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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

           Tuesday, November 15, 2005, Vol. 6, No. 226

                            Headlines

C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: Under Forced Administration


D E N M A R K

LEGO GROUP: Considers Outsourcing Production Abroad
LEGO GROUP: Dropping Suppliers to Save Cash


F R A N C E

CLUB MEDITERRANEE: Sells EUR100 Million Worth of Assets
HUIS CLOS: Struggles to get more out of Restructuring this year
REFCO SECURITIES: Closure Imminent


G E R M A N Y

ADVERTEAM TEAM: Files for Bankruptcy
ALLGEMEINE HYPOTHEKENBANK: Gets EUR2.5 Billion Funding
BIC BAUBETREUUNGS: Hameln Court Names Administrator
DAIMLERCHRYSLER AG: Managers Cleared in Insider Trading Probe
DAIMLERCHRYSLER AG: Sells 12.4% Stake in Mitsubishi Motors

E.G. EVENT: Proofs of Claim Due Next Week
IWKA AG: Third-quarter Results Slip into Red
MODERN MEDIA: Creditors Meeting Set January
MTU AERO: S&P Upgrades Outlook to Positive
PRINTWORK VERLAGSGESELLSCHAFT: Under Bankruptcy Administration

PROSIEBENSAT.1 MEDIA: Posts Record Third-quarter Profit
SEV SIEKER: Bielefeld Firm Succumbs to Bankruptcy
TSN TRANSPORTGESELLSCHAFT: Creditors' Claims Due Next Month
UFE SICHERHEITSTECHNIK: Court to Verify Claims December


H U N G A R Y

RABA RT: Huge Nine-month Loss Reverses Last Year's Profit


I T A L Y

ALITALIA SPA: Share Offering Opens
CIRIO FINANZIARIA: First Pacific Acquires Del Monte
CIRIO FINANZIARIA: Banca Intesa Trial to Continue in Milan
COMPAGNIA ITALIANA: 'White Knight' Backs out
TISCALI S.P.A.: Q3, 9-month Revenue up by Double Digits

VOLARE GROUP: Alitalia Confirms Plan to Take over Rival
WIND TELECOMUNICAZIONI: EUR1.25 Bln Unsecured Notes Rated 'B-'
WIND TELECOMUNICAZIONI: Fitch Rates Senior Notes 'B-'


K Y R G Y Z S T A N

LEILI: Gives Creditors Until December to File Claims
MADIYAR: Sets Proofs of Claim Deadline
TIBEI: Creditors' Claims Due Next Month


N E T H E R L A N D S

ROYAL SHELL: Buys back 2,600,000 'A' Shares


R O M A N I A

BANCA COMERCIALA: Fitch Rates Eurobond 'BB+'


R U S S I A

AGRO-SNAB: Gives Creditors Until Next Week to File Claims
ANGARSK-STROY-MATERIALS: Insolvency Manager Takes over Firm
BELGORODSKAYA MOVABLE: Succumbs to Bankruptcy
ENISEY-FURNITURE: Krasnoyarsk Court Opens Bankruptcy Proceedings
HOME BUILDING: Undergoes Bankruptcy Supervision Procedure

IZOBILNOYE: Bankruptcy Hearing Resumes Next Month
NIVA: Insolvency Manager Enters Firm
SEREBRYANKA: Claims Filing Period Ends Next Week
TRUST BRIDGE-STROY-10: Declared Insolvent
TYNDINSKIY BAKERY: Under Bankruptcy Supervision


U K R A I N E

AFRIKANIVSKE: Succumbs to Bankruptcy
NIL: Bankruptcy Supervision Starts
PEREMOGA: Under Bankruptcy Supervision
PROMENERGOMONTAZH: Declared Insolvent
UKRENERGOVUGILLYA: Gives Creditors Until Nov. 18 to File Claims
VENTA: Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

ABBS LTD.: Construction Firm Collapses
ABEE CLEANING: In Administrative Receivership
ATLAS CONTRACT: Appoints Liquidators
BARRINGTON HOUSE: DTI Winds up Charities Act Violator
B B PRAWNS: Begbies Traynor to Liquidate Business

BEACON AUTO: Goes into Liquidation
BEAM EDUCATION: KPMG Liquidators Take over Firm
BOND STREET: Appoints Begbies Traynor Liquidator
BRITISH ENERGY: Hartlepool Boilers Back in Service
BULLFIELD LTD.: Files for Liquidation

CABLE UK: EGM Passes Winding-up Resolution
CARADON DAWN: Calls in Liquidator from Mazars
CONNAUGHT EXECUTIVE: Recruitment Firm Hires Liquidator
DRAX GROUP: Studying BCHP Consortium Offer
ENERGIS PLC: Cable & Wireless Completes Takeover

ENTERPRISING WASTE: Calls in Liquidator
HUDSON SIGNS: Files for Liquidation
INMARSAT PLC: Board Member Steps down Ahead of Schedule
JDF GROUP: Consultancy Firms Hire Administrators
LLOYD JAMES: Hires Administrators from Fisher Partners

MICROTECHS LIMITED: Meeting of Creditors Friday
NEMESIS PERFORMANCE: Administrator from Mazars Takes over Firm
NLC CONTRACTORS: Appoints Liquidators
NOVAR SERVICES: Calls in Liquidator from Mazars
PORTFIELD GARAGE: Files for Liquidation

PULSE SERVICE: Calls in Administrators from JonesGiles
RDC GROUP: Goes into Liquidation
REGAL PETROLEUM: CNGG Claim on Ukrainian Licenses Upheld
REPLIFORM LTD.: Owners Opt for Winding-up
ROSCH CORPORATION: Hires Administrators from Robson Rhodes

SOUTHFIELDS CONSULTING: Members Decide to Wind up Firm
SOVEREIGN SHOWERS: Calls in Administrators from PwC
TRAYTON LIMITED: Creditors Meeting Set Thursday
TRL COMPLIANCE: Administrators from Baker Tilly Enter Firm
UZES LIMITED: Deloitte & Touche to Liquidate Business
WHITEHEAD MANN: Half-year Loss Down to GBP1.8 Million

* Large Companies with Insolvent Balance Sheets


                            *********


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


VSEOBECNA ZDRAVOTNI: Under Forced Administration
------------------------------------------------
The health ministry on Thursday placed Vseobecna zdravotni
pojistovna Ceske republiky (The General Health Insurance
Company, VZP) under forced administration.  Antonin Pecenka was
appointed administrator.

VZP management now has to seek approval from the administrator
before making any decision.  The VZP may challenge the measure,
but it cannot delay its effect.

Prime Minister Jiri Paroubek, meanwhile, has called on VZP
director Jirina Musilkova to resign post-haste.  Health Minister
David Rath complains that she is not cooperating with the
administrator, especially in producing agreements and invoices.
Ms. Musilkova claims that, as is the practice at VZP, any
requests must be submitted in writing, and this applies to the
administrator.

Mr. Rath told the press Ms. Musilkova's resignation will speed
up the election of a new VZP management.  According to him, the
administration would end as soon as Ms. Musilkova's successor is
elected sometime in January.  Ms. Musilkova has ignored the call
to step down.  Under current laws, she cannot be fired.

VZP has CZK10 billion in debt and annual budget of CZK200
billion.

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


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


LEGO GROUP: Considers Outsourcing Production Abroad
---------------------------------------------------
Danish town Billund, home to Lego bricks, might lose that
distinction in two years.  According to The Age, all Lego-
producing parts of the town might be shifted to Asia or Eastern
Europe as the company struggles to survive.  A decision will be
made in 2007, the report said.

Chief Executive Jorgen Vig Knudstorp, who took over the position
last year from the founder's grandson, Kjeld Kirk Christiansen,
is trying to re-establish the firm's core business.  He will
somehow try to revive the basic brick structure of the toy,
which has already been modified in recent years.

Lego was founded by carpenter Kirk Christiansen in 1932.  He
bought the patent to the English-made toy bricks in 1949.  The
company made its first loss in 1998.  Last year, it made its
largest loss at US$417 million.  It has already sold four
Legoland theme parks and reduced workforce at the factories in
Billund, Jutland from 3,500 to 2,500.  It employs approximately
7,400 worldwide.

Latest financial statements are available free of charge at
http://bankrupt.com/misc/LegoGroup(H12005).pdf

CONTACT:  LEGO GROUP
          Charlotte Simonsen, Head of Corporate Communications
          Jorgen Vig Knudstorp, CEO
          Phone: +(45) 79 50 65 79
          Web site: http://www.lego.com/


LEGO GROUP: Dropping Suppliers to Save Cash
-------------------------------------------
Lego Group is cutting the number of its suppliers by more than
78% to lower price and save on cost, according to daily Boersen.

It will reduce suppliers to 2,500 from 11,500 to save between
DKK150 million and DKK200 million, said Niels Duedahl, vice
president at Lego's Global Supply Chain.  The cuts will be
undertaken over the next six months, the bulk in December.  Lego
might also prefer global suppliers of office supplies,
stationery, and packaging to Danish ones, the report said.

"We have a need for the shortest possible time of delivery, so
we cannot depend to have packaging delivered from Europe to
USA," Mr. Duedahl told the daily.

The LEGO Group is a privately held, family-owned company, based
in Billund, Denmark.  It was founded in 1932, employing
approximately 7,400 worldwide.  LEGO Holding A/S is the parent
of both the Danish and the Swiss parts of the Group.  In July,
it sold four of its family theme parks in England, Germany,
California and Denmark to The Blackstone Group for EUR375
million to consolidate its business.

Lego is implementing an Action Plan launched in 2004 to mitigate
a serious earnings crisis in the company.  The plan envisages a
leaner but financially stronger and more focused group.  Lego
had total assets of DKK8,089 million in 2004.

CONTACT:  LEGO GROUP
          Charlotte Simonsen, Head of Corporate Communications
          Jorgen Vig Knudstorp, CEO
          Phone: +(45) 79 50 65 79
          Web site: http://www.lego.com/


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


CLUB MEDITERRANEE: Sells EUR100 Million Worth of Assets
-------------------------------------------------------
Property and leisure group Heron International has acquired four
hotels from Club Mediterranee for more than EUR100 million (GBP7
million), according to Times Online.

Two of the hotels are in the French Alps in Val Thorens and
Tignes Val Claret.  The other two are in Sicily and in Cadiz,
Spain.  The properties are held on long lease and have land for
future developments.

Earlier, Club Mediterranee also agreed to sell assets of four of
its villages (Val d'Isere, Peisey-Vallandry, La Plagne 4 and
Opio) to Gecina Group for EUR225 million.  Club Mediterranee
said it will break even in 2005 for the first time in five
years, as it announced the sale.

CONTACT:  CLUB MEDITERRANEE
          Media
          Thierry Orsoni
          Phone: +33 (0)1 53 35 31 29
          E-mail: thierry.orsoni@clubmed.com

          Analysts
          Caroline Bruel
          Phone: +33 (0)1 53 35 30 75
          E-mail: caroline.bruel@clubmed.com


HUIS CLOS: Struggles to get more out of Restructuring this year
---------------------------------------------------------------
The restructuring measures implemented by Huis-Clos in the
second half will not bear fruit in time, Les Echos says.

As a result, the maker of PVC windows and doors expects between
EUR6 million and EUR11 million in net losses this year and EUR87
million in turnover.

A EUR7.7 million loss, on the back of EUR41.1 million in
turnover in the first half, forced the company to start a EUR5
million cost-saving program and carry out a EUR6 million capital
hike.  Its full effects, however, will be felt only next year.

As part of the restructuring, the company also sold its internal
training center.  So far, production is back to normal while the
order book is full again.

CONTACT:  HUIS CLOS
          35 Square Raymond Aron,
          76130 Mont Saint Aignan
          Web site: http://www.huisclos.fr


REFCO SECURITIES: Closure Imminent
----------------------------------
Refco Securities S.A., the French arm of U.S. futures brokerage
firm Refco Inc., will be closed, according to Les Echos.

Refco Securities went into administration at the request of
chairman Alain Ichoua Felous.  The decision came after two
directors of the division -- Philip Roger Bennett and Santo
Maggio -- were implicated in the parent company's scandal.  Mr.
Maggio is the head of Refco's most controversial offshore unit.

Judicial administrator Regis Valliot says Refco Securities had
been profitable before the scandal broke out.  It reported pre-
tax turnover of around EUR40 million in 2004.  Its assets in
Euronext, BCC, BNP Paribas, Societe Generale, Parel have since
been seized.  The court in Paris required a surety of EUR30
million for the assets on Nov. 8.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Its reputation has
been damaged after it disclosed on Oct. 10 that Chief Executive
Phillip R. Bennett had secretly borrowed US$430 million from the
company.  The debt was discovered only after he paid it.

The Company and 23 affiliates filed for chapter 11 protection on
Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).  J. Gregory
Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts.  Refco
reported US$16.5 billion in assets and US$16.8 billion to the
bankruptcy court.

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


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


ADVERTEAM TEAM: Files for Bankruptcy
------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against ADVERTEAM Team fuer Kommunikation und Promotion GmbH on
October 19.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 13, 2005 to register their claims with court-appointed
provisional administrator Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting on January 13, 2006, 10:05 a.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage, Anbau, Saal B 405, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ADVERTEAM TEAM FUER KOMMUNIKATION UND PROMOTION GmbH
          Deichstrasse 35, 20459 Hamburg
          Contact:
          Gisela Droscher, Manager

          Dr. Olaf Buechler, Administrator
          Herrengraben 3, 20459 Hamburg
          Phone: 36968351
          Fax: 36968383


ALLGEMEINE HYPOTHEKENBANK: Gets EUR2.5 Billion Funding
------------------------------------------------------
Allgemeine Hypothekenbank Rheinboden (AHBR) is to receive EUR2.5
billion in new capital, according to Germany weekly paper Der
Spiegel.  Representatives of the depositor guarantee fund,
several large banks and Germany's financial regulator BaFin,
agreed on the capital injection.

AHBR is being sold in an auction to ease the sale of its former
parent BHW Holding AG to Deutsche Postbank AG.  Parties
interested in AHBR includes:

  -- U.S. private equity firm Lone Star;

  -- a consortium led by investors Christopher Flower and George
     Soros; and

  -- U.S. investment bank Merrill Lynch and private equity firm
     Texas Pacific Group.

AHBR incurred huge debt after suffering from the effects of poor
interest rate management four years ago.

AHBR has assets of more than EUR80 billion.  It was formerly
owned directly and indirectly -- through BHW -- by the trade
union private equity holding group BGAG.  BGAG has provided it
EUR1.2 billion in financing, and guaranteed it on a EUR1.2
billion risk protection scheme.

The bank's ratings are:

(a) Fitch

    -- subordinated obligations at 'BB-'; on Watch Negative,

    -- participation rights (Genussscheine) at 'B+'; on Rating
       Watch Negative,

    -- Long-term at 'BBB'; Rating Watch Evolving,

    -- Short-term at 'F3'; Rating Watch Evolving,

    -- Support at '2'; Rating Watch Evolving,

    -- Individual 'E';

(b) Moody's

    -- Financial strength at E,

    -- Unsecured long-term at Baa3; Outlook Negative,

    -- Short-term at P-3; Outlook Negative,

    -- Subordinated debt at 'Ba1'; under review for possible
       downgrade; and

(c) Standard & Poor's

    -- long-term at 'BB+',

    -- short-term counterparty credit at 'B'

CONTACT:  ALLGEMEINE HYPOTHEKENBANK RHEINBODEN AG
          Betreff
          Bockenheimer Landstrasse 25
          D-60325 Frankfurt/Main
          Phone: (0 69) 71 79-0
          Fax: (0 69) 71 79-100
          Web site: http://www.ahbr.de/de/html/Homepage.htm


BIC BAUBETREUUNGS: Hameln Court Names Administrator
---------------------------------------------------
The district court of Hameln opened bankruptcy proceedings
against BIC Baubetreuungs GmbH on October 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 21, 2005 to register
their claims with court-appointed provisional administrator Dr.
Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 10:00 a.m. at the district
court of Hameln, Saal 106, Zehnthof 1, 31785 Hameln, 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:  BIC BAUBETREUUNGS GmbH
          Contact:
          Sascha Meyers, Manager
          c/o Miguel Meyers
          Schlehdornweg 8, 30974 Wennigsen

          Dr. Rainer Eckert, Administrator
          Lister Str. 18, 30163 Hannover
          Phone: 0511/626287-0
          Fax: 0511/626287-10


DAIMLERCHRYSLER AG: Managers Cleared in Insider Trading Probe
-------------------------------------------------------------
Stuttgart prosecutors have ended their insider-trading probe
against two of DaimlerChrysler AG's managers over stock deals
prior to the resignation of CEO Juergen Schrempp, said the
Associated Press.

DaimlerChrysler Spokesman Toni Melfi said prosecutors have found
no evidence of wrongdoing by Board Member Ruediger Grube or
Communications Chief Hartmut Schick.

Stuttgart prosecutors, who could not be reached Friday, launched
an investigation in September following a report from Germany's
financial services regulator BaFin.  BaFin said they found
"grounds" to suspect illegal trades involving Daimler shares
that went up prior to the Schrempp announcement on July 28.

Mr. Schrempp, who has worked with the company for a decade, will
be replaced as CEO by Dieter Zetsche on January 1.

Earlier this month, a United Nations-backed probe revealed that
DaimlerChrysler was among companies that paid Saddam Hussein's
regime kickbacks and illegal surcharges.  The report disclosed
that about half of the 4,500 companies involved in the U.N. oil-
for-food program paid US$1.8 billion in bribe and other illegal
fees.

DaimlerChrysler is also being investigated by the U.S. Justice
Department over bribery claims at the Mercedes Car Group.

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


DAIMLERCHRYSLER AG: Sells 12.4% Stake in Mitsubishi Motors
----------------------------------------------------------
DaimlerChrysler AG has agreed to sell its 12.4% stake in
Mitsubishi Motors Corp. to U.S.-based Goldman Sachs for an
undisclosed amount.

The disposal is understood to be part of DaimlerChrysler's
efforts to refocus its resources to its Chrysler and Mercedes
businesses, said the United Press International.

According to the company, the sale will improve its 2005
financial income by approximately EUR500 million.
DaimlerChrysler will reveal the amount involved in the
transaction and the effect on its finances by end of this month
at the latest.

It added that its current partnership deals with MMC, such as
the joint development and production of engines, passenger cars,
and pickup trucks, will not be affected and will proceed as
earlier agreed.

The two companies also mulled renewing and stretching current
projects.  MMC said it "will maintain its relationship with
DaimlerChrysler as business partners where both parties continue
working on individual alliance projects that are mutually
beneficial."

In 2000, the company became MMC's largest shareholder by
acquiring a third stake in the Japanese firm.  DaimlerChrysler
started selling its shares last year after quality problems and
other financial issues surrounding Mitsubishi delivered less-
than-expected profits for the German manufacturer, according to
the New York Times.  It also prompted DaimlerChrysler to stop
injecting more money into MMC.

Since last year, DaimlerChrysler has been trying to drop its
tie-ups and dispose of its investments in other companies.  It
has sold its stake in Hyundai Motor Co. Ltd. and put MTU
Friedrichshafen up for sale.

Meanwhile, MMC has seen its sales in Japan plummet after it
admitted that it had systematically concealed vehicle defects to
avoid recalls.  The firm reported on Thursday half-year loss of
JPY63.8 billion (US$539.6 million), down from JPY178.8 billion
in the same period last year.  Sales, however, plunged 7% to
JPY991.3 billion (US$8.4 billion) from JPY1.07 trillion in 2004.

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

          MITSUBISHI MOTORS CORPORATION
          6-3, Marunouchi 2-chome, Chiyoda-ku
          Tokyo 100-8086
          Japan
          Phone: +81-3-3210-2121
          Fax: +81-3-3210-8583
          Web site: http://www.mitsubishi.co.jp


E.G. EVENT: Proofs of Claim Due Next Week
-----------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against E.G. Event-Gastronomie GmbH on October 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 25,
2005 to register their claims with court-appointed provisional
administrator Dr. Alexander Geilert.

Creditors and other interested parties are encouraged to attend
the meeting on December 16, 2005, 11:10 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  E.G. EVENT-GASTRONOMIE GmbH
          Jollenbecker Str. 238 a, 33613 Bielefeld
          Contact:
          Shahram Honarbakhsh, Manager

          Dr. Alexander Geilert, Administrator
          Otto-Brenner-Str. 186, 33604 Bielefeld


IWKA AG: Third-quarter Results Slip into Red
--------------------------------------------
A deeper restructuring, coupled by falling investments from
carmakers, conspired to pull south the third quarter and first
nine months results of engineering group IWKA.

Third-quarter net results swung into the red, from EUR11.2
million last year to -EUR33.5 million, as group EBIT tanked from
EUR18.1 million to EUR0.5 million.  Turnover for the period was
the lone bright spot as it improved to EUR479.3 million from
EUR442.8 million.

Results for the first nine months were not much better.  Group
EBIT tanked to EUR14.6 million from EUR56.6 million, while
turnover dropped slightly to EUR1.32 billion from EUR1.34
billion.

The group will sell loss-making subsidiary Ex-Cell-O, which
posted EUR20.5 million in losses, below book value.  This in
turn will result in a considerable write-off; hence, the company
forecasts a net loss this year.

CONTACT:  IWKA AKTIENGESELLSCHAFT
          Postfach 3409
          76020 Karlsruhe
          Phone: +49 721 143-330
          Fax: +49 721 143-331
          E-mail: pr@iwka.de
          Web site: http://www.iwka.de


MODERN MEDIA: Creditors Meeting Set January
-------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against MODERN MEDIA Entertainment GmbH Film-Video-Multimedia on
October 24.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 9, 2005 to register their claims with court-appointed
provisional administrator Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 9:05 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, 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:  MODERN MEDIA ENTERTAINMENT GmbH FILM-VIDEO-MULTIMEDIA
          Josef-Baumann-Str. 18, 44805 Bochum
          Contact:
          Juergen Wolf, Manager
          Drosselweg 4, 44791 Bochum

          Frank Imberger, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


MTU AERO: S&P Upgrades Outlook to Positive
------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based aircraft engine and component manufacturer MTU
Aero Engines Holding AG and related entity MTU Aero Engines
Investment GmbH to positive from stable, reflecting the steady
progress made by the group in improving operational performance
and strengthening credit ratios.

At the same time, Standard & Poor's affirmed its 'BB' corporate
credit rating on MTU, and its 'BB' corporate credit and 'B+'
subordinated debt ratings on MTU Aero Engines Investment. At
Sept. 30, 2005, MTU reported net debt adjusted for pensions of
EUR646 million ($755 million).

"MTU's stronger performance and cash flow generation in the
first nine months of 2005 has enabled the group to strengthen
its financial-risk profile by reducing outstanding debt and
improving credit ratios," said Standard & Poor's credit analyst
Leigh Bailey.

The ratings on MTU, however, continue to reflect the group's
relatively weak business profile, which is constrained by the
group's reliance on the cyclical civil aviation industry,
vulnerability to the weakness of the U.S. dollar, and its
relatively modest size compared with original equipment
manufacturers.  MTU benefits from its leading positions in niche
markets and is protected by its long-term strategic alliance
with Pratt & Whitney engines (part of United Technologies Corp.
(A/Stable/A-1), participation in engine programs through a
number of risk and revenue sharing partnerships, and role as a
strategic partner for the German Air Force.

Standard & Poor's expects MTU to progressively improve its
operating profit and cash flows through higher civil volumes,
driven by air traffic recovery and rising aircraft deliveries
and a decline in R&D spending.  Should the industry environment
remain favorable, and MTU is able to maintain its credit ratios
and leverage at the current levels, the long-term rating on the
group could be raised to 'BB+'.

Conversely, if profitability or cash flow metrics become
adversely affected by such factors as the group's potential
vulnerability to a weakening of the U.S. dollar against the
euro, or a deterioration of the commercial-aviation revenue
environment, then the outlook could be revised to stable.

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

CONTACT:  MTU AERO ENGINES GMBH
          Dachauer Strasse 665,
          Munchen 80995
          Phone: +49 (0) 89 1489-0
          Fax: +49 (0) 89 1489-5500
          Web site: http://www.mtu.de/


PRINTWORK VERLAGSGESELLSCHAFT: Under Bankruptcy Administration
--------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against PrintWork Verlagsgesellschaft mbH on October 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 29,
2005 to register their claims with court-appointed provisional
administrator Erich Holzemann.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 10:15 a.m. at the district
court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund,
II. Etage, Saal 3.201, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  PRINTWORK VERLAGSGESELLSCHAFT mbH
          Ladestr. 3, 59077 Hamm
          Contact:
          Agnes Kunze, Manager
          Wellingstr. 45, 59075 Hamm

          Erich Holzemann, Administrator
          Goethestrasse 2, 59065 Hamm
          Phone: 02381/ 92 42 0-0
          Fax: 92 42 020


PROSIEBENSAT.1 MEDIA: Posts Record Third-quarter Profit
-------------------------------------------------------
Recovering television group ProSiebenSat.1 Media AG has booked
its largest third-quarter figures ever, Die Welt says.

Pre-tax profit for the period soared to EUR38.5 million from
EUR4.3 million in 2004 as group turnover rose 15% to EUR416
million.  Similarly, pre-tax profit for the first nine months
swelled 67% to EUR202 million and turnover by 4.6% to EUR1.35
billion.

The company credits the acquisition of TV channel 9Live for the
third-quarter turnover, which rode on the back of rising
advertising revenue.  The figures defy the current downturn in
TV advertising.

Publishing group Axel Springer Verlag Springer is just waiting
for regulatory approval for its takeover of ProSiebenSat.1.
Already, it controls a majority stake it acquired for EUR2.5
billion from a group of investors led by Haim Saban.  Springer
expects the local antitrust authority to rule before Christmas.

ProSiebenSat.1 was formed in 2000 with the merger of Germany's
leading broadcasters ProSieben Media AG and Sat.1.  It is the
largest and most successful television corporation in Germany
with four stations -- Sat.1, ProSieben, kabel eins and N24.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Medienallee 7
          85774 Unterfohring
          Phone: +49 (89) 95 07-11 80
          Fax: +49 (89) 95 07-11 84

          AXEL SPRINGER VERLAG AG
          Axel-Springer-Str. 65
          10888 Berlin, Germany
          Phone: +49-30-2591-0
          Web site: http://www.asv.de


SEV SIEKER: Bielefeld Firm Succumbs to Bankruptcy
-------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against SEV Sieker & Kuhlmann, Stahl- und Edelstahl GmbH on
October 24.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 29, 2005 to register their claims with court-appointed
provisional administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on December 20, 2005, 10:20 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  SEV SIEKER & KUHLMANN, STAHL- UND EDELSTAHL GmbH
          Alte Heerstr. 3, 32049 Herford
          Contact:
          Jorg Kuhlmann, Manager
          Mindener Str. 268, 32049 Herford

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


TSN TRANSPORTGESELLSCHAFT: Creditors' Claims Due Next Month
-----------------------------------------------------------
The district court of Gottingen opened bankruptcy proceedings
against TSN Transportgesellschaft mbH on September 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 20,
2005 to register their claims with court-appointed provisional
administrator Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 9:00 a.m. at the district court
of Gottingen, Saal B 11, Berliner Strasse 8, 37073 Gottingen, 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:  TSN TRANSPORTGESELLSCHAFT mbH
          Burgstr. 52, 34346 Hann
          Contact:
          Maria and Gustav Nicolaus, Managers

          Henning Jung, Administrator
          Wilhelmshoher Allee 270, 34131 Kassel
          Phone: 0561/3166311
          Fax: 0561/3166312


UFE SICHERHEITSTECHNIK: Court to Verify Claims December
-------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against UFE Sicherheitstechnik GmbH on October 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 15, 2005 to
register their claims with court-appointed provisional
administrator Ingmar Jarchow.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 11:30 a.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage, Anbau, Saal B 405, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  UFE SICHERHEITSTECHNIK GmbH
          Kroonstuecken 1, 22045 Hamburg
          Contact:
          Heiko Kohler, Manager

          Ingmar Jarchow, Administrator
          Heuberg 1, 20354 Hamburg
          Phone: 3501690
          Fax: 35016915


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


RABA RT: Huge Nine-month Loss Reverses Last Year's Profit
---------------------------------------------------------
Despite a sharp decline in operating losses, Raba Rt failed to
prevent a huge consolidated net loss in the first nine months of
2005, Budapest Business Journal says.

The automotive parts maker posted an operating loss of HUF1.89
billion for the period, a huge drop from HUF3.94 billion a year
ago.  For the third quarter alone, operating loss slipped 31% to
HUF369 million.

Still, the company failed to duplicate last year's HUF1.78
billion profit, as consolidated net loss amounted HUF3.26
billion.   Sales revenue, which rose nearly 25% to HUF33.28
billion, with export accounting for HUF21.79 billion, also
failed to offset the losses.

Raba is owned by EBRD (11.44%), DRB Hicom Group (11.44%), the
Gyor City Council (7.58%) and Raba Investments (5.11%).

CONTACT:  RABA RT
          Attila Deak
          Investor Relations Manager
          Phone: +36 96 624 470
          Fax: +36 96 624 006
          E-mail: attila.deak@raba.hu
          Web site: http://www.raba.hu


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


ALITALIA SPA: Share Offering Opens
----------------------------------
Alitalia launched Monday its EUR1.009 billion capital hike,
after a consortium of banks to guarantee the action was formed,
AFX News says.

The consortium is composed of Deutsche Bank AG (40.4%), Banca
Intesa's Caboto (19.3%), Unicredito Italiano's UBM (4.8%),
Societe Generale (4.8%), Morgan Stanley (4.8%), Lehman Brothers
(4.8%), Sanpaolo IMI's Banca IMI (4.8%), Credit Suisse (3.9%),
Nomura (3.9%), Credit Agricole's Calyon (2.9%), Capitalia's MCC
(3.9%), and Banca Popolare di Milano's Banca Akros (1.5%).

From Nov. 14 to Dec. 2, Alitalia will issue 1.257 billion new
shares at 80 cents each.  The bank consortium underwrites
EUR516.9 million of the offering.  Alitalia has 129 million
outstanding stocks.  It will offer current shareholders 13 new
shares for every two held and grant bondholders 13 shares for
every 60 bonds held.

                        About the Company

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

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


CIRIO FINANZIARIA: First Pacific Acquires Del Monte
---------------------------------------------------
First Pacific Co. Ltd. has won the bid for Cirio Finanziaria's
40% stake in Philippine-based food group Del Monte Pacific Ltd.,
Manila Standard says.

First Pacific bested the Lorenzo family and business tycoon
Lucio Tan with its US$163.6 million bid, or US$38.18 per share.
The group plans to make a mandatory cash offer for the remaining
Del Monte shares once the deal is signed.  First Pacific expects
to seal the takeover by Jan. 15, 2006.

Manuel Pangilinan, First Pacific managing director and chief
executive officer, said, "This transaction opens a new horizon
for First Pacific as we build on the success we have made in
creating superbrands in the Philippines and Indonesia.  First
Pacific has studied the business of Del Monte and is
enthusiastic about its potential."

First Pacific added the acquisition was in line with its
strategy of driving growth through acquisition and complements
Indofood's business.  The group said, "It also gives First
Pacific the potential synergies offered by two complementary
businesses, Del Monte and Indofood."

First Pacific's core holdings consist of Indofood Sukses Makmur
Tbk, one of largest noodle-makers; Philippine Long Distance
Telephone Co., the Philippines biggest telecom group; and
property developer Metro Pacific Corp.

Del Monte Pacific is the world's largest pineapple producer.
Its integrated pineapple growing and processing facility has an
estimated market capitalization of about US$425 million.  It is
10% owned by the Singapore government; the remaining 30% by the
public.  Listed in Singapore, the company owns the Del Monte
trademark in the Philippines and the brand rights for the India
subcontinent territories.

Cirio Finanziaria, the canned tomatoes and fruit producer, has
been selling assets to pay creditors.  It was forced into
liquidation after defaulting on EUR1 billion bonds and investors
rejected a restructuring plan.

CONTACT:  CIRIO DEL MONTE ITALIA S.P.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


CIRIO FINANZIARIA: Banca Intesa Trial to Continue in Milan
----------------------------------------------------------
The case against Banca Intesa over fraudulent bond placement has
been transferred to another court, Il Sole 24 Ore says.

A Monza court allowed the transfer of the case to Milan.  The
court also excluded from the case Cirio bondholders who have
already received payment from Banca Intesa.

Banca Intesa, one of Cirio's bond managers, requested the
transfer to Milan, arguing the Monza court was not competent to
hear it.

Several depositors loss their investment in Cirio when it
defaulted on EUR1 billion of bonds in 2003.  In March, the
finance ministry fined the banks that participated in the
irregular bond placement.  Aside from Banca Intesa, Sanpaolo-
Imi, Montepaschi, BNL, Unicredito, Capitalia, Cassa di Risparmio
di Firenze, Banca Antonveneta, Banca Popolare di Ancona and
Credito Emiliano were also fined for violating financial
intermediation regulations when they sold the bonds to
individual investors between 2000 and 2002.

CONTACT:  CIRIO DEL MONTE ITALIA S.p.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it

          BANCA INTESA S.p.A.
          Piazza Paolo Ferrari, 10
          20121 Milan
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it


COMPAGNIA ITALIANA: 'White Knight' Backs out
--------------------------------------------
Businessman Benito Benedini is leaving the group set up to
rescue troubled tour operator Compagnia Italiana di Turismo
(CIT), Il Sole 24 Ore says.

In a letter to CIT, Mr. Benedini cited the failure of the
company and the rescue group to renegotiate its bank debt and
avail of a EUR65 million public aid as reasons for his
departure.

Shareholders Accor and Marciana Finanziaria, meanwhile, are
reportedly interested in joining the rescue group.  CIT
currently needs around EUR70 million to stay afloat.

CIT, whose clients include the Italian parliament, was a
subsidiary of Italian national rail group Ferrovie dello Stato
before investors took it private in 1996.  Its leading
shareholders are vice-chairman Gianvittorio Gandolfi, with
39.4%; European Development Capital Limited Partnership, 14.6%;
and French hotels group Accor, 10%.

CONTACT:  COMPAGNIA ITALIANA TURISMO
          Piazza della Repubblica, 68
          00185 Roma (RM)
          Phone: (06) 47841
          Fax: (06) 4794348
          Web site: http://www.cittravel.it


TISCALI S.P.A.: Q3, 9-month Revenue up by Double Digits
-------------------------------------------------------
The Board of Directors of Tiscali S.p.A. has approved the
Group's third quarter results as of 30 September 2005.

Group revenues in 3Q05 came to EUR185.7 million, up 16% compared
to 3Q04.  In the first nine months revenues amounted to EUR539.3
million, up 13% compared to the same period of 2004 (EUR479.4
million).  The increase is mainly driven by Internet access and
the U.K. market.

The significant growth of ADSL drives the access revenues.  ADSL
revenues, amounting to EUR90.6 million in 3Q05, showed a 45%
increase compared to 3Q04 and a 12% increase compared to 2Q05.
In the first nine months of 2005 ADSL revenues amounted to
EUR237.1 million, around 59% of access revenues, and up 58%
compared to 9M05 (EUR150.3 million, 44% on access revenues).

In the third quarter, ADSL new adds were around 160,000, taking
total ADSL active users, as of 30 September 2005, to over 1.48
million (+8% versus 30 June 2005).  The figure is net of the
disposal of around 60,000 ADSL users in The Netherlands to KPN
at the end of July 2005); 280,000 users were unbundled.

Dial-up revenues in 3Q05 stood at EUR48.7 million, compared to
EUR57.7 million in 3Q04.  The decrease was mainly due by the
migration of dial-up users towards ADSL technology.  In
particular, the company underlines the lower weight of dial-up
revenues on total access revenues from 48% as of September 2004
to around 41% at the end of September 2005.  Active dial-up
customers were around 3.38 million, slightly down compared to
the figure registered at end June 2005, also due to the
seasonality affecting third quarter.

In the first nine months of the year dial-up revenues stood at
EUR164.9 million, down 16% compared to EUR195.1 million
registered in 9M04.  In 3Q05, voice revenues were EUR21.6
million (12% on revenues), compared to EUR21.5 million (13% on
total revenues) registered in 3Q04.  This result does not
reflect the refocus of traditional voice offering towards voice
over IP products that allow profitability enhancement.

In the first nine months of 2005 voice revenues were EUR65.6
million (12% on revenues), down 6% compared to EUR69.6 million
(15% on revenues) in 9M04.  The decrease was partially offset by
the introduction of "bundled" services of access and voice
(CPS).

Revenues generated by business services, in third quarter, stood
at EUR16.8 million (9% on revenues), up 49% compared to EUR11.3
million (7% on total revenues) in 3Q04, thanks to commercial
refocus.  Business revenues in the nine months were EUR45.3
million (8% on total revenues) up 19% compared to EUR38.1
million (8% on total revenues) registered in 9M04.

Media and VAS (value added services) revenues in third quarter
stood at EUR6.4 million (3% on total revenues), compared to
EUR7.6 million (5% on total revenues) in 3Q04.

In the first nine months, media and VAS revenues were EUR21
million (4% on total revenues) down (5%) compared to EUR22
million (5% on total revenues) in 9M04.

Gross Operating Result (EBITDA), before amortization,
depreciation, provision and write-downs, in third quarter 2005
was EUR31.7 million (17% on revenues), up 25% compared to
EUR25.4 million in 3Q04 (16% on revenues).  Gross Operating
Result in the first nine months stood at EUR84.1 million, up 85%
versus 9M04 (EUR45.5 million).  As a percentage of revenues,
EBITDA increased from 9% to 16%.

Such positive operating results have been achieved, thanks to
revenue growth and to cost reductions and efficiencies.  The
trend shown by variable costs linked to the increase of ADSL ULL
customers within access segment determined the improvement also
at Gross Margin level (Figure non reported in the P&L statement,
as not included in the IAS/IFRS standards, but given as
additional information) which increased, as a percentage of
revenues, from 49% in 9M04 to 54% in 9M05.

Operating costs in 3Q03 amounted to EUR63.5 million +16% versus
EUR55 million in 3Q04, with percentage on revenues stable at
34%.  In 9M05 operating costs were EUR203.5 million, up 17%
versus 9M04 (EUR174.6 million) and with a percentage of revenues
going from 36% in 9M04 to 38% in 9M05.

In particular: Marketing costs in 3Q05 stood at EUR24.1 million
(13% of revenues), up 51% versus EUR16 million (10% of revenues)
posted in 3Q04.  Marketing costs in the first nine months of
2005 amounted to EUR89.0 million (17% of revenues), a 56% growth
versus EUR57.2 million (14% of revenues) in 9M04. Marketing
costs were mostly dedicated to promoting ADSL.  Personnel costs
in 3Q05 amounted to EUR28.4 million, stable versus 3Q04 in
absolute terms, but decreasing as a percentage of revenues (15%
in 3Q05 versus 18% in 3Q04).  In the first nine months of 2005,
personnel costs amounted to EUR82.6 million, lower than the
EUR83.4 million in 9M04 while still posting a sizeable
improvement as a percentage of revenues (15% in 3Q04 versus 17%
3Q05).  Employees at the end of September were 1,850.

Other operating costs in 3Q05 were EUR11 million (6% of
revenues), compared to EUR10.3 million (6% of revenues) in 3Q04.
In the first nine months G&A stood at EUR31.9 million compared
to EUR33.9 million in first nine months of 2004, showing in 2005
a lower incidence on revenues (6%) compared to 2004 (7% of
revenues).

Operating Result (EBIT) in 3Q05 was negative EUR7.8 million, an
improvement compared to the loss of EUR8.1 million of 3Q04.  In
9M05 EBIT was negative EUR54.2 million, a 28% improvement versus
the EUR75 million loss posted in 9M04.  The improvement was due
to the better operating performance described in the previous
paragraph.

In the first nine months 2005, amortization stood at EUR101.3
million versus EUR89.9 million posted as of 30 September 2004.
The increase is due to higher investments for the development of
the ULL network and the ADSL products (modem and activation
costs).

Provisions for risks and write-downs in 9M05 (together with
certain restructuring costs) amounted to EUR36.9 million versus
EUR30.7 million in 9M04.  Provisions and write-downs in 3Q05 of
EUR6.5 million were mainly attributable to bad debt.

Results from continuing operations as of 30 September 2005
before tax and after interest (EBT) was negative EUR77 million,
a 26% improvement versus the loss of EUR104.5 million in the
first nine months of 2005.  If the net profit of EUR120.6
million deriving from discontinuing operations is added, which
are tax free and largely deriving from the EUR144 million
capital gain on the sale of Liberty Surf, net of the results for
the period and of the charges related to the disposal, the total
result before tax for the Tiscali as of 30 September 2005 was
approximately EUR43.6 million.

The Tiscali Group posts, for the 9 months ended 2005, a net
result close to breakeven (-EUR1.5 million), versus a loss of
EUR148.6 million for 9M03.  The net result includes EUR45.1
million of tax charge, which relates to the utilization of tax
losses carried forward accounted for at year-end 2004 in
relation to the holding company Tiscali S.p.A.  It is worth
mentioning that such tax charge is not a tax debt, but it is
related to a partial utilization of tax losses carried forward.
The posting of tax losses carried forward, if any, will be
determined with full year 2005 results.

Investments

The expansion of the ULL networks and the other investments for
the installation and activation of new ADSL customers, in 9M05
generated investments for EUR96.7 million, of which EUR65.7
million related to investments in intangible assets and around
EUR31 million of investments network equipment.  Such
investments allowed to reach and activate 10 co-locations in the
U.K. (mainly concentrated in London area), and over 330 co-
locations in Italy and over 220 co-locations in the Netherlands.
In Germany, where the company is currently testing ULL in
Frankfurt area, the first investments should start by the end of
2005.

Financial position

As of 30 September 2005, the Tiscali Group's cash resources
totaled EUR39 million, while net debt stood at EUR269 million
(EUR259 million as of 30 June 2005).  In July, the EUR250
million bonds were reimbursed.

On 8 August, Tiscali reached an agreement for a EUR150 million
senior secured credit facility with Silver Point Finance LLC.
The facility comprises two tranches, each with a three-year
duration.  The first tranche of EUR50 million was drawn in
August 2005, while the second EUR100 million tranche will be
made available from September 2006 for the reimbursement of the
2006 E-L Bond.

Operating cash flow 3Q05, excluding sales of non-strategic
assets, and including financial charges, was negative EUR23
million.  Third quarter result was affected by annual financial
charges for EUR9 million related to "Equity Linked Bond" due in
September 2006 and from investments (around EUR29 million) for
the development of ULL infrastructure network.  Considering
those elements, the company highlights a decrease in operating
cash burn compared to previous quarters (-EUR46 million in 1Q05
2005, -EUR20 million in 2Q05), in line with Group's business
plan.

2005 Targets

Tiscali announces these targets for 2005 (IFRS compliant):
turnover of approximately EUR750 million; Gross Operating Profit
(EBITDA) of over EUR100 million; over 1.7 million broadband
users; and investment at 15% of revenues.

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


VOLARE GROUP: Alitalia Confirms Plan to Take over Rival
-------------------------------------------------------
Ailing national carrier Alitalia may buy equally troubled rival
Volare Group, AFX News says.

In an interview with Corriere della Sera, Alitalia Chairman
Giancarlo Cimoli confirmed the plan after the airline received
clearance for its EUR1 billion capital hike Friday.

TCR Europe reported in August 10, 2005 that Volare is looking
for a possible buyer to improve its operational capacity.
Volare currently needs fresh capital to expand its fleet.  The
group is also aiming for a strategic partnership with another
airline to ensure it has enough planes to cover all flight
slots.  Alitalia has been lined-up as possible buyer for the
group.

Volare declared insolvency on Nov. 22, 2004, citing huge debt
and heavy losses.  The group then went under extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare went out of
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.

CONTACT:  VOLARE GROUP S.p.A.
          Via Pirelli, 20
          20124 Milan
          Phone: (+39) 02 673 631
          Fax: (+39) 02 673 630 90
          Web site: http://www.volare-group.it

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


WIND TELECOMUNICAZIONI: EUR1.25 Bln Unsecured Notes Rated 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
Italian integrated telecommunications services provider Wind
Telecomunicazioni S.p.A.'s (B+/Positive/--) EUR1.25 billion
senior unsecured notes maturing 2015.

The gross proceeds of the notes issue will be used to refinance
the company's EUR1.25 billion high-yield bridge loan facility.

The ratings on Wind are constrained by the company's very high
financial leverage and the weak position of its fixed-line
operation.  The ratings are supported by the company's
established position as the third-largest mobile operator in the
attractive Italian market, a relatively benign regulatory
environment, and expectations of meaningful generation of free
cash flow from 2006 onward.

The rating on the notes has been notched down twice against the
corporate credit rating.  This reflects the notes' legal
subordination given that Wind's senior secured facilities are
secured against substantially all of the company's assets.

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:  WIND TELECOMUNICAZIONI SPA
          Via G. C. Viola 48
          00148 Rome, Italy
          Phone: +39-06-8311-4600
          Fax: +39-06-8311-4601
          Web site: http://www.wind.it/


WIND TELECOMUNICAZIONI: Fitch Rates Senior Notes 'B-'
-----------------------------------------------------
Fitch Ratings has assigned an expected 'B-' rating to the
EUR1.25 billion equivalent Senior Notes issued by Wind
Acquisition Finance S.A. and guaranteed by Italy-based Wind
Acquisition Finance S.p.A.  The 'B+' Senior Unsecured of Wind
Telecomunicazioni S.p.A. (Wind) was affirmed with a Stable
Outlook.  The short-term rating is 'B'.

At the same time, Fitch has affirmed the expected 'BB' rating
assigned to the Wind's EUR6.85 billion first priority senior
secured facilities and the expected 'BB-' rating of the EUR700
million second lien notes.  The assignment of the final ratings
is contingent on receipt of final documents conforming to
information already received.

The two notches differential between the Senior Unsecured rating
of Wind and the Senior Notes rating reflects Fitch's view that
in the event of financial distress the expected recoveries for
investors in the notes are likely to be well below average.  In
particular, Fitch expects recoveries for investors in the Senior
Notes to be markedly lower than the expected recoveries of both
Senior Secured lenders and Second Lien noteholders.

Stefano Podesta, Director in Fitch's Leveraged Finance Group,
said: "The rating assigned to the Senior Notes implies an
expected recovery rate below 20% in a potential distressed
restructuring scenario, although higher recoveries are indeed
possible.  Higher recoveries for senior noteholders would depend
on the level of interest that new investors would have at such a
time for entering the Italian telecommunications market, buying
a distressed player and turning it around."

Wind's third quarter results were in line with plan and resulted
in an improved adjusted trailing twelve month EBITDA of EUR1,452
million (EUR1,272 million in FY04).  This EBITDA performance
reflects a reduction in the cost base, such that adjusted EBITDA
margins have improved to 31% (27% at FY04).  Free cash flow for
the year to date is slightly negative (-EUR49 million), reduced
by EUR348 million in extraordinary cash outflows relating to the
acquisition and refinancing activities of the group.  Fitch
expects an increased interest burden going forward will somewhat
reduce generation of free cash flow before exceptionals.  Senior
Leverage at Q3 05 (pro forma for a refinancing of securitization
lines completed in October) was 4.7x and Total Cash-pay Leverage
was 5.6x (including the full amount of High Yield Bridge lent at
Wind Acquisition Finance S.p.A.).

Wind also indicated their intention to prepay approximately
EUR290 million of senior facilities by yearend 2005 using excess
cash on balance sheet.  Assuming senior lenders approve the
application of the prepayment as an acceleration of the senior
debt amortization installments due in 2007, the prepayment will
effectively extend the payment holiday available to Wind until
2008, potentially improving the company's financial flexibility
for the first two years of this financing.

CONTACT:  WIND TELECOMUNICAZIONI S.P.A.
          Via G. C. Viola 48
          00148 Rome, Italy
          Phone: +39-06-8311-4600
          Fax: +39-06-8311-4601
          Web site: http://www.wind.it

          FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0)20 7417 4316
          Michelle De Angelis
          Phone: +44 (0)20 7417 3499
          Stuart Reid
          Phone: +44 (0)20 7417 4323

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


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


LEILI: Gives Creditors Until December to File Claims
----------------------------------------------------
LLC Leili, which recently became insolvent, will accept proofs
of claim at Bishkek, Micro District Kok-Jar 3 until December 27,
2005.  Call (0-312) 43-53-89 for more information.


MADIYAR: Sets Proofs of Claim Deadline
--------------------------------------
LLC Madiyar, which recently became insolvent, will accept proofs
of claim until December 27, 2005.  Call (0-312) 46-35-45 for
more information.


TIBEI: Creditors' Claims Due Next Month
---------------------------------------
LLC Tibei, which recently became insolvent, will accept proofs
of claim at Djalal-Abad, Jeleznodorojnaya Str. 123 on or before
December 27, 2005.  Call (0-37-22) 4-00-68 for more information.


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


ROYAL SHELL: Buys back 2,600,000 'A' Shares
-------------------------------------------
On 11 November 2005, Royal Dutch Shell plc purchased for
cancellation 2,050,000 'A' Shares at a price of EUR25.52 per
share.  It further purchased for cancellation 550,000 'A' Shares
at a price of 1,715.71 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,975,019,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


=============
R O M A N I A
=============


BANCA COMERCIALA: Fitch Rates Eurobond 'BB+'
--------------------------------------------
Fitch Ratings has assigned Banca Comerciala Romana S.A.'s (BCR)
forthcoming bond issue an expected 'BB+' rating.  BCR is rated
Long-term 'BB+', Short-term 'B', Individual 'C/D' and Support
'3'.  The Long-term, Short-term and Support ratings are on
Rating Watch Positive.  The final rating of the bond will be
assigned when final documentation is received.

The notes are to rank pari passu among themselves and at least
pari passu with all other present and future unsecured
obligations of BCR save for such obligations as may be preferred
by law.

The rating watch on BCR will be resolved on the completion of
the planned sale of a majority stake in BCR to a foreign
investor.  Last month it was announced that Banco Comercial
Portugues (BCP, rated 'A+') and Erste Bank der oesterreichischen
Sparkassen (Erste, rated 'A') had been selected for the final
round of bidding for a majority stake in BCR.  The details of
the transaction will be determined during this final round, and
it is expected that the transaction will be finalized in 1Q06.

Tim Beck, Associate Director in Fitch's Financial Institutions
Group in London, said: "Both Banca Comerciala Portugues and
Erste are highly rated banks and the potential support from
either of them for Banca Comerciala Romana is likely to have a
positive effect on BCR's ratings."

BCR is the largest bank in Romania and accounts for
approximately 26% of the banking system's assets.

The credit analysis of BCR can be found at
http://www.fitchratings.com

CONTACT:  BANCA COMERCIALA ROMANA S.A.
          5 Regina Elisabeta Blvd., Sector 3
          030016 Bucharest, Romania
          Phone: +40-0801-0801-227
          Web site: http://www.bcr.ro

          FITCH RATINGS
          Tim Beck, London
          Phone: +44 20 7417 3460
          Gulcin Orgun, Istanbul
          Phone: +90 (0)212 279 10 65

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


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


AGRO-SNAB: Gives Creditors Until Next Week to File Claims
---------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Agro-Snab (TIN 4604000314) after finding the
open joint stock company insolvent.  The case is docketed as A-
35-929/05 "G".  Mr. I. Vyshegorodtsev has been appointed
insolvency manager.  Creditors have until November 24, 2005 to
submit their proofs of claim to 394018, Russia, Voronezh, Kirova
Str. 9, office 30.

CONTACT:  AGRO-SNAB
          306800, Russia, Kursk region,
          Gorshechnoye, Stroitelnaya Str. 10

          I. Vyshegorodtsev
          Insolvency Manager
          394018, Russia, Voronezh region,
          Kirova Str. 9, Office 30


ANGARSK-STROY-MATERIALS: Insolvency Manager Takes over Firm
-----------------------------------------------------------
The Arbitration Court of Altay republic commenced bankruptcy
proceedings against Angarsk-Stroy-Materials after finding the
close joint stock company insolvent.  The case is docketed as
A02-1561/06.  Ms. T. Samunova has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 649000,
Russia, Altay republic, Gornoaltaysk, Main Post Office, Post
User Box 346.

CONTACT:  ANGARSK-STROY-MATERIALS
          Russia, Altay republic, Gorno-Altaysk,
          Choros-Gurkina Str. 29

          T. SAMUNOVA
          Insolvency Manager
          649000, Russia, Altay republic, Gornoaltaysk,
          Main Post Office, Post User Box 346
          Phone: (38822) 2-36-77


BELGORODSKAYA MOVABLE: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Belgorodskaya Movable Mechanized Column-1
(TIN 3102002348) after finding the open joint stock company
insolvent.  The case is docketed as A08-2356/05-24-"B".  Mr. B.
Borisevich has been appointed insolvency manager.

CONTACT:  BELGORODSKAYA MOVABLE MECHANIZED COLUMN - 1
          308006, Russia, Belgorod region,
          Korochanskaya Str. 132A

          B. BORISEVICH
          Insolvency Manager
          308002, Russia, Belgorod region,
          B. Khmelnitskogo Str. 133 "zh", Office 509
          Phone/Fax: 26-17-98


ENISEY-FURNITURE: Krasnoyarsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Enisey-Furniture after finding the open
joint stock company insolvent.  The case is docketed as A33-
17016/2005.  Mr. S. Ivanov has been appointed insolvency
manager.

CONTACT:  ENISEY-FURNITURE
          Russia, Krasnoyarsk region, Eniseysk,
          Raboche-Krestyanskaya Str. 176

          S. IVANOV
          Insolvency Manager
          663091, Russia, Krasnoyarsk region,
          Divnogorsk, Srednyaya Str. 55


HOME BUILDING: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Home Building Combine of Frame and Panel.  The case is docketed
as A07-32214/05-G-MOG.  Mr. A. Yushkevich has been appointed
temporary insolvency manager.

CONTACT:  HOME BUILDING COMBINE OF FRAME AND PANEL
          450027, Russia, Bashkortostan republic,
          Ufa, Ufimskoye Shosse, 3/1

          A. YUSHKEVICH
          Temporary Insolvency Manager
          450027, Russia, Bashkortostan republic,
          Ufa, Ufimskoye Shosse, 3/1

          The Arbitration Court of Bashkortostan republic
          450000, Russia, Ufa,
          Oktyabrskoy Revolyutsii Str. 63a


IZOBILNOYE: Bankruptcy Hearing Resumes Next Month
-------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on machine-tractor station
Izobilnoye.  The case is docketed as A63-56/05-S5.  Mr. N.
Tsymbal has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 356630, Russia,
Stavropol region, Ipatovo, Chapaeva Str. 10 "V".  A hearing will
take place on December 15, 2005, 10:30 a.m.

CONTACT:  IZOBILNOYE
          Russia, Stavropol region, Izobilnenskiy region,
          Izobilnoye, 50 Let Oktyabrya Str. 41

          N. TSYMBAL
          Temporary Insolvency Manager
          356630, Russia, Stavropol region,
          Ipatovo, Chapaeva Str. 10 "V"


NIVA: Insolvency Manager Enters Firm
------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company Niva.  The
case is docketed as A53-13036/2005-S2-7.  Mr. A. Dordzhiev has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 344002, Russia, Rostov-na-Donu,
Sotsialisticheskaya Str. 60v.

CONTACT:  NIVA
          Russia, Rostov region,
          Peschanokopskiy region, Dalnee Pole

          A. DORDZHIEV
          Temporary Insolvency Manager
          344002, Russia, Rostov-na-Donu,
          Sotsialisticheskaya Str. 60v
          Phone: (863) 240-98-54


SEREBRYANKA: Claims Filing Period Ends Next Week
------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Serebryanka (TIN 3117001781) after finding
the agro company insolvent.  The case is docketed as A08-914/05-
2 "B".  Mr. V. Rukavitsyn has been appointed insolvency manager.
Creditors have until November 24, 2005 to submit their proofs of
claim to 308017, Russia, Belgorod region, K. Zaslonova Str. 181.

CONTACT:  SEREBRYANKA
          309730, Russia, Belgorod region,
          Rovenskiy region, Nizhnyaya Serebryanka

          V. RUKAVITSYN
          Insolvency Manager
          308017, Russia, Belgorod region,
          K. Zaslonova Str. 181


TRUST BRIDGE-STROY-10: Declared Insolvent
-----------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Trust Bridge-Stroy-10 (TIN 2808000679) after
finding the open joint stock company insolvent.  The case is
docketed as A044-1500/06-4/51 "B".  Mr. V. Lagutin has been
appointed insolvency manager.  Creditors have until November 24,
2005 to submit their proofs of claim to 675000, Russia, Amur
region, Blagoveshensk, Shimanovskogo Str. 46/2.

CONTACT:  TRUST BRIDGE-STROY-10
          676080, Russia, Amur region,
          Tynda, Amurskaya Str. 10

          V. LAGUTIN
          Insolvency Manager
          675000, Russia, Amur region,
          Blagoveshensk, Shimanovskogo Str. 46/2


TYNDINSKIY BAKERY: Under Bankruptcy Supervision
-----------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on municipal enterprise Tyndinskiy Bakery.
The case is docketed as A 04-5754/05-10/36 "B".  Mr. N. Surov
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 675000, Russia,
Amur region, Blagoveshensk, Sv. Innokentiya Str. 13, Office 105.
A hearing will take place on December 5, 2005, 8:45 a.m.

CONTACT:  TYNDINSKIY BAKERY
          Russia, Amur region,
          Tynda, Mokhortova Str. 4

          N. SUROV
          Temporary Insolvency Manager
          675000, Russia, Amur region, Blagoveshensk,
          Sv. Innokentiya Str. 13, Office 105


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


AFRIKANIVSKE: Succumbs to Bankruptcy
------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Agricultural LLC Afrikanivske (code
EDRPOU 30772894).  The case is docketed as B-19/74-05.  Mr. O.
Tishenko (License AB 216715) has been appointed temporary
insolvency manager.

CONTACT:  AFRIKANIVSKE
          64741, Ukraine, Harkiv region,
          Barvinkivskij district, Afrikanivka

          Mr. O. Tishenko
          Temporary Insolvency Manager
          Ukraine, Harkiv region,
          Budi, Harkivska Str. 16

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5, Derzhprom 8th Entrance


NIL: Bankruptcy Supervision Starts
----------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on LLC Nil (code EDRPOU
25022407).  The case is docketed as B 26/70/05.  Mr. Y. Nimak
(License AA 250189) has been appointed temporary insolvency
manager.

CONTACT:  NIL
          52800, Ukraine, Dnipropetrovsk region,
          Pershotravensk, Komsomolska Str. 26

          Mr. Y. Nimak
          Temporary Insolvency Manager
          51400, Ukraine, Dnipropetrovsk region,
          Pavlograd, Ternivska Str. 7

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


PEREMOGA: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Peremoga (code EDRPOU 31327709) on
August 9, 2005 and ordered a moratorium on satisfaction of
creditors claims.  The case is docketed as 18/157.  Mr.
Shapovalov S. (License AA 487831) has been appointed temporary
insolvency manager.

CONTACT:  PEREMOGA
          37223, Ukraine, Poltava region,
          Lohvitskij district, Giryavi Iskivtsi

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


PROMENERGOMONTAZH: Declared Insolvent
-------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Promenergomontazh (code EDRPOU 31266023) on
September 22, 2005 after finding the limited liability company
insolvent.  The case is docketed as 42/143 B.  Mr. Andrij
Mihajlov has been appointed liquidator/insolvency manager.

CONTACT:  PROMENERGOMONTAZH
          87557, Ukraine, Donetsk region,
          Mariupol, Olimpijska Str. 11

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


UKRENERGOVUGILLYA: Gives Creditors Until Nov. 18 to File Claims
---------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Ukrenergovugillya (code EDRPOU
30301826) on August 12, 2005 and ordered a moratorium on
satisfaction of creditors claims.  The case is docketed as
42/127 B.  Mr. I. Farberov (License AA 783215) has been
appointed temporary insolvency manager.

Creditors have until November 18, 2005 to submit their proofs of
claim to:

(a) UKRENERGOVUGILLYA
    83055, Ukraine, Donetsk region,
    Cheluskintsiv Str. 153/A

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


VENTA: Court Appoints Insolvency Manager
----------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Venta (code EDRPOU 14097061) on September
14, 2005 after finding the limited liability company insolvent.
The case is docketed as B-39/101-05.  Ms. Bondarenko Ludmila has
been appointed liquidator/insolvency manager.

CONTACT:  VENTA
          Ukraine, Harkiv region,
          Studentska Str. 5/2

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5, Derzhprom 8th Entrance


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


ABBS LTD.: Construction Firm Collapses
--------------------------------------
W. D. Russell, chairman of ABBS Limited (t/a Arthur Butler
Building Services), informs that resolutions to wind up the
company were passed at an EGM held on Oct. 24 at The Royal
County Hotel, 4-8 Duke Street, Reading, Berkshire RG1 4RY.
Daniel Plant of S F Plant & Co, Lutomer House, 100 Prestons
Road, London E14 9SB was appointed liquidator.

CONTACT:  ABBS LTD.
          Blounts Court Road
          Peppard Common, Henley-On-Thames
          Oxon
          Phone: 01189 242828
          Fax: 01189 242829

          S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


ABEE CLEANING: In Administrative Receivership
---------------------------------------------
Phillip Gerald Jones and Sharon Dawn Jones appointed Gordon John
Johnston of hjs Recovery administrative receiver of Abee
Cleaning Limited (Reg No 03136394) on Oct. 6.

CONTACT:  ABEE CLEANING LTD.
          12 Lonsdale Gardens
          Tunbridge Wells TN1 1PA
          Phone: 01892543493

          HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


ATLAS CONTRACT: Appoints Liquidators
------------------------------------
Atlas Contract Transport Ltd. informs that resolutions to wind
up the company were passed at an EGM held on Oct. 25 at
Charlotte House, 19B Market Place, Bingham, Nottingham.

Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services, Charlotte House, 19B Market Place, Bingham, Nottingham
were appointed Joint Liquidators.

CONTACT:  ATLAS CONTRACT TRANSPORT LIMITED
          15-16 Pavillion Workshops, Holmewood, Chesterfield,
          Derbyshire S42 5UW
          Phone: 01246851814


BARRINGTON HOUSE: DTI Winds up Charities Act Violator
-----------------------------------------------------
Barrington House Publishing Corp. Ltd. has been wound up
following an investigation by the Department of Trade and
Industry, said Creditman.

Using its self-employed telesales staff, the Liverpool-based
publishing firm had raised money to purportedly support
children's charities.  It lured businesses into buying
advertising space on wall planners.

However, DTI had found that Barrington House donated only a
portion of its proceeds to good causes.  Despite an annual
turnover of GBP3.5 million, the company had only given
GBP100,000 to charities.

The High Court in Manchester ruled that the company violated
Charities Act 1992 by failing to advise advertisers how much of
the money they spent would go to charity.  Barrington House also
paid excessive remuneration to its sales managers, limiting the
profits available to charities; and was insolvent, with debt of
over GBP700,000 to creditors.

Consumer Minister Gerry Sutcliffe said: "This isn't the first
time we have taken action against companies claiming to raise
money for good causes and getting fat from the profits.

"Companies like Barrington House are preying on the good nature
of honest businesspeople, and diverting much needed money from
genuine good causes.  They are thoroughly disreputable, and the
DTI won't hesitate to shut them down."

The company was created after Barrington House Publishing
Company Limited (Old Barrington) fell into liquidation on
February 2001, owing creditors large sums of money.  It traded
from premises at Moorgate Point, Knowsley Industrial Park,
Liverpool as Barrington House Publishing and, latterly, McKenzie
Campbell Publishing.  Its registered office and trading address
was Moorgate Point, Moorgate Road, Knowsley Industrial Park,
Knowsley, Liverpool, L33 7AZ.

CONTACT:  THE OFFICIAL RECEIVER
          The Insolvency Service
          Public Interest Unit
          P.O. Box 326
          17-21 Chorlton Street
          Manchester M60 3ZZ
          Phone: 0161 934 4163


B B PRAWNS: Begbies Traynor to Liquidate Business
-------------------------------------------------
C. G. R. Booth, chairman of B B Prawns Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 20 at The Courtyard by Marriott, Brayford Wharf North,
Lincoln.  Peter A. Blair and Richard Saville of Begbies Traynor,
Regency House, 21 The Ropewalk, Nottingham NG1 5DU were
appointed Joint Liquidators.

CONTACT:  B B PRAWNS LTD.
          Pelham Road, Cleethorpes
          South Humberside DN35 7JZ
          Phone: 01472602459

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


BEACON AUTO: Goes into Liquidation
----------------------------------
K. Perry, chairman of Beacon Auto Repairs Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Oct. 13 at Unit 27, Prothero Works, Bilport Lane, Wednesbury
WS10 0NT.  Robert Gibbons of Arrans, PO Box 9377, Falcon House,
Falcon Park, Tamworth, Staffordshire B77 5HL was appointed
liquidator.

CONTACT:  BEACON AUTO REPAIRS LIMITED
          27, Bilport Lane, Wednesbury
          West Midlands WS10 0NT
          Phone: 01215565352


BEAM EDUCATION: KPMG Liquidators Take over Firm
-----------------------------------------------
I. Andow, director of Beam Education Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at a general meeting on Oct. 26.  Jeremy Spratt and
Finbarr O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y
8BB were appointed joint liquidators.

BEAM -- http://www.beam.co.uk/-- is into mathematics education.
The company is part of Nelson Thornes, the large educational
publishing group.  Its services include consultancy for
companies, institutions and government, and a program of courses
and in-service training for schools.

CONTACT:  BEAM EDUCATION
          Maze Workshops
          72a Southgate Road
          London N1 3JT
          Phone: (CPD team) +44 (0) 20 7684 3324
                 or +44 (0) 20 7684 3323
          Fax: +44 (0) 20 7684 3334
          E-mail: info@beam.co.uk

          KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


BOND STREET: Appoints Begbies Traynor Liquidator
------------------------------------------------
J. Condrup, chairman of Bond Street Jewellers Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 20 at Chiltern House, 24-30 King Street, Watford
WD18 0BP.

Richard Andrew Segal and Paul Michael Davis of Begbies Traynor
(South) LLP, 32 Cornhill, London EC3V 3BT were appointed Joint
Liquidators.

CONTACT:  BOND STREET JEWELLERS LIMITED
          8, New Bond St London W1Y 0SL
          Phone: 020 7629 0651

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


BRITISH ENERGY: Hartlepool Boilers Back in Service
--------------------------------------------------
British Energy Group plc has completed the work related to the
boiler closure units at Hartlepool.  One unit at Hartlepool has
now returned to service.  The second unit at Hartlepool is
expected to return to service next week.  The two units at
Heysham 1 returned to service in October 2005.

                        About the Company

Headquartered in South Lanarkshire, British Energy is U.K.'s
largest power generator, producing 20% of the country's power
through eight nuclear facilities in Scotland and England (total
capacity is 9,600 MW).  British Energy also owns the 2,000-MW
coal-fired plant (Eggborough) in England.

The company emerged as British Energy Limited with a new holding
company, British Energy group plc, after the court approved its
scheme of arrangement in January.  Under the program, existing
creditors received 97.5% of equity in the new group.

CONTACT:  BRITISH ENERGY GROUP PLC
          Systems House
          Alba Campus
          Livingston
          EH54 7EG
          Phone: +44 (0) 1506 408700
          Fax: +44 (0) 1506 408888
          Web site: http://www.british-energy.com
          Contact:
          John Searles, Investor Relations
          Phone: 01506 408 715


BULLFIELD LTD.: Files for Liquidation
-------------------------------------
S. L. Booth, chairman of Bullfield Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 12 at Matthew Sutton & Co Accountants, 52 Penny Lane,
Mossley, Liverpool L18 1DG.

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

CONTACT:  BULLFIELD LTD.
          52 Penny Lane Liverpool L18 1DG
          United Kingdom
          Phone: +44 (151) 427 47 28
          Fax: +44 (151) 494 22 59

          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


CABLE UK: EGM Passes Winding-up Resolution
------------------------------------------
C. Vigar, chairman of Cable UK Electrical Contractors Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 21 at Allen House, 1 Westmead Road, Sutton,
Surrey SM1 4LA.  Martin Charles Armstrong of Turpin Barker
Armstrong, Allen House, 1 Westmead Road, Sutton, Surrey SM1 4LA
was appointed liquidator.

CONTACT:  CABLE UK ELECTRICAL CONTRACTORS LIMITED
          Gayton Farm, Byers Lane
          Godstone, Surrey RH9 8JH
          Phone: 01342894600

          TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


CARADON DAWN: Calls in Liquidator from Mazars
---------------------------------------------
Company Names: CARADON DAWN (NO.3) LIMITED
               CARADON DAWN (NO.5) LIMITED
               CARADON FRIEDLAND LIMITED
               CARADON OTFORD LIMITED
               CHALMIT LIMITED
               CHARLES HIRST (TOOL MAKERS) LIMITED
               CPS DISPOSAL (NO.9) LIMITED
               DURAPLUG ELECTRICALS LIMITED
               ELLAY ENFIELD TUBES LIMITED
               ESTALINK (MIDLAND) LIMITED
               GALVACOVER LIMITED
               GINMIX INVESTMENTS LIMITED
               HOLSTRAN LIMITED
               MAYLECTRO LIMITED
               PILLAR BUILDING SYSTEMS LIMITED
               PILLAR SOCKET SCREWS LIMITED
               RALLIP PROPERTIES LIMITED
               STEEL & ALLOY FASTENINGS LIMITED
               SUPERSWITCH ELECTRIC APPLIANCES LIMITED
               V & E PLASTICS LIMITED

D. J. L. Protheroe, chairman of these companies, informs that
the special, ordinary and extraordinary resolutions to wind up
the companies were passed at an EGM held on Oct. 20 at Honeywell
House, Arlington Business Park, Bracknell, Berkshire RG12 1EB.
Tim Alan Askham of Mazars LLP, Merchant Exchange, Whitworth
Street West, Manchester M1 5WG was appointed liquidator.

CONTACT:  MAZARS LLP
          Merchant Exchange
          Whitworth Street West
          Manchester M1 5WG
          Phone: 0161 209 5050
          Fax: 0161 236 6068
          Web site: http://www.mazars.co.uk


CONNAUGHT EXECUTIVE: Recruitment Firm Hires Liquidator
------------------------------------------------------
J. Hyde-Blake, director of Connaught Executive Career Services
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 19 at 82 St John Street, London
EC1M 4JN.  Jeremy Stuart French and Paul Atkinson of Vantis
Redhead French Limited, 43-45 Butts Green Road, Hornchurch,
Essex RM11 2JX were appointed Joint Liquidators.

CONTACT:  CONNAUGHT EXECUTIVE CAREER SERVICES LTD.
          32 Savile Row
          London
          W1S 3PY London
          Phone: 020 7734 3879
          Fax: 020 7734 2620
          Web site: http://www.connaughtexec.com

          CONNAUGHT EXECUTIVE LTD.
          Head Office
          162 - 168 Regent Street
          London
          W1B 5TE
          Phone: 020 70383890
          Fax:  020 70383982
          E-mail: http://www.connaughtexec.com/


DRAX GROUP: Studying BCHP Consortium Offer
------------------------------------------
Drax Group Limited has disclosed the current status of
approaches from third parties interested in acquiring the
Company, as an alternative to the refinancing and listing of the
Company proposed to take place on 15 December 2005.

The Board has previously indicated its commitment to delivering
shareholder value and the need to consider all alternatives on
the bases of their value, deliverability and timeliness.

The consortia that have approached Drax are:

(a) Constellation Energy and Perry Capital, now joined by
    Blackstone Group and Hellman & Friedman (the BCHP
    consortium);

(b) Apollo Management/Texas Pacific Group/TowerBrook (the ATT
    consortium); and

(c) International Power/Mitsui (the IPM consortium).

Each consortium has been given information relating to Drax as
well as access to site visits and management meetings.  Each
consortium was requested to confirm the terms of its approach by
early last week.

International Power announced the withdrawal of the IPM
consortium on 7 November.

Drax and its advisers have continued until now to have
discussions with the BCHP consortium and the ATT consortium and
have also consulted with Greenhill & Co. International LLP and
Milbank, Tweed, Hadley & McCloy LLP, advisers to the Shareholder
Committee.

Following those discussions, the Board has decided to
investigate further the BCHP consortium interest and has decided
not to proceed with the ATT consortium.

The proposal from the BCHP consortium represents an improvement
in price on the initial approach made by that consortium on 12
September, but is below the mid market price of 399% for the
Linked Securities (A2, A3 debt and equity) as at close of
trading on 9 November 2005.

The consideration offered by the BCHP consortium to shareholders
is 100% cash, with the opportunity for existing investors to
elect to take up to 40% of the offeror's equity.  The offer
remains conditional in certain key respects.

Drax is currently in the process of clarifying aspects of the
BCHP consortium proposal, including price (to be compared with
the Board's view on value) and conditionality, with a view to
trying to determine whether a recommendable offer can be
developed.  Additional information is being provided to the BCHP
consortium to facilitate this process.

The Board has received no additional offers.

In parallel with the process of considering the BCHP
consortium's offer, the Board continues preparations for the
refinancing and listing of Drax on 15 December 2005.  The
Prospectus and Scheme documentation were published on 28 October
2005.

The Board will continue its dialogue with investors and their
advisers as appropriate.

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

                        About the Company

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

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

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

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

          DEUTSCHE BANK AG LONDON
          Winchester House
          Great Winchester Street
          London
          EC2N 2DB
          Phone: (020) 7545 8000
          Fax: (020) 7545 4577


ENERGIS PLC: Cable & Wireless Completes Takeover
------------------------------------------------
Cable & Wireless plc has completed the acquisition of Energis
plc, and has appointed John Pluthero as executive director of
the Cable & Wireless U.K. business with effect from 14 November
2005.

Cable & Wireless Group CEO Francesco Caio said: "I am delighted
that the transaction has completed and that we can now focus on
integrating our two businesses."

John Pluthero was the chief executive officer of Energis from
September 2002 until the completion of its acquisition by Cable
& Wireless.  Prior to this, he was the founder, CEO and director
of Freeserve plc (now Wanadoo), the U.K.'s largest Internet
service provider.  He also had held various strategy and
operations positions within the Dixons Group.

In conjunction with the acquisition of Energis, creditor schemes
of arrangement of three Energis companies of which John Pluthero
is a director were implemented.

There are no further details required to be disclosed pursuant
to paragraph 9.6.13 of Listing Rules in relation to the
appointment of John Pluthero to the Board of Cable & Wireless.

                     About Cable & Wireless

Cable & Wireless is one of the world's leading international
communications companies.  It provides fixed and mobile voice,
data, IP (Internet Protocol) and broadband services to business
and residential customers, as well as services to other telecom
carriers, mobile operators and providers of content,
applications and Internet services.  Cable & Wireless' principal
operations are in the United Kingdom, the Caribbean, Panama,
Macau and Monaco.

                          About Energis

Energis is the number three fixed line telecommunications
operator in the U.K. and the only one focused exclusively on the
largest organizations in the U.K. and Ireland.  Specializing in
building individual solutions for customers, its product
portfolio spans voice, data, Internet, contact center services
and security and is underpinned by a commitment to deliver
superior levels of service.  Major customers include the BBC,
Caudwell communications, RAC, Royal and Sun Alliance, the U.K.
Government, Virgin and Wanadoo.

In August, Cable & Wireless agreed to acquire the entire issued
share capital of Chelys Limited, which owns Energis.  Energis
will be acquired on a debt and cash free basis, save for
Energis' finance lease obligations of approximately GBP37
million, for an initial cash consideration of GBP594 million.

On completion, Cable & Wireless will inject approximately GBP35
million in cash, which is expected to be recovered within the
first year after completion, to meet Energis' short-term working
capital requirements.

In the third year following completion, Cable & Wireless has
agreed to pay a contingent consideration of between zero and
GBP80 million, payable in cash or shares at Cable & Wireless'
option, dependent on the level of Cable & Wireless' share price.

CONTACT:  ENERGIS PLC
          Media Centre
          Direct Dial: +44 (0)118 919 3499
          Switchboard: +44 (0) 20 7206 5555
          Web site: http://www.energis.com

          CABLE & WIRELESS PLC
          124 Theobalds Rd.
          London WC1X 8RX
          United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cw.com/new/


ENTERPRISING WASTE: Calls in Liquidator
---------------------------------------
I. Manson, director of Enterprising Waste Solutions Ltd.,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 25 at Holiday Inn, Beaumont Road, Bolton,
Manchester North BL3 4TA.  Lisa Hogg of Wilson Field, The
Annexe, The Manor House, 260 Ecclesall Road South, Sheffield S11
9PS was appointed liquidator.

CONTACT:  ENTERPRISING WASTE SOLUTIONS LTD.
          Unit 25 Moss Road, Lyon Road Industrial Estate,
          BOLTON, Lancashire BL4 8NB
          Phone: 08702430017

          WILSON FIELD
          The Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


HUDSON SIGNS: Files for Liquidation
-----------------------------------
C. A. Dunnett, director of Hudson Signs Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 25 at Trafalgar House, Grenville Place, Mill Hill, London
NW7 3SA.  Filippa Connor of B & C Associates, Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA was appointed
liquidator.

CONTACT:  HUDSON SIGNS LIMITED
          Maitland Road
          Lion Barn Industrial Estate
          Ipswich, Suffolk IP6 8NS
          Phone: 01449723346

          B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


INMARSAT PLC: Board Member Steps down Ahead of Schedule
-------------------------------------------------------
Inmarsat plc revealed Friday that Bjarne Aamodt has resigned
with immediate effect from its board following his acceptance of
the role as Chairman of Telenor Satellite Services AS, which is
one of the company's leading distributors of satellite airtime.

In anticipation of the company's IPO earlier this year, it had
been agreed that Mr. Aamodt would resign at the company's AGM in
2006.  Following his departure, the Inmarsat board comprises a
majority of independent non-executive directors, meeting the
requirements of the Combined Code.

                        About the Company

Inmarsat plc has more than 25 years of experience in designing,
launching and operating its satellite-based network.  With a
fleet of ten owned and operated geostationary satellites, which
are controlled from its headquarters in London, Inmarsat
provides a wide range of voice and high-speed data services to
users worldwide, including telephony, fax, video, e-mail and
broadband intranet and Internet access.

In August, the company revealed that half-year revenue increased
by 4% to US$253.6 million (H1 2004: US$243.5 million) as EBITDA
rose 11% to US$171.8 million (H1 2004: US$155.4 million).

Inmarsat's revenues, operating profit and EBITDA for the full
year 2004 were US$480.7 million (EUR399.36 million), US$159.1
million (EUR132.18 million) and US$303.6 million (EUR252.22
million), respectively.

CONTACT:  INMARSAT PLC
          99 City Rd.
          London EC1Y 1AX
          Phone: +44-20-7728-1256
          Fax: +44-20-7728-1179
          Web site: http://www.inmarsat.com


JDF GROUP: Consultancy Firms Hire Administrators
------------------------------------------------
Company Names: JDF GROUP LIMITED
               (Company No 02706245)

               JDF MANAGEMENT LIMITED
               (Company No 02706081)

               JDF VENTURE MANAGEMENT LIMITED
               (Company No 03595471)

Tyrone Shaun Courtman and Shaun Neil Adams (IP Nos 7237, 8568)
of Cooper Parry LLP were appointed administrators of these
business and management consultancy firms on Oct. 28.

CONTACT:  COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


LLOYD JAMES: Hires Administrators from Fisher Partners
------------------------------------------------------
David Birne and Stephen M. Katz (IP Nos 9034, 8661) of Fisher
Partners were appointed administrators of Lloyd James Print
Services Ltd. (Company No 03250447) on Oct. 31.  Its registered
office is at Stephen House, School Lane, Welling, Kent DA16 1LU.

Lloyd James Print Services Ltd. -- http://www.lloydjames.com/--  
is a subsidiary of Lloyd James Group plc, one of the largest
independent providers of direct marketing services in the U.K.
Its services include direct mail planning and production, offset
litho and digital printing, a full service data bureau, data
analysis, list broking and list management.  Its clients include
Orange, Wanadoo, News International, COI, ACAS, Institute of
Directors, IPC Media, Homebase, ntl, O2, Bradford & Bingley and
Disney.

CONTACT:  LLOYD JAMES PRINT SERVICES LTD.
          7-9 Westfield Street
          London SE18 5PH
          Phone: 020 8855 9537

          FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


MICROTECHS LIMITED: Meeting of Creditors Friday
-----------------------------------------------
Creditors of Microtechs Limited will meet on November 18, 2005,
12 noon at Rothman Pantall & Co, Clareville House, 26-27 Oxendon
Street, London SW1Y 4EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to R. D. Smailes, joint administrator of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP not later than 12 noon, November 17, 2005.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


NEMESIS PERFORMANCE: Administrator from Mazars Takes over Firm
--------------------------------------------------------------
Roderick John Weston (IP No 008730) of Mazars was appointed
administrator of Nemesis Performance Limited (Company No
04556224) on Oct. 28.  Its registered office is at 42 Brook
Street, London W1K 5DB.  The company is engaged in maintaining
and repairing cars as well as sending mail order parts.

CONTACT:  NEMESIS PERFORMANCE LIMITED
          Unit 7, School Farm
          School Road
          Langham, Colchester
          Essex CO4 5PB
          Phone: +44 (0) 1206 273344
          Fax: +44 (0) 1206 271151
          E-mail: sales@nemesisperformance.net

          MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com


NLC CONTRACTORS: Appoints Liquidators
-------------------------------------
N. Coburn, director of NLC Contractors Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 25 at 1640 Parkway, Solent Business Park, Whiteley,
Fareham, Hampshire PO15 7AH.  Peter Robin Bacon and Carl Derek
Faulds of Portland Business & Financial Solutions Ltd., 1640
Parkway, Solent Business Park, Whiteley, Fareham, Hampshire PO15
7AH were appointed Joint Liquidators.

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


NOVAR SERVICES: Calls in Liquidator from Mazars
-----------------------------------------------
At the extraordinary general meeting of Novar Services Limited
the special, ordinary and extraordinary resolutions to wind up
the company were passed.  Tim Alan Askham of Mazars LLP,
Merchant Exchange, Whitworth Street West, Manchester M1 5WG was
appointed liquidator.

CONTACT:  MAZARS LLP
          Merchant Exchange
          Whitworth Street West
          Manchester M1 5WG
          Phone: 0161 209 5050
          Fax: 0161 236 6068
          Web site: http://www.mazars.co.uk


PORTFIELD GARAGE: Files for Liquidation
---------------------------------------
C. Falla, director of Portfield Garage (Christchurch) Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 25 at Rogers Evans, 20 Brunswick Place,
Southampton SO15 2AQ.  J. Lowes of Rogers Evans, 20 Brunswick
Place, Southampton SO15 2AQ was appointed liquidator.

CONTACT:  PORTFIELD GARAGE (CHRISTCHURCH) LIMITED
          Station Approach, Fairmile Road
          Christchurch, Dorset BH23 2LJ
          Phone: 01202484838


PULSE SERVICE: Calls in Administrators from JonesGiles
------------------------------------------------------
Richard I. B. Jones and Melanie R. Giles (IP Nos 6474, 8781) of
JonesGiles were appointed administrators of Pulse Service Centre
Limited (Company No 2341889) on Oct. 27.

Pulse -- http://www.pulse-service.co.uk/-- is a specialist
electronic repair and service organization working in
partnership with many IT and Electronics businesses in the U.K.
and throughout Continental Europe.

CONTACT:  PULSE SERVICE CENTRE LTD.
          Unit 1, Tregwilym Industrial Estate
          Rogerstone
          Newport (Gwent) NP10 9DQ
          Phone: 01633 780800
          Fax: 01633 780700

          JONESGILES
          The Maltings,
          East Tyndall Street,
          Cardiff CF24 5EA


RDC GROUP: Goes into Liquidation
--------------------------------
W. G. Bowles, chairman of RDC Group UK Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 20 at Jarvis Piccadilly Hotel, Piccadilly Plaza, Manchester
M1 4PH.  Stephen Patrick Jens Wadsted of Middleton Partners was
appointed liquidator.

CONTACT:  RDC GROUP UK LTD.
          Britannia House, Dock Road
          Birkenhead
          CH41 1DF
          Merseyside
          Phone: 0151 691 1000
          Fax: 0151 691 1001
          Web site: http://www.rdcgroupuk.com

          MIDDLETON PARTNERS
          6b Middleton Place
          London W1W 7AY
          Phone: 020 7908 6190
          Fax: 020 7908 6191


REGAL PETROLEUM: CNGG Claim on Ukrainian Licenses Upheld
--------------------------------------------------------
Further to Regal Petroleum plc's announcement dated 3 October
2005 regarding the legal action brought by
Chernigivnaftogasgeologia (CNGG) against the Ministry of
Environmental Protection challenging the process used in the
grant of Regal's production licenses in Ukraine, Regal has been
advised by its legal counsel in Ukraine that at the initial
hearing of such action, CNGG's claim was upheld.

Regal is awaiting written details of such decision but intends
to now join such legal proceedings and will vigorously defend
the legality of its licenses, which remain in force pending
further legal action.  The Company continues to be advised by
its legal counsel in Ukraine that the Company was awarded its
licenses in accordance with applicable rules, standards and
legislation of Ukraine.

                        About the Company

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

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

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

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


REPLIFORM LTD.: Owners Opt for Winding-up
-----------------------------------------
Bryan G. Plimley, chairman of Repliform Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 25 at Crewe Hall Hotel, Weston Road, Crewe CW1 6UZ.  Clive
Morris of Marshall Peters, Heskin Hall Farm, Wood Lane, Heskin,
Preston, Lancashire PR7 5PA was appointed liquidator.

CONTACT:  REPLIFORM LTD.
          Unit 11 and 17
          Newstead Industrial Trading Estate
          Stoke on Trent
          ST4 8HX
          Staffordshire
          Phone: 01782 644472
          Fax: 01782 644472
          Web site: http://www.repliform.com


ROSCH CORPORATION: Hires Administrators from Robson Rhodes
----------------------------------------------------------
Trevor Patrick O'Sullivan and Simon Peter Bower (IP Nos 8677,
8338) of RSM Robson Rhodes LLP were appointed joint
administrators of Rosch Corporation Limited (Company No
03438796) on Sept. 27.  The company's trading name is Spangles
Car Wash Centres.

CONTACT:  ROSCH CORPORATION LIMITED
          PO Box 177, Kingswood,
          Tadworth, Surrey KT20 6WL
          Phone: 01737830969

          RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


SOUTHFIELDS CONSULTING: Members Decide to Wind up Firm
------------------------------------------------------
T. Bentham, chairman of Southfields Consulting Limited, informs
that the special and extraordinary resolutions to wind up the
company were passed at an EGM held on Aug. 10 at Castlegate
House, 36 Castle Street, Hertford, Hertfordshire SG14 1HH.
Richard William James Long of Richard Long & Co, Castlegate
House, 36 Castle Street, Hertford, Hertfordshire SG14 1HH was
appointed liquidator.

CONTACT:  RICHARD LONG & CO
          Castlegate House
          36 Castle Street
          Hertford
          Hertfordshire SG14 1HH
          Phone: 01992 503372
          Fax: 01992 503373
          E-mail: jbissett@richardlong.co.uk


SOVEREIGN SHOWERS: Calls in Administrators from PwC
---------------------------------------------------
Company Names: SOVEREIGN SHOWERS LIMITED
               (Company No 01693375)

               S W GROUP LIMITED
               (Company No 04758048)

               WOODMET ANODISING LIMITED
               (Company No 00683904)

Ian David Green (IP No 9045), David Costley-Wood and Michael
Hoccocks (IP Nos 8026 and 5285) of PricewaterhouseCoopers LLP
were appointed joint administrators of these companies on Oct.
28.  Their registered office is at Globe Lane, Dukinfield,
Cheshire SK16 4RQ.

S W Group Limited is a holding company while Sovereign Showers
Limited is engaged in production and marketing of shower
fittings.  Woodmet Anodising Limited offers aluminum-anodizing
services.

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

          PRICEWATERHOUSECOOPERS
          101 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3PW
          Greater Manchester
          Phone: 0161 247 4330
          Fax: 0161 228 3920
          Web site: http://www.pwcglobal.com


TRAYTON LIMITED: Creditors Meeting Set Thursday
-----------------------------------------------
Creditors of Trayton Limited (Company No 04917361) will meet on
November 17, 2005, 10 p.m. at David Rubin & Partners, 26-28
Bedford Row, London WC1R 4HE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to David Rubin & Partners, 26-28 Bedford Row, London
WC1R 4HE not later than 12 noon, November 16, 2005.

CONTACT:  DAVID RUBIN & PARTNERS
          26-28 Bedford Row, London WC1R 4HE
          E-mail: info@davidhornerandco.co.uk
          Web site: http://www.davidhornerandco.co.uk


TRL COMPLIANCE: Administrators from Baker Tilly Enter Firm
----------------------------------------------------------
Lindsey Jane Cooper and Stephen Mark Quinn (IP Nos 008931,
005761) of Baker Tilly were appointed joint administrators of
TRL Compliance Services Limited (Company No 02731233) on Oct.
26.

CONTACT:  TRL COMPLIANCE SERVICES
          Long Green, Forthampton,
          Gloucester GL19 4QH
          Phone: +44 (0) 1684 833 818
          Fax: +44 (0) 1684 833 858
          Web site: http://www.trlcompliance.com/

          BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


UZES LIMITED: Deloitte & Touche to Liquidate Business
-----------------------------------------------------
S. G. Richards, chairman of Uzes Limited (formerly Hill Samuel
Leasing (No. 4) Limited), informs that the resolution to wind up
the company was passed on Oct. 25.  James Robert Drummond Smith
and Nicholas Guy Edwards of Deloitte and Touche LLP, Athene
Place, 66 Shoe Lane, London EC4A 3WA were appointed liquidators.

Creditors are required on or before November 30, 2005 to send in
their full names and addresses, with particulars of
debt or claims to James Robert Drummond Smith and, if so
required by notice in writing, to prove their debt or claims.

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


WHITEHEAD MANN: Half-year Loss Down to GBP1.8 Million
-----------------------------------------------------
Whitehead Mann Group plc has reported interim results for the
six months ended 30 September 2005.

Financial Summary

(a) group turnover GBP20.3 million (2004: GBP26.9 million);

(b) exceptional charges GBP0.1 million (2004: GBP9.5 million);

(c) loss before tax GBP1.8 million (2004: loss GBP8.9 million);

(d) net assets as at 30 September 2005: GBP10.1 million (31
    March 2005: net liabilities of GBP0.6 million); and

(e) interim dividend Nil (2004: 1.5p).

Operational Highlights

(a) results in line with expectations;

(b) reduced overheads by over 25% year-on-year.  Restructuring
    substantially complete; and

(c) 6 partners, 8 consultants and 12 researchers recruited since
    January 2005.

             Report of Chairman Sir Colin Southgate

We continue to make progress in implementing our Strategic Plan.
The Board believes that the Group is now entering a more stable
period and is starting to see the benefits of concentrating on
its strengths.

Results

Turnover for the period was in line with expectations at GBP20.3
million (2004: GBP26.9 million).  This change was the result of
the closure of our operations in North America and our interim
management business, the reduced size of our coaching business,
fewer people in our U.K. recruitment business and the overall
impact of operating in a period of substantial change.  However,
compared to the second half of last year, turnover from
continuing operations, including the impact of the reduced size
of our coaching business, has been unchanged.

During the period, management has worked hard to implement the
restructuring and therefore reduce costs.  Compared to the same
period last year staff costs have been reduced by 11% to GBP12.5
million and operating charges have fallen by 21% to GBP8.2
million.

Overall loss before taxation (after goodwill charges of GBP0.6
million and interest of GBP0.4 million) was GBP1.8 million (2004
loss GBP8.9 million).  Basic loss per share was 3.24 pence
(2004: loss 34.98 pence).  Net exceptional charges of GBP0.1
million consist of the cost of settling a claim against the
Company following High Court proceedings, offset by lower than
expected restructuring costs.  Net debt has reduced from GBP10.5
million at 31 March 2005 to GBP4.9 million at 30 September 2005.

As stated in the prospectus for the placing and open offer, the
Board has decided not to pay dividends for the year ending 31
March 2006.

Business Review

Overall, the business has performed in line with our
expectations with a strong performance in the U.K.  However, our
Continental European and Asian operations, small in terms of
contribution, experienced some underperformance.

In our Executive Search operations, we have seen increased
demand from clients across all sectors in the U.K.  This is
especially so in Financial Services where we are benefiting from
increased recruitment by City institutions; Consumer and Retail,
a sector impacted by significant change; and the Public Sector,
which continues to seek expertise from the private sector.

Our Leadership Solutions business has been restructured into a
single unit, bringing coaching and development and assessment
into a single management structure.

Strategic Plan

In March the Company set out demanding strategic plan targets to
establish Whitehead Mann as the firm leading organizations
contact first to resolve their leadership challenges.

Since January, we have recruited 6 partners, 8 consultants and
12 researchers.  We have proved that we can attract high quality
people: their fresh ideas and enthusiasm have already been of
enormous benefit in driving the business forward.  Overall staff
numbers across our continuing operations are stable at 234.
Partner and consultant numbers are slightly up.  Underlying
income per fee earner has increased by 5%, compared to the
second half of last year and by over 14% in U.K. recruitment.

We have introduced a new reward system based on performance and
a new appraisal system.  We believe we are unique among search
firms in tying individual reward to collective results, an
essential step in putting clients first.

We closed our interim management business, managed the smooth
exit of 20 coaches, put our U.S. business into Chapter 11 and
reduced staff in the back office.  We have cut overheads by 25%
year-on-year.

Since August, all of our people in London have been together in
a single building for the first time in 8 years.  This is
already improving teamwork and communication.

Outlook

The business has been restructured and reorganized, allowing our
consultants to focus on our clients and generate future growth.
I continue to be grateful to all of our people for making this
progress possible.  Their energy, enthusiasm, skill and
professionalism have been essential to the Group's development
over the past few months.  We have, however, set ourselves tough
targets for the second half and will need to maintain our focus
and commitment if we are to meet them.

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

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        N.A.         232     (321)


RUSSIA
------
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L     (101)         540       34
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *