TCREUR_Public/051128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 28, 2005, Vol. 6, No. 235

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: Expects to Post Profit Next Year


F R A N C E

ALSTOM SA: Signs Strategic Partnership with AnsaldoBreda
INFOGRAMES ENTERTAINMENT: First-half Net Loss Down to EUR10 Mln
LANSON INTERNATIONAL: Bidders Reach Six


G E R M A N Y

ANLAGENBAU UND MONTAGEGESELLSCHAFT: White & Case Takes over Helm
BACKEREI MICKAN: Dresden Court Calls in Administrator from MHB
DAIMLERCHRYSLER AG: Deutsche Bank Cuts Stake to 4.4%
EM.TV MEDIA: Third-quarter Loss Deepens
FJH AG: Trims Third-quarter Losses

FORDERVEREIN FUER JUGEND: Proofs of Claim Due Next Month
HITDORFER BAGGEREI: Creditors Meeting Set January
KARL-HEINZ: Under Bankruptcy Administration
NET 24: Hanau Business Succumbs to Bankruptcy
PMC PROJEKT: Bremen Court to Verify Claims April

RADICAL IMAGES: Koln Business Goes Bust
SANAVITA VERWALTUNGS: Creditors to Meet February
S-B STEMPNIAK: Claims Filing Period Ends December 22


I R E L A N D

JSG PACKAGING: B+ Rating Affirmed; Outlook Negative


I T A L Y

ALITALIA SPA: Air France-KLM to Participate in Recapitalization
ALITALIA SPA: Govt Willing to Cut Stake Below 30%
PARMALAT SPA: Banks Want Dutch Units Excluded from Bond Swap
PARMALAT FINANZIARIA: UniCredit Defends Petition


K A Z A K H S T A N

KAZKOMMERTSBANK JSC: Fitch Gives Notes Low-B Ratings


K Y R G Y Z S T A N

ALMADAI-PLUS: Gives Creditors Until January to File Claims
MANAT LTD.: Declared Insolvent
NATMIR: Creditors' Claims Due Second Week of January


N E T H E R L A N D S

ROYAL SHELL: Buyback Program Continues


R U S S I A

35 MECHANICAL: Kurgan Court Opens Bankruptcy Proceedings
EAR-99: Declared Insolvent
INTERNATIONAL INDUSTRIAL: Fitch Affirms B Ratings
KK: Bankruptcy Hearing Set Next Year
KORKINSKOYE: Succumbs to Bankruptcy

MAMSKO-BODAYBINSKAYA: Declared Insolvent
SLOBODSKOYE: Bankruptcy Hearing Resumes February
TARSKIY: Insolvency Manager Takes over Firm
URAL-ENERGO-MECH-TRANS: Bankruptcy Supervision Procedure Begins
URALSKIY PORCELAIN: Proofs of Claim Deadline December 15
VIRA: Appoints Insolvency Manager


S W E D E N

SKANDIA INSURANCE: Old Mutual Rules out Raising Bid


U K R A I N E

DOBRENSKE: Succumbs to Bankruptcy
KHARKIV STATE: Pays Debt to Avoid Bankruptcy
KOLER: Insolvency Manager Steps in
MIRGOROD' BUILDING: Declared Insolvent
NEMIRIVSKE: Creditors' Claims Due Next Week

PLEMZAVOD KINASHIVSKIJ: Under Bankruptcy Supervision
TEREBOVLYA' CHRISTMAS: Bankruptcy Supervision Begins
ZNAMYANKA' AUTO 13542: Goes into Liquidation


U N I T E D   K I N G D O M

AA PROPERTY: Appoints Joint Liquidators
ACG FINANCIAL: Names Begbies Traynor Liquidator
ASHLEY CORPORATE: Administrators Take over Firm
ASHTEAD GROUP: Head & Engquist Pays Sunbelt to Settle Lawsuit
BALLANTYNE ADVERTISING: Goes into Liquidation

BML REALISATIONS: Begbies Traynor to Liquidate Business
BOOTS GROUP: Shareholders Okay Boots Healthcare Disposal
BRITAX GROUP: S&P Withdraws B- Rating on Redeemed Notes
CABIN HIRE: Appoints Administrators from PKF
CASTLE BATHROOMS: Names Gibson Hewitt & Co. Administrator

CHARVILL BROTHERS: Vehicle Retailer Hires Administrator
COLLINS & AIKMAN: WL Ross Balks at Proposed Rule 2004 Probe
DARTFORD LOGISTICS: Files for Liquidation
DEEP SEA: Calls in Administrator from Begbies
DEMRADENE LTD.: Administrators Take over Arcade

EUROMONEY INSTITUTIONAL: Profit Grows to GBP29.1 Million
FARSITE TRAINING: Liquidator Enters Firm
FORS DESIGN: Calls in Tait Walker Administrator
GRAYS TRANSPORT: Appoints PKF Administrator
HFL INDUSTRIAL: Calls in Liquidator

HINCHLAND LIMITED: Liquidator from Royce Peeling Enters Firm
JACKSON HOMES: Home Builder Calls Elwell Watchorn Administrator
KELLEYVISION LIMITED: Appoints Administrator
KNIGHT PROJECTS: Contractor Appoints Administrator
MARKET PLACE: Administrators from Begbies Traynor Move in

NEILSON-HUGHES SECURITY: Hires Tenon Recovery Administrator
NETWORK RAIL: Six-month Pre-tax Loss Surges to GBP108 Mln
NORCAST LIMITED: Calls in Administrators from Unity Corporate
P.D. TECHNOLOGIES: Administrator Takes over Firm
PETROS HOUSING: Appoints Liquidator

REFCO INC.: Marathon to Buy London Operation
REFLEX TOOLS: Calls in Liquidators from Jackson Jolliffe Cork
REGAL PETROLEUM: Ordered to Return Gas Wells in Ukraine
ROWLINGSWELL LIMITED: Names Oury Clark Liquidator
ROYAL MAIL: Predicts Surge in Online Orders this Christmas

ROYAL MAIL: Appoints Managing Director
SR GENT: 150 Face Redundancy After Receivership
STADCO: To Close Tipton Site; 130 Could Lose Jobs
TRENT VALLEY: Hires PKF Administrator
TURNER & NEWALL: U.S. Court Okays Sale of Lydney Property
WHITEHEAD MANN: Calls in New Coaching Partners, Consultants


                            *********


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


CZECH AIRLINES: Expects to Post Profit Next Year
------------------------------------------------
The application of new principles for the purchasing of materials
and services has brought Czech Airlines (CSA) a cost savings of
over CZK140 million.  This is the result of the first phase of a
CSA strategic project entitled "Transformation of the Purchasing
System."

Over several months, the organizational structure has been
completely overhauled, a Central Procurement department has been
established, and completely new purchasing rules have been
introduced.  In 2006, in the final phase of the project, CSA
should save 3-5% (i.e., up to 300 million CZK) of those costs,
which can be influenced.

The newly introduced rules are based on careful market research,
the unambiguous definition of tender subjects, aggressive price
negotiations, and the application of modern purchasing methods,
for example electronic auctions.  For example, when selecting a
security agency CSA saved more than CZK21 million per year.
Similarly, the company succeeded in reducing costs of other
products and services, e.g., office supplies, information
technology products and real estate administration.

"The structure of our supplier base did not correspond with the
power and importance of CSA.  We have not only discontinued some
non-standard contractual relations, but we have also enhanced,
especially, the transparency and effectiveness of the entire
purchase system," said Jaroslav Tvrdik, the President of CSA.

In addition to direct and marked price benefits, all
purchase-related activities will be optimized at the end of the
transformation process.  The number of CSA suppliers should be
reduced from 6,500 to approximately 2,000.  At the same time, the
number of invoices per supplier should also be reduced by one
third and a significant drop in stock reserves is also an aim.

"Proper implementation of working procedures saved us an
unexpected amount, more than 140 million CZK this year, and has
improved our economic results.  I expect the 200-million-crown
cost-reduction plan for the next year to be exceeded by up to
fifty per cent," added Mr. Tvrdik.

CONTACT:  CESKE AEROLINIE A.S.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax:   +42 224 81 04 26
          Web site: http://www.csa.cz


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


ALSTOM SA: Signs Strategic Partnership with AnsaldoBreda
--------------------------------------------------------
ALSTOM and AnsaldoBreda, a Finmeccanica Group company, have
signed a strategic and industrial partnership for the
engineering, production and marketing of single deck high-speed
trains.  This agreement covers both very high-speed trains (more
than 300 km/h), and high-speed trains (up to 250 km/h), meeting
the new European standards for interoperability.

In the very high-speed segment, it includes the articulated AGV,
a new innovative train under development, based on ALSTOM
technological platform for interregional links on very high-speed
lines.  The TGV Duplex (double deck) is not part of this
agreement.  In the high-speed segment, the agreement includes the
new PENDOLINO, a tilting train produced by ALSTOM, which can run
at high speed in curves on conventional tracks, and the
AnsaldoBreda train Holland-Belgium.  All the trains both for
ALSTOM and AnsaldoBreda will meet the new European
Interoperability standards.

This partnership, which brings together the most important
companies in high-speed train travel, will explore international
business opportunities, offering a complete product portfolio and
a high level of technology that can compete on all markets.

The trains will be produced in the factories of both partners.
In Italy, the sites involved are Savigliano and Sesto for ALSTOM,
and Pistoia and Naples for AnsaldoBreda.  In France, the ALSTOM
industrial sites of La Rochelle, Le Creusot and Tarbes are also
involved in this co-operation.  The first joint new products
resulting from this strategic partnership between ALSTOM and
AnsaldoBreda will be ready for commissioning early 2009.

With this agreement, Giorgio Zappa, General Manager of
Finmeccanica, declared: "AnsaldoBreda reinforces its presence in
a high value market in strong expansion.  It will also
consolidate its business, by exploiting the technological
capabilities, developed in more than 100 year of activities
worldwide.  This co-operation will also have a relevant impact on
the future development programs of Italian railways."

"Thanks to this co-operation - ALSTOM Transport President
Philippe Mellier stated - ALSTOM intends to strengthen its
leadership in the high speed and very high speed segments.  Our
company contributed to the history of high speed, since the first
TGV in 1981.  Our challenge is to face up together with our
partners a market rich in opportunities and rapidly meet the
clients' demands."

This agreement is highly relevant considering that the rolling
stock market, on the high-speed segment, is expected to grow
strongly thanks to the considerable investments foreseen in the
main countries interested in high-speed connections.  Between
2000 and 2004, the world's high speed & very high speed train
market (excluding Japan) was worth on average 1.6 billion Euro
per year.  It is expected to grow by close to 50% up to 2008.

                            *   *   *

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

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

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

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


INFOGRAMES ENTERTAINMENT: First-half Net Loss Down to EUR10 Mln
---------------------------------------------------------------
Video games producer Infogrames Entertainment trimmed its
first-half net loss from EUR36.3 million to EUR10.1 million,
despite a drop in revenues to EUR125.7 million, Les Echos says.

Infogrames did not release new major games in the first six
months of the year, aside from "Fahrenheit."  It will launch new
products in the second half -- "Dragon Ball Z," "Marc Ecko's
Getting Up" and the latest episode of "Matrix," -- thus, it
expects improvements in the second half.

The group forecasts better results for the coming months, but
declined to quote figures.  Infogrames expects the market to
remain stable over the next few months and to expand at the end
of 2006.

                            *   *   *

Infogrames had non-recurring losses of EUR8.5 million for fiscal
year 2004/2005, versus gains of EUR10 million the previous year.
This included restructuring charges (-EUR15.8 million) and the
impact of the sale of Atari Inc. shares (-EUR20.2 million), which
were partly offset by one-time gains of EUR15.6 million from the
exchange offer on the OCEANE 2005 bonds and EUR15.9 million from
the sale of the Civilization franchise.

Infogrames Entertainment reduced its net debt over the year by
more than EUR120 million, bringing its debt-to-equity ratio to
less than 1.  The net debt at the end of the year amounted to
EUR188.6 million, compared with EUR313.3 million the previous
year.  Most of these liabilities mature in 2009.

CONTACT:  INFOGRAMES ENTERTAINMENT S.A.
          1 Place Verrazzano
          69252 Lyon Cedex 09
          Phone: +33 (0)4 37 64 30 00
          Fax: +33 (0)4 37 64 30 01
          Web site: http://www.atari.com

          Financial Communications
          Cecile Sornay
          Phone: +33 (0)4 37 64 30 00


LANSON INTERNATIONAL: Bidders Reach Six
---------------------------------------
Six bidders have filed takeover bids for debt-laden champagne
group Lanson International, Reuters says.

Bidders include LVMH Moet Hennessy Louis Vuitton S.A., in
partnership with Alan Thienot; Boizel Chanoine Champagne; Butler
Capital Partners; a consortium made up of investment bank Credit
Agricole S.A. and the Rothschilds and Gardiniers families; Jean
Claude Darmon who is close to majority owner, the Mora family;
and private equity fund Bridgepoint.

According to people privy to the matter, the Credit Agricole
consortium will pull out from the sale due to conflicts among
members.  Trade union CGT, meanwhile, has vowed to block Mr.
Darmon's bid.  Most people close to the sale consider Boizel the
strongest bidder due to its solid standing in the champagne
industry.  Another source, however, revealed Butler could win the
bidding since it presented the highest offer.  The group expects
to choose a bidder before yearend and seal a deal early next
year.

Lanson, 56% of which is owned by the Mora family and 44% by
state-owned Caisse Nationale des Caisses d'Epargne et de
Prevoyance, is the country's second-largest champagne producer by
volume.  It has been up for sale since June.  Set up in 1760,
Lanson manufactures Champagne Lanson, Besserat de Bellefon and
Gauthier.  The group has annual sales of EUR220 million and debt
of EUR410 million.

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


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


ANLAGENBAU UND MONTAGEGESELLSCHAFT: White & Case Takes over Helm
----------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Anlagenbau und Montagegesellschaft Preusche & Skrotzki
mbH on November 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
December 6, 2005 to register their claims with court-appointed
provisional administrator Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting on January 17, 2006, 11:00 a.m. at the district court
of Dresden, Olbrichtplatz 1, 01099 Dresden, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ANLAGENBAU UND MONTAGEGESELLSCHAFT PREUSCHE
          & SKROTZKI mbH
          Stadtring 38 in 01920 Elstra
          Contact:
          Guenter and Marianne Skrotzki, Managers

          Bettina Schmudde, Administrator
          White & Case Insolvenz GbR
          Konigstrasse 1, 01097 Dresden
          Web site: http://www.whitecaseinso.de


BACKEREI MICKAN: Dresden Court Calls in Administrator from MHB
--------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Backerei Mickan GmbH on November 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 20, 2005 to register their
claims with court-appointed provisional administrator Dr.
Christoph Munz.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 9:45 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:  BACKEREI MICKAN GmbH
          Hauptstrasse 22 in 01909 Frankenthal
          Contact:
          Andreas Mickan, Manager

          Dr. Christoph Munz, Administrator
          MUNZ-HILLE-BEDEN
          Gustav-Adolf-Str. 6b, 01219 Dresden
          Web site: http://www.mhb-anwalt.de


DAIMLERCHRYSLER AG: Deutsche Bank Cuts Stake to 4.4%
----------------------------------------------------
Deutsche Bank AG has disposed of its 2.5% stake in
DaimlerChrysler AG for EUR1.1 billion, said the Associated Press.

The transaction, which involved 25 million shares at EUR43.20
each, has reduced Deutsche Bank's shareholding in the carmaker to
4.4% from 6.9%.

Expatica, in another report, revealed that Deutsche Bank will
write a capital gain of EUR300 million from the disposal.  The
deal was part of the bank's current policy of selling off its
interests in other listed companies, which included its 2.4% and
10% stakes in Allianz AG and Linde AG, respectively.

Deutsche Bank's exit as key shareholder of DaimlerChrysler leaves
the carmaker as one of the world's major carmakers without a
dominant investor, according to Reuters.  However, analysts said
it is unlikely for DaimlerChrysler to become a takeover target
with its market capitalization of almost EUR45 billion.

Reuters added that DaimlerChrysler has played down any danger
amid concerns regarding the vacuum in the firm's ownership
structure.  The paper also stressed that the bank's move still
raise questions involving DaimlerChrysler Chairman Hilmar Kopper.
Mr. Kopper, whose term expires in 2007, had also served as
Deutsche chairman.  However, both companies clarified that Mr.
Kopper serves in a private capacity, and not as Deutsche's
representative on DaimlerChrysler's board.

Meanwhile, Merck Finck & Co., according to Dow Jones, believes
the cut may have a short-term negative impact on DaimlerChrysler
shares, but a quick recovery is likely.  In the medium term, the
move ends the uncertainty and burdened share price development
surrounding the carmaker's shares as further reductions are
unlikely.

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

          DEUTSCHE BANK AG
          Taunusanlage 12
          60262 Frankfurt am Main, Germany
          Phone: +49-69-910-00
          Fax: +49-69-910-38591
          Web site: http://www.deutsche-bank.de


EM.TV MEDIA: Third-quarter Loss Deepens
---------------------------------------
Media group EM.TV closed the third quarter with another net loss,
mainly due to costs incurred in acquiring rights to broadcast the
UEFA Cup, Bloomberg News says.

The group's third-quarter net loss almost doubled from EUR2.5
million in 2004 to EUR4.6 million this year.  Pretax losses also
soared from EUR0.5 million to EUR8.5 million, despite a 2.4% rise
in sales to EUR46.1 million.  Chief Executive Werner Klatten said
the results were "weak as expected."

EM.TV's poor quarterly results severely affected nine-month
figures -- group turnover went down by 3.4% to EUR146.5 million.
Core unit, Sports Media, saw its profit drop from EUR16.8 million
to EUR6.3 million, while turnover slipped from EUR130.3 million
to EUR128.1 million.  The unit partly blames the poor results to
the loss of football production contract for subsidiary
Plazamedia.

Despite the results, EM.TV remains optimistic about its targets.
Mr. Klatten said, "I'm confident we'll reach our full-year
goals."   He forecasts a "slightly positive" EBT and one-time
charges or gains.

Group results also suffered from costs associated with
preparations for entry into betting operations and a write-down
at its sports-television channel DSF.  EM.TV has been
restructuring its finances and operations, focusing more on
sports-related activities.  Earlier this year the group raised
its stake in DSF to 100%.

CONTACT:  EM.TV AG
          Betastrasse 11
          D-85774 Unterfohring, Germany
          Phone: +49-89-995-00-0
          Fax: +49-89-995-00-111
          Web site: http://www.em-ag.de


FJH AG: Trims Third-quarter Losses
----------------------------------
The Prime Standard-listed consulting and software company FJH AG
(ISIN DE0005130108) has presented the figures for the third
quarter of 2005.  At EUR12.6 million (Q3 2004: EUR14.6 million),
revenues were within expectations.  Operating results after
restructuring (EBIT) were -EUR1.2 million (Q3 2004: -EUR69.9
million).

The quarterly result was negative at -EUR1.6 million (Q3
2004: -EUR65.8 million).  For the first nine months revenues were
EUR40.7 million (2004: EUR49.1 million) and EBIT after
restructuring was -EUR1.5 million (2004: -EUR81.9 million).  The
result was slightly positive with EUR0.1 million (2004: -EUR73.5
million).

The third quarter was still marked by the reorganization of the
company.  Under the new Executive Board new structures were
introduced, the sales department was strengthened and the
personnel and operating expense were reduced further.  The staff
reduction proceeds as planned and should be completed in the
first quarter of 2006.

As per 30 September 2005 FJH employed 536 people (2004: 959), per
1 January the number will be down to about 455.   Staffing costs
as well as other operating expense were cut down by EUR9.2
million compared to 2004 and by EUR2.6 million compared to the
previous quarter.  The equity capital situation also improved
from -EUR8.7 million in the second quarter to -EUR3.5 million in
the third quarter.

The process of reorganizing the company, which is being financed
by a bundle of capital measures, is on track and should be
completed by the end of the year.  For 2005 on the whole the
Executive Board expects revenues of about EUR52 million and a
negative EBIT of EUR4-5 million.  For 2006 the company plans to
return to profitability.

                            About FJH

FJH AG is a leading consulting and software company for the
insurance and pensions market.  FJH's core software product is
FJA Life Factory, which enables insurance products to be
developed, marketed and administered.  The Company also produces
software for asset liability and risk management, document
management.  It also offers an extensive portfolio of services
ranging from the implementation and testing of software through
to data migration and actuarial consulting.

Around half of all Germany's life insurance companies number
among FJH's longstanding business partners.  Worldwide, FJH
software is used in 20 countries on three continents, as for
example in Russia, the U.S. and Australia.

In addition to its headquarters in Munich, the FJH Group has
offices in Hamburg, Cologne and Stuttgart.  It also has
subsidiaries in Switzerland, Austria, the U.S.A. and Slovenia.
FJH was founded in 1980 and has been listed at the Frankfurt
Stock Exchange since February 2000.

CONTACT:  FJH AG
          Elsenheimerstr. 65
          80687 Munich
          Phone: +49-(0) 89-769-01-517
          Fax: +49-(0) 89-769-01-606
          Web site: http://www.fjh.com

          Eva Hesse
          Phone: +49-(0)89-769-01-274
          Fax: +49-(0)89-769-01-606
          E-mail: eva.hesse@fjh.com


FORDERVEREIN FUER JUGEND: Proofs of Claim Due Next Month
--------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Forderverein fuer Jugend- und Kulturarbeit
e.V. on November 14.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until December 15, 2005 to register their claims with
court-appointed provisional administrator Anja Geske.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 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:  FORDERVEREIN FUER JUGEND- UND KULTURARBEIT e.V.
          Dr.-Wilhelm-Kuelz-Str. 10 a, 15517 Fuerstenwalde

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


HITDORFER BAGGEREI: Creditors Meeting Set January
-------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Hitdorfer Baggerei GmbH on November 4.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 19, 2005 to register their claims
with court-appointed provisional administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 9:35 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12.
Etage, Raum 1240, 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:  HITDORFER BAGGEREI GmbH
          Altenhof 5, 51371 Leverkusen
          Contact:
          Guenter Bremer

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf
          Phone: 0211/49 76 59 - 0
          Fax: +49211497659 59


KARL-HEINZ: Under Bankruptcy Administration
-------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Karl-Heinz und Thomas Hartmann GbR on November 1.
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 Dr. Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting on January 23, 2006, 9:30 a.m. at the district court
of Dresden, 301, 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:  KARL-HEINZ UND THOMAS HARTMANN GbR
          Sachsische Spezialitaten
          Fabrikstrasse 4 in 01445 Radebeul
          Contact:
          Karl-Heinz and Thomas Hartmann

          Dr. Juergen Wallner, Administrator
          Unterer Kreuzweg 1, 01097 Dresden


NET 24: Hanau Business Succumbs to Bankruptcy
---------------------------------------------
The district court of Hanau opened bankruptcy proceedings against
Net 24 Communications GmbH on November 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 13, 2006 to register their
claims with court-appointed provisional administrator Frank
Schmitt.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 9:30 a.m. at the district court
of Hanau, Raum 205, Aussenstelle Insolvenzgericht,
Engelhardstrasse 21, 63450 Hanau, 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:  NET 24 COMMUNICATIONS GmbH
          Wilhelmstrasse 2, 63450 Hanau
          Contact:
          Christoph Bohme, Manager

          Frank Schmitt, Administrator
          Olof-Palme-Strasse 13, 60439 Frankfurt/Main
          Phone: 069/50986-0
          Fax: 069/50986-110


PMC PROJEKT: Bremen Court to Verify Claims April
------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against PMC Projekt Management Contor GmbH on November 9.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 21, 2006
to register their claims with court-appointed provisional
administrator Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 9:35 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on April
13, 2006, 9:30 a.m. at the same venue.

CONTACT:  PMC PROJEKT MANAGEMENT CONTOR GmbH
          Mary-Astell-Str. 10, 28395 Bremen
          Contact:
          Stefan Wiener, Manager
          Borgfelder Deich 9 c, 28357 Bremen

          Ralph Buenning, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


RADICAL IMAGES: Koln Business Goes Bust
---------------------------------------
The district court of Koln opened bankruptcy proceedings against
Radical Images Jacques Steyn & Alexander Paul Filmproductions
GmbH on November 1.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until December 27, 2005 to register their claims with
court-appointed provisional administrator Dr. Wolfgang Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting on February 2, 2006, 9:00 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142, 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:  RADICAL IMAGES JACQUES STEYN & ALEXANDER PAUL
          FILMPRODUCTIONS GmbH
          Bruessler Str. 21, 50674 Koln
          Contact:
          Alexander Andreas Paul, Manager
          Judenpfad 17, 50996 Koln

          Dr. Wolfgang Delhaes, Administrator
          Im Media Park 6 A, 50670 Koln
          Phone: 0221/574 379 04
          Fax: +4922157437939


SANAVITA VERWALTUNGS: Creditors to Meet February
------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against SANAVITA Verwaltungs- und Beteiligungs AG on November 9.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 10, 2006
to register their claims with court-appointed provisional
administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on February 6, 2006, 9:00 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:  SANAVITA VERWALTUNGS- UND BETEILIGUNGS AG
          Am Bahnhof 1-3, 59368 Werne
          Contact:
          Jutta Haverkamp
          Hornsberg 1, 59368 Werne
          Michael Ostermann and Frank Kohler
          Rheinsbergring 64, 59387 Ascheberg

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 54110
          Fax: 5411266


S-B STEMPNIAK: Claims Filing Period Ends December 22
----------------------------------------------------
The district court of Hagen opened bankruptcy proceedings against
S-B Stempniak-EDV-Beratung GmbH on November 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 22, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jens Uwe Drowatzky.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 9:50 a.m. at the district court
of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen,
Etage 2, Raum 283, 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:  S-B STEMPNIAK-EDV-BERATUNG GmbH
          Lewin-Salomon-Str. 15, 58636 Iserlohn
          Contact:
          Klaus Stempniak, Manager

          Dr. Jens Uwe Drowatzky, Administrator
          Feithstr. 177, 58097 Hagen
          Phone: 02331 10980
          Fax: +492331109830


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


JSG PACKAGING: B+ Rating Affirmed; Outlook Negative
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Ireland-based paper and packaging company JSG
Packaging Ltd. and related entities.  JSG Packaging is the top
holding company in the new Smurfit Kappa Group.  The rating on
the 2025 Yankee bond issued by Smurfit Capital Funding Ltd. was
lowered to 'B+' from 'BB-'.

At the same time, Standard & Poor's lowered its long-term
corporate credit rating on Netherlands-based paper and packaging
company Kappa Beheer B.V. to 'B+' from 'BB-'.  Kappa Beheer is a
holding company in the Kappa Packaging group.  The ratings on the
various subordinated notes issued by the Kappa Packaging group
were lowered to 'B-' from 'B'.

All ratings on Kappa Packaging and Jefferson Smurfit Group were
removed from CreditWatch, where they had been placed with
negative implications on May 10 and Sept. 13, 2005, respectively.
The outlooks on both JSG Packaging and
Kappa Beheer are negative.

This action follows the successful clearance from relevant
interested parties and the signing of a definitive agreement for
a merger of Jefferson Smurfit Group and Netherlands-based Kappa
Packaging Group.

Smurfit Kappa will become Europe's largest producer of paper and
packaging products, with an estimated market share of about 25%
in its main containerboard/corrugated packaging segment.

"The ratings on Smurfit Kappa reflect its highly leveraged
financial profile, including very weak cash flow coverage ratios
and high debt levels, and cyclical industry conditions," said
Standard & Poor's credit analyst Alf Stenqvist.  The ratings also
reflect the challenges linked to the group's ability to
successfully integrate the two entities and to realize expected
synergies.  These risk factors are balanced by its leading
position in the European containerboard/corrugated board markets,
good geographical diversification, and a high level of forward
integrated operations.

In Smurfit Kappa, JSG's owners (private equity firm Madison
Dearborn Partners LLC and co-investors) will hold 58% and Kappa
Packaging's owners (private equity firms CVC Capital Partners
Europe Ltd. and Cinven Ltd.) will hold 42%.  Total
on-balance-sheet debt will be about EUR5.2 billion.  In addition,
the group will have estimated unfunded postretirement liabilities
of about
EUR600 million.

"We are concerned that Smurfit Kappa will find it difficult to
reduce debt according to plan and to levels in line with the
current ratings," added Mr. Stenqvist.  Challenges include
persistent weak market conditions, uncertainties with regard to
the timing of and proceeds from asset disposals, and execution
risks in realizing projected synergy benefits.

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

CONTACT:  K CAPITAL SOURCE (for JSG Funding Plc)
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


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


ALITALIA SPA: Air France-KLM to Participate in Recapitalization
---------------------------------------------------------------
Air France-KLM will participate in Alitalia's EUR1.009 billion
capital hike to keep its two-percent stake in the troubled
national carrier, AFX News says.

Jean-Cyril Spinetta, Air France-KLM's chief executive, said "We
will not go above two percent, but we have never considered going
below this level by letting our stake be diluted."

Mr. Spinetta added Air France-KLM has allocated EUR20 million for
the capital hike.  The carrier's stake in Alitalia will fall to
around 0.3% if it will not participate.  From Nov. 14 to Dec. 2,
Alitalia will issue 1.257 billion new shares at 80 cents each.
Alitalia has 129 million outstanding stocks.  It will offer
current shareholders 13 new shares for every two held and grant
bondholders 13 shares for every 60 bonds held.

                        About the Company

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

A turnaround plan approved late 2004 will split the airline's
flight and ground operations.  Alitalia, however, recently
revised the plan to include considerations in rising fuel prices
and cost saving measures, paving the way for a EUR1.2 billion
capital hike and subsequently its privatization.

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


ALITALIA SPA: Govt Willing to Cut Stake Below 30%
-------------------------------------------------
The government may further cut its stake in troubled national
carrier Alitalia S.p.A. to below 30% next year, The Associated
Press says.

In an interview with Il Sole 24 Ore, Chief Executive Giancarlo
Cimoli this is the "the next step" after the EUR1.006 billion
capital hike.  He said, "We needed to do this desperate and
courageous operation."

Mr. Cimoli likewise expressed confidence in the capital hike.  He
added, "Alitalia's capital increase has aroused the interest of
analysts and funds, especially in London and the United States."

The Economy Ministry, through which Italy owns a 62.4% stake in
Alitalia, said it could further reduce its holdings, but has yet
to come up with a timetable.  Deutsche Bank recently placed 26.6
million of the government's shares with institutional investors,
cutting Italy's stake to 49.9%.

                        About the Company

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

A turnaround plan approved late 2004 will split the airline's
flight and ground operations.  Alitalia, however, recently
revised the plan to include considerations in rising fuel prices
and cost saving measures, paving the way for a EUR1.2 billion
capital hike and subsequently its privatization.

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


PARMALAT SPA: Banks Want Dutch Units Excluded from Bond Swap
------------------------------------------------------------
Banks JP Morgan Chase & Co. and UniCredito S.p.A. want Parmalat's
Dutch and Luxembourg units to be excluded from the EUR20 billion
debt-to-equity swap.

In an appeal filed with the Lazio regional court, the banks
sought the review of the inclusion of Parmalat Finance
Corporation B.V., Parmalat Netherlands B.V., Parmalat Capital
Netherlands B.V. and Parmalat Soparfi S.A. in the swap.  Prior to
Parmalat's collapse in December 2003, the units had issued
EUR6.278 billion of bonds, which represent 81.7% of the total
bonds accepted in the swap.  The Industry Ministry also placed
the units under bankruptcy protection like their Italian parent.

According to AFX News, an unfavorable ruling would affect the
value of the holding company under which Parmalat's 22 units are
operated.  Parmalat said Tuesday the court has rejected similar
"inconsistent" appeals that could greatly affect its stock price.

The swap allowed Parmalat to convert billions of euros of debt
into shares, paving the way for its eventual return to the stock
market.  The group collapsed in December 2003 after revealing
more than EUR14 million in debt.

CONTACT:  PARMALAT S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


PARMALAT FINANZIARIA: UniCredit Defends Petition
------------------------------------------------
Recently, UniCredit (in the same way as another credit
institution) filed a petition to the Lazio region's TAR, within
the scope of the defensive actions and strategies forced upon it
following the notification filed in the month of August of this
year of two writs of summons brought on by the procedure of six
companies (four of which foreign) belonging to Parmalat and
undergoing special management, with claims for compensation
amounting to EUR4.4 billion the first and EUR1.8 billion the
second.

With specific reference to the stated recent defensive action by
UniCredit, Parmalat S.p.A., in accordance to its press release,
has reserved itself the right to "every suitable measure with the
competent authorities in light of the inconsistencies of the
suggested petitions, of certain abnormal coincidences in timing
between the moment of notification of the stated petitions and
the coming to knowledge of them by the press, with a consequent
influence on the value of Parmalat shares."

On this subject, may we point out that:

(a) the timing for notification of the petition was dictated by
    the imminent deadline for its deposition;

(b) the evaluation of the grounds for the petitions rests on the
    decision by the Courts (Tribunale) and not on the opinion
    expressed on the subject by Parmalat;

(c) the petition was suggested also due to the discovery of new
    facts such as the position of the Advocate-General at the
    Courts of Justice of the European Community in the Eurofood
    affair, another company belonging to the Parmalat Group;

(d) as far as censored relations with the press, these are facts
    which UniCredit has nothing to do with;

(e) concerning the asserted influence on the quotation of the
    Parmalat shares, of legitimate judicial initiatives
    undertaken within the scope of defensive strategies put in
    place by UniCredit in the face of compensation actions
    suggested by the Commissioner, this is a phenomenon which,
    if having any grounds, concerns the market and in respect
    of which UniCredit has nothing to do, not having financial
    interests in the Parmalat Group and therefore no interest in
    the value of the shares.

UniCredit obviously reserves itself the right to any possible
action to preserve the image, including the international one, of
the Group.

CONTACT:  UNICREDITO ITALIANO S.p.A.
          Via Dante 1
          16121 Genoa
          Italy

          Media Relations:
          Phone: +39 02 88628236
          E-mail: Uci.Ufficiostampa@unicredit.it

          Investor Relations:
          Phone: + 39 02 88628715
          E-mail: UCI-InvestorRelations@unicredit.it


===================
K A Z A K H S T A N
===================


KAZKOMMERTSBANK JSC: Fitch Gives Notes Low-B Ratings
----------------------------------------------------
Fitch Ratings has assigned Kazkommerts International B.V.'s new
US$1.5 billion guaranteed debt issuance program Final ratings of
Long-term 'BB' (for notes with maturities in excess of one year)
and Short-term 'B' (for notes with maturities of less than one
year).  It has also assigned a Final Long-term 'BB' rating to the
US$500 million 8% debut issue under the program due 2015.  The
notes under the program are unconditionally and irrevocably
guaranteed by Kazakhstan's Kazkommertsbank JSC (KKB), rated
Long-term 'BB'/Stable, Short-term 'B', Individual 'C/D', Support
3.

Also, Fitch has assigned Kazkommerts Finance 2 B.V.'s US$100
million issue of limited recourse perpetual loan participation
notes a Final Long-term 'B+' rating.  The notes have been issued
solely for financing a subordinated loan to KKB, which is
intended to qualify as Tier 1 capital under Kazakhstani
regulations.

KKB was the largest commercial bank in Kazakhstan by IFRS assets
at end-H105 and has top three positions in all major market
segments.  One individual controls a majority stake in the bank.
The European Bank for Reconstruction and Development is a
minority shareholder and actively involved in board-level
decision-making.

CONTACT:  KAZKOMMERTSBANK JSC
          135 zh, Gagarin Ave.
          Almaty 480060
          Republic of Kazakhstan
          Phone: (7 3272) 585-101
          Fax: (7 3272) 585-281, 507-072
          E-mail: VJadrikhinsky@kkb.kz
          Web site: http://en.kkb.kz

          U.K. Representative Office
          3rd Floor, Broughton House
          6-8 Sackville St.
          London, W1S 3DG
          Phone: +44 207 494 6081
          Fax: +44 207 494 6070

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

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


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


ALMADAI-PLUS: Gives Creditors Until January to File Claims
----------------------------------------------------------
Limited liability company Almadai-Plus, which recently became
insolvent, will accept proofs of claim at Bishkek, Intergelpo
Str. 1a until January 9, 2006.

CONTACT:  ALMADAI-PLUS
          Bishkek, Intergelpo Str. 1a


MANAT LTD.: Declared Insolvent
------------------------------
Privately owned production company Manat Ltd., which recently
became insolvent, will accept proofs of claim at Balykchi, Frunze
Str. 340 until January 9, 2006.

CONTACT:  MANAT LTD.
          Balykchi, Frunze Str. 340


NATMIR: Creditors' Claims Due Second Week of January
----------------------------------------------------
Limited liability realty company Natmir, which recently became
insolvent, will accept proofs of claim at Bishkek, Micro District
12, 41/22 until January 9, 2006.

CONTACT:  AGENCY OF REALTY NATMIR
          Bishkek, Micro District 12, 41/22


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


ROYAL SHELL: Buyback Program Continues
--------------------------------------
On 24 November 2005, Royal Dutch Shell plc purchased for
cancellation 900,000 'A' Shares at a price of EUR26.76 per share.
It further purchased for cancellation 300,000 'A' Shares at a
price of 1,828.60 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,962,200,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


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


35 MECHANICAL: Kurgan Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
proceedings against 35 Mechanical after finding the factory
insolvent.  The case is docketed as A34-346/05.  Mr. V.
Rozhdestvenskiy has been appointed insolvency manager.  Creditors
have until December 15, 2005 to submit their proofs of claim to
624001, Russia, Sverdlovsk region, Aramil, Shkolnaya Str. 46a.

CONTACT:  35 MECHANICAL
          640027, Russia, Kurgan region,
          Avtozavodskaya Str. 1a

          V. ROZHDESTVENSKIY
          Insolvency Manager
          624001, Russia, Sverdlovsk region,
          Aramil, Shkolnaya Str. 46a


EAR-99: Declared Insolvent
--------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Ear-99 after finding the limited liability
company insolvent.  The case is docketed as
A32-10211/2005-1/122B.  Mr. E. Zverev has been appointed
insolvency manager.
Creditors have until December 15, 2005 to submit their proofs of
claim to 354000, Russia, Sochi, Main Post Office, Post User Box
998.

CONTACT:  EAR-99
          Russia, Armavir, Volodarskogo Str. 5

          E. ZVEREV
          Insolvency Manager
          354000, Russia, Sochi,
          Main Post Office, Post User Box 998


INTERNATIONAL INDUSTRIAL: Fitch Affirms B Ratings
-------------------------------------------------
Fitch Ratings has affirmed International Industrial Bank's (IIB)
ratings at Long-term 'B', Short-term 'B', Individual 'D' and
Support '5'.  At the same time Fitch has assigned a National
Long-term rating of 'BBB-(rus)'.  The Outlooks on the Long-term
and National Long-term ratings are Stable.

The Long-term, Short-term and Individual ratings reflect IIB's
lack of transparency, high levels of related-party lending and
customer concentration, as a result of which its franchise is
only limited, and its modest performance.  The ratings also
consider potential political risks arising from the level of
business undertaken by IIB with state-related companies, while
the present structure of ownership also leaves IIB vulnerable to
changes in its owner's fortunes.  However, the ratings also
reflect IIB's good capitalization and fairly limited market risk.

Fitch notes that any upward movement in IIB's ratings would
likely depend, among other things, on increased transparency and
expansion of its franchise.  On the other hand, a very
substantial reduction in capitalization and growth in
related-party business could contribute to a downgrade.

IIB is majority-owned by one politically connected individual,
who also have significant industrial interests.  The latter are
consolidated under the management company United Industrial
Corporation.  IIB was ranked among the 20 largest Russian banks
by IFRS total assets at end-June 2005 and fourth by IFRS equity.
It is primarily a corporate bank, but is looking to develop
retail and SME banking operations.

CONTACT:  INTERNATIONAL INDUSTRIAL BANK CJSC
          23 build. 1, Bolshaya Dmitrovka Street
          125009 Moscow
          Russia
          Phone: + 7 (095) 926-4446
          Fax: + 7 (095) 692-8284
          E-mail: mail@iib.ru
          Web site: http://www.iib.ru

          FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0)20 7417 3495
          James Watson, Moscow
          Phone: +7 095 956 9901

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


KK: Bankruptcy Hearing Set Next Year
------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against KK after finding the building company
insolvent.  The case is docketed as A-32-17660/2005-1/254B.  Ms.
S. Shabunina has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 350030, Russia, Krasnodar,
Krasnaya Str. 133, Office 29.  A hearing will take place on
September 21, 2006, 2:00 p.m.

CONTACT:  KK
          Russia, Sochi, Gastello Str. 42

          S. SHABUNINA
          Insolvency Manager
          350020, Russia, Krasnodar region,
          Krasnaya Str. 133, Office 29


KORKINSKOYE: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Korkinskoye after finding the building
assembly enterprise insolvent.  The case is docketed as
A76-27119/05-55-145.  Mr. E. Lysov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 454087,
Russia, Chelyabinsk, Blyukhera Str. 69, Office 201.

CONTACT:  KORKINSKOYE
          456550, Russia, Chelyabinsk region,
          Korkino, 30 Let VLKSM Str. 189

          E. LYSOV
          Insolvency Manager
          454087, Russia, Chelyabinsk region,
          Blyukhera Str. 69, Office 201


MAMSKO-BODAYBINSKAYA: Declared Insolvent
----------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Mamsko-Bodaybinskaya after finding the mining
company insolvent.  The case is docketed as A19-19670/05-38.  Mr.
V. Safonov has been appointed insolvency manager.

Creditors may submit their proofs of claim to 664025, Russia,
Irkutsk, Post User Box 146.  A hearing will take place on January
24, 2006, 11:00 a.m.

CONTACT:  MAMSKO-BODAYBINSKAYA
          666910, Russia, Bodaybo, Tayezhnaya Str. 1

          V. SAFONOV
          Insolvency Manager
          664025, Russia, Irkutsk region,
          Post User Box 146


SLOBODSKOYE: Bankruptcy Hearing Resumes February
------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on grain receiving company Slobodskoye.
The case is docketed as A28-255/05-222/24.  Mr. V. Alalykin has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 610000, Russia,
Kirov, Moskovskaya Str. 25a.  A hearing will take place on
February 6, 2006, 11:00 a.m.

CONTACT:  SLOBODSKOYE
          Russia, Kirov region,
          Slobodskoye, Sovetskaya Str. 119

          V. ALALYKIN
          Temporary Insolvency Manager
          610000, Russia, Kirov region,
          Moskovskaya Str. 25a


TARSKIY: Insolvency Manager Takes over Firm
-------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Tarskiy (TIN 5535000055) after finding the
butter making plant insolvent.  The case is docketed as
K/E-24/05.  Mr. V. Khmelnitskiy has been appointed insolvency
manager.  Creditors have until December 15, 2005 to submit their
proofs of claim to 644024, Russia, Omsk-24, Marksa Pr. 4-209a.

CONTACT:  TARSKIY
          646530, Russia, Omsk region,
          Tara, Sovetskaya Str. 79

          V. KHMELNITSKIY
          Insolvency Manager
          644024, Russia, Omsk-24,
          Marksa Pr. 4-209a
          Phone: 31-00-13
          Fax: (3812) 31-05-27


URAL-ENERGO-MECH-TRANS: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on close joint stock company
Ural-Energo-Mech-Trans.  The case is docketed as
A60-25903/05-S11.  Mr. O. Artemov has been appointed temporary
insolvency manager.

CONTACT:  URAL-ENERGO-MECH-TRANS
          623700, Russia, Berezovskiy,
          Berezovskit Trakt, 7

          O. ARTEMOV
          Temporary Insolvency Manager
          620033, Russia, Ekaterinburg,
          Post User Box 5


URALSKIY PORCELAIN: Proofs of Claim Deadline December 15
--------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Uralskiy Porcelain after finding the close
joint stock company insolvent.  The case is docketed as
A76-14866/05-60-91.  Mr. Z. Kharbediya has been appointed
insolvency manager.  Creditors have until December 15, 2005 to
submit their proofs of claim to 620014, Russia, Ekaterinburg,
Post User Box 306.

CONTACT:  URALSKIY PORCELAIN
          Russia, Chelyabinsk region,
          Yuzhnouralsk, Beregovaya Str. 1

          Z. KHARBEDIYA
          Insolvency Manager
          620014, Russia, Ekaterinburg,
          Post User Box 306


VIRA: Appoints Insolvency Manager
---------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Vira after finding the construction company
insolvent.  The case is docketed as A-32-26044/2005-2/401-B.  Mr.
D. Khomutov has been appointed insolvency manager.

CONTACT:  VIRA
          350035, Russia, Krasnodar region,
          Elevatornyj Per. 2a

          D. KHOMUTOV
          Insolvency Manager
          350001, Russia, Krasnodar region,
          Post User Box 3477


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


SKANDIA INSURANCE: Old Mutual Rules out Raising Bid
---------------------------------------------------
Old Mutual plc has brushed aside rumors that it would raise its
bid for Skandia Insurance from US$5.6 billion to around US$6.1
billion, Reuters says.

A spokesman for Old Mutual said: "We do not see any reason to
amend or increase it (the offer)."

Swedish newspaper Dagens Industri earlier noted an increase in
Old Mutual's cash and stock offer was likely if Skandia's board
supports the bid.  The newspaper quoted sources as saying that
even a small rise in the offer could lure reluctant Skandia
investors into selling their shares.  It added Old Mutual could
increase its bid by three crowns without raising its sterling
value with the weakening crown against sterling.

Meanwhile, analysts predict Old Mutual to secure at least half of
Skandia shares by the time the initial offer period expires on
December 16.  Old Mutual's bid has been deemed too low by the
Skandia board.  Chief Executive Hans-Erik Andersson has said he
thought a price of at least 50 crowns per share would be fair.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

          OLD MUTUAL PLC
          Investor Relations
          Andrew Parkins
          Phone: +44 (0) 20 7002 7264
          Media Relations
          Miranda Bellord
          Phone: +44 (0) 20 7002 7133
          Web site: http://www.oldmutual.com


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


DOBRENSKE: Succumbs to Bankruptcy
---------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on agricultural LLC Dobrenske (code EDRPOU
01529837) on October 11, 2005.  The case is docketed as 5/228/05.
Mr. Shulga Dmitro (License Number AA 783150) has been appointed
temporary insolvency manager.  The company holds account number
26009301432842 at JSB Prominvestbank, MFO 326438.

Creditors have until December 1, 2005 to submit their proofs of
claim to:

(a) DOBRENSKE
    56156, Ukraine, Mikolaiv region,
    Bashtanskij district, Dobre

(b) SHULGA DMITRO
    Temporary Insolvency Manager
    Ukraine, Mikolaiv region, Raketna Str. 35

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


KHARKIV STATE: Pays Debt to Avoid Bankruptcy
--------------------------------------------
Kharkiv state aviation production enterprise on Nov. 15 paid its
UAH2.5 million debt to Antonov Design Bureau, averting possible
bankruptcy, Interfax reports.

"The professional actions of the executive team made it
unnecessary for Antonov Design Bureau to begin the procedure of
declaring Kharkiv state aviation production enterprise bankrupt,"
Ilyashev and Partners, which represents the Antonov Design
Bureau, said.

The company in August asked the Kyiv Economic Court to extend the
deadline for the debt payment.  It continues to face four suits
totaling UAH160 million filed by Antonov Design Bureau.

CONTACT:  ILYASHEV AND PARTNERS
          5 Pravdy Avenue, Kharkiv, 61022, Ukraine
          Phone: +380 57 717 5497
          Fax: +380 57 717 5964
          E-mail: kharkiv@attorneys.com.ua
          Web site: http://www.attorneys.com.ua/


KOLER: Insolvency Manager Steps in
----------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Koler (code EDRPOU 23290383) after finding
the limited liability company insolvent.  The case is docketed as
19/71.  Mr. Vereshak M. (License Number AA 669674) has been
appointed liquidator/insolvency manager.

Creditors have until December 1, 2005 to submit their proofs of
claim to:

(a) KOLER
    70441, Ukraine, Zaporizhya region,
    Bilenke, Lenin Str. 18-A

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


MIRGOROD' BUILDING: Declared Insolvent
--------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Mirgorod' Building Materials Plant (code
EDRPOU 03576338) on October 11, 2005 after finding the limited
liability company insolvent.  The case is docketed as 7/93.  Mr.
Igor Borovih (License Number AB 216970) has been appointed
liquidator/insolvency manager.

Creditors have until December 1, 2005 to submit their proofs of
claim to:

(a) MIRGOROD' BUILDING MATERIALS PLANT
    Ukraine, Poltava region,
    Mirgorod, Horolska Str. 46

(b) IGOR BOROVIH
    Liquidator/Insolvency Manager
    Phone: (0532) 56-67-12

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


NEMIRIVSKE: Creditors' Claims Due Next Week
-------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on Agricultural LLC Nemirivske (code EDRPOU
05413947).  The case is docketed as 10/172-05.  Mr. Anatolij
Tushevskij (License Number AB 176044) has been appointed
temporary insolvency manager.

Creditors have until December 1, 2005 to submit their proofs of
claim to:

(a) NEMIRIVSKE
    22852, Ukraine, Vinnitsya region,
    Nemirivskij district, Bugakiv

(b) ANATOLIJ TUSHEVSKIJ
    Temporary Insolvency Manager
    22325, Ukraine, Vinnitsya region,
    Litinskij district,

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


PLEMZAVOD KINASHIVSKIJ: Under Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on agricultural OJSC Plemzavod Kinashivskij
(code EDRPOU 05435518).  The case is docketed as 10/171-05.  Mr.
Vitalij Bolhovitin (License Number AA 630030) has been appointed
temporary insolvency manager.  The company holds account number
2600918130148 at JSCB Pravex-Bank, Vinnitsya branch, MFO 302742.

Creditors have until December 1, 2005 to submit their proofs of
claim to:

(a) PLEMZAVOD KINASHIVSKIJ
    23607, Ukraine, Vinnitsya region,
    Tulchinskij district, Kinashiv, Polyova Str. 15

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


TEREBOVLYA' CHRISTMAS: Bankruptcy Supervision Begins
----------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on OJSC Terebovlya' Christmas Tree
Ornaments Factory (code EDRPOU 00310580) on September 29, 2005.
The case is docketed as 11/B-664.  Mr. Didich Volodimir (License
Number AB 116174) has been appointed temporary insolvency
manager.  The company holds account number 26006000198001 at JSCB
Nadra, Terebovlya branch, MFO 338705.

Creditors have until December 1, 2005 to submit their proofs of
claim to:

(a) TEREBOVLYA' CHRISTMAS TREE ORNAMENTS FACTORY
    Ukraine, Ternopil region,
    Terebovlya, Shevchenko Str. 3

(b) DIDICH VOLODIMIR
    Temporary Insolvency Manager
    46001, Ukraine, Ternopil region,
    Ruska Str. 17

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14a


ZNAMYANKA' AUTO 13542: Goes into Liquidation
--------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Znamyanka' Auto Transport Enterprise-13542
(code EDRPOU 03117412) after finding the open joint stock company
insolvent.  The case is docketed as 10/119.  Ms. Irina Knobloh
(License Number AA 719895) has been appointed
liquidator/insolvency manager.

Creditors have until December 1, 2005 to submit their proofs of
claim to:

(a) ZNAMYANKA' AUTO TRANSPORT ENTERPRISE-13542
    25006, Ukraine, Kirovograd region,
    Znamyanka

(b) IRINA KNOBLOH
    Liquidator/Insolvency Manager
    Ukraine, Kirovograd region, Timiryazev Str. 8

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25006, Ukraine, Kirovograd region,
    Lunacharski Str. 29


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


AA PROPERTY: Appoints Joint Liquidators
---------------------------------------
A. Atta, chairman of AA Property Services Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 28 at 4 Shakespeare Road, London N3 1XE.

Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP, 35 Ballards Lane, London N3 1XW were appointed Joint
Liquidators.

AA Property -- http://aapropertyservices.co.uk/-- has more than
20 years experience in domestic and commercial property services.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


ACG FINANCIAL: Names Begbies Traynor Liquidator
-----------------------------------------------
ACG Financial Management Ltd. informs that resolutions to wind up
the company were passed at an EGM held on Nov. 4 at Elliot House,
151 Deansgate, Manchester M3 3BP.

P. Stanley of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP was appointed liquidator.

CONTACT:  ACG FINANCIAL MANAGEMENT LTD.
          26 Crosby Road North
          Waterloo, Liverpool
          Merseyside L22 4QF
          Phone: 01519491444

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


ASHLEY CORPORATE: Administrators Take over Firm
-----------------------------------------------
S. R. Thomas and S. J. Parker (IP Nos 8920, 8989) of Tenon
Recovery were appointed joint administrators of Ashley Corporate
Services Ltd. (Company No 2788232) on Nov. 15.

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


ASHTEAD GROUP: Head & Engquist Pays Sunbelt to Settle Lawsuit
-------------------------------------------------------------
Ashtead Group plc has disclosed that Head & Engquist Equipment
LLC, and Ashtead's U.S. subsidiary, Sunbelt Rentals
Inc. have agreed to settle their outstanding litigation.

Under the terms of the settlement agreement, H&E has agreed to
pay to Sunbelt the sum of US$20,133,972.60 (approximately GBP11.7
million) on or by Monday 28 November and Sunbelt has agreed to
accept this amount in full settlement of the North Carolina
Court's original judgment in its favor.  Payment of the
settlement continues to be secured by the US$20.1 million letter
of credit H&E has lodged with the Court, which will be released
once Sunbelt has received the settlement.

The events subject to litigation date back to 2000, in the period
immediately prior to Sunbelt's acquisition of BET USA, when H&E
executed a plan to develop its aerial work platform rental
business by raiding over 100 staff from the BPS division of BET
USA, to open competing rental stores in seven major markets
served by BPS.

When received, the judgment will be credited to the Group's
income statement for the year ending 30 April 2006 as an
exceptional item and the monies received will be applied to
reduce borrowings under the Company's asset based senior credit
facility.

                        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


BALLANTYNE ADVERTISING: Goes into Liquidation
---------------------------------------------
A. Mills-Haworth, chairman of Ballantyne Advertising Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 3 at 15 Highfield Road, Hall Green, Birmingham
B28 0EL.

P. Nottingham of Nottingham Watson Ltd., 15 Highfield Road, Hall
Green, Birmingham B28 0EL was appointed liquidator.

CONTACT:  BALLANTYNE ADVERTISING LIMITED
          98 Priory Road, Edgbaston, Birmingham
          West Midlands B15 2RG
          Phone: 01214402395

          NOTTINGHAM WATSON
          1st Floor
          12 St Paul's Square
          Birmingham
          West Midlands B3 1RB
          Phone: 0121 236 6004
          Fax: 0121 236 6011
          E-mail: pnottingham@notwat.com


BML REALISATIONS: Begbies Traynor to Liquidate Business
-------------------------------------------------------
R. Vernon, chairman of BML Realisations Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 31 at 4th Floor, Newater House, 11 Newhall Street,
Birmingham B3 3NY.

Steven John Williams and James Patrick Nicholas Martin of Begbies
Traynor, 1 Winckley Court, Chapel Street, Preston, Lancashire PR1
8BU were appointed Joint Liquidators.

CONTACT:  BML REALISATIONS LIMITED
          The Mint, Icknield Street
          Birmingham B18 6RX
          Phone: 0121-237-4800

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


BOOTS GROUP: Shareholders Okay Boots Healthcare Disposal
--------------------------------------------------------
Boots Group plc has revealed that the resolutions to approve the
proposed disposal of Boots Healthcare International to Reckitt
Benckiser plc and related share consolidation were passed by the
Company's shareholders at the EGM held Thursday.

The Disposal is still conditional upon obtaining clearances from
the European and United States anti-trust authorities and is
expected to complete in early 2006.  It is intended that
completion of the Disposal will be followed as soon as
practicable by a return of GBP1.43 billion (equivalent to 200
pence per Boots share) by way of a special dividend to Boots
shareholders accompanied by a consolidation of the ordinary share
capital of Boots.

Copies of the resolutions passed at the Company's EGM have been
submitted to the U.K. Listing Authority and will shortly be
available for inspection at the U.K. Listing Authority's Document
Viewing Facility, which is situated at the Financial Services
Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS
(telephone number 020 7676 1000), during normal business hours on
any weekday (public holidays excepted).

All resolutions proposed at the Company's EGM were carried on a
show of hands.  The proxy figures for the resolutions will
shortly be displayed at http://www.boots-plc.com

                        About the Company

Boots is a health and beauty company with operations in retail,
manufacturing and distribution.  Boots sells its products in 130
countries and, excluding Boots Healthcare International, employs
approximately 65,000 people globally.  Boots operates over 1,400
health and beauty stores in the U.K. with an aggregate selling
area in excess of 647,000 square meters.  The group sells a wide
range of products under the Boots brand and also owns a number of
internationally recognized brands such as No 7, Soltan and
Botanics.  Boots' international division, BRI, operates more than
400 implants in nine countries as well as over 80 owned stores in
Asia.

It has entered into an agreement to sell BHI to Reckitt Benckiser
plc, for an aggregate consideration on a debt and cash free basis
of GBP1.926 billion in cash, subject to a completion working
capital adjustment.

For the financial year ended 31 March 2005, Boots reported
turnover of GBP5,469.1 million and generated group operating
profit before exceptional items of GBP501.7 million, and profit
before taxation of GBP427.6 million.  Boots' net assets stood at
GBP1,610.5 million as of 31 March 2005.

In September, Boots admitted that trading conditions have been
difficult throughout the first half with consumer spending
softening further over the last quarter.  It plans to focus on
its trading margin, costs and working capital in the second half.

The difficult market conditions have led to like-for-like sales
below the rate planned for the full year.  Reduced consumer
spending on replacement eyewear and price deflation following the
deregulation of contact lens sales, coupled with the disruption
to the Boots Opticians business from the integration into Boots
The Chemist adversely impacted the results, and these trends are
expected to continue.

Personnel changes in store are expected to complete in the next
quarter and a robust plan is in place to drive sales with a new
and up weighted advertising campaign and the introduction of new
designer ranges.

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Nottingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com


BRITAX GROUP: S&P Withdraws B- Rating on Redeemed Notes
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' long-term
subordinated debt rating on the EUR145 million notes due 2011
issued by U.K.-based engineering group, Britax Group PLC.  The
'B+' long-term corporate credit rating on Britax remains
unchanged.  The outlook is negative.

As previously announced, Britax had issued notices to purchase at
par and redeem the notes.  This process was completed on Nov. 22,
2005.  The early redemption follows the completion of the group's
sale of its childcare division for GBP230 million to the Carlyle
Group.

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

CONTACT:  BRITAX GROUP
          Seton House
          Warwick Technology Park
          Gallows Hill
          Warwick CV34 6DE
          England
          Phone: +44 (0) 1926 400 040
          Fax: +44 (0) 1926 406 350
          Web site: http://www.britax.com


CABIN HIRE: Appoints Administrators from PKF
--------------------------------------------
David Merrygold (IP No 6494) and Kerry Bailey (IP No 8780) of PKF
were appointed joint administrators of The Cabin Hire Company
(Eastern) Limited (Company No 03570019) on Nov. 15.

The Cabin Hire Company -- http://www.cabinhirecompany.co.uk/--  
was set up in May 1998.  It specializes in the hire and sales of
new and used modular buildings and jackleg cabins.

CONTACT:  THE CABIN HIRE COMPANY (EASTERN) LIMITED
          Rum Bridge House,
          Stoke Road, Clare,
          Suffolk CO10 8HQ
          Phone: 0800 3284098

          PKF
          16 The Havens
          Ransomes Europark
          Ipswich, Suffolk IP3 9SJ
          Phone: 01473 320700
          Fax: 01473 320800
          E-mail: david.merrygold@uk.pkf.com

          PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


CASTLE BATHROOMS: Names Gibson Hewitt & Co. Administrator
---------------------------------------------------------
Lynn Gibson and Robert D. Hewitt (IP Nos 6708, 6725) of Gibson
Hewitt were appointed joint administrators of Castle Bathrooms
Limited (Company No 3921496) on Nov. 14.  Its registered office
is at Heathrow Business Centre, 65 High Street, Egham, Surrey
TW20 9EY.

Castle Bathrooms Limited -- http://www.castlebathrooms.co.uk/--  
sells bathroom furniture.

CONTACT:  CASTLE BATHROOMS LIMITED
          23-26 The Arches, Alma Road
          Windsor Berkshire SL4 1QZ
          Phone: +44 (0) 1753 834834
          Fax: +44 (0) 1753 834835
          E-mail: Enquiries@castlebathrooms.co.uk

          GIBSON HEWITT & CO
          5 Park Court
          Pyrford Road
          West Byfleet
          Surrey KT14 6SD
          Phone: 01932 336149
          Fax: 01932 336150
          E-mail: robert@gibsonhewitt.co.uk


CHARVILL BROTHERS: Vehicle Retailer Hires Administrator
-------------------------------------------------------
Nigel Ruddock and Andrew Michael Menzies (IP Nos 6877, 6053) of
Grant Thornton were appointed joint administrators of Charvill
Brothers Limited (Company No 00505979) on Nov. 10.  Its
registered office is at 40 Baldock Street, Ware, Hertfordshire
SG12 9DU.  The company sells motor vehicle.

CONTACT:  CHARVILL BROTHERS LTD.
          Baldock Street
          Ware
          Hertfordshire SG12 9DU
          Phone: 01920 465951

          GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


COLLINS & AIKMAN: WL Ross Balks at Proposed Rule 2004 Probe
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of Collins & Aikman
Corporation and its debtor affiliates previously asked the U.S.
Bankruptcy Court for the Eastern District of Michigan for
authority to conduct examinations and obtain documents from WL
Ross & Co., LLC, pursuant to Rule 2004 of the Federal Rules of
Bankruptcy Procedure.

The Committee wants to obtain information from Ross regarding:

   -- the claims and interests it holds against the U.S. Debtors
      and the European Debtors;

   -- the establishment of the Joint Venture; and

   -- certain communications Ross has had with the U.S. Debtors'
      and European Debtors' competitors and customers, in each
      circumstance as it pertains to the U.S. Debtors and the
      European Debtors.

                          Objections

(1) WL Ross

"The Official Committee of Unsecured Creditors, for reasons that
are not altogether clear and under the guise of its motion for a
Bankruptcy Rule 2004 examination, seeks to delve into the private
business of WL Ross & Co., LLC," Robert J. Diehl, Jr., Esq., at
Bodman LLP, in Detroit, Michigan, states.  It does so, Mr. Diehl
continues, despite the fact that the course of the Debtors'
Chapter 11 cases is far from established, without a suggestion of
any potential claim or theory of liability against Ross and
without any evidence that Ross possesses information relevant to
the Debtors' estates, that the Debtors themselves do not have.

Nothing in the Bankruptcy Code or the Bankruptcy Rules provides
the Committee with an unfettered right to examine or investigate
non-debtor parties like Ross in this situation, Mr. Diehl says.

Although Ross has made public its interest in pursuing strategic
acquisitions within the distressed global automobile parts
industry, including the potential acquisition of the Debtors'
assets, Mr. Diehl asserts that those statements create nothing
worthy of discovery -- particularly where there is no sale
process in place and no proposed transaction before the Court.

According to Mr. Diehl, the information sought by the Committee
generally is available to the Debtors, yet apparently no requests
for this information have been made.  Mr. Diehl argues that
regardless of whether it is the Committee's desire to harass Ross
or perhaps to chill an asset sale purchase before the Debtors
have even decided to commence one, the Committee's requested
discovery is devoid of any merit.

In addition, Ross clarifies that it has not discussed
participation in any potential bid for the Debtors' U.S. assets
with any of the Debtors Debtholders -- other than Franklin Mutual
Advisers -- and has not received any confidential information
regarding the Debtors' U.S. assets from the Debtholders.  Ross
has only discussed participation in a potential bid for the
Debtors' U.S. assets with Lear Corporation, as stated, Franklin
Mutual Advisers, and Ross' limited partners.

(2) Lear

Lear Corporation, as competitor of the Debtors, is concerned that
the Committee may obtain, through the requested examination,
confidential proprietary information, which is minimally relevant
to the Committee's proposed investigation.  Lear shared this
information with Ross in confidence and the proprietary
information should not be disclosed to the Debtors, the
Committee, or other parties-in-interest, some of which could use
the information to Lear's competitive disadvantage.  Accordingly,
Lear asks the Court to deny the Committee's request.

(3) JPMorgan

Under the Final DIP Order dated July 28, 2005, the stipulated
principal amount of the bank debt owing to prepetition secured
lenders is about $748,000,000.  That senior indebtedness is
secured by liens and security interests held by JPMorgan Chase
Bank, N.A., as administrative agent, on substantially all of the
prepetition assets of the Debtors' estates.

The Debtors have previously advised the Court that they are
proceeding on a "dual track" toward a reorganization:

    (a) exploring a sale of some or all of the Debtors'
        businesses on a going concern basis; and

    (b) developing a standalone reorganization plan.

The Prepetition Agent supports the dual track approach.

The Debtors have retained Lazard Freres & Co. as the investment
bankers in charge of the sale process.  The sale process for
certain of the Debtors' businesses has already commenced, and the
Prepetition Agent understands that the process will commence
shortly for the remainder of the businesses.

Ronald L. Rose, Esq., at Dykema Gossett PLLC, in Detroit,
Michigan, relates that for the sale process to achieve its goal
of identifying the highest and best offers for the Debtors'
businesses, it is imperative that the process be orderly,
encourage the participation of all bona fide prospective
purchasers, make reasonably necessary information available to
all prospective purchasers, and provide -- and appear to
provide -- a "level playing field" for all prospective
purchasers.

However, Mr. Rose notes that the Committee has made clear on
numerous occasions that it is opposed to the sale track and would
prefer that the Debtors commit now to a stand-alone
reorganization.  In furtherance of its position, the Committee
has brought its request to obtain discovery from Ross, an
apparent prospective purchaser of the Debtors' businesses.

Mr. Rose clarifies that JPMorgan does not object to the
Committee's request out of solicitude toward Ross, but rather
solely to ensure that the highest value for creditors is
achieved.  Mr. Rose points out that the Committee's request is:

    -- premised on factual inaccuracies;
    -- designed to chill bidding;
    -- endangers the sale track being pursued by the Debtors;
       and
    -- fails to satisfy the standards of Rule 2004.

According to Mr. Rose, the Committee suggests, based on
inaccurate media reports, that Ross may have acquired most or all
of the prepetition bank debt.  In fact, according to the records
of the holders of the bank debt maintained by JPMorgan in
accordance with the prepetition credit agreement, Ross and its
known affiliates hold less than 2% of the prepetition bank debt.

Mr. Rose asserts that the Committee's request should be denied
because it does not seek valid Rule 2004 discovery of information
genuinely bearing on the existence or location of the Debtors'
assets and property, the Debtors' financial condition and
affairs, or the administration of the estate.  Instead, Mr. Rose
says, the Committee inappropriately seeks to intrude into the
private business strategy of a potential bidder in the sale
process for the Debtors' assets.

                        Debtors' Statement

The Debtors and their professionals strongly believe that only by
following the dual-track process will they and their creditor
constituencies be able to make a fully informed decision as to
how best to maximize the value of the estates.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York,
relates that the Debtors' efforts on both fronts have been
proceeding apace.  However, the Debtors have not yet begun formal
discussions with any potential bidders, including Ross.  The
Debtors expect to commence the formal marketing and due diligence
processes with potential bidders in the near future.

To ensure that the Debtors and their creditor constituencies
understand and can potentially realize the full benefit of the
sale effort, the Debtors will oppose any action by a party that
discourages another party from participating in that effort.
Therefore, the Debtors believe that to the extent the Committee's
request or any similar request is appropriate, it should be
narrowly tailored to ensure that neither Ross nor any other
potential bidders are discouraged from participating in the sale
process because of concerns that they may be drawn into a
burdensome discovery process.

At the same time, Mr. Schrock notes that Ross' statements
regarding its intention to purchase the Debtors and press reports
that Ross and its affiliates own about half of the Debtors'
prepetition bank debt are of interest to the Debtors.  Certainly
the size of Ross' holdings and whether any other potential
bidders or creditors are "working with" Ross have a direct
bearing on the Sale process and the Debtors' efforts to maintain
a level playing field for all parties, Mr. Schrock says.

Consequently, to the extent the Court grants the Committee's
request, the Debtors seek the Court's authority to participate in
any examination of Ross and receive copies of all information
produced.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company has
a workforce of approximately 23,000 and a network of more than
100 technical centers, sales offices and manufacturing sites in
17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17, 2005
(Bankr. E.D. Mich. Case No. 05-55927).  When the Debtors filed
for protection from their creditors, they listed $3,196,700,000
in total assets and $2,856,600,000 in total debt. (Collins &
Aikman Bankruptcy News, Issue No. 19; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

                            *   *   *

Collin's U.K. operation, which accounts for 25% of total global
business, obtained a group-wide Administration order pursuant to
the jurisdiction of the English High Court in London in July
2005.  Kroll U.K.'s Simon Appell and Alastair Beveridge, among
others, have been appointed joint administrators of each of the
companies.

The companies included in the filing are located in the U.K.,
Austria, Belgium, Czech Republic, Italy, Germany, Luxembourg,
Netherlands, Spain and Sweden and have approximately 4,000
employees in 24 facilities.  Collins & Aikman has 4,000 employees
in 26 plants in nine countries in Europe.  Collins &
Aikman's European operations are expected to continue in the
normal course of business without interruption while the
Administrators assess appropriate options.

Additional information regarding the European group-wide
Administration is available at
http://www.collinsaikmaneurope.com/and information regarding the
Chapter 11 reorganization at http://www.collinsaikman.com
For more information, call the Company's toll-free
Reorganization Information Line at 1-866-795-7641; for
international callers +1 310-432-4170.

CONTACT:  FINANCIAL DYNAMICS
          Phone: +44 (0) 20 7269 7167
          Lucy Thom
          Phone: +44 (0) 7712 174690
          Nigel O'Connor
          Phone: +44 (0) 7968 095770
          E-mail: collinsandaikman@fd.com

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


DARTFORD LOGISTICS: Files for Liquidation
-----------------------------------------
Dartford Logistics Ltd. informs that resolutions to wind up the
company were passed at an EGM held on Oct. 21 at St. Christopher'
s Way, Pride Park, Derby DE24 8JY.

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

CONTACT:  DARTFORD LOGISTICS LIMITED
          Unit 8-9
          Orbital 1
          Off Green St
          Dartford
          DA1 1GW
          United Kingdom
          Phone: (01322) 280678
          Fax: (01322) 292998
          Web site: http://www.dartfordlogistics.co.uk


DEEP SEA: Calls in Administrator from Begbies
---------------------------------------------
Mark Robert Fry and Louise Donna Baxter (IP Nos 008588, 009123)
of Begbies Traynor were appointed joint administrators of Deep
Sea Exploration Plc (Company No 04066627) on Oct. 28.

Deep Sea Exploration plc -- http://www.dse-plc.com/-- is into
the field of research, survey, salvage and conservation of
historically and culturally important shipwrecks and artifacts
that reveal our seafaring lineage and ancestry.  These underwater
search and excavation projects are planned, organized and
executed with the exclusive services of world-renowned marine
archaeologists employing state-of-the-art equipment.

CONTACT:  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


DEMRADENE LTD.: Administrators Take over Arcade
-----------------------------------------------
D. F. Wilson and J. N. R. Pitts (IP Nos 703, 7851) of Wilson
Pitts were appointed joint administrators of amusement arcade
Demradene Ltd. (Company No 04263610) on Nov. 9.

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


EUROMONEY INSTITUTIONAL: Profit Grows to GBP29.1 Million
--------------------------------------------------------
Euromoney Institutional Investor plc has reported results for the
year ended September 30, 2005.

Highlights

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(GBP million)                            2005      2004   change

Turnover                                196.3     174.7     +12%

Profit before tax, goodwill,
exceptional items and
Capital Appreciation Plan expense        37.1      28.0     +33%

Profit before tax                        29.1      20.5     +42%

Adjusted diluted earnings a share
before goodwill and exceptional items   35.6p     26.7p      +33

Diluted earnings a share                28.0p     18.2p     +54%

Net debt                                 65.8      62.5      +5%
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

(a) record profit driven by strong organic growth;

(b) profits increase across group: publishing, events and
    electronic information;

(c) group operating margin improves from 17.5% to 20.5%;

(d) net cash inflows from operating activities increase by 29%
    to GBP43.5 million;

(e) recent acquisitions performing above management
    expectations;

(f) record dividend 16.2 pence, against 15 pence; and

(g) results reflect early benefits of Capital Appreciation Plan.

Euromoney Institutional reports a record profit before tax of
GBP37.1 million for the year to September 30, a 33% increase on
the previous 12 months.  Profit before tax rose 42% to GBP29.1
million.  Adjusted diluted earnings a share increased 33% to 35.6
pence and the directors recommend a 10% increase in the final
dividend to 11 pence, making a total for the year of 16.2 pence,
a record.

These results reflect the key elements of the company's strategy
for growing profit before tax towards a target of GBP50 million b
y 2008: driving top line growth from both new and existing
products; reducing the dependence on advertising by building more
robust subscription and repeat revenues; a focus on improving the
operating margin; and acquisitions to strengthen the company's
market position in key areas.

Chairman Padraic Fallon said: "These results reflect excellent
progress in line with the company's strategy to achieve target
profit before tax of GBP50 million by 2008, compared to the GBP21
million reported in 2003.  Our focus remains on driving organic
growth through new and existing products; diversifying our
revenue base while improving the operating margin; and strategic
acquisitions that strengthen the company's market position.

Turnover increased by 12% to GBP196 million.  This improvement
comes against a robust trading background.  Strong financial
markets have generated record profits for the global financial
institutions and emerging markets remain attractive to capital
flows and investment.  While the company's key customers continue
to hold back advertising spend, many are refocusing their
marketing efforts on face-to-face events, a key growth area for
the group.  Moreover, the financial success of these customers is
driving an increase in demand for training and information.  The
events and training businesses now contribute more than 53% of
operating profits* compared to 37% three years ago.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/EuromoneyInstitutional(2005).pdf

CONTACT:  EUROMONEY INSTITUTIONAL INVESTOR PLC
          Nestor House, Playhouse Yard
          London
          EC4V 5EX, United Kingdom
          Phone: +44-20-7779-8888
          Fax: +44-20-7779-8656
          Web site: http://www.euromoneyplc.com


FARSITE TRAINING: Liquidator Enters Firm
----------------------------------------
S. Harding, chairman of Farsite Training Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 1 at Church Steps House, Queensway, Halesowen, West Midlands
B63 4AB.

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

CONTACT:  FARSITE LTD.
          12 The Green
          Ashby De La Zouch
          Leicestershire
          Phone: 01530 412323


FORS DESIGN: Calls in Tait Walker Administrator
-----------------------------------------------
Gordon S. Goldie and Allan David Kelly (IP Nos 5799, 9156) of
Tait Walker were appointed joint administrators of Fors Design
And Installation Ltd. (Company No 02323316) on Nov. 15.  The
company supplies fit-shelves and makes mezzanine floors.

Fors Design & Installation Ltd. -- http://www.fors.co.uk/-- is
into internal office building/construction.  It has 30 years
experience in materials handling and storage systems.

CONTACT:  FORS DESIGN AND INSTALLATION LTD.
          Planet House
          Northumbrian Way
          Newcastle upon Tyne NE12 6EH
          Tyne and Wear
          Phone: 0800 195 7077
          Fax: 0191 261 7749

          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


GRAYS TRANSPORT: Appoints PKF Administrator
-------------------------------------------
Kerry Bailey and Jonathan Newell (IP Nos 8780, 6419) of PKF (UK)
LLP were appointed joint administrators of Grays Transport
Limited (Company No 3853759) on Nov. 4

CONTACT:  GRAYS TRANSPORT LTD.
          Northwich Cheshire CW8 4AD
          Phone: 01606 782968

          PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


HFL INDUSTRIAL: Calls in Liquidator
-----------------------------------
H. F. Lentge director of HFL Industrial & Marine Power Ltd.,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 31 at Mountview Court, 1148 High Road,
Whetstone, London N20 0RA.

Kikis Kallis was appointed liquidator.

CONTACT:  KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


HINCHLAND LIMITED: Liquidator from Royce Peeling Enters Firm
------------------------------------------------------------
P. Collins, chairman of Hinchland Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 10 at 10 Kingsway, Altrincham,
Manchester M17 1SB.  R. M. Withinshaw of Royce Peeling Green
Limited, The Copper Room, Deva Centre, Trinity Way, Manchester M3
7BG was appointed liquidator.

Creditors are required on or before December 12, 2005 to send
their names and addresses, with particulars of their debt and
claims, to R. M. Withinshaw of Royce Peeling Green Limited, The
Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG, the
Liquidator of the company, and, if so required by notice in
writing their debt or claims.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


JACKSON HOMES: Home Builder Calls Elwell Watchorn Administrator
---------------------------------------------------------------
Ronald Stanley Harding (IP No 2123) of Elwell Watchorn & Saxton
LLP was appointed administrator of Jackson Homes Limited (Company
No 04553054) on Nov. 11.

The late Bill Jackson founded Jackson Homes --
http://www.jacksonhomes.co.uk/-- in the mid 1960s.

CONTACT:  ELWELL WATCHORN & SAXTON
          Cumberland House,
          35 Park Row,
          Nottingham NG1 6EE
          Phone: (+44) 0115 988 6035
          Fax: (+44) 0115 988 6135 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


KELLEYVISION LIMITED: Appoints Administrator
--------------------------------------------
Christopher Michael White and Philip Andrew Revill (IP Nos 9374,
6421) of The P&A Partnership were appointed joint administrators
of Kelleyvision Limited (Company No 02876205) on Nov. 10.  The
company sells electrical goods.

CONTACT:  KELLEYVISION LTD.
          28 Broad Street,
          Whittlesey, Peterborough, PE7 1HA
          Phone: 01733 208787

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


KNIGHT PROJECTS: Contractor Appoints Administrator
--------------------------------------------------
William Kenneth Dawson and Debbie Marie Young (IP Nos 008266,
009371) of Deloitte & Touche LLP of Knight Projects Group Limited
(Company No 02758915) on Nov. 11.  Its registered office is at
Station Approach, Atherton, Manchester M46 9LJ.

CONTACT:  KNIGHT PROJECTS GROUP LIMITED
          Station Approach, Atherton,
          Manchester, Lancashire M46 9LJ
          Phone: 01942874171

          DELOITTE & TOUCHE
          PO Box 500
          201 Deansgate
          Manchester
          Greater Manchester M60 2AT
          Phone: 0161 832 3555
          Fax: 0161 829 3806
          E-mail: bill.dawson@deloitte.co.uk


MARKET PLACE: Administrators from Begbies Traynor Move in
---------------------------------------------------------
P. Stanley and S. L. Conn (IP Nos 008123, 001762) of Begbies
Traynor were appointed joint administrators of Market Place
Publishing Limited (Company No 02328638) on Nov. 16.  Its
registered office is at King Edward House, 1 Jordangate,
Maceslesfield, Cheshire SK10 1EE.  The company publishes journals
and periodicals.

CONTACT:  MARKET PLACE PUBLISHING LTD.
          King Edward House
          1 Jordangate
          Macclesfield SK10 1EE
          Cheshire
          Phone: 01625 610659
          Fax: 01625 619292

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


NEILSON-HUGHES SECURITY: Hires Tenon Recovery Administrator
-----------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox (IP Nos 8860, 8891) of
Tenon Recovery were appointed joint administrators of
Neilson-Hughes Security Services Limited (Company No 3179049) on
Nov. 3.  Its registered office is at Woodhead Consulting Ltd,
Aston Enterprise Park, Oswestry SY11 4LS.

Neilson-Hughes Security -- http://www.neilsonsecurity.co.uk/--  
was established in Wrexham in 1995.  It provides service to
businesses locally, Chester, the North Wales area, Shropshire,
and the West Midlands.

CONTACT:  NEILSON-HUGHES SECURITY SERVICES LTD.
          Unit 7, Canal wood Industrial Estate,
          Chirk, Wrexham LL14 5RL
          Phone: 01691 778328
          Fax: 01691 778553
          E-mail: security@neilson-hughes.co.uk

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


NETWORK RAIL: Six-month Pre-tax Loss Surges to GBP108 Mln
---------------------------------------------------------
Network Rail reports a further acceleration in the rate of
improvement in the performance of the railway network in the past
six months.  Announcing its interim results, the company reported
that more trains are running on time, that the condition of the
railway assets is improving significantly and that financial
efficiencies continue to be made.

At mid-September 2005, 85.1% of trains were arriving on time (on
a moving annual average basis), compared with 81.8% punctuality
at the same point last year.  These improvements are a product of
the ever-closer working relationship between Network Rail and the
train operating companies.  The delays to trains caused by
Network Rail are also falling dramatically with a 12% reduction
in the year-to-date.

Alongside improving punctuality, Network Rail is also making
strides to meet the ORR's 31% efficiency target and maintain the
financial sustainability of the railway in the future.  These
financial results show continued progress, with a small increase
in operating profit and net debt levels still below those
forecast.

Financial highlights include:

-- Operating profit for the six months to 30 September 2005 was
   GBP269 million, compared to GBP257 million for the same
   period in 2004/05;

-- Turnover for the six months to 30 September 2005 was
   GBP1,900 million, compared to turnover for the comparative
   period in 2004/05 of GBP1,874 million.  Turnover to 30
   September 2005 includes GBP54 million net performance income
   (2004/05: GBP51 million);

-- Total operating costs excluding depreciation have decreased
   by GBP84 million;

-- Loss before tax of GBP108 million compares to a loss of GBP8
   million for the same period in 2004/05 due primarily to an
   increase in finance costs of GBP153 million, a reduction of
   GBP36 million in profit on sale of properties, offset by an
   increase of GBP77 million in investment income; and

-- Net debt increased from GBP13.9 billion to GBP16.8 billion in
   the 12 months to 30 September 2005.  The increased level of
   net debt resulted in finance costs of GBP466 million for the
   period (2004/05: GBP313 million).

               Report of Ian McAllister, Chairman

It is now three years since Network Rail became responsible for
the stewardship of the railway network.  The company is very
proud of the achievements that have been made in that time --
making trains more punctual the network progressively safer and
more cost efficient.  The public is demanding of its railway
network and rightly so.  We will work hard to continue to deliver
an improving railway in the months and years to come.

Announcing the interim financial results, the company also
revealed other achievements in the past six months, which
include:

-- Safety: key safety indicators, such as broken rails and risk
   from signals passed at danger, now stand at the lowest level
   ever recorded;

-- Investment in infrastructure: GBP1.4 billion has been spent
   on renewals and enhancements in the last six months; Network
   Rail has also been developing a strategy to leverage funds
   from third party developers to invest in stations across the
   country, and the company will be upgrading the rail
   infrastructure serving the Olympic site;

-- Investment in people: for signalers, two new signaling
   training schools in Watford and Leeds; a new maintenance
   apprenticeship scheme in Gosport near Portsmouth; and the
   Network Rail Leadership Centre in Westwood near Coventry;

-- Advance ticket sales: substantial improvements have been made
   in giving operators advance notice of engineering works and
   fixing the timetable not less than 12 weeks ahead of the date
   of travel, which means tickets are now available for sale
   much earlier than was previously the case; and

-- Increased freight traffic: 21 new paths created to transport
   coal, which will help power stations prepare for the winter
   ahead.

Looking forward to the rest of the year, Ian McAllister said:
"Our financial focus remains on delivering the ORR target of 31%
efficiencies in the current control period in an environment of
tight budgetary control.  We will continue to demand maximum
value from every pound spent.  This, along with the continued
success of our debt issuances, is what we see as the cornerstone
of securing the long term financial viability of our railway
network."

                   Other Financial Highlights

Net cash from operating activities for the period was GBP0.4
billion (2004/05: GBP0.5 billion), net cash used in investing
activities was GBP1.3 billion (2004/05: GBP1.7 billion) while the
net cash from financing activities was GBP1.0 billion (2004/05:
GBP1.3 billion),

Railway network fixed assets for the 6 months to 30 September
2005 have increased from GBP22.2 billion to GBP24.6 billion.
Additions totaled GBP1,388 million.  Depreciation for the period
was GBP468 million.  There was a revaluation in the period of
GBP1,423 million.

Net assets at 30 September 2005 totaled GBP4.3 billion (30
September 2004: GBP2.6 billion).

The full interim results for both Network Rail Infrastructure
Ltd. and Network Rail Ltd. are available at
http://www.networkrail.co.uk

                        About the Company

Railtrack went into administration in 2001 after the government
withdrew funding for the company whose reputation was wrecked by
a fatal crash in 2000 at Hatfield.  Mr. Justice McKay imposed
fines of GBP3.5 million on Network Rail (which assumed
Railtrack's liabilities), after finding it guilty of health and
safety offences associated with the Hatfield crash.

Shareholders had sued the government for "misfeasance of justice"
and a breach of human rights to get GBP157 million in
compensation.  High Court Justice Lindsay last month rejected the
claim.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


NORCAST LIMITED: Calls in Administrators from Unity Corporate
-------------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne (IP Nos 8106, 9225) of
Unity Corporate Recovery and Insolvency were appointed joint
administrators of Norcast Limited (Company No 05268813) on Nov.
14.

Norcast Ltd. (formerly the Laurence Scott and Electromotors
Foundry) -- http://www.norcast.co.uk/-- was founded in 1921 and
was located in the center of Norwich.  It manufactures a wide
range of engineering castings covering and count amongst its
customers with worldwide interests such as Weir Pumps Ltd, ABB
Alstom, KSB Pumps of Germany, Kubota Corporation of Japan,
Termomeccanica of Italy and Dresser-Rand of England, France,
Canada and the United States.  The company has expanded
considerably and the annual turnover has risen from GBP1.25
million in 1987 to GBP3.5 million in 1999.

CONTACT:  NORCAST LTD.
          Longwater Industrial Estate, Dereham Road
          New Costessey
          Norwich NR5 0TL
          Norfolk
          Phone: 01603 745018
          Fax: 01603 743050

          UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


P.D. TECHNOLOGIES: Administrator Takes over Firm
------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman (IP Nos 8924, 1593) of
Gerald Edelman Business Recovery were appointed joint
administrators of P.D. Technologies UK Limited (Company No
4280045) on Nov. 15.  Its registered office is at Kent House,
Station Road, Ashford, Kent TN23 1PP.

P.D. Technologies -- http://www.pdtechnologies.co.uk/-- supplies
electronic products.

CONTACT:  PD TECHNOLOGIES UK LTD.
          Columbia House
          Columbia Drive
          Worthing BN13 3HD
          West Sussex
          Phone: 01903 691415
          Fax: 01903 690839

          GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


PETROS HOUSING: Appoints Liquidator
-----------------------------------
P. Collins, the chairman of Petros Housing Limited, informs that
the special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 10 at 10 Kingsway, Altrincham,
Manchester M17 1SB.  R. M. Withinshaw of Royce Peeling Green
Limited, The Copper Room, Deva Centre, Trinity Way, Manchester M3
7BG was appointed liquidator.

Creditors are required on or before December 12, 2005 to send
their names and addresses, with particulars of their debt and
claims, to R. M. Withinshaw of Royce Peeling Green Limited, The
Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG, the
Liquidator of the company, and, if so required by notice in
writing their debt or claims.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


REFCO INC.: Marathon to Buy London Operation
--------------------------------------------
Man Financial confirmed on Thursday that New York-based Marathon
Asset Management has replaced it as the purchaser of the assets
and accounts of Refco's London businesses.

Man took this decision because of the high level of client
overlap with its own London operation.

Man Financial, a wholly owned subsidiary of Man Group plc, on
Nov. 10 was chosen bidder for substantially all of the assets of
Refco's regulated commodity futures businesses in the United
States, London, Asia and Canada.  The acquisition was for US$282
million in cash and approximately US$41 million of assumed
liabilities.

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 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 US$16.5 billion in assets and US$16.8 billion to the
Bankruptcy Court. (Refco Bankruptcy News, Issue No. 3;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

Access Court documents at http://www.nysb.uscourts.gov(a PACER
account is necessary to access the Court Web site).

CONTACT:  SITRICK AND COMPANY INC.
          Sandra Sternberg
          Steven Goldberg
          James Craig
          Phone: (212) 573-6100

          MAN GROUP PLC
          Phone: 020 7144 1000
          Contact:
          Peter Clarke
          David Browne

          MERLIN FINANCIAL
          Phone: 020 7653 6620
          Paul Downes
          Lachlan Johnston


REFLEX TOOLS: Calls in Liquidators from Jackson Jolliffe Cork
-------------------------------------------------------------
J. S. Denton, the chairman of Reflex Tools Limited, informs that
the special and extraordinary resolutions to wind up the company
were passed at an EGM held on Nov. 7 at MacIntyre Hudson, 31
Castle Street, High Wycombe, Buckinghamshire HP13 6RU.  D. A.
Willis and M. C. Bowker of Jacksons Jolliffe Cork, of Lowgate
House, Lowgate, Hull HU1 1EL were appointed joint liquidators.

Creditors are required on or before December 5, 2005 to send
their names and addresses, with particulars of their debt and
claims, to D. A. Willis of Jacksons Jolliffe Cork, Lowgate House,
Lowgate, Hull HU1 1EL, the Liquidator of the company, and, if so
required by notice in writing their debt or claims.

CONTACT:  JACKSON JOLLIFFE CORK
          Lowgate House,
          Lowgate, Hull HU1 1EL
          Web site: http://www.jjcork.co.uk


REGAL PETROLEUM: Ordered to Return Gas Wells in Ukraine
-------------------------------------------------------
The economic court of Poltava region ordered Regal Petroleum
Corporation Ltd. on Nov. 3 to return five wells to national JSC
Nadra Ukrainy, according to Interfax.

Nadra Ukrainy is the parent of the former state-run geological
exploration firm ChernihivNaftoGazGeologia with which Regal
Petroleum entered an agreement for joint activity in Svyrydivsky
and Mekhedivsky-Golotovschynsky gas and gas condensate fields in
Aug. 1998.  The agreement, which expired late in July 2004, gave
ChernihivNaftoGazGeologia right to use the well.  The court did
not receive proof that the disputed property was transferred to
Regal Petroleum Corporation's ownership or was a contribution in
the form of property under the joint project, hence its ruling.

                        About the Company

Regal Petroleum plc is a London-based independent oil and gas
producer listed on the Alternative Investment Market of the
London Stock Exchange.  It focuses on the exploration,
development and production of oil and gas assets in Ukraine,
Greece, Romania, Egypt and Liberia.

Frank Timis, who served as executive chairman until he stepped
down in June, established the company in 1996.  He resigned as
the company's annual losses quadrupled.  For the year ending
December 31, losses amounted to US$13.7 million, up from US$2.9
million a year earlier.

Since March, the company has lost 83% of its value, with shares
plunging significantly at the end of April when Regal raised
GBP45 million at 390 pence a share following its discovery of a
gas prospect in Romania.  It sank further when a well in Greece
was found to be not commercially viable for exploration.

CONTACT:  REGAL PETROLEUM PLC
          4th Floor
          11 Berkeley Street
          London, England W1J 8DS
          Phone: +44 20 7647 6622
          Fax: +44 20 7629 4297
          Web site: http://www.regalpetroleum.com


ROWLINGSWELL LIMITED: Names Oury Clark Liquidator
-------------------------------------------------
H. M. Butler, the director of Rowlingswell Limited, informs that
the special, ordinary and extraordinary resolutions to wind up
the company were passed at an EGM held on Nov. 11 at Oury Clark,
Herschel House, 58 Herschel Street, Slough SL1 1PG.  Richard
Anthony Oury and Derrick Arthur Smith of Oury Clark, Herschel
House, 58 Herschel Street, Slough, Berkshire SL1 1HD were
appointed joint liquidators.

Creditors are required on or before December 23, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims, and their
names and addresses and addresses of their Solicitors (if any),
to Richard Anthony Oury of Oury Clark, Herschel House, 58
Herschel Street, Slough, Berkshire SL1 1HD, the joint liquidator
of the Company, and, if so required by notice in writing their
debt or claims.

CONTACT:  OURY CLARK
          PO Box 150
          Herschel House
          58 Herschel Street
          Slough
          Berkshire SL1 1HD
          Phone: 01753 551111
          Fax: 01753 550544
          E-mail: elliot.green@ouryclark.com


ROYAL MAIL: Predicts Surge in Online Orders this Christmas
----------------------------------------------------------
Royal Mail expects to deliver a record breaking 70 million items
ordered online this Christmas -- 15 million more than the same
period last year.

The increase in deliveries reflects a buoyant Christmas period
for e-retail.  IMRG (Interactive Media in Retail Group) predicts
GBP5 billion will be spent online in the run up to Christmas
(November and December).

Richard Roche, Head of Multi-channel Retail at Royal Mail, said:
"Online retail continues to grow at a phenomenal rate and the
predicted GBP5 billion spend represents a 40% increase on the
GBP3.5 billion spent online in the same period in 2004."

He continued: "We predict we will deliver 70 million packages
ordered online in the run up to Christmas.  We have been working
with retailers for many months to ensure we provide a high level
of service to their customers this Christmas and that they have
an enjoyable online shopping experience."

Not only are more people shopping online in 2005 but the average
online spend is also increasing -- GBP1,025 a year per person
compared to GBP936 in 2004.  The research also reveals that 59%
of people shop online on a weekday evening proving the Internet
is a convenient alternative to the High Street.

Broadband is also a factor in the continued success of online
shopping.  In the U.K., 57% of homes have broadband connection
and broadband users on average spend 20% more online than people
with dial up connection.

CDs, videos, DVDs, records, books, holiday/travel and clothing
remain the most popular items purchased online.  Amazon.co.uk is
the biggest selling Web site followed by Argos.co.uk in the U.K.
according to consumers.

CONTACT:  CHARLOTTE NYE, COHN & WOLFE
          Phone: 020 7331 5442

          JOANNA AGNEW, COHN & WOLFE
          Phone: 020 7331 5466

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


ROYAL MAIL: Appoints Managing Director
--------------------------------------
Ian Griffiths, Group Managing Director of GKN Automotive, has
been appointed Managing Director of Royal Mail Letters.

Reporting to Adam Crozier, Royal Mail's Group Chief Executive,
Mr. Griffiths will have day-to-day responsibility for the
delivery of Royal Mail's annual postbag of more than 20 billion
letters.

Mr. Griffiths will be joining the board of Royal Mail Holdings
plc, chaired by Allan Leighton, and he will also sit on the
company's Management Board, which is chaired by Mr. Crozier.  He
is expected to take up the appointment early next year.

Mr. Crozier has run Royal Mail Letters on a daily basis since
April 2004 in addition to his role as Group Chief Executive, and
the business is now delivering the best letters quality of
service on record.  Almost 94% of First Class are arriving the
next day after posting -- ahead of the 93% target level -- while
business mail services are also performing at their best ever
levels.

Mr. Crozier said: "I am delighted Ian is joining Royal Mail.  His
track record in the global automotive parts industry is
outstanding.  He is arriving at Royal Mail with an impressive
background in managing large workforces to deliver excellent
service for customers and profitable performance for shareholders
in a highly competitive and fast-moving marketplace.

"With the mail market opening to full competition in just over a
month's time, Ian will be a real asset for Royal Mail as we seek
to sharpen our competitive edge by providing even better service
to customers," said Mr. Crozier.

Mr. Griffiths said: "Royal Mail is about to enter one of the most
challenging periods in its history and I am looking forward to
being part of the team that helps drive the development of the
business during the new era of open competition.  From what I
know of the organization and its achievements so far, we can look
to the future with confidence."

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


SR GENT: 150 Face Redundancy After Receivership
-----------------------------------------------
Around 150 jobs at SR Gent could be axed after the fashion
supplier fell into receivership, said The Star.

Following the appointment of PricewaterhouseCoopers as
administrative receiver, a part of the company was sold to the
Fielding Group, saving some 50 jobs at SR Gent's Carlton
warehouse.

However, workers at the company's head office in Dodworth still
face redundancy.  Over 100 jobs have already been dropped after
Stadco closed its last U.K. manufacturing facility earlier this
year.  The company has then switched production to the Far East.

Desiree Riseburg from the GMB union said: "Obviously we are
relieved the jobs at Carlton have been saved, but we are very
concerned about the future of the staff at Dodworth."

She added: "We are still in consultation with the administrators
to see what can be done for those workers.  We want to save as
many jobs as possible."

Meanwhile, Administrator Michael Gercke said: "Interest is being
expressed in other parts of the business and in the meantime we
are continuing to trade the rest of the business."

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

          PRICEWATERHOUSECOOPERS
          Michael Gercke
          Phone: 020 7804 4504

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


STADCO: To Close Tipton Site; 130 Could Lose Jobs
-------------------------------------------------
Some 130 jobs could be lost as Stadco plans to shut down its
Tipton site, said Expressandstar.

The proposed closure is a direct result of the demise of MG
Rover's Longbridge factory, according to union officials.
Workers at the plant that assembles body panels have already been
informed of the decision.

Mick Tuff, Amicus regional officer, said: "It is a complete site
closure.  The orders just have not been forthcoming.  Stadco has
looked at the business and come to a decision that the site has
to close at Tipton."

He added: "It is very sad for the workers, because there was
always the hope that the Tipton site would be saved.  But with
the collapse of MG Rover and other problems, the company just
cannot continue at Tipton."

Stadco Managing Director Andrew Morriss said they have yet to
decide on the date of the closure, but he noted it would not be
earlier than February.  The company has opened a 90-day
consultation program to study the timescale of the shutdown and
facilitate redundancy packages.

Stadco, which supplies vehicle parts for Ford, Jaguar, BMW, Land
Rover, Peugeot, Volkswagen and Aston Martin, has already sent
home about 300 jobs at its Coventry plant, and around 18 in
Shrewsbury.  It is the largest U.K. supplier of body-in-white
stampings and assemblies for the automotive industry with annual
sales of EUR300 million.

The company, through its nine sites in the U.K. and Germany,
also offers services in product and process design, project
management, tooling and product engineering as well as
manufacturing.

CONTACT:  STADCO (TIPTON)
          Autobase Industrial Park, Tipton Road
          Tividale, Oldbury
          West Midlands B69 3HF
          Phone: 0121 557 2200
          Fax: 0121 521 3000
          Web site: http://www.stadco.co.uk


TRENT VALLEY: Hires PKF Administrator
-------------------------------------
Edward T. Kerr and Brian J. Hamblin (IP Nos 9020, 2085) of PKF
were appointed joint administrators of Trent Valley Restoration
Limited (Company No 1675010) on Nov. 10.

CONTACT:  TRENT VALLEY RESTORATION LIMITED
          Trent House, 3 Ousebridge Drive,
          Nottingham, Nottinghamshire NG4 3BJ
          Phone: 01159400088

          PKF
          Regent House
          Clinton Avenue
          Nottingham
          Nottinghamshire NG5 1AZ
          Phone: 0115 960 8171
          Fax: 0115 960 3665


TURNER & NEWALL: U.S. Court Okays Sale of Lydney Property
---------------------------------------------------------
Scotta E. McFarland, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub, P.C., in Wilmington, Delaware, relates that
T&N Limited, Federal-Mogul Sintered Products Ltd. and
Federal-Mogul Camshaft Castings, Ltd., U.K. based
debtor-affiliates of Federal-Mogul Corporation, own two foundries
in a 26-acre land located in Lydney, England.

The U.K. Debtors also own 41.65 acres of land that T&N acquired
decades ago in anticipation of expanding the operations of the
Lydney Foundries.  The expansion never occurred.

The 41.65-acre land currently houses a nine-hole golf course that
Lydney Golf Club leased from F-M Sintered since 1983.  The
current golf club lease allows F-M Sintered to terminate the
lease on three-month notice with a payment of GBP25,000 or
$44,000.

F-M Camshaft began winding down its operations and closing Lydney
Foundry 1 in 2004.  With the winding of the Lydney Foundry 1
operations and in light of the Debtors' current focus on
developing their manufacturing operations at other facilities,
the retention of the Lydney Property no longer fits with the
Debtors' business plan for the U.K. Debtors, Ms. McFarland tells
the U.S. Bankruptcy Court for the District of Delaware.

Hence, the Debtors decided to sell the Lydney Property,
consisting of:

    a. Lydney Foundry 1;

    b. the 10.5-acre land surrounding Lydney Foundry 1; and

    c. the 41.65-acre land, on which the golf course presently
       sits.

The Debtors are retaining Lydney Foundry 2 and 15 acres of
surrounding land for ongoing operations.

                 The Marketing of the Lydney Property

In December 2003, the Debtors enlisted the services of their U.K.
real property broker, Nelson Bakewell, to market the Lydney
Property.  In February 2004, Nelson Bakewell estimated that the
Lydney Property might be worth GBP3,300,000 or $5,800,000.

The U.K. Debtors received advice that the value of the Lydney
Property would be significantly higher if the property is
redeveloped into a residential site.

Consequently, the U.K. Debtors began the process of rezoning the
Lydney Property for residential use.  According to Ms. McFarland,
the efforts have been largely successful but now are in the
stages where the actual developer must negotiate with local
authorities to have specific proposals approved.

The U.K. Debtors marketed the Lydney Property through the
national real estate press in England and a site-specific Web
site for other brokers and interested parties to view relevant
documentation.

Among other offers received, Nelson Bakewell recommended MMC
Development Limited's offer as the best offer.

                         The Sale Agreement

On August 5, 2005, T&N, F-M Sintered, and F-M Camshaft entered
into a sale agreement with MMC for GBP10.7 million or $18.8
million.

A full-text copy of the Sale Agreement is available at no cost at
http://bankrupt.com/misc/LydneySaleAgreement.pdf

The salient terms of the Sale Agreement are:

A. Purchase Price

    Aside from the $704,000 Deposit it has paid, MMC will pay:

    a. $5.8 million on the Completion Date, which is 10 days
       after all necessary consents to the sale of the Lydney
       Property are received;

    b. $5.3 million on the earlier of:

       * August 31, 2006; or

       * 60 days after the date on which local zoning
         authorities have approved of the rezoning proposals to
         allow MMC to build homes on the Lydney Property; and

    c. $7 million one year after the date that the preceding
       $5.3 million was due.

    MMC's financial obligations are unconditional and are to be
    secured by the English equivalent of a second-priority lien
    on the Lydney property behind MMC's lenders.

B. Overage

    MMC will also pay an additional $4.4 million if it will be
    able to obtain zoning authority consent for additional
    development on the 10.5-acre Foundry land.

    As for the portions of the purchase price for the Lydney
    Property that are not to be paid immediately by MMC, the
    Overage is secured by the English equivalent of a second
    priority lien on the Lydney Property behind MMC's lenders.

C. F-M Camshaft Operations

    F-M Camshaft will enter into a lease with MMC to allow it
    to continue limited operations at Lydney Foundry 1 in
    exchange for a nominal sum -- one peppercorn per annum.  F-M
    Camshaft expects to maintain administrative offices, a
    canteen, and some facilities used for blending sand and
    inert material at Lydney Foundry 1 for the near term or
    until those operations can be relocated.

    The lease term runs until December 31, 2006.  The Debtors do
    not presently expect F-M Camshaft to continue any operations
    at Foundry 1 beyond 2006.

The U.K. Administrators have advised the Debtors of no financial
charges against the property.

                Possible Amendments to DIP Facility

Ms. McFarland informs the Court that the Debtors have discussed
with Citicorp USA, Inc., as Administrative Agent for the Debtors'
financing facility, concerning a non-material amendment that will
effect certain limited modifications to the negative covenants in
the DIP Facility.  The modification will allow the Debtors to
accept the installment payments called for under the Sale
Agreement consistent with the terms of the DIP Facility.

Although the amendment has not yet been finalized or approved by
the necessary lenders under the DIP Facility, the Debtors
anticipate that both finalization and approval of the amendment
will occur prior to October 28, 2005, and in any event prior to
the closing of the sale, Ms. McFarland notes.

At the Debtors' behest, the Court:

    a. approves the sale of the Lydney Property to MMC; and

    b. permits F-M Camshaft to enter into a leaseback
       arrangement, pursuant to which MMC will lease a portion
       of the Lydney Property to F-M Camshaft.

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:  FEDERAL-MOGUL CORPORATION
          26555 Northwestern Hwy.
          Southfield, MI 48034
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


WHITEHEAD MANN: Calls in New Coaching Partners, Consultants
-----------------------------------------------------------
Whitehead Mann Group Plc has appointed five senior coaching
partners and consultants.  Whitehead Mann's coaching team help
senior client executives in the public and private world fulfill
their potential both individually, and as part of a team.

These new joiners follow the appointments of two search partners
in early Autumn namely Geraldine Davies, formerly Director of
Communications at Prudential, who joined the Consumer & Retail
Practice focused on the Communications Industry and Joanna
Martin, who following a 20 year career running a range of support
services companies, joins the General Industries Group.

Chris Merry, Chief Executive, said: "We continue to strengthen
our reorganized coaching team with outstanding people.  This is
an exciting time to be joining Whitehead Mann.  The new faces we
have recruited bring new energy and ideas and invigorate our
efforts as we start to see the results of our strategic plan
beginning to drive improvements throughout the business."

The new coaches are:

(a) Mike Cook, Partner, Leadership Solutions (Coaching).  Mr.
    Cook is a leading practitioner in organizational development
    and coaching and has worked with executives and senior teams
    of many multi-national organizations including Phillips, BT,
    IBM, Ericsson, Carlsberg and Bank of Ireland to improve
    leadership capability and team performance, development and
    effectiveness.  He has a degree in Mathematics & Computer
    Sciences and a Masters in Adult Development and Learning;

(b) Paul Johnson, Consultant, Leadership Solutions (Coaching).
    Mr. Johnson has worked with a wide range of public and
    private sector clients supporting individuals and teams to
    achieve enhanced performance.  He has over 20 years'
    experience within the human resources arena gained in major
    blue chip and international organizations including BAE
    Systems, British Airways, Citibank, Halifax plc and, for the
    last 6 years, as Director in a leading U.K. Human Resources
    Consultancy.  He has an ONC in Business Studies and is a
    Member of the Chartered Institute of Personnel &
    Development;

(c) Tim Price, Consultant, Leadership Solutions (Coaching).  Mr.
    Price has over 15 years of experience in executive
    development, from design and delivery of major leadership
    programs through individual coaching to support for senior
    teams on strategic business issues, succession and talent
    management.  Internationally experienced, he has worked in
    several sectors with organizations such as Lloyds TSB,
    Experian (part of GUS), Capital One and Boots.  He has a MSC
    in Human Resource Development;

(d) Sandra Sanglin-Grant, Consultant, Leadership Solutions
    (Coaching).  Ms. Sanglin-Grant brings 10 years experience of
    consultancy, coaching and training in unlocking both
    organizational and individual potential.  She has expertise
    in executive coaching, emotional intelligence,
    entrepreneurship, mentoring training, diversity, and in
    corporate affairs, across both the private and public
    sectors for a wide range of clients including The Cabinet
    Office, BP and The London Fire Service.  She has published a
    number of papers, including: "Divided by the Same Language -
    Equality and Diversity Translated" and speaks regularly at
    industry conferences; and

(e) Angela Smith-Morgan, Consultant, Leadership Solutions
    (Coaching).  Ms. Smith-Morgan specializes in Family Business
    for Whitehead Mann, having 10 years experience as a
    business advisor for Business Link, working as a coach and
    mentor to a portfolio of fast-growth SME leaders and
    management teams.  During her early career, she focused on
    international finance (in London and Paris) with NatWest and
    strategic consulting at PA Consulting Group.  She holds
    a BA (Hons) in European Business Administration and an MBA
    from the University of East London, and is a visiting
    lecturer in Business Strategy and Entrepreneurship at
    Greenwich University Business School.

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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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