TCREUR_Public/051124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, November 24, 2005, Vol. 6, No. 233

                            Headlines

B E L G I U M

AGFA-GEVAERT N.V.: Q3 Net Losses Reach EUR108 Million


B U L G A R I A

KREMIKOVTZI CORPORATION: Appeals Court Upholds Insolvency
STOMANA AD: To Open New Steel Mill in 2007


D E N M A R K

LEGO GROUP: Canadian Court Dismisses Appeal on Mega Block Case


G E R M A N Y

AUTOHAUS RAMS: Bonn Company Goes Bust
DORMOOLEN GMBH: Creditors Meeting Set January
FMA INSTITUT: Proofs of Claim Due Next Month
GATECONNECT TECHNOLOGIES: Court to Verify Claims February
HEINZ THUEER: Dortmund Firm Falls into Bankruptcy

INTELLISEND GMBH: Court Calls in Administrator from Kuebler
KARL HAUG: Stuttgart Court Appoints Administrator
KOWA IMPORT: Under Bankruptcy Administration
LERCH GMBH: Creditors' Claims Due December
STEKLARNA ROGASKA: Creditors Okay Restructuring Plan

SY.DUK: Frankfurt Court Names Administrator
VOLKSWAGEN AG: Restates Strategy to Revamp China Operations
W. THOSPANN: Bueckeburg Business Succumbs to Bankruptcy


I R E L A N D

CHORUS: Restructuring Trims down Debt, Operating Loss
CNG TRAVEL: Negotiations with Unnamed Buyer Falls Through


I T A L Y

RENO DE MEDICI: S&P Wary of Refinancing Risks; Mulls Downgrade
VIAGGI VENTAGLIO: Controlling Family Selling Stake, Reports Say


K Y R G Y Z S T A N

ADM-TABAK: Gives Creditors Until January to File Claims
AK-JOL: Declares Insolvency
ELLORA LTD.: Creditors' Claims Due Early Next Year
GARSIET LTD.: Declared Insolvent
MONEE-KYRGYZIA: Deadline for Proofs of Claim January 10

REAL LINE: Sets Proofs of Claim Deadline
TATA: Temporary Insolvency Manager Steps in
TEHSERVICE KYZYL-SUU: Bankruptcy Supervision Begins


L I T H U A N I A

MAZEIKIU NAFTA: Fitch Welcomes Breakup with Yukos


L U X E M B O U R G

STOLT-NIELSEN: To List Marine Harvest on Oslo Bourse Next Year


N E T H E R L A N D S

KRAL: Assets Sold to Royal KPN
ROYAL SHELL: Buys back 1,500,000 'A' Shares


P O L A N D

CENTROZAP S.A.: Treasury Gives Green Light to Debt Conversion
ELEKTRIM SA: Squabble with ET Over PTC Continues
STOCZNIA SZCZECINSKA: Expects Result to be in Black this Year


R U S S I A

AGRO-STROY-SERVICE: Under Bankruptcy Supervision
AMBER: Kaliningrad Court Appoints Insolvency Manager
BRICKWORKS: Temporary Insolvency Manager Takes over helm
CHAPLYGIN-VOD-STROY: Declared Insolvent
FINANCIAL-INDUSTRIAL GROUP: Succumbs to Bankruptcy

GIFTS OF OCEAN: Bankruptcy Hearing Set Next Year
NIVA: Insolvency Manager Takes over firm
OSTROVSKOYE: Bankruptcy Hearing Resumes December
TROLLEYBUS FACTORY: Bankruptcy Proceedings Begin
YUKOS OIL: Arbitration Court Upholds 2001 Tax Bill
ZANGAS: Declared Insolvent


S L O V E N I A

STEKLARNA ROGASKA: Creditors Okay Restructuring Plan


U K R A I N E

AGROFIRM LAN: Sumi Court Opens Bankruptcy Proceedings
ATLAS WARD: Construction Firm Goes Bankrupt
DEMETRA: Under Bankruptcy Supervision
DNIPRO: Bankruptcy Proceedings Begin
DNIPRODZERZHINSKMISKSVILO: Declared Insolvent
STROMACEMENT: Court Grants Debt Moratorium
SUMSKIJ RAJAGROBUD: Goes into Liquidation


U N I T E D   K I N G D O M

ALBION GOLF: Hires Administrator from Milsted Langdon
ALDERMAN SHELDRAKE: Creditors' Claims Due Next Month
ASHA-TECH (UK): Files for Liquidation
ASHTEAD HOLDINGS: Loan Facilities Get Ba3 Rating from Moody's
ASSOCIATED BUILDING: Construction Firm Hires Administrator

BARNCLUB LTD.: Falls into Liquidation
BHPM COMPANY: Names Begbies Traynor Liquidator
BRIDE INVESTMENTS: PwC Liquidators Enter Firm
BRODOCK LIMITED: Creditors Meeting Set Friday
COINCRETE LIMITED: Creditors Meeting Today

COMPLICITY (UK): Hires Administrator from Begbies Traynor
COUNTRY STYLE: Names Cowgill Holloway Administrator
DJC HOLDINGS: HBOS Plc Calls in Deloitte & Touche Receiver
EUNETICS LTD.: Wilson Field Liquidator Enters firm
GREEKORAMA TRAVEL: EGM Passes Winding-up Resolution

I C EYE: Liquidator from Redman Nichols Moves in
JORDISON PRINT: Appoints Joint Liquidators
KMB CONSTRUCTION: Owners Opt to Wind up Business
LES WILSON: HBOS Appoints Receivers
MARLOW ROPES: In Administrative Receivership

MERLIN PUBLICITY: Creditors Meeting Set Today
NEW CENTURY: Files for Liquidation
NORYL HOLDINGS: Begbies Traynor to Liquidate Business
PARKER BOX: Appoints Administrator
PATIENTLINE PLC: Loss Lower by GBP0.5 Million Under IFRS

PREMIER STYLE: Hires KPMG Administrator
PRIMARY IMAGE: Creditors Meeting Set Next Week
ROBERT LEE: Sets Creditors Meeting Today
ROGERSONS DEVELOPMENTS: HSBC Bank Brings in Receiver
ROPE COMPANY: Administrators from Kroll Limited Enter Firm

SEA CONTAINERS: Disposing of Shares in Orient-Express Hotels
SR GENT: Fashion Supplier Applies for Receivership
STEP OUT: Falls into Liquidation
SU-DO PROFESSIONAL: Beauty Shop Calls in Administrator
SUPERSCREEN TVS: EGM Passes Winding-up Resolution
YIELDMOON LIMITED: Real Estate Agency Contacts Administrator


                            *********


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


AGFA-GEVAERT N.V.: Q3 Net Losses Reach EUR108 Million
-----------------------------------------------------
Agfa-Gevaert N.V.'s Graphic Systems posted continued volume
growth in the third quarter while its results were affected by
persistent high raw material costs and price erosion.
HealthCare's third quarter was characterized by weak trading
conditions for its traditional film products, while price erosion
slowed down compared to the previous quarters of the year.  The
Group's results were also affected by a provision and the
reversal of deferred tax assets in relation to the insolvency of
AgfaPhoto.

Marc Olivie, Agfa's President and CEO, said: "Third-quarter
results were affected by the insolvency of AgfaPhoto, a group
fully independent from Agfa.  By setting up a provision and
reversing tax assets, we believe that we have put this behind us
and that we can concentrate on our core businesses.  Both Graphic
Systems and HealthCare expect to have a strong fourth quarter and
we can confirm our outlook for the year."

                      Third-quarter Results

As a result of portfolio changes, particularly the divestiture of
Consumer Imaging, comparisons with 2004 are more relevant for the
business groups, Graphic Systems and HealthCare, than for the
Agfa-Gevaert Group as a whole.

Agfa's sales amounted to EUR797 million in the third quarter of
2005, a decrease of 16.4% compared to the 2004 third-quarter
sales of EUR953 million.  Excluding currency effects and
acquisitions and divestitures, sales decreased by 2.6%.  The main
reasons are price erosion and the weak trading conditions for
HealthCare's traditional film products.

Gross profit decreased from EUR373 million in the third quarter
of 2004 to EUR273 million.  The gross profit margin was 34.3%
(39.1% in the third quarter of 2004).  Agfa's profitability
especially in Graphic Systems continued to be affected by high
raw material prices recently compounded by the rise of the
dollar.  Price erosion also had a considerable impact, although
both Graphic Systems and HealthCare saw an improvement compared
to previous quarters.

Sales and general administration costs (SG&A) amounted to EUR193
million, or 24.2% of sales.  Quarter sequentially, SG&A expenses
decreased by EUR18 million, thus illustrating Agfa's success in
its efforts to lower costs.

Agfa's R&D expenses were EUR48 million, or 6.0% of sales,
compared to EUR48 million or 5.0% of sales in the third quarter
of 2004.

Other operating items were plus EUR6 million.  The operating
result before restructuring charges and non-recurrent items
amounted to EUR38 million.

                     Insolvency of AgfaPhoto

Agfa divested its Consumer Imaging activities in November, 2004
to the AgfaPhoto Group (AP).  The latter's operating entity filed
for insolvency in May, 2005 and its receiver recently decided to
liquidate the group.

Although AP is fully independent from Agfa-Gevaert, its
liquidation is indirectly affecting Agfa.  In particular, Agfa
will have to bear certain environmental and clean up costs,
related to its past ownership, earlier than planned while the
deferred tax assets set up at the time of the divestiture, will
be used later than anticipated.  To correctly reflect this in its
financial statements and to cover possible other claims and
costs, a provision of 55 million euro was set up and 54 million
euro of deferred assets was reversed.

After taking into account the provision due to the AgfaPhoto
insolvency and restructuring charges of EUR19 million, the
operating result was -EUR36 million.

The non-operating result, which includes the financial charges,
amounted to -EUR16 million compared to -EUR15 million in the
third quarter of 2004.

Profit before taxes amounted to -EUR52 million, compared to EUR35
million in the third quarter of 2004.  Income taxes were EUR56
million, and were affected by the reversal of EUR54 million
deferred tax assets set up for the Consumer Imaging divestiture.
The net loss reached EUR108 million or 85 eurocents per share,
compared to a profit of EUR23 million or 19 eurocents per share
in the third quarter of 2004.

                            Cash Flow

The net operating cash flow after changes in working capital,
amounted to EUR55 million.

                          Balance Sheet

At the end of September 2005, total assets amounted to EUR4,010
million, compared to EUR3,356 million at the end of 2004.  The
increase is primarily due to the consolidation of GWI and
Heartlab which Agfa acquired in 2005.

Inventories amounted to EUR660 million and days of inventories
stood at 116 in September 2005, compared to 119 in September
2004.  Trade receivables stood at EUR813 million or 92 days and
trade payables at EUR368 million or 64 days.

The Group will continue its efforts to lower its working capital
by bringing down days of inventories to 100 and days of trade
receivables to 70.

Net financial debt stood at EUR745 million at the end of the
quarter, a decrease of EUR63 million against the second quarter
but an increase from EUR193 million at the end of December 2004.
This increase is mainly due to the payment of EUR361 million for
acquisitions; the seasonality of working capital; the payment of
the yearly dividend (EUR76 million); and the phase out of the
securitization of receivables (EUR61 million).

                         Business Groups

Graphic Systems' sales amounted to EUR422 million, an increase of
3.9% compared to the third quarter of 2004 (EUR406 million).
Excluding currency fluctuations, acquisitions and divestitures,
sales increased by 3.2% as a result of continued high volume
growth and less price erosion.

The EBITDA before restructuring and non-recurring items decreased
from EUR40.7 million in the third quarter of 2004 to EUR33.4
million or 7.9% of sales.

Graphic Systems' operating result was EUR7.3 million, or 1.7% of
sales, compared to EUR22.8 million in the third quarter of 2004.
The business group's profitability continued to be affected by
high raw material costs and by price erosion.  New price
increases will be announced next month.

Graphic Systems continued to expand its prepress portfolio with
the launch of :Avalon, a new line of thermal platesetters for
commercial printers.  The workflow management software :ApogeeX
was extended with new proofing and output capabilities.

Contracts for prepress systems were signed with a broad range of
commercial printers around the world, including BDF Printing
(China), The Wyndeham Press Group (U.K.), and Winthrop Printing
(U.S.).  In newspapers, Webprint Concepts (Ireland) chose Agfa to
supply the complete prepress system for its new state-of-the-art
site.  Furthermore, a five-year strategic alliance with the New
York Times Company made Agfa the preferred supplier of workflow
solutions and violet computer-to-plate equipment for all of The
New York Times Company's newspapers, including The New York Times
and The International Herald Tribune.  The agreement is an
expansion of a previous three-year alliance on consumables.  The
first systems purchased are a complete workflow system and 20
violet computer-to-plate systems.

Agfa exceeded its sales expectations at Print '05, the North
American printing industry's main trade event held in Chicago
every four years.  It sold more than one hundred new digital
systems, including platesetters, software, large-format inkjet
printers, an inkjet press and consumables.

In the third quarter, sales of large-format inkjet printers have
exceeded those of previous quarters.  In addition, in the past
months, fifteen orders were taken for the M-Press hybrid UV
inkjet press, co-developed with Thieme for the printing of
posters, billboards, point-of-sales displays and panels.

Both :Sublima screening technology and the :Azura printing plate
reached milestones.  :Sublima, which has now also been added into
Agfa's workflow software :ApogeeX, and been expanded to
third-party computer-to-plate engines, drew its 1,000th customer.
Less than a year since its release, :Azura has become the
best-selling chemistry-free printing plate, used by over 300
printers worldwide.

HealthCare's sales amounted to EUR334 million in the third
quarter of 2005 compared to EUR331 million in the same period of
2004.  Excluding currency fluctuations and recent acquisitions,
HealthCare reported a decrease in sales of 11.2% due to a faster
than anticipated decline in traditional film products which is
not yet compensated by an equivalent increase in IT solutions.
Price erosion also continued to affect sales, although the
business group saw less pricing pressure in the third quarter.

The business group's EBITDA before restructuring and
non-recurring items decreased 46.2% from EUR72.9 million in the
third quarter of 2004 to EUR39.2 million, or 11.7% of sales.

The operating result amounted to EUR12.2 million (EUR46.8 million
in the third quarter of 2004) and the return on sales was 3.7%
compared to 14.1%.  The main reasons for the decrease were the
more pronounced seasonality of the recently acquired IT
businesses, the decline of the traditional film and print
business, primarily in the U.S., and price erosion.

In the third quarter HealthCare continued to expand its product
portfolio in line with its strategy.  Only months after the
acquisition of the American company Heartlab, HealthCare was able
to launch a new breakthrough cardiology portfolio, including Agfa
Heartlab Cardiovascular -- the industry's first fully Web-based
cardiovascular information system.

In the field of radiology, HealthCare launched a highly
innovative DX-S, a new Computed Radiography (CR) solution.
Thanks to the integration of proprietary breakthrough
technologies, DX-S provides a level of image quality, speed and
flexibility that significantly exceeds that which is currently
available in the CR market place.

In September Agfa announced that it had been selected by
Accenture to provide PACS and CR solutions to the North East and
East hospital clusters in England as part of Accenture's work for
the National Health Service's prestigious Connecting for Health
program.  The North East and East clusters, two of the five NHS
regional clusters, encompass 30 trusts.  NORTH Network, Canada's
most comprehensive video conference-based telemedicine network,
selected IMPAX for its users throughout the province of Ontario.
The National Taiwan University Medical Center contracted Agfa to
install a RIS (Radiology Information System)/PACS solution and
the Agfa Heartlab Cardiovascular solution at its teaching
hospital which is the most renowned medical center in Taiwan.

In enterprise-wide IT, Agfa reinforced its leading position by
winning significant contracts with hospitals in the
German-speaking region for the ORBIS/IMPAX hospital-wide
healthcare IT suite, developed by GWI and installed in over 600
hospitals and clinics in Germany.  In addition, this week Agfa
launched ORBIS International for France, Benelux and Italy.
Pilot sites have already been signed for France and Belgium.

Specialty Products mainly comprises motion picture film,
microfilm, film for non-destructive testing and complete systems
for the production of high security identification cards.
Specialty Products' sales of the third quarter of 2005 amounted
to EUR41 million and its operating result was -EUR55.7 million,
including the provision of EUR55 million related to the
insolvency of AgfaPhoto.

In October Agfa announced that it will provide the French company
Thales Security Systems with a complete sub-system for the
production of about 20 million e-ID cards for the Moroccan
population.

                    Results After Nine Months

Due to the portfolio changes Agfa's sales decreased 15.3% from
EUR2,827 million in the first nine months of 2004 to EUR2,395
million.  Excluding the effects of currency fluctuations and of
the divestitures and acquisitions, the decrease was 1.5%.

The Group's gross profit decreased from EUR1,155 million in the
first nine months of 2004 to EUR873 million.  The gross profit
margin was 36.5%, and was mainly affected by high raw material
costs and price erosion.

The Group's operating result amounted to EUR54 million, or 2.3%
of sales and was also affected by a EUR55 million provision
related to the insolvency of AgfaPhoto.

The Group's non-operating result amounted to -EUR10 million (
-EUR41 million in the first nine months of 2004).

Profit before taxes amounted to EUR44 million.  The Group
reversed deferred tax assets in relation to the AgfaPhoto
insolvency as a result of which taxes amounted to EUR101 million.

The net loss was EUR57 million or minus 45 eurocents per share,
compared to a net loss of EUR212 million or minus 168 eurocents
per share in the same period of 2004.

Graphic Systems reported a sales increase of 5.2% to EUR1,268
million.  Organic growth was 2.2%, driven by the strong volumes
in digital printing plates and the successful efforts to reduce
price erosion.

Graphic Systems' operating result decreased from EUR63.5 million
to EUR36.6 million and the return on sales was 2.9% compared to
5.3% in the first nine months of 2004.

As a result of the recent acquisitions HealthCare's sales
increased 1.9% to EUR998 million.  Excluding the effects of the
portfolio changes and of currency fluctuations, sales decreased
by 7.8%.  The main reasons were the decline of the traditional
film and print business, mainly in the U.S., and price erosion.

HealthCare's operating result amounted to EUR72.4 million,
compared to EUR136.9 million in the first nine months of 2004.
Return on sales was 7.3% (14.0% in the first nine months of
2004).

                             Outlook

Agfa confirms the 2005 outlook and expects a strong year-end.
Healthcare IT order intakes are solid and trading conditions in
the graphic industry remain positive.  Also, price pressure is
becoming less severe in both businesses and the cost saving
programs will yield additional results.  The implementation of
the transformation program to make the Graphic Systems and
HealthCare business groups operationally independent is
proceeding according to the accelerated schedule.

"We know we have the right strategy.  In this challenging
environment with high raw material prices and limited growth
opportunities in our traditional businesses, the growth of the
new areas, industrial inkjet and healthcare IT, becomes even more
important for our long term success," said Marc Olivie, Agfa's
President and CEO.  "We will therefore continue to reduce costs,
counter price erosion and we will adapt our structures and
business models to operate successfully in the changing markets
circumstances."

Consolidated Quarterly Key Figures Q3 2005 (*)

Euro million       Q3 '05   Q3 '04 % prev. year % prev. year(**)
Net sales            797       953      -16.4        -2.6
Graphic Systems      422       406       +3.9        +3.2
HealthCare           334       331       +0.9       -11.2
Specialty Products    41        31      +32.3       +19.4
Gross Profit         273       373      -26.8
Operating expenses  (309)     (323)      -4.3

o.w. restructuring / non-recurring expenses
                     (19)      (21)      -9.5
o.w. provisions related to AgfaPhoto
                     (55)       -        n.r.

Ebit(***) before restructuring/non-recurring expenses
                      38        71      -46.5
Operating result     (36)       50     -172.0
Graphic Systems        8        23      -65.2
HealthCare            12        47      -74.5
Specialty Products   (56)        0       n.r.
Non-operating result (****)
                     (16)      (15)      -6.7
Profit before taxes  (52)       35     -248.6
Taxes                (56)      (12)    +366.7
Net result (consolidated companies)
                    (108)       23     -569.6
Minorities & associated companies
                      -          -         -
Net result (share of the Group)
                    (108)       23    -569.6
Gross operating cash flow
                     (42)       55    -176.4
Net operating cash flow
                      55       119     -53.8%
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(*) non-audited, consolidated figures following IFRS/IAS
valuation rules.
(**) excl. currency effects and portfolio changes
(***)earnings before interests and taxes
(****) financial result
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

      Consolidated Key Figures After 3 Quarters in 2005 (*)

EUR m    9 months '05 9 months '04 % prev. year % prev. year(**)
Net sales    2,395       2,827          -15.3         -1.5
Graphic Systems
             1,268       1,205           +5.2         +2.2
HealthCare     998         979           +1.9         -7.8
Specialty Products
               129          95          +35.8        +17.9
Consumer Imaging
             - 548         n.r.           n.r.
Gross Profit   873       1,155          -24.4
Operating expenses
              (819)     (1,425)         -42.5
o.w. restructuring / non-recurring expenses
               (24)        (53)         -54.7
o.w. provisions related to AgfaPhoto
               (55)       (430)         -87.2
Ebit(***) before restructuring/non-recurring expenses
               133         213          -37.6
Operating result
                54        (270)        +120.0
Graphic Systems 37          64          -42.2
HealthCare      72         137          -47.4
Specialty Products
               (55)          9         -711.1
Consumer Imaging -        (480)          n.r.
Non-operating result (****)
               (10)        (41)         +75.6
Profit before taxes
                44        (311)        +114.1
Taxes         (101)         99         -202.0
Net result (consolidated companies)
               (57)       (212)         +73.1
Minorities & associated companies
                 -          -             -
Net result (share of the Group)
               (57)       (212)         +73.1
Gross operating cash flow
                45         205          -78.0
Net operating cash flow
               (18)        180         -110.0

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(*) non-audited, consolidated figures following IFRS/IAS
valuation rules.
(**) excl. currency effects and portfolio changes
(***)earnings before interests and taxes
(****) financial result
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                   Consolidated Balance Sheet

Balance Sheet
(Euro million) Sept. 30, 2005 Dec. 31, 2004 Sept. 30, 2004
Total assets       4,010          3,356          3,702
Inventories          660            576            872
Trade Receivables    813            744            874
Net Financial Debt   745            193            372
Shareholders Equity  981          1,082          1,065

In Eurocents      Earnings  Operating  Weighted    Outstanding
                  per share profit     number      shares
                            per share  of shares   per end
                                       used for    of September
                                       calculation

After 9 months in 2005  (45)   43      125,874,758 124,940,270
After 9 months in 2004 (168) (214)     126,000,210 126,008,200

CONTACT:  AGFA-GEVAERT N.V.
          Nancy Glynn
          Vice President Communication
          Septestraat 27
          2640 Mortsel - Belgium
          Phone:+32 (0) 3/444 8000
          Fax:+32 (0) 3/444 7485
          E-mail: nancy.glynn@agfa.com
          Web site: http://www.agfa.com/


===============
B U L G A R I A
===============


KREMIKOVTZI CORPORATION: Appeals Court Upholds Insolvency
---------------------------------------------------------
The Sofia City Appellate Court has affirmed the ruling of a lower
court declaring steelmaker Kremikovtzi insolvent, Dnevnik a.m.
says.  It likewise named a trustee to protect the interest of
Pepo Petar Rizov, who filed the insolvency petition to recover
over BGL1 million in debt.  Both parties had agreed to settle the
dispute, but the creditor reopened the case after Kremikovtzi
paid only BGL100,000.

CONTACT:  KREMIKOVTZI CORPORATION
          kv. Botunetz
          1870 Sofia, Bulgaria
          Fax: + 359 2 987 98 06
          E-mail: info@kremikovtzi.com
          Web site: http://www.kremikovtzi.com


STOMANA AD: To Open New Steel Mill in 2007
------------------------------------------
Steelmaker Stomana AD plans to expand its market share to 60%.
To achieve this, it will open a new production site in 2007 to
boost annual capacity by 500,000 tons, Dnevnik a.m. says.

The Pernik-based group currently produces 800,000 tons of
unprocessed steel and 300,000 tons of sheet metal annually and
controls 40% of the market.  It will invest EUR40 million on the
new site and acquire new equipment.

In July, the Regional Court in Pernik declared Stomana bankrupt
and stripped management of powers to liquidate assets.  The
Agency for Government Claims sought its insolvency after failing
to satisfy liabilities to the state, despite implementing a
court-approved rescue plan.  The court also reappointed Violeta
Manolova receiver on July 12.

Stomana is a leading steel manufacturer in Bulgaria, along with
Promet Steel and Kremikovtzi.  It has been a player in the Balkan
and international markets for more than 50 years now.  It
produces a wide range of products, including heavy plate,
merchant bars, grinding balls and sections, as well as
semi-finished products.

CONTACT:  STOMANA INDUSTRY S.A.
          1, Vladaisko Vastanie Str.
          2304 Pernik
          Bulgaria
          Phone: +359 - 76 - 68 10 13
          Fax: +359 - 76 - 68 19 51
          E-mail: contact@stomana.bg
          Web site: http://www.stomana.bg


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D E N M A R K
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LEGO GROUP: Canadian Court Dismisses Appeal on Mega Block Case
--------------------------------------------------------------
The Supreme Court of Canada has issued a judgment dated November
17, 2005 dismissing an appeal by the LEGO Group in an action
against Montreal-based Mega Bloks Inc.  The action was a claim
that Mega Bloks was passing off its micro brick products as those
of the LEGO Group.  The appeal was heard by the Supreme Court in
Ottawa in March this year.  The lower court's decision of May
2002, which was upheld by the Canadian Federal Court of Appeal in
July 2003, in a two/one split decision held that the sale of Mega
Bloks' micro brick products on the Canadian market is not a
violation of Canadian law despite a clear finding that Mega Bloks
' imitation of LEGO(R) bricks resulted in confusion among
Canadian consumers and that the LEGO Group has suffered damaged.

Poul Hartvig Nielsen, general counsel of the LEGO Group, says
about the judgment: "The LEGO Group remains committed to the
belief that the public interest is best served by honest
competition and is not served by unfair competition that relies
on copying to confuse the public.  LEGO products have enjoyed the
confidence of Canadians for generations, and the LEGO Group
expects to continue to grow its business in Canada as well as
throughout the world, by reason of its emphasis on imaginative
toy construction products of exceptional and enduring quality."

                            *   *   *

The LEGO Group is a privately held, family-owned company, based
in Billund, Denmark.  It was founded in 1932, employing
approximately 7,400 worldwide.  LEGO Holding A/S is the parent of
both the Danish and the Swiss parts of the Group.  In July, it
sold four of its family theme parks in England, Germany,
California and Denmark to The Blackstone Group for EUR375 million
to consolidate its business.

Lego is implementing an Action Plan launched in 2004 to mitigate
a serious earnings crisis in the company.  The plan envisages a
leaner but financially stronger and more focused group.  Lego had
total assets of DKK8,089 million in 2004.

CONTACT:  LEGO GROUP
          Charlotte Simonsen, Head of Corporate Communications
          Jorgen Vig Knudstorp, CEO
          Phone: +(45) 79 50 65 79
          Web site: http://www.lego.com/


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


AUTOHAUS RAMS: Bonn Company Goes Bust
-------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Autohaus Rams und Nitsche GmbH on November 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 20, 2005 to register their
claims with court-appointed provisional administrator Markus
Lehmkuehler.

Creditors and other interested parties are encouraged to attend
the meeting on January 27, 2006, 9:30 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AUTOHAUS RAMS UND NITSCHE GmbH
          Grafenhohner Strasse 55 E, 53639 Konigswinter
          Contact:
          Manfred F. Nitsche, Manager
          Lauterbachstrasse 51 A, 53639 Konigswinter

          Markus Lehmkuehler, Administrator
          Wilhelmstr. 40, 53111 Bonn
          Phone: 0228/92 66 60
          Fax: 92 66 699


DORMOOLEN GMBH: Creditors Meeting Set January
---------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Dormoolen GmbH on November 2.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 30, 2005 to register their claims
with court-appointed provisional administrator Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting on January 25, 2006, 10:25 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  DORMOOLEN GmbH
          Kleiner Kielort 6-8, 20144 Hamburg
          Contact:
          Bernhard Mayer, Manager
          Dekan-Wenzl-Weg 41, 82111 Herrsching

          Joachim Buettner, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810


FMA INSTITUT: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against FMA Institut fuer Finanzmarktanalyse GmbH on November 9.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 20,
2005 to register their claims with court-appointed provisional
administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on January 20, 2006, 8:30 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, 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:  FMA INSTITUT FUER FINANZMARKTANALYSE GmbH
          Mecumstr. 30, 40225 Duesseldorf
          Contact:
          Juerg Buehler, Manager
          c/o Helmut Welzel

          Horst Piepenburg, Administrator
          Heinrich-Heine-Allee 20, 40213 Duesseldorf


GATECONNECT TECHNOLOGIES: Court to Verify Claims February
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against GateConnect Technologies GmbH on November 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 15, 2006
to register their claims with court-appointed provisional
administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 9:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 23,
2006, 9:05 a.m. at the same venue.

CONTACT:  GATECONNECT TECHNOLOGIES GmbH
          Ernst-Augustin-Strasse 15, 12489 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


HEINZ THUEER: Dortmund Firm Falls into Bankruptcy
-------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Heinz Thueer Aktiengesellschaft on November 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 3, 2006
to register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on February 3, 2006, 8:30 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:  HEINZ THUEER AKTIENGESELLSCHAFT
          Warendorfer Str. 12, 59075 Hamm
          Contact:
          Ulrich Thueer
          Overbergstr. 5, 59075 Hamm

          Dr. Petra Mork, Administrator
          Arndtstr. 28, 44135 Dortmund
          Phone: 0231-952063-0
          Fax: 0231-95206316


INTELLISEND GMBH: Court Calls in Administrator from Kuebler
-----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against intellisend GmbH on November 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 12, 2005 to register their
claims with court-appointed provisional administrator Dr. Bruno
Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 10:00 a.m. at the district court
of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  INTELLISEND GmbH
          Dr.-Wilhelm-Kuelz-Strasse 12 in 01796 Pirna

          Dr. Bruno Kuebler, Administrator
          Kuebler
          Loschwitzer Strasse 3, 01309 Dresden
          Web site: http://www.kuebler-gbr.de


KARL HAUG: Stuttgart Court Appoints Administrator
-------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Karl Haug GmbH on October 31.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 16, 2005 to register their claims
with court-appointed provisional administrator Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 10:00 a.m. at the district court
of Stuttgart, Hauffstr. 5 (Am Neckartor), Erdgeschoss, Saal 4, 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:  KARL HAUG GmbH
          Wiesenstr. 5, 70734 Fellbach

          Dr. Volker Viniol, Administrator
          Danneckerstr. 52, 70182 Stuttgart
          Phone: 0711/238890


KOWA IMPORT: Under Bankruptcy Administration
--------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against KOWA Import-Export GmbH on November 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 29, 2005 to register their
claims with court-appointed provisional administrator Dr. Jorg
Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 8:30 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  KOWA IMPORT-EXPORT GmbH
          Charlottenstrasse 49, 40210 Duesseldorf
          Contact:
          Minoru Hamaoka, Manager
          Bismarckstrasse 55, 40210 Duesseldorf
          Masahiro Hirayama, Manager
          Bahnstrasse 65, 40210 Duesseldorf

          Dr. Jorg Nerlich, Administrator
          Louise-Dumont-Str. 25, 40211 Duesseldorf


LERCH GMBH: Creditors' Claims Due December
------------------------------------------
The district court of Bueckeburg opened bankruptcy proceedings
against Lerch GmbH on November 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 14, 2005 to register their claims
with court-appointed provisional administrator Olaf Handschuh.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 10:00 a.m. at the district court
of Bueckeburg, Saal 504, Schulstr. 2, 31675 Bueckeburg, 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:  LERCH GmbH
          Breslauer Str. 29, 31655 Stadthagen
          Contact:
          Hubertus Lerch, Manager

          Olaf Handschuh, Administrator
          Mindener Str. 6, 31675 Bueckeburg
          Phone: 05722/1016
          Fax: 05722/1018


STEKLARNA ROGASKA: Creditors Okay Restructuring Plan
----------------------------------------------------
Creditors of Steklarna Rogaska D.D. have approved a motion to
seek bankruptcy protection for the company, opening the doors for
its restructuring, said Slovenia Business Week.

The glassworks biggest creditors have agreed to convert SIT2
billion (EUR8.3 million) of their claims into ownership shares.
Meanwhile, claims of other banks -- Nova Ljubljanska banka (NLB),
Nova Kreditna banka Maribor (NKBM), Banka Celje and SKB -- will
be paid later.

Administrator Tomaz Kos stressed the need to secure the company's
current operations by reducing costs and raising revenues.
Chairman Bojan Bevc said: "The formula is simple and I believe we
know it. We have a real opportunity to make it work."  He noted
the company's strategy would involve trimming operating costs,
sales promotion and job cuts.

Early this year, Steklarna Rogaska filed for bankruptcy
protection in a last-ditch effort to handle its poor financial
condition.  It had seen its debt rocket to SIT12.6 billion
(EUR52.6 million), including over SIT9 billion (EUR37.5 million)
of liabilities with banks.

Founded in 1927, Steklarna Rogaska manufactures and exports
glassware, which includes artware, ashtrays, barware/restaurant,
bowls, decanters, drinking glasses, giftware, jugs, stemware,
tableware, tumblers and vases.  It has an annual turnover of
US$30 million, and a workforce of 1,300.

CONTACT:  STEKLARNA ROGASKA D.D.
          Ulica Talcev 1
          3250 Rogaska Slatina
          Slovenia
          Phone: +386 3 81 80 170
          Fax: +386 3 81 80 326
          E-mail: info@stek-rogaska.si
          Web site: http://www.stek-rogaska.si


SY.DUK: Frankfurt Court Names Administrator
-------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Sy.DuK Systembau, Dammen und Klima GmbH on
November 7.  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 Anja Geske.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 9:40 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  SY.DUK SYSTEMBAU, DAMMEN UND KLIMA GmbH
          Gorlsdorfer Weg 27, 15306 Seelow

          Anja Geske, Administrator
          H.-Jensch-Str. 111, 15234 Frankfurt (Oder)


VOLKSWAGEN AG: Restates Strategy to Revamp China Operations
-----------------------------------------------------------
Volkswagen AG has reiterated its plans to revamp its China
division to become profitable by 2008, Die Welt reported.

Winfried Vahland, head of China operations, said the company
wants to cut production and marketing costs by 40%.  He added:
"We will save the money by turning every coin."

The company also eyes increasing the number of suppliers in
China, and using around EUR1 billion worth of China-made vehicle
parts at its sites in Europe and other countries by 2007.

Mr. Vahland also restated the company's September forecast of
zero profit at the region in 2005, following a half-year
operating loss of EUR23 million.  In 2004, the Chinese division
registered profits of EUR251 million.

Last month, Volkswagen lowered its production target in China to
only 900,000 units from 1.6 million a year until at least 2008.
The carmaker has also put its large-scale investment plans on
hold, and plans to strengthen the ties between its two joint
ventures, Shanghai Volkswagen and First Auto Works-Volkswagen.

Chief Executive Bernd Pischetsrieder has expressed concern over
Volkswagen's falling market share in China, which dropped to 17%
in August from around 50% a few years back.  The decline was
blamed on decreasing volumes and pricing with fixed losses.

Meanwhile, First Auto Works-Volkswagen targets to reduce costs by
CNY3 billion this year through outsourcing, and increasing
productivity, and the level of local content.  The venture booked
a CNY400 million loss in the first quarter of 2005.

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


W. THOSPANN: Bueckeburg Business Succumbs to Bankruptcy
-------------------------------------------------------
The district court of Bueckeburg opened bankruptcy proceedings
against W. Thospann & Siekmann GmbH on November 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 21, 2005 to
register their claims with court-appointed provisional
administrator Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on January 25, 2006, 10:00 a.m. at the district court
of Bueckeburg, Saal 504, Schulstr. 2, 31675 Bueckeburg, 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:  W. THOSPANN & SIEKMANN GmbH
          Contact:
          Matthias Hofrichter, Manager
          Zinngiesser Str. 1, 31787 Hameln

          Dr. jur. Rainer Eckert, Administrator
          Lister Str. 18, 30163 Hannover
          Phone: 0511/626287-0


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


CHORUS: Restructuring Trims down Debt, Operating Loss
-----------------------------------------------------
Cable television firm Chorus halved its operating loss for FY2004
after briefly falling into examinership.

Citing accounts just filed at the Companies Registration Office,
the Irish Examiner said the company posted an EUR8.6 million
operating loss in 2004, down from EUR16.1 million in 2003.

Chorus sought protection from creditors early last year after an
investment in a digital gateway for its television, Internet and
telephone services flopped.  A restructuring plan agreed with
lenders reduced administrative and operating cost and long-term
debt to EUR82 million from EUR141 million.  After emerging from
examinership in May 2004, the company went on to post EUR66.7
million in turnover, up from EUR64.2 million.

The company said: "The directors are confident that following
examinership the group is now positioned to deliver on its long
range plan."

Based in Limerick, Chorus is the second largest cable network and
the largest multi-channel, multi-point distribution system (MMDS)
operation in Ireland.  Through its workforce of 500 people, the
company provides services to over 200,000 customers nationwide.

CONTACT:  CHORUS
          Limerick Enterprise Development Park
          Roxboro Road
          Limerick
          Phone: 1890 417 888 (+353 61 272120)
          E-mail: info@chorus.ie
          Web site: http://www.chorus.ie


CNG TRAVEL: Negotiations with Unnamed Buyer Falls Through
---------------------------------------------------------
Directors of CNG Travel Group plc are working on a strategic
scheme after talks with a possible buyer collapsed, The Sunday
Business Post says.

Chief Executive PJ King confirmed that talks over an "informal
and unsolicited approach" received in July had ended.  "It was a
very early, tentative approach.  It was somebody having a poke
around," he said.

Mr. King did not name the buyer, but stressed it "wasn't anyone
related to the company" and was not an Irish party.  He only
noted the company's expansion strategy and that he "wouldn't rule
anything in or out."

CNG, which had already sold loss-making Places to Stay venture,
is trying to break even this year.  Since, listing on the
Alternative Investment Market in May last year, its shares have
lost 80% of their value.  The main reasons for this were the
profit warning in June and the exit of founder and former Chief
Executive Finbarr Power.  Losses for 2004 widened to EUR6 million
from over EUR2 million the previous year.

CONTACT:  CNG TRAVEL GROUP PLC
          2nd Floor, Heritage House
          Dundrum Office Park
          Dublin 14
          Ireland
          Phone: +353-1-296-3399
          Fax: +353-1-296-3526
          E-mail: info@cngtravel.com
          Web site: http://www.cngtravel.com


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


RENO DE MEDICI: S&P Wary of Refinancing Risks; Mulls Downgrade
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long- and
short-term corporate credit ratings on Italy-based carton board
manufacturer Reno De Medici S.p.A. on CreditWatch with negative
implications.

"The CreditWatch placement primarily reflects our concerns
related to the execution risks of the group's recently announced
refinancing plan," said Standard & Poor's credit analyst Barbara
Castellano. "In addition, persisting tough market conditions are
likely to prevent any material near-term improvement in RDM's
weak operating cash flows."

The refinancing plan for the group's EUR150 million senior
unsecured bond -- issued by subsidiary Reno De Medici
International S.A. and guaranteed by RDM -- of which EUR145
million is outstanding, includes several elements, including the
valorization of some real estate assets through their
proportional demerger from RDM into a newly established, separate
company, generating a EUR40 million credit receivable for RDM.
This will be followed by the stock market listing of the new
company, which will then pay the credit receivable to RDM.  A
further EUR60 million should come from a new bank loan, EUR15
million from asset sales, and the balance from existing cash.

Although net debt would materially decrease following the
refinancing, limited future liquidity resources remain a concern,
and the weak operating cash flows are not expected to contribute
meaningfully to debt reduction in the near term.

Standard & Poor's will closely follow the progress of the
refinancing plan and its implementation. RDM's board of directors
has scheduled a meeting before the end of December to approve the
final terms of the proposed demerger of the real estate assets.

"If the prospects for successful implementation of the
refinancing plan remain uncertain, we could lower the ratings by
more than one notch," said Ms. Castellano. "We will also evaluate
the group's operating performance and future liquidity position
before resolving the CreditWatch status."

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:  RENO DE MEDICI S.p.A.
          Via G. de Medici, 17
          20013 Pontenuovo di Magenta,
          Milano, Italy
          Phone: +39-029-7960-1
          Fax: +39-029-7960-245
          Web site: http://www.renodemedici.it


VIAGGI VENTAGLIO: Controlling Family Selling Stake, Reports Say
---------------------------------------------------------------
Buyers are lining up to get a piece of troubled tour operator I
Viaggi del Ventaglio, Il Sole 24 Ore says.  This after reports
came out that the Colombos family may sell its majority stake.

Interested buyers are investment fund Bain Capital and local
buyout specialist Synergo.  The Colombos family currently
controls 58% of Ventaglio while creditor banks UniCredit and
Banca Intesa hold 15% and 2% respectively.  The group is
currently holding exclusive sale talks with U.S. private equity
group Blackstone over holiday villages in Mexico and the
Dominican Republican.

Ventaglio posted EUR46.6 million in pre-tax losses in the first
nine months of its FY2005 ending July 31, up from last year's
EUR43.5 million.  The group ended 2004 with a net loss of
EUR36.256 million on revenues of EUR374.11 million.

CONTACT:  GRUPPO VENTAGLIO S.p.A.
          Via dei Gracchi,
          35 - 20146 Milano
          E-mail: ventaglio@ventaglio.com
          Web site: http://www.ventaglio.com


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


ADM-TABAK: Gives Creditors Until January to File Claims
-------------------------------------------------------
LLC ADM-Tabak, which recently became insolvent, will accept
proofs of claim at Osh, Yangi-Chek 52/27 until January 2, 2006.

CONTACT:  ADM-TABAK
          Osh, Yangi-Chek 52/27


AK-JOL: Declares Insolvency
---------------------------
OJSC Ak-Jol, declared insolvent on Oct. 25, will accept proofs of
claim at Djalal-Abad region, Toguztorouski district, Kazarman,
Kojalieva Str. until January 2, 2006

CONTACT:  AK-JOL
          Dalal-Abad region,
          Toguztorouski district, Kazarman,
          Kojalieva Str. 1


ELLORA LTD.: Creditors' Claims Due Early Next Year
--------------------------------------------------
LLC Ellora Ltd., which recently became insolvent, will accept
proofs of claim at Bishkek, Karasuiskaya Str. 71/2 until January
2, 2006.

CONTACT:  ELLORA LTD.
          Bishkek, Karasuiskaya Str. 71/2


GARSIET LTD.: Declared Insolvent
--------------------------------
LLC Garsiet Ltd., which recently became insolvent, will accept
proofs of claim until January 2, 2006.  Call (0-502) 52-74-96 for
more information.


MONEE-KYRGYZIA: Deadline for Proofs of Claim January 10
-------------------------------------------------------
LLC Monee-Kyrgyzia Limited, which recently became insolvent, will
accept proofs of claim until January 10, 2006.  Call (0-312)
90-13-38 for more information.


REAL LINE: Sets Proofs of Claim Deadline
----------------------------------------
LLC Real Line, which recently became insolvent, will accept
proofs of claim at Bishkek, Micro District Vostok 5, 12/70 until
January 2, 2006.

CONTACT:  REAL LINE
          Bishkek, Micro District Vostok 5, 12/70


TATA: Temporary Insolvency Manager Steps in
-------------------------------------------
The Inter-District Court of Bishkek commenced bankruptcy
supervision procedure on LLC Tata on August 18, 2005.  Mr. Almaz
Abdyvaliev has been appointed temporary insolvency manager.
Creditors will meet at Bishkek, Moskovskaya Str. 151 room 108 on
December 2, 2005 at 10:00 a.m.  Creditors must register with the
temporary insolvency manager seven days before the general
meeting.

CONTACT:  ALMAZ ABDYVALIEV
          Temporary Insolvency Manager
          Phone: (0-312) 21-67-25


TEHSERVICE KYZYL-SUU: Bankruptcy Supervision Begins
---------------------------------------------------
The Inter-District Court of Chui region commenced bankruptcy
supervision procedure on LLC Tehservice Kyzyl-Suu on October 11,
2005.  Mr. Sekishov Sainidin has been appointed temporary
insolvency manager.  Creditors will meet at Chui region, Kemin
district, Kyzyl-Suu, Local Government Building on November 30,
2005 at 10:00 a.m.

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

CONTACT:  SEKISHOV SAINIDIN
          Temporary Insolvency Manager
          Phone: (0-31-35) 3-82-33
                 (0-502) 11-21-31


=================
L I T H U A N I A
=================


MAZEIKIU NAFTA: Fitch Welcomes Breakup with Yukos
-------------------------------------------------
Fitch Ratings has said that the Baltic States' largest oil
refiner Mazeikiu Nafta AB's (MN) Senior Unsecured 'B+' and
Short-term 'B' ratings are likely to be changed following
disposal of a controlling stake in the company by Yukos Oil
Company, which is underway.  Fitch believes that the arrival of a
new investor, subject to its financial profile, may improve MN's
financial flexibility.

Arkadiusz Wicik, Associate Director in Fitch's European Energy,
Utilities & Project Finance team, said: "For example, the company
may use a significant part of the cash, which is currently kept
on MN's restricted account due to Yukos' distressed financial
condition."  Restricted cash (US$387 million at end- June 2005)
is required by banks issuing letters of credit for payment of
crude oil purchased by MN.

Bidders for Yukos' 53.7% stake in MN reportedly include a joint
venture of Russian oil major Lukoil, and U.S.' ConocoPhillips
(rated 'A-'), Russian-British consortium TNK-BP (rated 'BB+'),
Kazakhstan's gas and oil company KazMunaiGaz and Poland's largest
downstream oil company PKN Orlen (rated 'BBB').  Fitch
understands that the acquisition price is a major criterion for
the departing owner.

Some strategic decisions for MN, which have been put on hold
since the Yukos crisis, are likely to be taken by the new owner.
This includes two contemplated capital expenditure projects,
entering the petrochemicals business and bottom-of-the barrel
product reduction.  Contemplated buyers appear to recognize this
with, for instance, PKN's CEO indicating the Polish company plans
to pursue a capital expenditure programme worth US$1 billion
should it win the tender for Yukos' stake in MN.

It is likely that the disposal process will be lengthy and
complicated.  This is because of the legal issues surrounding the
ownership of Yukos' stake in MN and the likely involvement of the
Lithuanian government given MN's strategic importance to the
country.  In October 2005, Yukos' international assets held by
Dutch-based subsidiaries, including MN, were seized by a Dutch
court on behalf of Yukos' lending banks and Yuganskneftegaz, a
subsidiary of Russia's second largest oil company, Rosneft (rated
'BB+').

The Lithuanian government is likely to exercise its pre-emptive
rights over the Yukos stake in MN should the final bidder not be
acceptable to the government.  In that case the government aims
to purchase the stake from Yukos and re-sell it to a preferred
buyer, reportedly TNK-BP, at the bid price.  It remains to be
seen how this will influence pricing within the bidding process.
The government is likely to prefer bidders who are able to secure
crude oil supply to the MN refinery and its oil terminal.

Fitch understands that MN's strategically located transportation
assets (it is at the end of the oil pipeline) and its relatively
complex refinery (when compared to some Russian refineries) may
represent a good asset mix for a Russian oil company.  On the
other hand, market proximity may be a benefit for PKN, given that
MN is present on the Polish fuel market, especially in the North
East.

CONTACT:  MAZEIKIU NAFTA AB
          Juodeikiai, LT- 89467 Mazeikiai District
          Lithuania
          Phone: +370 443 9 21 21
          Fax: +370 443 9 25 25
          E-mail: post@nafta.lt

          Communication Department
          Phone: +370 443 9 26 08
          Fax: +370 443 9 25 79
          E-mail: info@nafta.lt

          FITCH RATINGS
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 338 6286
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986
          Andrew Steel, London
          Phone: +44 (0)20 7417 4086

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080
          Web site: http://www.fitchratings.com


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


STOLT-NIELSEN: To List Marine Harvest on Oslo Bourse Next Year
--------------------------------------------------------------
Stolt-Nielsen S.A. said on Wednesday that the Boards of Directors
of Stolt-Nielsen S.A. and Nutreco Holding N.V. have decided to
float Marine Harvest on the Oslo Stock Exchange.

The listing is expected to take place in the first half of 2006.
Depending on market conditions, subsequent to the approval of the
listing, SNSA and Nutreco plan to sell down a portion of their
shareholdings in Marine Harvest in an initial public offering.
The initial public offering is also subject to the approval by an
Extraordinary General Meeting of Nutreco Holding N.V. to be held
on December 16, 2005.

SNSA currently owns 25% of Marine Harvest and Nutreo, 75%.
Before the initial public offering, Marine Harvest intends to
replace its existing shareholder loans with external bank
financing.

The securities to be offered in the offering have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended (the Act), and may not be offered or sold in the United
States absent such registration or pursuant to an applicable
exemption from the registration requirements under the Act.

About Stolt-Nielsen S.A.

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

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

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


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


KRAL: Assets Sold to Royal KPN
------------------------------
Royal KPN N.V. is acquiring the inventory, fittings and lease
agreements of photo chain Kral from receivers.  Reports did not
disclose the purchase price, but it is in the region of "a few
million euros."

The acquisition will increase KPN's outlets in the Netherlands by
60; the shops will open before December.  KPN plans to convert
some of the outlets into combined multimedia, telephone and
Internet shops.

CONTACT:  ROYAL KPN N.V.
          Investor Relations
          P.O. Box 30000
          2500 GA The Hague
          The Netherlands
          Phone: +31 (0) 70 446 09 86
          Web site: http://www.kpn.com/


ROYAL SHELL: Buys back 1,500,000 'A' Shares
-------------------------------------------
On 22 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,150,000 'A' Shares at a price of EUR26.92 per
share.  It further purchased for cancellation 350,000 'A' Shares
at a price of 1,842.65 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,965,006,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February this year.  This led to
the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations.  Shell's proved
reserves stood at 10.2 billion barrels at the end of
2004.

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


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


CENTROZAP S.A.: Treasury Gives Green Light to Debt Conversion
-------------------------------------------------------------
The Treasury Ministry has agreed to convert Centrozap S.A.'s
PLN16.6 million of liabilities into company shares, Poland A.M.
reports.

This will make the state the largest shareholder of the bankrupt
metal company.  Ministry spokesperson Magdalena Nienaltowska
said: "The decision came from Krzysztof Zyndul (Treasury
Minister) who argued that this is the only way to regain funds."

In 2003, Centrozap's board decided to declare bankruptcy due to
tax liabilities of PLN118 million.  The company has managed to
pay PLN40 million of the amount and negotiate another PLN50
million.  Trouble began when Voest Alpine Industrieanlagenbau
withdrew a EUR4.3 million downpayment for a planned PLN120
million joint contract.

Last month, Financial Times said Centrozap is claiming
PLN100 million in damages against the tax office for causing its
bankruptcy.  The paper said the claim may increase to PLN140
million after two of its former employees, implicated in a VAT
scam, were cleared.

CONTACT:  CENTROZAP S.A.
          ul. Powstan'cow 34
          40-954
          Katowice
          Polska
          Phone: +48 32 2091177
          Fax: +48 32 2091324


ELEKTRIM SA: Squabble with ET Over PTC Continues
------------------------------------------------
Elektrim S.A. has blocked the new management of PTC from entering
the latter's headquarters after losing control of mobile telecom
firm Elektrim Telekomunikacja (ET), Interfax reports.

ET, backed by French Vivendi Universal, regained control of PTC
after the Polish Business Registration Court reversed a Vienna
arbitration court, which gave Elektrim and Deutsche Telekom 48%
of PTC.  Elektrim says the Polish court had no jurisdiction to
overrule the Austrian court, adding both sides had agreed to
settle the matter via arbitration.

ET President Philippe Houdouin argues the arbitration court does
not have the last say on the matter and its ruling does not apply
in Poland.

Elektrim acquired 15.8% of PTC from BRE Bank, Kulczyk Holding and
insurance company Warta about six years ago, increasing its
shareholding to 51%.  It later transferred 48% to ET despite
Deutsche Telekom's insistence of a right of first refusal.  The
entry of Vivendi Universal into the picture forced them to seek
arbitration.

Elektrim S.A. is a public holding company quoted on the Warsaw
Stock Exchange since 1992.  Its most valuable assets are Elektrim
Telekomunikacja Sp. z o.o., and Elektrownia Patnow-Adamow-Konin
S.A.  Since 1999 Elektrim has implemented a far-reaching
restructuring program to improve its operational efficiency and
strengthen its position in the market.  It plans to concentrate
in two industries -- telecommunications and power.   Recently, an
English court rejected its appeal of a local court decision
declaring it in breach of bond conditions.  A public court in
September ruled that its bonds were due since the beginning of
the year.  The company has more than EUR470 million in debt.

PTC owns Era, a leading mobile telephone operator.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public Relations
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor Relations
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


STOCZNIA SZCZECINSKA: Expects Result to be in Black this Year
-------------------------------------------------------------
Shipbuilder Stocznia Szczecinska Nowa Sp. z o.o. reiterates its
forecast of returning to profit this year, noting the recovery of
steel prices and the U.S. dollar.

The country's second largest shipbuilder expects to post a PLN1
million (US$320,000) net profit this year, notwithstanding a
PLN23 million first-half loss.  It ended last year in the red
with -PLN65 million.  The result this year will be boosted by
proceeds from the sale of 2.1 million shares in a subsidiary.

Created three years ago following the bankruptcy of Porta
Holding, the company is still in the middle of a restructuring.
It has managed to build nine vessels worth US$410 million this
year.  It has a contract to deliver nine additional ships next
year worth US$460 million.

CONTACT:  STOCZNIA SZCZECINSKA NOWA SP. Z O.O.
          ul.Hutnicza 1
          71-642 Szczecin
          Phone: (+48 91) 459 28 29
          Web site: http://www.ssn.pl/


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


AGRO-STROY-SERVICE: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company
Agro-Stroy-Service.  The case is docketed as A53-4138/2005-S2-7.
Mr. A. Gorbatov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 344022, Russia,
Rostov-na-Donu, Post User Box 3664.

CONTACT:  AGRO-STROY-SERVICE
          Russia, Rostov region,
          Belaya Kalitva, Gagarina Str. 51

          A. GORBATOV
          Temporary Insolvency Manager
          344022, Russia, Rostov-na-Donu,
          Post User Box 3664


AMBER: Kaliningrad Court Appoints Insolvency Manager
----------------------------------------------------
The Arbitration Court of Kaliningrad region has commenced
bankruptcy supervision procedure on industrial company Amber.
The case is docketed as A21-7626/2005.  Mr. A. Kasimov has been
appointed temporary insolvency manager.

CONTACT:  AMBER
          236039, Russia, Kaliningrad region,
          Transportnyj Tupik, 10

          A. KASIMOV
          Temporary Insolvency Manager
          236005, Russia, Kaliningrad region,
          Inzhenernaya Str. 2-19


BRICKWORKS: Temporary Insolvency Manager Takes over helm
--------------------------------------------------------
The Arbitration Court of Orenburg region has commenced bankruptcy
supervision procedure on industrial company Brickworks.  The case
is docketed as A47-8656/2205-14GK.  Mr. M. Enukashvili has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 191015, Russia, St-Petersburg,
Kavalergardskaya Str. 6.

CONTACT:  BRICKWORKS
          462351, Russia, Orenburg region,
          Novotroitsk, Zelenaya Str. 12

          M. ENUKASHVILI
          Temporary Insolvency Manager
          191015, Russia, St-Petersburg,
          Kavalergardskaya Str. 6


CHAPLYGIN-VOD-STROY: Declared Insolvent
---------------------------------------
The Arbitration Court of Lipetsk region commenced bankruptcy
proceedings against Chaplygin-Vod-Stroy after finding the open
joint stock company insolvent.  The case is docketed as
A36-906/2005.  Ms. L. Koptelina has been appointed insolvency
manager.  Creditors have until December 15, 2005 to submit their
proofs of claim to 129110, Russia, Moscow, M. Ekaterininskaya
Str. 17/21.

CONTACT:  CHAPLYGIN-VOD-STROY
          Russia, Lipetsk region,
          Chaplygin, Industrialnaya Str. 1

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


FINANCIAL-INDUSTRIAL GROUP: Succumbs to Bankruptcy
--------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Financial-Industrial Group City after finding
the limited liability company insolvent.  The case is docketed as
A50-6091/2005-B.  Mr. V. Tryakhov has been appointed insolvency
manager.  Creditors have until December 15, 2005 to submit their
proofs of claim to 614010, Russia, Perm, Post User Box 5198.

CONTACT:  FINANCIAL-INDUSTRIAL GROUP CITY
          Russia, Perm region,
          Berezniki, Metallistov Str. 10

          V. TRYAKHOV
          Insolvency Manager
          614010, Russia, Perm region,
          Post User Box 5198


GIFTS OF OCEAN: Bankruptcy Hearing Set Next Year
------------------------------------------------
The Arbitration Court of Kaliningrad region has commenced
bankruptcy supervision procedure on limited liability company
Gifts of Ocean.  The case is docketed as A21-7629/2005.  Mr. V.
Mukhin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 236029, Russia,
Kaliningrad, Baltiyskaya Str. 18-6.  A hearing will take place on
January 30, 2006, 11:00 a.m. at 236000, Russia, Kalinigrad,
Rokossovskogo Str. 2.

CONTACT:  GIFTS OF OCEAN
          236010, Russia, Kaliningrad region,
          Chapaeva Str. 32

          V. MUKHIN
          Temporary Insolvency Manager
          236029, Russia, Kaliningrad region,
          Baltiyskaya Str. 18-6


NIVA: Insolvency Manager Takes over firm
----------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on open joint stock company Niva.  The case
is docketed as A35-5227/05 "g".  Mr. V. Ivanov has been appointed
temporary insolvency manager.

CONTACT:  NIVA
          307141, Russia, Kursk region,
          Zheleznogorskiy region, Verkhnee Zhdanovo

          V. IVANOV
          Insolvency Manager
          191015, Russia, St-Petersburg,
          Kavalergardskaya Str. 6


OSTROVSKOYE: Bankruptcy Hearing Resumes December
------------------------------------------------
The Arbitration Court of Kostroma region has commenced bankruptcy
supervision procedure on open joint stock company Ostrovskoye.
The case is docketed as A31-7454/2005-12.  Mr. V. Cherkasov has
been appointed temporary insolvency manager.  A hearing will take
place on December 1, 2005, 9:50 a.m. at Russia, Kostroma, Shagova
Str. 20.

CONTACT:  OSTROVSKOYE
          157900, Russia, Kostroma region, Ostrovskiy region,
          Ostrovskoye, Sovetskaya Str. 48

          V. CHERKASOV
          Temporary Insolvency Manager
          157900, Russia, Kostroma region, Ostrovskiy region,
          Ostrovskoye, Sovetskaya Str. 48


TROLLEYBUS FACTORY: Bankruptcy Proceedings Begin
------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
external management procedure on OJSC Trolleybus Factory (TIN
6449003135).  The case is docketed as A-57-118B/05-12.  Mr. V.
Ershov has been appointed external insolvency manager.

Creditors may submit their proofs of claim to:

(a) TROLLEYBUS FACTORY
    413105, Russia, Saratov region, Engels

(b) EXTERNAL INSOLVENCY MANAGER
    413105, Russia, Saratov region, Engels

(c) ARBITRATION COURT OF SARATOV REGION
    410028, Russia, Saratov region,
    Babushkin Vvoz, 1


YUKOS OIL: Arbitration Court Upholds 2001 Tax Bill
--------------------------------------------------
The Moscow District Federal Arbitration Court on Tuesday rejected
a cassation appeal filed by Yukos Oil on a RUB115.3 billion (US$4
billion) tax bill for 2001, RIA Novosti says.

In September 2004, the Federal Tax Inspectorate billed Yukos
RUB119.9 billion (US$4.2 billion) in back taxes and RUB79.4
billion (US$2.7 billion) in penalties for 2001.  Yukos appealed
to the Moscow Arbitration Court, which rejected it but reduced
the tax claim to RUB115.4 billion.  In October, the Moscow
District Federal Arbitration Court also rejected an appeal by
Yukos to annul RUB39.113 billion of the fines.

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

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

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

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


ZANGAS: Declared Insolvent
--------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Zangas after finding the open joint stock company
insolvent.  The case is docketed as A40-10756/05-123-20B.  Mr. A.
Glagazin has been appointed insolvency manager.  Creditors have
until November 27, 2005 to submit their proofs of claim to
109028, Russia, Moscow, Post User Box 25.

CONTACT:  ZANGAS
          123557, Russia, Moscow,
          B. Tishinskiy Per. 38

          A. GLAGAZIN
          Insolvency Manager
          109028, Russia, Moscow,
          Post User Box 25


===============
S L O V E N I A
===============


STEKLARNA ROGASKA: Creditors Okay Restructuring Plan
----------------------------------------------------
Creditors of Steklarna Rogaska D.D. have agreed to restructure
the company's debt, Slovenia Business Week says.

The glasswork's biggest creditors have agreed to convert SKK2
billion (EUR8.3 million) of claims into equity and extend
payments on the debt to creditor banks Nova Ljubljanska banka
(NLB), Nova Kreditna banka Maribor (NKBM), Banka Celje and SKB.

"The formula is simple and I believe we know it.  We have a real
opportunity to make it work," Chairman Bojan Bevc said as he
announced the agreement.  He said the company will cut jobs and
operating cost and boost sales to exit bankruptcy.

Steklarna filed for bankruptcy protection early this year as debt
soared to SKK12.6 billion (EUR52.6 million), SKK9 billion
(EUR37.5 million) of which are owed to banks.   Founded in 1927,
the company manufactures and exports glassware like ashtrays,
bowls, decanters, drinking glasses, jugs, tumblers and vases.  It
has an annual turnover of US$30 million and a workforce of 1,300.

CONTACT:  STEKLARNA ROGASKA D.D.
          Ulica Talcev 1
          3250 Rogaska Slatina
          Slovenia
          Phone: +386 3 81 80 170
          Fax: +386 3 81 80 326
          E-mail: info@stek-rogaska.si
          Web site: http://www.stek-rogaska.si


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


AGROFIRM LAN: Sumi Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Agrofirm Lan (code EDRPOU 30841412) on
October 20, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/56-05.  Mr. Dmitro Kozin
(License Number AA 487785) has been appointed
liquidator/insolvency manager.

Creditors have until November 27, 2005 to submit their proofs of
claim to:

(a) AGROFIRM LAN
    42410, Ukraine, Sumi region,
    Krasnopillya district, Miropillya,
    Radyanska Str. 1

(b) DMITRO KOZIN
    Liquidator/Insolvency Manager
    40035, Ukraine, Sumi region,
    Internatsionalistiv Str. 5, Office 22

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


ATLAS WARD: Construction Firm Goes Bankrupt
-------------------------------------------
The economic court in Kyiv has opened bankruptcy proceedings
against Atlas Ward Building Systems Ukraine Ltd. (Zhytomyr),
Interfax says.  Anatoliy Dudarenko has been appointed
administrator.

Atlas Ward Building -- http://www.atlasward-ua.com/-- was
created in 1996 by the British construction firm Atlas Ward
Building Systems Holding and in 2002 it received assets and
investments from OJSC Atmashbud.  Today, the company is still
owned by the British firm, but no longer by Atmashbud.

Atlas Ward builds cladded steel structure buildings.  Its design
department is in Kiev.  It has a 57,000 sq. m. workshop for steel
structures in Zhytomir, which has a capacity of 1,000 tons a
month.  The company exports products to more than 20 countries.

CONTACT:  ATLAS WARD BUILDING SYSTEMS UKRAINE LTD.
          29, Zhylanska st office. 316
          01033 Kiev, Ukraine
          Phone/Fax: +38 044 2302129
                     +38 044 2302242
          E-mail: info@atlasward-ua.com


DEMETRA: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on LLC Demetra (code EDRPOU 30142887) on
September 8, 2005.  The case is docketed as 5/190-B-05.  Ms. Olga
Brusentseva (License Number AA 485248) has been appointed
temporary insolvency manager.  The company holds account number
26009750 at JSC Credit Bank, Herson branch, MFO 352413.

Creditors have until November 27, 2005 to submit their proofs of
claim to:

(a) DEMETRA
    Ukraine, Herson region,
    Chervonostudentska Str. 4/4

(b) OLGA BRUSENTSEVA
    Temporary Insolvency Manager
    Ukraine, Herson region,
    Perekopska Str. 203/33

(c) ECONOMIC COURT OF HERSON REGION
    73000, Ukraine, Herson region,
    Gorkij Str. 18


DNIPRO: Bankruptcy Proceedings Begin
------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Dnipro (code EDRPOU 30799083) after finding
the limited liability company insolvent.  The case is docketed as
10/58.  Mr. Anatolij Zayats (License Number AA 315461) has been
appointed liquidator/insolvency manager.  The company holds
account number 260071863 at JSPPB Aval, MFO 323538.

Creditors have until November 27, 2005 to submit their proofs of
claim to:

(a) DNIPRO
    27532, Ukraine, Kirovograd region,
    Svitlovodsk district, Pavlivka

(b) ANATOLIJ ZAYATS
    Liquidator/Insolvency Manager
    27532, Ukraine, Kirovograd region,
    Svitlovodsk, Nagirnij Lane, 3/125

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25022, Ukraine, Kirovograd region,
    Lunacharski Str. 29


DNIPRODZERZHINSKMISKSVILO: Declared Insolvent
---------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dniprodzerzhinskmisksvilo (code EDRPOU
03341606) on October 17, 2005 after finding the limited liability
company insolvent.  The case is docketed as B 29/183/05.  Mr.
Oleg Usachov (License Number AA 783106) has been appointed
liquidator/insolvency manager.

Creditors have until November 27, 2005 to submit their proofs of
claim to:

(a) DNIPRODZERZHINSKMISKSVILO
    51909, Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Respublikanska

(b) OLEG USACHOV
    Liquidator/Insolvency Manager
    51931, Ukraine, Dnipropetrovsk region,
    Sachko Str. 26/27

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


STROMACEMENT: Court Grants Debt Moratorium
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Stromacement (code EDRPOU 31426859)
on July 4, 2005 and ordered a moratorium on satisfaction of
creditors claims.  The case is docketed as 15/116 B.
Mr. Gartenko Vitalij (License Number 216969) has been appointed
temporary insolvency manager.  The company holds account number
26003000243001 at CB Nadra, Makiyivka branch, MFO 335355.

Creditors have until November 27, 2005 to submit their proofs of
claim to:

(a) STROMACEMENT
    86157, Ukraine, Donetsk region,
    Makiyivka, Dzerzhinskij Str. 22/28

(b) GARTENKO VITALIJ
    Temporary Insolvency Manager
    83048, Ukraine, Donetsk region,
    Artema Str. 104a/74

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


SUMSKIJ RAJAGROBUD: Goes into Liquidation
-----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Sumskij Rajagrobud (code EDRPOU 30954203) on
October 20, 2005 after finding the limited liability company
insolvent.  The case is docketed as 12/23-05.  Mr. Dmitro Kozin
(License Number AA 487785) has been appointed
liquidator/insolvency manager.

Creditors have until November 27, 2005 to submit their proofs of
claim to:

(a) SUMSKIJ RAJAGROBUD
    40009, Ukraine, Sumi region,
    Bilopilskij shlyah Str. 13

(b) DMITRO KOZIN
    Liquidator/Insolvency Manager
    40035, Ukraine, Sumi region,
    Internatsionalistiv Str. 5, office 22

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


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


ALBION GOLF: Hires Administrator from Milsted Langdon
-----------------------------------------------------
Roger Anthony Stanford Isaacs (IP No 8966) of Milsted Langdon was
appointed administrator of Albion Golf Management Limited
(Company No 03218884) on Nov. 4.  The company's trading name is
Bowood Park Hotel and Golf Course.

CONTACT:  ALBION GOLF MANAGEMENT LIMITED
          6 Onslow Road,
          Walton-on-thames,
          Surrey KT12 5BB
          Phone: 01932252891

          MILSTED LANGDON
          One Redcliff Street,
          Bristol BS1 6NP


ALDERMAN SHELDRAKE: Creditors' Claims Due Next Month
----------------------------------------------------
G. Bennett, chairman of Alderman Sheldrake Eventide Homes
Association Limited, informs that the special resolutions to wind
up the company were passed at a general meeting held on Oct. 18
at 119 Cardinal Road, Ruislip, Middlesex HA4 9PY.  Stephen Cork
of Smith & Williamson Limited was appointed liquidator.

Creditors are required on or before December 12, 2005 to send
their names and addresses, with particulars of their debt or
claims to S. R. Cork of Smith & Williamson Limited, Prospect
House, 2 Athenaeum Road, London N20 9YU, the Liquidator of the
Company, and if so required by notice in writing their debt or
claims.

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


ASHA-TECH (UK): Files for Liquidation
-------------------------------------
Asha-Tech (UK) Limited informs that a resolution to wind up the
company was passed at an EGM held on Oct. 31 at St. Andrew's
House, 18-20 St Andrew Street, London EC4A 3AJ.

Clive Robert Hammond of PB Recovery Limited, 18-20 St Andrew's
Street, London EC4A 3AJ was appointed liquidator.

CONTACT:  ASHA-TECH UK LTD.
          1 Bradfield Road
          Field End Road
          South End Road
          South Ruslip
          HA4 ONU
          Phone: +44 (0208) 4265 500
                 +44 (0208) 4239 777
          Web site: http://ashatech.co.uk/contact.html


ASHTEAD HOLDINGS: Loan Facilities Get Ba3 Rating from Moody's
-------------------------------------------------------------
Moody's assigned a Ba3 rating to the US$800 million senior
secured credit facilities of Ashtead Group Plc, which have been
issued via Ashtead Holdings LLC and various operating
subsidiaries of the company.  The assignment follows the recent
amendment to the company's senior secured credit facilities,
which principally increased the size of the facilities, extended
the tenor (by one year to five years) and lowered the interest
rate cost to the company.

The Ba3 rating of the senior secured credit facilities reflects
their senior position in the company's capital structure as well
as the comprehensive security package provided to lenders of
these facilities by all of the company's material subsidiaries.
The senior secured credit facilities rank ahead of both the 2014
and 2015-second lien notes.

The company's ratings continue to be supported by the company's
leading market positions in both the US and the UK rental
equipment markets, its extensive branch network and established
customer base as well as its comprehensive, high quality and well
maintained rental fleet.

However, the ratings also factor Ashtead's exposure to the
cyclical construction industry, which is compounded by its high
operational gearing, strong competition (particularly in the
mature U.K. market) and the company's continuing need for high
maintenance and growth capex.

Liquidity remains good with strong operating cash flow (Adjusted
RCF to Net Adjusted Debt was c. 20% for LTM July 05) and
satisfactory availability under the senior credit facilities of
over US$200 million (as at the end of July 2005).  Mandatory debt
amortization is also not onerous with only US$2.75 million
repayable per annum over the next five years.  Furthermore, the
group has a flexible growth capex model, which can be scaled back
to provide additional liquidity when necessary.

Affected ratings:

Ashtead Group Plc: Ba3 corporate family rating has been affirmed

Ashtead Holdings Plc:

(a) The B2 rating on the GBP 78 million (previously GBP 120
    million) second priority senior secured notes due 2014 has
    been affirmed;

(b) The B2 rating on the US$250 million second priority senior
    secured notes due 2015 has been affirmed.

Ashtead Holdings LLC: A Ba3 rating has been assigned to the
US$800 million senior secured credit facilities due 2010.

The outlook for all of the above ratings is stable.

Sunbelt Rentals, Inc.: the outlook and Ba3 rating of the US$675
million senior secured credit facilities due 2009 have been
withdrawn.

Headquartered in Leatherhead, Surrey, U.K., Ashtead is a leading
provider of construction and other industrial rental equipment
services primarily in the U.S.A. and U.K.  Recorded revenues for
the FYE April 30, 2005 were GBP523.7 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

          Nicole Guest, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ASSOCIATED BUILDING: Construction Firm Hires Administrator
----------------------------------------------------------
Gerald Maurice Krasner and Dawn Lesley Chadwick (IP Nos 005532,
008821) of Bartfields (UK) Limited were appointed administrators
of construction company Associated Building Solutions Limited
(Company No 4887750) on Nov. 9.

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


BARNCLUB LTD.: Falls into Liquidation
-------------------------------------
E. Baines, chairman of Barnclub Limited (t/a The Belsize),
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 1 at Sussex House, 8-10 Homesdale Road, Bromley,
Kent BR2 9LZ.

Guy Charles David Harrison of Sussex House, 8-10 Homesdale Road,
Bromley, Kent BR2 9LZ was appointed liquidator.

CONTACT:  CRANE & PARTNERS
          Sussex House,
          8-10 Homesdale Road,
          Bromley, Kent BR2 9LZ
          Phone: 020 8464 0131
          Fax:   020 8464 6018
          Web site: http://www.craneandpartners.com


BHPM COMPANY: Names Begbies Traynor Liquidator
----------------------------------------------
D. Bailes, chairman of BHPM Company Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 26 at The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG.

Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG and Barry David
Lewis, of Harris Lipman, 2 Mountview Court, 310 Friern Barnet
Lane, Whetstone, London N20 0YZ.

CONTACT:  BHPM COMPANY LIMITED
          Rainham Road South
          Dagenham, Essex RM10 8TX
          Phone: 01708-735507

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


BRIDE INVESTMENTS: PwC Liquidators Enter Firm
---------------------------------------------
Company Names: BRIDE INVESTMENTS (BOREHAMWOOD) LIMITED
               BRIDE INVESTMENTS (COLCHESTER) LIMITED
               BRIDE INVESTMENTS (ELY) LIMITED
               BRIDE INVESTMENTS (MIDDLEWICH) LIMITED
               BRIDE INVESTMENTS (TWICKENHAM) LIMITED
               DUBPARK LIMITED
               ELY TRADING ESTATE LIMITED
               TESCO MANAGEMENT LIMITED
               WM LOW INVESTMENTS LIMITED

A. Clark, the chairman of these companies, informs that the
special and ordinary resolutions to wind up the companies were
passed at an EGM held on Nov. 9 and Richard Setchim and Tim Walsh
of PricewaterhouseCoopers LLP, One Kingsway, Cardiff CF10 3PW
were appointed joint liquidators.

CONTACT:  PRICEWATERHOUSECOOPERS
          1 Kingsway
          Cardiff
          Glamorgan CF10 3PW
          Phone: 029 2023 7000
          Fax: 029 2080 2405
          E-mails: derek.a.howell@uk.pwc.com
                   rob.n.lewis@uk.pwc.com


BRODOCK LIMITED: Creditors Meeting Set Friday
---------------------------------------------
Creditors of Brodock Limited (t/a Brodock Nova) will meet on
November 25, 2005, 10 a.m. at Leigh & Co, Brentmead House,
Britannia Road, London N12 9RU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Martin Henry Linton, administrative receiver of
Leigh & Co, Brentmead House, Britannia Road, London N12 9RU not
later than 12:00 noon, November 24, 2005.

CONTACT:  LEIGH & CO.
          Brentmead House,
          Britannia Road,
          London N12 9RU


COINCRETE LIMITED: Creditors Meeting Today
------------------------------------------
Creditors of Coincrete Limited will meet on November 24, 2005, 2
p.m. at Baker Tilly, International House, Queens Road, Brighton,
East Sussex BN1 3XE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Susan Maund and Andrew White, joint administrators
of Baker Tilly, International House, Queens Road, Brighton, East
Sussex BN1 3XE.

CONTACT:  BAKER TILLY
          International House
          Queens Road, Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          E-mail: jonathan.ericson@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


COMPLICITY (UK): Hires Administrator from Begbies Traynor
---------------------------------------------------------
Steven Williams and David Acland (IP Nos 8887, 8894) of Begbies
Traynor were appointed joint administrators of Complicity (UK)
Limited (Company No 03692122) on Nov. 4.

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


COUNTRY STYLE: Names Cowgill Holloway Administrator
---------------------------------------------------
Gary Bell (IP No 8710) of Cowgill Holloway Business Recovery LLP
was appointed administrator of Country Style UK Limited (Company
No 04815505) on Nov. 8.  Its registered office is at Kingsway, St
Asaph Avenue, Kinmel Bay, Rhyl LL18 5HB.

Country Style UK -- http://www.countrystylewindows.co.uk/--  
supplies conservatories, windows, doors, fascia, soffit &
gutters.

CONTACT:  COUNTRY STYLE UK LTD.
          Kingsway
          St Asaph Avenue
          Kinmel Bay
          Conwy LL18 5HB
          North Wales
          Phone: 01745 343444
          Fax: 01745 342387

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


DJC HOLDINGS: HBOS Plc Calls in Deloitte & Touche Receiver
----------------------------------------------------------
HBOS Plc appointed Christopher James Farrington and Andrew
Phillip Peters (Office Holder Nos 8751, 4468) of Deloitte &
Touche joint administrative receivers of DJC Holdings Limited
(Reg No 4760739) on Nov. 7.

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


EUNETICS LTD.: Wilson Field Liquidator Enters firm
--------------------------------------------------
K. Davis, director of Eunetics Limited, informs that resolutions
to wind up the company were passed at an EGM held on Nov. 1 at
Hamilton House, Mabledon Place, Euston, London WC1H 9BB.

Lisa Hogg of Wilson Field, The Annexe, The Manor House, 260
Ecclesall Road South, Sheffield S11 9PS was appointed liquidator.

CONTACT:  EUNETICS LTD.
          6 Deer Park Close
          New Milton, Hampshire, BH25 5GH
          Web site: http://www.eunetics.co.uk/
          E-mail: info@eunetics.co.uk
          Phone: 08701 999 888
          Fax: 01202 557 976

          WILSON FIELD
          The Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


GREEKORAMA TRAVEL: EGM Passes Winding-up Resolution
---------------------------------------------------
P. Stavrinides, chairman of Greekorama Travel & Tourism Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 2 at 601 High Road, Leytonstone, London E11 4PA.

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

CONTACT:  GREEKORAMA TRAVEL & TOURISM LIMITED
          Greekorama House 8, Great Chapel St
          London W1V 3AG
          Phone: 0207734 2562


I C EYE: Liquidator from Redman Nichols Moves in
------------------------------------------------
D. A. Goodwin, chairman of I C Eye Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 31 at Maclaren House, Skerne Road, Driffield, East Yorkshire
YO25 6PN.

Andrew James Nichols of Redman Nichols was appointed liquidator.

CONTACT:  I C EYE LIMITED
          Canal Lane
          Pocklington
          York
          YO42 1NN
          United Kingdom
          Phone: (01759) 301188


JORDISON PRINT: Appoints Joint Liquidators
------------------------------------------
L. Neale, chairman of Jordison Print Services Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 27 at The Scotch Corner Hotel, Richmond, North
Yorkshire DL10 6NR.

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

CONTACT:  JORDISON PRINT SERVICES LTD.
          2 Tralee Close
          Kirkleatham Business Park
          Redcar
          TS10 5SG
          Cleveland
          Phone: 01642 495270
          Fax: 01642 495271
          Web site: http://www.jordison.com

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


KMB CONSTRUCTION: Owners Opt to Wind up Business
------------------------------------------------
G. Blakemore, chairman of KMB Construction Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 31 at Concept House, Brooke Street, Cleckheaton, West
Yorkshire BD19 3RY.

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

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


LES WILSON: HBOS Appoints Receivers
-----------------------------------
HBOS Plc appointed Christopher James Farrington and Andrew
Phillip Peters (Office Holder Nos 8751 and 4468) of Deloitte &
Touche joint administrative receivers of haulage and storage
company Les Wilson (Haulage) Limited (Reg No 1673198) on Nov. 7.

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


MARLOW ROPES: In Administrative Receivership
--------------------------------------------
The Governor and Company of the Bank of Scotland appointed Fraser
James Gray (Office Holder No 008905) and Peter Mark Saville
(Office Holder No 009029) joint administrative receives of Marlow
Ropes Limited (Reg No 00304545) on Nov. 10.

Marlow Ropes -- http://www.marlow-ropes.com/-- is a
manufacturing company servicing the global marine and offshore
markets with a diverse range of light-weight synthetic fibre
ropes, fender and buoyancy products, for towage, mooring, sub-sea
installation and recovery operations.  The company employs 320
staff.

CONTACT:  MARLOW ROPES LTD.
          South Road
          Diplocks Way Industrial Estate
          Hailsham BN27 3JS
          East Sussex
          Phone: 01323 847234
          Fax: 01323 440093

          KROLL GLASGOW
          Afton House 26 West Nile Street
          Glasgow, Scotland G1 2PF
          United Kingdom
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com

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


MERLIN PUBLICITY: Creditors Meeting Set Today
---------------------------------------------
Creditors of Merlin Publicity International Limited will meet on
November 24, 2005, 10:30 a.m. at Begbies Traynor, Chiltern House,
24-30 King Street, Watford WD18 0BP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to T. J. E. Dolder, joint administrative receiver of
Begbies Traynor, Chiltern House, 24-30 King Street, Watford WD18
0BP.

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


NEW CENTURY: Files for Liquidation
----------------------------------
New Century Fleet Limited informs that resolutions to wind up the
company were passed at an EGM held on Oct. 28 at Tomlinsons, St
John's Court, 72 Gartside Street, Manchester M3 3EL.

A. H. Tomlinson of Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL and Ian Carr, of Grant Thornton UK LLP,
Bryon House, Cambridge Business Park, Cambridge CB4 OWZ was
appointed liquidator.

CONTACT:  NEW CENTURY FLEET LIMITED
          Atlas House, Atlas Park
          Manchester, Lancashire M22 5PP
          Phone: 01614990000

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


NORYL HOLDINGS: Begbies Traynor to Liquidate Business
-----------------------------------------------------
Noryl Holdings Limited informs that a resolution to wind up the
company was passed at an EGM held on Oct. 25 at Begbies Traynor,
The Old Barn, Caverswall Park, Caverswall Lane, Stoke on Trent,
Staffordshire ST3 6HP.

Robert Michael Young and Ian Michael Rose of Begbies Traynor, The
Old Barn, Caverswall Park, Caverswall Lane, Stoke on Trent,
Staffordshire ST3 6HP were appointed Joint Liquidators.

CONTACT:  NORYL HOLDINGS LTD.
          P.O. Box 2
          Church Stretton, Shropshire, SY6 6AB
          Phone: 01694 723815


PARKER BOX: Appoints Administrator
----------------------------------
Gary Bell (IP No 8710) of Cowgill Holloway Business Recovery LLP
was appointed administrator of cardboard packaging company The
Parker Box Company Limited (Company No 00389313) on Nov. 9.  Its
registered office is at Plantation Mill, Bentwood Road,
Haslingden, Rossendale BB4 5EJ.

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


PATIENTLINE PLC: Loss Lower by GBP0.5 Million Under IFRS
--------------------------------------------------------
Patientline plc and its subsidiaries have, for accounting periods
up to 25 March 2005, prepared its consolidated financial
statements under U.K. Generally Accepted Accounting Principles
(U.K. GAAP).

From 26 March 2005, the Group is required by European Directives
to report its consolidated financial statements under
International Financial Reporting Standards (IFRS).  The first
published results under IFRS will be the 2005/06 Interim Report
for the period ended 23 September 2005.  The comparative data,
(the results for the six months to 24 September 2004 and for the
twelve months to 25 March 2005) will also be reported under IFRS.

It is intended to issue the Interim Report for 2005/06 on 29
November 2005.  In advance of that date, the impact of the
conversion to IFRS on the comparative data has been summarized in
this announcement.  The principal changes on adopting IFRS in
place of U.K. GAAP for year ended 25 March 2005 are:

(a) EBITDA reduces by GBP0.1 million as a result of increased
    share-based payment charges;

(b) loss before tax is reduced by GBP0.5 million due to:

    (i) goodwill of GBP5.3 million no longer being amortized,
        with a resultant credit of GBP0.6 million; and

   (ii) GBP0.1 million increase in the charge for share-based
        payments;

(c) shareholders' funds increase by GBP0.4 million; and

(d) the adoption of IFRS has no cash impact.

It is possible that further changes will be required to the
comparative data before it is published in the Final Report and
Accounts for the year ending 31 March 2006, as not all the IFRS
statements have been formally endorsed by the EU and further
interpretative guidance on the standards may be issued.

The conversion to IFRS in respect of the Group's 2005 financial
statements is set out in a report that can be downloaded from
http://www.patientline.co.ukor obtained from Patientline plc at
Thames Valley Court, 183-187 Bath Road, Slough, SL1 4AA.

                        About the Company

Patientline provides communication and entertainment services to
NHS trusts or the hospitals where it operates.  By the end of
2004, it had 80,000 units installed in over 170 hospitals.  For
the year ended March 2005, Patientline booked revenues of
GBP49.4 million.

In July, the company admitted that operational changes within the
NHS had affected usage and revenue levels in the last quarter of
the year ended March 2005.  With a variety of factors affecting
revenues and the increased volatility, particularly during the
holiday period, the company predicted a net loss of up to GBP4
million compared with market expectations for the year to March
2006.

Patientline, which has not made a profit since it was formed ten
years ago, reported in June that it has narrowed yearly operating
loss to almost half, from GBP8.2 million to GBP4.6 million.

CONTACT:  PATIENTLINE PLC
          Thames Valley Court
          183/187 Bath Road
          Slough
          Berkshire
          SL1 4AA
          Phone: 0845 414 6000
          Fax: 0845 414 6153
          Web site: http://www.patientline.co.uk


PREMIER STYLE: Hires KPMG Administrator
---------------------------------------
Richard James Philpott and Mark Jeremy Orton, (IP Nos 9226, 8846)
of KPMG LLP were appointed administrators of Premier Style
Limited (Company No 02765733) on Nov. 9.

CONTACT:  PREMIER STYLE LTD.
          1 Water End Barns Eversholt
          Nr. Woburn Beds. MK17 9EA
          Phone: 01525288726
          Fax: 01525288733
          E-mail: info@premstyle.co.uk
          Web site: http://www.premstyle.co.uk/

          KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk


PRIMARY IMAGE: Creditors Meeting Set Next Week
----------------------------------------------
Creditors of Primary Image (Graphics) Limited (Company No
2248910) will meet on November 30, 2005, 2 p.m. at Smith &
Williamson Limited, at 25 Moorgate, London EC2R 6AY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Joanne Milner, of Smith & Williamson Limited, of
Prospect House, 2 Athenaeum Road, London N20 9YU not later than
12:00 noon, November 29, 2005.

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


ROBERT LEE: Sets Creditors Meeting Today
----------------------------------------
Creditors of Robert Lee (Plant) Limited (Company No 03325205)
will meet on November 24, 2005, 10 a.m. at Walletts Insolvency
Services, Adventure Place, Hanley, Stoke-on-Trent, Staffordshire
ST1 3AF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Michael F. McCarthy administrator of Walletts
Insolvency Services, Adventure Place, Hanley, Stoke-on-Trent,
Staffordshire ST1 3AF.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place, Hanley,
          Stoke on Trent, Staffordshire ST1 3AF
          Phone: (01782) 212326
          Fax: (01782) 212326


ROGERSONS DEVELOPMENTS: HSBC Bank Brings in Receiver
----------------------------------------------------
HSBC Bank Plc appointed Robert Hunter Kelly and Charles Graham
John King (Office Holder Nos 8582, 8985) of Ernst & Young LLP
administrative receivers of Rogersons Developments Limited (Reg
No 01970126) on Nov. 10.

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


ROPE COMPANY: Administrators from Kroll Limited Enter Firm
----------------------------------------------------------
Fraser J. Gray (IP No 8905) and Peter M. Saville (IP No 9029) of
Kroll Limited were appointed administrators of holding company
The Rope Company Group Limited (Company No 04968961) on Nov. 10.
Its registered office is at South Road, Hailsham, East Sussex
BN27 3JJ.

CONTACT:  KROLL GLASGOW
          Afton House 26 West Nile Street
          Glasgow, Scotland G1 2PF
          United Kingdom
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com

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


SEA CONTAINERS: Disposing of Shares in Orient-Express Hotels
------------------------------------------------------------
Sea Containers Ltd. said on Friday it priced its offering for
sale in an underwritten public offering of 8.61 million class A
common shares of Orient-Express Hotels Ltd. (NYSE:OEH) at US$32
per share.  In addition, Sea Containers granted the underwriters
a 30-day option to purchase up to an additional 1.29 million
class A shares of Orient-Express Hotels to cover overallotments,
if any.

Assuming that the underwriters exercise their overallotment
option in full, Sea Containers will no longer own any shares of
Orient-Express Hotels after Sea Containers sells these 9.90
million class A common shares.

Sea Containers plans to use the proceeds from the sale of the
class A common shares to repay a portion of its outstanding
indebtedness and for general corporate purposes.  Orient-Express
Hotels will receive no proceeds from the sale.

Citigroup Global Markets Inc. is acting as sole book-running
manager for this offering, Merrill Lynch & Co. as joint lead
manager, and Scotia Capital (USA) Inc. as co-manager.

The prospectus supplement, together with the accompanying
prospectus, may be obtained from Orient-Express Hotels Inc., 1114
Avenue of the Americas, New York, New York 10036, Attention:
Secretary (telephone 212-302-5055).

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

                       Restructuring Plan

Sea Containers is restructuring its loss-making ferries division,
which consists of Finnish-based Silja Oy Ab (the largest), a
car-carrying ferries business with 9 ships, and New York based
commuter ferry serviceSeaStreak.  It has hired Societe Generale
to sell Silja.  Further, it is selling cruise ship m.v. Walrus,
Swedish flag cruise ship m.v. Silja Opera, and m.v. Finnjet.  It
is also taking out one of its three SuperSeaCat fast ferries, and
investing US$12 million to upgrade its flagship vessels Silja
Serenade and Silja Symphony.  The funding for the modernization
will be raised through asset sales.  It is reducing staff and
offices in Finland, Sweden and Germany to save up to US$18
million.

The company has a third-quarter net loss of US$34.4 million on
revenue of US$456 million, and a nine-month net loss of US$58.5
million on revenue of US$1.3 billion.

CONTACT:  SEA CONTAINERS LTD.
          Ian Durant, Chief Financial Officer
          Phone: +44 (0)20 7805 5803
          E-mail: ian.durant@seacontainers.com

          THE GALVIN PARTNERSHIP
          William W. Galvin III
          Phone: +1 (203) 618 9800
          E-mail: wwg@galvinpartners.com


SR GENT: Fashion Supplier Applies for Receivership
--------------------------------------------------
Michael Gercke, Ian Green and Steven Pearson of
PricewaterhouseCoopers have been appointed joint administrative
receivers of SR Gent plc and SR Gent (International) Ltd.

Following the appointment, The Fielding Group, a U.K.-based
supplier of clothing, accessories and homeware to the retail
market, has bought the part of the business that supplies some
ladies' and children's clothing to Marks & Spencer Group plc.

SR Gent is a long-established business and has supplied garments
for 60 years.  It is a design-led sourcing and fulfillment
organization supplying ladies and children's fashion clothing to
high street retailers.  The group's head office is in Barnsley,
where it also has warehousing and distribution activities; it
undertakes product and fabric development in London.

Following the closure of its last U.K. manufacturing facility
earlier this year, all garments are now sourced from overseas.
There are approximately 670 employees, around 600 of whom are
based in the U.K.

The appointment of PricewaterhouseCoopers as receivers follows
the appointment earlier this month of David Hargreaves as interim
chief executive and his subsequent review of the business.

Michael Gercke said: "I am delighted that we have achieved a sale
to The Fielding Group as this should ensure continuity of supply
to the company's key customer, as well as protecting over 100
jobs.  Interest is being expressed in other parts of the business
and in the meantime we are continuing to trade the rest of the
business."

CONTACT:  SR GENT PLC
          Dodworth Road
          Barnsley
          South Yorkshire
          England S70 6JE
          Phone: 01226 241434
          Fax: 01226 291657
          E-mail: enquiries@srgent.com
          Web site: http://www.srgent.com

          PRICEWATERHOUSECOOPERS
          Michael Gercke
          Phone: 020 7804 4504

          Caroline Underwood
          Advisory PR Senior Manager
          Phone: 020 7212 3097
          Mobile: 07841 783907


STEP OUT: Falls into Liquidation
--------------------------------
B. Passingham, chairman of Step Out Drop in Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 1.

Lyn Marie Green of Ward & Co., Bank House, 7 Shaw Street,
Worcester was appointed liquidator.  The appointment was
confirmed at a creditors meeting held on the same day.

CONTACT:  STEP OUT DROP IN LTD.
          Park House, 150 Evesham Street
          Southeast, Redditch
          Phone: 01527 591 749

          WARD & CO.
          Bank House
          Shaw Street
          Worcester
          Worcestershire WR1 3DT
          Phone: 01905 25000
          Fax: 01905 26555
          E-mail: aws@ward-co.co.uk


SU-DO PROFESSIONAL: Beauty Shop Calls in Administrator
------------------------------------------------------
Ian C. Schofield (IP No 002647) and William Duncan (IP No 006440)
of PKF were appointed administrators of Su-Do Professional Beauty
Limited (Company No 01800596) on Nov. 3.

Su-do Professional Beauty Ltd. -- http://www.su-do.com/-- has
supplied airbrush and tanning equipment for almost 25 years.

CONTACT:  SU-DO LTD.
          Jubilee Court, Copgrove,
          Harrogate, North Yorkshire HG3 3TB
          Phone: 01423 340040
          Fax: 01423 340045
          E-mail: sales@su-do.com

          PKF
          Pannell House
          6 Queen Street
          Leeds
          West Yorkshire LS1 2TW
          Phone: 0113 228 0000
          Fax: 0113 228 4242
          E-mail: ian.schofield@uk.pkf.com

          PKF
          Knowle House
          4 Norfolk Park Road
          Sheffield
          South Yorkshire S2 3QE
          Phone: 0114 276 7991
          Fax: 0114 275 3538


SUPERSCREEN TVS: EGM Passes Winding-up Resolution
-------------------------------------------------
Superscreen TVS Limited informs that resolutions to wind up the
company were passed at an EGM held on Oct. 31 at 8 High Street,
Yarm, Stockton on Tees TS15 9AE.

J. Harvey Madden was appointed liquidator.

CONTACT:  SUPERSCREEN TVS LIMITED
          12 Cannon Park Road
          Middlesbrough, Cleveland TS1 5JP
          Phone: 01642250850


YIELDMOON LIMITED: Real Estate Agency Contacts Administrator
------------------------------------------------------------
Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) of UHY
Hacker Young were appointed administrators of real estate agency
Yieldmoon Limited (Company No 03571437) on Nov. 1.  Its
registered office is at 16B Hogarth Place, London SW5 0QT.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159


                            *********


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

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

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

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