TCREUR_Public/051125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, November 25, 2005, Vol. 6, No. 234

                            Headlines

F R A N C E

FIDJI FRANCE: Gets B1/B2 Ratings from Moody's
RHODIA S.A.: To Use Proceeds of Rights Issue to Pay Debt


G E R M A N Y

ALLTRANS GMBH: Falls into Bankruptcy
AUGUSTA TECHNOLOGIE: Posts EUR4.3 Mln Consolidated 9-Month Loss
AUGUSTA TECHNOLOGIE: Selling Shares in Pandatel for EUR3.2 Mln
EASY DANCE: Creditors Meeting Set February
ELEKTROANLAGENBAU PIRNA: Court Names Wolff/Rapp Administrator

FBU FLIESEN: Proofs of Claim Due Next Month
FLUGBORSE K&S: Dortmund Business Goes Bust
GAMMA BAU: Calls in Administrator from Wolff/Rapp
MALER WEDER: Kuebler Administrator Takes over Business
PLGE MARBURGER: Claims Verification Set March
TITUS CHEMNITZ: Court Appoints Administrator from HWW
WIKOPLAN GMBH: Under Bankruptcy Administration


I R E L A N D

DELPHI SPA: Rescued out of Receivership for EUR3.7 Million
SMURFIT KAPPA: Jefferson Smurfit, Kappa Sign Merger Pact


I T A L Y

SAFILO SPA: May Lose Ralph Lauren Eyewear License


K Y R G Y Z S T A N

ALMASH: Sets Creditors Meeting December 2
ENERGY CONSULTING: Creditors Meeting Today
MA-MA SERVICE: Proofs of Claim Deadline Expires January


N E T H E R L A N D S

FORD CAPITAL: U.S. Parent Under Review for Possible Downgrade
INTABEX NETHERLANDS: S&P Cuts Rating to B+ on Poor Performance
ROYAL SHELL: Joint Venture Buys Jamaican Operations
ROYAL SHELL: Has 3,963,400,000 Remaining 'A' Shares
TBIH FINANCIAL: Long-term Rating Upped to B; On Watch Positive


P O L A N D

ELEKTRIM SA: Dispute with ET Worsens
HUTA STALOWA: European Commission Reviews State Aid


R U S S I A

ALFA BANK: Loan Participation Notes Rated Ba3
ALTAIR-NORD: Appoints Insolvency Manager
ASTRAKHANSKAYA: Astrakhan Court Brings in Insolvency Manager
BOYARKA: Bankruptcy Hearing Set Next Year
DIMITROVOGRAD TEXTILE: Hires V. Fokeev Insolvency Manager

DOBROVOLSKOYE: Proofs of Claim Deadline December 15
OAO SIBNEFT: European Commission Clears Gazprom Takeover
OKTYABRSK-DOR-STROY: Succumbs to Bankruptcy
OREL-ALMAZ: Claims Filing Period Ends Mid-December
RADUGA: Declared Insolvent
SEMIGORYE: Bankruptcy Hearing Resumes January
SOVIET SIBERIA: Undergoes Bankruptcy Supervision Procedure


S W E D E N

SAS GROUP: Navtech Pays SEK162 Million for EAG


U K R A I N E

CHORNOMORSKIJ KOMBIKORM: Declared Insolvent
DAKS: Gives Creditors Until Next Week to File Claims
DRUZHBA: Under Bankruptcy Supervision
INTERSIL: Proofs of Claim Due November 29
LVIVTEPLOENERGOZBUT: Bankruptcy Supervision Begins

NATALY: Lviv Court Appoints Liquidator
SOVETSKE INCUBATOR: Deadline for Proofs of Claim Monday
ZHOVKVA' BREAD: Succumbs to Bankruptcy


U N I T E D   K I N G D O M

ALAN QUINE: Hires Liquidator from DTE Leonard Curtis
ALLIANCE UNICHEM: Liquidator from Crane & Partners Enters Firm
ALLIED CRISIS: Files for Liquidation
ASHTEAD GROUP: Assures Investors firm has Succession Plan
BETHELL FLEET: Hires Joint Liquidators from KPMG

BLAKEDEW 560: Owners Decide to Wind up Business
BMG (BH) LIMITED: Deloitte & Touche Liquidators Enter Firm
BOX SPECIALISTS: Calls in Administrators from Kroll
CAFE CITRON: Falls into Administration
CAST SYSTEMS: Wilson Pitts Liquidators Take over Firm

CHANNON MCCOLL: Creditors Meeting Set Next Week
CLIFFORD & BEAU: Goes into Liquidation
COMPASS GROUP: Plays down Reports of SFO Probe
CONCEPT MANAGED: EGM Passes Winding-up Resolution
CORPORATE AUDIO: Royal Bank of Scotland Appoints Receiver

DERBY HERITAGE: Joint Liquidators Move in
DRAX GROUP: Ends Talks with BCHP; To Pursue Listing
ENGLISH OUT: Language School Calls in Administrator
ENVIRONMENTALLY FRIENDLY: In Liquidation
FACEBY FARMS: Hires Liquidator from Taylor Rowlands

FEDERAL-MOGUL: Seeks Court's Nod on EL Insurance Settlement
FINNFOREST ENGINEERED: Hires Liquidators from Vantis Numerica
FISH DIRECT: Hires Valentine to Liquidate Business
FRITH BOOK: Calls in Fanshawe Lofts Administrator
FTS CREDIT: Appoints Liquidator from Knights & Co.

F W BRIANT: Appoints Begbies Traynor Liquidator
GOWER HOLDINGS: Pastry Maker Hires Administrator
GRAHAM PALMER: Succumbs to Liquidation
G.W. MITCHELL: Liquidator from Moore Stephens Enters Firm
INTREPID ENERGY: Appoints Liquidator

JUNCTION 9: Hires Begbies Traynor Liquidator
LAKEDEV LIMITED: Liquidator from HKM Enters Firm
MARANDY LTD.: Files for Liquidation
MATHBIRK LTD.: Members Decide on Winding-up
N C F (UK): Appoints Grant Thornton Liquidator

OUTDOOR TRUST: Calls in Joint Liquidators
PATIENTLINE PLC: Calls EGM to Tackle 2004 Articles Oversight
POOLE PHOENIX: Administrators from Fanshawe Lofts Enter Firm
PROSPECTIVE DEVELOPMENTS: Appoints Liquidator
QUICKCAPE LIMITED: Names Begbies Traynor Liquidator

QUICKPAK LTD.: Bishop Fleming Liquidator Enters Firm
REFCO INC.: 70 Parties Consent to Property Litigation Procedures
RK CLOTHING: Files for Liquidation
SABAR PROJECTS: Calls in Liquidators from Kroll
SANCTUARY GROUP: EGM to Discuss Capital Loss

SCOTTISH POWER: Abandons Takeover Talks with E.ON
SOUTH CLEVELAND: In Liquidation
SUNLEY TURRIFF: Construction Firm Crumbles into Liquidation
SYSTEMATIC COMMERCIAL: Owners Decide to Wind up Firm
TDAO LTD.: Creditors Meeting Set Next Week
UNITOWN LTD.: Files for Liquidation


                            *********


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


FIDJI FRANCE: Gets B1/B2 Ratings from Moody's
---------------------------------------------
Moody's Investor Service has assigned a B1 corporate family
rating to Fidji France (BC1) SAS which is the direct holding
company of FCI S.A. (FCI) The rating outlook is stable.

Ratings assigned:

(a) B1 corporate family rating;

(b) B1 rating on Term loans A, B and C (EUR340 million);

(c) B1 rating on the revolving and acquisition credit facility
    (EUR85 million and EUR100 million, respectively); and

(d) B2 rating on Term loan D (EUR65 million).

The B1 corporate family rating reflects:

(a) FCI's strong market positions in its key markets, with
    established brands and client relationships with key OEMs
    and end-users;

(b) The generally favorable growth prospects for the connector
    industry;

(c) Management's success thus far in turning around under-
    performing divisions; and

(d) fairly high barriers to entry in the sector.

It also reflects:

(a) The higher leverage following the largely debt-financed
    acquisition by Bain Capital Partners;

(b) Moody's expectation of increased leverage over the medium
    term, followed eventually by a decline thereafter;

(c) The costs and uncertainty surrounding the ongoing
    restructuring program;

(d) The geographic shift in the company's profile that will be
    necessary to benefit from higher growth regions; and

(e) potential volatility in some key markets segments.

The company's short-term debt obligations are minimal.  Under
the terms of the new financing, the company's repayment
obligations in 2006 amount to EUR1.36 million (2% Term loan A).
At the close of the transaction on November 3, 2005, the company
had EUR212 million in un-drawn committed senior facilities.  In
2004 the company generated free cash flow (after net
acquisitions) of EUR25 million, although this is expected to be
negative over the medium term due to restructuring costs.

Term loans A, B and C are rated B1 i.e. at the same level as the
corporate family rating, while Term loan D is rated one notch
lower at B2, to reflect its subordination to priority debt
representing c.65% of the committed debt (excluding shareholder
loans) within the new capital structure.  The capital structure
also includes mezzanine debt and shareholder loans.

FCI's corporate rating is considered weakly positioned in the
rating category, however, the stable outlook factors Moody's
expectation that the company's credit profile will improve over
time.  Moody's notes the success the management team has had
thus far in turning around the underperforming divisions of the
business, notably the CDC division, which suffered a severe
downturn in 2000/01 concurrent with the downturn in the telecoms
industry.  Management has embarked on an extensive restructuring
of FCI's manufacturing facilities, both in terms of downsizing
and relocating operations to lower cost countries.

Moody's notes that during 2006 and 2007, FCI's adjusted leverage
is likely to increase above the pro forma level of 4.5x in 2005,
as restructuring costs are funded out of additional debt draw
downs and cash flows, this has been factored into the assigned
ratings.  However, an increase in Total Adjusted Debt/EBITDAR
above 6x would likely put downward pressure on the rating.  The
ratings do not factor any significant volatility in revenues as
seen in the past as a result of the downturn in the telecoms
sector, and no significant margin weakening, in particular in
the autos division, which accounted for 43% of 2004 revenues.
Any such weakness could put the ratings under pressure.  Ratings
could rise if total adjusted debt/EBITDAR falls below 4x.

FCI, based in Versailles, France, is the world's fourth largest
connector manufacturer (after Tyco, Molex and Amphenol) with
2004 sales of EUR1.289 billion and EBITDA (before restructuring)
of EUR177.6 million.  Bain Capital Partners acquired FCI from
Areva on November 3, 2005, for a total consideration of EUR949.5
million.

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

          Richard Morawetz, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


RHODIA S.A.: To Use Proceeds of Rights Issue to Pay Debt
--------------------------------------------------------
Rhodia S.A. has launched a EUR604 million rights issue to reduce
debt and fund development projects, AFX News says.

Chief Executive Jean-Pierre Clamadieu said EUR420 million will
be used to pay debt, while another EUR150 million will go to
industrial projects.

Aside from its goal to post a positive net result next year,
Rhodia wants to achieve an EBITDA margin from continuing
operations of over 15% in two to three years.  Mr. Clamadieu
said: "This target does not take into account the possible
impact of projects to reduce CO2 emissions, which we talked
about a few weeks ago."

Rhodia will issue 549.1 million new shares with a par value of
EUR1, and shareholders will be entitled to receive one right for
each existing share held.  The subscription period will end
December 7, 2005.  Preferential subscription rights will be
listed and negotiable on the Eurolist of Euronext Paris.

The rights issue is fully underwritten by a banking syndicate
led by BNP Paribas and Credit Suisse First Boston.  CALYON and
HSBC serve as co-lead managers.

Rhodia's biggest single shareholder Sanofi-Aventis will not
participate in the rights issue.  This will reduce its 15.3%
shareholding to about 8.5%.  A Sanofi spokesman said the Rhodia
stake is not a strategic holding for the group.

Financial Times, in another report, quoted Mr. Clamadieu as
saying: "This rights issue will enable us to build our future.
Largely restructured, refocused and holding global leadership
positions, Rhodia today is ready to develop successfully in its
chosen areas of activity."

In October, Rhodia shares rose 38% amid speculation that larger
rivals such as BASF were looking to buy the company.  However,
analysts considered the takeover unlikely as Rhodia is still
restructuring and is still under pressure to snap a three-year
losing streak.

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          BNP PARIBAS
          16, boulevard des Italiens
          75009 Paris, France
          Phone: +33-1-40-14-45-46
          Fax: +33-1-40-14-69-73
          Web site: http://www.bnpparibas.com

          CREDIT SUISSE FIRST BOSTON
          11 Madison Ave.
          New York, NY 10010-3629
          Phone: 212-325-2000
          Fax: 212-325-6665
          Web site: http://www.csfb.com

          CALYON
          9, quai du President Paul Doumer
          92920 La Defense Cedex, France
          Phone: +33-1-41-89-00-00
          Fax: +33-1-41-89-06-20
          Web site: http://www.calyon.com

          HSBC
          8 Canada Sq.
          London
          E14 5HQ, United Kingdom
          Phone: +44-20-7991-8888
          Fax: +44-20-7992-4880
          Web site: http://www.hsbc.com


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


ALLTRANS GMBH: Falls into Bankruptcy
------------------------------------
The district court of Hannover opened bankruptcy proceedings
against alltrans GmbH on November 3.  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 Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 8:15 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, 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:  ALLTRANS GmbH
          Schuetzenallee 47, 30519 Hannover
          Contact:
          Helmut Schulze-Preusche, Manager

          Manuel Sack, Administrator
          Theaterstr. 3, 30159 Hannover
          Phone: 0511/36602-0
          Fax: 0511/36602-55


AUGUSTA TECHNOLOGIE: Posts EUR4.3 Mln Consolidated 9-Month Loss
---------------------------------------------------------------
Operating business development at Prime Standard member AUGUSTA
Technologie AG (ISIN DE000A0D6612) in the current fiscal year
outperformed the prior-year period, adjusted for the
deconsolidated Data Display AG.  On the one hand, consolidated
sales revenues increased to EUR150.0 million compared with the
adjusted prior-year period (Q1-Q3 2004 adjusted: EUR143.9
million; Q1-Q3 2004: EUR173.9 million).  On the other, segment
earnings from the three divisions rose to a total of EUR15.2
million (Q1-Q3 2004 adjusted: EUR1.1 million; Q1-Q3 2004: EUR2.5
million).

The Sensor Systems division generated sales revenues amounting
to EUR59.8 million (Q1-Q3 2004: EUR52.1 million).  The IT
Systems division, with sales revenues of EUR30.8 million,
exceeded the comparable prior-year period adjusted for the
deconsolidated Data Display AG (Q1-Q3 2004 adjusted: EUR26.0
million; Q1-Q3 2004: EUR56.0 million).  The Communication
Systems division generated sales revenues amounting to EUR59.4
million in the first nine months of 2005, after EUR65.8 million
in the prior-year period.  The deconsolidated Pandatel AG is no
longer contained in the figures for the second and third
quarters of 2005.  As of Sept. 30, 2005, the investment at
equity in Pandatel AG had to be written down by an amount of
EUR5.5 million.  AUGUSTA will sell this investment by the end of
the fiscal year.

The AUGUSTA Group reported an equity ratio of 29.5% as of Sept.
30, 2005.  Net debt amounted to EUR68.8 million.  Cash flow from
operating activities remained negative at -EUR4.8 million (Q1-Q3
2004: -EUR4.3 million).

Incoming orders in the AUGUSTA Group also improved compared with
the adjusted prior-year period.  They amounted to EUR142.0
million as of Sept. 30, 2005 (Sept. 30, 2004 adjusted: EUR140.1
million; Sept. 30, 2004: EUR164.7 million).  Booked business
amounted to EUR71.8 million as of Sept. 30, 2005 (Sept. 30,
2004: EUR75.2 million).

EBITDA amounted to EUR10.3 million as of Sept. 30, 2005 (Q1-Q3
2004: -EUR8.2 million).  EBIT amounted to EUR1.5 million (Q1-Q3
2004: -EUR12.2 million).

Overall, AUGUSTA recorded a consolidated loss for the first nine
months of 2005 of EUR4.3 million (Q1-Q3 2004: consolidated loss
of EUR18.9 million) and a consolidated loss per share of EUR0.71
(Q1-Q3 2004: loss per share of EUR15.84).

AUGUSTA reported a loss for the period after minority interest
of EUR3.9 million.

The Managing Board

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


AUGUSTA TECHNOLOGIE: Selling Shares in Pandatel for EUR3.2 Mln
--------------------------------------------------------------
AUGUSTA Technologie AG is going to sell its 49.98% share
(3,946,516 shares) in Pandatel to strategic investors for
approximately EUR3.2 million.  29% were sold to a strategic
investor on Nov. 18, 2005.  The other 20.98% will be sold by way
of an option agreement to the same strategic investor or to
another strategic investor by December 28, 2005.  Thereby, as
announced, it is assured that the sale of the complete at equity
share in Pandatel AG will occur by the end of 2005.

The economic development of Pandatel AG further has deteriorated
as of Sept. 30, 2005.  A valuation of the at equity share based
on the dcf-method (discounted cash flow) resulted in an
extraordinary need for value adjustment in the amount of
EUR5.5 million.  As of Dec. 31, 2005, a further minor need for
value adjustment of less than EUR0.5 million is expected.
Despite of this high extraordinary burden AUGUSTA expects a
positive pre-tax result in the group as of Sept. 30, 2005.  The
complete financial report as of Sept. 30, 2005 will be published
on November 22, 2005.

The Managing Board

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


EASY DANCE: Creditors Meeting Set February
------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Easy Dance & Music Hall GmbH on November 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 4, 2006
to register their claims with court-appointed provisional
administrator Jorg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting on February 1, 2006, 9:50 a.m. at the district court
of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer Str.
16, 06112 Halle, 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:  EASY DANCE & MUSIC HALL GmbH
          Philipp-Mueller-Strasse 77-78, 06110 Halle
          Contact:
          Martin Niemoller, Manager
          Im Bubenwingert 13, 69181 Leimen

          Jorg Riedemann, Administrator
          Muehlweg 47, D-06114 Halle
          Phone: 0345/293900
          Fax: 0345/2939029


ELEKTROANLAGENBAU PIRNA: Court Names Wolff/Rapp Administrator
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Elektroanlagenbau Pirna GmbH on November 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 15,
2005 to register their claims with court-appointed provisional
administrator Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting on January 27, 2006, 9:00 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:  ELEKTROANLAGENBAU PIRNA GmbH
          Gebuerder-Lein-Strasse 1 in 01796 Pirna

          Albert Wolff, Administrator
          Wolff/Rapp Rechtsanwalte
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


FBU FLIESEN: Proofs of Claim Due Next Month
-------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against fbu Fliesen & Baderservice Uckermark GmbH on
November 10.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 13, 2005 to register their claims with court-appointed
provisional administrator Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting on January 17, 2006, 8:50 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:  FBU FLIESEN & BADERSERVICE UCKERMARK GmbH
          Ringstrasse 11, 16303 Schwedt/Oder

          Falk Eppert, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


FLUGBORSE K&S: Dortmund Business Goes Bust
------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Flugborse K&S Reisevermittlungs GmbH on November 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 20,
2005 to register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 10:30 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:  FLUGBORSE K&S REISEVERMITTLUNGS GmbH
          Kaiserstr. 22, 44135 Dortmund
          Contact:
          Peter Schmidt, Manager
          Untere Husemannstr. 3, 59425 Unna

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


GAMMA BAU: Calls in Administrator from Wolff/Rapp
-------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against GAMMA Bau GmbH & Co. KG on November 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 20, 2005 to
register their claims with court-appointed provisional
administrator Jan Gartner.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 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:  GAMMA BAU GmbH & Co. KG
          Gewerbepark Am Bahnhof 2 in 02633 Seitschen

          Jan Gartner, Administrator
          Wolff/Rapp Rechtsanwalte
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


MALER WEDER: Kuebler Administrator Takes over Business
------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Maler Weder GmbH on November 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 13, 2005 to register
their claims with court-appointed provisional administrator
Christian Heintze.

Creditors and other interested parties are encouraged to attend
the meeting on January 27, 2006, 10:30 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:  MALER WEDER GmbH
          Hirschbergstr. 12 in 01662 Meissen

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


PLGE MARBURGER: Claims Verification Set March
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against PLGE Marburger Strasse 13 GmbH & Co. KG on
November 4.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
January 26, 2006 to register their claims with court-appointed
provisional administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 10:40 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report March
23, 2006, 10:10 a.m. at the same venue.

CONTACT:  PLGE MARBURGER STRASSE 13 GmbH & Co. KG
          Marburger Str.13, 10789 Berlin

          Sebastian Laboga, Administrator
          Einemstr. 24, 10785 Berlin


TITUS CHEMNITZ: Court Appoints Administrator from HWW
-----------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Titus Chemnitz 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 Kai
Dellit.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 11:45 a.m. at the district
court of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse
21, in Chemnitz, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  TITUS CHEMNITZ GmbH
          Contact:
          Andre Prautzsch, Manager
          Strasse der Nationen 23, 09111 Chemnitz

          Kai Dellit, Administrator
          HWW Wienberg Wilhelm
          Michaelstrasse 71, 09116 Chemnitz
          Web site: http://www.hww-kanzlei.de


WIKOPLAN GMBH: Under Bankruptcy Administration
----------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against WIKOPLAN GmbH on November 3.  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 Carsten
Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 10:15 a.m. at the district
court of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse
21, in Chemnitz, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  WIKOPLAN GmbH
          Contact:
          Alfred Wittmann, Manager
          c/o VDW Wittmann GmbH
          Rosenheimer Strasse 47, 83083 Riedering

          Carsten Morgenstern, Administrator
          Michaelstr. 71, 09116 Chemnitz


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


DELPHI SPA: Rescued out of Receivership for EUR3.7 Million
----------------------------------------------------------
Receivers of Delphi Spa and Adventure Centre in Co Mayo have
sold the company to local property developer Michael McDonagh
for EUR3.7 million, reports say.  Mr. McDonagh is a native of
Oranmore, Co Galway.

Bank of Scotland, owed EUR2.5 million, drove Delphi into
receivership in October, but the center remained opened.  The
company has been operating for 20 years.  It owns Delphi
Mountain Resort & Spa, built at a cost of EUR4 million.

CONTACT:  PEARSE FARRELL
          Molyneux House
          Bride Street,
          Dublin 8
          Phone: +353 1 4182000
          Fax: +353 1 4182044
          E-mail: fgs@fgs.ie
          Web site: http://www.fgs.ie/


SMURFIT KAPPA: Jefferson Smurfit, Kappa Sign Merger Pact
--------------------------------------------------------
Jefferson Smurfit Group and Kappa Packaging on Nov. 23 said that
the consultation and advisory processes with the relevant
employee representative organizations have now been completed.
A merger agreement between Jefferson Smurfit Group and Kappa
Packaging, to form Smurfit Kappa Group, has also been signed.
It is expected that the transaction will close on or about Dec.
1, 2005.

Gary McGann, Jefferson Smurfit Group CEO, said: "We are pleased
to announce the achievement of these milestones.  Jefferson
Smurfit and Kappa will form a focused industry leader with
compelling strategic, operational and geographic fit.  Our
objective now is the effective integration of the two
businesses."

Frits Beurskens, Kappa Packaging CEO, said: "The merger of Kappa
Packaging and Jefferson Smurfit Group creates an exciting
platform which combines two highly complementary businesses.
Smurfit Kappa Group will have a well invested asset base to
provide creative packaging solutions to current and prospective
customers."

                            *   *   *

Fitch Ratings assigns an expected Senior Unsecured rating of
'B+' to the Smurfit Kappa Group, the entity to be created
through the acquisition of Kappa Packaging (Kappa) by Jefferson
Smurfit Group (JSG).

At the same time the agency assigns a 'BB' expected rating to
the proposed new senior secured facilities for the combined
Smurfit Kappa Group, reflecting Fitch's view of significant
recoveries available to senior lenders in a distress scenario.
Following completion of the acquisition, Fitch expects to affirm
the ratings of the JSG Funding plc Senior Notes at 'B', the JSG
Funding plc Senior Subordinated Notes at 'B-' and the JSG
Holding plc Senior PIK Notes at 'CCC+'.  The expected ratings
are subject to completion of the acquisition as presented to
Fitch and review of final documentation.  A Stable Outlook has
been assigned.

The combination of JSG with Kappa will create the largest
Europe-based integrated manufacturer of containerboard,
corrugated containers and other paper-based packaging products.
While Fitch believes that significant synergy potential arises
from the proposed combination of the two companies, the next two
years will be critical for the new group.

Michelle De Angelis, Associate Director in Fitch's Leveraged
Finance Group, said: "The ability of the group to deliver
synergies and realize cash from disposals within a 12-24 month
timeframe will be key to the maintenance of the expected 'B+'
rating.  The European paper and packaging market has yet to
exhibit any significant signs of recovery, which means that the
Smurfit Kappa Group will be embarking on a business
restructuring program and inevitably incurring additional costs
at a time when cash flow generation is under continued
pressure."

The paper and packaging industry is cyclical and conditions in
Europe have been difficult for some time, due to excess
capacity.  While some industry commentators expect a recovery to
begin in 2006, Fitch believes that the fundamental demand-supply
imbalance is likely to continue beyond that time and that market
conditions will remain soft through 2007.  However, Smurfit
Kappa is a strong market player with the potential to ride out a
longer cyclical downturn and emerge with significant earning and
cash generation ability.  The merged entity will benefit from
Kappa's well-invested facilities and JSG's disciplined track
record of cash flow generation, as well as geographic
diversification in Eastern Europe and Latin America.

Nonetheless, Fitch has identified a number of challenges ahead
for the group, and expects that downward rating pressure would
result from the following occurrences: a reduction in rolling
last twelve months EBITDA below EUR800 million; an increase in
total cash-pay leverage above 6.0x; a deterioration in the
company's liquidity position; or a failure to generate
significant cash from disposals within an 18-month timeframe.
While these factors are relatively limiting, the agency has
assigned a Stable Outlook reflecting Fitch's view that the
upside potential from the acquisition balances the downside
potential inherent in the current European market conditions.
Furthermore, the ratings of the combined group are likely to
remain constrained by high overall financial leverage and
moderate cash flow coverage in the near term.

The proposed acquisition will result in a refinancing of the
current outstanding senior secured facilities of both JSG and
Kappa Packaging and all of the bonds at Kappa Beheer B.V.  The
ratings for these instruments will be withdrawn at that time.
JSG's bonds, debentures and securitization program are expected
to remain in place, and the ratings will be updated to reflect
the transaction at close.

CONTACT:  JEFFERSON SMURFIT GROUP
          Gary McGann
          Phone: +353 1 202 7000
          or
          Tony Smurfit
          Phone: +353 1 202 7000
          or
          Ian Curley
          Phone: +353 1 202 7000

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500

          WHPR (Media Consultant)
          Brian Bell
          Phone: +353 1 669 0030


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


SAFILO SPA: May Lose Ralph Lauren Eyewear License
-------------------------------------------------
U.S. fashion house Ralph Lauren may withdraw the license of
Safilo S.p.A. to make eyewear under its name, the Financial
Times says.

Still good for another year, Ralph Lauren has started talks with
Safilo not for the purpose of renewing the license, people privy
to the talks told the paper.  According to them, Safilo rival
Luxottica has pressed Ralph Lauren for exclusivity over the
eyewear license.  Ralph Lauren is expected to make a decision
early next year.

This development comes just as Safilo is preparing for an
initial public offering that could raise as much as EUR1
billion.  The offer is being coordinated by Merrill Lynch,
SanPaolo IMI and UniCredito.

Ralph Lauren licenses accounted for 10% of last year's EUR1
billion sales; Armani, Dior and Gucci licenses made up 55% of
the total.  Safilo and Ralph Lauren have been business partners
for 15 years.  Recently, they worked together on a new Ralph
Lauren eyewear store on Madison Avenue in New York.  Safilo is
also working on next year's Ralph Lauren collection.

                            *   *   *

Standard & Poor's Ratings Services has placed its 'B' long-term
corporate credit rating on Safilo on CreditWatch with positive
implications, following the company's announcement of its
planned IPO.

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

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

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

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

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

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

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


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


ALMASH: Sets Creditors Meeting December 2
-----------------------------------------
The Inter-District Court of Bishkek for Economic Issues
commenced bankruptcy supervision procedure on joint venture
Almash on July 5, 2005.  Mr. Almaz Abdyvaliev has been appointed
temporary insolvency manager.

Creditors will meet at Bishkek, Moskovskaya Str. 151 room 108 on
December 2, 2005, 9:00 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:  ALMAZ ABDYVALIEV
          Temporary Insolvency Manager
          Phone: (0-312) 21-67-25


ENERGY CONSULTING: Creditors Meeting Today
------------------------------------------
The creditors of bankrupt LLC Energy Consulting Group will meet
at Micro District 5 63/27 on November 25, 11:00 a.m.  Call (0-
312) 47-92-08 for more information.


MA-MA SERVICE: Proofs of Claim Deadline Expires January
-------------------------------------------------------
LLC MA-MA SERVICE, which recently became insolvent, will accept
proofs of claim at Bishkek, Abdrahmanova Str. 170 until January
9, 2006.  Call (0-502) 43-57-22 for more information.


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


FORD CAPITAL: U.S. Parent Under Review for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the long-term ratings of Ford Motor Company (Ba1
Corporate Family and long-term, and Ba2 trust preferred) and the
long-term and short-term ratings of Ford Motor Credit Company
(Ford Credit) (Baa3 long-term and Prime-3 short-term) for
possible downgrade.

Ford's SGL-1 Speculative Grade Liquidity rating is not included
in the review and has been affirmed.  Moody's said the review of
Ford's ratings is prompted by the prospects for persistently
weak financial metrics caused in part by a severe erosion in the
company's North American truck and SUV franchise as consumer
preference continues to shift toward smaller, more fuel
efficient vehicles.

Although Ford's US market share for the ten months through
October ran at the 18.5% benchmark identified by Moody's in
prior rating actions, share in the months of September and
October approximated only 17% and the company's shipments of
full size trucks and SUVs have fallen by 30% to 40% during this
two-month period.  As a result of this market shift, which
Moody's expects will continue, Ford's performance through
September 2005 has weakened, and its ability to achieve
operating performance and credit metrics that support the Ba1
rating is becoming increasingly uncertain.

In addition to the more rapid than anticipated shift in market
demand in North America, Ford remains heavily burdened by excess
production capacity and an elevated fixed cost structure
including high medical costs.  Ford will attempt to address
these challenges, and to re-establish a more competitive and
sustainable operating model in North America, by implementing an
extensive restructuring program that will be announced in
January 2006.

The ratings of The Hertz Corporation (Baa3 senior and Prime-3
short-term) are unaffected by these actions and remain on a
review for possible downgrade that was initiated on September
12, 2005.

Moody's review of the Ford ratings will focus on:

(a) The scope of the restructuring program that Ford will
    announce and the degree to which the restructuring program
    will support meaningful improvement in returns, cash
    generation and credit metrics;

(b) The potential challenges that Ford could face in
    implementing the program, including labor issues, and the
    company's contingency plans to deal with such challenges;

(c) The level of credit metrics that Ford can sustain during the
    near term as it begins to implement its restructuring which
    could potentially require sizable up front cash costs
    related to accelerated retirement plans or other
    restructuring payments;

(d) The level of liquidity that Ford will maintain until its
    turnaround actions can begin to yield material benefits; and

(e) Ford Credit's ability to continue making meaningful dividend
    payments to Ford while providing competitive customer
    financing, maintaining a sound capital structure, and
    preserving portfolio quality.

As Moody's assesses Ford's ability to sustain the current Ba1
rating, important near-term financial benchmarks, calculated
based on Moody's standard adjustments, will include: EBITA
margin exceeding 2% and free cash flow to debt greater than 10%.

In assessing Ford's restructuring initiatives and the resulting
impact on its longer-term credit quality, Moody's will focus on
the magnitude and timing of the anticipated cash savings, and
also on the degree to which the plan is based on realistically
achievable expectations for market share, pricing and product
mix.  Moody's notes that Ford's 2002 Revitalization Plan was
highly successful at reducing capacity by 1 million units and
considerably lowering operating costs.

However, the plan fell well short of the forecasted improvement
in operating performance due to much greater-than-anticipated
pressure on market share, pricing and mix.  Consequently, the
underlying assumptions in the 2006 restructuring program will be
critical considerations in Moody's assessment of the new plan.

As Ford begins to fund the costs of these turnaround initiatives
its liquidity position, which approximated $20 billion at
September 2005, should remain sizable as a result of the $5.6
billion in proceeds from the Hertz monetization.

Moody's review of Ford Credit's ratings reflects the rating
action taken on Ford's ratings.  Because of the strong business
and financial ties that exist between Ford and Ford Credit, any
weakening at Ford could negatively impact Ford Credit's volumes,
asset quality and earnings.  These connections keep Ford
Credit's ratings closely tied to those of its parent.  Current
circumstances have also challenged Ford Credit's liquidity
profile.

In response to lower demand among unsecured debt investors, Ford
Credit has increased its reliance upon securitization, which at
September 30, 2005 represented 35% of on- and off-balance sheet
funding sources, compared with 25% at the end of 2004.  Most,
but not all, of the company's assets are securitizable, which
could prove limiting to the scale and scope of the company's
operations in the future.  But other factors help sustain the
company's liquidity profile, including lower origination levels
and higher cash balances.

To date in 2005, Ford Credit's asset quality metrics have shown
improvement, partially a reflection of the company's tightened
underwriting standards.  With lower loss expectations, the
company has decreased loss provisions from prior year's levels,
which has supported year-to-date earnings.  However, Ford Credit
faces headwinds in the form of higher borrowing costs from
increased interest rates and credit spreads, declining revenues
due to the decline in the base of earnings assets, as well as
practical limits for further reductions in loss provisions.

As a result, Moody's doesn't believe earnings and margins can be
sustained at current levels.  Moody's expects to maintain the
one-notch rating distinction between the Ford and Ford Credit
ratings.  In Moody's view, Ford Credit's assets would likely
provide better asset recovery to unsecured creditors compared to
the assets of Ford.

Ford Motor Company, headquartered in Dearborn, Michigan, is the
world's third largest automobile manufacturer.  Ford Motor
Credit Company, also headquartered in Dearborn, Michigan, is the
world's largest auto finance company.

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

          J. Bruce Clark, Senior Vice President
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


INTABEX NETHERLANDS: S&P Cuts Rating to B+ on Poor Performance
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on leaf
tobacco dealer Alliance One International Inc. and its wholly
owned subsidiary, Intabex Netherlands B.V., including its
corporate credit rating to 'B+' from 'BB-'.

The ratings were removed from CreditWatch where they were placed
on Oct. 25, 2005, with negative implications.  The outlook is
negative.  Total rated debt on Morrisville, North Carolina-based
Alliance One is about US$1.5 billion.

The downgrade reflects:

     * the decline in operating performance and

     * the related effect on credit protection measures.

These factors are due to:

     * the poor quality of the Brazilian crop and

     * Standard & Poor's expectation that financial measures
       will not improve to levels appropriate for the ratings in
       the near term.

Standard & Poor's expects that the company will receive an
amendment by its senior lenders that will loosen its financial
covenants in the near term.  Although Alliance One is ahead of
schedule in achieving the cost savings from the May 2005 merger
of DIMON Inc. and Standard Commercial Corporation, these savings
were not sufficient to offset the declines in operating profit.

CONTACT:  ALLIANCE ONE
          Phone: 484-531-5000
          Fax: 484-531-5057
          Web site: http://www.allianceoneinc.com/


ROYAL SHELL: Joint Venture Buys Jamaican Operations
---------------------------------------------------
Neal and Massy Holdings Ltd. and Cool Corp. Ltd. have agreed on
a joint venture deal to buy Royal Dutch Shell's Jamaican
businesses, The Trinidad Express reports.

The partnership, which will be known as Cool Petroleum Holdings,
will acquire Shell's retail, LPG and chemicals operations,
including 56 service stations.

Bernard Dulal-Whiteway, CEO of Neal and Massy, said: "In
accordance with the principles and goals of the CSME (Caribbean
Single Market and Economy), the Neal and Massy Group is happy to
continue investing in the Single Market."

He added the acquisition is part of the company's aim to become
a "major pan-Caribbean enterprise" and the deal with Cool Corp.
links it with a "creative and entrepreneurial partner in
Jamaica."

Cool Corp. Chairman Joseph Issa said: "As a Jamaican, I am proud
to be part of an increasing ownership in our own country which
is an integral part of the CSME."

Jamaica Gleaner, in another report, quoted Roger Bryan, Shell's
country chairman for Jamaica, as saying the Shell brand stays in
Jamaica as part of a long-term agreement.  Project Manager
Lauran Wetemans said the company is not totally withdrawing from
Jamaica.  He noted that "Shell is basically changing its
business model . . . and we will continue to supply products to
the Jamaican market."

The National Workers' Union was scheduled to meet with Shell's
workers Wednesday to discuss the issue.  Danny Roberts, vice-
president of the NWU, said: "The question of how it will affect
the contract of employees has to be discussed.  The question of
redundancy payment may not arise now for Shell, but the new
owner may decide to lay off staff."

Mr. Bryan clarified: "We may even see an increase in staff
complement because a lot of services that were done overseas
will now have to be done in Jamaica."

Established ten years ago, Cool Corp. employs over 400 people
and has annual sales of US$100 million.  Neal & Massy Group has
a workforce of 4,000 and sales of more than US$600 million.

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

          NEAL AND MASSY HOLDINGS LTD.
          63 Park Street
          P.O. Box 544
          Port Of Spain
          Trinidad, West Indies
          Phone: 1 (868) 625-3426
          Fax: 1 (868) 627-9061
          E-mail: nmh@neal-and-massy.com
          Web site: http://www.neal-and-massy.com


ROYAL SHELL: Has 3,963,400,000 Remaining 'A' Shares
---------------------------------------------------
On 23 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,256,000 'A' Shares at a price of EUR26.90 per
share.  It further purchased for cancellation 350,000 'A' Shares
at a price of 1,844.19 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,963,400,000.

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


TBIH FINANCIAL: Long-term Rating Upped to B; On Watch Positive
--------------------------------------------------------------
Fitch Ratings has upgraded TBIH Financial Services Group N.V.'s
(TBIH) Long-term rating to 'B' from 'B-'.  At the same time,
Fitch has withdrawn the Expected Long-term 'B' rating on TBIH's
proposed senior debt issue, following its postponement.  The
Long-term rating remains on Rating Watch Positive (RWP) to
reflect Wiener Stadtische Allgemeine Versicherung
Aktiengesellschaft's (WS) agreement to purchase a 40% stake in
Kardan Financial Services B.V. (KFS), the majority shareholder
of TBIH.

TBIH's Long-term rating is upgraded as the debt issue, which
Fitch now expects to take place during 2006, is likely to be of
a more moderate size than previously anticipated.  As such,
Fitch notes that the prospective financial leverage of TBIH is
unlikely to materially impair the recovery characteristics of
senior unsecured creditors beyond levels currently implied by
the upgraded rating.

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

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

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

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

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

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

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


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


ELEKTRIM SA: Dispute with ET Worsens
------------------------------------
Elektrim Telekomunikacja (ET) has sued Deutsche Telekom and
Elektrim S.A. for allegedly violating its rights as a partner in
PTC, AFX says.

ET, backed by French Vivendi Universal, recently regained
control of PTC after the Polish Business Registration Court
reversed a Vienna arbitration court, which gave Elektrim and
Deutsche Telekom 48% of PTC.  The two remain at odds over the
legality of the decisions.

Vivendi and Elektrim each own 49% of ET.  The remaining 2% of
the stake is controlled by Ymer Finance, which Elektrim says is
controlled by Vivendi.  Vivendi is denying the claim, saying
Ymer is independent.

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


HUTA STALOWA: European Commission Reviews State Aid
---------------------------------------------------
The European Commission has launched an in-depth investigation
to establish whether the restructuring aid in favor of Huta
Stalowa Wola (HSW), a Polish industrial machinery company, is
compatible with EC Treaty state aid rules (Article 87)
prohibiting aid liable to distort competition in the Single
Market.

Part of the measures has been granted before accession and the
Commission is therefore not competent to assess their
compatibility.  However a number of aid measures worth some
EUR27 million are to be granted after accession and thus fall
under the Commission's scrutiny.  The opening of the formal
investigation will give interested parties an opportunity to
comment.  The launch of the inquiry does not prejudge the
Commission's final decision on whether the aid can be allowed.

"Aid for restructuring can be one of the most distortive types
of state aid and very strict conditions need to be respected to
grant such aid.  We need to make sure the company is able to
compete on the market after the restructuring," Competition
Commissioner Neelie Kroes commented.

HSW, a mostly state-owned company has received state aid in the
form of refunds, write-offs, deferrals, loans on preferential
terms and capital injections by various Polish authorities at
local and central level in the framework of a restructuring plan
envisaged for the period 2003-2007.  The plan includes several
measures that according to the company should restore the long-
term viability, in particular a modification of the company's
organizational structure.

The Commission's preliminary examination has shown that some aid
was granted before accession (at least EUR26 million), and some
after accession (up to EUR27 million).  The Commission has no
competence to assess the compatibility of aid granted before
accession.  However, the Commission is competent to act with
regard to state aid granted after accession even in the context
of a restructuring launched before accession.

On the basis of the information submitted by the Polish
authorities, the Commission doubts whether the measures comply
with all the requirements laid down in the Community guidelines
on state aid for rescuing and restructuring firms in difficulty
and in particular that the restructuring plan will restore the
long-term viability of HSW, since it is largely focused on debt-
serving and coverage of operating costs.  Furthermore, the
Commission has doubts that the private contribution to the
financing of the restructuring is high enough and that
competition will not be unduly distorted by these measures.

CONTACT:  HUTA STALOWA WOLA S.A.
          ul. Kwiatkowskiego 1
          37-450 Stalowa Wola
          Phone: (015) 843 41 11
          Fax: (015) 842 19 08
          E-mail: hsw@hsw.pl
          Web site: http://www.hsw.pl


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


ALFA BANK: Loan Participation Notes Rated Ba3
---------------------------------------------
Moody's has assigned a Ba3 rating with positive outlook to the
forthcoming issue of Loan Participation Notes by the Irish-based
orphan special purpose vehicle, Alfa Bond Issuance Limited
Company, for the sole purpose of funding a subordinated loan to
Alfa Bank.

The rights under the present loan will be subordinated to the
claims of senior creditors, although they will rank pari passu
with other subordinated debt and be senior to the claims of
holders of the bank's share capital, including preference
shares.  According to Moody's, the ranking of the claims
justifies the Ba3 (positive outlook) rating of the present
subordinated loan, one notch below the Ba2 rating with positive
outlook already assigned to Alfa's Bank Deposits and Senior
Unsecured Debts

The amount of the issue is to be determined by market
conditions, with an expected maturity of 10 years, including a
prepayment option by the borrower after five years.  Coupons
will be paid in arrears on a semi-annual basis at a fixed rate
during the Initial Interest Term (period terminating at the date
of the prepayment option) and at an increased rate during the
Step-Up Interest Term (period commencing the day after the date
of the prepayment option).  Moody's also notes that the borrower
may prepay the loan on a reset date if the Central Bank of
Russia does not unconditionally approve the loan as additional
capital, or at any time if the loan ceases to qualify as
additional capital.

Alfa Bank is currently the largest private bank in Russia, and
is part of the Alfa Group Consortium (not rated by Moody's), one
of Russia's largest conglomerates.  Alfa Bank has significantly
diversified away from house banking with Alfa Group over the
last several years.  Apart from Russia, the bank has penetrated
some of the neighboring CIS markets, is run by one of the most
professional management teams in the market and displays sound
financial fundamentals, although some areas for improvement
still exist.

All Moody's ratings assigned to Alfa Bank have been based on ABH
Financial's consolidated IFRS financial statements and not on
financial statements of Alfa Bank prepared on a standalone
basis.  Alfa Bank is headquartered in Moscow, Russian
Federation.  ABH Financial Limited reported (unaudited) total
assets of US$8.3 billion as of 30 June 2005 (18.2% up from year-
end 2004) and US$70.1 million half-year-to-date net profit.

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

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


ALTAIR-NORD: Appoints Insolvency Manager
----------------------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against Altair-Nord (TIN 5191322252) after finding
the limited liability company insolvent.  The case is docketed
as A42-5851/2005.  Mr. P. Volkov has been appointed insolvency
manager.

CONTACT:  ALTAIR-NORD
          Russia, Murmansk region,
          Samoylovoy Str. 78, Office 2

          P. VOLKOV
          Insolvency Manager
          183071, Russia, Murmansk region,
          Starostina Str. 19, Office


ASTRAKHANSKAYA: Astrakhan Court Brings in Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Astrakhan region commenced bankruptcy
proceedings against Astrakhanskaya (TIN 3008009427) after
finding the fuel company insolvent.  The case is docketed as
A06-4127/b/3-11 k/2005.  Mr. A. Eremitskiy has been appointed
insolvency manager.

CONTACT:  ASTRAKHANSKAYA
          416111, Russia, Astrakhan region,
          Narimanov, Tsentralnaya Str. 10

          A. EREMITSKIY
          Insolvency Manager
          414056, Russia, Astrakhan region,
          Tatisheva Str. 16 "D", Apartment 5


BOYARKA: Bankruptcy Hearing Set Next Year
-----------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Boyarka.  The case is docketed as A45-19335/05-10/304.  Mr. O.
Klemeshev has been appointed temporary insolvency manager.  A
hearing will take place on February 8, 2006, 9:30 a.m. at the
Arbitration Court of Novosibirsk region at 630077, Russia,
Novosibirsk, Kirova Str. 3, Room 815.

CONTACT:  BOYARKA
          633162, Russia, Novosibirsk region,
          Kolyvanskiy region, Boyarka

          O. KLEMESHEV
          Temporary Insolvency Manager
          630077, Russia, Novosibirsk region,
          Post User Box 174


DIMITROVOGRAD TEXTILE: Hires V. Fokeev Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Dimitrovograd Textile.  The case is docketed as A72-2877/05-
19/16-B.  Mr. V. Fokeev has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 603137,
Russia, N. Novgorod, Post User Box 221.

CONTACT:  DIMITROVOGRAD TEXTILE
          Russia, Dimitrovograd,
          Kuybysheva Str. 226

          V. FOKEEV
          Insolvency Manager
          603137, Russia, N. Novgorod region,
          Post User Box 221


DOBROVOLSKOYE: Proofs of Claim Deadline December 15
---------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Dobrovolskoye (TIN 6107002900) after finding
the close joint stock company insolvent.  The case is docketed
as A53-e18690/05-S2-7.  Mr. K. Kovalenko has been appointed
insolvency manager.  Creditors have until December 15, 2005 to
submit their proofs of claim to the Arbitration Court of Rostov
region.  A hearing will take place on December 6, 2005, 10:40
a.m.

CONTACT:  DOBROVOLSKOYE
          Russia, Rostov region,
          Krasnoyarskaya St., Oktyabrskiy Per. 1


OAO SIBNEFT: European Commission Clears Gazprom Takeover
--------------------------------------------------------
The European Commission has granted clearance under the EU
Merger Regulation to the acquisition of sole control of Siberian
Oil Company (Sibneft) of Russia by Gazprom Finance B.V.,
controlled by Gazprom, also of Russia.

Gazprom is a vertically integrated Russian natural gas company
whose majority shareholder is the Russian Federation.  It is
active in the exploration, production, refining, transportation
and marketing of natural gas.  It also produces a limited amount
of crude oil, refined products and petrochemical products.
Gazprom supplies practically all of the natural gas in Russia
and approximately 24% of the natural gas consumed in the EEA.
It is also active in the oil industry including, to a lesser
extent, that of the EEA.

Sibneft is a Russian oil company and is vertically integrated in
the oil supply chain of that country.  Its principal activities
concern oil and gas exploration, the production, refining and
marketing of oil and oil products, and the sale of certain
petrochemical products.  Sibneft does not export any natural gas
into the EEA.  The operation was examined under the simplified
merger review procedure.

CONTACT:  OAO SIBNEFT
          Sadovnicheskaya Street 4
          115035 Moscow
          Switchboard: +7 (095) 777-3152
          Switchboard fax: +7 (095) 777-3151
          Phone: http://www.sibneft.com

          John Mann
          Phone: +7 (095) 777-3116
                          777-3182
          Fax: +7 (095) 777-3114
          E-mail: JohnM@sibneft.ru


OKTYABRSK-DOR-STROY: Succumbs to Bankruptcy
-------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Oktyabrsk-Dor-Stroy after finding the open
joint stock company insolvent.  The case is docketed as A50-
10285/2005-B.  Ms. N. Vokhmina has been appointed insolvency
manager.

CONTACT:  OKTYABRSK-DOR-STROY
          Russia, Perm region, Perm,
          Geroev Khasana Str. 456

          N. VOKHMINA
          Insolvency Manager
          614016, Russia, Perm,
          Geroev Khasana Str. 456


OREL-ALMAZ: Claims Filing Period Ends Mid-December
--------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Orel-Almaz (OGRN 1025700827206, TIN
5753021930) after finding the industrial-investment company
insolvent.  The case is docketed as A48-3284/05-20b.  Ms. E.
Bystritskaya has been appointed insolvency manager.  Creditors
have until December 15, 2005 to submit their proofs of claim to
107078, Russia, Moscow, Novaya Basmannaya Str. 15, Post User Box
276.

CONTACT:  OREL-ALMAZ
          302028, Russia, Orel region,
          Oktyabrskaya Str. 25

          E. BYSTRITSKAYA
          Insolvency Manager
          107078, Russia, Moscow,
          Novaya Basmannaya Str. 15,
          Post User Box 276


RADUGA: Declared Insolvent
--------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Raduga after finding the trading house
insolvent.  The case is docketed as A47-7821/2005-14GK.  Mr. O.
Shelyakin has been appointed insolvency manager.

CONTACT:  RADUGA
          Russia, Orenburg region,
          Leninskaya Str. 29

          O. SHELYAKIN
          Insolvency Manager
          614068, Russia, Perm,
          Kirova Str. 224-1


SEMIGORYE: Bankruptcy Hearing Resumes January
---------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on agro company Semigorye.  The
case is docketed as A-32-A-32-18158/2005-2/302-B.  Mr. D.
Sukhorukov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 353900, Russia,
Novorossiysk, Marksa Str. 25, Apartment 15.  A hearing will take
place on January 30, 2006.

CONTACT:  SEMIGORYE
          Russia, Novorossiysk,
          Semigorye, Tsentralnaya Str. 2

          D. SUKHORUKOV
          Temporary Insolvency Manager
          353900, Russia, Novorossiysk,
          Marksa Str. 25, Apartment 15


SOVIET SIBERIA: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Soviet Siberia.  The case is docketed as A45-18334/05-29/255.
Mr. Y. Gomerov has been appointed temporary insolvency manager.
A hearing will take place on January 25, 2006, 11:00 a.m. at the
Arbitration Court of Novosibirsk region at 630077, Russia,
Novosibirsk, Kirova Str. 3, Room 916.

CONTACT:  SOVIET SIBERIA
          632753, Russia, Novosibirsk region,
          Kupinskiy region, Sovetskoye

          Y. GOMEROV
          Temporary Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 325
          Phone: (383) 348-60-77


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


SAS GROUP: Navtech Pays SEK162 Million for EAG
----------------------------------------------
The SAS Group has signed and closed an agreement to sell its
100% stake in European Aeronautical Group (EAG) to Navtech Inc.
based in Waterloo, ON, Canada.

The shares are sold at a total price of approximately SEK162
million for the equity plus an additional amount estimated to
SEK30 million based on future revenues.  The capital gain in the
SAS Group is approximately SEK50 million and the positive effect
on cash and net debt is approximately the same excluding the
additional amount.

"[The] announcement fits with our strategy to focus mainly on
our core business said Mr. Jorgen Lindegaard, President and CEO
of the SAS Group."  We have been impressed with Navtech and are
looking forward to building a long-term, customer relationship
with them and at the same time reduce our costs."

The ownership of EAG is not considered of future strategic
interest for the SAS Group and the sale is part of the ongoing
program of capital release.

"[The] acquisition is a significant step toward Navtech's
strategic goal of becoming the premiere supplier of integrated
flight operations solutions to airlines around the world," said
Navtech, Inc. President and CEO David Strucke.  "This enhances
our position as one of the world's leading flight operations
management providers with a tremendous airline customer base and
one of the most comprehensive product portfolios."

Mr. Strucke says the combined product scope and market presence
of the two organizations are highly complimentary, and provides
Navtech with a critical mass in the U.S and European markets, as
well as a growing presence in Asia.

About EAG

European Aeronautical Group is a wholly owned subsidiary of the
SAS Group with approximately 155 employees and operations in
Sweden and the U.K.  The Group produces advanced aeronautical
documentation and systems for the aviation industry.  Its
product line includes different versions of aeronautical and
flight navigation documentation and flight and route planning
for various systems.

EAG's fiscal 2004 revenues were approximately SEK200 million.

About SAS Group

SAS AB is the Nordic regions largest listed airline and travel
group and offers air transport and related services from its
base in the northern Europe.  Scandinavian Airlines provides
services within Scandinavia, to/from Europe, North America and
Asia. Scandinavian Airlines is a founder member of the world's
largest global airline alliance -- Star AllianceTM.  The Group
also includes the airlines Spanair, Wideroe's Flyveselskap and
Blue1 and the partly owned airlines airBaltic and Estonian Air.
The Group's business areas Airline Support Businesses and
Airline Related Businesses include companies that support the
airline operations.  The Group also includes hotel operations
with Rezidor SAS Hospitality.

About the Navtech, Inc.

Navtech creates and supports superior flight operations software
for airlines.  Navtech's software provides a competitive edge to
airlines by facilitating significant costs savings in fuel
consumption and crew planning, two areas that represent a
majority of an airline's variable operating expenditures.  With
more than 200 airline customers around the world, Navtech's
software directly supports millions of flights around the globe
each year.  Navtech has a fully rounded product portfolio that
includes charting, navigational data, flight planning, crew
planning, runway analysis, and mass & balance systems.  Navtech
has more than 250 employees with offices in the United States,
Canada, Sweden, the United Kingdom and Singapore.

CONTACT:  NAVTECH, INC.
          Gordon Heard
          Chief Financial Officer
          Phone: +1 519 747 1170 x288
          Web site: http://www.navtechinc.com

          SAS GROUP
          Hans Ollongren
          Senior VP, Corporate Communications & Public Affairs
          Phone: +46 70 997 1950

          Sture Stolen
          VP, Investor Relations
          Phone: +46 70 997 1451
          Web site: http://www.sasgroup.net


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


CHORNOMORSKIJ KOMBIKORM: Declared Insolvent
-------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Chornomorskij Kombikorm Plant (code EDRPOU
00688806) on October 13, 2005 after finding the limited
liability company insolvent.  The case is docketed as 2-20/4603-
2005.  Mr. I. Gerasimov (License Number AA 140432) has been
appointed liquidator/insolvency manager.

Creditors have until November 29, 2005 to submit their proofs of
claim to:

(a) CHORNOMORSKIJ KOMBIKORM PLANT
    96400, Ukraine, AR Krym region,
    Chornomorskij district, Novoselske, 65

(b) I. GERASIMOV
    Liquidator/Insolvency Manager
    95043, Ukraine, AR Krym region,
    Simferopol, Gagarin Str. 36/52

(c) ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


DAKS: Gives Creditors Until Next Week to File Claims
----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against LLC DAKS (code EDRPOU 25097986) on October
20, 2005 after finding the limited liability company insolvent.
The case is docketed as 27/62 B.  Mr. Davidenko Oleksij (License
Number AB 216801) has been appointed liquidator/insolvency
manager.  The company holds account number 26006301581297 at
Prominvestbank, Kirovske branch, MFO 334734.

Creditors have until November 29, 2005 to submit their proofs of
claim to:

(a) DAKS
    86300, Ukraine, Donetsk region,
    Kirovske, Molodizhnij quarter, 9/B

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


DRUZHBA: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Private Agricultural Enterprise Druzhba
(code EDRPOU 03733921) on October 4, 2005.  The case is docketed
as 10/47-05.  Mr. Sergij Severin (License Number AA 630139) has
been appointed temporary insolvency manager.  The company holds
account number 26042000055001 at JSCB Nadra, Vinnitsya branch,
MFO 302355 and account number 290290903 at OJSC Oshadbank,
branch 5321, MFO 362061.

Creditors have until November 29, 2005 to submit their proofs of
claim to:

(a) DRUZHBA
    Ukraine, Vinnitsya region,
    Vinnitsya district, Lavrivka, Lenin Str. 3

(b) SERGIJ SEVERIN
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    9 Sichnya Str. 4/8

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose 7


INTERSIL: Proofs of Claim Due November 29
-----------------------------------------
The Economic Court of Lviv region declared Intersil (code EDRPOU
14339096) on April 26, 2005 after finding the joint Ukrainian-
Polish enterprise insolvent.  The case is docketed as 6/65-8/45.
Mr. Pudlyak Bogdan (License Number AB 216954) has been appointed
liquidator/insolvency manager.

Creditors have until November 29, 2005 to submit their proofs of
claim to:

(a) INTERSIL
    82300, Ukraine, Lviv region,
    Borislav, Danilo Galitskij Str. 34

(b) PUDLYAK BOGDAN
    Liquidator/Insolvency Manager
    Ukraine, Lviv region,
    Korolyov Str. 10/54

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


LVIVTEPLOENERGOZBUT: Bankruptcy Supervision Begins
--------------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on LLC Lvivteploenergozbut (code EDRPOU
32408893).  The case is docketed as 6/204-8/181.  Mr. Oleg
Oprishko has been appointed temporary insolvency manager.
Creditors have until November 28, 2005 to submit their proofs of
claim to:

(a) LVIVTEPLOENERGOZBUT
    Ukraine, Lviv region,
    Lazarenko Str. 1

(b) OLEG OPRISHKO
    Temporary Insolvency Manager
    79000, Ukraine, Lviv region,
    Listopadovogo chinu Str. 7/2a

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


NATALY: Lviv Court Appoints Liquidator
--------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Nataly (code EDRPOU 20812088) on June 29,
2005 after finding the private company insolvent.  The case is
docketed as 6/172-4/88.  Mr. Oleg Oprishko has been appointed
liquidator/insolvency manager.

Creditors have until November 28, 2005 to submit their proofs of
claim to:

(a) NATALY
    Ukraine, Lviv region,
    Sadova Str. 13/16

(b) OLEG OPRISHKO
    Liquidator/Insolvency Manager
    79000, Ukraine, Lviv region,
    Listopadovogo Chinu Str. 7/2a

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


SOVETSKE INCUBATOR: Deadline for Proofs of Claim Monday
-------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Sovetske Incubator-Bird Enterprise'
(code EDRPOU 05532279) on October 10, 2005.  The case is
docketed as 2-8/13833-2005.  Ms. Yeryomenko Galina (License
Number AA 719809) has been appointed temporary insolvency
manager.  The company holds account number 26002301732 at
Oshadbank, MFO 384209.

Creditors have until November 28, 2005 to submit their proofs of
claim to:

(a) SOVETSKE INCUBATOR-BIRD ENTERPRISE
    Ukraine, AR Krym region,
    Sovetske, Energetikiv Str. 24

(b) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


ZHOVKVA' BREAD: Succumbs to Bankruptcy
--------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Zhovkva' Bread-Receiving
Enterprise (code EDRPOU 00954870) on August 22, 2005.  The case
is docketed as 6/195-29/212.  Mr. Andrij Kolisnik (License
Number AB 116300) has been appointed temporary insolvency
manager.  The company holds account number 260017229 at JSPPB
Aval, Lviv branch, MFO 325570.

Creditors have until November 28, 2005 to submit their proofs of
claim to:

(a) ZHOVKVA' BREAD-RECEIVING ENTERPRISE
    80300, Ukraine, Lviv region,
    Zhovkva, Vokzalna Str. 2

(b) ANDRIJ KOLISNIK
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Tarnavskij Str. 104-b/54

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


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


ALAN QUINE: Hires Liquidator from DTE Leonard Curtis
----------------------------------------------------
A. Quine, chairman of Alan Quine Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 4 at DTE House, Hollins Mount,
Bury BL9 8AT.  Andrew Poxon of DTE Leonard Curtis, DTE House,
Hollins Mount, Bury, Lancashire BL9 8AT was appointed
liquidator.

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


ALLIANCE UNICHEM: Liquidator from Crane & Partners Enters Firm
--------------------------------------------------------------
J. P. Cox, the chairman of Alliance Unichem Holdings Limited,
informs that the subjoined special resolution to wind up the
company was passed at an EGM held on Nov. 11 at Sussex House, 8-
10 Homesdale Road, Bromley, Kent BR2 9LZ.  Guy Charles David
Harrison, of Crane & Partners, 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


ALLIED CRISIS: Files for Liquidation
------------------------------------
F. L. Smyth, director of Allied Crisis Management Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 3 at 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire.

Michael Robert Fortune and Carl Derek Faulds, of Portland
Business & Financial Solutions Ltd., 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire were appointed Joint
Liquidators.

CONTACT:  ALLIED CRISIS MANAGEMENT LIMITED
          First Floor Cakerstream House
          4 Oriel Court, Alton, Hampshire GU34 2YT
          Phone: 08456017718

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


ASHTEAD GROUP: Assures Investors firm has Succession Plan
---------------------------------------------------------
Following recent press comment about the future of Chief
Executive George Burnett, Ashtead Group plc has confirmed that,
as shareholders would expect, the company keeps the succession
plans for all its senior roles under regular review to ensure an
orderly transition of responsibility at the appropriate time.
George Burnett is involved in all aspects of the company's
succession planning.

Any decisions that are taken about succession to any board
position will be announced to the market in the usual way, as
and when they are made.

                        About the Company

Registered in the U.K., Ashtead is a leading provider of rental
equipment in the U.K. and the U.S. through its a-Plant and
Sunbelt subsidiaries.  As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million
and EBITDA of GBP169.7 million.  Net debt stood at GBP493.2
million.

In July, Ashtead completed its refinancing, which included:

(a) the raising of approximately GBP70 million before expenses
    through the Placing and Open Offer of approximately 73.4
    million New Ordinary Shares at 95.5 pence per share; and

(b) the raising of US$250 million (approximately GBP142
    million), before expenses, by the issue of New Senior Loan
    Notes, which carry an interest rate of 8 5/8% and will be
    repayable in full in August 2015.

From the proceeds of the refinancing, Ashtead has now repaid the
Convertible Loan Note at a discount of approximately 11% and
will redeem GBP42 million of the existing Senior Loan Notes,
which carry interest at a rate of 12%.

CONTACT:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead
          Surrey KT22 7AP, United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610


BETHELL FLEET: Hires Joint Liquidators from KPMG
------------------------------------------------
N. Hopkins-Coman, chairman of Bethell Fleet Services Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 28 at KPMG LLP, St James' Square, Manchester
M2 6DS.

Paul Andrew Flint and Brian Green of KPMG were Joint
Liquidators.

CONTACT:  BETHELL FLEET SERVICES LIMITED
          Dane House Europa Trad Est, Stoneclough Road
          Radcliffe, Manchester M26 1GG
          Phone: 0120-440-4832

          KPMG
          Web site: http://www.kpmg.co.uk


BLAKEDEW 560: Owners Decide to Wind up Business
-----------------------------------------------
H. I. Stewart, chairman of Blakedew 560 Limited, informs that
the special resolutions to wind up the company were passed at an
EGM held on Sept. 30 at Long Lane Studios, 142-152 Long Lane,
London SE1 4BS.  Stephen John Adshead of Fashawe Lofts, 41
Castle Way, Southampton SO14 2BW was appointed liquidator.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mails: sa@fanshawe-lofts.co.uk
                  arf@fanshawe-lofts.co.uk


BMG (BH) LIMITED: Deloitte & Touche Liquidators Enter Firm
----------------------------------------------------------
Company Names: BMG (BH) LIMITED
               BMG (CO PHASE IV) GENERAL PARTNER LIMITED
               BMG (DERBYSHIRE) LIMITED
               BMG (MH) LIMITED
               BMG (SH) LIMITED
               BMG (STIRLING) LIMITED
               BMG (THE DESIGNERS) LIMITED
               BMG UK HOLDINGS LIMITED

The special and ordinary resolutions to wind up the companies
were passed at a general meeting and J. R. D. Smith and N. J.
Dargan of Deloitte & Touche, Athene Place, PO Box 810, 66 Shoe
Lane, London EC4A 3WA were appointed joint liquidators.

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


BOX SPECIALISTS: Calls in Administrators from Kroll
---------------------------------------------------
David John Whitehouse and Simon Wilson (IP Nos 008699, 008963)
of Kroll Limited were appointed joint administrators of The Box
Specialists Limited (Company No 05371512) on Nov. 14.  The
company manufactures boxes.

CONTACT:  KROLL LIMITED
          The Observatory
          Chapels Walk
          Manchester
          Greater Manchester M2 1HL
          Phone: 0161 838 4500
          Fax: 0161 838 4501


CAFE CITRON: Falls into Administration
--------------------------------------
Lane Bednash (IP No 8882) of David Rubin & Partners and Richard
Neville (IP No 592) of Neville & Co. were appointed
administrators of Cafe Citron Limited (Company No 04537577) on
Nov. 10.  The company manages restaurants.

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

          NEVILLE HATTON
          10-11 Lynher Buildings
          Queen Annes Battery
          Plymouth
          Devon PL4 0LP
          Phone: 01752672288
          Fax: 01752 672290
          E-mail: colinhatton@nevillehatton.fsnet.co.uk


CAST SYSTEMS: Wilson Pitts Liquidators Take over Firm
-----------------------------------------------------
J. G. Goodfellow, the director of Cast Systems Limited, informs
that the special resolution to wind up the company was passed at
an EGM held on Nov. 1 at The Bailey, Skipton BD23 1DN.  D. F.
Wilson and J. N. R. Pitts were appointed joint liquidators.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


CHANNON MCCOLL: Creditors Meeting Set Next Week
-----------------------------------------------
Creditors of Channon McColl Media Limited (Company No 039656394)
will meet on November 30, 2005, 10:30 a.m. at The Kings, 20 Wood
Street, Swindon SN1 4AB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. M. McConnell administrator of Monahans, 38-42
Newport Street, Swindon, Wiltshire SN1 3DR not later than 12:00
noon, November 29, 2005.

CONTACT:  MONAHANS
          38-42 Newport Street
          Swindon
          Wiltshire SN1 3DR
          Phone: 01793 521231
          Fax: 01793 512188
          E-mail: paulm@monahans.co.uk


CLIFFORD & BEAU: Goes into Liquidation
--------------------------------------
M. Clifford, chairman of Clifford & Beau Ltd. (formerly Just
Wood Flooring Ltd.), informs that a resolution to wind up the
company was passed at an EGM held on Oct. 28 at  Fergusson
House, 124-128 City Road, London EC1V 2NJ.

C. M. Iacovides of Jeffreys Henry Jacobs, 124-128 City Road,
London EC1V 2NJ was appointed liquidator.

CONTACT:  JEFFREYS HENRY JACOBS
          124-128 City Road, London EC1V 2NJ
          Phone: 020 7670 9010
          Fax: 020 7670 9011
          Web site: http://www.jhj.co.uk


COMPASS GROUP: Plays down Reports of SFO Probe
----------------------------------------------
Compass Group plc has played down reports that it is being
probed by the Serious Fraud Office, said The Times.

SFO has reportedly launched a preliminary examination into
Compass transactions involving alleged corrupt buying practices
at the United Nations.  However, a spokesman for the contract
caterer said that they are "unaware of any investigation by the
SFO."

In October, Compass subsidiary Eurest Support Services was
suspended as contractor to the U.N. after claims emerged it
obtained confidential information before winning a GBP35.3
million food and water deal in Liberia.

Compass then called in Freshfields and Ernst & Young to carry
out its own investigation.  Peter Harris, former ESS CEO, was
dismissed, together with Andrew Seiwert, current ESS CEO, and a
further mid-ranking executive who was associated with U.N.
contracting.

Dow Jones said SFO, which has the power to prosecute, is
studying information related to Compass to see whether the body
needs to launch a full investigation into the caterer.  It
doesn't have to inform Compass about the extent of the probe,
according to Reuters, in another report.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com

          FRESHFIELDS BRUCKHAUS DERINGER
          65 Fleet St.
          London EC4Y 1HS
          United Kingdom
          Phone: +44-20-7936-4000
          Fax: +44-20-7832-7001
          Web site: http://www.freshfields.com/en.asp

          ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Phone: +44 [0] 161 333 3000
          Fax: +44 [0] 161 333 3001
          Web site: http://www.ey.com


CONCEPT MANAGED: EGM Passes Winding-up Resolution
-------------------------------------------------
A. Sibley, director of Concept Managed Services Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 28 at UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH.

Andrew Andronikou and Ladislav Hornan of UHY Hacker Young, St
Alphage House, 2 Fore Street, London EC2Y 5DH was appointed
liquidator.

CONTACT:  CONCEPT MANAGED SERVICES LTD.
          3rd Floor
          42 Conduit Street
          London
          W1S 2YJ
          Phone: 0845 450 4926
          Fax: 0845 241 1999

          UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


CORPORATE AUDIO: Royal Bank of Scotland Appoints Receiver
---------------------------------------------------------
Royal Bank of Scotland Commercial Services Limited appointed
Simon Allport and Garry Wilson (Office Holder Nos 8763, 9062) of
Ernst & Young LLP joint administrative receivers of Corporate
Audio Visual Plc (Reg No 02844022) on Nov. 9.

Corporate Audio Visual Plc -- http://www.corpav.co.uk/--  
specializes in providing audiovisual services to organizations
throughout the UK and Europe.

CONTACT:  CORPORATE AUDIO VISUAL PLC
          Presentation House,
          Broadway Business Park, Broadway
          Greater Manchester OL9 0JA
          Phone: 0161 947 3535
          Fax: 0161 947 3536
          E-mail: manchester@corpav.co.uk

          ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


DERBY HERITAGE: Joint Liquidators Move in
-----------------------------------------
R. Felix, director of Derby Heritage Centre Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 1 at The Swallow Hotel, Midland Road, Derby DE1
2SL.

Neil Henry and Michael Simister of Lines Henry, 27 The Downs,
Altrincham WA14 2QD were appointed Joint Liquidators.

CONTACT:  DERBY HERITAGE CENTRE LTD.
          St. Peters Churchyard, Derby
          Derbyshire DE1 1NN
          Phone: 01332299321

          LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


DRAX GROUP: Ends Talks with BCHP; To Pursue Listing
---------------------------------------------------
Further to their respective announcements of 15 November 2005,
Drax Group Ltd. and the BCHP Consortium have agreed to
discontinue discussions in relation to the BCHP Consortium's
proposal to acquire Drax.  As a consequence the BCHP Consortium
has decided to withdraw its proposal with immediate effect.

The BCHP Consortium recently held a number of meetings with
investors in Drax.  It is clear from those discussions, and
soundings taken of Drax's shareholders by the Company and
advisers to the Shareholder Committee, that a significant
majority preferred to remain committed to the refinancing and
listing of Drax pursuant to the irrevocable undertakings
previously given.  The Company is continuing preparations for
the refinancing and listing of Drax, which is expected to become
effective on 15 December 2005.

Deutsche Bank AG London Branch, which is regulated by the
Financial Services Authority for the conduct of designated
investment business in the United Kingdom, is acting for Drax in
connection with the matters described herein and no-one else and
will not be responsible to anyone other than Drax for providing
the protections afforded to customers of Deutsche Bank, nor for
providing advice in relation to the matters described herein.

                        About the Company

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

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

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

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


ENGLISH OUT: Language School Calls in Administrator
---------------------------------------------------
S. J. Parker (IP No 8989) and D. R. Beat (IP No 8191) of Tenon
Recovery were appointed joint administrators of English Out
There Limited (Company No 04230811) on Nov. 11.  Its registered
office is at Griffins Court, 24-32 London Road, Newbury,
Berkshire RG14 1JX.

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

          TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


ENVIRONMENTALLY FRIENDLY: In Liquidation
----------------------------------------
A. Hutchings, chairman of Environmentally Friendly Services
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 28 at Chiltern House, 24-30 King
Street, Watford WD18 0BP.

Richard Andrew Segal and Paul Michael Davis of Begbies Traynor
(South) LLP, Chiltern House, 24-30 King Street, Watford WD18 0BP
were appointed Joint Liquidators.

CONTACT:  ENVIRONMENTALLY FRIENDLY SERVICES LIMITED
          Highland House Farm, The Heath
          Clacton On Sea, Essex CO16 0DA
          Phone: 01255871009

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


FACEBY FARMS: Hires Liquidator from Taylor Rowlands
---------------------------------------------------
J. E. Perks, chairman of Faceby Farms Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Nov. 11 at Taylor Rowlands, 8 High Street, Yarm,
Stockton-on-Tees TS15 9AE.  John Harvey Madden of Taylor
Rowlands, 8 High Street, Yarm, Stockton-on-Tees TS15 9AE was
appointed liquidator.

CONTACT:  TAYLOR ROWLANDS
          8 High Street
          Yarm
          Cleveland TS15 9AE
          Phone: 01642 790790
          Fax: 01642 785588
          E-mail: harvey@taylorrowlands.co.uk


FEDERAL-MOGUL: Seeks Court's Nod on EL Insurance Settlement
-----------------------------------------------------------
T&N Limited and other U.K. debtor-affiliates of Federal-Mogul
Corporation were engaged in the manufacture, distribution, sale
and installation of various asbestos products, including
sprayed-on and pre-formed asbestos containing insulation,
asbestos cementpipe, asbestos containing building materials,
automated parts and other products.

As a result of their involvement with asbestos, T&N and 57 U.K.
Debtors -- the Scheme Proposing Companies -- are subject to a
large number of asbestos-related claims.  A list of the 58 U.K.
Debtors is available for free at:

     http://bankrupt.com/misc/Scheme_Proposing_Companies.pdf

                 Litigation with the EL Insurers

After their appointment, the Administrators for the U.K. Debtors
began an investigation of the historical employers' liability
insurance policies maintained by T&N and the other U.K. Debtors,
to ascertain whether there was any insurance to meet the
asserted asbestos-related claims of employees of T&N and the
U.K. Debtors.

The investigation revealed that the insurance for employers'
liability in the U.K. was placed by some of the Scheme Proposing
Companies between:

   (a) October 1, 1969, and March 31, 1977, with Royal Insurance
       Company, now Royal & SunAlliance; and

   (b) April 1, 1977, and April 30, 1995, with the Brian Smith
       Syndicate at Lloyd's.

Employees of the Scheme Proposing Companies who were employed at
any point during the EL Insurance coverage period had claims
under the Policies.

Although the Administrators asked the EL Insurers to meet the EL
Claims, the EL Insurers asserted that:

   (a) their policies excluded employee asbestos claims;

   (b) the excess or the deductibles applied; and

   (c) they were entitled in any case to avoid payment of claims
       under the Policies by reason of alleged
       misrepresentations and material non-disclosures by T&N
       and the other Scheme Proposing Companies.

The Administrators disagreed with the EL Insurers and commenced
proceedings against the EL Insurers in May 2002 in England.  The
Administrators sought to resolve the issues among T&N, the other
Scheme Proposing Companies and the EL Insurers with the aim of
providing relief to a certain class of claimants that meet
certain criteria, including any person or the personal
representative of a deceased person that was an employee of T&N
or any Scheme Proposing Company who:

   (a) was employed between October 1, 1969, and April 30, 1995;

   (b) was exposed to asbestos during his term of employment;
       and

   (c) has developed or may subsequently develop an asbestos
       disease attributable to negligent exposure to asbestos by
       a Scheme Proposing Company.

The trial date for the Administrators' proceedings was set for
January 2003.

In late December 2002, England's Court of Appeal decided that it
was necessary to bifurcate the issues and defer a determination
of whether the EL Insurers could avoid providing coverage to a
later second trial.  Accordingly, the first trial proceeded and
was concluded in February 2003.

In May 2003, England's High Court of Justice determined that:

   (a) from October 1, 1969, to December 31, 1971, EL Claims
       relating to pneumoconiosis were excluded from the RSA
       coverage, but all other employee asbestos claims were
       covered, subject to a GBP1,000 deduction;

   (b) from January 1, 1972, to April 30, 1977, all employee
       asbestos claims were covered by RSA, subject to an
       indemnity claim against T&N; and

   (c) from 1977 to 1995, all employee asbestos claims were
       covered by the Syndicate, subject to certain indemnity
       claims against T&N.

The rulings were subject to the High Court's decision at the
second trial as to whether the EL Insurers were entitled to
avoid the EL Insurance altogether because of alleged
misrepresentations and non-disclosure.  The parties engaged in
significant and time-consuming discovery, delaying the start of
the second trial.

In the meantime, the EL Insurers obtained permission for an
expedited appeal from the High Court's May 2003 decision.

However, at the request of the Administrators and the EL
Insurers, the Appeal was postponed to permit settlement
negotiations.  The Court of Appeals hearing was deferred until
May 2004.

Subsequently, the Administrators and the EL Insurers conducted
long and complex settlement negotiations.  In May 2004, prior to
commencement of the Appeal, the parties reached an agreement in
principle resolving all asbestos-related issues in the EL
Insurance Litigation.

At the parties' request, the Appeal was stayed so that the
settlement could be finalized and put into effect.

As previously reported, the Debtors and the Administrators have
asked the Bankruptcy Court to approve the U.K. Global Settlement
Agreement among Federal-Mogul Corporation, T&N, the other co-
proponents of the Third Amended Joint Plan of Reorganization,
the Administrators and the Pension Protection Fund in the United
Kingdom.  Under the U.K. Global Settlement Agreement, each Plan
Proponent agreed to support the applications of the
Administrators and the Debtors to the U.S. Court for approval of
the Scheme between T&N and the EL claimants regulating the
distribution of the EL settlement fund to the EL Claimants.

In fulfillment of their obligation under the U.K. Global
Settlement Agreement, the Debtors and the Administrators ask the
Court to:

   (a) approve the settlement of the EL Insurance Litigation as
       embodied in the EL Schemes;

   (b) authorize the Debtors to take any and all action
       necessary and appropriate to give effect to the EL
       Schemes; and

   (c) modify the automatic stay to the extent necessary to
       permit the claims of Established EL Claimants to be
       satisfied and receive distributions under and in
       accordance with the EL Schemes, if and when the EL
       Schemes become effective under U.K. Law.

         The Settlement Agreement Under the EL Schemes

The EL Schemes embody the settlement terms among T&N, the other
Scheme Proposing Companies and the EL Insurers.

A full-text copy of the EL Schemes is available for free at
http://bankrupt.com/misc/EL_Schemes.pdf

James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub, tells the Court that the EL Schemes remain
subject to revision.  A final version will be delivered to the
Court at a later date.

The principal terms of the EL Settlement are:

Settlement Amount:     The EL Insurers have placed GBP36,740,000
                       as Settlement Sum in escrow to be
                       transferred on the effective date of the
                       EL Schemes to a trust established
                       Pursuant to the EL Schemes and the Trust
                       Deed and administered by trustees in
                       accordance with the Trust Deed and the
                       Trust Distribution Procedures.

Release:               On the effective date of the EL Schemes,
                       neither the trustees, the Scheme
                       Proposing Companies nor the EL Claimants
                       will be entitled to claim or assert any
                       rights of any nature against the EL
                       Insurers arising out of any EL Claim.

Payment of
Settlement Sum
to EL Claimants:       The Settlement Sum will be distributed in
                       accordance with the Trust Deed and the
                       TDP to the EL Claimants.

Payments to the
EL Insurers:           Upon the effective date of the EL
                       Schemes, the EL Insurers will be deemed
                       to have received the Indemnity Rights
                       Sum, which will be GBP1,260,000.

Contribution to
Costs:                 On the effective date of the EL Schemes,
                       GBP2,000,000 will be released from the
                       Settlement Sum to the Administrators to
                       be applied by the Administrators against
                       fees and expenses they incur in the EL
                       Insurance Litigation.

Mr. O'Neill relates that under U.K. law, a scheme of arrangement
is an arrangement between a company and its creditors or any
creditor class as prescribed by Section 425 of the Companies Act
of 1985.  A scheme of arrangement becomes binding upon a company
and its creditors or any class of creditors if:

   (a) a majority in number representing not less than 75% in
       value of creditors or any class of creditors, present and
       voting in person or by proxy, vote in favor of the scheme
       of arrangement at a specifically convened meeting; and

   (b) the English Court approves that scheme of arrangement.

The EL Schemes will need to go through that process in England,
Mr. O'Neill says.  However, the purpose of the EL Schemes and
the targeted beneficiaries are narrow.  Its sole purpose is to
enable EL Claimants to receive a payment from the Trust Fund in
respect of an established claim at a level proportionate to
other EL Claimants and calculated by reference to the level of
settlements or awards that EL Claimants would have received
absent an insolvency, Mr. O'Neill explains.  No other claims or
estate resources are effected by the EL Schemes or the
settlement contained therein.

                  Directions from the U.K. Court

Mr. O'Neill relates that on October 4, 2005, the Administrators
filed an application for directions with the High Court of
Justice, Chancery Division, which included a request for a
determination that all future asbestos claimants are capable of
being bound and having their claims compromised by schemes of
arrangement and company voluntary arrangements and may prove
their claims in a liquidation.

Pursuant to the terms of the U.K. Settlement Agreement, the High
Court of Justice must have heard and have determined these
issues in the affirmative by the close of business on November
14, 2005.

The High Court heard oral argument on the Administrators'
directions application on October 11, 12, 13, 14, 26 and 27,
2005.

As of October 31, 2005, the High Court of Justice has yet to
issue a ruling on the issue.

Mr. O'Neill emphasizes that because the EL Schemes intend to
bind future asbestos claimants and to avoid the possibility of
the Bankruptcy Court entering a conditional order, a hearing to
consider the EL Settlement Motion may be deferred to a later
date unless a ruling is made by the High Court of Justice prior
to that hearing.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
US$1.925 billion stockholders' deficit.  At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit, compared to a US$1.926 billion deficit at
Dec. 31, 2004.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  (Federal-Mogul
Bankruptcy News, Issue No. 97; Bankruptcy Creditors' Service,
Inc., 215/945-7000)

CONTACT:  KROLL BUCHLER PHILLIPS
          Simon Freakley, U.K. Administrator
          84 Grosvenor Street
          W1X 9DF
          Phone: +44 (0)20 7493 2550


FINNFOREST ENGINEERED: Hires Liquidators from Vantis Numerica
-------------------------------------------------------------
Members of Finnforest Engineered Wood UK Limited inform that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 1.  Nicholas Hugh O'Reilly and
Jonathan Mark Birch, both of Vantis Numerica, PO Box 2653, 66
Wigmore Street, London W1A 3RT were appointed joint liquidators.

CONTACT:  VANTIS NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.vantisnumerica.com


FISH DIRECT: Hires Valentine to Liquidate Business
--------------------------------------------------
A. Richardson, chairman of Fish Direct (London) Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 1 at Valentine & Co., 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS.

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

CONTACT:  FISH DIRECT (LONDON) LIMITED
          100 Clements Rd.
          Bermondsey
          SE16 4DG
          Phone: 020 7064 0714

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


FRITH BOOK: Calls in Fanshawe Lofts Administrator
-------------------------------------------------
Antony Robert Fanshawe and Stephen John Adshead (IP Nos 005944,
008574) of Fanshawe Lofts were appointed joint administrators of
Frith Book Company Limited (Company No 03768108) on Oct. 18.
Its registered office is at 22 Paul Street, Shepton Mallet,
Somerset BA4 5LA.  The company is engaged in publishing books.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mails: sa@fanshawe-lofts.co.uk
                   arf@fanshawe-lofts.co.uk


FTS CREDIT: Appoints Liquidator from Knights & Co.
--------------------------------------------------
J. M. Darvell, chairman of FTS Credit Services Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 31 at Cecil House, Norwood Street, Ashford, Kent
TN23 1QU.

Barry P. Knights of Knights & Company, Milford House, 43-55
Milford Street, Salisbury, Wiltshire SP1 2BP was appointed
liquidator.

FTS -- http://www.ftscredit.co.uk-- offers online credit
reports on U.K. businesses, online service for Europe and ROW
credit reports, credit insurance, commercial debt collection (no
collection no fee), and outsourced credit control (no collection
no fee).

CONTACT:  FTS CREDIT SERVICES LTD.
          Queen House
          Queen Street
          Ashford
          TN23 1RG Kent
          Phone: 0845 108 0524
          Fax: 01233 632974

          KNIGHTS & CO
          1st Floor
          Milford House
          43-45 Milford Street
          Salisbury
          Wiltshire SP1 2BP
          Phone: 01722 330688
          Fax: 01722 414546


F W BRIANT: Appoints Begbies Traynor Liquidator
-----------------------------------------------
G. M. Lemm, director of F W Briant Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 1 at Begbies Traynor, 2-3 Pavilion Buildings, Brighton BN1
1EE.

I. P. Sykes of Begbies Traynor, 2-3 Pavilion Buildings, Brighton
BN1 1EE was appointed liquidator.

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

CONTACT:  F W BRIANT LIMITED
          125 St. Pancras, Chichester
          West Sussex PO19 7LH
          Phone: 01243788816

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


GOWER HOLDINGS: Pastry Maker Hires Administrator
------------------------------------------------
Company Names: GOWER HOLDINGS LIMITED
               (Company No 04686340)

               SWEETMANS HOLDINGS LIMITED
               (Company No 03346374)

               SWEETMANS RETAIL LIMITED
               (Company No 00744248)

               SWEETMANS SELECT SAVOURIES LIMITED
               (Company No 02295948)

Keith R. Morgan and Philip James Long (IP Nos 6831, 2086) of PKF
(UK) LLP were appointed joint administrators of these companies
on Nov. 4.

Sweetmans Select Savourines Ltd. manufactures savoury filings
within a pastry case in lamb, spicy chicken, lamb & leek, steak,
turkey while Sweetmans Retail Ltd. sells bread, cakes and
confectionery.

CONTACT:  SWEETMANS SELECT SAVOURINES LTD.
          8/9 Cwmdu Industrial Estate
          Fforestfach
          Swansea SA5 8JF
          Phone: 01792 588 674
          Fax: 01792 588 706
          E-mail: howard@sweetmans.net

          SWEETMANS HOLDINGS LTD.
          44 Sway Road, Morriston,
          Swansea, SA6 6HT
          Phone: 01792 794901

          SWEETMANS RETAIL LTD.
          59 Herbert Street
          Pontardawe
          Swansea SA8 4EB
          West Glamorgan
          Phone: 01792 869552

          PKF (UK) LLP
          18 Park Place,
          Cardiff CF10 3PB
          Web site: http://www.pkf.co.uk


GRAHAM PALMER: Succumbs to Liquidation
--------------------------------------
G. J. Palmer, director of Graham Palmer Services Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 27 at Langley House, Park Road, London N2 8EX.

Philip Simons was appointed liquidator.

CONTACT:  GRAHAM PALMER SERVICES LTD.
          3 Tealsbrook, Swindon, Wiltshire SN3 5AU
          Phone: 01793527556


G.W. MITCHELL: Liquidator from Moore Stephens Enters Firm
---------------------------------------------------------
G. W. Mitchell, chairman of G.W. Mitchell Engineering Limited,
informs that a resolution to wind up the company was passed at
an EGM held on Nov. 1 at Moore Stephens LLP, Victory House,
Admiralty Place, Chatham Maritime, Kent ME4 4QU.

Simon Geoffrey Paterson of Moore Stephens LLP, Victory House,
Admiralty Place, Chatham Maritime, Kent ME4 4QU was appointed
liquidator.

CONTACT:  G.W. MITCHELL ENGINEERING LIMITED
          18 Holborough Road, Snodland, Kent ME6 5NJ
          Phone: 01634241438

          MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


INTREPID ENERGY: Appoints Liquidator
------------------------------------
Company Names: INTREPID ENERGY & COMPANY EUROPE LIMITED
               INTREPID ENERGY DEVELOPMENTS LIMITED
               INTREDID ENERGY GAMMA
               INTREPID ENERGY NORTH SEA (HOLDINGS) LIMITED

M. T. Lynch, 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. 8 and L. A. Manning and J. R. D.
Smith of Deloitte & Touche, Athene Place, 66 Shoe Lane, London
EC4A 3WA were appointed joint liquidators.

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


JUNCTION 9: Hires Begbies Traynor Liquidator
--------------------------------------------
Junction 9 Photographic Services Limited informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 1 at 70 Conduit Street, London W1S 2GF.

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

CONTACT:  JUNCTION 9 PHOTOGRAPHIC SERVICES LIMITED
          Iceni House London Road
          Great Chesterford
          Saffron Walden, Essex CB10 1NY
          Phone: 01799531199
          Web site: http://www.junction-9.co.uk/

          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


LAKEDEV LIMITED: Liquidator from HKM Enters Firm
------------------------------------------------
H. Akram, the chairman of Lakedev Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Nov. 7 at Knightsbridge House, Lower Brown Street,
Leicester LE1 5NL.  John Phillip Walter Harlow was appointed
liquidator.

CONTACT:  HKM LLP
          73-75 Aston Road North
          Waterlinks
          Birmingham B6 4DA
          Phone: 0121 333 7300
          Fax: 0121 333 7301
          E-mail: johnh@hkm.co.uk


MARANDY LTD.: Files for Liquidation
-----------------------------------
Marandy Ltd. informs that a resolution to wind up the company
was passed at an EGM held on Nov. 1 at St. Andrew's House, 18-20
St Andrew Street, London EC4A 3AJ.

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

Marandy Ltd. is the first supplier of commercial taxi management
system in the U.K.

CONTACT:  MARANDY LTD.
          Unit 22, Prince William Road
          Loughborough, LE11 5GU
          Phone: (01509) 23 55 33 or (0115) 911 88 08
          Fax: (01509) 23 33 31
          E-mail: info@marandy.com


MATHBIRK LTD.: Members Decide on Winding-up
-------------------------------------------
J. Matthews, chairman of Mathbirk Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Oct. 28 at
The Nottingham Gateway Hotel, Nuthall Road, Cinderhill,
Nottingham NG8 6AZ.

Timothy Simon Cockcroft of Timothy S. Cockcroft, Vale Cottage,
16 Watson's Lane, Harby, Leicestershire was appointed
liquidator.  The appointment was confirmed at a creditors
meeting held on the same day.

CONTACT:  MATHBIRK LTD.
          Mansfield Road
          Sutton in Ashfield
          NG17 4HE Nottinghamshire
          Phone: 01623 559333
          Fax: 01623 552109
          Web site: http://www.mathbirk.co.uk


N C F (UK): Appoints Grant Thornton Liquidator
----------------------------------------------
N. Sheard, chairman of N C F (U.K.) Ltd., 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.

Ian Carr of Grant Thornton UK LLP, Bryon House, Cambridge
Business Park, Cowley Road, Cambridge CB4 0WZ was appointed
liquidator.

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

CONTACT:  GRANT THORNTON U.K. LLP
          Byron House
          Cambridge Business Park
          Cowley Road
          Cambridge CB4 0WZ
          Phone: 01223 225600
          Fax: 01223 225619
          Web site: http://www.grant-thornton.co.uk


OUTDOOR TRUST: Calls in Joint Liquidators
-----------------------------------------
The Outdoor Trust informs that resolutions to wind up the
company were passed Windy Gyle, West Street, Belford,
Northumberland NE70 7QE.

Gordon Smythe Goldie and Allan David Kelly of Tait Walker,
Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3
3LS were appointed Joint Liquidators.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


PATIENTLINE PLC: Calls EGM to Tackle 2004 Articles Oversight
------------------------------------------------------------
Patientline plc has issued a circular to shareholders convening
an Extraordinary General Meeting on Friday 9 December 2005.

The EGM will be asked to pass ordinary resolutions to deal with
an error in the Company's Articles of Association that were
approved in July 2004.  As a result of an oversight at the
Company's solicitors, the 2004 Articles that were filed reverted
inadvertently from the GBP150 million borrowing limit approved
in 2002 to a previous lower limit of GBP50 million.

Approval of the resolutions will restore the borrowing position
to that which would have applied had the error not occurred.
Copies of the circular will be available on the Company's Web
site, from its registered office at 183-187 Bath Road, Slough in
office hours and via the FSA's document viewing facility.

                        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


POOLE PHOENIX: Administrators from Fanshawe Lofts Enter Firm
------------------------------------------------------------
Stephen John Adshead and Antony Robert Fanshawe (IP Nos 008574,
005944) of Fanshawe Lofts were appointed joint administrators of
Poole Phoenix Precision Engineering Limited (Company No 4997173)
on Oct. 31.  Its registered office is at Arrowsmith Court,
Station Approch, Broadstone, Dorset BJ18 8AT.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mails: sa@fanshawe-lofts.co.uk
                   arf@fanshawe-lofts.co.uk


PROSPECTIVE DEVELOPMENTS: Appoints Liquidator
---------------------------------------------
M. Fryer, the director of Prospective Developments Limited,
informs that the special and ordinary resolutions to wind up the
company were passed at an EGM held on Nov. 10 at Prospect House,
Windham Road, Sudbury CO10 2XD.  Chris Williams of McTear
Williams and Wood was appointed liquidator.

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


QUICKCAPE LIMITED: Names Begbies Traynor Liquidator
---------------------------------------------------
K. H. Johnson, the chairman of Quickcape Limited, informs that
the special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 9 at 3 Castlegate, Grantham,
Lincolnshire NG31 6SF.  Peter A. Blair and Richard A. B. Saville
of Begbies Traynor were appointed joint liquidators.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


QUICKPAK LTD.: Bishop Fleming Liquidator Enters Firm
----------------------------------------------------
S. Bumford, chairman of Quickpak Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 3 at Bishop Fleming, Priest House, 1624-1628 High Street,
Knowle, Solihull, West Midlands B93 0JU.

Jeremiah Anthony O'Sullivan of Bishop Fleming, Priest House,
1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU
was appointed liquidator.

CONTACT:  QUICKPAK LTD.
          16 Oxleasow Road
          Redditch
          B98 0RE
          Hereford and Worcester
          Phone: 01527 830497
          Fax: 01527 830498

          BISHOP FLEMING
          19 Portland Square
          Bristol BS2 8SJ
          Avon
          Phone: 0117 924 8077
          Fax: 0117 924 8081
          E-mail: sramsbottom@bishopfleming.co.uk


REFCO INC.: 70 Parties Consent to Property Litigation Procedures
----------------------------------------------------------------
At least 70 parties responded to Refco Inc., and its debtor-
affiliates' request to establish procedures to govern litigation
of estate property issue:

    * Russia Growth Fund, Ltd.
    * JPMorgan Chase Bank, N.A.
    * Bank of America, N.A., as Administrative Agent
    * Capital Management Select Fund Ltd.
    * Turisol Casa de Cambio C.A.
    * Beckenham Trading Co., Inc.
    * Lyxor/Estlander & Ronnlund Fund Ltd.
    * Lyxor/Beach Discretionary Fund Ltd.
    * AQR Absolute Return Master Account, L.P.
    * AQR Global Asset Allocation Master Account L.P.
    * Colt Global Futures Fund
    * CMA Global Investment, Ltd.
    * Elton Aggressive Growth Fund
    * Sabby Moinis
    * Winchester Preservation LLC
    * JWH Global Trust
    * IDS Managed Futures, L.P.
    * IDS Managed Futures II, L.P.
    * IDS Managed Fund LLC
    * KPC Corporation
    * Inter Financial Services Ltd.
    * Refco Advantage Multi-Manager Fund Futures Series I
    * Refco Winton Diversified Futures Fund
    * BAWAG P.S.K. Bank fur Arbeit und Wirtschaft und
      Oserreichische Postparkasse AG
    * RCM Account-Holders:
      -- Banesco International de Puerto Rico;
      -- Banesco Banco Universal C.A.;
      -- Panama Branch; Banesco Holding C.A.;
      -- Banesco Banco Universal C.A.;
      -- Banesco, Banco International (Panama) S.A.;
      -- Miura Financial Services;
      -- Multiplicas Casa de Bolsa;
      -- Bencorp Casa de Bolsa C.A.;
      -- Clau Corporation Overseas LTD.;
      -- NBK Investments LTD;
      -- Almiron Finance Corp.;
      -- AFC Almiron;
      -- Dufil Investments S.A.;
      -- Bencorp Custody I;
      -- Total Bank Curacao N.V.;
      -- Total Bank N.V.;
      -- Fondo Comun Casa de Bolsa C.A.;
      -- La Primera Casa de Bolsa;
      -- La Primera C.B.;
      -- SBP Alternative Investments Fund;
      -- SBP Investments/Trading;
      -- SBP - Custody I;
      -- SBP Investments/Alternative;
      -- Markwood Investments;
      -- Union Holding Company;
      -- Gorey Finance, Inc.;
      -- Dover Commodities Corp.;
      -- Global Partners Emerging Markets S.A.;
      -- Acurob Investments AG;
      -- Capital Investment Services, Inc.;
      -- Enrico Priotti;
      -- Luca Desidero;
      -- Icis Trading Inc.;
      -- Carlos Alberto Nagel Markovic;
      -- Mistyrise International Ltd.;
      -- Inverunion S.A. Casa de Bolsa;
      -- Carlos Sevilleja;
      -- Cosmorex Ltd.;
      -- Creative Finance Limited;
      -- Invesdex Ltd.(ICL);
      -- Renaissance Advisory Services Limited; and
      -- Banvalor Banco de Inversion
    * Investors in the Rogers Raw Materials Fund, L.P. and
      Rogers International Raw Materials Fund, L.P.:
      -- N Williams Family Investments Limited Partnership,
      -- Morgan Investments Limited Partnership,
      -- Joseph L. & Frances L. Simek Family Investments, Ltd.,
      -- Ronald L. Simek Family Investments, Ltd.,
      -- Ronald L. Simek 1978 Irrevocable Trust,
      -- Gerald George, Sr.,
      -- John Bouma, and
      -- David Sebold

The parties generally agree with the Debtors' objective to
expedite and simplify the litigation procedure on the estate
property issue.

JPMorgan believes that Debtors' Motion should be granted since a
class action will provide the most effective procedure for
adjudication of the competing claims to the assets in JPMorgan's
possession and will avoid duplicative and potentially
inconsistent actions and results.

However, the parties point out that the Debtors' proposed
procedures do not provide for a sufficient number of subclasses
to cover the different laws governing the various RCM accounts.
The Debtors' motion also does not provide for discovery by the
RCM customers with respect to relevant factual matters that may
impact on a determination of the legal issues.

According to the objecting parties, the Debtors' motion does not
clearly demonstrate the existence of common issues of law and
fact among the account-holders, and fails to advance adequate
procedures for making that determination.  At a minimum, the
Debtors need to make additional factual disclosures to enable
the proposed class members to assess the commonality issue and
the potential need for subclasses.

The Debtors' proposed procedures is too broad and generalized in
light of the apparent differences underlying the various claims
asserted to date, the parties note.

Bank of America asserts that as Agent to the Debtors'
prepetition lenders, it should be afforded the same opportunity
as the Creditors' Committee to participate in the litigation of
the estate property issue.  Bank of America argues that it
should be afforded that right because the value of the Secured
Lenders Collateral clearly may be affected by the outcome of
that litigation.

Capital Management Select Fund believes that expedited discovery
is necessary to understand, account for and locate the assets
held by, for, or on account of RCM and RCM customers.  Until
that discovery occurs, however, Capital Management says, no
determination can be made regarding whether any class action
adversary proceeding is the appropriate mechanism to achieve the
"controlled and orderly procedure" sought by the Debtors.

A number of parties also object to the automatic stay of all
individual account holder actions pending the completion of the
proposed class action.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.
Refco reported $16.5 billion in assets and $16.8 billion in
debts to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty Street, Tower A
          New York, New York 10281
          Web site: http://www.refco.com


RK CLOTHING: Files for Liquidation
----------------------------------
R. Kumar, shareholder of RK Clothing Manufacturers Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 27 at 50 Newhall Street, Birmingham B3 3QE.

Gagen Dulari Sharma was appointed liquidator.

CONTACT:  RK CLOTHING MANUFACTURERS LTD.
          300-306 Park Road
          Birmingham
          B18 5HE West Midlands
          Phone: 0121 551 1379
          Fax: 0121 551 1379


SABAR PROJECTS: Calls in Liquidators from Kroll
-----------------------------------------------
D. Smith, chairman of Sabar Projects Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 2 at Premier Lodge, G Mex, Manchester.

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

CONTACT:  SABAR PROJECTS LTD.
          15 High Street
          Cheadle
          Cheshire SK8 1AX
          Phone: 0161 491 6661


SANCTUARY GROUP: EGM to Discuss Capital Loss
--------------------------------------------
As previously indicated in an announcement issued on 28 October,
notice is hereby given that an Extraordinary General Meeting of
Sanctuary Group plc will be held at the offices of the Company
at Sanctuary House, 45-53 Sinclair Road, London, W14 0NS on 20
December 2005 at 9:00 a.m. for the purpose of considering, in
accordance with section 142 of the Companies Act 1985, whether
any, and if so what, steps should be taken to deal with the
situation that the net assets of the Company are less than half
of its called-up share capital.

No resolution is being put to the Extraordinary General Meeting
in respect of the serious loss of capital.  Formal notices of
the Extraordinary General Meeting have been posted.

                        About the Company

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

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

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

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

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

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


SCOTTISH POWER: Abandons Takeover Talks with E.ON
-------------------------------------------------
Scottish Power said on Tuesday it had ended takeover talks with
Germany's E.ON AG.  According to the Financial Times,
independent advice from Morgan Stanley and UBS say the offer did
not reflect fair value for the asset.  Besides, shareholders
won't gent any money until 2007 anyway.

E.ON's latest proposal, which was made on Nov. 18, offered 570p
a share plus normal dividend payments.  However, there would
have been conditions around the payout of GBP2.5 billion (US$4.3
billion) to shareholders from the sale of the U.S. generation
business Pacificorp, the report said.

ScottishPower was subject of takeover speculations in the U.K.
after the sale in August of its U.S. arm PacificCorp to American
billionaire Warren Buffet for a net loss of GBP442 million.  The
US$9.4 billion (GBP5.1 billion) disposal took about two-thirds
off its value.  Utility giants E.ON and Centrica were
immediately linked to possible takeover.

But analysts then think an acquisition by a U.K. player could
meet face tough problems with regulator Ofgem, which is intent
on maintaining tight competition on the power supply sector.

Centrica, which is the owner of British gas and Scottish Gas,
captures 57% of the gas market share in the U.K.  German E.On's
Powergen has nearly half of that, which is just a little bigger
than ScottishPower's.

The sale of PacifiCorp could take between 12 and 18 months to
complete, giving the prospective buyers enough time to plot an
acquisition strategy.

CONTACT:  SCOTTISH POWER PLC
          1 Atlantic Quay
          Glasgow
          G2 8SP, United Kingdom
          Phone: +44-141-248-8200
          Fax: +44-141-248-8300
          Web site: http://www.scottishpower.plc.uk

          Jennifer Lawton, Head of Investor Relations
          Phone: 0141 636 4527

          David Ross, Investor Relations Manager
          Phone: 0141 566 4853

          Colin McSeveny, Group Media Relations Manager
          Phone: 0141 636 4515


SOUTH CLEVELAND: In Liquidation
-------------------------------
W. Robson, director of South Cleveland Garages (Middlesbrough)
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 13 at Fergusson & Co Ltd,
Shackleton House, Falcon Court, Preston Farm Industrial Estate
TS18 3TS.

Malcolm Edward Fergusson was appointed liquidator.

CONTACT:  SOUTH CLEVELAND GARAGES
          Brenda Road
          Hartlepool
          Cleveland
          TS22 2BQ
          Phone: 01429 230900
                 01429 230901


SUNLEY TURRIFF: Construction Firm Crumbles into Liquidation
-----------------------------------------------------------
Sunley Turriff Construction Limited has gone into liquidation,
said ICC Credit.

Founded in 1993, the Manchester-based company operates as
building and civil engineering contractor.  In 1995, it incurred
losses of GBP4.5 million.  While it booked its highest turnover
of GBP95 million in 1998, Sunley Turiff has not been profitable
since then.

Two years ago, it was slapped with a GBP8,000 fine following the
result of a prosecution by Health and Safety Executive.  This
came on top of several lawsuits and a total of 7 County Court
Judgments.

Meanwhile, ICC Credit noted that 6% of U.K. firms in the
construction industry are in liquidation, with 9% of them facing
County Court Judgments.

CONTACT:  SUNLEY TURRIFF CONSTRUCTION LIMITED
          Targeting House, Gadbrook Park
          Northwich, Cheshire CW9 7UY


SYSTEMATIC COMMERCIAL: Owners Decide to Wind up Firm
----------------------------------------------------
Duncan Titcombe, chairman of Systematic Commercial Interiors
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 28 at Hilton Newbury North Hotel,
Oxford Road.

Peter Bridger was appointed liquidator.

CONTACT:  SYSTEMATIC COMMERCIAL INTERIORS LTD.
          Red Shute Hill
          Red Shute Hill Industrial Estate
          Hermitage
          Thatcham
          RG18 9QL Berkshire
          Phone: 01635 201789
          Fax: 01635 200996
          Web site: http://www.systematicinteriors.co.uk


TDAO LTD.: Creditors Meeting Set Next Week
------------------------------------------
Creditors of TDAO Ltd.(Company No 03222070) will meet on
November 28, 2005, 11 a.m. at Vantis, Stoughton House,
Harborough Road, Oadby, Leicester LE2 4LP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Lynn Robert Bailey and Alan Roy Limb of Vantis
Numerica, Stoughton House, Harborough Road, Oadby, Leicester LE2
4LP not later than 12:00 noon, November 25, 2005.

CONTACT:  VANTIS NUMERICA
          Stoughton House
          Harborough Road
          Oadby
          Leicestershire LE2 4LP
          Phone: 0116 272 8200
          Fax: 0116 271 5472
          E-mail: bob.bailey@numerica.biz
          Web site: http://www.vantisnumerica.com


UNITOWN LTD.: Files for Liquidation
-----------------------------------
B. Brownstein, director of Unitown Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 31 at Hodgsons, George House, 48 George Street, Manchester
M1 4HF.

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

CONTACT:  UNITOWN LIMITED
          Brunswick Square
          Union Street
          Oldham, Lancashire OL1 1DE
          Phone: 0161-833-3040

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


                            *********


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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