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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 26, 2005, Vol. 6, No. 190

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Job cuts Inevitable, Says Vice Chairman


C Z E C H   R E P U B L I C

AHOLD CZECH: Authorities Padlock Hypermarket
TELESYSTEM INTERNATIONAL: Won't Guarantee Additional Cash Payout


F R A N C E

TISSAGE DE PICARDIE: Textile Crisis Downs Another Victim


G E R M A N Y

AEG HAUSGERATE: Experts Claim Nuremberg Plant Still Viable
BACKEREI KONDITOREI: Creditors' Claims Due Next Month
BBI GMBH: Braunschweig Court Appoints Administrator
BOBITEC VERSORGUNGSTECHNIK: Proofs of Claim Due December
CROWN'S CLUB: Creditors to Meet November

DAIMLERCHRYSLER AG: Mercedes to Start Cutting Jobs this Year
DR. PFOTSCH: Under Bankruptcy Administration
MEYERHOFF GROBGRUENHANDEL: Declares Bankruptcy
VITALIS WELLNESS: Sets Creditors Meeting October 14
WALTER NIEBUHR: Claims Filing Period Ends October 4
WEIL STRASSEN: Duesseldorf Court Appoints Administrator
WOODWORKING AND MORE: Wuppertal Firm Succumbs to Bankruptcy


I R E L A N D

THE FARM: Barcud Derwen May Redeem Firm out of Examinership


I T A L Y

TISCALI SPA: Half-year Loss Down to EUR46.4 Million


N E T H E R L A N D S

ROYAL SHELL: Cancels 1,600,000 'A' Shares
VERSATEL TELECOM: Court to Rule on Tele2 Offer Next Week


R U S S I A

CHUVASH-POTREB-SOYUZ: Deadline for Proofs of Claim Set October
GLASS-MAST: Undergoes Bankruptcy Supervision Procedure
ILOVAY-DMITRIEVSKAYA NIVA: Hires Insolvency Manager
KHOLMSKIYE SEA: Sakhalin Court Opens Bankruptcy Proceedings
KRASNOCHETAYSKIY DAIRY: Declared Insolvent

NYLGINSKOYE: Bankruptcy Hearing Set December
RUSSIAN RAILWAYS: S&P Hints of Upgrade on Improving Outlook
SALAVATSKIY: Succumbs to Bankruptcy
SHMIDTOVSKIY: Claims Filing Period Ends Next Month
STROY-MECHANIZATION: Insolvency Manager Takes over Business

TYNDINSKOYE: Court Brings in Insolvency Manager
YUKOS OIL: Foreign Creditors Bring Case to Moscow Court
YUKOS OIL: Lithuania Prepares to Buy out Mazeikiu nafta
YUKOS OIL: Law firm Disputes US$150 Mln Shares-for-loan Auction


S P A I N

CIRSA BUSINESS: Moody's Raises Outlook to Stable


S W E D E N

JENS OF SWEDEN: Relies on Subsidiary to Raise Fresh Financing
SKANDIA INSURANCE: Old Mutual Ready to Go all out


S W I T Z E R L A N D

SWISS INTERNATIONAL: Names Rolf Jetzer Chairman


T U R K E Y

TURKCELL ILETISIM: Denies Receiving Offer from Alfa Telecom


U K R A I N E

EXTRA-CLASS: Court Appoints Liquidator
MAKON: Insolvency Manager Takes over Operations
PLEMZAVOD KVITNEVE: Creditors' Claims Due Today
TEHNOPOL: Under Bankruptcy Supervision
TRAKT: Gives Creditors Until Today to File Claims

TRANSBUDSHLYAH: Declared Insolvent
VIRSAVIYA: Lviv Court Opens Bankruptcy Proceedings
VVS-TELEKOM: Bankruptcy Supervision Starts


U N I T E D   K I N G D O M

AANSA INTERNATIONAL: Files for Liquidation
AUSTIN ESTATE: EGM Passes Winding-up Resolution
AUTOCARE U.K.: Sale of Business Preserves 170 Jobs
BARDOW PROPERTIES: Members Decide to Liquidate Business
BIGGAR CONSTRUCTION: In Liquidation

BROOMCO (1884): Appoints Begbies Traynor Liquidator
C. B. FABRICATION: Hires Administrator from Purnells
CHARACTER GROUP: CEO Gives way to Joint Managing Directors
CHRIS BURRELL: Creditors Meeting Set Wednesday
COMMERCIAL PROPERTY: Administrator Takes over Firm

CORUS GROUP: ManuBuild Research Program Gets E.U. Funding
DRILLFIELD ENGINEERING: Files for Liquidation
E.C.P. CIRCUITS: Calls in Liquidator
EQUITABLE LIFE: Policyholders Want Chairman to Step down
EUROMONEY INSTITUTIONAL: To Take over TelCap Limited

GALLAHER GROUP: To Acquire Cita Tabacos, Other Businesses
GRAPEVINE (POULTON): In Liquidation
GREAT HARWOOD: Meat Processor Calls in Administrative Receivers
HI-TECH CONSERVATORIES: Calls in Administrator
HOME LOOK: Files for Liquidation

JEDA ENGINEERING: Administrators from Grant Thornton Move in
JOHN LETTERS: Golf Retailer Rescues Firm from Receivership
MEPC LTD.: Redeems Outstanding US$215 Mln Preferred Shares
MG ROVER: Collapse Hits West Midlands Economy
M & L AMBULANCE: Hires Administrators from Begbies Traynor

MONUMENT EXECUTIVE: Appoints Tenon Recovery Administrator
NORTON & TOWNSEND: Hires Begbies Traynor as Administrator
PROFENCE (NW): Administrator Enters Company
PUBLIC SECTOR: Creditors Meeting Set Today
QUALITY GAMES: Calls in Administrator from Antony Batty

RETAIL PERSONNEL: Hires Administrator from Tomlinsons
ROYAL BARUM: Obtains GBP1.5 Million Fresh Funding
RUSH TRAVEL: EJK Associates Administrator Enters Firm
SANCTUARY GROUP: Non-executive Director Steps down
SOPHIA DEVELOPMENTS: Property Developer Calls in Administrator
STANDARD BRIDGE: Files for Liquidation
TYNESIDE TYRE & RUBBER: Appoints Administrator


                            *********


===========
C Y P R U S
===========


CYPRUS AIRWAYS: Job cuts Inevitable, Says Vice Chairman
-------------------------------------------------------
Further jobs cuts are expected at loss-making carrier Cyprus
Airways (CAIR), Vice Chairman Frixos Savvides announced last week
without stating an exact number.

He said the carrier has no choice but to trim down its 2,000
workforce to cut cost and stay afloat.  "We know more or less
what the magic number is but of course we have to wait until this
is official and in agreement with the consultants' report.  And
we need to tell the people affected so they don't have to read it
in the newspapers first."

CAIR's new restructuring plan, according to Reuters, may include
operating two separate airlines within the group.  At present,
the company operates one airline for scheduled flights and a
separate subsidiary, Eurocypria, for charter flights.

Mr. Savvides said CAIR's board will review the new survival plan
Wednesday.  The plan will next go to the unions for consultation
and the government for approval.  The plan also needs the
European Commission's sanction before it can be implemented.

CAIR took out a EUR51 million E.U.-approved loan in May.  Hit by
competition from low-cost airlines and cost of winding down a
Greek subsidiary in May, it suffered a US$43.3 million first half
loss.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


AHOLD CZECH: Authorities Padlock Hypermarket
--------------------------------------------
The agriculture and food inspector has ordered an Ahold Hypernova
store in the town of Jindrichuv Hradec to close after finding it
infested with mice, AFX News reports.

Food inspectorate spokeswoman Daniela Kolejkova said Ahold Czech
Republic, A.S. was also told to immediately cease trading.  The
company faces a fine amounting to tens of thousands of euros.

Dutch Royal Ahold owns 99% of Ahold Czech Republic.  It entered
the country in 1999.

CONTACT:  AHOLD CZECH REPUBLIC, A.S.
          E-mail: info@ahold.cz
          Phone: +420 234 004 111
          Web site: http://www.ihypernova.cz/


TELESYSTEM INTERNATIONAL: Won't Guarantee Additional Cash Payout
----------------------------------------------------------------
Telesystem International Wireless Inc. received a notice from
NASDAQ to advise that its shares will be delisted from NASDAQ
before the opening of the market on September 28, 2005.  TIW
therefore confirms that September 27, 2005 will be the last day
of trading of its shares on both NASDAQ and the Toronto Stock
Exchange.  Its shares will begin trading on the TSX Venture
Exchange at the opening of the market on September 28, 2005 under
the ticker "TIW".  There can be no assurance as to whether there
will be adequate liquidity for the shares of TIW in the future or
whether the Company will maintain the listing of its shares on
the TSX Venture Exchange or any other public exchange until
further cash distributions on its shares can be made.

The payment date for a First Distribution of US$17.01 and US$1.79
to shareholders of record on September 8 and 21, 2005
respectively will be September 27, 2005.  The Company continues
to hold certain reserves in cash and cash equivalents to meet
future estimated costs and potential liabilities.  The timing and
size of future distributions by the Company depend on its ability
to free up these reserves as it settles or otherwise makes final
determination of its liabilities.  The most significant of these
is a reserve totaling US$255 million or approximately US$1.14 per
share for potential tax liability.  The taxation authorities have
not, however, yet assessed the specific amount of their claims
and assessments may not be delivered for several months.

The Company believes that there are no material amounts owing to
taxation authorities.  However, there can be no certainty as to
whether or not the tax authorities will propose adjustments,
which may result in tax liabilities that would reduce
significantly potential future distributions.

Accordingly, there can be no certainty that following the First
Distribution payable on September 27, 2005, the Company will be
able to make further distributions or that cumulative
distributions will equal to the Target Return of US$19.9614 per
share plus Investment Income, as defined in the Information
Circular dated April 18, 2005.  TIW estimates that the cumulative
Investment Income earned through to the end of September 2005
will represent approximately US$0.14 per share.  Taking into
account that amount of estimated Investment Income and the total
First Distribution of US$18.80, the amount of future
distributions should therefore not be expected to exceed
approximately US$1.30 per share.  TIW does not expect to realize
a material amount of additional Investment Income in periods
subsequent to the First Distribution.

There can be no assurance as to when the Company's common shares
will be cancelled under its plan of arrangement.  If the
Company's common shares are cancelled before any further
distributions are made or before the Target Return of US$19.9614
per share, together with Investment Income thereon, have been
distributed, shareholders at the time of the cancellation will
continue to have the right to receive future distributions, if
any.

In relations with any distributions, shareholders from the United
States are reminded that they are or may be subject to tax
consequences that are different from those applicable to Canadian
shareholders.  The Company refers its U.S. shareholders to the
Information Circular and more specifically to the section
"Certain U.S. Federal Income Tax Considerations," including the
"PFIC Considerations" sub-section.

The Information Circular is available at http://www.tiw.ca,SEDAR
at http://www.sedar.comor EDGAR at http://www.sec.gov.

                        About the Company

Telesystem International, headquartered in Montreal (Quebec),
provides wireless voice, data and short messaging services in
Central and Eastern Europe with over 6.9 million subscribers.  It
operates in Romania through MobiFon S.A. under the brand name
Connex and in the Czech Republic through Oskar Mobil a.s. under
the brand name Oskar.

                       Restructuring Plan

On May 20, the Superior Court, District of Montreal, Province of
Quebec issued a final order approving a Plan of Arrangement under
the Canada Business Corporations Act.  The court supervised Plan
of Arrangement was adopted by the Company to allow the Company
to:

   -- complete the transaction with Vodafone announced on
      March 15, 2005;

   -- proceed with its liquidation, including the implementation
      of a claims process and the distribution of net cash to
      shareholders;

   -- cancel its common shares; and

   -- proceed with its final distribution and be dissolved.

The Court has appointed KPMG Inc. as monitor to perform the
duties provided in the claims identification process approved by
the Court.  Visit http://bankrupt.com/misc/Telesystem_Profile.htm
to view company profile.

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


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


TISSAGE DE PICARDIE: Textile Crisis Downs Another Victim
--------------------------------------------------------
Local textile maker Tissage de Picardie has been declared
bankrupt, Les Echos says.

The company, which makes fabrics for household furnishings, fell
into insolvency after scrapping a rights issue.  CEO Guillaume
Sarkozy said the decline in France's textile industry and
difficulties experienced by two major customers hastened the
company collapse.

According to reports, since January 2004, no fewer than 153
textile companies have been declared bankrupt in France.

CONTACT:  TISSAGE de PICARDIE / RINET
          1, rue du 8 mai 45
          80380 VILLERS-BRETONNEUX
          Phone: 03 22 96 46 00
          Fax: 03 22 96 46 16


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


AEG HAUSGERATE: Experts Claim Nuremberg Plant Still Viable
----------------------------------------------------------
The supervisory board of appliance maker AEG met Friday to
discuss the future of its Nuremberg site, Suddeutsche Zeitung
says.

The meeting was expected to decide whether a plan to save the
plant should be drafted in view of a recent study, which claims
the plant can still be saved.  Electrolux, AEG's Swedish parent,
has threatened to close the loss-making plant, which employs
1,750.

Conducted by Info-Institut, a research and consultancy group
based at the College of Technology and Economics in Saarbrucken,
Germany, the study suggests options to enable the site to operate
profitably in the future.  The study criticizes the lack of a
clear plan as to how to position the AEG brand.  It suggested
that AEG pursue aggressive marketing and reduce fixed costs.  The
study agrees with Hans Straberg, head of Electrolux, who said the
plant cannot be saved simply by making staff work additional
hours without pay.

The site's fate will be decided next month when the supervisory
and management boards of Electrolux meet.  Fierce competition in
the domestic appliance market is making Electrolux think twice
about keeping it open.  The Nuremberg plant manufactures washing
machines and dishwashers.

Part of the world's largest domestic appliance group since 1994,
AEG has been one of the dominant brand names in Germany.  AEG
presents itself across Europe as a top brand for sophisticated,
performance-oriented consumers.

CONTACT:  AEG HAUSGERATE GMBH
          Muggenhofer Strasse 135
          D-90429 Nuremberg
          Phone: (0911) 323-0
          Fax: (0911) 323-1770
          Web site: http://www.aeg-electrolux.co.uk

          AB ELECTROLUX
          St. Goransgatan 143
          Stockholm, Sweden
          Phone: +46-8-738-6000
          Fax: +46-8-656-4478
          Web site: http://www.electrolux.com


BACKEREI KONDITOREI: Creditors' Claims Due Next Month
-----------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Backerei Konditorei Tillian GmbH on August 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 21, 2005
to register their claims with court-appointed provisional
administrator Dr. Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 9:00 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  BACKEREI KONDITOREI TILLIAN GmbH
          Pahlstr. 32 in 81377 Muenchen

          Dr. Martin Prager, Administrators
          Barthstr. 16, 80339 Muenchen
          Phone: 089/8589633
          Fax: 089/85896350


BBI GMBH: Braunschweig Court Appoints Administrator
---------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against BBI GmbH Vermogensverwaltung on August 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 26, 2005 to
register their claims with court-appointed provisional
administrator Joachim C. Hausherr.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 9:00 a.m. at the district court
of Braunschweig, E 01, An der Martinikirche 8, 38100 Braunschweig
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:  BBI GmbH VERMOGENSVERWALTUNG
          Salzdahlumer Weg 1, 38124 Braunschweig
          Contact:
          Hans-Jorg Balzer, Manager

          Joachim C. Hausherr, Administrator
          Bruchtorwall 6, D-38100 Braunschweig
          Phone: 0531/2448022
          Fax: 0531/2448080


BOBITEC VERSORGUNGSTECHNIK: Proofs of Claim Due December
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Bobitec Versorgungstechnik GmbH on September
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December 1,
2005 to register their claims with court-appointed provisional
administrator Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 9:55 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 February 21,
2006, 9:40 a.m. at the same venue.

CONTACT:  BOBITEC VERSORGUNGSTECHNIK GmbH
          Sophie-Charlotten-Str. 30 a, 14059 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


CROWN'S CLUB: Creditors to Meet November
----------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Crown's Club GmbH on August 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 28, 2005 to register their
claims with court-appointed provisional administrator Harald
Gruendel.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2005 at the district court of
Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  CROWN'S CLUB GmbH
          Neuturmstr. 5 in 80331 Muenchen

          Harald Gruendel, Administrator
          Widenmayerstr. 27, 80538 Muenchen
          Phone: 089/21121290
          Fax: 089/21121299


DAIMLERCHRYSLER AG: Mercedes to Start Cutting Jobs this Year
------------------------------------------------------------
DaimlerChrysler AG's Mercedes division will start axing jobs as
early as this year, said Agence France-Presse.

Sources close to the company say the luxury brand intends to
reduce its workforce through attrition.  Under the scheme, which
is also called "natural wastage," workers leaving the company
will not be replaced.  Mercedes will also implement voluntary
redundancies, since it has agreed with unions not to carry out
forced redundancies until 2012.  Discussion with union leaders
are said to be continuing.  The sources also confirmed reports
that the extent of the cuts would be around 5,000 out of the
total German headcount of 160,000 employees.  Meanwhile,
redundancy payments are expected to cost Mercedes around EUR100
million.

Headquartered in Stuttgart, Germany, DaimlerChrysler AG produces
cars and trucks under the brands Chrysler, Dodge, Jeep,
Mercedes-Benz, Smart, and Maybach, among others.  While the
carmaker's Chrysler division is slowly recovering, the market
share of Mercedes continues to dwindle.  The brand has been
described as "tarnished" in the wake of a series of slipups in
design and engineering.  Losses incurred by Mercedes were blamed
for the 30% drop in DaimlerChrysler's first quarter earnings.
The poor result was mostly due to the EUR512 million that was
spent to revamp its losing Smart venture, which has yet to post a
profit.

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


DR. PFOTSCH: Under Bankruptcy Administration
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Dr. Pfotsch & Kuehnert Krafttraining GbR on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 24, 2005 to register their claims with court-appointed
provisional administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on October 24, 2005, 9:05 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 January 23,
2006, 9:15 a.m. at the same venue.

CONTACT:  DR. PFOTSCH & KUEHNERT KRAFTTRAINING GbR
          Mollendorffstr. 49,10367 Berlin

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


MEYERHOFF GROBGRUENHANDEL: Declares Bankruptcy
----------------------------------------------
The district court of Celle opened bankruptcy proceedings against
Meyerhoff Grobgruenhandel GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 4, 2005 to register their
claims with court-appointed provisional administrator Karl-Heinz
Blaha.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 9:30 a.m. at the district court
of 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:  MEYERHOFF GROBGRUENHANDEL GmbH
          Am Tielemannsort 15, 29345 Unterluess
          Contact:
          Michael and Bernd Meyerhoff, Managers

          Karl-Heinz Blaha, Administrator
          Bahnhofstr. 30A, 29221 Celle
          Phone: 05141/28011
          Fax: 05141/24722


VITALIS WELLNESS: Sets Creditors Meeting October 14
---------------------------------------------------
The district court of Saarbruecken opened bankruptcy proceedings
against Vitalis Wellness & Fitness Center GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 11,
2005 to register their claims with court-appointed provisional
administrator Franz J. Abel.

Creditors and other interested parties are encouraged to attend
the meeting on October 14, 2005, 9:10 a.m. at the district court
of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 2. Etage, Saal 24, 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 December 2, 2005, 9:00 a.m. at the same venue.

CONTACT:  VITALIS WELLNESS & FITNESS CENTER GmbH
          Kohlbrunnenstrasse 18, 66740 Saarlouis
          Contact:
          Ferdinand Johann Bierbrauer, Manager

          Franz J. Abel, Administrator
          Kaiserstrasse 77, 66386 St. Ingbert
          Phone: (06894) 38 76 311
          Fax: (06894) 382185


WALTER NIEBUHR: Claims Filing Period Ends October 4
---------------------------------------------------
The district court of Celle opened bankruptcy proceedings against
Walter Niebuhr Zimmerei GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 4, 2005 to register their
claims with court-appointed provisional administrator Karl-Heinz
Blaha.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 9:00 a.m. at the district court
of Celle, Saal 014, Erdgeschoss, 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:  WALTER NIEBUHR ZIMMEREI GmbH
          Vorbruch 2, 29227 Celle
          Contact:
          Werner Niebuhr, Manager

          Karl-Heinz Blaha, Administrator
          Bahnhofstr. 30A, 29221 Celle
          Phone: 05141/28011
          Fax: 05141/24722


WEIL STRASSEN: Duesseldorf Court Appoints Administrator
-------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Weil Strassen- und Tiefbau GmbH on September 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 7, 2005
to register their claims with court-appointed provisional
administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2005, 8:45 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  WEIL STRASSEN- UND TIEFBAU GmbH
          Von-Ketteler-Str. 13, 40789 Monheim
          Contact:
          Juergen Weil, Manager

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


WOODWORKING AND MORE: Wuppertal Firm Succumbs to Bankruptcy
-----------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Woodworking and more Stock Tischlerwerkstatt GmbH on
September 2.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 30, 2005 to register their claims with court-appointed
provisional administrator Norbert Schrader.

Creditors and other interested parties are encouraged to attend
the meeting on October 14, 2005, 9:10 a.m. at the district court
of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage,
Saal 234, 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:  WOODWORKING AND MORE STOCK TISCHLERWERKSTATT GmbH
          Schuetzenstrasse 58, 42659 Solingen
          Contact:
          Irene Stock, Manager

          Norbert Schrader, Administrator
          Briller Strasse 2, 42103 Wuppertal
          Phone: 0202-38906-0
          Fax: 3890622


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


THE FARM: Barcud Derwen May Redeem Firm out of Examinership
-----------------------------------------------------------
Barcud Derwen is reportedly close to saving The Farm Media Group,
which was put into examinership in July with debt of over EUR5.4
million.

According to The Post, the largest regional post-production
provider in Britain, has inked outline heads of agreement with
The Farm.  Talks between examiner Neil Hughes and a number of
interested parties had been progressing before Barcud Derwen
entered the picture.  If it materializes, the deal with Barcud
will be presented to the members and creditors of The Farm for
approval and then to the High Court for consent.

Mr. Hughes said: "If these approvals are forthcoming, the
association with Barcud Derwen will allow for synergies in terms
of exchange of work within the Barcud Derwen group which will
give The Farm the reasonable prospect of survival required under
the Companies Act."

The Farm Media Group was created in 2002 with the merger between
Blade productions and The Farm, which was established in 1995 by
chief executive Bobby O'Reilly, and his wife Valerie.  With a
workforce of 45 people in Dublin and 22 in Los Angeles, the firm
has worked with high-profile clients, including Twentieth Century
Fox, the Cranberries, the Corrs and Lucasfilm.  The Farm's move
to upgrade its technology has caused troubles in its cash flow,
and prompted the exit of its audio managing director Locky
Butler.

Barcud Derwen was formed with the merger between Barcud and
Derwen in 1997.  It has 11 divisions and has worked on a number
of projects with S4C and BBC.

CONTACT:  THE FARM MEDIA GROUP
          27 Upper Mount Street
          Dublin
     Phone: +353 1 6768812
          Fax: +353 1 6768816
          Web site: http://www.thefarm.ie


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


TISCALI SPA: Half-year Loss Down to EUR46.4 Million
---------------------------------------------------
The Board of Directors of Tiscali S.p.A. has approved the Group's
first-half results to 30 June 2005.

Revenues of EUR353.7 million were up 11% on the first six months
of 2004 (EUR318.8 million).  Growth in revenues was driven mainly
by the access segment, which accounted for 74% of the Group's
revenues (EUR262.6 million).  In this segment, there was a marked
change in the revenues mix compared to 1H04, with a significantly
higher contribution from broadband services (56%) than dial-up
(narrowband) services.

There were 330,000 new broadband customers in the first half,
which brought the total number of ADSL subscribers at 30 June
2005 to around 1.4 million (an increase of 34% on 31 December
2004): over 250.000 were receiving unbundled services.  With
commercial offers aimed at increasing the take up of double play
(voice and data), several ADSL customers are switching from
wholesale to unbundled services.  The total number of active
dial-up customers was 3.4 million, reflecting the continuing
decline in the dial-up user base, in line with the market.

In first half 2005, voice revenues stood at EUR44.0 million (12%
on revenues), 9% down compared to EUR48.2 million (15% on
revenues) as of 30 June 2004.  Revenues slow down is mainly due
to the refocus of the offer of traditional voice services in
favor of VoIP services, contributing to a higher profitability.
The trend was partially off set by the launch of "bundled" CPS
voice services (code pre-selection) in U.K.

Revenues from business services came in at EUR28.5 million (8% of
revenues), an increase of 6% on the EUR26.9 million (8% on
revenues) recorded in 1H04.  The rise is due to the organic
growth supported by a commercial refocus.   Portal (Media & VAS)
revenues, at EUR14.6 million (4% of revenues) were slightly up
(+2%) on the EUR14.4 million (5% on revenues) posted at end-June
2004.

The positive trend is due to organic growth.  In first half 2005
the main contribution to the business line revenues is generated
by advertising, the strategy also aims at improving VAS and
content revenues.

Operating costs totaled EUR140.0 million, an increase of 17% on
the first half of 2004 (EUR119.6 million) in absolute terms.
These costs moved from 38% on revenues in 1H04 to 40% at June
2005.  This increase in the absolute value is attributable to
significant investments in marketing to support the expansion in
broadband services.

Marketing costs at EUR64.9 million represented 18% of revenues
compared to EUR41.3 million (13% on revenues) in 1H2004.  The
increase is largely related to advertising for broadband
services, with a greater focus on the U.K. market, main driver of
the Group's growth in the semester.

Personnel costs were essentially stable at EUR54.3 million,
versus EUR54.7 million in 1H04 (falling from 17% to 15% of
revenues), the number of the employees at June 30, 2005 was
1,846.

General costs fell from EUR23.6 million (7% of revenues) in 1H04
to EUR20.8 million (6% of revenues) as of June 2005, thanks to
further rationalization.

Gross Operating Profit (EBITDA), before amortization,
depreciation, provision and writedowns came in at around EUR52.4
million, more than doubled versus EUR20.1 million at 30 June
2004, a rise from 6% as a percentage of revenues to 15% in the
first six months of 2005.

Such operating results have been achieved, in addition to the
revenues dynamics illustrated in the previous paragraph, also by
cost downsizing and by the efficiencies performed.

The trend shown by variable costs linked to the significant
increase of ADSL ULL customers within access segment has
determined the improvement already at Gross Margin1 level which
increased, as a percentage of revenues, from 48% on 1H04 to 54%
on the same period of 2005.

The Group reported an operating loss (EBIT) of EUR46.4 million,
after amortization, depreciation, provision and write downs, a
marked improvement (+31%) on the loss of EUR67.0 million, posted
at 30 June 2004.  The performance is the result of the
significant improvement in gross operating profitability.  In
1H2005, the amortization of tangible and the depreciation of
intangible assets amounted to EUR68.4 million compared to EUR61.0
million registered in 1H2004.  The increase is due to the
considerable investments made to roll out the ULL network.
Provision and writedowns (together with other restructuring
costs), were EUR30.5 million compared to EUR26.1 million in
1H2004.

The company made a pre-tax profit (EBT) of EUR59.6 million on
compared with a loss of EUR123.3 million in 1H04.  This includes
in 1H05, the net profit generated from the disposal of assets
(discontinuing operations), EUR125.7 million, mainly due to the
capital gain generated on the sale of the French subsidiary
Liberty Surf Group S.A. (EUR144 million).

The half-year ending 30 June 2005 closed, for the first time in
Tiscali's history, with a net profit of EUR14.5 million, to be
compared to a net loss of EUR123.8 million as of June 2004.
Net result of the period includes taxes for EUR45.1 million
related to the capital gain resulting from the contribution of
the Italian businesses activities from holding company into
Tiscali Italia S.r.l.  Such tax charge, however, does not
correspond to a tax disbursement, but only to a partial use of
the tax assets already accounted for in previous years.  The
posting of the eventual additional deferred taxes will be
assessed at closing of full year accounts for 2005.

Investments

Investment totaled EUR67.5 million (19% of revenues) and was
mainly related to the extension of the Group's unbundled network
and to connecting and activating new customers.  This compares to
investment of EUR36 million in 1H04.  Thanks to further
upgrading, Tiscali's network now has improved coverage.  In
Italy, at the end of 1H05, Tiscali's unbundled network had over
310 collocations active, giving coverage of around 25% of the
addressable DSL market (30% end of July).  In the Netherlands,
the Group now covers over 60% of the addressable DSL market.  In
1H05 investments in unbundling in the U.K. has commenced,
leveraging on the improvement of the market regulatory outlook,
while in Germany Tiscali will begin testing unbundling in the
Frankfurt area from 2H05.

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

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


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


ROYAL SHELL: Cancels 1,600,000 'A' Shares
-----------------------------------------
On 21 September 2005, Royal Dutch Shell plc purchased for
cancellation 1,600,000 'A' Shares at a price of EUR27.34 per
share.  It further purchased for cancellation 400,000 'A' Shares
at a price of 1,845.79 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,025,565,000.

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

                            *   *   *

Shell's buyback scheme is understood to be 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 had admitted it overstated its proved reserves by almost
6.0 billion barrels between January 2004 and February this year.
The crisis resulted to the ouster of three top executives,
including former chairman Philip Watts.  It was fined EUR150
million in total after investigations launched by U.S. and
British regulators.  Shell has said it had 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: Court to Rule on Tele2 Offer Next Week
--------------------------------------------------------
The court hearing a case seeking to derail Tele2's EUR1.34
billion offer for Versatel Telecom will deliver its ruling on
Tuesday.  The enterprise chamber of Amsterdam Court of Appeals
heard arguments from both parties on Sept. 22.

Shareholders owning 13.6% of Versatel, including U.S. and U.K.
hedge funds, want the offer suspended pending a judicial
investigation.  The investors are seeking a higher price than the
EUR2.20 a share offer.

The group has enough shares to block a 95% requirement for
approval, but under provisions in the offer document, the deal
may be carried out with a simple majority through a statutory
merger.  Investors consider it illegal.

Versatel, meanwhile, denied that Talpa Capital B.V., owned by the
firm's biggest shareholder, has been given special benefits over
and above the offer price in the memorandum.

A shareholders meeting to discuss the offer proposal is scheduled
for Thursday.  The offer runs until October 7.

The petitioners also include SG Amber Fund, Arnhold & S.
Bleichroeder Advisers LLC, Mellon HBV Alternative Strategies
Limited and Barclays Capital Securities Limited.

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Wouter van de Putte, Head of Investor Relations
          Phone: +31-20-750-2362
          E-mail: wouter.vandeputte@versatel.com
          Web site: http://www.versatel.com

          Cilesta van Doorn
          Manager Corporate Communications
          Phone: +31-20-750-1318
          E-mail: cilesta.vandoorn@versatel.com


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


CHUVASH-POTREB-SOYUZ: Deadline for Proofs of Claim Set October
--------------------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Chuvash-Potreb-Soyuz after finding the
combine on production of building materials insolvent.  The case
is docketed as A79-2700/2005.  Mr. A. Smirnov has been appointed
insolvency manager.  Creditors have until October 13, 2005 to
submit their proofs of claim to 428038, Russia, Chuvashiya
republic, Cheboksary, Gagarina Str. 20, Room 212.

CONTACT:  CHUVASH-POTREB-SOYUZ
          Russia, Chuvashiya republic, Cheboksary

          Mr. A. Smirnov
          Insolvency Manager
          428038, Russia, Chuvashiya republic,
          Cheboksary, Gagarina Str. 20, Room 212


GLASS-MAST: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on limited liability company Glass-Mast
(TIN 2801079542).  The case is docketed as A04-4657/05-10/6 "B".
Ms. N. Peshkun has been appointed temporary insolvency manager.
A hearing will take place on November 1, 2005.

CONTACT:  GLASS-MAST
          675000, Russia, Amur region,
          Blagoveshensk, Studencheskaya Str. 13

          Ms. N. Peshkun
          Insolvency Manager
          675000, Russia, Amur region,
          Blagoveshensk, Zeyskaya Str. 140, Office 41


ILOVAY-DMITRIEVSKAYA NIVA: Hires Insolvency Manager
---------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Ilovay-Dmitrievskaya Niva after finding the
open joint stock company insolvent.  The case is docketed as
A64-4097/05-21.  Ms. T. Elesina has been appointed insolvency
manager.

CONTACT:  ILOVAY-DMITRIEVSKAYA NIVA
          393707, Russia, Tambov region,
          Pervomayskiy region, Ilovay-Dmitrievskoye

          Ms. T. Elesina
          Insolvency Manager
          390027, Russia, Ryazan,
          Post Office 27, Post User Box 62


KHOLMSKIYE SEA: Sakhalin Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Kholmskiye Sea Resources Fish Cannery #28
after finding the limited liability company insolvent.  The case
is docketed as A59-2346/04-S12.  Mr. V. Semenyak has been
appointed insolvency manager.  Creditors have until October 13,
2005 to submit their proofs of claim to 694620, Russia, Sakhalin
region, Kholmsk, Sovetskaya Str. 71, Office 304.

CONTACT:  KHOLMSKIYE SEA RESOURCES FISH CANNERY #28
          694630, Russia, Sakhalin region, Kholmskiy region,
          Yablochnyj, Antonova Str. 7

          Mr. V. Semenyak
          Insolvency Manager
          694620, Russia, Sakhalin region, Kholmsk,
          Sovetskaya Str. 71, Office 304


KRASNOCHETAYSKIY DAIRY: Declared Insolvent
------------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Krasnochetayskiy Dairy after finding the
limited liability company insolvent.  The case is docketed as
A79-5176/2005.  Mr. N. Fedotov has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 428018, Russia,
Chuvashiya republic, Cheboksary, Pirogova Str. 4, Office 3.  A
hearing will take place on October 6, 2005, 11:00 a.m.

CONTACT:  KRASNOCHETAYSKIY DAIRY
          Russia, Chuvashiya republic, Krasnochetayskiy region,
          Krasnyje Chetai, Novaya Str.

          Mr. N. Fedotov
          Insolvency Manager
          428018, Russia, Chuvashiya republic,
          Cheboksary, Pirogova Str. 4, Office 3

          The Arbitration Court of Chuvashiya republic
          Russia, Cheboksary republic, Lenina Str. 4


NYLGINSKOYE: Bankruptcy Hearing Set December
--------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on limited liability company
Nylginskoye Repair-Technical Enterprise.  The case is docketed as
A71-83/2005-G2.  Mr. R. Zagidullin has been appointed temporary
insolvency manager.  A hearing will take place on December 13,
2005, 1:30 p.m.

CONTACT:  NYLGINSKOYE REPAIR-TECHNICAL ENTERPRISE
          Russia, Udmurtiya republic

          Mr. R. Zagidullin
          Temporary Insolvency Manager
          426011, Russia, Udmurtiya republic, Izhevsk,
          Kholmogorova Str. 17, Office 705


RUSSIAN RAILWAYS: S&P Hints of Upgrade on Improving Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' corporate
credit rating on Russian Railways (JSC) (RZD), the 100%
state-owned operator of Russian railroad infrastructure and the
country's dominant freight and passenger rail carrier, on
CreditWatch with positive implications reflecting the company's
improving business profile.

"RZD has benefited from continued growth in national demand for
rail transportation, driven by economic development and an
improving regulatory framework," said Standard & Poor's credit
analyst Eugene Korovin.  "RZD's operating efficiency is expected
to benefit in the medium term from the anticipated transfer of
loss-making rail-passenger operations to a directly state-owned
company and the gradual replacement of existing cross-subsidies
from the freight segment with budget allocations from the state."

The CreditWatch will be resolved once a full review of RZD has
been undertaken, including a review of the company's audited
financial statements under IFRS for 2004.  Standard & Poor's is
likely to upgrade the corporate credit rating on RZD to 'BBB-' if
2004 IFRS financial information reveals no unexpected negative
trends and provided the quality of the accounting data is
satisfactory.  RZD's current financial profile is adequate but is
expected to deteriorate in the medium term owing to the funding
of large capital projects.

It should still, however, remain compatible with a low
investment-grade rating.

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:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          InfrastructureEurope@standardandpoors.com


SALAVATSKIY: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Salavatskiy Optical-Mechanical
Factory after finding the state unitary enterprise insolvent.
The case is docketed as A07-135/05-G-KhRM.  Mr. V. Petrov has
been appointed insolvency manager.  Creditors have until October
13, 2005 to submit their proofs of claim to 453250, Russia,
Bashkortostan republic, Salavat-3.

CONTACT:  SALAVATSKIY OPTICAL-MECHANICAL FACTORY
          453250, Russia,
          Bashkortostan republic, Salavat-3

          Mr. V. Petrov
          Insolvency Manager
          453250, Russia,
          Bashkortostan republic, Salavat-3


SHMIDTOVSKIY: Claims Filing Period Ends Next Month
--------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Shmidtovskiy after finding the seaport
insolvent.  The case is docketed as A80-25/2005-B.  Mr. O. Syskov
has been appointed insolvency manager.  Creditors have until
October 13, 2005 to submit their proofs of claim to 680000,
Russia, Khabarovsk, Dzerzhinskogo Str. 28.

CONTACT:  SHMIDTOVSKIY
          689360, Russia, Khabarovsk region,
          Shmidtovskiy region, Ryrkarpiy, Transportnaya Str. 7

          Mr. O. Syskov
          Insolvency Manager
          680000, Russia, Khabarovsk region,
          Dzerzhinskogo Str. 28


STROY-MECHANIZATION: Insolvency Manager Takes over Business
-----------------------------------------------------------
The Arbitration Court of Kamchatka region commenced bankruptcy
proceedings against Stroy-Mechanization after finding the close
joint stock company insolvent.  The case is docketed as
A24-1811/05-05.  Mr. M. Petrovskiy has been appointed insolvency
manager.

Creditors have until October 13, 2005 to submit their proofs of
claim to 683006, Russia, Petropavlovsk-Kamchatkskiy, Pobedy Pr.
11th km, SSM, Office A203.  A hearing will take place on January
13, 2006.

CONTACT:  STROY-MECHANIZATION
          683006, Russia, Petropavlovsk-Kamchatkskiy,
          Pobedy Pr. 11th km, SSM

          Mr. M. Petrovskiy
          Insolvency Manager
          683006, Russia, Petropavlovsk-Kamchatkskiy,
          Pobedy Pr. 11th km, SSM, Office A203
          Fax: (41522) 5-75-43


TYNDINSKOYE: Court Brings in Insolvency Manager
-----------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on building enterprise Tyndinskoye (TIN
2808014840).  The case is docketed as A04-2401/05-4/120 "B".  Ms.
N. Ryabtseva has been appointed temporary insolvency manager.

CONTACT:  TYNDINSKOYE
          676290, Russia, Amur region,
          Tynda, Sovetskaya Str. 1

          Ms. N. Ryabtseva
          Insolvency Manager
          676290, Russia, Amur region,
          Tynda, Sovetskaya Str. 1


YUKOS OIL: Foreign Creditors Bring Case to Moscow Court
-------------------------------------------------------
A consortium of ten western banks seeking payment for a loan is
asking Moscow's arbitration court to uphold a ruling made in
their favor by the High Court in London.

As reported by TCR-Europe in June, the High Court in London ruled
that Yukos Oil defaulted on a US$482 million (EUR394.8 million)
loan granted by a group of western banks.  The case is HC05CO1219
BNP Paribas and ors v. Yukos Oil Co.

The amount is what remains of a US$1.0 billion loan granted in
2003 by a pool of banks led by France's Societe Generale.  The
lenders include Citigroup Inc., Deutsche Bank AG, Commerzbank AG,
BNP Paribas S.A. and ING Bank N.V.

The debt was made to pre-finance sale of oil and for general
corporate purposes.  It includes a three-year US$500 million loan
facility and a five-year US$500 million loan facility, according
to court documents accessed by Bloomberg News.

The lenders said Yukos missed interest payments due in March and
April 2005.  In July, Yukos indicated it received notification of
default of payment on this loan.

The loan was secured against Yukos' production subsidiaries,
including Yugansk, which is now owned by state-owned company
Rosneft.  Yukos would have 30 days to pay up should the court
rules in favor of the banks.  It could order asset seizures in
the event of failure to pay.  The banks stand to become one of
the company's biggest creditors, next to Rosneft, with claims
worth US$13 billion for unpaid taxes and lost profits.

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

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 $12,276,000,000 in total assets and
$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


YUKOS OIL: Lithuania Prepares to Buy out Mazeikiu nafta
-------------------------------------------------------
The Lithuanian government on Sept. 1 passed a bill allowing it to
raise US$1.05 billion in loan to fund the acquisition of the
remaining shares it does not own in Mazeikiu nafta.  The bill is
likely to be sealed by the parliament in the near term, according
to Kommersant.

The Lithuanian government already owns 40.6% of Mazeikiu; Yukos
holds 53.7% and management rights.  The market value of the
Yukos-owned stake is between US$1.5-2 billion.  The government
plans to dispose of both its stocks and that of Yukos' in the
future, keeping only 10% in the end.

Yukos is selling the stake to help pay its back-tax bill that as
of June 29 stood at US$2 billion, according to the Russian
Justice Ministry.

Mazeikiu owns a refinery, the Butinge offshore terminal and a
pipeline.  It had net profit of LTL378.9 million (EUR109.6
million) in the first half on sales of LTL4.8 billion.

It is one of the last two foreign assets of Yukos that have not
been seized by the Russian government in an effort to collect
payment for the back-tax bill.  The other is a property in the
Netherlands.  Russia has asked all Yukos assets to be frozen, but
the two countries have not complied so far.

Also interested in the refinery are U.S. oil giant
ConocoPhillips, Russian companies Gazprombank and Lukoil, the
Russian-British joint venture TNK-BP, the international group
Vitol and Kazakhstan's state-owned KaMunGaz.

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


YUKOS OIL: Law firm Disputes US$150 Mln Shares-for-loan Auction
---------------------------------------------------------------
The Moscow Arbitration Court has dismissed a case filed by
Rusatommet law firm seeking to have Yukos Oil's shares-for-loan
auction deal in 2005 declared invalid, RosBusinessConsulting
says.

Rusatommet filed the suit in June against the Russian government,
Finance Ministry, Federal Property Fund, Russia's Federal
Property Management Agency, and the Laguna and Mont Blanc
companies, both controlled by Menatep Group, Yukos' largest
shareholder.

The suit concerns the 45% share in Yukos that was offered in
December 2005 to guarantee a US$150 million loan to the
government.  Laguna CJSC won the auction, but it transferred the
stake to Mont Blanc a year later.

Rusatommet claims former President Boris Yeltsin exceeded his
constitutional authority in issuing the decree allowing the
transaction.  Its legal action is directed solely at Yukos,
although the 1995 privatizations also concern other companies.

The 45% stake transferred has already been reduced to 0.1% after
a series of share issues.  But Rusatommet is seeking to unravel
all of these to return the full amount to the government.  This
means the government would need to repay the US$150 million paid
by Menatep.  Rusatommet plans to appeal.

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

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 $12,276,000,000 in total assets and
$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


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


CIRSA BUSINESS: Moody's Raises Outlook to Stable
------------------------------------------------
Moody's Investors Service has changed the rating outlook for
Cirsa Business Corporation S.A. to negative from stable.

The change in outlook reflects weaker than expected operating
performance in the second quarter of the year, which has resulted
in a further weakening of credit metrics (e.g. Adjusted Total
Debt /Adjusted EBITDAR has increased from 4.2x at year end to c.
5.0x at June 30, 2005 on a LTM basis).  Whilst Moody's notes that
certain negative impacts in the quarter are non-recurring in
nature and that earnings from new casino openings should help to
improve profitability in the second half of the year, the
negative outlook reflects Moody's concerns over volatility in the
company's Spanish operations combined with the ongoing
difficulties in the company's Italian slot machine operations,
which has impacted both profitability and operating cash flow.

To date, Cirsa's clear leadership of the fragmented Spanish
gaming market and the relatively favorable fundamentals of this
market have underpinned the company's rating and provided the
company with a stable platform for growth.  Moody's therefore
notes with concern that the second quarter results unexpectedly
showed weak performance across all of Cirsa's operations in Spain
(i.e. Casinos, Bingo Halls and Slot Machines).

Whilst leverage ratios are currently viewed as consistent with
the rating category of Ba3, certain cash flow covenants (e.g. LTM
Adjusted RCF/Net Adjusted Debt of c. 4%) are viewed as weak.
Consequently, there would likely be further downward pressure on
the rating if the weak operating performance in Spain is not
reversed or if operating cash flow is not substantially improved
in the near term (such that Adjusted RCF/Net Adjusted Debt
exceeds 10%).

The outlook would most likely be stabilized should the company
successfully reverse the negative performance in its Spanish
operations and improve its EBIT margins to 2003 levels (i.e. c.
7%), whilst maintaining or reducing its leverage levels.

Despite substantially reduced operating cash flow, liquidity is
currently viewed as satisfactory given the company's unrestricted
cash balances of c. EUR46 million as at June 30, 2005 combined
with availability under its revolving credit facilities (of c.
EUR75 million).

Ratings that are affected by the action:

(a) Cirsa Business Corporation S.A.'s corporate family rating of
    Ba3; and

(b) B1 rating of Cirsa Finance Luxembourg S.A.'s EUR270 million
    senior notes due 2014.

Concurrently, a definitive rating of B2 was assigned to Cirsa
Capital Luxembourg S.A.'s EUR130 million senior notes due 2012.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Latin America.  In
H1 2005, Cirsa generated net revenues of EUR765.0 million.

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

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


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


JENS OF SWEDEN: Relies on Subsidiary to Raise Fresh Financing
-------------------------------------------------------------
MP3 maker Jens of Sweden has filed for bankruptcy, reports UPI
Business News.

The company blames tough competition abroad, problems with
defective players and miscalculated import duties for its
downfall.  A subsidiary, JOS AB, which sells headphones, will
take over the entire operation of Jens of Sweden using Swiss
financing.

CONTACT:  JOS AB
          Box 1140
          721 28 Vasteras
          SWEDEN
          Phone: +46(0) 21-470 59 00
          Fax: +46(0) 21-470 59 1


SKANDIA INSURANCE: Old Mutual Ready to Go all out
-------------------------------------------------
Old Mutual plc is reportedly expecting the board of Skandia
Insurance Co. Ltd. to snub its US$6 billion offer.  However, the
South African insurer is ready to tough it out, said Reuters,
citing sources privy to the deal.

According to sources, Old Mutual hoped that it would at least be
allowed to present its cash-and-shares offer pegged at SEK43.60
per share directly to Skandia shareholders.

Analysts and several shareholders, however, have remained
unimpressed with the value of the transaction.  One shareholder,
who refused to be named, said: "I think they (the board) will say
'no' eight to three."

Old Mutual earlier stressed it would not push through with its
bid if it did not get the nod from Skandia's board.  However,
aside from asking its own investors to back it up, Old Mutual has
since noted the lack of support would not be enough for it to
quit.

Meanwhile, Skandia, which reportedly intends to stay independent,
has predicted underlying pretax profit to reach SEK2.9 billion by
2006, almost double than last year's figure.

Old Mutual, on other hand, has been adamant about its plans to
help Skandia grow bigger through the help of its healthy cash
flow.  It said it could generate SEK960 million of synergy
savings.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080

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

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

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


=====================
S W I T Z E R L A N D
=====================


SWISS INTERNATIONAL: Names Rolf Jetzer Chairman
-----------------------------------------------
The new SWISS Board of Directors has elected Rolf Jetzer as its
Chairman. The election was held at the Board's first meeting on
September 22, 2005.

The new SWISS Board of Directors held its first meeting
immediately after the Extraordinary General Meeting at which it
was elected.  The Board itself elected Rolf Jetzer as its
Chairman.  It also elected Walter Bosch to serve as Deputy
Chairman.

The five members of the new SWISS Board of Directors were
elected -- each for an ordinary term of office of three years --
at the Extraordinary General Meeting held Thursday.  The new
Board comprises Jacques Aigrain, Walter Bosch, Rolf Jetzer,
Wolfgang Mayrhuber and Klaus G. Schlede.

"I am looking forward to the challenge of serving as the new
SWISS Chairman of the Board," Rolf Jetzer said following his
election.  "Achieving sustainable profitability and integrating
SWISS into the Lufthansa Group will be the prime focuses of our
new Board's activities."

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


===========
T U R K E Y
===========


TURKCELL ILETISIM: Denies Receiving Offer from Alfa Telecom
-----------------------------------------------------------
This is an announcement as per the letter of Istanbul Stock
Exchange dated September 21, 2005.

As per the letter sent by Istanbul Stock Exchange, in various
news sources, it has been stated that Alfa Telecom will acquire
27% of Turkcell shares and a potential Arab investor is also
interested in Turkcell and that its offer exceeds Alfa's offer by
15%.

Since Turkcell is not a party to this offer and there has been no
information provided to us, we are not in a position to make
additional statement on the matter.

In case any material development occurs with regards to this
subject, Turkcell will make necessary announcement according to
the Circular VIII, No: 39 of the Capital Markets Board
regulations.  We hereby confirm that the above-mentioned
explanations are furnished as per the provisions of the
Communique Serial no VIII/39, that they reflect all information
we have gathered so far, that they are in accordance with our
corporate documents, that we have used all endeavors to collect
the complete and true related information and that we assume the
responsibility for this disclosure.

                            *   *   *

In August, Fitch Ratings upgraded Turkcell's Senior Unsecured
local currency rating to 'BB' from 'BB-' (BB minus) and removed
it from Rating Watch Positive (RWP).  A Stable Outlook is
assigned.  At the same time, Turkcell's Senior Unsecured foreign
currency rating is affirmed at 'BB-' (BB minus), which is capped
by the Republic of Turkey's Long-term foreign currency 'BB-' (BB
minus) rating.

The Senior Unsecured local currency rating was put on RWP on 30
March, following TeliaSonera's agreement to acquire from Cukurova
Group a 27% stake in Turkcell for US$3.1 billion in cash.  This
would allow TS to control Turkcell with a 64.1% share and bring
stability to Turkcell's ownership.  There is now uncertainty that
this agreement will close and as a result Fitch has removed the
RWP.  Separately Fitch has upgraded the Local Currency rating due
to a strong underlying operational performance to reflect
Turkcell's improved metrics.

CONTACT:  TURKCELL ILETISIM HIZMETLERI A.S.
          Nihat Nari, Investor Relations
          E-mail: investor.relations@turkcell.com.tr
          Phone: + 90 212 313 1888


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


EXTRA-CLASS: Court Appoints Liquidator
--------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Extra-Class (code EDRPOU 21876825) on August
9, 2005 after finding the limited liability company insolvent.
The case is docketed as B 29/145/05.  Mr. Volodimir Burkovskij
has been appointed liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) EXTRA-CLASS
    51921, Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Bojka Str. 38

(b) Mr. Volodimir Burkovskij
    Liquidator/Insolvency Manager
    51921, Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Bojka Str. 38

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


MAKON: Insolvency Manager Takes over Operations
-----------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Makon (code EDRPOU 24506342) on August 11,
2005 after finding the production company insolvent.  The case is
docketed as 2-8/3248-2005.  Ms. Svitlana Meteleva (License Number
AB 216870) has been appointed liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) MAKON
    Ukraine, AR Krym region,
    Simferopol, Zhelyabov Str. 38/26

(b) Ms. Svitlana Meteleva
    Liquidator/Insolvency Manager
    95050, Ukraine, AR Krym region,
    Simferopol, Vishneva Str. 60
    Phone/Fax: (0652) 22-02-66

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


PLEMZAVOD KVITNEVE: Creditors' Claims Due Today
-----------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on LLC Plemzavod Kvitneve (code EDRPOU
23652828) on July 26, 2005.  The case is docketed as 17/214-B.
Mr. Mikola Dejneka (License Number AA 779296) has been appointed
temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) PLEMZAVOD KVITNEVE
    30244, Ukraine, Hmelnitskij region,
    Bilogirskij district, Kvitneve

(b) Mr. Mikola Dejneka
    Temporary Insolvency Manager
    29000, Ukraine, Hmelnitskij region,
    Hotovitskij Str. 8/120

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square 1


TEHNOPOL: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Tehnopol (code EDRPOU 30384132) on
June 13, 2005.  The case is docketed as 23/384/b.  Mr. Letskan
Vyacheslav (License Number AA 419239) has been appointed
temporary insolvency manager.  The company holds account number
2600512442001/980 at JSB Kyiv regions, MFO 319092.

Creditors have until today to submit their proofs of claim to:

(a) TEHNOPOL
    Ukraine, Kyiv region,
    Zhilyanska Str. 97

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


TRAKT: Gives Creditors Until Today to File Claims
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Trakt (code EDRPOU 32597063) on June
13, 2005.  The case is docketed as 23/383/b.  Mr. Letskan
Vyacheslav (License Number AA 419239) has been appointed
temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) TRAKT
    Ukraine, Kyiv region,
    Starokiyivska Str. 5/64

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


TRANSBUDSHLYAH: Declared Insolvent
----------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Transbudshlyah (code EDRPOU 32124401) on
August 5, 2005 after finding the company insolvent.  The case is
docketed as 21/194-05-7240.  Mr. K. Liseyev (License Number AA
485243) has been appointed liquidator/insolvency manager.

Creditors had until September 25, 2005 to submit their proofs of
claim to:

CONTACT:  TRANSBUDSHLYAH
          65098, Ukraine, Odessa region,
          Novilov Str. 5

          Mr. K. Liseyev
          Liquidator/Insolvency Manager
          65111, Ukraine, Odessa region, a/b 81

          ECONOMIC COURT OF ODESSA REGION
          65032, Ukraine, Odessa region,
          Shevchenko Avenue 4


VIRSAVIYA: Lviv Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Virsaviya (code EDRPOU 30648863) on July 28,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/173-8/138.  Mr. Andrij Kolisnik (License
Number AB 116300) has been appointed liquidator/insolvency
manager.

Creditors had until September 25, 2005 to submit their proofs of
claim to:

(a) VIRSAVIYA
    81000, Ukraine, Lviv region,
    Yvorivskij district, Novoyavorivsk,
    Shevchenko Str. 14/63

(b) Mr. Andrij Kolisnik
    Liquidator/Insolvency Manager
    79017, Ukraine, Lviv region,
    Tarnavskij Str. 104 b/54
    Phone: 8 (097) 241-59-55

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


VVS-TELEKOM: Bankruptcy Supervision Starts
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on VVS-Telekom (code EDRPOU 30676284) on
June 13, 2005.  The case is docketed as 23/386/b.  Mr. Letskan
Vyacheslav (License Number AA 419239) has been appointed
temporary insolvency manager.  The company holds account number
26003000338801/980 at JSCB Kyiv region, MFO 322498.

Creditors have until today to submit their proofs of claim to:

(a) VVS-TELEKOM
    Ukraine, Kyiv region,
    Tarasov Str. 4/5

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


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


AANSA INTERNATIONAL: Files for Liquidation
------------------------------------------
AANSA International Limited informs that a resolution to wind up
the company was passed at an EGM held on Aug. 31 at the offices
of Sale Smith & Co. Limited, Carmella House, 3 & 4 Grove Terrace,
Walsall, West Midlands WS1 2NE.

Eileen T. F. Sale, of Sale Smith & Co. Limited, Carmella House, 3
& 4 Grove Terrace, Walsall, West Midlands WS1 2NE, was appointed
liquidator.

CONTACT:  AANSA INTERNATIONAL LTD.
          105 Coventry Street, Birmingham, West Midlands B5 5NY
          Phone: 01216431155

          SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE
          Phone: 01922 624777
          Fax: 01922 720528
          E-mail: etfs@salesmith.demon.co.uk


AUSTIN ESTATE: EGM Passes Winding-up Resolution
-----------------------------------------------
T. Luscombe, Chairman of Austin Estate Agents Limited, informs
that resolutions to wind up the company was passed at an EGM held
on Sept. 5 at Express by Holiday Inn, Richfield Avenue, Reading
RG1 8EQ.  Alisdair J. Findlay of Findlay James, Saxon House,
Saxon Way, Cheltenham GL52 6QX was appointed liquidator.

CONTACT: AUSTIN & CO.
         10 Prospect Street, Caversham, Reading, Berkshire RG4
         8JG
         Phone: 01189461700

         FINDLAY JAMES
         Saxon House
         Saxon Way
         Cheltenham
         Gloucestershire GL52 6QX
         Phone: 01242 576555
         Fax: 01242 576999
         E-mail: ajf@finjam.com


AUTOCARE U.K.: Sale of Business Preserves 170 Jobs
--------------------------------------------------
The joint administrators of Autocare U.K. Limited, Bruce
Cartwright, David Costley-Wood and Graham Frost, of
PricewaterhouseCoopers, announce the sale of the business and
assets to Paragon Automotive.  The sale will preserve the
employment of 170 people and the business will continue to serve
the existing customer base from its operational locations in
Immingham and Kirriemuir.

Bruce Cartwright, one of the joint administrators, said:
"Following our appointment as administrators to the company on 12
September, we were conscious that we needed to find an immediate
solution.

"I'm really pleased that we've been able to find a buyer and
complete a sale of the business so quickly, preserving 170 jobs,
and I would like to thank the employees, customers, key suppliers
and the purchaser for their contribution in helping us to achieve
this successful outcome."

CONTACT:  PRICEWATERHOUSECOOPERS
          Contact:
          Bruce Cartwright
          Phone: 0131 260 4087
          Louise Gallagher
          Phone: 0141 245 2230


BARDOW PROPERTIES: Members Decide to Liquidate Business
-------------------------------------------------------
D. A. Barker, Director of Bardow Properties Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 2 at Station House, Midland Drive, Sutton Coldfield, West
Midlands B72 1TU.  Gerald Irwin was appointed liquidator.

CONTACT:  BARDOW PROPERTIES LTD.
          33 Market Street, Lichfield, Staffordshire WS13 6LA
          Phone: 01543-256442


BIGGAR CONSTRUCTION: In Liquidation
-----------------------------------
M. Biggar, Chairman of Biggar Construction Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 2 at the offices of Sale Smith & Co. Limited, Carmella
House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE.
Eileen T. F. Sale of Sale Smith & Co. Limited, Carmella House, 3
& 4 Grove Terrace, Walsall, West Midlands WS1 2NE was appointed
liquidator.

CONTACT:  BIGGAR CONSTRUCTION LIMITED
          62 Greenway, Handsworth Woods, Birmingham B20 1EQ
          Phone: 0121-358-6896

          SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE
          Phone: 01922 624777
          Fax: 01922 720528
          E-mail: etfs@salesmith.demon.co.uk


BROOMCO (1884): Appoints Begbies Traynor Liquidator
---------------------------------------------------
P. Goodwin, Chairman of Broomco (1884) Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 5 at Elliot House, 151 Deansgate, Manchester M3 3BP.  G. N.
Lee of Begbies Traynor, Elliot House, 151 Deansgate, Manchester
M3 3BP was appointed liquidator.

CONTACT:  BROOMCO LTD.
          Minekeep House, Bridge Road
          Camberley, Surrey GU15 2QZ
          Phone: 01276-683331

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


C. B. FABRICATION: Hires Administrator from Purnells
----------------------------------------------------
Michelle Williams (IP No 9388) of Purnells was appointed
administrator of C. B. Fabrication Services Limited (Company No
04520411) on Sept. 12.  The company's registered office is at 11
New Street, Pontynewydd, Cwmbran, South Wales NP44 1EE.  C. B.
Fabrication is engaged in fabrication and welding.

CONTACT:  PURNELLS
          St Marks House
          3 Gold Tops
          Newport
          Gwent NP 20 4PG
          Phone: 01633 214712
          Fax: 01633 246599
          E-mail: ray@purnells.co.uk


CHARACTER GROUP: CEO Gives way to Joint Managing Directors
----------------------------------------------------------
At the time of The Character Group plc's interim results
statement issued in April, the Company highlighted its intention
to seek an Admission to AIM as it provides in the Board's view, a
more flexible environment in which to achieve the Group's
objectives and reduce costs and formalities relating to listing
and future transactions.

At the same time, the Directors also confirmed that they
recognized the need to strengthen the executive and operational
management teams and position the Group for its next stage of
development.

The Group's focus continues to be the improvement in its
operational efficiencies and further development of its product
portfolio.  Having taken into account the progress being made in
the trading position of the Group and the need to manage each of
the Group's businesses, the Board has decided that while the
proposed changes to the Group structure are being completed, it
would be in both the business and its shareholders interests
that, with their strength and experience within the business and
sectors in which the Group operates, Richard King and Kiran Shah
are appointed interim joint managing directors to oversee the
changes.  Accordingly, Enrico Preziosi has stepped aside from his
executive role as Chief Executive Officer and Managing Director
with immediate effect.

Giochi Preziosi S.p.A. remains a 22.5% shareholder and the Board
is not aware of any intention by Giochi Preziosi to reduce its
shareholding in the Group.

The process of transferring from the Official List to AIM has
commenced and details will be included in a Circular to be posted
to shareholders in due course.  Subject to shareholder approval
at an Extraordinary General Meeting, the move will be completed
as soon as practicable.

As part of the Group's on-going review, the Board, as it
indicated in April, is also considering the possible de-merger of
World Wide Licenses and simultaneously seeking an Admission to
AIM for WWL's shares in their own right.  While there are no
immediate plans to make this move, the Board believes that this
could also better promote shareholder value.

Shareholders will be kept informed of developments as
appropriate.

The Group expects to announce its Preliminary Results for the
year ended 31 August 2005 in November.

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


CHRIS BURRELL: Creditors Meeting Set Wednesday
----------------------------------------------
The creditors of Chris Burrell Limited (Company No 02975446) will
meet on Sept. 28, 2005 at 10:00 a.m.  It will be held at Baker
Tilly, 2 Whitehall Quay, Leeds LS1 4HG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG on or
before September 27, 2005 not later than 12:00 noon.  In July,
Chris Burrell sold off its site installation business to CB
Solutions.

CONTACT:  BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk


COMMERCIAL PROPERTY: Administrator Takes over Firm
--------------------------------------------------
Andrew T Clay (IP No 9164) of Andrew Michaels & Co Ltd. was
appointed administrator of Commercial Property Maintenance
Limited (Company No 04413697) on Sept. 12.  The company's
registered office is at 20 Kirkgate, Sherburn in Elmet, Leeds
LS25 6BL.

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


CORUS GROUP: ManuBuild Research Program Gets E.U. Funding
---------------------------------------------------------
A U.K.-led construction consortium, ManuBuild, representing ten
European countries, has secured EUR10 million of European Union
funding for a four-year research program, with a key focus on the
supply of housing.  It is the largest E.U. funding ever awarded
to the industry and promises a step change from current modern
methods of construction towards an era of inspirational,
unconstrained design with ultra-efficient manufacture and
industrial-style construction.

Led by Corus in the U.K., the initiative is endorsed by the
European Network of Construction Companies for Research and
Development (ENCORD1) and in line with the European Construction
Technology Platform (ECTP2) research agenda.  In addition to the
EUR10 million of E.U. funding, the consortium will be putting
forward an additional EUR40 million.

Dr. David Martin, Chairman of ManuBuild, said: "ManuBuild will
address some of the key industry changes including the drive to
modernize construction methods and improve health and safety,
sustainability and waste reduction."

Martin Howell, Director Construction at Corus, added: "Through
ManuBuild we have an opportunity to push back boundaries, both in
terms of design and process.  We are all aware of the problems
faced by the construction industry and the need for genuine
innovation.  But equally there exist significant opportunities
and, rather than just talking about them, ManuBuild will allow us
to realize them."

ManuBuild will complete demonstration projects across Europe,
including two large residential buildings in Madrid (led by EMV3,
the City Council of Madrid), a low-rise apartment building in
Stockholm (led by NCC4) and a residential project and a
healthcare or schools building in the U.K. (led by Taylor Woodrow
Construction, TWC5).

Managing Director of Taylor Woodrow Construction, Tim Peach, a
member of the ECTP, said: "Construction is often seen as slow to
innovate and unable to organize itself as other high-tech
industries have.   We need to adopt the sort of systems and
processes that other industries have had for years to help
control and optimize the construction process."

Following a period of consultation with the construction industry
in the summer and early autumn, ManuBuild will be formally
launched later this year.

The ManuBuild project bid took over 18 months to plan, prepare
and bring to fruition.  Beginning in March of 2004, over 450
competing proposals were submitted to the European Commission.
The assessment and approval process was multi-stage and involved
a variety of external evaluations and a final hearing before
Commission Officers and invited external experts.  The ManuBuild
consortium was formally notified of its successful bid in April
of this year.  Visit http://www.manubuild.comfor more
information.

                        About the Company

Corus Group Plc is one of the world's largest metal producers
with a turnover of over GBP9 billion and major operating
facilities in the U.K., the Netherlands, Germany, France, Norway,
Belgium and Canada.

Corus' four divisions comprising Strip Products, Long Products,
Aluminium and Distribution & Building Systems provide innovative
solutions to the construction, automotive, rail, general
engineering and packaging markets worldwide.  Corus has over
48,000 employees in over 40 countries and sales offices and
service centers worldwide.

Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.  It suffered five years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in 2002.

After posting net loss of GBP458 million in 2003, it embarked on
a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It returned
to operating profit in the first quarter in 2004.  The recent
recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

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

          Annanya Sarin
          Corporate Communications
          Phone: 020 7717 4532

          Simon Collins
          Local Media
          Phone: 01536 403 4801


DRILLFIELD ENGINEERING: Files for Liquidation
---------------------------------------------
R. Field, Director of Drillfield Engineering Co. Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 1 at Unit 1, Manor Road, Mancetter, Atherstone CV9
1RG.  Gerald Irwin was appointed liquidator.

CONTACT:  DRILLFIELD ENGINEERING
          Scott Works
          Unit 1
          Mannor Road
          Mancetter
          Atherstone
          Warwickshire
          CV9 1RG
          United Kingdom
          Phone: (01827) 712468
          Fax: (01827) 714252
          Web site: http://www.drillfield.co.uk


E.C.P. CIRCUITS: Calls in Liquidator
------------------------------------
C. Southern, Chairman of E.C.P. Circuits Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 8 at Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL.  Alan H. Tomlinson of Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL, was appointed
liquidator.  The appointment was ratified at a subsequent Meeting
of Creditors held on the same date.

CONTACT:  ECP CIRCUITS LTD.
          Sherwood Industrial Estate
          Queensway
          Rochdale
          OL11 2NU
          Lancashire
          Phone: 01706 647006
          Fax: 01706 646853
          E-mail: http://www.ecpcircuits.co.uk
          Contact:
          Ernie Potts, Managing Director

          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


EQUITABLE LIFE: Policyholders Want Chairman to Step down
--------------------------------------------------------
Policyholders are calling for the resignation of Equitable Life
Chairman Vanni Treves after the insurer dropped its claim against
Ernst & Young, The Financial Times says.

Paul Braithwaite, general secretary of the 15,000-strong
Equitable Members Action Group, said: "It is incredible that
Vanni Treves is going to tough it out."

Equitable Life abandoned Thursday its GBP700 million damage claim
against its former auditor in the light of evidence it will not
win the case.  Mr. Treves was reportedly "sad" and "frustrated"
over the move, which left Equitable with legal costs of GBP30
million.

"The outcome of the litigation is deeply disappointing [but] I
don't think 'apologize' is a word I'd use.  The legal action cost
policyholders GBP50 each.  For that I am sorry," Mr. Treves has
said.

In response, Mr. Braithwaite said: "The Equitable board has
addressed every issue with heavyweight lawyers that have cost the
policyholders tens of millions of pounds.  For a mutual society
that is obscene."

In July, the insurer cancelled its GBP1.3 billion "lost sale"
claim against E&Y from the original GBP2 billion claim, the
biggest ever against an auditing firm in the U.K.  The company
had claimed that had it been made aware of its true financial
position in 1998, the board would have sold the company, earning
over GBP1 billion in the process.  Former directors say, however,
they still would not have opted for the sale.  Equitable plans to
pursue its GBP1.7 billion lawsuit against them.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


EUROMONEY INSTITUTIONAL: To Take over TelCap Limited
----------------------------------------------------
Euromoney Institutional Investor plc will acquire TelCap Limited,
the publisher of the leading global telecoms magazine, Capacity,
and the organizer of nine annual conferences.

Euromoney has initially acquired a 40% interest in TelCap for a
cash consideration of GBP1.7 million, subject to audit of
TelCap's accounts for the year to 31 January 2006.  In addition,
it has contracted to acquire four further tranches of TelCap's
equity of 15% each in March 2007, 2008, 2009 and 2010.  These
consideration payments are dependent on the audited profits of
TelCap for the years to 31 January 2007 to 2010 respectively.
The maximum consideration payable for 100% of TelCap is capped at
GBP17.5 million.  The acquisition will be financed from
Euromoney's existing borrowing facility.

TelCap was founded in 2000 by Mark Kemp and Rachel Jones who,
prior to this, were both senior executives at Risk Publications.
Capacity magazine, which they launched as a monthly in late 2000
and has a BPA-audited circulation of 5,291, focuses on the latest
developments in the global wholesale telecoms sector and covers
topic areas such as pricing strategies, connectivity issues,
operational support services, risk management, network
development, new telecom services and applications and last mile
strategies.  Its audience is the senior executives at telecom
carriers and service providers who are responsible for managing
their network businesses and the sale and purchase of telecoms
capacity.  The company's nine conferences have developed a strong
name in this niche market.  The biggest is Capacity Europe, which
began in 2000.  There are also events in the U.S., Central &
Eastern Europe, Asia, Latin America and Russia.

Richard Ensor, managing director of Euromoney, said: "We are
delighted to acquire TelCap and to receive the continuing support
of both Mark Kemp and Rachel Jones.  TelCap is a strong and
rapidly growing media business, and we are looking forward to
working closely with the TelCap team to further their expansion
around the world."

Mark Kemp, Chief Executive of TelCap, said: "We are delighted to
be joining Euromoney, a leading media group, who we have long
respected and are a proven success in global media businesses.
Euromoney's resources will enable us to accelerate the growth and
development of TelCap's products and help us to build a stronger
telecommunications/ICT media business, which in turn will create
key opportunities for both the business and our staff."

           About Euromoney Institutional Investor plc

Euromoney Institutional Investor plc is listed on the London
Stock Exchange and is a member of FTSE 250 share index.  It is a
leading international business-to-business media group focused
primarily on the international finance sector.  It publishes more
than 100 magazines, newsletters and journals, including Euromoney
and Institutional Investor.  It also runs an extensive portfolio
of conferences, seminars and training courses, and is a leading
provider of electronic information and data on international
finance and emerging markets.

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


GALLAHER GROUP: To Acquire Cita Tabacos, Other Businesses
---------------------------------------------------------
Gallaher Group plc has agreed that an overseas subsidiary is to
acquire 100% of Cita Tabacos de Canarias SL and its group
companies.

As part of the transaction, Gallaher will acquire 100% of Tabacos
Canary Islands S.A. and Tabacos La Nubia SL.  The total
consideration will be EUR85 million in cash and the Group will
also assume CITA's debt of some EUR20 million.

CITA's principal interests are in the manufacture, distribution
and sale of cigarettes and cigars in the Canary Islands, Spanish
Peninsula and Portugal.

For the transaction to take effect, Agrupacion Tabaquera Insular
Canaria S.A., a Spanish company owned by the Zamorano family, and
Altadis S.A. undertake to sell each of their 50% stakes in CITA
to Gallaher Canarias S.A.  CITA and Altadis currently each own
50% of TACISA (a cigarette manufacturing operation based in the
Canary Islands, principally conducting contract manufacture for
third parties).

Altadis undertakes to sell its 50% share of TACISA to CITA so
that TACISA will be a wholly owned subsidiary of CITA on
completion.  Concurrently, the Zamorano family will also sell
100% of LA NUBIA (a small cigar manufacturer) to Gallaher
Canarias S.A.

The deal is conditional on obtaining regulatory clearances from
competition authorities.

The acquisition will enhance Gallaher's strategy of creating
value for investors through the development of a balanced
portfolio of interests in established and emerging markets.
Gallaher's brand portfolio will benefit from the addition of
CITA's broad range of cigarette brands, which include Coronas,
American Jean's and Kruger.  The Group's cigar portfolio will be
enhanced by the inclusion of CITA's core cigar brands, Victoria,
Alvaro, Rex and Coronas Reserva.  These positions will complement
Gallaher's existing operations, enabling the Group to achieve
revenue and cost synergies over time.

Following completion, Gallaher plans to combine its existing
commercial operations with those of CITA, to continue to benefit
from local production in the Canary Islands, and to increase
investment behind CITA's key brands.  The Group will work closely
with the management and employees of the acquired companies so as
to strengthen the combined operations going forward.

Gallaher expects that in the first full year of ownership, on an
adjusted basis, the acquisition should be EPS enhancing and the
post-tax cash flow return on invested capital will exceed Group
WACC of 7%.  Under local GAAP, depreciation for the acquired
companies in 2004 was over EUR4 million.

Nigel Northridge, chief executive of Gallaher, said: "I am
delighted that we are acquiring CITA.  The company fits well with
Gallaher's European operations.  It is an attractive deal,
bringing new brands to the Group which will strengthen our
positions in appealing markets."

                            About CITA

In 2004, CITA sold some 5.4 billion cigarettes (2003: some 5.6
billion) and 124.9 million cigars (2003: 117.1 million).  TACISA
manufactured 4.1 billion cigarettes in 2004 (2003: 4.9 billion)
and LA NUBIA manufactured 6.7 million cigars (2003: 5.8 million).

In the first half of 2005, led by its main cigarette brand
Coronas Blond, CITA held cigarette market shares of: 4.2% in the
Spanish Peninsula; 18.2% in the Canary Islands; and, 1.4% in
Portugal.  In the same period, Gallaher's cigarette market shares
were: 1.9% in the Spanish Peninsula; 7.8% in the Canary Islands;
and, 1.4% in Portugal.

The approximate sizes of the cigarette markets in the Spanish
Peninsula, Canary Islands and Portugal are 91 billion, 5.7
billion and 16.4 billion, respectively.

In 2005 H1, mainly through its core cigar brands Victoria,
Alvaro, Rex and Coronas Reserva, CITA had 9.6% of the cigar
market in the Spanish Peninsula.

                    About Gallaher Group plc

Gallaher Group Plc, the international tobacco manufacturing and
wholesale company with headquarters in the U.K., has leading
positions in Austria, Germany, Kazakhstan, the Republic of
Ireland, Russia, Sweden and the U.K.

Gallaher's comprehensive brand portfolio includes Benson &
Hedges, Silk Cut, Mayfair, Sovereign, Sobranie, Dorchester,
Troika, LD, Memphis, Meine Sorte, Ronson, Blend, Hamlet, Old
Holborn, Amber Leaf and Condor.

The Gallaher Group employs over 11,000 people, with manufacturing
plants in Austria, Kazakhstan, Poland, Romania, Russia, South
Africa, Sweden, Ukraine and the U.K.  Gallaher's shares are
listed on the London Stock Exchange and its ADRs are traded on
the New York Stock Exchange.

In July, Gallaher completed the employee consultation process in
relation to its proposals for further restructuring of its
European operations.  The plans will result in the loss of some
250 operational jobs in Europe.  The Group's previous operational
and administrative restructuring programs were expected to incur
exceptional charges in the region of
GBP65 million (of which, a total of GBP56 million had been
charged in 2003 and 2004) and result in annualized savings of at
least GBP20 million by the end of 2005.  Including this recent
initiative, the total restructuring costs are now expected to be
around GBP95 million, resulting in annualized savings of at least
GBP30 million by the end of 2007.

CONTACT:  GALLAHER GROUP PLC  (NYSE: GLH [ADR])
          Members Hill, Brooklands Road
          Weybridge
          Surrey KT13 0QU, United Kingdom
          Phone: +44-1932-859777
          Fax: +44-1932-832792
          Web site: http://www.gallaher-group.com
          Contact:
          Claire Jenkins
          Director, Investor relations
          Phone: 01932 859 777

          CARDEW GROUP
          Anthony Cardew
          Phone: 020 7930 0777


GRAPEVINE (POULTON): In Liquidation
-----------------------------------
D. T. Nowell, Chairman of Grapevine (Poulton) Ltd., informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 5 at 269 Church Street, Blackpool FY1 3PB.

CONTACT:  GRAPEVINE LTD.
          19 Market Pl, Poulton-le-Fylde, FY6 7AS
          Phone: 01253 896700


GREAT HARWOOD: Meat Processor Calls in Administrative Receivers
---------------------------------------------------------------
Edward Klempka, Ian Stokoe and Michael Horrocks of
PricewaterhouseCoopers were appointed joint administrative
receivers of Great Harwood Food Products Limited on 19 September
2005.

Great Harwood Food Products Limited is one of three principal
trading subsidiaries of E Slinger & Sons Limited.  The other
subsidiaries -- Wholesale Meat Supply (Accrington) Limited and KM
Meats Limited -- are unaffected by the appointment and will
continue to trade normally.

Great Harwood is a meat processor based in Great Harwood, near
Blackburn, which employs around 90 staff and has an annual
turnover of around GBP13 million.  There are no plans for any
immediate redundancies.

Joint administrative receiver from PricewaterhouseCoopers, Ian
Stokoe, said: "Regrettably, Slingers does not have sufficient
funds available to allow it to continue to support Great Harwood
and in these circumstances the directors had no alternative but
to request the appointment of receivers.  By taking this step the
directors believe that KMM and Wholesale can continue to trade
unaffected by the administration.

"Going forward, our immediate strategy is to liaise with
employees, customers and suppliers of Great Harwood with a view
to allowing trading to continue whilst we seek a buyer for the
business."

John Slinger, Chairman & Chief Executive of Great Harwood, said:
"Great Harwood has faced many challenges over the last ten years,
from the impact of BSE and foot & mouth disease and it is with
much regret that this decision has been made at this time.  I
would like to thank the employees, customers and suppliers of
Great Harwood for their support and sincerely hope that a
positive result is achieved for all those involved."

CONTACT:  PRICEWATERHOUSECOOPERS
          Ian Stokoe
          Phone: 0113 289 4000

          Katy Gallimore
          Phone: 0113 289 4675


HI-TECH CONSERVATORIES: Calls in Administrator
----------------------------------------------
Richard Frank Simms (IP No 9252) of F A Simms & Partners was
appointed administrator of Hi-Tech Conservatories Limited
(Company No 3813134) on Sept 5.  The company's registered office
is at 6 Claremont Buildings, Claremont Bank, Shrewsbury SY1 1RJ.
Hi-Tech Conservatories manufactures other plastic products.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


HOME LOOK: Files for Liquidation
--------------------------------
N. Kumar, Director of Home Look Limited, informs that resolutions
to wind up the company were passed at an EGM held on Sept. 1 at
Gable House, 239 Regents Park Road, Finchley, London N3 3LF.  H.
J. Sorsky was appointed liquidator.

CONTACT:  HOME LOOK LTD.
          458-460 Brixton Rd
          Brixton
          Stockwell
          SW9 8EA
          Phone: 020 7924 0374


JEDA ENGINEERING: Administrators from Grant Thornton Move in
------------------------------------------------------------
Samantha Keen and Nigel Morrison (IP Nos 9250, 8938) of Grant
Thornton were appointed joint administrators of Jeda Engineering
Limited (Company No 01138823) on Sept. 12.  The company's
registered office is at 2 Hilfield, Yately, Hampshire GU46 6XP.

Jeda Engineering was established in 1973.  It is a fast-growing,
high technology company able to offer a complete manufacturing
solution for assembly, sheet metal, machining and finishing
services to ISO 9001:2000 standards.  Visit
http://www.jeda.co.uk/for more information.

CONTACT:  JEDA ENGINEERING LTD.
          Northway
          Walworth Industrial Estate
          Andover SP10 5AZ
          Hampshire
          Phone: 01264 401234
          Fax: 01264 401235
          E-mail: Enquiries@jeda.co.uk

          GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


JOHN LETTERS: Golf Retailer Rescues Firm from Receivership
----------------------------------------------------------
Direct Golf U.K. has acquired one of Scotland's best-known golf
club manufacturer in a deal thought to be worth GBP500,000,
according to The Scotsman.

Europe's largest multi-channel golf retailer now owns John
Letters' brand name and remaining stock.  It plans to open up
John Letters-branded outlets in Edinburgh and Glasgow.

John Letters called in receivers from Kroll in July due to
trading difficulties.  Kroll has already leased out John Letters'
building at Hillington, near Glasgow, and laid off its 13
employees.

John Letters started as Letters, Logan & Co in 1918 on the north
bank of the River Clyde in Glasgow.  It grew from a tiny workshop
to become one of Scotland's most famous golf club makers in the
1940s and 50s.  The emergence of cheaper products from the Far
East in the 1990s, however, placed the firm in a difficult
situation.  Launching an Internet service to enable customers to
directly order online did not help.  John Letters is famous for
its revolutionary Golden Goose putter.

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

          Fraser J. Gray
          E-mail: fgray@krollworldwide.com


MEPC LTD.: Redeems Outstanding US$215 Mln Preferred Shares
----------------------------------------------------------
Following the announcement made on 18 August 2005, MEPC Ltd.,
pursuant to the exercise of its call option, has repurchased all
of the outstanding US$215 million preferred shares listed on the
New York Stock Exchange.

                        About the Company

MEPC Ltd. is a leading U.K. company in the ownership, development
and operation of quality commercial property.  MEPC is wholly
owned by Leconport Estates, a company owned by clients of Hermes
Investment Management Limited, primarily the BT Pension Scheme.

Specializing in business parks, MEPC has the skills, strength and
prominent profile in the commercial property market required to
provide property solutions that work for current and prospective
occupiers.

MEPC had GBP906.1 million of property assets at March 2005 and an
annualized rent roll of GBP61 million.  The business park
portfolio at FY04 was geographically split on a gross rental
basis: South East England 82%, Rest of U.K. 18%.

On September 4, Fitch Ratings affirmed MEPC's Senior Unsecured
and Short-term ratings at 'B' and 'B', respectively.  The Outlook
remains Negative.  This affirmation follows the announcement that
MEPC will repay the outstanding QUIPS (Quarterly Income Preferred
Security) preference shares and other debt liabilities with a
prospective new GBP370 million secured debt financing of a
portfolio of MEPC's properties and with a new GBP85 million
secured facility.

The Negative Outlook reflects the possibility that further funds
could be repatriated from MEPC to the holding company Leconport
Estates as additional inter-company loans.  If additional funds
are channeled upstream, this could further reduce MEPC's
financial flexibility.  MEPC's financial parameters are tight:
although marginally improving (gross interest cover of around
1.0x at FY04) they are still dependent on interest receivable on
the Leconport loan (itself aided by dividend receipts from MEPC)
to cover MEPC's expensive cost of funds.

CONTACT:  MEPC LTD.
          4th Floor
          Lloyds Chambers
          1 Portsoken Street
          London
          E1 8LW
          Phone: 020 7702 6100
          Fax: 020 7702 6123
          Web site: http://www.mepc.co.uk


MG ROVER: Collapse Hits West Midlands Economy
---------------------------------------------
MG Rover's collapse has reportedly wiped out almost GBP500
million from the West Midlands economy and this is just the tip
of the iceberg, according to the Birmingham City Council.

Councilor Reg Corns said: "These are absolutely horrific figures
but they are only half the story.  The money is one thing but
what this situation is doing to people is another."

The Longbridge crisis has also reduced by 1% the region's
economic output, with around GBP200 million of public revenue
already lost.  Meanwhile, the closure of the site has sent the
city's unemployment level to its highest in 14 years.  Personal
debt has more than doubled from GBP4,000 to GBP9,500, with over
12,200 people hit by the failure through the supply chain and
related businesses.

Mr. Corns added: "In Northfield, we were below the national
average for unemployment.  We are now more than three times the
average at 7.6 per cent.  Birmingham is an industrial city. If
Birmingham is not making things, then we are nothing."

Earlier, the Birmingham City Council arranged a meeting with MG
Rover's new owner Nanjing Automobile (Group) Corporation to
discuss plans to restart the Longbridge operations.

"I do not think that politicians understand business and realize
what is happening.  There are a hell of a lot of people suffering
out there," stressed Mr. Corns.

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


M & L AMBULANCE: Hires Administrators from Begbies Traynor
----------------------------------------------------------
Mark Robert Fry and David Paul Hudson (IP Nos 008588 and 008977)
of Begbies Traynor were appointed joint administrators of M & L
Ambulance Service Limited (Company No 03005947) on Sept. 6.  The
company's registered office is at Monometer House, Rectory Grove,
Leigh-on-Sea, Essex SS9 2HN.  M & L Ambulance handles provision
on motor vehicles.

CONTACT:  M & L AMBULANCE SERVICE
          Unit 4, Datapoint
          South Crescent
          London E16 4SR
          Phone: (020) 7511 9818
          Fax: (020) 7511 9834

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


MONUMENT EXECUTIVE: Appoints Tenon Recovery Administrator
---------------------------------------------------------
Steven John Parker and Stanley Donald Burkett-Coltman (IP Nos
8989 and 9181) of Tenon Recovery were appointed joint
administrators of Monument Executive Limited (Company No
01432285) on Sept. 9.  The company's registered office is at
Sherlock House, 73 Baker Street, London W1U 6RD.

The company was formerly known as Mitrearch Limited. It handles
recruitment consultants and supplies temporary personnel.

CONTACT:  MONUMENT EXECUTIVE LTD.
          Forum House,
          15-18 Lime Street,
          London EC3M 7AP
          Phone: 02079291281

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


NORTON & TOWNSEND: Hires Begbies Traynor as Administrator
---------------------------------------------------------
Paul Stanley and Stephen L Conn (IP Nos 1065 and 1772) of Begbies
Traynor were appointed joint administrators of Norton & Townsend
Limited (Company No 02462176) on Sept. 13.  The company's
registered office is at Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP.

Norton & Townsend manufactures suits.  Visit
http://www.tailorslondon.com/for more information.

CONTACT:  NORTON & TOWNSEND LIMITED
          111 Cannon St, London, EC4N 5AR
          Phone: 020 7929 5662

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


PROFENCE (NW): Administrator Enters Company
-------------------------------------------
Martin Williamson (IP No 9222) of DS Insolvency Services was
appointed administrator of Profence (NW) Limited (Company No
3675983) on Sept. 8.  The company manufactures and installs
fencing products.

CONTACT:  DS INSOLVENCY SERVICES LTD.
          29 King Street
          Newcastle-Under-Lyme
          Staffordshire ST5 1ER
          Phone: 01782 614618
          Fax: 01782 717287
          E-mail: mwilliamson@dsinsolvency.co.uk


PUBLIC SECTOR: Creditors Meeting Set Today
------------------------------------------
Notice is hereby given pursuant to paragraph 51 of Schedule B1 of
the Insolvency Act 1986, that a Meeting of Creditors of Public
Sector Collaborations Recruitment Limited will be held at Baker
Tilly, City Plaza, Temple Row, Birmingham B2 5AF on 26 September
2005 at 10:30 a.m., for the purpose of considering a statement of
the Joint Administrators' proposals, a copy of which will be
supplied to Creditors of the Company, free of charge, on
application in writing, to the Joint Administrators at the
address shown below.

Secured Creditors (unless they surrender their security) must
give particulars of their security and its value if they wish to
vote at the Meeting. Creditors, who are secured either wholly or
partly by, retention of title, negotiable instrument, hire
purchase, conditional sale of chattel leasing agreements should
have regard to Rules 2.40 to 2.42 of the Insolvency Rules 1986
(as amended) in the valuation of their claim for voting purposes.
A proxy intended to be used at the Meeting must be duly completed
and lodged with the Joint Administrators at Baker Tilly, City
Plaza, Temple Row, Birmingham B2 5AF by the date of the Meeting.
In order to be entitled to vote at the Meeting Creditors must
provide details of their claim in writing to the Joint
Administrators at the above address not later than 12:00 noon on
the business day prior to the Meeting.

G E B Mander, Joint Administrator

CONTACT:  BAKER TILLY
          City Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101


QUALITY GAMES: Calls in Administrator from Antony Batty
-------------------------------------------------------
William Antony Batty (IP No 1049) of Antony Batty & Company was
appointed administrator of Quality Games Online Limited (Company
No 04644297) on Sept. 8.  The company makes computer games.

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


RETAIL PERSONNEL: Hires Administrator from Tomlinsons
-----------------------------------------------------
A. H. Tomlinson (IP No 006585) of Tomlinsons was appointed
administrator of recruitment company Retail Personnel Solutions
Limited (Company No 3121796) on Sept. 6.  The company's
registered office is at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL.

RPS Ltd. provides integrated personnel recruitment solution to
the retail sector.  Visit
http://ret-rec.jobex.co.uk/cgi-bin/agencyinfo.cgi?agency_id=11611
for more information.

CONTACT:  RETAIL PERSONNEL SOLUTIONS LIMITED
          Suite 101, Rivington House
          Horwich, Bolton
          Lancashire BL6 5ue RPS
          E-mail: vacancies@rpsltd.co.uk

          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


ROYAL BARUM: Obtains GBP1.5 Million Fresh Funding
-------------------------------------------------
An international financial company has provided much-needed
financing for pottery firm Royal Barum Ware, which has just been
rescued from administration.

GE Commercial Finance's Business Finance service provided a
GBP1.5 million funding that operates like a credit card facility.
The facility will help the company fulfill new orders.

The Barnstaple North Devon-based company had problems raising
investment capital before it went into administration.  It was
rescued from insolvency in June by a consortium led by Stephen
Redfarn.  The funding will save the jobs of 40 people.  The
company, formerly known as CH Brannam Ltd., originally had 110
employees.  It is not yet clear whether workers made redundant
will be re-employed.

CONTACT:  Royal Barum Ware fka CH BRANNAM LIMITED
          Web site: http://www.studiopottery.com/

          MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


RUSH TRAVEL: EJK Associates Administrator Enters Firm
-----------------------------------------------------
Edwin James Kirkwood (IP No 8096) of EJK Associates Limited was
appointed administrator of coach operators Rush Travel Limited
(Company No 03758217) on Sept. 7.  The company's registered
office is at Brenkley Yard, Brenkley Way, Blezard Business Park,
Seaton Burn, Newcastle-upon-Tyne NE13 6DS.

CONTACT:  RUSH TRAVEL LTD.
          Blezard Business Park,
          Newcastle Upon Tyne NE13 6DS
          Phone: 0191 217 1716

          EJK ASSOCIATES
          2 Church Court
          Morley
          Leeds LS27 9TN
          West Yorkshire
          Phone: 0113 253 5232
          Fax: 0113 253 5953
          E-mail: edwin.kirkwood@ejkassociates.co.uk


SANCTUARY GROUP: Non-executive Director Steps down
--------------------------------------------------
The Board of The Sanctuary Group plc has disclosed the
resignation with immediate effect of Sir Christopher Meyer as a
non-executive director of the Group.

The Board would like to thank Sir Christopher for his
contribution to the Group since he joined in July 2003.

                        About the Company

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

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

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

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

It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.  To restore the Group to
profitability and growth, the Board is finalizing a fundamental
review of the business, which involve addresses, inter alia,
worldwide cost structures, the performance of revenue generating
assets, premises and accounting policies.

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


SOPHIA DEVELOPMENTS: Property Developer Calls in Administrator
--------------------------------------------------------------
Graham David Randall and Mark Peter Roach (IP Nos 009051 and
009231) of BDO Stoy Hayward LLP were appointed joint
administrators of Sophia Developments Limited (Company No
03879026) on Sept. 12.  The company develops property.

CONTACT:  BDO STOY HAYWARD
          Fourth Floor
          One Victoria Street
          Bristol BS1 6AA
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          E-mail: graham.randall@numerica.biz


STANDARD BRIDGE: Files for Liquidation
------------------------------------
H. Cohen, Chairman of Standard Bridge Enterprises Ltd., informs
that resolutions to wind up the company was passed at an EGM held
at the offices of Valentine & Co., 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS.  Mark Reynolds of 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS.

CONTACT:  STANDARD BRIDGE ENTERPRISES LIMITED
          Compton House
          29-33 Church Road,
          Stanmore,
          Middlesex HA7 4AR
          Phone: 020 8954 5000/7500
          Fax: 020 8954 7501
          E-mail: admin@howiesbridgeclub.co.uk


TYNESIDE TYRE & RUBBER: Appoints Administrator
----------------------------------------------
A. Poxon and S. G. Clancy (IP Nos 8620, 8950) of DTE Leonard
Curtis were appointed joint administrators of Tyneside Tyre &
Rubber Recycling Limited (Company No 4131506) on Sept. 2.

CONTACT:  TYNESIDE TYRE & RUBBER RECYCLING LIMITED
          Unit 8
          Factory Road, Blaydon,
          Tyne And Wear NE21 5SA

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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