TCREUR_Public/051201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, December 1, 2005, Vol. 6, No. 238

                            Headlines

C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: General Manager Heeds Call for Resignation


F R A N C E

AIR HORIZONS: Unveils Restructuring Plan


G E R M A N Y

BAUMA-TEC: Court Calls in Administrator from Wellensiek
BUSSEMAS BAUPLANUNGS: Bielefeld Firm Succumbs to Bankruptcy
CASANOVA RESTORANTE: Proofs of Claim Due January
DUERR AG: S&P Affirms Low-B Rating; Off CreditWatch
EDMA MARKETING: Under Bankruptcy Administration

GESUENDER FUETTERN: Creditors Meeting Set Next Month
GOTTEN GMBH: Duisburg Court to Verify Claims February
JANES LICHTWERBUNG: Creditors' Claims Due Next Week
MOBI-REC: Dessau Court Names Administrator
NIGHTPROJECT GMBH: Schwerin Company Goes Bust
NORDEX AG: Posts 3rd-quarter Operating Profit
NORM TECH: Claims Filing Period Ends December 16


K A Z A K H S T A N

BANK TURANALEM: Fitch Gives Eurobond Final BB Rating


N E T H E R L A N D S

DAP HOLDING: Claims Filing Period Ends March Next Year
KONINKLIJKE AHOLD: Class Action Settlement Hits Q3 Results
KONINKLIJKE AHOLD: Splits U.S. Business to Sustain Growth
ROYAL SHELL: Remaining 'A' Shares Total 3.95 Billion


N O R W A Y

PETROLEUM GEO-SERVICES: Consent Payment Deadline Expires


R U S S I A

AEROFLOT: Passenger Load-factor, Revenues up in October
BANK SOLIDARNOST: Gets B3/NP/E+ Ratings from Moody's
BUILDING COMPANY: Insolvency Manager Takes over Firm
BUILDING CONSTRUCTIONS: Files for Bankruptcy
CB RGP: Claims Filing Period Ends December 15

DELTACREDIT BANK: Societe Generale Seals Acquisition
ELETS-REINFORCED-CONCRETE: Proofs of Claim Deadline December 15
MALOARKHANGELSKOYE: Orel Court Opens Bankruptcy Proceedings
MILLED SHOES: Insolvency Manager Takes over Helm
MOZHGINSKIY: Undergoes Bankruptcy Supervision Procedure

OAO ROSNEFT: Yugansk Becoming a Burden 12 Months Later
STROY-TEKHNIKA: Bankruptcy Supervision Procedure Begins
TALOVSKIY ELEVATOR: Insolvency Manager Enters Firm
ZLATOPOLINSKOYE: Bankruptcy Hearing Set Next Year


S P A I N

CABLEUROPA S.A.U.: S&P Upgrades Rating to B; Outlook Stable


U K R A I N E

FOREZ: Gives Creditors Until Saturday to File Claims
GORODOK' ENTERPRISE: Insolvency Manager Steps in
HERSONVZUTTYA: Declared Insolvent
MERIDIAN: Creditors' Claims Due December 3
OLVICH: Under Bankruptcy Supervision
YAVORIV' BREAD: Bankruptcy Supervision Starts
ZOLOTONOSHA' REPAIR: Goes into Liquidation


U N I T E D   K I N G D O M

ALTERNA HOLDINGS: In Administrative Receivership
AQUALIFE (UK): Hires Liquidator from P&A Partnership
B.WARDMAN & SONS: Calls in PwC Liquidators
CARNCO MARKETING: Electrical Goods Retailer Winds up
CHARACTER GROUP: Starts Trading on AIM Tomorrow

CHILWOOD HOLDINGS: Winds up After 15 Years in Business
COMPASS GROUP: Turnover Up 7% to GBP12.7 Billion
DRAY SERVICES: Files for Liquidation
EPILIGHT (UK): Hires Liquidator from Langley & Partners
FABRICATED ALUMINIUM: Creditors Meeting Set December

ICANCIT LIMITED: Software Company Liquidates
INSTRUXI CO: Poppleton & Appleby to Liquidate Operation
INTERTEK GROUP: Acquires Two Testing Companies
LEAGROVE DEVELOPMENTS: In Liquidation
M.A.M TEXTILES: Meeting of Creditors Set Next Week

MARTINISATION LIMITED: Creditors to Meet Tuesday
M U MAINTENANCE: Appoints Benedict Mackenzie Liquidator
NETWORK RAIL: Seeks Passengers' Views on Plan for Orbital Routes
OKHAI BROS.: Liquidator from Springfields Moves in
PATIENTLINE PLC: Secures U.S. Hospital Supply Contract

PREMIER TILES: Names Begbies Traynor Liquidator
PROTECTION PARTNERSHIP: Files for Liquidation
RENTOKIL INITIAL: Sells Style Conferences for GBP325 Million
ROBINSONS AGRICULTURAL: Halifax Bank Appoints Receiver
R P M CLEANING: Goes into Liquidation

SPECIALIST PROPERTY: Calls in Administrator from Kroll Limited
STRATEGIC FOCUS: Administrators Enter Firm
TRAFALGAR ENGINEERING: Appoints Begbies Traynor Administrator
VICTORY ELECTRONICS: Liquidator from Langley & Partners Moves in
VIVA ONLINE: Creditors Meeting Set Next Week


                            *********


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


VSEOBECNA ZDRAVOTNI: General Manager Heeds Call for Resignation
---------------------------------------------------------------
Insurance group Vseobecna zdravotni pojistovna Ceske republiky
(VZP) will remain under forced administration until January 31,
2006, Czech Happenings says.

Both Prime Minister Jiri Paroubek and Health Minister David Rath
earlier said VZP will be released from administration as soon as
general director Jirina Musilkova steps down.  Ms. Musilkova's
resignation will take effect January 1, 2006.

In an interview with BBC radio, administrator Antonin Pecenka
revealed he has postponed some VZP contracts that are not "so
urgent."  He will launch an investigation shortly to determine
if Ms. Musilkova "behaved badly" and whether the group is still
stable.

The health ministry placed VZP under forced administration on
Nov. 10.  VZP, which operates on an annual budget of CZK200
billion, has racked up debt of CZK10 billion.

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


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


AIR HORIZONS: Unveils Restructuring Plan
----------------------------------------
Troubled charter flight operator Air Horizon will restructure
its finances and workforce, Les Echos says.

According to chairman Raymond Lakah, the group will seek a EUR5
million cash injection and make 132 of 275 employees redundant.
He forecasts EUR145 million in turnover and EUR18 million in
losses this year due to rising oil prices and delays in the
delivery of three leased planes.  The airline posted over EUR100
million losses last year on turnover of EUR100 million.  It owns
five Boeing 737 planes.

Air Horizons filed for insolvency at the commercial court in
Bobigny on Nov. 14.  The court in Bobigny also appointed a
trustee to help the company renegotiate its debt.  The company
rose from the ashes of Euralair in 2004 after a last-minute
takeover by U.K.-based Angel Gate Aviation, which saved the firm
from liquidation.

CONTACT:  AIR HORIZONS S.A.
          1 Place de Londres
          93290 Tremblay En France


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


BAUMA-TEC: Court Calls in Administrator from Wellensiek
-------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against BAUMA-TEC Baumaschinentechnik GmbH on November 4.
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 Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting on February 2, 2006, 9:30 a.m. at the district court
of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  BAUMA-TEC BAUMASCHINENTECHNIK GmbH
          Am Berg 1a in 01665 Klipphausen/OT Wildberg
          Contact:
          Gottfried Albert, Manager

          Peter Scholl, Administrator
          Wellensiek Rechtsanwalte
          Theresienstr. 8, 01097 Dresden
          Web site: http://www.wellensiek.de


BUSSEMAS BAUPLANUNGS: Bielefeld Firm Succumbs to Bankruptcy
-----------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Bussemas Bauplanungs-GmbH on November 14.  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 Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 11:15 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, 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:  BUSSEMAS BAUPLANUNGS-GmbH
          Falkenstr. 12, 33758 Schloss Holte-Stukenbrock
          Contact:
          Gudrun Bussemas, Manager

          Andreas Stratenwerth, Administrator
          Lemgoer Str. 4, 33604 Bielefeld


CASANOVA RESTORANTE: Proofs of Claim Due January
------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Casanova Restorante GmbH on November 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 11 to
register their claims with court-appointed provisional
administrator Veit Schwierholz.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 9:35 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg,
4. Etage, Anbau, Saal B 405, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  CASANOVA RESTORANTE GmbH
          Adenauerallee 46, 20097 Hamburg
          Contact:
          Maurizio Barel, Manager
          Viale Gorizia 5, I-31015 Conegliano (TV)

          Veit Schwierholz, Administrator
          Heuberg 1, 20354 Hamburg
          Phone: 040/350169-0
          Fax: 35016915


DUERR AG: S&P Affirms Low-B Rating; Off CreditWatch
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Germany-based automotive production
equipment supplier Duerr AG.  At the same time, the rating was
removed from CreditWatch, where it had been placed with negative
implications on Aug. 11, 2005.  The outlook is stable.

"The CreditWatch resolution follows our reassessment of Duerr's
credit quality based on the group's new business plan, recent
disposals, and confirmed shareholder support," said Standard &
Poor's credit analyst Barbara Castellano.

Standard & Poor's views favorably the financial measures adopted
by Duerr in the past two months. The existing syndicated bank
facilities (a EUR160 million guarantee line and a EUR120 million
credit line) maturing within four years have been confirmed, and
the covenants amended.  The MTP division has been sold, with
about EUR200 million in proceeds expected to be cashed in before
yearend.  Another EUR20 million is expected from an equity
increase by year-end as well.  Consequently, debt at Dec. 31,
2005, should be below EUR200 million, down from EUR320 million
reported at Sept. 30, 2005.

Standard & Poor's is aware of the challenges related to the
"Focus" restructuring plan currently being implemented by Duerr.
The company's business profile is expected to benefit from an
improved cost structure, a more diversified customer base, and a
greater weight of smaller projects.

"Duerr's dependence on the automotive sector will increase
substantially, however, and this concentration is a weakness for
the rating," said Ms. Castellano. "Once restructuring has been
completed, more than 95% of revenues should come from automotive
activities, compared with 85% currently."

We expect Duerr's EBITDA performance to stop deteriorating and
start to improve in 2006.

"We also expect debt to be kept under control and liquidity to
remain sufficient to enable the company to face the
restructuring period," added Ms. Castellano.

The rating could be lowered or the outlook revised to negative
if EBITDA generation does not improve, cost savings measures are
unsuccessful, or the challenging business environment
deteriorates further.  A sharp deterioration in financial
flexibility could also put the rating under pressure.  On the
other hand, the outlook could be revised to positive or the
rating raised if Duerr significantly improves profitability and
financial performance beyond Standard & Poor's current
expectations.

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 on
media_europe@standardandpoors.com

CONTACT:  DUERR AG
          Otto-Durr-Strasse 8,
          D-70435 Stuttgart, Germany
          Phone: +49-711-1360
          Fax: +49-711-36-1455


EDMA MARKETING: Under Bankruptcy Administration
-----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
EDMA Marketing und Werkzeug Vertriebs-GmbH & Co.
Kommanditgesellschaft on November 11.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 12, 2005 to register their claims
with court-appointed provisional administrator Karl-Dieter
Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 11:22 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  EDMA MARKETING UND WERKZEUG VERTRIEBS-GmbH
          & Co. KOMMANDITGESELLSCHAFT
          Cliev 5, 51515 Kuerten
          Contact:
          Hans Juergen Mohle, Manager

          Karl-Dieter Sommerfeld, Administrator
          Hammerweg 3, 51766 Engelskirchen
          Phone: 02263/9039-0
          Fax: +492263903910


GESUENDER FUETTERN: Creditors Meeting Set Next Month
----------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Gesuender Fuettern GmbH on November 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 10, 2005 to register their
claims with court-appointed provisional administrator Marlis
Preyer-Golling

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 9:15 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  GESUENDER FUETTERN GmbH
          Zum Hedelsberg 97, 50999 Koln
          Contact:
          Heiko Szczepanski, Manager
          Weser Strasse 8, 52531 Uebach-Palenberg

          Marlis Preyer-Golling, Administrator
          Aachener Str. 540, 50933 Koln
          Phone: 495059
          Fax: +492214971198


GOTTEN GMBH: Duisburg Court to Verify Claims February
-----------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Gotten GmbH Bauunternehmung on November 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 12,
2006 to register their claims with court-appointed provisional
administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on February 1, 2006, 9:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, II. Etage, Zimmer 207, 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:  GOTTEN GmbH BAUUNTERNEHMUNG
          Altenkamp 14, 47137 Duisburg
          Contact:
          Heinz-Juergen Gotten, Manager
          Salmstr. 7, 47137 Duisburg

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg


JANES LICHTWERBUNG: Creditors' Claims Due Next Week
---------------------------------------------------
The district court of Saarbruecken opened bankruptcy proceedings
against Janes Lichtwerbung GmbH on November 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 5, 2005 to
register their claims with court-appointed provisional
administrator Dr. jur. Peter Haas.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 9:05 a.m. at the district
court of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2,
66280 Sulzbach, 1. Etage, Raum Saal 13, 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:  JANES LICHTWERBUNG GmbH
          Fischbachstrasse 33
          Contact:
          Dieter Weidig, Manager
          Sonnenhuegel 53, 66113 Saarbruecken

          Dr. jur. Peter Haas, Administrator
          Kaiserstrasse 77, 66386 St. Ingbert
          Phone: (06894) 3876-311
          Fax: (06894) 382185


MOBI-REC: Dessau Court Names Administrator
------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against MOBI-REC GESELLSCHAFT FUER MOBILE WIEDERAUFBEREITUNG mbH
on November 11.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until December 16, 2005 to register their claims with court-
appointed provisional administrator Joachim M. E. Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 2:10 p.m. at the district court
of Dessau, Willy-Lohmann-Str. 33, Saal 123, 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:  MOBI-REC GESELLSCHAFT FUER MOBILE
          WIEDERAUFBEREITUNG mbH
          Lange Reihe 20, 06785 Oranienbaum
          Contact:
          Lutz Kolanowski, Manager
          Gartenweg 1, 01979 Kostebrau

          Joachim M. E. Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin
          Phone: 030/2128020
          Fax: 030/21280222


NIGHTPROJECT GMBH: Schwerin Company Goes Bust
---------------------------------------------
The district court of Schwerin opened bankruptcy proceedings
against Nightproject GmbH on November 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 28, 2005 to register
their claims with court-appointed provisional administrator Dirk
Decker.

Creditors and other interested parties are encouraged to attend
the meeting on February 6, 2006, 9:30 a.m. at the district court
of Schwerin, 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:  NIGHTPROJECT GmbH
          Contact:
          Ralf Schroder and Andreas Luecking, Managers
          Schwarzer Weg 11, 19370 Parchim

          Dirk Decker, Administrator
          Obotritenring 98, 19053 Schwerin


NORDEX AG: Posts 3rd-quarter Operating Profit
---------------------------------------------
Following the completion of its recapitalization activities, the
Nordex Group (ISIN: DE000A0D6554) recorded order receipts of
EUR280 million, an increase of 60% over the previous year
(EUR175 million).  In the third quarter alone, new business
doubled.  As of September 30, 2005, order books had risen in
value by 88% to EUR261 million (previous year: EUR139 million).

Heightened demand was already reflected in an increase in
business volumes.  Sales in the current year have risen by 13
percent to EUR175.2 million (previous year: EUR154.9 million).
As of September 30, 2005, total revenues climbed by 21 % to
EUR187.6 million (previous year: EUR155.4 million).

Thanks to greater capacity utilization, the loss at the EBIT
level before exceptionals contracted by 51% to EUR9.1 million
(previous year: loss of EUR18.5 million).  In the third quarter
Nordex posted an operating profit (before exceptionals) of
EUR0.1 million for the first time again (previous year: loss of
EUR6.2 million).  The net loss for the current fiscal contracted
by 40% to EUR14.6 million (previous year: EUR24.4 million) and
came to only EUR0.6 million (previous year: EUR9.6 million) in
the third quarter.

The Group's financial condition has been strengthened decisively
this fiscal year following the successful completion of the
recapitalization activities.  As a result, the equity ratio rose
to around 27% as of September 30, 2005 (December 31, 2004:
1.3%).  At the same time, Nordex has lowered its bank
liabilities from EUR37.6 million to EUR3.7 million.  Cash and
cash equivalents widened from EUR9.4 million to EUR14.0 million.

Given the strong demand, Nordex has lifted its order receipt
forecast for fiscal 2005 from EUR300 million to over EUR350
million (previous year: EUR237 million).  Otherwise, it is still
on track to meeting its full-year targets.  Nordex projects a
business volume of a total of around EUR280 million for fiscal
2005 (previous year: EUR214 million) and an operating loss
before exceptionals of around EUR2 million.

Spurred by consistently high capacity utilization, the Company
expects to achieve net profit for 2006.  As it has reserved the
necessary volumes with its suppliers at an early stage,
deliveries of the necessary core components have for the most
part been secured for 2006.  With order receipts budgeted at a
figure of at least EUR450 million, management projects business
volumes of over EUR400 million and an EBIT margin of 2.5%.  The
margin is to be widened on a sustained basis by 2008 via a cost-
cutting program commenced in the spring.  Roughly 15% of the
planned activities have already been implemented.

EUR mn              Jan. 1 to Sept. 30  Q3/2005  Q3/2004
                           2005     2004

Order receipts          280       175     122.4     61.2
Order books          261       139
Sales                175.2     154.9    70.4     65.4
Total revenues          187.6     155.4    81.3     66.5
EBIT before exceptionals   -9.1     -18.5     0.1     -6.2
Net profit/loss          -14.6     -24.4    -0.6     -9.6


EUR mn              Sept. 30, 2005        Dec. 31, 2004

Total assets              209.7               183.4
Shareholders' equity         56.8                 2.5
Equity ratio                   27.1%                1.3%
Net cash balance/debt         10.3               -28.2

CONTACT:  NORDEX AG
          Ralf Peters, Investor Relations
          Phone: +49 40 500 -100
          Fax: +49 40 500 - 333


NORM TECH: Claims Filing Period Ends December 16
------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Norm Tech GmbH on November 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 16, 2005 to register
their claims with court-appointed provisional administrator
Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 10:55 a.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage, Anbau, Saal B 405, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  NORM TECH GmbH
          Anzengruberstrasse 1, 21079 Hamburg
          Contact:
          Engin Ozluegil, Liquidator
          Memeler Strasse 3, 22049 Hamburg

          Peter-Alexander Borchardt, Administrator
          Deichstrasse 1, 20459 Hamburg
          Phone: 040/3760100


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


BANK TURANALEM: Fitch Gives Eurobond Final BB Rating
----------------------------------------------------
Fitch Ratings has assigned Bank TuranAlem's (BTA) and TuranAlem
Finance B.V.'s (TAF) US$3 billion global medium-term note
program Final ratings of Long-term 'BB' (for senior unsecured
notes with maturities in excess of one year) and Short-term 'B'
(for senior unsecured notes with maturities of less than one
year).  It has also assigned a Final Long-term 'BB' rating to
TAF's US$200 million floating rate (3 month LIBOR plus 1.65%)
issue, due November 2008, which is the first draw-down under the
program.

BTA was the second largest commercial bank in Kazakhstan by IFRS
assets at end-H105, and has top three positions in all major
market segments.

CONTACT:  BANK TURANALEM
          Almaty, md Samal-2
          Dzholdasbekov str. 97#
          050051 Kazakhstan
          Phone: +7 (3272) 500111 or 500222
          Fax: +7 (3272) 500224
          Web site: http://bta.kz

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

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


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


DAP HOLDING: Claims Filing Period Ends March Next Year
------------------------------------------------------
In the High Court of Justice (England)
Chancery Division
Companies Court
No. 6363 of 2005

In the Petition of:

-- DAP Holding N.V. (formerly known as Verzekeringmaatschappij
   de Nederlandsche Luchtvaartpool N.V and
   Verzekeringmaatschappij de Nederlandse Luchtvaartpool N.V.);

-- Achmea Schadeverzekeringen N.V.;

-- AEGON Schadeverzekering N.V.;

-- Allianz Nederland Schadeverkering N.V.;

-- Amev Schadeverzekering N.V (now known as Fords ASR);

-- Atradieus Credit Insurance N.V.;

-- AXA Schade N.V;

-- Delta Lloyd Schadeverzekering N.V;

-- Fortis Corporate Insurance N.V.;

-- GENERALI Schadeverzekering Maatschappij N.V;

-- Goudse Schadeverzekering N.V.;

-- N.V. Maatschappij van Assurantie, Discontering Beleening der
   Stad Rotterdam Anno 1720 (now known as Fortis ASR);

-- N.V. Nationale Borg-Maatschappij;

-- Nationale Nederlanden Internationale Schadeverzekering N.V;

-- Nationale Nederlanden Schadeverzekering Maatschappij N.V;

-- N.V. Noordhollandsche van 181816, Algemene
   Deverzekeringmaatschappij;

-- Vereenigde Assurantiebedrijden "Nederland" N.V.;

-- N.V. Verzekering Maatschappij De Noord-en Zuid-Hollandsche
   Lloyd

For an order sanctioning a scheme of arrangement under section
425 of the Companies Act 1985 of Great Britain

NOTICE IS HEREBY GIVEN that, by an order dated 26 September 2005
made in the High Court of Justice in England and Wales in the
above matters, the schemes of arrangement to be made between
each of the Scheme Companies and their respective Scheme
Creditors (as defined in the Scheme) pursuant to section 425 of
the Companies Act 1985, which were voted on and approved by
Scheme Creditors during the meetings held concurrently on l5
September 2005, were sanctioned.  A copy of the order
sanctioning the Scheme was delivered for registration to the
Registrar of Companies in England and Wales on 30 September
2005, and the Scheme became effective on that date.

Scheme Creditors are required to submit completed Claim Forms in
respect of their Scheme Liabilities (as defined In the Scheme)
to the Scheme Manager in signed hard copy form, or by fax or
E-mail to the Scheme Manager, provided that such fax or E-mail
copies are legible on receipt.  Completed Claim Forms should be
sent to DAP Holding N.V Hoogoorddreef 54E, P.O. Box 23320, 1100
DV Amsterdam Z.O., The, Netherlands, facsimile +31 20 312 83 90;
E-mail: dapscheme@assurpools.nl marked for the attention of the
General Manager as soon as possible and by no later than 4 p.m.
(London time) on the Claims Submission Date on 30 March 2006, 6
months after the Effective Date.

Where no completed Claim Form in respect of a particular Scheme
Liability is returned by or on behalf of a Scheme Creditor to
the Scheme Manager by 4 p.m. London time on the Claims
Submission Date, such Scheme Creditor will not be entitled to
any payment under the Scheme in respect of such Scheme Liability
(except in relation to Agreed Claims).  For these purposes, all
references to claims being "agreed" shall mean only claims that
are specifically agreed for payment under the Scheme by or on
behalf of DAP Holding N.V.  Therefore, Scheme Creditors are
urged to confirm the status of any unpaid "agreed" claims with
DAP Holding N.V. forthwith.

Information regarding the Scheme is available from the Scheme
Manager. Should you have any questions regarding this Notice, or
wish to obtain a copy of the Scheme or a Claim Form, you may
contact the Scheme Manager at the above address, or by E-mall:
dapscheme@assurpools.nl; Phone: +31 0 20 312 83 93; or
facsimile: +3120 312 83 90.


KONINKLIJKE AHOLD: Class Action Settlement Hits Q3 Results
----------------------------------------------------------
                       Highlights Q3 2005

(a) Results include provision of EUR896 million for securities
    class action settlement (charge of EUR585 million after
    tax);

(b) Excluding effect of settlement, operating income increased
    by 161%;

(c) Mixed retail performance in sustained difficult trading
    environment;

(d) Divestment program completed: gross proceeds of EUR3.1
    billion exceed target;

(e) U.S. Foodservice long-term strategy and financial objectives
    announced on Tuesday.

                  Financial Highlights Q3 2005

(a) Net sales increased by 0.7% to EUR10.2 billion; excluding
    currency impact, net sales growth was 0.3%;

(b) Operating loss includes EUR896 million for securities class
    action settlement;

(c) Excluding settlement effect, operating income increased to
    EUR258 million;

(d) Excluding settlement effect, net income increased to
    EUR346 million;

(e) Net cash flow from operating activities decreased as a
    result of additional pension plans contribution.

                      Key Priorities 2005

(a) Successful execution of our Road to Recovery strategy,
    including completion of our divestment program;

(b) Implementation of our retail business model to drive
    sales volume throughout Ahold;

(c) Further improvement of operational performance at
    U.S. Foodservice;

(d) Completion of our 2006+ strategy.

Financial Calendar 2006:
Q4 2005 Trading Statement               January 12, 2006
Q4 2005 Results                         March 29, 2006
2005 Annual Report                      April 13, 2006
Annual Shareholders' Meeting            May 18, 2006
Q1 2006 Trading Statement               May 24, 2006
Q1 2006 Results                         June 21, 2006
Q2 2006 Trading Statement               August 10, 2006
Q2 2006 Results                         September 7, 2006

Koninklijke Ahold published its Consolidated Interim Financial
Statements for the first three quarters of 2005.  The results
for the third quarter were significantly impacted by the
settlement of the securities class action as announced on
Tuesday.  Excluding the effect of this settlement, Ahold
delivered increases in net sales, operating income and net
income despite a challenging competitive environment and higher
energy prices.  Operating income, excluding settlement effect,
rose to EUR258 million on third-quarter net sales of EUR10.2
billion, due to a higher gross margin and lower operating
expenses.  Net income, excluding settlement effect, increased to
EUR346 million compared to a loss of EUR134 million in the third
quarter of last year as the effects of 2004 impairment charges
and one-off items subsided and efforts to reduce net debt and
improve borrowing terms paid off.

          Report of President and CEO Anders Moberg

"The settlement of the securities class action allows Ahold to
move forward and focus intensely on its businesses and future
strategy.  Excluding the effect of this settlement, our
performance improved this quarter despite the fact the retail
environment remains challenging.  U.S. initiatives on store
reinvestment and in streamlining underperforming assets in our
portfolio are continuing.  Our efforts on the cost side gave us
margin support to offset cost pressures and, as our operational
efficiency gives us room to maneuver, we are testing new formats
and go-to-market initiatives for future implementation. Albert
Heijn increased net sales and market share in the deflationary
Dutch market thanks to its value repositioning strategy, and ICA
reported similar success with cost cutting and price
reinvestment in Sweden.  Central Europe is making gains in
centralized sourcing to offset fierce competition, and we are
set to convert the newly acquired Julius Meinl stores to our
Albert format to strengthen our strategic position in the
Czech Republic.

"U.S. Foodservice further improved its operating performance in
the third quarter of 2005 despite lower sales due to business
exits and the effects of record fuel prices.  We are pleased to
present our long-term strategy and objectives for U.S.
Foodservice today, which outline the opportunities we see for
the profitable growth of this business."

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/koninklijkeaholdresults.pdf

                        About the Company

Ahold encountered trouble in 2003 when it admitted a US$500
million overstatement of EBITA at its U.S. foodservice
distribution arm, requiring restatement of financial accounts
for 2002 and previous years.  In November that year, it
announced a 3-year 'Road to Recovery' program that includes a
EUR2.5 billion rights issue, EUR300 million and US$1.45 billion
back-up credit facilities, and at least EUR2.5 billion in asset
sales.  The program is aimed at returning the company to
investment grade by end of 2005.

                         Status to date

In August, Standard & Poor's Ratings Services raised its long-
term corporate credit ratings on Ahold to 'BB+' from 'BB' with a
stable outlook to reflect substantial improvement of the group's
financial profile in the past 18 months.  This follows the
completion of a significant disposal program, to date exceeding
the stated EUR2.5 billion ($3.1 billion) target.

Standard & Poor's said it would consider an upgrade to
investment grade level only if:

(a) The challenging environment currently prevailing in the
    group's core U.S. and Dutch retail markets improves; and

(b) The ratio of FFO to fully adjusted net debt and the EBITDAR
    coverage of net fixed charges improve beyond 25% and 2.5x,
    respectively.

Despite the group's deleveraging target and the completion of
remaining disposals in 2005, these conditions might not be
achieved in the near term, given the very challenging trading
conditions that are prevailing in the group's core markets.

CONTACT:  KONINKLIJKE AHOLD
          Press Office: +31 (0) 20 509 5343


KONINKLIJKE AHOLD: Splits U.S. Business to Sustain Growth
---------------------------------------------------------
Koninklijke Ahold disclosed long-term strategy for the continued
profitable growth of its U.S. Foodservice subsidiary.  U.S.
Foodservice is the second largest distributor in the foodservice
industry with 2004 net sales of US$18.8 billion.

As part of its new strategy, U.S. Foodservice will reorganize
itself into two operating companies, each focused on a specific
customer segment ("Broadline" and "Multi-Unit").  Ahold provided
unaudited pro forma financial information for the Broadline and
Multi-Unit businesses and announced an administrative cost
reduction plan and targets for each business through 2008.
These targets include driving top and bottom-line growth of the
Broadline business and bringing the Multi-Unit business to
profitability.

The Broadline operating company represents more than 85% of U.S.
Foodservice's net sales and has been its main engine of
profitable growth.  It provides a broad line of food and related
products and services to independent restaurants, healthcare
providers, hospitality customers, governmental entities,
educational institutions and other foodservice customers. U.S.
Foodservice's plans include four initiatives to drive top-line
and bottom-line growth of its Broadline business: (1)
accelerating private brands penetration, (2) investing in the
sales organization, (3) strengthening targeted local geographies
and (4) rolling out a comprehensive operational excellence
program.  Through the first three quarters of 2005, net sales of
the Broadline operating company were US$12.4 billion and the
operating margin was 1.1%.  The Company is targeting compound
annual Broadline net sales growth of at least 5% (compound
annual growth) over the next three years and a Broadline
operating margin of at least 3% for 2008.

U.S. Foodservice's Multi-Unit operating company, which will be
given its own brand identity, provides food and related products
to large chain restaurants with multiple units, primarily in the
"quick-service" and "casual theme" restaurant segments.  Through
the first three quarters of 2005, net sales of the Multi-Unit
operating company were US$1.9 billion and the operating margin
was negative 0.9%.

The Company announced its objective to bring this unit to
profitability within the next two years.

Following a significant investment in systems and infrastructure
improvements during 2005, U.S. Foodservice also announced a plan
to reduce total U.S. Foodservice administrative costs by US$100
million, with more than half of these savings to be realized in
2006 and the balance in 2007 and 2008.  The Company expects to
record a restructuring charge related to these administrative
cost reductions as well as to the planned consolidation of one
of its Chicago-area distribution centers in the fourth quarter
of 2005.  The Company also disclosed that approximately US$42
million of annual amortization expenses, currently charged
against Broadline operating income, will expire in 2009, which
will have a positive effect on this business' operating income
in 2009 and subsequent years.

Anders Moberg, Ahold's Chief Executive Officer, said: "U.S.
Foodservice represents a significant part of Ahold's business
and value.  Our management team has accomplished a major
organizational overhaul at U.S. Foodservice during the past two
years, integrating the past acquisitions, strengthening the
operations, improving internal controls, enhancing corporate
governance and restoring employee pride.  U.S. Foodservice's
financial performance is recovering, and the plan we are
presenting details the strong opportunities for pursuing
profitable growth and creating a more valuable and transparent
business for Ahold shareholders."

Lawrence Benjamin, Chief Executive Officer of U.S. Foodservice,
said, "We are making the shift from integrating U.S.
Foodservice's acquired operations to building a strategic
competitive advantage.

"Our strategic plan tackles the structural issues needed to
drive a balance of top-line growth, profitability and
operational excellence.  Our Broadline business has led the
profit recovery of U.S. Foodservice, and we see opportunities
here for driving significant additional margin and volume
growth.  The establishment of our integrated Multi-Unit
operating company will provide an effective structure for
achieving our goal for making this business profitable.  We also
expect that cost reduction will be a more significant driver of
our future profit improvement, starting with an aggressive
right-sizing of our administrative costs in 2006."

                        About the Company

Ahold encountered trouble in 2003 when it admitted a US$500
million overstatement of EBITA at its U.S. foodservice
distribution arm, requiring restatement of financial accounts
for 2002 and previous years.  In November that year, it
announced a 3-year 'Road to Recovery' program that includes a
EUR2.5 billion rights issue, EUR300 million and US$1.45 billion
back-up credit facilities, and at least EUR2.5 billion in asset
sales.  The program is aimed at returning the company to
investment grade by end of 2005.

                         Status to date

In August, Standard & Poor's Ratings Services raised its long-
term corporate credit ratings on Ahold to 'BB+' from 'BB' with a
stable outlook to reflect substantial improvement of the group's
financial profile in the past 18 months.  This follows the
completion of a significant disposal program, to date exceeding
the stated EUR2.5 billion ($3.1 billion) target.

Standard & Poor's said it would consider an upgrade to
investment grade level only if:

(a) The challenging environment currently prevailing in the
    group's core U.S. and Dutch retail markets improves; and

(b) The ratio of FFO to fully adjusted net debt and the EBITDAR
    coverage of net fixed charges improve beyond 25% and 2.5x,
    respectively.

Despite the group's deleveraging target and the completion of
remaining disposals in 2005, these conditions might not be
achieved in the near term, given the very challenging trading
conditions that are prevailing in the group's core markets.

CONTACT:  KONINKLIJKE AHOLD
          Press Office: +31 (0) 20 509 5343


ROYAL SHELL: Remaining 'A' Shares Total 3.95 Billion
----------------------------------------------------
On 29 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,500,000 'A' Shares at a price of EUR26.37 per
share.  It further purchased for cancellation 500,000 'A' Shares
at a price of 1,806.10 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,957,700,000.

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

                           The Trouble

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

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


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Consent Payment Deadline Expires
--------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE and NYSE: PGS) said that, as
of 11:30 a.m., New York City time, on November 29, 2005, tenders
and consents representing approximately 98% of the $745.9
million aggregate principal amount of the Notes were received.
The indenture governing the Company's outstanding 10% Senior
Notes due 2010 requires the consent of the holders of a majority
of the outstanding principal amount to approve the elimination
of substantially all of the restrictive covenants and certain
events of default relating to the Notes as described in the
Offer to Purchase (as defined below).

Further, pursuant to its Offer to Purchase and Consent
Solicitation Statement dated Nov. 15, 2005, PGS is extending the
Consent Payment Deadline (as defined in the Offer to Purchase)
from 5:00 p.m., New York City time, on November 29, 2005 to 5:00
p.m., New York City time, on November 30, 2005.  Holders who
have previously tendered Notes do not need to re-tender their
Notes or take any other action in response to this extension.

Except for the extension of the Consent Payment Deadline as
described above, the Offer to Purchase remains in full force and
effect and the price determination date for the tender offer
remains the tenth business day immediately preceding the
Expiration Date (as defined below).  The consummation of the
tender offer and consent solicitation is subject to the
conditions set forth in the Offer to Purchase, including the
receipt of consents of holders of Notes representing the
majority in aggregate principal amount of the Notes and is
conditioned on PGS' acquisition of the financing necessary to
fund the tender offer and consent solicitation.

The tender offer will expire at 8:00 a.m., New York City time,
on December 14, 2005 (the "Expiration Date"), unless the offer
is extended or terminated by PGS.  PGS may, subject to certain
restrictions, amend, extend or terminate the offer and consent
solicitation at any time in its sole discretion without making
any payments with respect thereto.

PGS has engaged UBS Securities LLC as dealer manager for the
tender offer and solicitation agent for the consent
solicitation.  Questions regarding the tender offer and consent
solicitation may be directed to the Liability Management Group
at UBS at (888) 722-9555 x 4210 or (203) 719-4210.  Requests for
documentation should be directed to Global Bondholder Services
Corp. at (866) 470-3900 or (212) 430-3774, the information agent
for the tender offer and consent solicitation.

The tender offer and consent solicitation is made solely on the
terms and conditions set forth in the Offer to Purchase.  Under
no circumstances shall this press release constitute an offer to
buy or the solicitation of an offer to sell the Notes or any
other securities of the Company.  It also is not a solicitation
of consents to the proposed amendments to the indenture
governing the Notes.  No recommendation is made as to whether
holders of the Notes should tender their Notes or give their
consent.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units (FPSOs).
PGS operates on a worldwide basis with headquarters at Lysaker,
Norway.  For more information on Petroleum Geo-Services visit
http://www.pgs.com

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Ola Bosterud
          Phone: +47 67 52 64 00
          Mobile: +47 90 95 47 43

          Christopher Mollerlokken
          Phone: +47 67 52 64 00
          Mobile: +47 90 27 63 55

          U.S. Investor Services
          Renee Sixkiller
          Phone: +1 281 509 8548


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


AEROFLOT: Passenger Load-factor, Revenues up in October
-------------------------------------------------------
Aeroflot-Russian Airlines has reported its performance for
October and 10 months of 2005.

In October 2005, the airline transported 570,300 passengers
(including 3,100 passengers on charter flights) and 13,000 tons
of cargo and mail.  1.728 billion of passenger-kilometers and
238.5 million of ton-kilometers were carried.  Revenue load
amounted to 59.7%, 1.2% up from 2004.  Occupancy rate of
passenger seats increased by 3.4% and made 70.3%.

For the first ten months of 2005, Aeroflot carried 5.761 million
passengers and 119,600 tons of cargo and mail.  Passenger-
kilometers amounted to 17.821 billion and ton-kilometers reached
2.313 billion.  Occupancy rate of passenger seats was 69.7%.
Revenue load amounted to 58% for the reported period.

Volume of work increased for all factors except passenger
carriage in comparison with 2004.  Passenger traffic surged by
73.9 million passenger-kilometers to 100.4%, while passenger
carriage decreased by 86.900 passengers to 98.5%.  Ton-
kilometers climbed by 29.7 million to 101.3%, mail
transportation increased by 772,600 tons to 126.2%, cargo
transportation went up by 857,200 tons to 100.7%.  Actual
airborne hours for all types of aircrafts have increased by 2%
in comparison with 2004.

CONTACT:  AEROFLOT - RUSSIAN AIRLINES JSC
          Leningradsky Prospect 37, Bldg. 9
          125167 Moscow, Russia
          Phone: +7-095-155-6643
          Fax: +7-095-155-6647
          Web site: http://www.aeroflot.ru


BANK SOLIDARNOST: Gets B3/NP/E+ Ratings from Moody's
----------------------------------------------------
Moody's Investors Service has assigned the following global
scale ratings with a stable outlook to Bank Solidarnost (BSD):
B3 long-term and Not-Prime (NP) short-term foreign currency
deposit ratings and an E+ financial strength rating (FSR).

At the same time, Moody's Interfax Rating Agency has assigned a
Baa2.ru long-term national scale credit rating (NSR) to BSD.
Moscow-based Moody's Interfax is majority owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings reflect BSD's global default and loss expectation,
while the Baa2.ru national scale rating reflects the standing of
the bank's credit quality relative to its domestic peers.

The ratings assigned to BSD reflect its currently good
profitability indicators and acceptable quality of the loan
book, although the level of provisions may be insufficient to
cover the risks the bank is taking.  The bank has established
longstanding relationships with a number of large enterprises in
the Samara region (rated Ba2/stable) and maintains close
business ties with the regional authorities.  However, Moody's
notes that BSD's ratings are constrained by its small size and
low capitalization that limits opportunities for growth, and by
its considerable dependence on the state of the regional
economy, and especially on the local car manufacturer AvtoVAZ,
its dealers and suppliers.

Other negative rating drivers include:

(a) Significant and increasing single-party concentration in the
    loan portfolio;

(b) Dependence on politically vulnerable sources of funding,
    such as Yukos oil company and the Samara regional
    government;

(c) Lack of liquidity cushion to cope with any possible large
    outflow of funds; and

(d) Competition from larger Russian banks and subsidiaries of
    foreign banks aggressively entering the local market.

According to Moody's, the B3/NP foreign currency deposit ratings
do not incorporate any support in the event of need from either
the bank's shareholders or the Samara Region government given
that, while such support cannot be ruled out, its scope and
timeliness are somewhat uncertain.

Profile

BSD is headquartered in Samara, a large industrial Russian city
located about 1,000 kilometers to the southeast of Moscow.  The
bank was founded in 1990 for servicing agricultural enterprises
in the Samara Region.  In 1995 the profile of the bank's
business shifted to providing banking services to local
companies in the oil processing and petrochemical industry.  The
bank started to develop retail business in 2002.

The ownership structure has changed since 1990, and the bank's
controlling shareholder is now the current Chairman of the Board
of Directors, who owns 32.76% of the bank's stock directly and
12.74% through the company, with 100% of the shares belonging to
him.  The bank's branch network comprises six branches and 11
outlets in the Samara region.  BSD reported total assets of
US$246 million and shareholders' equity of US$20 million in
accordance with IFRS as of December 31, 2004.  According to
Interfax, BSD ranked 86th in terms of total assets and 120th in
terms of capital among Russian banks as at July 1, 2005.

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

          Andrey Artyukhin, President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


BUILDING COMPANY: Insolvency Manager Takes over Firm
----------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Building Company #579 after finding the
limited liability company insolvent.  The case is docketed as
A19-12437/05-49.  Ms. L. Rusakova has been appointed insolvency
manager.  A hearing will take place on February 20, 2006, 10
a.m.

CONTACT:  BUILDING COMPANY #579
          665000, Russia, Irkutsk region,
          Tayshet, Avtozavodskaya Str. 3

          L. RUSAKOVA
          Insolvency Manager
          664011, Russia, Irkutsk region,
          Chekhova Str. 19, Office 302


BUILDING CONSTRUCTIONS: Files for Bankruptcy
--------------------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
proceedings against Building Constructions (OGRN 1034500006331,
TIN 4501094423) after finding the factory insolvent.  The case
is docketed as A34-3501/05.  Mr. P. Veshev has been appointed
insolvency manager.

CONTACT:  BUILDING CONSTRUCTIONS
          640000, Russia, Kurgan region,
          Mashinostroiteley Pr. 23

          P. VESHEV
          Insolvency Manager
          625048, Russia, Tyumen region,
          Stankostroitelej Str. 1, Office 305a


CB RGP: Claims Filing Period Ends December 15
---------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against CB RGP InteRus-Bank after finding the open
joint stock company insolvent.  The case is docketed as A40-
53453/05-95-101B.  Creditors have until December 15, 2005 to
submit their proofs of claim to 123022, Russia, Moscow, Post
User Box 33.

CONTACT:  CB RGP INTERUS-BANK
          Russia, Moscow region,
          Rublevskoye Shosse, 34, Room 2

          INSOLVENCY MANAGER
          123022, Russia, Moscow region,
          Post User Box 33
          Phone: (095) 959-47-97/
                 589-40-88/514-74-78

          STATE CORPORATION AGENCY ON ENDOWMENT INSURANCES
          109240, Russia, Moscow region,
          Verkhniy Taganskiy Tupik, 4


DELTACREDIT BANK: Societe Generale Seals Acquisition
----------------------------------------------------
Following approval by the Russian regulatory authorities, the
Central Bank of Russia and the anti-monopoly authorities,
Societe Generale has finalized the purchase of 100% of the
capital of DeltaCredit Bank from Delta Private Equity Partners.

Founded by the U.S. Russia Investment Fund and managed by Delta
Private Equity Partners, DeltaCredit Bank is the leading actor
in the fast-growing Russian mortgage lending market.  With 140
employees, DeltaCredit Bank has an innovative and diversified
product offering and manages a portfolio of approximately US$200
million in outstanding credits.

DeltaCredit Bank, which will continue to operate under its well-
known and respected brand, completes the existing offer of
Societe Generale in Russia: universal banking with Banque
Societe Generale Vostok (BSGV) and consumer credit with
Rusfinance.

Building on the considerable experience gained over the past two
years in this market, Societe Generale aims to continue and
accelerate its strategic development in Russia.  BSGV will
operate 25 points of sale at the end of 2005 and plans to open
20 new branches in 2006.

Societe Generale Group

Societe Generale is one of the largest financial services groups
in the euro-zone.  The Group employs 93,000 people worldwide in
three key businesses:

(a) Retail Banking & Financial Services: Societe Generale serves
    about 19 million individual customers worldwide;

(b) Global Investment Management & Services: Societe Generale is
    one of the largest banks in the euro-zone in terms of assets
    under custody (EUR1,317 billion, September 2005) and under
    management (EUR370 billion, September 2005);

(c) Corporate & Investment Banking: SG CIB ranks among the
    leading banks worldwide in euro capital markets, derivatives
    and structured finance.

Societe Generale is included in the four major socially
responsible investment indexes.

                            *   *   *

In September, Moody's Investors Service placed on review for
possible upgrade the Ba2 long-term foreign currency bank deposit
rating of DeltaCredit Bank (DCB).  The review does not affect
the bank's Not-Prime short-term foreign currency deposit rating
or its D- financial strength rating (FSR), which remain
unchanged.

The review for possible upgrade has been prompted by the
announcement that Societe Generale (Aa2, stable outlook), one of
the largest European financial groups, has reached an agreement
with DCB's existing shareholders to purchase a 100% stake in the
bank.

The consolidation of ownership under a new strategic shareholder
with solid experience of working in emerging markets through
equity participation in a number of Central and Eastern European
banks indicates, in Moody's view, a high likelihood of support
in case of need.  The bank's business focus and strategy are not
expected to change dramatically following the change of control.

CONTACT:  SOCIETE GENERALE
          Jerome Fourre
          Phone: +33(0) 1 42 14 25 00

          Helene Agabriel
          Phone: +33(0) 1 41 45 97 13

          Stephanie Carson-Parker
          Phone: +33(0) 1 42 14 95 77

          Laura Schalk
          Phone: +33(0) 1 42 14 52 86
          Web site: http://www.socgen.com

          COMM/PRS
          Tour Societe Generale
          92972 Paris-La Defense cedex
          France
          Fax: +33(0) 1 42 14 28 98
          Web site: http://www.socgen.com



ELETS-REINFORCED-CONCRETE: Proofs of Claim Deadline December 15
---------------------------------------------------------------
The Arbitration Court of Lipetsk region commenced bankruptcy
proceedings against Elets-Reinforced-Concrete (TIN 4821002157)
after finding the open joint stock company insolvent.  The case
is docketed as A36-901/2005.  Mr. M. Golubenko has been
appointed insolvency manager.  Creditors have until December 15,
2005 to submit their proofs of claim to 398024, Russia, Lipetsk,
Dovatora Str. 12, Office 203.

CONTACT:  ELETS-REINFORCED-CONCRETE
          Russia, Lipetsk region, Elets, Elektrik

          M. GOLUBENKO
          Insolvency Manager
          398024, Russia, Lipetsk region,
          Dovatora Str. 12, Office 203


MALOARKHANGELSKOYE: Orel Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Maloarkhangelskoye after finding the repair
company insolvent.  The case is docketed as A48-1320/05-16b.
Mr. B. Latyshev has been appointed insolvency manager.
Creditors have until December 15, 2005 to submit their proofs of
claim to 302043, Russia, Orel region, Kromskoy Proezd 2, Room 4-
10.

CONTACT:  MALOARKHANGELSKOYE
          Russia, Orel region, Maloarkhangelsk

          B. LATYSHEV
          Insolvency Manager
          302043, Russia, Orel region,
          Kromskoy Proezd 2, Room 4-10
          Phone: (0862) 72-41-22


MILLED SHOES: Insolvency Manager Takes over Helm
------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Milled Shoes after finding the municipal
enterprise insolvent.  The case is docketed as A-70-1884/3-05.
Ms. L. Korotaeva has been appointed insolvency manager.

CONTACT:  MILLED SHOES
          Russia, Tyumen region, B-Sorokino,
          Sovetskaya Str. 126

          L. KOROTAEVA
          Insolvency Manager
          Russia, Tyumen region, Ishim,
          K. Marksa Str. 61-7


MOZHGINSKIY: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on republic municipal unitary
enterprise Mozhginskiy.  The case is docketed as A71-69/2005-
G26.  Mr. S. Ratushnyj has been appointed temporary insolvency
manager.  Creditors have until December 15, 2005 to submit their
proofs of claim to 426011, Russia, Udmurtiya republic, Izhevsk,
Kholmogorova Str. 17-705.

CONTACT:  MOZHGINSKIY
          427790, Russia, Udmurtiya republic,
          Mozhginskiy region, Cheremushki

          S. RATUSHNYJ
          Temporary Insolvency Manager
          426011, Russia, Udmurtiya republic,
          Izhevsk, Kholmogorova Str. 17-705


OAO ROSNEFT: Yugansk Becoming a Burden 12 Months Later
------------------------------------------------------
Rosneft will likely suffer a downgrade at the end of the year as
it faces several claims related to Yuganskneftegaz, the Yukos
unit it took over in December, Kommersant said on Nov. 25.

Its purchase of Yugansk already violated certain bank covenants
pertaining to the ratio of its permanent debt to consolidated
EBITDA and tangible net assets, making it technically in
default, the paper said.  But first vice president for economics
and finance, Sergey Alexeev, clarified in the first-half report
that Rosneft has already settled "all technical defaults, which
followed heavy borrowings to purchase Yuganskneftegaz."

But Kommersant said the company still faces a cash crunch and a
tough dilemma by year's end.  It must clear US$4.7 billion in
tax claims against Yugansk filed against it while still part of
Yukos.  A banking syndicate led by Societe Generale also wants
immediate repayment of US$472.7888 million in loans; so does
Group Menatep on US$655.725 million loans granted to Yugansk.
Both the tax and bank claims must be paid by December 31.

If Rosneft fails to raise enough cash to settle all these, it
may opt to pay one and default on the other.  The paper believes
Rosneft will likely opt to pay the tax debt because there's a
high probability it will be reduced to US$1.3 billion.

"It is noteworthy that a default will be cheaper for Rosneft
than efforts to avoid it by paying out the claims of tax
officials," Kommersant said on Nov 25.  "On the other hand, the
default will inevitably bring down the company's credit ratings
and its further borrowings will be more expensive."

"Settling the claims from banks (Group Menatep especially) that
credited Yukos, is going to be far harder," Kommersant said.

At end of the first half, Rosneft's debt fell to US$18.608
billion from US$20.117 billion at the beginning of the year.
Consolidated net debt similarly dropped to US$11.2 billion from
US$12.6 billion, the report said.

CONTACT:  OAO ROSNEFT
          26/1, Sofiyskaya embankment,
          1, GSP-8 115998, Moscow, Russia
          Phone: 777-44-22
          Fax: 777-44-44
          Telex: 114405 DISVO.RU
          E-mail: postman@rosneft.ru
          Web site: http://www.rosneft.ru


STROY-TEKHNIKA: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on Kanashskiy factory Stroy-
Tekhnika.  The case is docketed as A79-9982/2005.  Mr. P.
Dimitriev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 429335, Russia,
Chuvashiya republic, Kanash, Zheleznodorozhnaya Str. 28, 2nd
floor, Office #3.

CONTACT:  STROY-TEKHNIKA
          Russia, Chuvashiya republic,
          Kanash, Krasnoarmeyskaya Str. 79

          P. DIMITRIEV
          Insolvency Manager
          429335, Russia, Chuvashiya republic, Kanash,
          Zheleznodorozhnaya Str. 28, 2nd floor, Office #3


TALOVSKIY ELEVATOR: Insolvency Manager Enters Firm
--------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Talovskiy Elevator after finding the open
joint stock company insolvent.  The case is docketed as A14-
9836-2005 61/16b.  Mr. A. Zapryagaev has been appointed
insolvency manager.  Creditors have until December 15, 2005 to
submit their proofs of claim to 394055, Russia, Voronezh,
Voroshilova Str. 35, Post User Box 36.

CONTACT:  TALOVSKIY ELEVATOR
          Russia, Voronezh region, Talovskiy region,
          Talovaya, Chapaeva Str. 60

          A. ZAPRYAGAEV
          Insolvency Manager
          394055, Russia, Voronezh region,
          Voroshilova Str. 35, Post User Box 36


ZLATOPOLINSKOYE: Bankruptcy Hearing Set Next Year
-------------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Zlatopolinskoye after finding the close
joint stock company insolvent.  The case is docketed as A03-
1835/05-B.  Mr. A. Generalov has been appointed insolvency
manager.  Creditors have until December 15, 2005 to submit their
proofs of claim to 656015, Russia, Barnaul-153, Post User Box
3923.  A hearing will take place on March 13, 2006.

CONTACT:  ZLATOPOLINSKOYE
          Russia, Altay region,
          Kulundinskiy region, Zlatopol

          A. GENERALOV
          Insolvency Manager
          656015, Russia, Barnaul-153,
          Post User Box 3923


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


CABLEUROPA S.A.U.: S&P Upgrades Rating to B; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
positive implications and raised its corporate credit rating on
Spanish cable operator Cableuropa S.A.U. to 'B' from 'B-'. The
upgrade follows the acquisition by Cableuropa of Auna Tlc, the
fixed-line and cable businesses of Grupo Auna, for EUR2,251
million, in addition to the refinancing of Cableuropa's existing
debt.  The outlook is stable.

At the same time, Standard & Poor's removed from CreditWatch
with positive implications and raised its senior unsecured debt
ratings on Cableuropa's finance vehicle ONO Finance PLC to
'CCC+' from 'CCC'.  Standard & Poor's has not rated or assigned
a recovery rating to the senior secured credit facility, at the
request of Cableuropa.  The credit facility -- which is
currently being syndicated -- will be the primary capital
resource of the company, representing about EUR3.1 billion with
senior rights over any existing or upcoming senior unsecured
bonds.

"The upgrade reflects the improved business position and medium-
term trading prospects of Cableuropa as a result of the
acquisition of Auna, notwithstanding the significant short-term
integration risks," said Standard & Poor's credit analyst
Leandro de Torres Zabala.  "The ratings need to be viewed,
however, in the context of an expected sound operating
performance and maintenance of a strong liquidity position over
the next two years."

The ratings are also based on the expectation that Cableuropa
will smoothly integrate Auna and achieve substantial cost
efficiencies.  It is key that Cableuropa continues to generate
strong revenues and EBITDA growth, makes rapid advancement
toward achievement of positive free cash flow in the second half
of 2007 and deleverages to a lease-adjusted ratio of gross debt
to annualized last quarter EBITDA of about 5x by year-end 2007.

The acquisition has clear business merits, including the
creation of Spain's second-largest facilities-based national
telecommunications player.

Cableuropa should become more competitive as a result of its
larger business scale and should be able to extract significant
economies of scale and operating efficiencies from the merger.

The merger will not come without challenges, however, including
material integration risks, the weaker performance of Auna, its
strong exposure to the competitive fixed-telephony market, and
the fact that Auna comes with a number of businesses that are
new to Cableuropa.  The pursuit of this larger growth
opportunity will also delay the achievement of positive free
cash flow until at least the second half of 2007 according to
the bank's financial plan supporting the loan documentation.

The ratings on the group were originally placed on CreditWatch
on Aug. 1, 2005, following GCO's announcement that it had
reached an agreement with Grupo Auna and its principal
shareholders for Cableuropa to acquire 100% of Auna.
For the nine-month period to Sept. 30, 2005, the combined
group's revenues were EUR1,306 million and EBITDA of EUR334
million.  Pro forma for the acquisition and the refinancing,
Cableuropa's adjusted (for operating leases and the EUR215
million deferred acquisition price) gross debt will reach about
EUR2.9 billion and adjusted gross debt to annualized third-
quarter 2005 EBITDA is estimated at about 5.8x at Sept. 30,
2005, which is an improvement from historical levels.

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:  CABLEUROPA S.A.U.
          Calle Basauri 7-9
          Urbanizacion la Florida
          28023 Aravaca
          Madrid
          Phone: +34-91-180-93-00
          Fax: +34-91-180-93-44
          Web site: http://www.ono.es


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


FOREZ: Gives Creditors Until Saturday to File Claims
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Scientific-Production Company Forez
(code EDRPOU 21462526) on October 17, 2005.  The case is
docketed as 15/691-b.  Mr. Viktor Sunitsya (License Number AA
668343) has been appointed temporary insolvency manager.  The
company holds account number 2600800658 at JSB Azhio, Kyiv
region branch, MFO 300175.

Creditors have until December 3, 2005 to submit their proofs of
claim to:

(a) FOREZ
    01002, Ukraine, Kyiv region,
    M. Raskovoi Str. 11

(b) VIKTOR SUNITSYA
    Temporary Insolvency Manager
    03039, Ukraine, Kyiv region,
    Golosiyivskij Avenue 8
    Phone: (044) 52-52-912

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


GORODOK' ENTERPRISE: Insolvency Manager Steps in
------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Gorodok' Enterprise Agrotehservice (code
EDRPOU 03752775) after finding the open joint stock company
insolvent.  The case is docketed as 6/142-5/46.  Mr. Yevgenij
Dzhala (License Number AA 783051) has been appointed
liquidator/insolvency manager.  The company holds account number
26009301139 at Oshadbank, branch 6324, MFO 385015.

Creditors have until December 3, 2005 to submit their proofs of
claim to:

(a) GORODOK' ENTERPRISE AGROTEHSERVICE
    81500, Ukraine, Lviv region,
    Gorodok, Komarnivska Str. 66

(b) YEVGENIJ DZHALA
    Liquidator/Insolvency Manager
    Ukraine, Lviv region,
    Nizhinska Str. 16/41
    Phone/Fax: 75-49-59

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


HERSONVZUTTYA: Declared Insolvent
---------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Hersonvzuttya (code EDRPOU 00308330) on
October 24, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 5/244-B.  Mr. Oleksandr
Lyashko (License Number AA 630003) has been appointed
liquidator/insolvency manager.  The company holds account number
26007259 at JSCB Ukrsocbank, Herson regional branch, MFO 352015.

Creditors have until December 3, 2005 to submit their proofs of
claim to:

(a) HERSONVZUTTYA
    73000, Ukraine, Herson region,
    Zhovtnevoyi revolutsii Str. 13

(b) OLEKSANDR LYASHKO
    Liquidator/Insolvency Manager
    73022, Ukraine, Herson region, a/b 5

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


MERIDIAN: Creditors' Claims Due December 3
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Meridian (code EDRPOU 30992537) on October
20, 2005 after finding the limited liability company insolvent.
The case is docketed as B 26/137/05.  Mr. Glyadchenko Volodimir
has been appointed liquidator/insolvency manager.

Creditors have until December 3, 2005 to submit their proofs of
claim to:

(a) MERIDIAN
    49010, Ukraine, Dnipropetrovsk region,
    Academic Lazaryan Str. 3

(b) GLYADCHENKO VOLODIMIR
    Liquidator/Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Kirov Avenue 96/13

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


OLVICH: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Olvich (code EDRPOU 19334459) on
August 22, 2005.  The case is docketed as 6/193-4/164.  Mr.
Krivich Ruslan (License Number AA 669649) has been appointed
temporary insolvency manager.

Creditors have until December 3, 2005 to submit their proofs of
claim to:

(a) OLVICH
    79018, Ukraine, Lviv region,
    Golubovich Str. 48

(b) KRIVICH RUSLAN
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Puluj Str. 21/42

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


YAVORIV' BREAD: Bankruptcy Supervision Starts
---------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Yavoriv' Bread Receiving
Enterprise (code EDRPOU 20760546) on October 7, 2005.  The case
is docketed as 6/230-4/218.  Mr. Andrij Nadlonok (License Number
AB 216838) has been appointed temporary insolvency manager.  The
company holds account number 26002301223 at Oshadbank, Yavoriv
branch 6334, MFO 325286.

Creditors have until December 3, 2005 to submit their proofs of
claim to:

(a) OJSC YAVORIV' BREAD RECEIVING ENTERPRISE
    Ukraine, Lviv region,
    Yavoriv, Vokzalna Str. 10

(b) ANDRIJ NADLONOK
    Temporary Insolvency Manager
    79066, Ukraine, Lviv region,
    Zubrivska Str. 25a/33

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


ZOLOTONOSHA' REPAIR: Goes into Liquidation
------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Zolotonosha' Repair-Transport Enterprise
(code EDRPOU 21365964) on October 25, 2005 after finding the
open joint company insolvent.  The case is docketed as 01/1952.
Mr. Gurin Roman has been appointed liquidator/insolvency
manager.

Creditors have until December 3, 2005 to submit their proofs of
claim to:

(a) ZOLOTONOSHA' REPAIR-TRANSPORT ENTERPRISE
    Ukraine, Cherkassy region, Zolotonosha,
    Obuhova Str. 52

(b) GURIN ROMAN
    Liquidator/Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Gagarin Str. 95/191
    Phone: 8 (0472) 66-24-23

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


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


ALTERNA HOLDINGS: In Administrative Receivership
------------------------------------------------
Northern Financial Services Ltd. appointed Melvyn L. Rose
(Office Holder No 2561) of Elliot, Woolfe & Rose administrative
receivers of Alterna Holdings Ltd. (Reg No 3857822) on Nov. 14.

CONTACT:  ELLIOT WOOLFE & ROSE
          1st Floor
          Equity House
          128/136 High Street
          Edgware
          Middlesex HA8 7TT
          Phone: 020 8952 0707
          Fax: 020 8952 2332
          E-mail: mlr@ewr.co.uk


AQUALIFE (UK): Hires Liquidator from P&A Partnership
----------------------------------------------------
A. J. Dixon, chairman of Aqualife (UK) Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 4 at 93 Queen Street, Sheffield S1 1WF.  John Russell and
Philip Andrew Revill of The P&A Partnership, 93 Queen Street,
Sheffield S1 1WF were appointed Joint Liquidators.  The
appointment was confirmed at a subsequent creditors meeting.

CONTACT:  AQUALIFE (UK) LTD.
          1 Crofton Drive
          Allenby Industrial Estate
          Lincoln
          LN3 4NR
          Phone: 01522-569941
          Web site: http://www.aqualifeuk.com

          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


B.WARDMAN & SONS: Calls in PwC Liquidators
------------------------------------------
Company Names: B.WARDMAN & SONS (LEEDS) LIMITED
               D & G HASELOCK (CHESTER) LIMITED
               D. & G. HASELOCK (MANCHESTER) LIMITED
               JBH HOLDINGS LIMITED

G. Gregory, member of these companies, informs that the special
and ordinary resolutions to wind up the firms were passed at a
meeting held on Nov. 16.  Jonathan Sisson and Richard Setchim,
of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
were appointed joint liquidators.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


CARNCO MARKETING: Electrical Goods Retailer Winds up
----------------------------------------------------
C. N. Arnfield, director of Carnco Marketing Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Aug. 26 at 14 Wood Street, Bolton BL1 1DZ.  Peter
Anthony Jackson of Jackson Gregory & Co, 14 Wood Street, Bolton
BL1 1DZ was appointed liquidator.

CONTACT:  CARNCO MARKETING LIMITED
          Unit 8, Manchester, M19 2RB
          Phone: 0161 975 5194


CHARACTER GROUP: Starts Trading on AIM Tomorrow
-----------------------------------------------
At the Extraordinary General Meeting of Character Group plc,
shareholders approved all resolutions proposed, including a
resolution approving the cancellation of the listing of the
Group's issued Ordinary Shares of 5 pence each ('Ordinary
Shares') on the Official List of the U.K. Listing Authority, in
light of the Board's proposals for the admission to AIM of the
Group's issued Ordinary Shares.  A final dividend of 0.9 pence
per share was also approved by shareholders, which will be paid
on 27 January 2006.

It is expected that the issued Ordinary Shares in the Group will
be admitted to trading on AIM and that dealings will commence at
or shortly after 8:00 a.m. on Friday 2 December 2005.  The
listing of the issued Ordinary Shares on the Official List will
be cancelled, and dealings on the London Stock Exchange's market
for listed securities will cease, at the same time.

               EGM Statement of Executive Chairman
            and Joint Managing Director Richard King

We believe that AIM, which, over its ten-year history, has
proved to be a robust market even in challenging times, will
provide a supportive environment for the Group to better achieve
its business and strategic objectives.  AIM also provides, in
our opinion, a more flexible and cost-effective environment for
a Company of our size and stage of development.

As predicted in the 2005 Interim Report and reinforced in my
Chairman's Statement contained in the Annual Report, the
improvement witnessed in the second half of 2005 has indeed
continued into this financial year.

I am delighted to be able to report that the new financial year
has started very strongly with reported sales being over 40%
ahead of the same period for last year.  We are also expecting
to achieve further progress over last year in the lead up to
Christmas and into the New Year.  Against this backdrop we
believe that the Group's results for the first half to February
2006 will be far better than the loss of GBP1.9 million recorded
for the half year ended 28 February 2005.

This year, we will continue to focus on improving our
operational efficiencies and further developing our product
portfolio.  It is interesting to note that, by the end of the
2005 calendar year, over 50% of our products within the Toys,
Games and Gifts division and over 90% of our digital products
will have been developed in-house.  Our expertise in developing
licensed properties and quickly bringing them to market is
proving to be a major benefit to the Group in attracting and
winning both new licenses and distribution deals.

There is no substitute for having great products and, although
we have been operating in a difficult trading environment for
some considerable time, the Group's substantial progress in
sales is more than satisfying, especially when we have not been
able to fully meet demand for toys like Roboraptor, Radio
Controlled Daleks and our Little Britain talking-gift products,
among others.

CONTACT:  CHARACTER GROUP PLC
          2nd Floor
          86-88 Coombe Road
          New Malden
          Surrey, KT3 4QS
          Registered No: 3033333
          Phone: 44 (0) 20 8949 5898
          Fax: 44 (0) 20 8336 2585
          Web site: http://www.charactergroup.plc.uk


CHILWOOD HOLDINGS: Winds up After 15 Years in Business
------------------------------------------------------
Chilwood Holdings Limited has fallen into liquidation, said ICC
Credit.

Established in 1990, the Lancashire-based business manufactures
household and sanitary goods.  Last year, Chilwood Holdings saw
turnover grow to GBP39 million from GBP33 million in 2000.
However, it suffered a decline in pre-tax profit in 2004,
earning only GBP238,000 from GBP1.2 million in 2000.  Total
long-term liabilities reached GBP1,855,000 against a net worth
of GBP4,548,000.

Matthew Debbage, Head of Product and Marketing, ICC Credit,
said: "Chilwood Holdings provides the classic example of where
the gearing ratio can be used in a credit risk assessment.  If
we take long-term debt as a percentage of net worth, we can see
that this company compares unfavorably to others in this sector,
with its long term debt equating to nearly 40% of its net worth.
The best players in the sector enjoy a 0% ratio here, the mid
sector 6%, and the bottom sector 33%."

Mr. Debbage added that Chilwood's total debt of GBP13,748,000
"obliterates its net worth."  The best players, he said, have a
ratio of just under 21%.  ICC Credit also noted that out of 112
companies in the household and sanitary products sector, 11 face
County Court Judgments (CCJs), while 4 are in liquidation.

Lloyds TSB and Deloitte & Touche serve as Chilwood's banker and
auditor, respectively.

CONTACT:  CHILWOOD HOLDINGS LIMITED
          Makerfield Mill, Windsor Road
          Ashton in Makerfield
          Lancashire WN4 9EW

          LLOYDS TSB GROUP PLC
          25 Gresham St.
          London EC2V 7HN
          Phone: +44-20-7626-1500
          Fax: +44-20-7489-3484
          Web site: http://www.lloydstsbgroup.co.uk

          DELOITTE & TOUCHE LLP
          Stonecutter Court
          1 Stonecutter Street
          London EC4A 4TR
          Phone: +44 (0) 20 7936 3000
          Fax: +44 (0) 20 7583 1198


COMPASS GROUP: Turnover Up 7% to GBP12.7 Billion
------------------------------------------------
Compass Group plc has reported preliminary results for the year
ended 30 September 2005.

Highlights

(a) turnover GBP12.7 billion, up 7.0% on a like for like
    basis;

(b) strong growth in profit and ROCE in North America and
    Continental Europe and Rest of the World (excluding Middle
    East military business).  Turnaround in U.K. progressing;

(c) free cash flow GBP353 million at 2004 exchange rates, up
    43.5%;

(d) final dividend of 6.5 pence per share, up 4.8%;

(e) Sir Roy Gardner appointed Senior Independent Director from 1
    October 2005, will replace Sir Francis Mackay as Chairman by
    summer 2006;

(f) recruitment of Group CEO underway; and

(g) targets of 100 basis points of ROCE growth and GBP800-850
    million of free cash flow over the period 2006-2008
    (post SSP disposal) reconfirmed.

New Chairman and Senior Management Update

Sir Roy Gardner, who joined the Board as Senior Independent
Director and Chairman of the Nominations Committee on 1 October
2005, will succeed Sir Francis Mackay as Chairman by summer of
2006.

Since joining the Board, Sir Roy has already spent time in the
business, focusing on its strategy and financial performance.
Sir Roy believes there is significant opportunity to improve
performance in the Group's core business.

As Chairman of the Nominations Committee, Sir Roy's immediate
priority is the recruitment of a new Group Chief Executive to
replace Michael Bailey who has announced his intention to step
down.  The Nominations Committee has appointed headhunter Korn
Ferry to conduct a full search and the process is being
conducted expeditiously.  Michael Bailey will continue as Chief
Executive for as long as is required by the Board.

The Board has agreed to appoint two new non-executive directors
during 2006.

Sale of Travel-Related Concessions Business

The Group announced on 28 September 2005 its decision to sell
its travel-related concessions business, primarily Select
Service Partner (SSP).  The formal sale process for SSP has
commenced and an Information Memorandum has been circulated to
interested parties.  The sale is expected to be completed by
mid-2006.

SSP is the largest operator of travel concessions in Europe and
Asia, providing catering for roadside, railway and airport
concessions in over 20 countries.  SSP includes brands such as,
Upper Crust, Whistlestop, Millie's Cookies and Harry Ramsden's.
In 2005, revenues (including fuel) of the businesses being sold
were circa GBP1.8 billion (GBP1.3 billion excluding fuel),
EBITDA (including fuel) was circa GBP160 million and EBIT
(including fuel) was GBP115 million.

While the travel concessions market offers considerable further
growth opportunities, the sale of the travel-related business
will allow management to focus solely on the Group's core
contract catering operations and the growth of the support
services business.  The Board considers that, in the longer
term, this focus will improve the Group's financial performance
and drive greater value for shareholders.

UN Contracting

On 21 October, the Group announced it had instructed Freshfields
to conduct an investigation into the relationships between ESS,
IHC and the United Nations.  Ernst & Young are assisting
Freshfields in the investigation, reporting to the Chairman of
the Compass Group plc Audit Committee.

On 3 November, the Group announced that the investigation raised
serious concerns as to whether, within ESS, there had been in
connection with IHC and the UN, improper conduct and a failure
to comply with the Group's statement of business principles
(which apply to all staff, whatever their seniority).  As a
result, three employees were dismissed.

The investigation is ongoing and, as yet, no final conclusions
have been reached.

The Group continues to cooperate voluntarily and fully as
appropriate with the UN and U.S. authorities, including the
Office of the United States Attorney for the Southern District
of New York.

UN contracts account for less than 0.5% of the Group's turnover
and profits.

Outlook

In 2006, the Group anticipates continued strong trading in North
America and the Rest of the World (excluding the impact of
scaling back the Middle East military business).  In Continental
Europe, where the macro-economic climate is expected to continue
to contribute to a difficult trading environment, the focus will
remain on keeping a tight cost base and working to improve
client retention.  In the U.K., cost pressures are expected to
remain a significant challenge, however, actions are being taken
to deliver a robust contract base with the aim of achieving a
similar level of profit to that in 2005.  Overall the Group will
continue to focus on free cash flow and improving return on
capital employed.

Michael J. Bailey, Group Chief Executive, said: "Three out of
our four geographies, North America, Continental Europe and the
Rest of the World have performed to our expectations, with North
America and the Rest of the World (excluding the Middle East
military business) delivering a particularly strong result this
year.  The performance of the U.K. has been unsatisfactory.
However, we have gripped the issues and the turnaround of this
business is underway.

"We have taken decisive action to improve our financial
performance to meet our three year targets for free cash flow
and return on capital employed.  Everyone in the business is
firmly focused on delivering for our clients, customers and
shareholders."

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

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


DRAY SERVICES: Files for Liquidation
------------------------------------
B. Leigh, chairman of Dray Services Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 1 at Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL.

Alan H. Tomlinson of Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL was appointed liquidator.  The
appointment was confirmed at a creditors meeting held on the
same day.

CONTACT:  DRAY SERVICES LIMITED
          4 Bowood Court, Winwick Quay
          Warrington, Cheshire WA2 8QZ
          Phone: 01925244470

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


EPILIGHT (UK): Hires Liquidator from Langley & Partners
-------------------------------------------------------
A. Reshat, director of Epilight (UK) Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 31 at Langley House, Park Road, London N2 8EX.  Alan Simon
of Langley & Partners, Langley House, Park Road, London N2 8EX
was appointed liquidator.

CONTACT:  EPILIGHT (UK) LIMITED
          22 Seymour Street, Marble Arch, W1H 7HY
          Guernsey

          Fort Complex, Les Tracheries
          L'Islet, St Sampson's GY2 4SN
          Web site: http://www.epilight.co.uk/

          LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk


FABRICATED ALUMINIUM: Creditors Meeting Set December
----------------------------------------------------
Creditors of Fabricated Aluminium Services Limited (Company No
01083904) will meet on December 16, 2005, 11 a.m. at
PricewaterhouseCoopers LLP, Donington Court, Pegasus Business
Park, Castle Donnington, East Midlands DE74 2UZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Stuart David Maddison and Colin Michael Trevethyn
Haig, joint administrators from PricewaterhouseCoopers LLP,
Benson House, 33 Wellington Street, Leeds LS1 4JP not later than
12:00 noon, December 15, 2005.

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


ICANCIT LIMITED: Software Company Liquidates
--------------------------------------------
I. M. Cowley, chairman of Icancit Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 7 at Harris Lipman, Coptic House, 4-5 Mount Stuart Square,
Cardiff CF10 5EE.

John D. Cullen of Harris Lipman, Coptic House, 4-5 Mount Stuart
Square, Cardiff Bay CF10 5EE was appointed liquidator.  The
resolution and appointment were confirmed at a creditors meeting
held on the same day.

IcanCiT -- http://icancit.com/-- is a software company based in
South Wales.  It handles a variety of functions from sales,
development and administration, testing, QA and the Support Call
Center.  It is a division of Answer Solutions Ltd.

CONTAC:  ICANCIT LIMITED
         The Innovation Centre
         Victoria Business Park
         Festival Drive
         Ebbw Vale
         NP23 8XA


INSTRUXI CO: Poppleton & Appleby to Liquidate Operation
-------------------------------------------------------
Owen Maund, director of Instruxi Co. UK Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 7 at 32 High Street, Manchester M4 1QD.  Stephen James
Wainwright and Stephen Lord of Poppleton & Appleby, 32 High
Street, Manchester M4 1QD were appointed Joint Liquidators.

CONTACT:  INSTRUXI CO. LTD.
          Unit 7b, Corporation Road
          Arrow Trading Estate
          Audenshaw
          Manchester
          M34 5LR
          Lancashire
          Phone: 0161 337 9613
          Fax: 0161 337 8372

          POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


INTERTEK GROUP: Acquires Two Testing Companies
----------------------------------------------
Intertek Group plc has unveiled two acquisitions.  Lintec
Testing Services Ltd. (Lintec) was acquired from John Dixon for
GBP3.0 million in cash.  Lubricant Quality Scan (LQS) was
acquired as part of an outsourcing deal from Lloyd's Register
for GBP0.4 million in cash.

Both businesses are based in the U.K., with Lintec also having
operations in Holland and Singapore.  Lintec and LQS perform
marine fuel and lubricant testing services for the shipping
industry.  The combination of these businesses with Intertek
Caleb Brett's marine fuel testing operations will further
strengthen Intertek's position in this market and enable it to
enhance its service to customers.  This outsourcing deal from
Lloyd's Register and the acquisition of Lintec will ensure
Intertek Caleb Brett continues as a key supplier of test results
and advice to Lloyd's Register and its customers.

                        About the Company

Intertek is an international testing, inspection and
certification organization, which assesses customers' products
and commodities against a wide range of safety, regulatory,
quality and performance standards and certifies the management
systems of customers.  Intertek has 294 laboratories and over
13,500 people around the world and is increasingly undertaking
outsourced testing work for its customers.

At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at 31
December 2003.  The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners.  This amounted to GBP229.9 million at 31 December 2004.
The Group's net debt at 31 December 2004 was GBP112.4 million
compared to GBP132.2 million.

CONTACT:  INTERTEK GROUP PLC
          25 Savile Row
          London
          W1S 2ES, United Kingdom
          Phone: +44-20-7396-3400
          Fax: +44-20-7396-3480
          Web site: http://www.intertek.com


LEAGROVE DEVELOPMENTS: In Liquidation
-------------------------------------
M. Citroen, chairman of Leagrove Developments Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 28 at Klaco House, 28-30 St John's Square, London
EC1M 4DN.  Ashvinkumar Meghji Karman Shah of KLSA Klaco House,
28-30 St John's Square, London EC1M 4DN was appointed
liquidator.

CONTACT:  LEAGROVE DEVELOPMENTS LIMITED
          50 Farnham Wks, Farnham Road
          Ilford, Essex IG3 8QD
          Phone: 020-8590-1345


M.A.M TEXTILES: Meeting of Creditors Set Next Week
--------------------------------------------------
Creditors of M.A.M Textiles Limited (Company No 03154953) will
meet on December 8, 2005, 11 a.m. at Bond Partners LLP, The
Grange, 100 High Street, London N14 6TB.  Creditors who want to
be represented at the meeting may appoint proxies.  Proxy forms
must be submitted together with written debt claims to T.
Papanicola, Administrator of Bond Partners LLP, The Grange, 100
High Street, London N14 6TB not later than 12:00 noon, December
7, 2005.

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400


MARTINISATION LIMITED: Creditors to Meet Tuesday
------------------------------------------------
Creditors of Martinisation Limited (Company No 3835197) will
meet on December 6, 2005, 12 noon at 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire PO15 7AH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to James Richard Tickell and Carl Derek Faulds,
joint administrators of Portland Business & Financial Solutions,
1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire
PO15 7AH not later than 12:00 noon, December 5, 2005.

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


M U MAINTENANCE: Appoints Benedict Mackenzie Liquidator
-------------------------------------------------------
R. Unthank, chairman of M U Maintenance Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 4 at McCabe Ford Williams, Bank Chambers, 1 Central Avenue,
Sittingbourne, Kent ME10 4AE.

Julie Patricia Vahey of Benedict Mackenzie, of 5-6 The
Courtyard, Park East, Crawley, West Sussex RH10 6AG was
appointed liquidator.  The appointment was confirmed at a
creditors meeting held the same day.

CONTACT:  MU MAINTENANCE LTD.
          Unit F12, Lower Road
          Northfleet Industrial Estate
          Gravesend
          DA11 9SW
          Kent
          Phone: 01322 382474
          Fax: 01322 380249

          BENEDICT MACKENZIE
          4 The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@benemack.com


NETWORK RAIL: Seeks Passengers' Views on Plan for Orbital Routes
----------------------------------------------------------------
Network Rail on Nov. 28 unveiled 16 options for meeting the
demands of the increasing number of people using London's
orbital routes.

The number of Londoners is set to increase by almost one million
people in the next ten years, more than 600,000 new jobs are
expected -- many of which will be in the City and the East of
London.  As a result, the numbers traveling on the orbital rail
routes round London are predicted to grow by between 20% and 30%
in the same period.

Network Rail's Cross London Route Strategy presents, for
consultation, 16 options that could accommodate more passengers
on the routes around London (the North London Line, the West
London Line, the East London Line and the South London Line),
and allow more freight traffic to pass through the North of
London on its route from the East Coast ports to the West Coast
rail lines.

The consultation identifies the present day pinch points and
invites stakeholders to consider a variety of potential
solutions, which include:

-- Additional trains in the peak hours between Stratford and
   Camden Road,

-- Increasing services on the North London Line, doubling
   services on the Gospel Oak to Barking route and on the West
   London Line,

-- Diverting the London Bridge to Victoria service to Clapham
   Junction

Further rigorous analysis and appraisal will be done on the
options to ensure that only those passing strict value for money
tests are included in the final strategy.

              Report of Chief Executive John Armitt

This consultation looks at the challenges facing the rail
industry in meeting growing passenger and freight demand on the
orbital routes around London.  It presents a series of
ambitious, but realistic options for meeting this challenge and
allowing up to 30% passenger growth over the next ten years.

It affords us a unique opportunity to draw on all the major
transport plans for London and take account of significant
future events, like the Olympics in 2012.

We look forward to hearing the views of a wide range of
interested parties, including local authorities and regional
development agencies.

Network Rail and its key transport partners in London (including
Transport for London, the Department for Transport, and the
train and freight operating companies) have been working for
eight months to develop this draft route strategy.

The industry and numerous stakeholders have identified a series
of potential solutions and expansion plans for the route.  The
expert team has researched and analyzed each, and has discarded
many.  This resultant draft route strategy presents a series of
options, which the industry believes could deliver the greatest
benefit.

The consultation on these options will last until 24 February
2006.  Once completed, a final version of the route strategy
will be submitted to the Office of Rail Regulation and the
Department for Transport.

Some of the options could be taken forward by the rail industry,
together with Transport for London, while others may need the
input of other interested parties' (such as a Regional
Development Agency or the Department for Transport) before they
could proceed.

The Cross London Route Strategy is the second such strategy led
by Network Rail; the South West Main Line Route Strategy was
launched last month.

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


OKHAI BROS.: Liquidator from Springfields Moves in
--------------------------------------------------
M. S. Okhai, chairman of Okhai Bros. Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 7 at Holiday Inn, Leicester West, Braunstone Lane East,
Leicester LE3 2FW.  Situl Devji Raithatha of Springfields, 80
Hinckley Road, Leicester LE3 ORD was appointed liquidator.  The
appointment was confirmed at a creditors meeting held the same
day.

CONTACT:  OKHAI BROS LTD.
          Unit 9 Sussex House
          Sussex Street
          Leicester
          LE5 3BR
          Leicestershire
          Phone: 0116 253 6266
          Fax: 0116 253 6276

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


PATIENTLINE PLC: Secures U.S. Hospital Supply Contract
------------------------------------------------------
Patientline plc has signed a contract to supply its bedside
systems to a fourth hospital in the U.S., near Houston, Texas.

Memorial Health System is a 200-bed integrated health facility.
The Patientline system will be used to provide access for
clinicians to the advanced McKesson clinical IT systems used in
the hospital, as well as to enhance patient education and
entertainment.

Per Jonsson, Patientline's chief executive, said: "This contract
represents a further endorsement of both the leading Patientline
technology and our capability of delivering high quality service
in the U.S.  We look forward to working with McKesson, one of
the leading providers of healthcare IT services, to help enhance
the quality of patient care."

                        About the Company

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

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

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

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


PREMIER TILES: Names Begbies Traynor Liquidator
-----------------------------------------------
B. J. Darbyshire, chairman of Premier Tiles Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 1 at Elliot House, 151 Deansgate, Manchester M3
3BP.  Stephen L. Conn of Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP was appointed liquidator.

CONTACT:  PREMIER TILES LIMITED
          Premier Business Park
          Ferry Beach Road, Barrow-In-Furness
          Cumbria LA14 2PP
          Phone: 01229838410

          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


PROTECTION PARTNERSHIP: Files for Liquidation
---------------------------------------------
K. P. Barron, chairman of Protection Partnership Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 4 at Maclaren House, Skerne Road, Driffield,
East Yorkshire YO25 6PN.  Andrew James Nichols of Redman Nichols
Maclaren House, Skerne Road, Driffield, East Yorkshire YO25 6PN
was appointed liquidator.  The appointment was confirmed at a
creditors meeting held on the same day.

CONTACT:  PROTECTION PARTNERSHIP
          Catfoss Lane, Hull, HU11 5QN
          Phone: 01964 544500

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


RENTOKIL INITIAL: Sells Style Conferences for GBP325 Million
------------------------------------------------------------
Rentokil Initial plc has entered into arrangements with
Alternative Hotel Group, a group of investors led by Richard
Balfour-Lynn and other MWB directors acting in their private
capacity partnering with Bank of Scotland, pursuant to which it
expects to sell the Initial Style Conferences business for a
total consideration of GBP325 million on a debt free cash free
basis, to be paid in cash at completion.  It is Rentokil's
intention to apply the proceeds against current indebtedness and
the transaction is expected to close within two weeks.

Style Conferences is the market leader in the provision of
training and conferencing venues in the U.K. and owns the
freehold of 21 of the 29 centers that it operates.  It was
acquired as part of the BET group of businesses in 1996 and has
always been operated on a standalone basis.  For the twelve
months ended 31 December 2004, the Business generated operating
profit of GBP25.3 million and profit before tax of GBP19.7
million on turnover of GBP91.1 million.  As at 31 December 2004
Style Conferences had net assets of GBP128.9 million and gross
assets of GBP165.0 million.

Doug Flynn, Chief Executive of Rentokil Initial, said: "We
decided to sell Style Conferences because its operating
characteristics are substantially different from other
businesses in the Company, and because we believe that there are
other owners for whom the business would be a better fit.

"This transaction is a good outcome for our shareholders and has
been achieved in line with the timetable we set earlier in the
year.  It is another step forward towards our aim of creating a
clearer strategic focus by concentrating upon the development of
those businesses which can add most value for our shareholders."

                        About the Company

Rentokil Initial is one of the largest business services
companies in the world, operating in the major economies of
Europe, North America, Asia Pacific and Africa.  The company has
some 90,000 employees providing a range of support services in
over 40 countries.

Rentokil's restructuring took effect in June and the New
Rentokil Initial shares were admitted to the Official List and
to trading on the London Stock Exchange's market for listed
securities at that time.

In August, the company reported that turnover in the first half
of 2005 was up 3.2% to GBP1,167.2 million, while operating
income was down 33% to GBP119.2 million.  Profit before tax
plunged 40.3% to GBP93.2 million.

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


ROBINSONS AGRICULTURAL: Halifax Bank Appoints Receiver
------------------------------------------------------
Halifax Bank of Scotland Plc appointed D. J. Whitehouse and S.
Wilson (Office Holder Nos 008699 and 008963) of Kroll Limited
joint administrative receivers of Robinsons Agricultural &
Industrial Buildings Limited (Reg No 02663061) on Nov. 18.  The
company manufactures, supplies and constructs agricultural
buildings.

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


R P M CLEANING: Goes into Liquidation
-------------------------------------
R. West, director of R P M Cleaning Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 3 at Kirton Farm Hotel, Pingewood, Reading, Berkshire RG30
3UN.  Peter Anthony Jackson was appointed liquidator.

CONTACT:  R P M CLEANING
          Castle Rd, Sittingbourne, ME10 3RN
          Phone: 01795 472494


SPECIALIST PROPERTY: Calls in Administrator from Kroll Limited
--------------------------------------------------------------
David John Whitehouse and Simon Wilson (IP Nos 008699, 008963)
of Kroll Limited were appointed joint administrators of
Specialist Property Investments (Northern) Limited (Company No
04974564) on Nov. 18.  Its registered office is at Lancastrian
Business Centre, Washbrook House, Talbot Road, Old Trafford,
Manchester M32 0FP.

Specialist Property is a division of the Specialist Property
Group, which covers the northern housing market including
Yorkshire, Derbyshire, Nottingham, Lancashire, Merseyside,
Cheshire and Greater Manchester.  Since it was formed in 1999,
the group's turnover grew from GBP1 million to GBP25 million in
2002.  The client base has grown significantly from just one
investor to the current number of over 350.

CONTACT:  SPECIALIST PROPERTY INVESTMENTS (NORTHERN) LIMITED
          Lancastrian Business Centre Talbot Road
          Old Trafford, Manchester M32 0FP
          Phone: 0161 877 8388
          Fax: 0161 877 8377
          E-mail: info@specialistpropertyinvestments.co.uk
          Web site:
          http://www.specialistpropertyinvestments.co.uk/

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


STRATEGIC FOCUS: Administrators Enter Firm
------------------------------------------
P. Stanley and D. Bailey (IP Nos 008123, 006739) of Begbies
Traynor were appointed administrator of Strategic Focus &
Associates Limited (Company No 04614833) on Nov. 17.

CONTACT:  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


TRAFALGAR ENGINEERING: Appoints Begbies Traynor Administrator
-------------------------------------------------------------
P. Stanley and D. Bailey (IP Nos 008123, 006739) of Begbies
Traynor were appointed administrators of Trafalgar Engineering
Services Ltd. (Company No 04585581) on Nov. 17.

CONTACT:  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


VICTORY ELECTRONICS: Liquidator from Langley & Partners Moves in
----------------------------------------------------------------
A. Reshat, director of Victory Electronics Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 31 at Langley House, Park Road, London N2 8EX.  Alan Simon
of Langley & Partners, Langley House, Park Road, London N2 8EX
was appointed liquidator.

CONTACT:  VICTORY ELECTRONICS LIMITED
          284 Alma Road
          Enfield
          EN3 7BB
          Phone: 020 88059920

          LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk


VIVA ONLINE: Creditors Meeting Set Next Week
--------------------------------------------
Creditors of Viva Online Limited (Company No 5030636) will meet
on December 9, 2005, 10:30 a.m. at 1640 Parkway, Solent Business
Park, Whiteley, Fareham, Hampshire PO15 7AH.  Creditors who want
to be represented at the meeting may appoint proxies.  Proxy
forms must be submitted together with written debt claims to
Michael Robert Fortune and James Richard Tickell, joint
administrators of Portland Business & Financial Solutions Ltd.,
1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire
PO15 7AH not later than 12:00 noon, December 8, 2005.

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


                            *********


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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