TCREUR_Public/051202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, December 2, 2005, Vol. 6, No. 238

                            Headlines

C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: Audit Uncovers Dubious Contracts


D E N M A R K

TDC A/S: Ratings Downgraded to Ba1/NP


F R A N C E

EUTELSAT S.A.: IPO Credit Positive, Says S&P
RHODIA S.A.: B Rating Affirmed on Planned Capital Increase


G E R M A N Y

BAUUM BAU: Proofs of Claim Due February
BRENNTAG HOLDING: Rating Cut to B+ on Planned Recapitalization
CONTACT MEDIENBERATUNGSGESELLSCHAFT: Succumbs to Bankruptcy
DOKU TEAM: Esslingen Court Names Administrator
GEA GROUP: Strengthens Sales Team with New Board Appointment

HANSA HOTEL: Frankfurt Business Goes Bust
HESS GMBH: Court to Verify Claims Next Month
HODAC-BAUGESELLSCHAFT: Creditors' Claims Due Later this Month
KULTUR- UND ERDBAU: Celle Firm Under Bankruptcy Administration
PRO EVENT: Creditors Meetings Set January

SIT TEXTIL: Chemnitz Court Calls in Administrator
TRATTORIA SCUSI: Court to Verify Claims April
UNITY MEDIA: EBITDA Increases 7.9% to EUR66.7 Million in Q3


H U N G A R Y

NABI RT: Obtains Extension of Default Waiver


I T A L Y

TISCALI S.P.A.: To Invest in New Broadband Network to up Sales


L U X E M B O U R G

STOLT-NIELSEN: Buys back 148,450 Common Shares


N E T H E R L A N D S

ROYAL SHELL: Petrobras Buying 250 Service Stations in S. America
ROYAL SHELL: Buys back 2,600,000 'A' Shares
VERSATEL TELECOM: Hedge Funds Demand Board Reshuffle


R U S S I A

ADYGEYSKIY: Applies for Bankruptcy Proceedings
ARTEX: Claims Filing Period Ends December 15
ASTRAKHANSKIY UNIVERSALPORT: Under Bankruptcy Supervision
GOLYSHMANOVO-REM-TEKH-PRED: Declared Insolvent
GORNOMARIYSKAYA: Gives Creditors Until Dec. 15 to File Claims

IC RUSS-INVEST: Immaculate Balance Sheet Earns Firm B Rating
OAO GAZPROM: Fitch Keeps BB+ Rating on Gaz Capital's LPN Program
OAO SIBNEFT: Bares 11 Board Nominees; Election Set December 23
PROM-TRACTOR-INSTRUMENT: Succumbs to Bankruptcy
UNIKHROM: Tyumen Court Brings in Insolvency Manager

UPOROVO-AGRO-PROM-SERVICE: Bankruptcy Hearing Resumes Next Week
YAMNENSKIY: Fish Factory Succumbs to Bankruptcy
YUKOS OIL: Prosecutors Win case vs. Senior Executives
ZAP-SIB-GAS-KOMPLEKT: Insolvency Manager Takes over Firm


S P A I N

IZAR: Nine Qualify in Civilian Yards Tender


U K R A I N E

KAMINNYA SVITU: Declared Insolvent
VINNITSYA GLASS: Goes into Liquidation
ZERNOKOMPLEKS: Proofs of Claim Due Tomorrow


U N I T E D   K I N G D O M

ALL ABOUT: Toy Maker Calls in Liquidator
ARTCOTE PLC: Goes into Liquidation
BEMMS LIMITED: Appoints Liquidators from Cresswall Associates
COLLINS & AIKMAN: Court Okays Cross-border Insolvency Protocol
COLT TELECOM: Corners 5-year EUR80 Million AOK Contract

CORUS GROUP: Books GBP50 Million 3rd-quarter Profit
COURTS PLC: Jamaican Business Up for Grabs
DRAX GROUP: Shareholders Approve Scheme of Arrangement
E.C.R. (INSURANCE SERVICES): Calls in Liquidator
EMI GROUP: Outlook Changed to Negative on Debt Concerns

GOOD FOR HEALTH: Begbies Traynor Liquidator Moves in
HARRINGTON CONSUMER: Appoints Liquidator
HARVEST RECRUITMENT: Files for Liquidation
HIPPODROME THEATRE: Receives GBP4.3 Mln Grant from Local Govt
INTELLIGENT-MOTORING LTD.: In Liquidation

INTERTEK GROUP: Non-executive Director Dies
INVESCO RECOVERY: Hires PricewaterhouseCoopers Liquidator
JARVIS PLC: Reveals GBP59.6 Million Half-year Loss
JESSOPS PLC: Interim Full-year Sales Slightly Down
JJ CONSTRUCTION: Names Alexander Lawson Liquidator

JOHN HAWTHORN: Liquidator from Poppleton & Appleby Enters Firm
LEGENDS RACING: Crawfords to Liquidate Business
MG ROVER: GB Sports to Acquire Austin-Healey Brand
NEWDAY GROUP: Calls in Tenon Recovery Liquidator
PATHLEAD LIMITED: Names Liquidator from Middleton Partners

PATIENTLINE PLC: Revenue Up 13% to GBP26.4 Million
R FARMS: Appoints Deloitte & Touche Liquidator
RINKWAY APPAREL: Files for Liquidation
SPINAL SERVICES: Liquidators from Tomlinsons Move in
TAMRON (UK): Hires Moore Stephens to Liquidate Business
T L GROUP: Appoints Gregory Michaels Liquidator
VENILIA LTD.: Hires Liquidator from BDO Stoy Hayward


                            *********


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


VSEOBECNA ZDRAVOTNI: Audit Uncovers Dubious Contracts
-----------------------------------------------------
The audit conducted by the Health Ministry on Vseobecna zdravotni
pojistovna Ceske republiky (The General Health Insurance Company,
VZP) has uncovered questionable deals concerning its cars,
according to daily Pravo.

The report said VZP sold its company cars and leased them back at
"not very advantageous conditions."  A VZP board member is
involved, it said.  The audit also showed VZP giving more
lucrative health contracts to some hospitals than others under
the management of outgoing director Jirina Musilkova, who will
resign January 1.  Auditors also found out that VZP entered into
contracts for the purchase of certain medicines without a tender.

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


=============
D E N M A R K
=============


TDC A/S: Ratings Downgraded to Ba1/NP
-------------------------------------
Moody's Investors Service has downgraded the senior unsecured
bond ratings of TDC A/S (TDC) to Ba1 from Baa1 and TDCs
short-term ratings to Not Prime from Prime-2.  The ratings were
initially placed on review for possible downgrade on Oct. 6,
2005.  Simultaneously, Moody's has assigned a Ba1 Corporate
Family Rating (CFR) to TDC.  The CFR and long-term ratingss
remain on review for possible further downgrade.

The rating actions follow the announcement made by TDCs Board of
Directors that it has recommended a public tender offer for 100%
of the company's shares at DKK 382 per share (valuing the
company's equity at some Euro10 billion).  The offer has been
made by Nordic Telephone Company ApS which is indirectly wholly
owned by certain investment partnerships directly or indirectly
advised or managed by Apax Partners Worldwide LLP, The Blackstone
Group International Limited, Kohlberg Kravis Roberts & Co. L.P.,
Permira Advisers KB, and Providence Equity Partners Limited.

At their new level, the ratings are based on Moodys expectation
of a significant leveraging of the group with a view of funding
the purchase price of Euro10 billion.  However, they also
recognize TDC's currently sizeable DKK10.6 billion cash holding
position (further strengthened after announced cash DKK 5billion
sale of the directories business), its good market position, its
relatively resilient operating profitability, the potential
non-strategic asset disposals and its stable cash flow stream
offering a sizeable debt reduction capacity.

The Ba1 Corporate Family Rating and senior unsecured debt ratings
remain on review for possible further downgrade as a result of
the uncertainties with respect to its ultimate debt capital
structure and financial structure as well as uncertainties
regarding how the group's strategy in developing its business
going forward will be affected.  The ratings do not yet reflect
the eventual structure of TDC's debt or the ranking of the rated
bonds within that structure.  Moody's will review the senior debt
ratings of TDC with a focus on the various funding instruments
the new owners choose to apply and their impact on TDC's current
debt, and on the company's revised business and financial
strategy.  Moody's highlights the fact that there is no covenant
protection in the rated bonds such as a change of control clause
and that the negative pledge only applies to tradable debt.  This
means that there is a possibility that secured debt could be used
in the financing structure, weakening the position of existing
creditors

The review process will also assess the business strategy of TDC
under the new ownership and the impact of the refinancing on
TDC's existing bondholder positions.  Subject to the ranking of
TDC's debt in the leveraged capital structure the rating for the
senior unsecured notes of TDC could be placed up to two notches
below its Corporate Family Rating.

Securities affected by the downgrade to Ba1 and under review for
possible further downgrade are the senior unsecured bonds issued
under the US$6 billion program for the issuance of debt
instruments (MTN).  The newly assigned Ba1 corporate family
rating is also under review for possible downgrade.  The Euro
1.5billion Commercial paper program was downgraded to Not Prime.

Headquartered in Copenhagen, Denmark, TDC is the principal
provider of fixed and mobile voice communications, Internet and
broadband data services in Denmark.  TDC has six main business
lines; TDC Solutions, TDC Mobile International, TDC Switzerland,
TDC Cable TV, TDC Directories and TDC Services.  TDC was partly
privatized in 1994 and fully privatized in 1998.

Outside its domestic market, the company has significant presence
in selected markets in Northern and Central Europe.  It is the
second largest fixed-line and second largest mobile operator in
Switzerland through its subsidiary TDC Switzerland.  In addition,
TDC has a number of minority mobile investments, including
Polkomtel in Poland (19.6%), and One in Austria (15%).

CONTACT:  MOODY'S INVESTORS SERVICE ESPANA, S.A. (MADRID)
          Carlos Winzer, Senior Vice President
          Corporate Finance Group
          Moody's Investors Service Espana, S.A.
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

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


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


EUTELSAT S.A.: IPO Credit Positive, Says S&P
--------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term and
'B' short-term corporate credit ratings on France-based leading
satellite capacity provider Eutelsat S.A. and related entities on
CreditWatch with positive implications, based on an anticipated
significant reduction in financial leverage after the
reactivation of the IPO of its holding company, Eutelsat
Communications S.A.

At the same time, Standard & Poor's placed all its outstanding
debt ratings on Eutelsat, and its ratings on related entities
SatBirds Finance Sarl and SatBirds Capital Participations SCA,
along with its '3' recovery rating on SatBirds Finance Sarl's
EUR1.78 billion($2.14 billion) senior secured facilities, on
CreditWatch with positive implications.  The '3' recovery rating
indicates our expectation of meaningful (50%-80%) recovery of
principal for secured lenders in the event of a payment default.

Standard & Poor's also affirmed its '1' recovery rating--which
indicates our expectation of full recovery of principal in the
event of a payment default--on Eutelsat's EUR1.3 billion senior
unsecured bank loan.

"The CreditWatch placement will likely be resolved following a
review of Eutelsat's future business performance and the
company's financial policy -- specifically in terms of target
capital structure and dividend policy and/or acquisitions--upon
the completion of the IPO -- expected on Dec. 1, 2005--and
execution of the expected debt reduction," said Standard & Poor's
credit analyst Melvyn Cooke.

While Eutelsat has reduced its offering price from its previous
IPO attempt, the group still expects the transaction to generate
around EUR860 million in proceeds.

"As the group has earmarked these proceeds for debt reduction,
the completion of the IPO is likely to lead to a material
decrease in leverage, potentially commensurate with higher
ratings, depending on the magnitude of the related proceeds
actually received and dedicated to debt prepayment," said
Mr. Cooke.

The company withdrew its previous IPO plans at the end of October
2005, on concerns over volatile equity market conditions.  In the
event of an IPO, Eutelsat is required to prepay part of its
outstanding senior debt to ensure that net consolidated cash-pay
debt to EBITDA reaches no more than 5x post-IPO.  At Aug. 31,
2005, outstanding senior debt stood at EUR1.5 billion, excluding
about EUR800 million of net financial debt and about EUR150
million of financial leases linked to the Atlantic Bird1
satellite, located at the Eutelsat S.A. level.  At the same date,
Eutelsat's net consolidated cash-pay debt to EBITDA stood at
about 5.3x. The group has a waiver from its bankers to prepay its
existing EUR300 million pay-in-kind (PIK) bonds and EUR475
million second-lien facilities ahead of its senior debt.
Adjusted total debt to pro forma group EBITDA for the year ended
June 30, 2005, was about 5.7x.

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:  EUTELSAT S.A.
          70 rue Balard
          F-75502 Paris Cedex 15
          France
          Phone: +33 (1) 53 98 47 47
          Web site: http://www.eutelsat.com/


RHODIA S.A.: B Rating Affirmed on Planned Capital Increase
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long- and 'B'
short-term corporate credit ratings on France-based chemicals
producer Rhodia S.A., following the group's announcement of a
proposed capital increase.  The outlook is stable.

"Rhodia's planned capital increase is positive for the group and
will help improve cash flow measures, which are currently weak
for a 'B' long-term rating," said Standard & Poor's credit
analyst Khaled Zitouni.

The proposed increase will lower Rhodia's net debt by about
EUR500 million and help lower the group's interest burden by
EUR45 million.

Nevertheless, key challenges remain. Profitability has improved
but there is still room for improvement. High interest charges,
restructuring costs, and capital expenditures are expected to
continue to weigh on Rhodia's ability to generate the positive
free cash flows needed to reach a higher rating.

Standard & Poor's expects that, despite a ratio of FFO to fully
adjusted net debt that was very weak in 2004, and is expected to
be below 5% in 2005, this will improve to above 10% in 2006, more
in line with the 'B' rating category.

"The ongoing significant restructuring costs and interest charges
will continue to pressure Rhodia's free cash flow generation in
2006," said Mr. Zitouni.  "However, improving operating margins,
and the continued strong performance of the polyamide business,
are likely to lead to some improvement."

Should this trend continue beyond the first half of 2006, the
rating could be positively affected.

A favorable conclusion of the legal claim concerning
Sanofi-Aventis S.A. (AA/Stable/A-1+) would also be positive for
Rhodia as it would remove a degree of uncertainty.

New capacity or increased competition in polyamides, weak pricing
power, materially adverse legal proceedings, or a failure to
complete the proposed capital increase, would likely have a
negative impact on the ratings.

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


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


BAUUM BAU: Proofs of Claim Due February
---------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BauUm Bau- und Umweltplanung GmbH on November
11.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until February 3,
2006 to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on January 3, 2006, 9:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report March 7, 2006,
9:30 a.m. at the same venue.

CONTACT:  BAUUM BAU- UND UMWELTPLANUNG GmbH
          Seydelstrasse 27,10117 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


BRENNTAG HOLDING: Rating Cut to B+ on Planned Recapitalization
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based industrial and specialty
chemicals distributor Brenntag Holding GmbH & Co. KG to 'B+' from
'BB-', following the group's planned
recapitalization.  The outlook is stable.

Brenntag's proposed first-lien nine-year senior secured
facilities totaling EUR1,269 million were assigned a 'B+' rating,
the same level as the corporate credit rating, with a recovery
rating of '2', indicating Standard & Poor's expectation of
substantial recovery (80%-100% of principal) for lenders in the
event of a payment default.

At the same time, the proposed EUR280 million second-lien loan,
with a maturity of 9.5 years, was assigned a 'B-' rating. The
second-lien loan is expected to benefit from the same security as
the priority senior facilities, but lenders will rank behind the
latter in repayment priority.

The ratings are subject to final documentation, which has not yet
been finalized.  The proceeds from the bank facilities will be
used to refinance and roll over existing debt and distribute
about EUR450 million to Brenntag's shareholders.

"The rating actions reflect Brenntag's weaker financial profile,
due to an increased use of leverage after the recapitalization,"
said Standard & Poor's credit analyst Eve Greb.

Pro forma the recapitalization, total lease- and pension-adjusted
debt to EBITDA is expected to be about 6x (or 5.75x on an
unadjusted basis) for the year ended Dec. 31, 2005, compared with
4.5x after the previous recapitalization in January 2005, which
was already weak for the previous rating.

"In addition, further equity redemption or dividends were not
factored into the previous rating after the recapitalization in
January 2005," said Ms. Greb.

The stable outlook reflects Standard & Poor's expectation that
the group's credit protection will improve gradually in the
medium term to make its financial profile commensurate with the
ratings, with expected total debt to EBITDA of about 5x and
EBITDA cash fixed-charge cover exceeding 2.5x.  This is based on
the expectation of a further improvement in the group's
profitability, cash flow generation, and financial profile, as a
result of Brenntag's solid market position, business stability,
and proven track record in improving EBITDA generation.

"The outlook could be revised to negative or the ratings lowered
if Brenntag cannot achieve these targets, if further equity
redemptions and dividend payouts occur, if liquidity does not
remain sufficient, or should the company not be in compliance
with financial covenants," said Ms. Greb.

An outlook revision to positive is less likely in the short term.
It would require additional financial improvement beyond the set
target ratios.

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:  BRENNTAG HOLDING GMBH & CO. KG
          Stinnes-Platz 1
          45472 Mulheim an der Ruhr
          Germany
          Phone: +49 (208) 7828-0
          Fax: +49 (208) 7828-698
          E-mail: info@brenntag.de
          Web site: http://www.brenntag.com


CONTACT MEDIENBERATUNGSGESELLSCHAFT: Succumbs to Bankruptcy
-----------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against CONTACT Medienberatungsgesellschaft in Hessen
mbH on November 7.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
January 18, 2006 to register their claims with court-appointed
provisional administrator Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2006, 9:50 a.m. at the district court of
Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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:  CONTACT MEDIENBERATUNGSGESELLSCHAFT IN HESSEN mbH
          Burgstrasse 3, 60316 Frankfurt am Main

          Claudia Jansen, Administrator
          Bockenheimer Landstrasse 20, 60323 Frankfurt/Main
          Phone: 069/42726865270
          Fax: 069/42726865555


DOKU TEAM: Esslingen Court Names Administrator
----------------------------------------------
The district court of Esslingen opened bankruptcy proceedings
against Doku Team GmbH on November 10.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 3, 2006 to register their claims
with court-appointed provisional administrator Mr. Sedlitz.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2005, 9:00 a.m. at the district court
of Esslingen, Ritterstr. 5 (Eingang Strohstrasse), 1. OG, Saal 1,
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report on February 3, 2006,
9:00 a.m. at the same venue.

CONTACT:  DOKU TEAM GmbH
          Gottlieb-Daimler-Str. 1, 73770 Denkendorf

          Mr. Sedlitz, Administrator
          Wilhelmstr. 12, 70182 Stuttgart
          Phone: 0711/16424-0
          Fax: 16424-24


GEA GROUP: Strengthens Sales Team with New Board Appointment
------------------------------------------------------------
Effective Dec. 1, 2005, Dr.-Ing. Stephan Reimelt will be
appointed to the Executive Board of Lurgi AG, Frankfurt am Main.
He will be responsible for Sales.  The objective of this newly
created Executive Board position is to further strengthen the
Sales function. With this move, Lurgi is making due allowance for
the positive business trend.

A holder of a doctorate in industrial engineering, Dr. Stephan
Reimelt has been working for Lurgi since 2001.  He started as
managing director of Lurgi Life Science GmbH and changed to the
position of head of the sales division of Lurgi AG in 2004.

Mr. Reimelt founded the Reimelt Corporation in Tampa, U.S.A.,
while studying at the Technical University Berlin, advanced to
general partner and managing director of Dietrich Reimelt KG in
1989 before taking the position of managing director sales and
technology of Reimelt GmbH during the period from 2000 to 2001.

The other Executive Board members of Lurgi AG are Klaus Moll
(Chairman), Klaus Buchborn-Klos (Accounting, Taxes, Controlling,
Finance and Legal) as well as Christof von Branconi (Engineering
and Operations).

GEA Group Aktiengesellschaft is an international technology group
that focuses on specialty mechanical engineering -- especially
process engineering and equipment - and plant engineering.
Revenue totaled approximately EUR4.1 billion in 2004.  At
December 31, 2004, it employed around 17,000 people.  The GEA
Group is one of the world's market and technology leaders in 90
percent of its businesses and is listed in Germany's MDAX index.

                            *   *   *

GEA Group Aktiengesellschaft was formerly Mg Technologies AG.
It was renamed on July 12 as part of a strategic restructuring
launched in 2003.  GEA now stands for "Global Engineering
Alliance" with a head office at am Main to Bochum.

CONTACT:  GEA GROUP AKTIENGESELLSCHAFT
          Phone: +49 (0)234 980 1081
          Fax: +49 (0)234 980 1087
          Web site: http://www.geagroup.com


HANSA HOTEL: Frankfurt Business Goes Bust
-----------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against HANSA Hotel Halle Peissen
Betriebsgesellschaft mbH on November 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 15, 2005 to register their
claims with court-appointed provisional administrator Michael C.
Frege.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 9:25 a.m. at the district court
of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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:  HANSA HOTEL HALLE PEISSEN BETRIEBSGESELLSCHAFT mbH
          Lange Strasse 59, 60311 Frankfurt am Main
          Contact:
          Horst-Ludwig Truetschel, Manager
          Am Fuchsberg 10b, 39112 Magdeburg

          Michael C. Frege, Administrator
          Barckhausstrasse 12-16, 60325 Frankfurt am Main
          Phone: 069/71701-300
          Fax: 069/71701-40-410


HESS GMBH: Court to Verify Claims Next Month
--------------------------------------------
The district court of Bad Kreuznach opened bankruptcy proceedings
against Hess GmbH on November 9.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 7, 2006 to register their claims
with court-appointed provisional administrator Dr. jur. Wolfgang
Maus.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 9:40 a.m. at the district court
of Bad Kreuznach, Saal 309, Ringstrasse 79, 55543 Bad Kreuznach,
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:  HESS GmbH
          Hauptstr. 34, 56290 Dorweiler/Kastellaun
          Contact:
          Hans Walter Hess, Manager
          Suellenstr. 5, 40599 Duesseldorf

          Dr. jur. Wolfgang Maus, Administrator
          Mannheimer Str. 254a, D-55543 Bad Kreuznach
          Phone: 0671/79496-13
          Fax: 0671/79496-10


HODAC-BAUGESELLSCHAFT: Creditors' Claims Due Later this Month
-------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against HODAC-Baugesellschaft mbH on November 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 30, 2005 to
register their claims with court-appointed provisional
administrator Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting on February 1, 2006, 10:00 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  HODAC-BAUGESELLSCHAFT mbH
          Contact:
          Thomas Dathe, Manager
          Waldstrasse 15 b, 09573 Augustusburg

          Carsten Morgenstern, Administrator
          Michaelstr. 71, 09116 Chemnitz


KULTUR- UND ERDBAU: Celle Firm Under Bankruptcy Administration
--------------------------------------------------------------
The district court of Celle opened bankruptcy proceedings against
Kultur- und Erdbau GmbH on November 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 2, 2006 to register their
claims with court-appointed provisional administrator Hans-Peter
Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting on January 13, 2006, 9:00 a.m. at the district court
of Celle, Saal 014, Erdgeschoss, Amtsgericht Celle, Nebenstelle,
Muehlenstrasse 4, 29221 Celle, 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:  KULTUR- UND ERDBAU GmbH
          Im Nordfeld 10, 29336 Nienhagen
          Contact:
          Tanja Rother, Manager

          Hans-Peter Valentiner, Administrator
          Bahnhofstr. 30A, 29221 Celle
          Phone: 05141/28011
          Fax: 05141/24722


PRO EVENT: Creditors Meetings Set January
-----------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Pro Event Veranstaltungs- & Marketing GmbH on June 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 17, 2006
to register their claims with court-appointed provisional
administrator Andrew Seidl.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 10:30 a.m. at the district court
of Erfurt, Saal 12, im Justizzentrum, Rudolfstr. 46, 99092
Erfurt, 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:  PRO EVENT VERANSTALTUNGS- & MARKETING GmbH
          Contact:
          Jens Ludwig and Angela Hofmann, Managers
          Camburger Str. 02/02, 99091 Erfurt

          Andrew Seidl, Administrator
          Hochheimer Str. 47, 99094 Erfurt


SIT TEXTIL: Chemnitz Court Calls in Administrator
-------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against SIT Textil Schadlich Produktions und Handels GmbH on
November 7.  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 Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 11:30 a.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  SIT TEXTIL SCHADLICH PRODUKTIONS UND HANDELS GmbH
          Am Bahnhof 6, 08258 Markneukirchen/OT Siebenbrunn
          Contact:
          Markus and Christine Schadlich, Managers

          Wolfgang Hauser, Administrator
          Poetenweg 36, 08056 Zwickau


TRATTORIA SCUSI: Court to Verify Claims April
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Trattoria Scusi Ristorante II Sorriso - GmbH
& Co. KG on November 15.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until February 7, 2006 to register their claims with
court-appointed provisional administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on January 4, 2006, 9:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on April 5,
2006, 9:00 a.m. at the same venue.

CONTACT:  TRATTORIA SCUSI RISTORANTE II SORRISO - GmbH & Co. KG,
          Alt-Moabit 99,10559 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


UNITY MEDIA: EBITDA Increases 7.9% to EUR66.7 Million in Q3
-----------------------------------------------------------
Unity Media GmbH, the largest cable television operator in the
German states of Hesse and North Rhine-Westphalia (NRW), on Nov.
28 announced the consolidated results for the quarter ended Sept.
30, 2005.

Financial and Corporate Highlights[1]

-- Stable Revenues at EUR137.4 million in Q3 2005 (EUR137.4
   million in Q3 2004),

-- EBITDA up 7.9% to EUR66.7 million in Q3 2005 (EUR61.8 million
   in Q3 2004),

-- EBITDA margin of 48.6%,

-- ish Acquisition financing completed in July,

-- Tele Columbus merger announced and approved

Operational Highlights[2]

-- RGU base of 5.321 million (5.381 million at 30 September
   2004),

-- Strong growth in digital subscribers to 101k up from 44k,

-- High Speed Internet subscribers increase to 30k from 13k,

-- Telephony lines up from 3.3k to 11.5k,

-- Unity Media integration progressing to plan

         Report of Parm Sandhu, Chief Executive Officer

Q3 2005 sees the first quarter of Unity Media as a single
business.  It was a busy period in which we delivered a robust
set of financial results and continued to lay the foundations for
growth.  We connected the Hesse network to our state-of-the art
Network Operating Centre in Kerpen, which allowed us to launch
our new digital packages, "tividi."  The initial results are
encouraging and will drive further growth in digital subscribers.

In November we signed a long-term co-operation contract with
Wohnbau Giessen for "Multimedia-Anschluss" which will add a
further 7,250 homes to that product after the upgrade of Giessen
in the first half of 2006.  The Internet market continues to be
competitive and we will shortly be launching new offers.

We maintained stability in our overall RGU base while
significantly growing our digital television and high speed
internet subscriber base and telephony lines.  Our focus on cost
control and strict capital discipline continues with an EBITDA
margin for the quarter in excess of 48%.  We consolidated our
administrative functions in Cologne and other integration
projects are well progressed.

In November we were informed by the German Federal Cartel Office
that they have no objections to the combination of Unity Media
and Tele Columbus.  We expect closing in December.

Summary Financial Statistics[1]
in EURm                      Q3/2005 Q3/2004 % Change

Sales                         132.8   131.7      0.8%
Own Work Capitalised            1.7     1.8     -7.8%
Other Operating Income          2.9     3.9    -24.5%
Total Revenues                137.4   137.4      0.0%
EBITDA                         66.7    61.8      7.9%
EBITDA Margin                  48.6%   45.0%
Capex                          10.3    13.7    -24.6%
% of Revenues                   7.5%   10.0%

Summary Operating Statistics[2]
in 000's                       Q3/2005  Q3/2004   % Change

Basic Cable Subscribers        5,177.7   5,321.3     -2.7%
Premium Cable                    101.1      43.5    132.4%
High Speed Internet               30.3      13.3    127.8%
Telephony                         11.5       3.3    248.5%
Total RGUs                     5,320.7   5,381.4     -1.1%
Basic Cable ARPU (EUR)             7.48      7.47     0.1%
Premium Cable ARPU (EUR)           8.10      6.83    18.6%
High Speed Internet ARPU (EUR)    20.14     37.44   -46.2%
Telephony ARPU (EUR)              26.01     29.89   -13.0%
Total Blended ARPU (EUR)           7.79      7.62     2.2%

Financial statements are available free of charge at
http://bankrupt.com/misc/UnityMedia(3Q2005).pdf

Unity Media -- http://www.unitymedia.de-- is headquartered in
Cologne and is the proprietor of the Hessian cable network
operator iesy and the North Rhine-Westphalia cable network
operator ish.  The two companies are the largest providers of
cable television in their respective states.  In addition to
analogue cable services, ish and iesy also offer digital
television, high speed Internet and telephony.  On 30 September
2005 Unity Media had approximately 5.2 million basic cable
customers, 101,100 digital TV customers, 30,300 high speed
Internet customers, and 11,500 telephone lines.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] The information presented for the quarter ended September 30,
2004 is derived by adding ish's consolidated financial
data for the the quarter ended September 30, 2004 to iesy's
consolidated financial data for the quarter ended
September 30, 2004 to reflect the impact of the ish acquisition
(which occurred in June 2005) in order to make the comparison of
such data more meaningful for investors.  We have not prepared
full pro forma financial statements for any of the periods
presented.  The financial statements attached hereto contain
historical consolidated financials of Unity Media GmbH for the
periods ending September 30, 2004, which have not been adjusted
to account for the ish Acquisition which happened on June 24,
2005.  Accordingly, the financial statements for the nine months
ending September 30, 2005 attached hereto only contain financial
data for ish since June 24, 2005.

[2] Operating data for the quarter ended September 30, 2004 are
comprised of the sum of actual iesy historical data and actual
ish historical data for the relevant period.

                            *   *   *

In June, ish GmbH completed its merger with iesy in Hesse,
capping a successful turnaround from a crisis three years ago.
ish narrowly avoided liquidation in 2002 when international
corporate turnaround expert, AlixPartners LLC, took over the
helm.  A case study by AlixPartners found out the company had
over-invested in anticipation for an increase in cable
subscribers that did not happen.  The firm incurred more than
EUR3 billion in debt, defaulted on bank agreements and ran out of
cash.

To rescue the business, AlixPartners arranged an out-of-court
reduction of ish's trade debt by 33%, secured EUR335 million in
new bank and trade financing, and established an achievable
operating plan.  AlixPartners' managing director Jim Bonsall, who
initially acted as chief restructuring officer, later became
chief executive officer of the company.

CONTACT:  UNITY MEDIA GMBH
          Carla Wagner
          Michael Frank
          Phone: +49 (0)221 / 37792-150
          E-mail: Investor.Relations@unitymedia.de
          Web site: http://www.unitymedia.de


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


NABI RT: Obtains Extension of Default Waiver
--------------------------------------------
On May 26, 2005 NABI Autobuszipari Rt said that, with its wholly
owned subsidiary NABI, Inc. (together NABI), they had entered
into a Master Support Agreement (MSA) with their Financiers,
which provided for both a temporary conditional waiver for NABI's
events of default then existing under their financing agreements
for the term of the MSA and the restructuring of NABI's secured
debt.

Since that date, NABI has been working towards the objectives and
subsequent implementation of the agreements set out in the MSA.

As a precondition of the implementation of the MSA, the Annual
General Meeting of the Shareholders of NABI Rt., held on May 27,
2005, authorized the Board of Directors to issue new shares in
exchange for a part of NABI's debt.  This authorization was valid
until November 30, 2005.  As part of this agreement with the
Financiers, NABI undertook to continue with the restructuring
efforts with a view to reducing its debt.

On July 28, 2005 as previously announced NABI Inc. sold all of
its shares in Optare Holdings Ltd. to a UK-based Company, the
proceeds from which were used to reduce NABI's debt.

NABI, Inc. has solicited offers and received a term sheet from a
proposed lender for the provision of additional working capital
for its US operations and is currently considering the terms of
the offer.

The Board of Directors of NABI Rt. together with the Company's
restructuring advisers Conway, Del Genio, Gries and Co. LLC and
Vantis Numerica LLP have examined offers for the purchase of a
part or whole of NABI's assets and businesses and continue to
consider proposals from prospective buyers.

At the present time NABI is proceeding with a transaction, which
is aimed at implementing the restructuring consistent with the
MSA (Restructuring).  As the authorization of the Board of
Directors to issue new NABI Rt. shares has not been used, any new
share issuance by NABI Rt. is therefore subject to further
shareholder approval.

Under its terms the MSA would have expired on November 30, 2005.
However, since the restructuring has not been completed by this
date and to support the continuation of the restructuring
process, the Financiers and NABI have agreed to extend the expiry
date of the MSA from November 30 to December 31, 2005.  If the
Restructuring is not completed or a further extension is not
agreed with the Financiers by December 31, 2005, the waivers
granted by the Financiers in the MSA will terminate.

The Board of Directors remains committed and continues to work
diligently so as to achieve the implementation of the
Restructuring and appreciates the understanding of the
shareholders.  Further information will be communicated as the
Restructuring proceeds.

CONTACT:  NABI RT.
          45 Ujszasz u.
          Budapest 1165
          Phone: +36-1-401-7399
          Fax: +36-1-407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu

          Andras Bodor, Corporate Affairs Director
          Phone: +36-1-401-7100
          Fax: +36-1-407-2931
          E-mail: andras.bodor@nabi.hu


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


TISCALI S.P.A.: To Invest in New Broadband Network to up Sales
--------------------------------------------------------------
Tiscali S.p.A. is investing EUR60 million - EUR70 million to
build its broadband network in Germany, AFX News reports.

Carl Muehlner, head of Tiscali's German division, said the new
network is expected to increase German sales by 20% in 2006.  The
company aims to sign up 1,000 DSL clients every month.  Tiscali's
235,000 DSL customers in Germany are below those of rivals United
Internet AG and T-Online International AG.

Financial Mirror, in another report, said the new network is
forecasted to reach a third of German households in three years.

                            *   *   *

Headquartered in Cagliari, Italy, Tiscali has more than 7 million
subscribers, of which over 1.5 million are broadband users.  It
has sold non-core assets to raise money to cover a EUR250 million
bond that matured in July.

As of March 31, Tiscali's financial assets totaled EUR180.2
million while debt amounted to EUR381.7 million.  Pre-tax loss in
the first-quarter amounted to EUR17.9 million.  Fitch gives the
company a short-term rating of 'B' and rates its senior unsecured
debt 'CCC+'.  Tiscali Finance S.A.'s EUR250 million guaranteed
floating-rate notes, which fell due in July, and its EUR209.5
million guaranteed equity-linked bonds due in September 2006 are
rated 'CCC+'.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


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


STOLT-NIELSEN: Buys back 148,450 Common Shares
----------------------------------------------
Stolt-Nielsen S.A. (SNSA) said Stolt-Nielsen Transportation Group
Ltd. (SNTG), a 100% owned subsidiary, purchased on Wednesday
148,450 of SNSA Common Shares on the Oslo Stock Exchange at an
average price of NOK218.06 per share (approximately US$32.36 at
the current exchange rate).  The shares were purchased in
accordance with the repurchase program announced on August 25,
2005, authorizing Company to purchase up to US$200 million worth
of its Common Shares or related American Depositary Shares.

Accordingly, in conformity with applicable Oslo Stock Exchange
requirements, we report that Stolt-Nielsen S.A., through its
wholly owned subsidiary, Stolt-Nielsen Transportation Group Ltd.,
after this transaction has the following ownership (in the
aggregate) in Stolt-Nielsen S.A., whose Common Shares are
secondarily listed on the Oslo Stock Exchange with primary
listing (through ADS arrangements) in the United States:

* Total number of Common Shares purchased: 148,450
* Total number of Common Shares owned after purchase: 1,611,650
* Percentage of issued shares of such class of shares following
  such purchase: 2.5%

Including the current purchases, the Company has purchased Common
shares totaling approximately US$54.8 million under the US$200
million repurchase program announced on August 25, 2005.

All Common Shares purchased by SNTG are classified as non-voting
shares held in Treasury and issued but not outstanding.

Any further buyback transactions will be disclosed through the
disclosure system of the Oslo Stock Exchange, a press release, at
http://www.stolt-nielsen.com

About Stolt-Nielsen S.A.

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

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

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


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


ROYAL SHELL: Petrobras Buying 250 Service Stations in S. America
----------------------------------------------------------------
Petroleo Brasileiro S.A. (Petrobras) has agreed to acquire Royal
Dutch Shell's 150 fuel service stations in Colombia, and 100 in
Uruguay, said BNamericas.com.

Agencia Estado, in another report, earlier quoted Petrobras'
Supplies and Refining Director Paulo Costa as saying: "These
acquisitions are part of Petrobras' strategy to take advantage of
opportunities in neighboring countries."  He, however, did not
mention the value of the transaction.

A spokesman for Petrobras told BNamericas the transaction could
not yet be officially confirmed, saying the company is only
looking at several opportunities for expansion in the two
countries.

Headquartered in Rio de Janeiro, Petrobras operates 93 production
platforms, 10 refineries, almost 10,000 miles of pipeline, and
7,000 service stations.  It has offices and administration
managers in other major Brazilian cities, such as Salvador,
Brasilia and Sao Paulo.

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

          PETROLEO BRASILEIRO S.A.
          Phone: (0XX21) 3224-1540 / 3224-1524 / 3224-4914
          Fax: (55 21) 2262-3678
          E-mail: acionistas@petrobras.com.br


ROYAL SHELL: Buys back 2,600,000 'A' Shares
-------------------------------------------
On 30 November 2005, Royal Dutch Shell plc purchased for
cancellation 2,000,000 'A' Shares at a price of EUR26.26 per
share.  It further purchased for cancellation 600,000 'A' Shares
at a price of 1,792.04 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,955,100,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


VERSATEL TELECOM: Hedge Funds Demand Board Reshuffle
----------------------------------------------------
Hedge funds are urging Versatel Telecom International N.V. to
shake up its supervisory board, Reuters reports.

Controlling 15.5% of shares in the Dutch telecoms firm, hedge
funds Amber Capital Investment Management, Centaurus Capital and
Mellon HBV Alternative Strategies remain oppose to the takeover
by Tele2 AB.  The latter has acquired 74% of Versatel's share
capital in a EUR1.34 billion tender offer that has seen Tele2
representatives replacing all four of Versatel's supervisory
board members.

The hedge funds said: "(We) request a change in the composition
of the Versatel Supervisory Board, by way of adding two or more
Supervisory Directors non-related to Tele2."

They stressed that a more independent supervisory board would
better address their interests.  They have also argued that Tele2
waived the offer condition that at least 95% of the ordinary
shares in the capital of Versatel are tendered to squeeze out
minority investors.

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Investor Relations Department
          Hullenbergweg 101
          1101 CL Amsterdam
          The Netherlands
          Phone: +31 20 750 2362
          Fax: +31 20 750 1019
          E-mail: investor.relations@versatel.com


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


ADYGEYSKIY: Applies for Bankruptcy Proceedings
----------------------------------------------
The Arbitration Court of Adygeya republic has commenced
bankruptcy external management procedure on tinned food factory
Adygeyskiy.  The case is docketed as A01-b-248-2005-11.  Mr. S.
Shazo has been appointed external insolvency manager.  Creditors
may submit their proofs of claim to 385140, Russia, Adygeya
republic, Takhtamukayskiy region, Yablonovskiy, Promyshlennaya
Str. 2.

CONTACT:  S. SHAZO
          External Insolvency Manager
          385140, Russia, Adygeya republic, Takhtamukayskiy
          region, Yablonovskiy, Promyshlennaya Str. 2


ARTEX: Claims Filing Period Ends December 15
--------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Artex after finding the close joint stock
company insolvent.  The case is docketed as A47-108b/2002GK.  Mr.
S. Lavchenko has been appointed insolvency manager.  Creditors
have until December 15, 2005 to submit their proofs of claim to
the 460000, Russia, Orenburg, Post User Box 10-215.

CONTACT:  ARTEX
          Russia, Orenburg region

          S. LAVCHENKO
          Insolvency Manager
          460000, Russia, Orenburg region,
          Post User Box 10-215


ASTRAKHANSKIY UNIVERSALPORT: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision procedure on close joint stock company
Astrakhanskiy Universalport.  The case is docketed as
A06-4415-b/3-11k/2005.  Ms. V. Sycheva has been appointed
temporary insolvency manager.  Creditors have until December 15,
2005 to submit their proofs of claim to 400066, Russia,
Volgograd, Kommunisticheskaya Str. 16a.  A hearing will take
place on March 2, 2006, 2 p.m.

CONTACT:  ASTRAKHANSKIY UNIVERSALPORT
          414036, Russia, Astrakhan region,
          Pushkina Str. 50

          V. SYCHEVA
          Temporary Insolvency Manager
          400066, Russia, Volgograd region,
          Kommunisticheskaya Str. 16a


GOLYSHMANOVO-REM-TEKH-PRED: Declared Insolvent
----------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Golyshmanovo-Rem-Tekh-Pred (TIN 7214000480)
after finding the open joint stock company insolvent.  The case
is docketed as A-70-3024/3-2005.  Mr. V. Yakovenko has been
appointed insolvency manager.  Creditors have until December 15,
2005 to submit their proofs of claim to 625039, Russia, Tyumen
region, Post User Box 6500.

CONTACT:  GOLYSHMANOVO-REM-TEKH-PRED
          Russia, Tyumen region,
          Golyshmanovo, Komsomolskaya Str. 179

          V. YAKOVENKO
          Insolvency Manager
          625039, Russia, Tyumen region,
          Post User Box 6500


GORNOMARIYSKAYA: Gives Creditors Until Dec. 15 to File Claims
-------------------------------------------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against Gornomariyskaya (OGRN 1021202049923) after
finding the company insolvent.  The case is docketed as
A-38-1431-11/37-05.  Mr. A. Tanerov has been appointed insolvency
manager.  Creditors have until December 15, 2005 to submit their
proofs of claim to 424004, Russia, Mariy El republic,
Yoshkar-Ola, Volkova Str. 60, Office 304.

CONTACT:  GORNOMARIYSKAYA
          Russia, Mariy El republic,
          Kozmodemyansk, Gagarina Str. 40a

          A. TANEROV
          Insolvency Manager
          424004, Russia, Mariy El republic,
          Yoshkar-Ola, Volkova Str. 60, Office 304


IC RUSS-INVEST: Immaculate Balance Sheet Earns Firm B Rating
------------------------------------------------------------
Fitch Ratings has assigned ratings to Russia's OJSC Investment
Company IC Russ-Invest (IC Russ Invest) of Long-term 'B',
Short-term 'B' and National Long-term 'BBB-(rus)'.  The Outlooks
for the Long-term ratings are Stable.

The ratings reflect the absence of any debt or other (for
example, bank or repo) external finance.  IC Russ-Invest has
confirmed to Fitch that this situation is likely to continue at
least for the medium-term.  They also reflect the company's small
size, its exceptionally high exposure to and appetite for Russian
market risk -- and consequently its potential earnings
volatility.  An owner-managed business also raises some
governance concerns, as does the reliance on a few key members of
staff.

IC Russ-Invest's size and reliance on proprietary activity
currently limit the upside potential for its ratings.  However,
revenue diversification and the development of a third-party
franchise could benefit its ratings.  On the downside, the
ratings could be very vulnerable to material changes in
balance-sheet leverage or capital management and Fitch will
monitor these closely.

IC Russ-Invest's balance sheet was almost 90% equity-financed at
the time of its last-published International Financial Reporting
Standards (IFRS) accounts at end-2004.  This means that the
company's equity base provides a significant cushion for its few
creditors.

Fitch notes that the company generates almost all of its revenues
from the trading of RUB-denominated equities and bonds.
Consequently, its exposure to market risk is exceptionally high
and its earnings will likely be volatile.

Liquidity can be a significant risk for Russian financial
institutions of IC Russ-Invest's size.  However, in this case, it
is mitigated by the company's high equity base, cash balances and
a large portfolio of listed securities, even if asset liquidity
is prone to fluctuation.  Operating costs are comfortably covered
by cash revenues.

IC Russ-Invest was founded in the early 1990s as a voucher
investment fund and is headquartered in Moscow.  Total assets
were RUB3,414 million at end-2004.  Management has recently taken
a controlling stake in the company, following a series of new
share issues in which most shareholders did not take up their
pre-emption rights.  The new shares were issued at a significant
discount to IFRS net asset value, albeit in line with the price
of shares that are infrequently bought/sold.

CONTACT:  IC RUSS-INVEST
          Vsevologsky lane
          h. 2, building2
          Moscow
          Phone: +7 (095) 363-93-80
          Fax: +7 (095) 363-93-90
          E-mail: mail@russ-invest.com

          FITCH RATINGS
          James Longsdon, London
          Phone: +44 207 417 4309
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901

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


OAO GAZPROM: Fitch Keeps BB+ Rating on Gaz Capital's LPN Program
----------------------------------------------------------------
Fitch Ratings has assigned an expected 'BB+' rating to Gaz
Capital S.A.'s issue of a fourth tranche under the existing loan
participation note program (rated 'BB+'), which relies on a
senior unsecured liability of OAO Gazprom for repayment.  The
final rating for this tranche will be assigned once the tenor,
amount and currency of the issue are decided.  Additionally,
Gazprom has increased the size of its debt issuance program from
US$5 billion to US$15 billion.

Gazprom has recently acquired a 73% stake in Sibneft for US$13.1
billion via the company's wholly owned subsidiary Gazprom Finance
BV, registered in the Netherlands.  Fitch understands that
proceeds from this issuance will not be used as part of the
acquisition funding, rather as part of the group's budgeted
capital expenditure.

In August, Fitch published a comment related to this acquisition
in which the agency discussed the beneficial diversification of
the company's operations while having minimal impact on credit
ratios.

CONTACT:  OAO GAZPROM
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru

          FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7-095-956-9986
          Isaac Xenitides, London
          Phone: +44 207 417 4300

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


OAO SIBNEFT: Bares 11 Board Nominees; Election Set December 23
--------------------------------------------------------------
OAO Sibneft shareholders have nominated 11 candidates for the
company's board of directors, expected to be elected at the
extraordinary general meeting on December 23.  Gazprom, which
controls more than 75% of Sibneft's outstanding shares, nominated
9, while Yukos Oil Company, which owns 20% of Sibneft, nominated
2 candidates.

The candidates are:

-- Gazprom CEO Alexei Miller;
-- Gazprom Deputy CEO Andrei Kruglov;
-- Gazprom Deputy CEO and Acting Sibneft President Alexander
   Ryazanov;
-- Gazprom Marketing and Refining Department head Kirill
   Seleznyov;
-- Gazprom Legal Department head Konstantin Chuychenko;
-- Gazprom Gas, Gas Condensate and Oil Production Department
   head Vasiliy Podyuk;
-- Gazprom Legal Department deputy head Nikolay Dubik;
-- Gazprom Economic Analysis and Pricing Department head Elena
   Karpel;
-- Sergey Kuznets, head of the International Division of
   Gazprom's Legal Department;
-- Yury Starodubtsev, Vice President of Yukos Exploration and
   Production; and
-- Yury Khudyakov, Head of Corporate Finance of Yukos Refining
   and Marketing.

Alexander Ryazanov has been nominated for the post of president,
which will also be filled at the EGM.  In addition, the current
board of directors has amended the agenda for the EGM with one
further issue to be decided.  Shareholders will be asked to
select an auditor for Sibneft's 2005 accounts.

                            *   *   *

In October, Standard & Poor's Ratings Services affirmed its 'BB-'
long-term corporate credit rating on Russia-based OAO Siberian
Oil Co., following the upgrade of Russian gas giant OAO Gazprom
(BB/Positive/--), which in September 2005 announced a
US$13.1 billion bid for a 73% stake in Sibneft.  The outlook
remains positive.

At the same time, Standard & Poor's affirmed its 'ruAA-' Russia
national scale rating on Sibneft.

The rating on Sibneft continues to reflect the company's exposure
to oil price fluctuations and the general risks of the Russian
oil industry.  The company is exposed to a structurally unstable
and tightening tax regime that results in lower EBITDA per barrel
realizations in comparison with that of international peers.  The
rating is supported, however, by the company's high
cash-generating capacity, comfortable reserve life, vertical
integration into refining, and favorable financial position.

"The positive outlook continues to reflect the expectation that
Gazprom should become Sibneft's 75% shareholder," said Standard &
Poor's credit analyst Elena Anankina.  "Once that transaction is
complete, the rating on Sibneft could be raised by one notch to
'BB', reflecting the perceived diminution of the risk of
sovereign interference or country related risk once the Russian
state in effect controls Sibneft through Gazprom."

Standard & Poor's will consider the relative status of Sibneft's
creditors compared with those of Gazprom, and Sibneft's future
strategic importance to and integration within the Gazprom group,
before it considers equalizing the ratings on the two companies.
The outlook on Gazprom is also positive, suggesting an
opportunity for an upgrade, likely to 'BB+'. It is therefore
likely that the rating on Sibneft will remain one notch below
that on Gazprom in the medium term.

CONTACT:  OAO SIBNEFT
          Contact:
          John Mann
          Phone: +7 (095) 777-3116, 777-3182
          Fax: +7 (095) 777-3114
          E-mail: JohnM@sibneft.ru
          Web site: http://www.sibneft.com


PROM-TRACTOR-INSTRUMENT: Succumbs to Bankruptcy
-----------------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Prom-Tractor-Instrument after finding the
open joint stock company insolvent.  The case is docketed as
A79-3184/2005.  Mr. I. Mukhtarov has been appointed insolvency
manager.  Creditors have until December 15, 2005 to submit their
proofs of claim to 428000, Russia, Chuvashiya republic,
Cheboksary, Tekstilshikov Str. 10-215.

CONTACT:  PROM-TRACTOR-INSTRUMENT
          Russia, Chuvashiya republic, Cheboksary

          I. MUKHTAROV
          Insolvency Manager
          428000, Russia, Chuvashiya republic,
          Cheboksary, Tekstilshikov Str. 10-215


UNIKHROM: Tyumen Court Brings in Insolvency Manager
---------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on close joint stock company Unikhrom.  The
case is docketed as A-70-5300/3-2005.  Mr. Y. Zigmantayte has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to Russia, Tyumen region, Ushim,
Sverdlova Str. 10/99.

CONTACT:  UNIKHROM
          Russia, Tyumen region,
          Ishim, Gagarina Str. 64

          Y. ZIGMANTAYTE
          Insolvency Manager
          Russia, Tyumen region,
          Ushim, Sverdlova Str. 10/99


UPOROVO-AGRO-PROM-SERVICE: Bankruptcy Hearing Resumes Next Week
---------------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on limited liability company
Uporovo-Agro-Prom-Service.  The case is docketed as
A-70-8585/3-05.  Mr. V. Bolba has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 625001, Russia, Tyumen-1, Post User Box 64.  A hearing will
take place on December 6, 2005.

CONTACT:  UPOROVO-AGRO-PROM-SERVICE
          Russia, Tyumen region,
          Uporovo, Molodezhnyj, 3

          V. BOLBA
          Temporary Insolvency Manager
          625001, Russia, Tyumen-1 region,
          Post User Box 64


YAMNENSKIY: Fish Factory Succumbs to Bankruptcy
-----------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision procedure on fish-factory Yamnenskiy (TIN
3004004925).  The case is docketed as A06-4540 b/3-11k/2005.  Mr.
A. Eremitsjkiy has been appointed temporary insolvency manager.
Creditors have until December 15, 2005 to submit their proofs of
claim to 414056, Russia, Astrakhan, Tatisheva Str. 16 "D", Apt.5.
A hearing will take place on February 2, 2006, 2:00 p.m.

CONTACT:  YAMNENSKIY
          Russia, Astrakhan region, Ikryaninskiy region,
          Yamnoye, Naberezhnaya Str. 1

          A. EREMITSJKIY
          Temporary Insolvency Manager
          414056, Russia, Astrakhan region,
          Tatisheva Str. 16 "D", Apt 5


YUKOS OIL: Prosecutors Win case vs. Senior Executives
-----------------------------------------------------
Moscow's Lefortovo Court on Monday found two senior Yukos
executives guilty of embezzlement and money laundering, RIA
Novosti says.

The court found Alexei Kurtsin, property manager at the Moscow
branch, guilty of stealing Yukos money and laundering it using
fraudulent charity funds mainly in central Russia.  Senior Vice
President Mikhail Trushin and eight others were also found guilty
of money laundering.  Investigators claim they laundered a total
of US$412 million.

Attorney Yury Larin said Mr. Kurtsin did nothing but check
documents in Yukos.  He also said his client had signed 150
humanitarian aid directives in six months, but only 13 of them
were mentioned in the criminal case.

The prosecutor asked the court to sentence Mr. Kurtsin to 13
years in a high-security penal colony and impose a fine of RUB1
million (about US$35,000) on each defendant.

                        About the Company

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  A few days after, its main production
unit Yugansk was sold by the government to a little-known firm
OOO Baikalfinansgroup for US$9.35 billion, as payment for over
US$27.5 billion in unpaid taxes for 2000-2003.  Yukos' bankruptcy
case was dismissed in February.  Yugansk ultimately went to
Rosneft, who is now claiming EUR2.34 billion representing Yukos
debt to Yugansk.

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

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

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


ZAP-SIB-GAS-KOMPLEKT: Insolvency Manager Takes over Firm
--------------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Zap-Sib-Gas-Komplekt (TIN 720308867) after
finding the limited liability company insolvent.  The case is
docketed as A-70-4678/3-2005.  Mr. V. Yakovenko has been
appointed insolvency manager.  Creditors have until December 15,
2005 to submit their proofs of claim to 625039, Russia, Tyumen,
Post User Box 6500.

CONTACT:  ZAP-SIB-GAS-KOMPLEKT
          Russia, Tyumen region,
          Antipovo, Mira Str. 3

          V. YAKOVENKO
          Insolvency Manager
          625039, Russia, Tyumen region,
          Post User Box 6500
          Phone: 419-973


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


IZAR: Nine Qualify in Civilian Yards Tender
-------------------------------------------
Eleven groups are interested in Izar, but none of them is willing
to buy the troubled shipbuilder as a whole.

State-owned holding company SEPI says of the 11, nine met the
conditions set for the sale.  It declined to identify them
pending review by Boston Consulting, the consultancy firm hired
to manage the sale.

SEPI opened in October the bidding for the shipyards in Sestao,
Gijon, and Seville; and an engine plant in Manises.  These sites
are what remain of the old Izar after its military shipyards were
hived off to Navantia, a new state-owned company.  The split was
carried out after the European Commission ordered Izar to return
over EUR1 billion in illegal state aid.

Technically bankrupt and without government support, Izar now
faces the prospect of being split further, as none of the bidders
wants to buy all four shipyards.  Only one group has offered to
buy two yards, El Pais says.

The local civilian shipping industry has been struggling to stay
afloat in the market now shared by cheap shipbuilders from Asia,
particularly South Korea.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


KAMINNYA SVITU: Declared Insolvent
----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Kaminnya Svitu (code EDRPOU 32920621) on
October 28, 2005 after finding the limited liability company
insolvent.  The case is docketed as 43/835.  Mr. O. Agafonov
(License Number AA 779171) has been appointed
liquidator/insolvency manager.  The company holds account number
26001300101268 at JSCB East-European Bank, MFO 322658.

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

(a) KAMINNYA SVITU
    03057, Ukraine, Kyiv region,
    Dehtyarivska Str. 31

(b) O. AGAFONOV
    Liquidator/Insolvency Manager
    01024, Ukraine, Kyiv region,
    Chekistiv Lane, 4/17

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


VINNITSYA GLASS: Goes into Liquidation
--------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Vinnitsya Glass Tare Plant (code EDRPOU
30743816) on October 11, 2005 after finding the limited liability
company insolvent.  The case is docketed as 10/170-05.  Vinnitsya
Regional Department of Bankruptcy Questions has been appointed
liquidator.

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

(a) VINNITSYA GLASS TARE PLANT
    Ukraine, Vinnitsya region,
    Vatutin Str. 18

(b) LIQUIDATOR/INSOLVENCY MANAGER
    Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 7

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


ZERNOKOMPLEKS: Proofs of Claim Due Tomorrow
-------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Zernokompleks (code EDRPOU 13571939) on
October 11, 2005 after finding the company insolvent.  The case
is docketed as 4/63-B.  Mr. Oleg Martinov (License Number AA
779325) has been appointed liquidator/insolvency manager.  The
company holds account number 2600001524890 at Ukreksimbank,
Zhitomir branch, MFO 311324.

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

(a) ZERNOKOMPLEKS
    Ukraine, Zhitomir region,
    Vitruk Str. 9

(b) OLEG MARTINOV
    Liquidator/Insolvency Manager
    10001, Ukraine, Zhitomir region,
    Meblevij Lane 3-a
    Phone: 41-28-78
           8 (067) 315-67-88

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square 3/65


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


ALL ABOUT: Toy Maker Calls in Liquidator
----------------------------------------
S. C. Hayes, chairman of All About Play Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 8 at Barringtons Limited, 570-572 Etruria Road, Newcastle,
Staffordshire ST5 0SU.  Philip Barrington Wood of Barringtons
Limited, 570-572 Etruria Road, Newcastle, Staffordshire ST5 0SU
was appointed liquidator.

All About Play Ltd. -- http://www.allaboutplay.co.uk/-- designs
soft play equipment for both indoor and outdoor.

CONTACT:  ALL ABOUT PLAY LIMITED
          Phone: 08453 707 101


ARTCOTE PLC: Goes into Liquidation
----------------------------------
S. D. B. Jones, director of Artcote Plc, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 8 at Northwood, 76 Currier Lane, Ashton under Lyne.  David
Graham Platt of David Platt Associates of Northwood, 76 Currier
Lane, Ashton under Lyne OL6 6TB was appointed liquidator.

CONTACT:  ARTCOTE PLC
          Unit 2 Heaton Ct
          Birchwood
          Warrington
          WA3 6QU
          United Kingdom
          Phone: (01925) 814002


BEMMS LIMITED: Appoints Liquidators from Cresswall Associates
-------------------------------------------------------------
Company Names: BEMMS LIMITED
               BESPOKE DATABASE LIMITED

P. S. Charlton, chairman of these companies, informs that the
special and ordinary resolutions to wind up the firms were passed
at an EGM held at Saint Ann's House, Saint Ann Street, Manchester
M2 7LP.  Gordon Craig and Daniel Paul Hennessy of Cresswall
Associates Limited, Maple View, White Moss Business Park,
Skelmersdale, Lancashire WN8 9TG were appointed joint
liquidators.

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


COLLINS & AIKMAN: Court Okays Cross-border Insolvency Protocol
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
approved the cross-border insolvency protocol proposed by Collins
& Aikman Corporation and its debtor-affiliates.  The protocol is
intended to facilitate the efficient administration of the
Debtors' chapter 11 cases and the administrative proceedings of
their European units.

The terms of the Protocol are designed to:

  (a) promote the orderly and efficient administration of the
      Insolvency Proceedings;

  (b) harmonize and coordinate activities undertaken and
      information exchanged in connection with the Insolvency
      Proceedings;

  (c) honor the independence and integrity of the U.S. and
      English Courts; and

  (d) promote international cooperation and respect for comity
      among the U.S. and English Courts.

A full-text copy of the 15-page Protocol is available for free at
http://bankrupt.com/misc/collins_protocol.pdf

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

                            *   *   *

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

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

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

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

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


COLT TELECOM: Corners 5-year EUR80 Million AOK Contract
-------------------------------------------------------
COLT Telecom Group plc has been awarded a contract, valued at
more than EUR80 million over five years, by AOK, Germany's
leading compulsory health insurer, to design and manage its
nationwide data communications infrastructure.  This represents
the largest agreement to date for COLT, reaffirming its position
as a leading European provider of business communications.

COLT will connect AOK's 1,600 branches across Germany with a new
high-speed data network, consolidating its current networks and
suppliers and delivering a far more flexible and cost-effective
infrastructure.  AOK will migrate its data network to COLT in a
two-year phased program with full implementation planned for the
end of 2007.

COLT will also host and manage AOK's Internet and E-mail
infrastructure, which is used by 25 million members, almost a
third of the German population, as well as around 60,000 staff.
COLT also will manage AOK's main Web site and its internal
employee portals using COLT's own data center facilities in
Frankfurt.

COLT Chief Executive Officer Jean-Yves Charlier said: "Winning
our largest ever contract represents a milestone in COLT's
history and demonstrates the strength of our unique data network
and data center propositions in the corporate sector.  It is a
further indication of our ability to grow our data and
value-added services business."

COLT competed against well-known European competitors to win this
contract in a tender process started in 2004 by offering the best
price-performance ratio and a solution tailored to AOK's specific
requirements.  COLT was able to offer an innovative solution, a
comprehensive migration path and transparent, modular pricing.

Wolfgang Essig, COLT managing director in Germany, added:
"This major agreement reaffirms our position as one of the
largest business communications providers in Germany.  It is
testament to the quality and efficiency of our solutions and to
our success in expanding our business in the public and
healthcare sectors."

                        About the Company

COLT is a leading European provider of business communications.
It specializes in providing data, voice and managed services to
midsize and major businesses and wholesale customers.  It has
more than 50,000 customers across all industry sectors.  COLT
owns and operates a 13-country, 20,000km network that includes
metropolitan area networks in 32 major European cities with
direct fiber connections into 10,000 buildings and 13 COLT data
centers.

COLT Telecom Group plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT).  In July, the company said it
continued to make progress in the implementation of its strategic
plan, even though market conditions remained challenging.  Its
financial position continues to be strong with cash and cash
equivalents of GBP335.9 million at the end of the quarter.

CONTACT:  COLT TELECOM GROUP PLC
          Web site: http://www.colt.net

          John Doherty
          Director Corporate Communications
          Phone: +44 (0) 20 7390 3681
          E-mail: jdoherty@colt.net

          Gill Maclean
          Head of Corporate Communications
          Phone: +44 (0) 20 7863 5314
          E-mail: gill.maclean@colt.net


CORUS GROUP: Books GBP50 Million 3rd-quarter Profit
---------------------------------------------------
In challenging market conditions, Corus Group plc generated a
profit after tax of GBP50 million during the third quarter of
2005.  This increased the profit after tax for the nine months of
2005 to GBP387 million and earnings per share to 8.66 pence.
This compared to GBP275 million and 6.22 pence per share for the
same period of 2004.

The downward pressure on selling prices that began during the
first half of 2005 accelerated during the third quarter.  To
align production with demand, steel production was reduced by 7%
in the quarter, compared to the same period of 2004.  This
reduction was in addition to the seasonal production breaks
normally taken during this period.  The full impact of the
significant increases in raw material costs was also experienced
in the third quarter.  In this environment, the Group operating
profit for the third quarter 2005 was GBP103 million, compared to
GBP247 million in 2004 when market conditions were significantly
more favorable.

The Group operating profit for the first nine months of 2005
increased by 33% to GBP586 million, compared to GBP442 million in
2004.  The underlying operating profit, excluding restructuring
and impairment costs and profit on disposals, was GBP603 million
(2004: GBP386 million).  An overall increase of 21% in average
steel selling prices compared to 2004 has more than offset a 6%
reduction in steel deliveries and the progressive impact of
higher raw material and energy costs.  As 2005 has progressed and
market conditions weakened, management actions as part of
Restoring Success played an increasingly important role in
underpinning the financial performance of the Group.  Restoring
Success is estimated to have accounted for some GBP160 million or
75% of the increase in underlying operating profit in the first
nine months of 2005, compared to the equivalent period in 2004.

At the end of the period, net debt was GBP961 million; a
reduction of GBP170 million compared to 2 July 2005.  The strong
cash generation during the quarter was attributable to both the
operating performance and a significant release in working
capital requirements.  Working capital management remained a key
area of focus and the ratio of working capital to turnover was
unchanged at 18%.

Restoring Success

Restoring Success, launched in June 2003, is designed to deliver
EBITDA benefits of GBP680 million per annum by the end of 2006.
Annualized exit rate benefits of GBP520 million were secured by
the end of September 2005.  Progress against the three separate
initiatives involve:

(a) existing initiatives - completed in June 2005, 6 months
    ahead of plan.  These initiatives have delivered EBITDA
    improvements of GBP216 million on an annualized basis;

(b) U.K. restructuring - the capital expenditure, to improve the
    efficiency of the U.K. steel making assets, was completed in
    the first half of the year.  The new assets at Engineering
    Steels in Rotherham will not fully achieve planned
    production volumes until the second half of 2006, due to the
    complexity of the Stocksbridge order book that is being
    transferred.  Annualized benefits of GBP19 million have been
    realized by the end of the third quarter.  The target
    benefits of GBP120 million remain on track to be delivered
    in full by the end of 2006; and

(c) new initiatives - excellent progress continues to be made
    with new initiatives.  These relate to the sharing and
    implementation of best practice across the Group, combined
    with the enrichment of product and customer mix towards
    premium end markets.  Target benefits of GBP350 million by
    the end of 2006 also remain on track, with GBP285 million of
    these benefits secured by end September 2005.

The Corus Way

Longer-term, "The Corus Way" is designed to differentiate Corus
from its competitors and allow the Group to deliver value for its
shareholders, building on three business objectives: best
supplier to best customers, world-class processes and selective
growth.  The Group has announced a major investment of GBP153
million, to be completed over the next four years, at IJmuiden,
in the Netherlands, to further enrich the product mix of its
existing asset base in Western Europe.  This investment at the
Group's lowest cost facility, will expand Corus' product range
capabilities for the automotive and construction markets,
including new Advanced High Strength Steels (AHSS).

Commenting on the interim results, Philippe Varin, Chief
Executive said: "Corus has delivered a robust financial
performance in the third quarter, in challenging market
conditions.  The firm foundations laid by our Restoring Success
program have underpinned this result.  The program remains on
track to be delivered in full by the end of 2006 and will further
demonstrate the structural changes taking place in Corus."

Outlook

Reduced steel production throughout Europe during the third
quarter, combined with lower imports, has gradually restored the
balance between supply and demand.  European stock levels have
returned to normal and apparent demand has improved during the
fourth quarter.  Selling prices have therefore stabilized and are
beginning to recover.  This improvement is expected to continue
into the first quarter of 2006.  Restoring Success benefits will
continue to be progressively delivered in line with plan.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/CorusGroup(Q32005).pdf

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


COURTS PLC: Jamaican Business Up for Grabs
------------------------------------------
Courts Jamaica is ready to entertain offers to acquire the
company should one be made, according to RadioJamaica.com.  The
Jamaican operation is among the Caribbean assets that
administrators of Courts plc are selling.

In its report for the quarter ended October, Courts Jamaica
revealed the search for a buyer is already in advance stages.  In
April, TCR-Europe reported that the administrator of Courts plc
is planning to sell healthy parts of its overseas business.
These assets are based in the Caribbean and Asia-Pacific,
extending on one side from St. Lucia to Barbados and the other
from Thailand to Singapore.  They have a wide variety of
offerings, from financial services to electrical products.

Courts fell into administration in November after failing to
revive its British arm.

CONTACT:  COURTS PLC
          The Grange
          1 Central Rd.
          Morden Surrey SM4 5PQ
          Phone: +44-20 8640 3322
          Fax: +44-20 8410 9444
          Web site: http://www.courtsplc.com


DRAX GROUP: Shareholders Approve Scheme of Arrangement
------------------------------------------------------
The Board of Drax Group Limited has disclosed that at the meeting
held Wednesday, convened by an order of The Grand Court of the
Cayman Islands, the resolution approving the proposed scheme of
arrangement dated 28 October 2005 between the Company and its
Members was passed.

At this Scheme Meeting, 76 Members representing a total of
84,021,000 ordinary shares of 0.001 pence each in the capital of
the Company (amounting to approximately 97.17% of the issued
ordinary share capital of the Company) voted in favor of the
Scheme and no Members voted against the Scheme.  The Drax Group
Limited Scheme is still subject to the sanction of The Grand
Court of the Cayman Islands.  The Cayman court hearing to
sanction the Drax Group Limited Scheme is due to be held on 12
December 2005.

The Board of the Company has been informed by InPower 2 Limited
that the meeting of InPower 2 convened by an order of the High
Court of England and Wales and an order of the Royal Court of
Jersey and also held Wednesday, approved the InPower 2 Scheme
between InPower 2 Limited and its Scheme Creditors.  At the
InPower 2 Scheme Meeting, 60 Scheme Creditors representing a
principal amount of A2 Loans of GBP445,113,236.46 and A3 Loans of
GBP84,121,000 (amounting to approximately 97.06% and 97.28% of
the aggregate principal amount of the A2 Loans and A3 Loans
respectively) voted in favor of the Scheme and no Scheme
Creditors voted against the Scheme.  The InPower 2 Scheme is
still subject to the sanction of the High Court of England and
Wales and the Royal Court of Jersey.  The English and Jersey
court hearings to sanction the InPower 2 Scheme are due to be
held on 9 December 2005.

Subject to the sanction of the respective courts and satisfaction
of the conditions to the Schemes, the Schemes are expected to
become effective on 15 December 2005.  It is expected that
Admission will become effective and dealings in the Ordinary
Shares of Drax Group plc on the London Stock Exchange will
commence at 8:00 a.m. on 15 December 2005.

On the Schemes becoming effective, the A1 Loans and A1 Notes and
B Loans and B Notes will be prepaid in full in cash including
accrued interest and, in the case of the B Loans, deferred
interest.  Scheme Consideration will be dispatched to A2 and A3
Lenders and A2 and A3 Noteholders within two business days of the
Effective Date pursuant to the InPower 2 Scheme.

                        About the Company

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

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

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

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


E.C.R. (INSURANCE SERVICES): Calls in Liquidator
------------------------------------------------
J. A. J. Phillips, chairman of E.C.R. (Insurance Services)
Limited, informs that the special resolutions to wind up the
company were passed at an EGM held on Nov. 15 at UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH.  Peter
Kubik and Ladislav Hornan of UHY Hacker Young, St Alphage House,
2 Fore Street, London EC2Y 5DH were appointed joint liquidators.

Creditors are required on or before January 15, 2006, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims, and names and addresses of
Solicitors (if any), to Peter Kubik and if so required by notice
in writing their debt or claims.

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


EMI GROUP: Outlook Changed to Negative on Debt Concerns
-------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from
stable its outlook on U.K.-based music major EMI Group PLC,
reflecting concerns over the company's rising debt.  At the same
time, Standard & Poor's affirmed its 'BB+' corporate credit
rating on EMI.

"The negative outlook reflects our concerns about EMI's ability
to improve its stretched financial profile in challenging market
conditions," said Standard & Poor's credit analyst Patrice
Cochelin. "Recent free cash flow generation has been limited, and
dividends are expected to stay at a relatively high level,
limiting the scope for debt reduction from internally generated
funds." The ratings could be lowered if prospects for a material
improvement recede further. Conversely, the outlook could return
to stable if the company shows significant free cash flow
improvement and debt reduction.

The ratings on EMI reflect industry conditions that continue to
be challenging and the group's relatively aggressive financial
profile.  EMI's lease- and pension-adjusted gross and net debt
represented about 5.4x, and 4.7x EBITDA, respectively, as of
Sept. 30, 2005, despite a reduction in pension actuarial
deficits.  Funds from operations, which factor in the company's
high interest burden, covered less than 10% of adjusted debt.

Despite such aggressive debt measures, EMI's rating remains
supported by the group's 13% share in the global recorded music
market, and solid position in the more predictable and less
seasonal publishing segment, which made up 42% of group EBITA in
the 12 months to Sept. 30, 2005. Debt measures are bound to
improve by March 2006, due to working capital and profit
seasonality, and as EMI continues to benefit from its previous
restructuring efforts.

At Sept. 30, 2005, EMI had consolidated gross and net debt of
GBP1.261 billion and GBP1.065 billion, respectively.

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


GOOD FOR HEALTH: Begbies Traynor Liquidator Moves in
----------------------------------------------------
Good for Health Ltd. informs that resolutions to wind up the
company were passed at an EGM held on Nov. 4 at Balliol House,
Southernhay Gardens, Exeter EX1 1NP.  I. E. Walker of Begbies
Traynor, Balliol House, Southernhay Gardens, Exeter EX1 1NP was
appointed liquidator.

CONTACT:  BEGBIES TRAYNOR
          Balliol House,
          Southernhay Gardens,
          Exeter EX1 1NP
          Web site: http://www.begbies.com


HARRINGTON CONSUMER: Appoints Liquidator
----------------------------------------
M. Bishop, chairman of Harrington Consumer Products Limited,
informs that the subjoined special resolutions to wind up the
company were passed and Stephen Robert Cork and Joanne Elizabeth
Milner of Smith & Williamson Limited were appointed joint
liquidators.

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


HARVEST RECRUITMENT: Files for Liquidation
------------------------------------------
S. Haselip, director of Harvest Recruitment Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 8 at 1640 Parkway, Solent Business Park, Whiteley, Fareham,
Hampshire PO15 7AH.  Peter Robin Bacon and Carl Derek Faulds, of
Portland Business & Financial Solutions Ltd., 1640 Parkway,
Solent Business Park, Whiteley, Fareham, Hampshire PO15 7AH were
appointed Joint Liquidators.

CONTACT:  HARVEST RECRUITMENT LIMITED
          37 Kingston Road, Portsmouth
          Hampshire PO2 7DP
          Phone: 02392 862555
          E-mail: harvest.portsmouth@virgin.net

          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


HIPPODROME THEATRE: Receives GBP4.3 Mln Grant from Local Govt
-------------------------------------------------------------
Birmingham's city council has provided Hippodrome Theatre a
GBP4.3 million grant to help it avoid insolvency, Evening Mail
reports.

The theater needed money to pay a GBP2.8 million loan and cover a
GBP5.2 million shortfall in its redevelopment budget.  The grant
cancels the debt, but still leaves a GBP1 million gap on the
budget.

Hippodrome spent GBP38 million for a refit that was completed
four years ago.  The remodeling fund was granted by the Arts
Council Lottery Fund and the E.U., and augmented by proceeds from
private fundraising and its own resources.  But expenses exceeded
the budget, worse income from shows fell below expectations.

This is not the first aid granted by the city.  Previously, it
gave Hippodrome a 125-year lease with favorable terms, GBP1.3
million in grants and interest-free loans totaling GBP3 million
to cover expenses while closed for renovation.

CONTACT:  HIPPODROME THEATRE
          Hurst St., Birmingham B5 4TB
          Web site:
          http://www.birminghamhippodrome.com/default_ms.asp


INTELLIGENT-MOTORING LTD.: In Liquidation
-----------------------------------------
D. Gerrans, chairman of Intelligent-Motoring Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 3 at The Premier Travel Inn, Thanstead Farm, London
Road, Loudwater, near High Wycombe, Buckinghamshire HP10 0YL.
Mark Stephen Goldstein was appointed liquidator.  The appointment
was confirmed at a creditors meeting held on the same day.

CONTACT:  INTELLIGENT MOTORING LTD.
          High Wycombe Buckinghamshire
          HP11 2ER
          Phone: 01494 464245


INTERTEK GROUP: Non-executive Director Dies
-------------------------------------------
Intertek Group plc has disclosed that Non-executive Director Ross
Sayers died on 25 November 2005.

Ross Sayers had been a Non-Executive member of the Intertek board
since May 2002.  His committed contribution to the Company will
be sorely missed.  The Intertek board, and staff who knew Ross,
would like to express their sympathy and condolences to his
family.

                        About the Group

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


INVESCO RECOVERY: Hires PricewaterhouseCoopers Liquidator
---------------------------------------------------------
The Rt Hon the Lord Naseby, chairman of Invesco Recovery Trust
2005 Plc, informs that the special resolutions were passed on
Nov. 16.  Jonathan Sisson and Ian Oakley Smith, both of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT were
appointed 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


JARVIS PLC: Reveals GBP59.6 Million Half-year Loss
--------------------------------------------------
Jarvis plc has reported unaudited interim results for the half
year ended 30 September 2005.

Highlights

(a) financial restructure completed with net debt at GBP6.2
    million (2004: GBP241.9 million);

(b) operating profit (before non recurring items) of GBP6.2
    million (2004: loss of GBP45.7 million), in line with
    expectations;

(c) headline loss caused solely by non-cash costs relating to
    restructuring;

(d) operating margin of 5.4% in line with projections for next
    year;

(e) solid margins in Rail and Plant, but slower turnaround in
    Roads;

(f) turnover down to GBP204.0 million (2004: GBP302.8 million)
    largely as a result of exit from Construction and most
    Highways Maintenance and delays to rail projects; and

(g) construction projects near completion and an improved
    understanding of the Facilities Management business.

               Statement of Chairman Steve Norris

We have witnessed over the last 12 months a rare combination of a
complicated financial restructuring and a major operational
turnaround at the same time.

I am particularly pleased to report a return to operating profit.
The Rail and Plant business has delivered to its leading customer
significant improvements in safety, productivity, timescales and
costs.  The Roads business has recovered to break even before
allocation of central costs and the Board is confident that we
shall see a return to profit in the relatively short term.

This statement reflects a number of welcome firsts.  It is the
first since the successful completion of the financial
restructuring in September of this year, the first we report
under the new International Financial Reporting Standards and the
first time for two years that we report operating profits.  It is
certainly the first time, since my appointment as Chairman two
years ago, that I can confidently say that the performance of our
core business has been in line with our forecasts and that it
provides the basis for a viable business model for the future.

The critical message from the period is shown in the operating
profit line.  The core business delivered a profit of GBP8.6
million before non-recurring costs, compared with a loss of
GBP26.0 million for the same period last year and a loss of
GBP58.8 million for the full year to March 2005.  This profit is
in line with the expectations of the Board and is consistent with
comments in the Prospectus, which accompanied the recent Placing
and Open Offer; indeed the margin of 5.4% is already in line with
the projections for the 2006/07 year.  That the Company is
starting to trade in line with management expectations and
deliver what our shareholders were given to understand they could
expect is a true sign of the changes and improvements to the
management of the business that have been achieved over the last
year.  This considerable turn around in operating performance
highlights the true potential of the Group's core business.

The income statement for the period under review reflects the
interest burden carried by the Group prior to the completion of
the debt for equity exchange at the end of September, together
with the exceptional costs relating to the restructuring.
These exceptional costs include the required accounting treatment
of the surrender of the long-term liability for the lease of the
Smithfield property, which had originally been earmarked as the
Group head office.  The impact of these accounting entries, the
vast majority of which are non-cash items, is to turn the
operating profit into a loss before taxation of GBP60.9 million
(2004: loss GBP283.4 million).

The achievements of this half-year are a tribute to a magnificent
team effort by all involved in Jarvis, executives, non-executives
and advisers alike.  It has been a period of extraordinary
activity, resulting in a rare combination of an exceedingly
complicated financial restructuring and a major operational
turnaround at the same time.  The principal elements of the
restructuring were:

(a) the disposal of the European Roads business which I
    anticipated in my statement this time last year;

(b) the arrangement of short-term loan facilities of GBP31.4
    million, subsequently repaid in the restructuring;

(c) most importantly, at the end of May 2005, the agreement of
    outline terms for the debt-for-equity exchange and
    underwritten GBP50 million placing and open offer;

(d) the finalization of that exchange in August 2005 in an
    amount of GBP378 million which now included, to the great
    benefit of the Company, the termination of certain long term
    liabilities, including those on the Smithfield lease; and

(e) the establishment of a new medium-term working capital
    facility of GBP38.5 million which enabled the Group to
    confirm it would have sufficient working capital for 12
    months following completion of the restructuring.

In addition to the disposal of the European Roads business, other
disposals included the sales of our Techspan roads signage
business and of our facilities management operation, which
supported the former University Accommodation business.

Following interest from a third party, we entered into
negotiations for the disposal of the Jarvis Highways Maintenance
business which comprised our joint venture with Accord in
motorway maintenance and our Herefordshire Jarvis bundled
services contract.   Subsequent negotiations did not however
allow us to realize the value, which the Board placed on the
business and the Board therefore resolved to retain those two
contracts.  Herefordshire Jarvis Services has already turned
round into profit and the Board is confident it can make a
positive contribution to the Group in the future.

The overall impact of the disposals, the debt for equity swap and
the subsequent placing and open offer has been to reduce
significantly the overall level of debt.  At the time of the
publication of the prospectus for the open offer it was envisaged
that the level of net debt at the half year would be less than
GBP20 million.  I am pleased to be able to confirm that net debt
at the period end was in fact GBP6.2 million compared with
GBP241.9 million at the equivalent date last year and GBP303.8
million at the last year end.  As noted in the recent Prospectus,
the level of debt will increase for approximately another nine
months as the legacy issues are dealt with, but the Group expects
to be cash positive from approximately the middle of the next
financial year.

Jarvis People

None of this could have been achieved without the enormous
commitment of colleagues at every level within the business.
Their loyalty and support has been invaluable and it is a very
great pleasure for me to be able to take this opportunity to
thank every one of them.  Thanks to them and the support of our
investors, advisers, suppliers and customers I can point to a
much brighter future for Jarvis plc than might have been
contemplated only a year ago.

Financial Results

This year is the first in which the company will report under the
new International Financial Reporting Standards.  In common with
many other companies, the major impact of this transition is on
the reporting of pension costs under IAS19.  The impact is both
on the income statement, where pension costs are now accounted
for on a current service cost basis, and on the balance sheet
where scheme surpluses and deficits are treated as non-current
assets and liabilities and the previous SSAP 24 pension asset is
removed.  The downside of this to the group balance sheet has
been a reduction of GBP30.4 million in net assets as at September
2005 as compared with the balance sheet under U.K. GAAP.

Group revenue in the first half reduced to GBP204.0 million
(2004: GBP299.0 million) mainly as a result of the wind-down in
construction activities and lower turnover in the core business.
The operating profit improved to GBP5.5 million (2004: loss
GBP276.2 million).

After the impact of restructuring costs of GBP61.9 million, and
other interest costs of GBP4.6 million, the loss before taxation
is GBP60.9 million (2004: loss GBP283.4 million).  In the absence
of taxation and with the benefit of post-tax profit from
discontinued operations, the loss for the year is GBP59.6 million
(2004: loss GBP280 million).

The loss per ordinary share for the continuing operations is 44.8
pence (2004: loss 196.2 pence).

Balance Sheet and Cash Flow

Reported net debt at the end of the period of GBP6.2 million
(2004:GBP241.9 million) reflects not only the impact of the debt
for equity exchange but also a significant improvement in the net
cash flow of the company during the period.  This has been
achieved alongside a significant reduction in the level of trade
creditors.  The operating cash outflow of GBP24 million in the
period (2004: outflow GBP95.3 million) is largely attributable to
the clean-up of legacy issues.

Dividend

As previously advised, it is not appropriate for the Company to
pay a dividend in respect of the period.

Operating Performance

The Rail and Plant business has shown a strong recovery over the
equivalent period and is reporting a profit of GBP14.0 million
(2004: loss GBP7.8 million).  This has been achieved on turnover
of GBP128.1 million (2004: GBP157.7 million), the reduction being
caused by the anticipated decline in West Coast volume and the
cessation of contract work for Thameslink.  The move into profit
reflects improved operating performance and the avoidance of
write-offs on work undertaken previously.  Our track renewals
delivery performance has resulted in additional work,
particularly on the West Coast mainline route.  The plant
business has recovered from the setback early in the year of the
loss of the national small plant tender for Network Rail by
developing alternative sources of revenue from its small plant
assets, and is diversifying by strengthening its lighting
operations and improving returns with better controls on asset
utilization.

The numbers alone do not tell the full story of the dramatic
turnaround in the fortunes and standing of the Rail and Plant
business.  Two years ago we were in grave danger of losing our
position in track renewal; now we have a standing with Network
Rail, which is at least equal to that of any competitor.  New
processes, including AccutrackTM, have delivered significant
improvements in safety, productivity and reductions in timescales
and costs.  For the first time, we have handed back sites at the
end of a weekend, at normal line speed and with zero defects.  It
has been an extraordinary transformation.

The Roads business is reporting a small loss of GBP2.5 million
(2004: loss GBP14.4 million) on a reduced turnover of GBP37.6
million (2004: GBP43.5 million).  The lower turnover reflects the
exit from nearly all highways maintenance business.  The division
is now focused on the Prismo safety products business and the
Herefordshire Jarvis Services contract.

While the Roads division turnaround is lagging behind that of
Rail and Plant, there are some encouraging signs.  The division's
results improved to break-even before the allocation of its share
of central costs.  Significant management changes have now been
made to this business and the cost base continues to be
addressed.  I am confident that this and other measures will
ensure that this business returns to profit in the relatively
short term.

The core business in total has not only been profitable but has
also been modestly cash generative after allowing for legacy
issues and a one-off reduction in creditor balances in the first
quarter.

In the non-core business, turnover of the Accommodation Services
division has reduced to GBP45.2 million (2004: GBP115.9 million)
with an operating loss before non-recurring costs of GBP2.4
million (2004: loss GBP23.5 million).  Progress on outstanding
construction contracts undertaken by the business as part of its
former PFI program is generally good.  Of the 14 contracts
subject of the Settlement Deeds in January 2005, it is hoped that
by the year end the Group will still be involved in only one.  We
are also making progress with snagging on some of the older
contracts not covered by the Settlement Deeds, but it is unlikely
that work on these will be finished until the 2006 summer
holidays.  On the Facilities Management side, we have transferred
to UPP the business, which serviced our former University
Accommodation operations and sold three other contracts, leaving
about 30 to be resolved.  The remaining FM business is being
reorganized to bring clarity to its operational structures and
business model and to deliver the exit from this business that
has previously been flagged.  The
Board believes that, taken in the round, the provisions
established at 31 March 2005 for the Accommodation Services
division remain appropriate and this is reflected in the
break-even position before central costs reported for
Accommodation Services in this period.

Central Costs

The results demonstrate a significant benefit from the reduction
of overheads achieved over the last twelve months.  The cost base
is kept under continual review and it is now clear that there are
opportunities for further savings.

Board Changes

The Group has been very fortunate to recruit Richard Entwistle as
Chief Operating Officer to replace Andrew Lezala who departed in
June to take on the role of Chief Executive of Metronet.  Richard
brings with him considerable road and rail expertise developed
with both Balfour Beatty and Amey.  Having joined in September he
is already making a significant contribution to the management of
the business.  The Board wishes to express its thanks and good
wishes to Andrew Lezala in his future career.

As stated in the prospectus, it is unlikely that Alan Lovell and
Alasdair Marnoch will remain with the Group for long once its
headquarters moves to York in the first half of 2006.  The
process to find a replacement Finance Director has commenced.

Corporate Governance

In the Interim Statement for the same period last year I reported
that the Board had established a Corporate Governance committee
to address certain shortcomings in internal control that had been
identified.  A year on I am pleased to report that this committee
has championed significant improvements to the Group's processes
and internal controls.  In particular improvements to the
"procure to pay" process will deliver benefits for suppliers and
customers alike.  Improved management information has enabled the
board to make better informed decisions and has helped them to
convince our lenders to become shareholders in the business.
There remains work to be done but it is clear that this can only
further improve the performance of the business.

Health and Safety and Environment

Safety remains, as it has always been, our paramount concern in
all our operations.  We have continued with the accreditation of
our work in this area.  We are set a challenging target in the
rail business by our major customer and are determined to achieve
and to better this goal; indeed we performed better than this
target in the first half of the year.

We continuously measure and investigate our incident rates and
have extended reporting to tracking near misses to better
understand the possible causes of workplace injuries.

Conclusion

Having survived what has been unquestionably the most difficult
period in the company's history and successfully completed one of
the most complex and challenging restructurings seen on the
London stock market, the Company is now returning to normality.
The task of strengthening and rebuilding the balance sheet has
substantially been completed.  While more needs to be done we
must now focus on improving the profitability of our operations.
The signs so far are encouraging.  We are managing our costs more
effectively, controlling our operating margins and achieving our
cash targets.  The underlying trends are certainly positive and
point towards a strong future for the business.

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

CONTACT:  JARVIS PLC
          Meridian House
          The Crescent
          York
          YO24 1AW
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com


JESSOPS PLC: Interim Full-year Sales Slightly Down
--------------------------------------------------
Jessops plc has revealed preliminary results for the year ended
30 September 2005.

Financial Highlights

(a) sales up 2.6% to GBP327.4 million (2004: GBP319.0 million);
    overall like for like sales down 0.4%;

(b) gross margin increased by one percentage point to 31.9%
    (2004: 30.9%);

(c) EBITA, before exceptional items and goodwill amortization,
    down 8% at GBP18.0 million (2004: GBP19.5 million);

(d) reported profit before tax of GBP5.9 million (2004: GBP1.3
    million) and earnings per share of 2.3 pence (2004: loss per
    share of 3.1 pence); and

(e) proposed final dividend of 1.4 pence (2004: nil) making a
    total for the year of 2.1 pence (2004: nil).

Other Highlights

(a) total camera sales were up 6.9% by value, with digital
    cameras accounting for 88.7% of camera sales by value;

(b) strong growth in digital SLR cameras (up 124% by value) and
    digital Developing & Printing (D&P) (up 65% by value);

(c) encouraging performance from new digital spacemix trial,
    which offers an enhanced digital photo printing service -
    trial expanded to 16 stores at the end of October;

(d) Chris Langley, Chief Operating Officer, appointed to the
    Board with effect from 30 November 2005; and

(e) 16 new stores added in the year bringing the total as at 30
    September 2005 to 278.

             Statement of Chief Executive Derek Hine

Trading in the first two months of the current financial year is
in line with expectations.  Total like for like sales in the
eight weeks to 27 November 2005 were down 1.2%, with store like
for like sales down 3.6%.

Although we retain a cautious view of near term trading,
Christmas is not historically as important for Jessops as it is
for some other retailers.  We are encouraged by the continued
strong performance of digital SLR camera sales, by the growth we
have achieved in the digital processing market and by the
performance of our new format stores trial.  Despite there being
10 months of our year ahead of us and greater uncertainties than
ever on the High Street, given the changes we have made and will
continue to make within the business, we are confident that we
enter 2006 well placed to make the best of a difficult trading
environment and take advantage of any upturn.

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

CONTACT:  JESSOPS PLC
          Jessop House, Scudamore Rd.
          Leicester
          LE3 1TZ, United Kingdom
          Phone: +44-116-232-6000
          Web site: http://www.jessops.com


JJ CONSTRUCTION: Names Alexander Lawson Liquidator
--------------------------------------------------
J. J. Construction Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Nov. 9 at 641 Green Lanes,
London N8 0RE.  Ninos Koumettou of Alexander Lawson & Co, 641
Green Lanes, London N8 0RE was appointed liquidator.

CONTACT:  J J CONSTRUCTION LTD.
          Drumhurt, Kill, Cootehill
          Cavan
          Phone: 0495556046

          ALEXANDER LAWSON & CO.
          641 Green Lanes
          London N8 0RE
          Phone: 020 8348 0183
          Fax: 020 8340 9115


JOHN HAWTHORN: Liquidator from Poppleton & Appleby Enters Firm
--------------------------------------------------------------
A. P. Weigert, chairperson of John Hawthorn Limited, informs that
the special and ordinary resolutions to wind up the company were
passed at an EGM held in Nov. 16.  John Hawthorn Limited be wound
up voluntarily and that Stephen James Wainwright of Poppleton &
Appleby, 32 High Street, Manchester M4 1QD was appointed
liquidator.

Creditors are required on or before December 21, 2005 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any), to S. J.
Wainwright of Poppleton & Appleby, 32 High Street, Manchester M4
1QD, the Liquidator of the Company, and, if so required by notice
in writing their debt or claims.

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


LEGENDS RACING: Crawfords to Liquidate Business
-----------------------------------------------
Legends Racing Team Limited and Legends Sales Limited informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 7 at The Thistle Cheltenham, Gloucester Road,
Cheltenham, Gloucestershire GL51 0TS.  David Norman Kaye of
Crawfords, Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB was appointed liquidator.

CONTACT:  LEGENDS RACING TEAM LIMITED
          Sycamore Barn, Bourton Industrial Park
          Bourton-on-the-Water
          Cheltenham
          United Kingdom GL54 2HQ
     Phone: 01451 821 611
          Fax: 01451 810 189
          E-mail: info@legendsracing.co.uk


MG ROVER: GB Sports to Acquire Austin-Healey Brand
--------------------------------------------------
GB Sports Car Company has reportedly agreed to buy the
Austin-Healey brand from MG Rover's new owner Nanjing Automobile
(Group) Corporation.

Earlier, the Financial Times reported that the consortium led by
former Rover bosses has signed a memorandum of understanding with
Nanjing over the brand.  GB Sports aims to build its own
independent sports car manufacturing firm under the Austin-Healey
badge, according to Channel 4 News, in another report.  The paper
added the company also plans to revive production of the MG TF
and ZT models at Rover's Longbridge site, and is bidding to
acquire the defunct MG Sport & Racing division.

The Guardian, in another report, also said the British Group is
confident of sealing negotiations with Nanjing in six weeks.

Fraser Welford-Winton, a former managing director at Rover's
Powertrain engine plant, set up GB Sports in August.  He said: "I
am delighted I will be at the heart of the development and
implementation of a business plan that will produce long-term
skilled jobs at Longbridge and create a center of excellence for
sports car activities, for which the U.K. is world renowned."

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          NANJING AUTOMOBILE (GROUP) CORPORATION
          General Management Division
          Phone: 86-25-3432671
          Fax: 86-25-3111295 3417873
          E-mail: bnj3111037@jlonline.com
          Web site: http://www.nanqi.com.cn


NEWDAY GROUP: Calls in Tenon Recovery Liquidator
------------------------------------------------
Newday Group Services Limited informs that the special and
ordinary resolutions to wind up the company were passed at an EGM
held on Nov. 11 at Burges Salmon, Narrow Quay House, Narrow Quay,
Bristol BS1 4AH.  Nigel Ian Fox and Carl Stuart Jackson of Tenon
Recovery, Highfield Court, Tollgate, Chandlers Ford, Eastleigh,
Hampshire SO53 3TZ were appointed joint liquidators.

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


PATHLEAD LIMITED: Names Liquidator from Middleton Partners
----------------------------------------------------------
D. O'Doherty, chairman of Pathlead Limited, informs that the
special, extraordinary and ordinary resolutions to wind up the
company were passed at an EGM held on Nov. 15 at 14-16 Mount
Ephraim Road, Tunbridge Wells, Kent TN1 1EE.  Julie Anne Palmer
of Middleton Partners was appointed liquidator.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Phone: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk
          Web site: http://www.middletonpartners.co.uk


PATIENTLINE PLC: Revenue Up 13% to GBP26.4 Million
--------------------------------------------------
Patientline plc has reported interim results for the six months
ended 23 September 2005.

Financial Highlights

(a) revenue increased by 13% to GBP26.4 million year on year;

(b) EBITDA up 15% to GBP9.2 million year on year;

(c) operating cash flow up 10% to GBP10.7 million; and

(d) borrowings expected to peak early in the new calendar year.

Operating Highlights

(a) Internet and E-mail live at 37,000 U.K. beds;

(b) second food ordering system live in Hartlepool;

(c) acquisition of HTS adds 2,500 beds in Holland; and

(d) first revenues of GBP0.5 million recorded in U.S.

                Statement of Chairman Derek Lewis

The Company has responded with determination to the challenges of
the past six months, which have included a competition
investigation into our contracts with the NHS and the level of
charges for incoming calls, combined with a period of weaker
trading.  The investigation has led to suspension of installation
work in the U.K., which has not only caused difficulties for the
Company but also for our customers and suppliers.  In addition it
has been necessary to modify our banking facilities to take
account of these factors.

We have taken a range of actions to reverse the revenue weakness
and have responded vigorously to the Ofcom investigation.
Meanwhile progress in the development of our businesses in
continental Europe and North America has been very encouraging.

These factors are reflected in the financial results, with
turnover up 13% at GBP26.4 million and EBITDA up 15%.  The weaker
trading meant that the growth in EBITDA during this period was
insufficient to cover the increase in depreciation and interest
costs resulting in an increase in the loss before tax to GBP5.3
million (GBP3.8 million in the first half of the prior year).
The growth in net borrowings slowed during the period as a result
of the lower level of installations, rising by GBP8.9 million to
GBP84.3 million (compared with an increase of GBP15.9 million in
the immediately preceding half year).

Ofcom Investigation

At the end of July, Ofcom announced its competition investigation
into the contracts between the NHS and two licensees, Patientline
and Premier, and into the level of incoming call charges.  Since
then, Patientline has supplied a large amount of information to
Ofcom and has had several meetings to explain the economic,
financial and contractual basis on which the Patient Power
program was set up by the Department of Health in 2000.  The
obligations imposed by the
Patient Power Licenses with respect to the technical
specification, service levels, maximum prices to patients and the
provision of free services together dictate both the terms of the
contracts and the charges that have to be made to incoming
callers.

Patientline has co-operated fully with Ofcom in this
investigation and remains confident that the Company's actions
will be vindicated.  Nevertheless the effect on a small company
has been disproportionate, including the accompanying negative
publicity, the suspension of new investment, a sharp drop in the
share price and the requirement to renegotiate banking
facilities.  It is particularly frustrating as Patientline was
already in discussions with the Department of Health about
accelerating use of these world-leading systems by hospitals to
enable a reduction in the share of the costs borne by patients
and their friends and family.

Ofcom expects to reach a conclusion, if no infringement is found,
by the end of January 2006.  Otherwise its timetable would
normally extend by up to six months.

U.K. Operations

We indicated in our preliminary announcement at the beginning of
June that revenue levels had been affected by ward closures,
lower bed occupancy and changes in patient mix in NHS hospitals,
resulting from the financial deficits experienced by many trusts
and changes in the commissioning and funding system.  These
influences have continued and have been aggravated by a temporary
deterioration in the usage of our systems because of staffing
shortages, repair and software issues, as well as negative
publicity and some increase in the usage of mobiles outside the
ward areas.

Top priority has been given to restoring usage of our terminals
to previous levels through full system audits, recruitment of
additional staff, release of new software and appointment of a
new repair sub-contractor.  Our response to ward closures and
changes in occupancy has been to remove terminals from service
where they will not be required in the immediate future and to
re-deploy them, to adjust staffing levels accordingly and to
introduce new product and price offerings targeted at the
changing needs of patients.  Internet and E-mail are now
available at 37,000 terminals and the range of games has been
improved.  A short stay package will be launched shortly. In
addition efficiency gains have been achieved by reshaping
site-based operations resulting in a reduction of 3% points in
the ratio of hospital costs to revenue.

As disclosed in July, revenue per terminal in the more mature
U.K. hospitals (installed prior to the end of March 2004) was
down about 5% in the first half compared with the same period in
the previous year, with weaker performance from the more recently
launched hospitals because of the software issues referred to
above and from hospitals in the southeast, where staffing
shortages have been more prevalent.  Revenues appear to have
stabilized since the early summer, with most of the effect of the
corrective actions yet to be felt.

The financial stresses within the NHS and the delays in
implementation of the major IT program, Connecting for Health,
have meant that progress in generating new revenues from
hospitals has been slow.  Nevertheless, IT access at the bedside
is now fully rolled out at Chelsea and Westminster Hospital and
the second hospital, in Hartlepool, is now live with menu display
and meal ordering at the bedside, with a third hospital due to
come on stream shortly.

Banking Facilities

The Company's banks have remained very supportive in these
circumstances.  It has been necessary to negotiate changes to the
banking facility to reflect the uncertainty created by the Ofcom
investigation, the change in the trading position and the
suspension of new installation activity.  These changes have now
been agreed.  They include a reduction in the size of the
facility to reflect the reduced borrowing requirements,
adjustments to the financial covenants and provision for
repayment to commence in 2006, one year earlier than previously
planned, in line with the Company's revised investment plans and
expected cash generation.  It is anticipated that there will be
further modifications to the facility once the outcome of the
Ofcom investigation and longer term trading trends are known.

Overseas

The Company's overseas businesses made excellent progress.

In Holland, revenue was ahead by 12% and operating profit by 18%
(excluding the one-off effect of exchange rates on balance sheet
translation and the French development costs) compared with the
first half of the previous year.  The six hospital contracts
acquired from HTS were successfully integrated.

Good progress has been made in generating interest in France,
where there is a major Government driven IT program.

In the U.S., the Company recorded its first revenues of GBP0.5
million.  Resources have been increased with the appointment of a
U.S.-based chief executive, supported by technical and finance
capability.  Despite these added costs, the operating loss
incurred was only GBP0.4 million, consistent with the board's
intention of developing the U.S. opportunity without significant
cash exposure for the Company.  Partnerships with Compucom, GE
and others have continued to strengthen during this period, while
negotiations with several significant new hospitals have been
progressing towards conclusion.

Patientline People

Sir Alan Langlands intends to step down from the board towards
the end of this financial year, on completion of five years'
service since flotation, to concentrate on his full-time role as
Principal and Vice Chancellor of the University of Dundee.  The
board is extremely grateful for Sir Alan's contribution to the
Company over this period.  We shall announce the appointment of a
further non-executive director in due course.

The external factors affecting the Company in the U.K. have
caused abnormal demands on the board and staff throughout the
Company.  They deserve very special thanks for the way they have
risen to the challenge and for their continued dedication in
providing an important service to patients and hospitals.

International Financial Reporting Standards (IFRS)

The Company has previously presented its results in accordance
with U.K. GAAP.  As is now required, these results, together with
the comparative information, have been determined and presented
under IFRS.  There is no impact upon the cash flows of the Group.

The Future

Patientline has established an unrivalled position in the U.K.
and abroad in the provision of bedside technology, which provides
a strong base for future development and the creation of
shareholder value.  We are confident of being vindicated by the
Ofcom investigation and look forward to restoring our momentum in
the U.K. once the uncertainty created by the investigation has
been removed.

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

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


R FARMS: Appoints Deloitte & Touche Liquidator
----------------------------------------------
R Farms Limited informs that the special resolution to wind up
the company was passed at a general meeting and Christopher James
Farrington and Andrew Philip Peters were appointed liquidators.

CONTACT:  DELOITTE & TOUCHE
          4 Brindley Place
          Birmingham
          West Midlands B1 2HZ
          Phone: 0121 200 2211
          Fax: 0121 695 5555
          E-mail: andrew.peters@deloitte.co.uk


RINKWAY APPAREL: Files for Liquidation
--------------------------------------
Rinkway Apparel Limited informs that resolutions to wind up the
company were passed at an EGM held on Nov. 7 at Wilmot House, St
James Court, Friar Gate, Derby DE1 1BT.  Simon Gwinnutt of Wilmot
House, St James Court, Friar Gate, Derby DE1 1BT was appointed
liquidator.

CONTACT:  RINKWAY APPAREL LTD.
          25 West Street
          Swadlincote
          DE11 9DN
          Derbyshire
          Phone: 01283 552353
          Fax: 01283 552353


SPINAL SERVICES: Liquidators from Tomlinsons Move in
----------------------------------------------------
M. T. Knight, chairman of Spinal Services Limited, informs that
the special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 15 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.

Creditors are required on or before December 31, 2005, to send in
their full forenames and surnames, their addresses and addresses
of their Solicitors (if any), to A. H. Tomlinson of Tomlinsons,
St John's Court, 72 Gartside Street, Manchester M3 3EL, the
Liquidator of the Company, and, if so required by notice in
writing their debt or claims.

CONTACT:  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


TAMRON (UK): Hires Moore Stephens to Liquidate Business
-------------------------------------------------------
K. Nakagawa, director of Tamron (UK) Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 11 at 1385 Hasunuma, Minuma-ku,
Saitama-shi, Saitama, 337-8556 Japan.  Steven Draine and David
Rolph of Moore Stephens Corporate Recovery were appointed joint
liquidators.

Creditors are required on or before December 23, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any), to Steven
Draine, of 3-5 Rickmansworth Road, Watford, Hertfordshire WD18
0GX, the Joint Liquidator of the Company, and, if so required by
notice in writing their debt or claims.

CONTACT:  MOORE STEPHENS
          3/5 Rickmansworth Road
          Watford
          Hertfordshire WD18 0GX
          Phone: 01923 236622
          Fax: 01923 245660
          E-mail: steve.draine@moorestephens.com


T L GROUP: Appoints Gregory Michaels Liquidator
-----------------------------------------------
G. C. Thompson, chairman of T L Group Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 4 at The White Hart Hotel, Holywell Hill, St Albans,
Hertfordshire AL1 1EZ.  Michael Ioannou of Gregory Michaels & Co,
6 Southwick Mews, London W2 1JG was appointed liquidator.  The
appointment was confirmed at a creditors meeting held on the same
day.

CONTACT:  T L GROUP LTD.
          The Old Hospice
          37 Holywell Hill
          St. Albans, Herts
          AL1 1HB
          Phone: 01727 833233
          Fax: 01727 833232


VENILIA LTD.: Hires Liquidator from BDO Stoy Hayward
----------------------------------------------------
P. Dean, chairman of Venilia Limited, informs that a resolution
to wind up the company was passed at an EGM held on Nov. 3 at 1
City Square, Leeds LS1 2DP.

Charles MacMillan and Toby Underwood of BDO Stoy Hayward LLP, 1
City Square, Leeds LS1 1DP were appointed Joint Liquidators.  The
appointment was confirmed at a creditors meeting held on the same
day.

CONTACT:  VENILIA LIMITED
          Unit 8, Stadium Way, Reading
          Berkshire RG30 6BX
          Phone: 01189412011

          BDO STOY HAYWARD LLP
          1 City Square
          Leeds
          West Yorkshire LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200


                            *********


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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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