mw-w.com
          Web site: http://www.mw-w.com


KJB TRANSPORT: Owners Opt for Liquidation
-----------------------------------------
K. Bowman, chairman of KJB Transport Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 28 at David Rubin & Partners, 1st Floor, 26-28 Bedford Row,
London WC1R 4HE.

Paul Appleton of David Rubin & Partners, 1st Floor, 26-28 Bedford
Row, London WC1R 4HE was appointed liquidator.

CONTACT:  KJB TRANSPORT LIMITED
          Unit 3, Millington Road
          Hayes, Middlesex UB3 4AZ
          Phone: 02085612181

          DAVID RUBIN & PARTNERS
          26-28 Bedford Row, London WC1R 4HE
          E-mail: info@davidhornerandco.co.uk
          Web site: http://www.davidhornerandco.co.uk


K L SERVICES: EGM Passes Winding-up Resolutions
-----------------------------------------------
G. Rogers, chairman of K L Services (UK) Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 1 at Kent House, Station Road, Ashford, Kent TN23 1PP.

Bernard Hoffman and Ian Yerrill of Gerald Edelman Business
Recovery, Kent House, Station Road, Ashford, Kent TN23 1PP were
appointed Joint Liquidators.

CONTACT:  K L SERVICES (UK) LIMITED
          3 Sarrcen Close
          Gillingham Business Park
          Gillingham, Kent ME8 0QN
          Phone: 01634-266880


LEASING 3: Appoints KPMG Liquidator
-----------------------------------
DB UK Holdings Limited, a member of Leasing 3 Limited, informs
that the special and ordinary resolutions to wind up the company
were passed at a general meeting held on Nov. 4.  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


LITTLE HOLLY-HALL: Names Bennett Verby Administrator
----------------------------------------------------
Vincent A. Simmons (IP No 8898) of Bennett Verby was appointed
administrator of Little Holly-Hall Hotels Limited (Company No
04632913) on Nov. 11.

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


LUMINAR PLC: Buys 10 Nightclubs for GBP9.8 Million
--------------------------------------------------
Luminar plc has agreed to purchase 10 large capacity nightclubs
from the Nightclub Company Limited for a consideration, payable
in cash, of GBP9.8 million.  This represents 3.5x historic
earnings.

Luminar is acquiring strategically important sites, most of which
it expects will be suitable for rebranding to the Company's
existing brands of Oceana, Lava & Ignite, Liquid and Life.  The
venues are located in Leeds, Cheshire Oaks, Leicester,
Wolverhampton, Cardiff, Watford, Uxbridge, Kingston upon Thames,
Brighton and Plymouth.  The purchase increases Luminar's licensed
capacity by more than 10%.  The businesses purchased by Luminar
employ 400 staff.

The venues have the benefit of all appropriate statutory
consents, including extended trading hours, effective from the
implementation date of the Licensing Act 2003 on 24 November
2005.  The assets acquired include the lessee's interest in the
properties, fixed and loose plant and equipment together with the
inventory of the businesses valued at approximately GBP250,000.

Luminar has noted press speculation over the sale of its
Entertainment Division.  The Company repeats its statement made
in July of this year that it had withdrawn that business from a
disposal process, appointed new management and is now focusing on
restoring the performance of the business.

This acquisition significantly enhances Luminar's position as the
U.K.'s leading operator of late night licensed venues.

                        About the Company

Luminar plc is an owner, developer and operator of themed bars,
nightclubs and restaurants.  The company floated and listed on
the London Stock Exchange in May 1996 with a market
capitalization of GBP30 million.

In July, Chairman Keith Hamill said: "For the first four months
of the year to the end of June 2005, the Company performed
broadly in line with its plans.  Like-for-like sales for the same
period were neutral.  In view of the continuing difficult market
environment, the Board is adopting a cautious outlook on future
trading."

The firm has suffered from changes in customer demand and what it
termed as 'increased regulatory activity' after 2003.  In the 52
weeks to Feb. 27, Luminar reported group sales of GBP375.1
million, down from GBP399.7 million; and profit before tax,
goodwill amortization, and exceptional items of GBP54.2 million,
down from GBP62 million last year.  Pre-tax loss was GBP14
million from GBP11 million last year.

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


MARSDEN VANPLAN: Names DTE Leonard Liquidator
---------------------------------------------
J. Clarke, director of Marsden Vanplan Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 27.

J. M. Titley of DTE Leonard Curtis, DTE House, Hollins Mount,
Bury BL9 8AT was appointed liquidator.

CONTACT:  MARSDEN VANPLAN LTD.
          Longshaw Street, Warrington
          Cheshire WA5 0DF
          Phone: 01925630581

          DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201+
          Web site: http://www.dtegroup.com


MILLER METCALFE: Calls in Administrator
---------------------------------------
Paul Stanley and Stephen L. Conn (IP Nos 008123, 001762) of
Begbies Traynor were appointed administrators of Miller Metcalfe
Kirkpatrick Limited (Company No 02594146) on Nov. 10.

Miller Metcalfe -- http://www.millermetcalfe.co.uk/-- was
established in 1972.  It is an independent firm of estate agents
and chartered surveyors that serves the Bolton, Horwich areas.

CONTACT:  MILLER METCALFE KIRKPATRICK LIMITED
          56 Bradshawgate - Bolton BL1 1DW
          Phone: 01204 53 53 53
          Fax: 01204 52 80 55
          E-mail: residentialsales@millermetcalfe.co.uk

          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


MINORPLANET SYSTEMS: Italian Partner Puts in GBP0.5 Million
-----------------------------------------------------------
As part of the take-up of the open offer, Minorplanet Systems plc
has disclosed that Cobra Automotive Technologies S.p.A., one of
Europe's leading vehicle security firms, which distributes
Minorplanet's products in France and Italy, has invested GBP0.5
million in Minorplanet.

In accordance with sections 198 to 202 of the Companies Act 1985,
the Company was notified Monday that Cobra are beneficial owners
of 1,000,000 ordinary shares of 1 pence each representing 3.47%
of the Company's issued share capital.

Chairman David Perry said: "We are delighted that Cobra, a
commercial partner, have invested such a significant sum.  It
shows their commitment to Minorplanet and that they share our
vision for the future prospects of the telematics market and
Minorplanet's position in it."

                        About the Company

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

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

Proceeds of the placing and open offer will be used as working
capital to complete the firm's turnaround initiatives, accelerate
its growth plans and provide financial stability.
The board had said that if the placing does not take place, the
company will run out of working capital on or around November 14
and directors would then have no alternative but to put the
company into administration immediately.

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

          COBRA AUTOMOTIVE TECHNOLOGIES S.P.A.
          Via Astico, 41
          21100 Varese
          Italy
          Phone: +39 0332 825 111
          Fax: +39 0332 222 005
          Web site: http://www.cobra-at.com


M & P JOHNSON: Appoints Administrators
--------------------------------------
Stephen John Tancock and Joanne Milner (IP Nos 9206, 8761) were
appointed administrators of M & P Johnson Limited (Company No
04154498) on Nov. 9.  The company manages a convenience store and
pharmacy.

CONTACT:  Stephen John Tancock
          Joanne Milner
          The Meeting House,
          Little Mount Sion,
          Tunbridge Wells, Kent TN1 1YS


MRM EUROPE: EGM Passes Winding-up Resolution
--------------------------------------------
E. K. Lancaster, chairman of MRM Europe Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 31 at 29-30 Fitzroy Square, London W1T 6ET.

Phillip Anthony Roberts, 29-30 Fitzroy Square, London W1T 6ET was
appointed liquidator.

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

CONTACT:  MRM EUROPE LIMITED
          Unit 9, Chaucer Business Park
          Sevenoaks, Kent TN15 6PL
          Phone: 01732764222


NEWFELD PRESS: Files for Liquidation
------------------------------------
R. Neufeld, chairman of Newfeld Press Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 28 at the Holiday Inn, Bath Road, Corner Sipson Way, West
Drayton UB7 0DP.

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

CONTACT:  NEWFELD PRESS LIMITED
          Littleton House, Littleton Road
          Ashford, Middlesex TW15 1UU
          Phone: 01784242001

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


NORTH MILLS: BRI to Liquidate Business
--------------------------------------
V. Moore, director of North Mills Dyers and Finishers Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 25 at 3, The Quadrant, Coventry CV1 2DY.

Gavin Geoffrey Bates and Peter John Windatt, of BRI Business
Recovery and Insolvency were appointed Joint Liquidators.

CONTACT:  NORTH MILLS DYERS AND FINISHERS LIMITED
          North Mills, Frog Island
          Leicester, Leicestershire LE3 5DH
          Phone: 01162621369

          BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mail: pwindatt@briuk.co.uk


NORTH'S CLEANERS: Administrators from DTE Leonard Curtis Move in
----------------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) of DTE Leonard
Curtis were appointed administrators of North's Cleaners Limited
(Company No 04466201) on Oct. 27.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT4 Norfolk Park
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


PHOENIX THERMOFRAME: Window Maker Calls in Administrator
--------------------------------------------------------
Ian J. Gould and Edward T. Kerr (IP Nos 7866, 9020) of PKF were
appointed administrators of window manufacturer Phoenix
Thermoframe Limited (Company No 02772979) on Nov. 7.

CONTACT:  PHOENIX THERMOFRAME LTD.
          Riverside
          Market Harborough LE16 7PT
          Leicestershire
          Phone: 01858 465376
          Fax: 01858 410275

          PKF
          New Guild House
          45 Great Charles Street
          Queensway
          Birmingham
          West Midlands B3 2LX
          Phone: 0121 212 2222
          Fax: 0121 212 2300
          E-mail: ian.gould@uk.pkf.com


PLENUM PUBLISHING: Liquidators from Deloitte & Touche Move in
-------------------------------------------------------------
Springer Science + Business Media Inc., the shareholders of
Plenum Publishing Company Limited, informs that the special and
ordinary resolutions to wind up the company were passed at a
general meeting and J. R. D. Smith and N. J. Dargan of Deloitte &
Touche, PO Box 810, Athene Place, 66 Shoe Lane, London EC4A 3WA
were appointed joint liquidators.

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


PRISMA EUROPE: Business for Sale
--------------------------------
The Joint Administrators, Rob Hunt and Matthew Hammond, offer for
sale the business and assets of Prisma Europe Limited, which
imports and distributes photographical and imaging related
products for independent, multiple retailers and for professional
use.

Principal features:

(a) Combined turnover of c. GBP16 million;

(b) Extensive range of U.K. exclusive products;

(c) Established customer base of photographic retailers and end
    users;

(d) Long standing relationships with grocery multiples;

(e) Range design, sourcing and implementation capabilities;

(f) Specialized professional photographic and audio visual
    divisions; and

(g) Skilled workforce

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court,
          19 Cornwall Street,
          Birmingham B3 2DT
          Phone: 0121 200 3000
          Fax: 0121 265 5651
          Contact:
          Val Taylor
          E-mail: Val.Taylor@uk.pwc.com


PROMOTION SOLUTIONS: Appoints Hazlewoods Liquidator
---------------------------------------------------
J. Gordon, chairman of Promotion Solutions Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 31 at Windsor House, Barnett Way, Barnwood, Gloucester GL4
3RT.

Philip John Gorman of Hazlewoods LLP, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT was appointed liquidator.

CONTACT:  PROMOTION SOLUTIONS LIMITED
          Snappers, Church Road, BRISTOL, AVON BS35 3SH
          Phone: 01454-411562

          HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


PTF (NORTHERN): Names Administrator from PKF
--------------------------------------------
Ian J. Gould and Edward T. Kerr (IP Nos 7866, 9020) of PKF were
appointed administrators of PTF (Northern) Limited (Company No
04347114) on Nov. 7.  The company manufactures windows.

CONTACT:  PTF (NORTHERN) LTD.
          Unit 9-12, Sandmere Rd
          Leechmere Industrial Estate
          Sunderland
          Tyne and Wear SR2 9TP
          Phone: 0191 5239800

          PKF
          New Guild House
          45 Great Charles Street
          Queensway
          Birmingham
          West Midlands B3 2LX
          Phone: 0121 212 2222
          Fax: 0121 212 2300
          E-mail: ian.gould@uk.pkf.com


READE ENVIRONMENTAL: Hires Cresswall Administrator
--------------------------------------------------
Gordon Craig and Daniel P. Hennessy (IP Nos 0978, 1388) of
Cresswall Associates Limited were appointed administrators of
Reade Environmental Limited (Company No 03887314) on Oct. 21.
The company offers agricultural services.

CONTACT:  READE ENVIRONMENTAL LIMITED
          26 Wincham Lane, Wincham,
          Northwich, Cheshire CW9 6DE
          Phone: 0160640840

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


ROLAND SMITH: Hires PKF to Liquidate Business
---------------------------------------------
J. Smith, the member of Roland Smith & Associates Limited,
informs that the special and ordinary resolutions to wind up the
company were passed on Nov. 4.  Paul Adrian Seaward of PKF (Isle
of Man) Limited, PO Box 16, Analyst House, 20-26 Peel Road,
Douglas, Isle of Man IM99 1AP was appointed liquidator.

CONTACT:  PKF (ISLE OF MAN) LIMITED
          PO Box 16, Analyst House,
          20-26 Peel Road,
          Douglas, Isle of Man IM99 1AP


SCHRODER VENTURES: Liquidator from Begbies Traynor Enters Firm
--------------------------------------------------------------
N. Coleman, the chairman of Schroder Ventures Life Sciences
Advisers (UK) Limited, informs that the special and ordinary
resolutions to wind up the company were passed at a general
meeting on Oct. 31.  Ian E. Walker of Begbies Traynor, Princess
Court, 23 Princess Street, Plymouth PL1 2EX was appointed
liquidator.

CONTACT:  BEGBIES TRAYNOR
          Princess Court,
          23 Princess Street,
          Plymouth PL1 2EX


STANFORD LODGE: Members Decide to Wind up Firm
----------------------------------------------
K. Griffiths, the chairman of Stanford Lodge 1 Limited, informs
that the special and ordinary resolutions to wind up the company
were passed at an EGM held on Nov. 7 at Sterne House, Lodge Lane,
Derby DE1 3WD.  Andrew Philip Wood and John Russell of 93 Queen
Street, Sheffield S1 1WF were appointed joint liquidators.

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


SYS DYNAMICS: IT Firm Crashes
-----------------------------
S. Risborough, chairman of Sys Dynamics Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 28 at Cobbetts, Bank House, 27 King Street, Leeds LS1 2HL.

Stephen Patrick Jens Wadsted of Middleton Partners was appointed
liquidator.

Sys Dynamics Ltd. -- http://www.sysdynamics.com-- is a
Yorkshire, U.K.-based IT specialist covering the full range of IT
services.   Founded in 1994, the company originally supplied the
wholesale and retail hardware and software market.

CONTACT:  SYS DYNAMICS LTD.
          Unit 3A Angel Court
          Burley Road
          Leeds,
          LS3 2BP
          Phone: 0800 833 117
          Fax: 0113 244 2168

          MIDDLETON PARTNERS
          6b Middleton Place
          London W1W 7AY
          Phone: 020 7908 6190
          Fax: 020 7908 6191


TEAM MANAGEMENT: Goes into Liquidation
--------------------------------------
S. Collins, chairman of Team Management PC Hire Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 31 at Elan & Co, Unit 3, Cedar Court, 1 Royal Oak
Yard, London SE1 3GA.

Situl Devji Raithatha of Springfields, 80 Hinckley Road,
Leicester LE3 0RD was appointed liquidator.

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

CONTACT:  TEAM MANAGEMENT PC HIRE LIMITED
          3 Hermitage Court
          Wapping High Street, London E1W 1NP
          Phone: 02077029242

          SPRINGFIELDS
          80 Hinckley Road
          Leicester
          Leicestershire LE3 0RD
          Phone: 0116 299 4745
          Fax: 0116 299 4742
          E-mail: situl.r@springfields-uk.com


THUS GROUP: Loss Drops 75% to GBP5.8 Million
--------------------------------------------
THUS Group plc has reported interim results for the six months
ended 30 September 2005.

Highlights

(a) group turnover GBP176.8 million;

(b) turnover from continuing operations up 5% to GBP174.5
    million;

(c) EBITDA from continuing operations GBP18.1 million (H1 05
    GBP18.0 million);

(d) operating loss in continuing operations reduced 75% to
    GBP5.8 million;

(e) free cash flow positive for fourth consecutive half year at
    GBP0.7 million;

(f) net debt GBP30.1 million. Net gearing 9%; and

(g) bank facility refinanced at GBP55 million on improved terms
    and conditions.

(h) sustained growth, with new customer contracts and expansion
    of existing customer relationships compensating for decline
    in carrier pre-select and legacy narrowband, dial-up
    Internet access;

(i) new corporate customer contracts include PA, GNER, Babcock
    International, SMG, EMAP Radio and Brewin Dolphin;

(j) new public sector customer contracts include British
    Waterways, Cheshire County Council, Manchester City Council
    and Rochdale Metropolitan Borough Council;

(k) Demon U.K. broadband customers exceed 100,000, up 44% year
    on year;

(l) 20 service innovations and product enhancements, including
    SIP interconnect enabling carrier class IP telephony;

(m) THUS service solution for GCap Media wins "Communication in
    Business Most Innovative Networking Project"; and

(n) THUS wins "Service Provider Channel Program" at Channel
    Network Awards.

             Report of Chief Executive William Allan

During the first half, THUS has continued to grow and generate
cash, with a sharp reduction in operating losses.

Our early investment in a "next generation network" coupled to
our continued focus on service, quality and innovation have
enabled us to maintain a good rate of growth in new customer
contracts, particularly for IP MPLS enabled services, and
continued expansion of business with existing customers.

The U.K. telecommunication market is undergoing a fundamental
change from investment in new networks and service capability,
and industry consolidation.  We believe these changes will
benefit the industry and our customers in the longer term but, in
the shorter term, we expect aggressive pricing to continue
throughout this year.

In addition to organic growth, we confirm our intent to explore
and capitalize on opportunities from industry consolidation but
only if these opportunities create value for our shareholders and
accelerate our business plan to generate a return on capital
employed.

While we believe market conditions will remain challenging, we
expect to continue to grow and to generate positive free cash
flow for the second half and the full year.

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

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


UPWOOD NO.2: Calls in Liquidator from KPMG
------------------------------------------
Sagamore Limited, a member of Company Upwood No.2 Limited,
informs that the special and ordinary resolutions to wind up the
company were passed at a general meeting 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


WINGMEAD SECURITIES: Names Gallagher & Co. Liquidator
-----------------------------------------------------
P. Aaronberg, the director of Wingmead Securities Ltd., informs
that the special resolution to wind up the company was passed at
an EGM held on Nov. 8 at 3rd Floor, Suite C, 44 George Street,
London W1U 7DU.  Robert Stephen Palmer was appointed liquidator.

CONTACT:  GALLAGHER & CO
          PO Box 698
          Titchfield House
          69/85 Tabernacle Street
          London EC2A 4RR
          Phone: 020 7490 7774
          Fax: 020 7490 5354
          E-mail: robert@gallaghers.co.uk


WM MORRISON: Sells Safeway Store for GBP17 Mln
----------------------------------------------
Wm Morrison Supermarkets plc has exchanged contracts with
Waitrose Limited to sell the Safeway store at Biggin Hill.

The value of the gross assets attributable to the store is
GBP17,272,492.  Completion will take place on 28 January 2006.
Until then, the store will continue to trade as usual.

All staff will transfer to the new owners on completion.

                        About the Company

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

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

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

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

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


WOMANKIND LTD.: Owners Opt for Liquidation
------------------------------------------
T. M. Maiden, chairman of Womankind Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 1 at Horwath Clark Whitehill (Yorkshire) LLP, North Lane
House, 9B North Lane, Headingley, Leeds, West Yorkshire LS6 3HG.

Mark N. Ranson of Horwath Clark Whitehill (Yorkshire) LLP, North
Lane House, 9b North Lane, Headingley, Leeds, West Yorkshire LS6
3HG was appointed liquidator.

CONTACT:  WOMANKIND LIMITED
          62 Hillside Court, Leeds
          West Yorkshire, LS7 4NJ
          Phone: 07855 390814

          HORWATH CLARK WHITEHILL (YORKSHIRE) LLP
          North Lane House, 9B North Lane,
          Headingley, Leeds LS6 3HG
          Phone: 0113 274 0404
          Fax: 0113 274 3780
          Web site: http://www.horwathcw.com


                            *********


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
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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