text: TCREUR_Public/051111.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, November 11, 2005, Vol. 6, No. 224 HeadlinesB E L G I U MSPA-FRANCORCHAMPS: Belgian Grand Prix Patron Declares BankruptcyB U L G A R I AINTERNATIONAL BANK: Depositors Receive BGL20.1 Mln RefundG E R M A N YAGH GMBH: Calls First Creditors MeetingAS CATERING: Proofs of Claim Deadline NearsDAIMLERCHRYSLER AG: Seeks Return of Tooling at Bankrupt SupplierDIENSTLEISTUNGS GMBH: Hannover Company Succumbs to BankruptcyDR. U. RADLOFF: Declared BankruptFJH AG: Completes EUR17.5 Million Capital IncreaseGEA GROUP: Return to Profit of Plant Engineering Caps Q3 ResultsGERLING-KONZERN: Talanx to Acquire Primary Insurance OperationsGERLING-KONZERN: Fitch Welcomes Talanx Deal with Hint of UpgradeHEIDELBERGCEMENT AG: Posts Higher Nine-month FiguresPFENNIGWELT WARENHANDEL: Court Appoints AdministratorPOLYGENESYS SOFTWARE: Proofs of Claim Due JanuarySCHORNSTEINTECHNIK WELLIGE: Goes Belly upSPARKS SCHMUCK: Claims Filing Period Ends November 25I R E L A N DENBA GROUP: Racks up EUR256 Million LossesVALENTIA TELECOMMUNICATIONS: Sale to Swisscom May Prompt UpgradeL U X E M B O U R GTHIEL LOGISTIK: Takes Impairment Charge for HeppenheimN E T H E R L A N D SASML HOLDING: Fitch Gives 'BB-' Rating, Positive OutlookROYAL NUMICO: Q3, Nine-month Sales UpROYAL SHELL: FSA Ends Probe into Reserves FiascoROYAL SHELL: Cancels 2,500,000 Additional 'A' SharesP O L A N DELEKTRIM SA: Bankruptcy Looms as Appeals Court Confirms DefaultR U S S I AASHKADARSKIY BRICKWORKS: Bankruptcy Supervision Procedure BeginsBANK OF MOSCOW: Fitch Rates Subordinated Notes 'BB+'CHITINSKIY: Chita Court Opens Bankruptcy ProceedingsDOBRYJ KANDYZ: Names T. Shumskaya Insolvency ManagerECO-TEKH-PROM: Succumbs to BankruptcyELIT: Insolvency Manager Takes over BusinessFINANSBANK AS: Moody's Assigns Ba2/NP/D- RatingsMOVABLE MECHANIZED: Under Bankruptcy SupervisionOZERNOYE: Insolvency Manager Enters FirmPOCHINSKOYE: Moscow Court Appoints Insolvency ManagerPOLYSTYROL: Declared InsolventULKANSKIY WOOD-PROM-KHOZ: Files for BankruptcyURAL BANK: S&P Affirms 'CCC+/C' Ratings; Outlook StableYUKOS OIL: Lithuania Sets up Panel to Handle Mazeikiu SaleS P A I NSEAT AS: 2005 Figures to Slip into Red; Eyes Job cuts in 2006S W E D E NSAS AB: Posts Solid Third-quarter FiguresS W I T Z E R L A N DGMAC: Fitch Leaves Rating Untouched Pending Sale in 1st QuarterU K R A I N EBUKOVINSKIJ CERAMICAL: Declared InsolventCHORNOMORSKA FISHING: Under Bankruptcy SupervisionGALESHINSKE BREAD-STORAGE: Declared BankruptROSINKA: Court Appoints LiquidatorTRANSENERGO: Insolvency Manager Moves inUKRPARFUMFARM: Goes into LiquidationU N I T E D K I N G D O MACORN CEILINGS: Administrators from P&A Partnership Enter FirmAES DATA: Calls in Administrator from B & C AssociatesALDER RESIDENTIAL: In Administrative ReceivershipALMOND PARTNERSHIP: Goes into LiquidationARROWGUIDE LIMITED: Travel Agency Winds upAUTOMATE I.T.: Files for LiquidationBLACK POWER: Administrator from Albert Goodman Moves inBOOKS FOR STUDENTS: Calls in Administrator from PwCBRADFORD SHOP: Files for AdministrationBRAYCOT CONSTRUCTION: Names Moore Stephens LiquidatorBRITISH AMERICAN: Claims Deadline Expires Next MonthCALL FREE: Hires Liquidator from Jones LowndesCANDY CARE: Collapses into Liquidation After DTI ProbeELAM T LIMITED: Creditors Meeting Set Later this MonthENGINEERING SERVICES: Hires Begbies Traynor AdministratorENRON CORPORATION: Eni Wants Claim Objection Proceedings StayedESU LIMITED: Administrators from Begbies Traynor Take over FirmFABIEN RISK: Calls in Liquidator from Begbies TraynorFORTIFIRE LIMITED: Owners Decide to Wind up BusinessGEO. BARBER: Printer Calls in LiquidatorGLADSTONE DESIGN: Board game Maker Folds upGOULDS LTD.: Succumbs to AdministrationGRANGECRAFT LTD.: Files for LiquidationIMPRESS CREATIVE: Liquidates Printing BusinessLADIES HEALTH: Harlands Finance Appoints ReceiverLA GALLERIA: Appoints Administrator from Bishop FlemingLATINA LIMITED: B & C Associates to Liquidate BarLE MONDE: EGM Passes Winding-up ResolutionLUMINAR PLC: Loss Drops to GBP1 Million Under IFRSM A REES: Creditors Meeting Set Next WeekMINORPLANET SYSTEMS: Stricken off UKLA Official ListN B BRIGHTON: Administrator from Jeremy Knight & Co. Moves inOAKLEAF GARDEN: Calls in LiquidatorPRECISION CONSULTANTS: In LiquidationPROFILE MEDIA: Fundraising Still Lacks Creditors' ApprovalREFCO INC.: Man Financial Wins Auction for Futures BusinessREMILIA LIMITED: Pasta Maker Winds upROBERT WISEMAN: Half-year Profit Up 13.7% to GBP66.7 MillionSPANISH TRADE: Goes into LiquidationSPEYMILL GROUP: Property Fund Raises EUR148 Million EquitySTEMAR HOLDINGS: Names Moore Stephens AdministratorSYNERGY TRADING: Appoints LiquidatorSYNTHESIS GROUP: Names Liquidator from Tenon RecoveryTALENT GROUP: Six Companies LiquidateTWINKLE TOES: Baby Clothes Retailer LiquidatesUVENDIA LIMITED: Computer Software Dealer Winds upVAN DE FLEURS: Liquidator Enters FirmWEST SUSSEX: Appoints Joint LiquidatorsWOW KITCHENS: Goes into Liquidation *********=============B E L G I U M=============SPA-FRANCORCHAMPS: Belgian Grand Prix Patron Declares Bankruptcy----------------------------------------------------------------Promoter Spa-Francorchamps, organizer of the Belgian Formula OneGrand Prix, has filed for bankruptcy after accumulating US$18million in debt, says F1 Central.Jean-Claude Marcourt, economy minister of the Walloniagovernment, is now in talks with F1 chief, Bernie Ecclestone, toplot a rescue plan.The Belgian Grand Prix has been tentatively scheduled for Sept.17 on the 2006 race calendar. It is one of only two circuitsmarked conditional, the other Brazil is "subject to contractapproval."===============B U L G A R I A===============INTERNATIONAL BANK: Depositors Receive BGL20.1 Mln Refund---------------------------------------------------------The Bulgarian Deposit Insurance Fund (DIF) has repaid depositorsof bankrupt International Bank for Trade and Development, Dnevnika.m. says.About 6,575 clients received a total of BGL20.1 million from theDIF, which provides insurance of up to BGL25,000 per depositor.The Bulgarian National Bank cancelled the bank's license in Juneafter its debt exceeded assets by BGL19.181 million. Shortlyafter, DIF appointed Desislava Lozanova Ivanova-Atanasova andVladimir Ivanov Gueorguiev trustees.IBTD's assets stood at BGL66.025 million and share capital atBGN13 million at the end of 2004.CONTACT: BULGARIAN DEPOSIT INSURANCE FUND 27 Vladaiska Street 1606 Sofia Phone: (+359 2) 953 1217 953 1318 Fax: (+359 2) 953 1100 E-mail: email@example.com Web site: http://www.dif.bg=============G E R M A N Y=============AGH GMBH: Calls First Creditors Meeting---------------------------------------The district court of Charlottenburg opened bankruptcyproceedings against AGH GmbH on October 18. Consequently, allpending proceedings against the company have been automaticallystayed. Creditors have until January 1, 2006 to register theirclaims with court-appointed provisional administrator RolfRattunde.Creditors and other interested parties are encouraged to attendthe meeting on December 7, 2005, 10:40 a.m. at the district courtof Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. StockSaal 218, at which time the administrator will present his firstreport of the insolvency proceedings. The court will also verifythe claims set out in the administrator's report on March 15,2006, 10:15 a.m. at the same venue.CONTACT: AGH GmbH Krausnickstr. 13,10115 Berlin Rolf Rattunde, Administrator Kurfuesrstendamm 212, 10719 BerlinAS CATERING: Proofs of Claim Deadline Nears-------------------------------------------The district court of Hannover opened bankruptcy proceedingsagainst AS Catering Service GmbH on October 10. Consequently,all pending proceedings against the company have beenautomatically stayed. Creditors have until November 16, 2005 toregister their claims with court-appointed provisionaladministrator Dirk Stadler.Creditors and other interested parties are encouraged to attendthe meeting on December 13, 2005, 8:30 a.m. at the district courtof Hannover, Dienstgebaude Hamburger Allee 26, 30161 Hannover, atwhich time the administrator will present his first report of theinsolvency proceedings. The court will also verify the claimsset out in the administrator's report during this meeting, whilecreditors may constitute a creditors committee and or opt toappoint a new insolvency manager.CONTACT: AS CATERING SERVICE GmbH Neuer Winkel 15, 31515 Wunstorf Contact: Ruediger Hartwich, Manager Dirk Stadler, Administrator Callinstr. 43, 30167 Hannover Phone: 0511/4739080 Fax: 0511/47390811DAIMLERCHRYSLER AG: Seeks Return of Tooling at Bankrupt Supplier----------------------------------------------------------------DaimlerChrysler Corporation has asked the U.S. Bankruptcy Courtfor the Eastern District of Michigan to lift an automatic stay soit can reclaim its tooling if Collins & Aikman and itsdebtor-affiliates are unable or unwilling to continue producingthe parts it needs pursuant to certain Purchase Orders.Collins & Aikman entered into various purchase orders withDaimlerChrysler, pursuant to which it agreed to and are obligedto manufacture DaimlerChrysler's requirements of certaincomponent parts. The Collins & Aikman is DaimlerChrysler's solesource and just-in-time suppliers of these Component Parts.Brian Matinuzzi, Esq., at Dickinson Wright PLLC, in DetroitMichigan, explains that the Component Parts are of a specificmanufacture and design. It is customary in the industry formanufacturers to pay for and own the tooling that is specific tothe manufacture parts unique to their vehicles. DaimlerChryslerhas provided to the Debtors certain supplies, materials, tools,jigs, dies, gauges, fixtures, molds, patterns, equipment, andother items to enable them to perform the Production PurchaseOrders.Mr. Matinuzzi relates that DaimlerChrysler is paying for theTooling through a trust account. The amount that DaimlerChryslerpaid into the trust account is disbursed to the Debtors, who inturn make payment to the tooling vendors. Since July 11, 2005,disbursements to the Debtors for Tooling total US$1,680,616.Mr. Matinuzzi asserts that DaimlerChrysler must prepare forcontingencies and circumstances in which the Debtors cannot orwill not be able to deliver parts on a timely and competitivebasis, which circumstance will place DaimlerChrysler's assemblyoperations in jeopardy with consequential prejudice and actualharm.According to Mr. Matinuzzi, the Debtors have no equity in theTooling and DaimlerChrysler's repossession will not adverselyaffect their pursuit of a successful reorganization.Mr. Matinuzzi notes that the uncertainties confronting Collins &Aikman are significant. The uncertainties include the limitedamount and duration of the Debtors' DIP financing, as well as theaggressive actions and the threats of the Official Committee ofUnsecured Creditors to induce them to reject executory contractswith DaimlerChrysler without an agreement to provide a reasonabletransitional period to wind down the particular production andavoid unnecessary harm and damages.DaimlerChrysler will continue its discussions with Collins &Aikman and others in pursuit of the Debtors' efforts to emergefrom Chapter 11 as competitive, viable suppliers or to otherwisedispose of their assets.Headquartered in Troy, Michigan, Collins & Aikman Corporation-- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is aleading supplier of instrument panels, automotive fabric,plastic-based trim, and convertible top systems. (Collins &Aikman Bankruptcy News, Issue No. 17; Bankruptcy Creditors'Service, Inc., 215/945-7000)CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.comDIENSTLEISTUNGS GMBH: Hannover Company Succumbs to Bankruptcy-------------------------------------------------------------The district court of Hannover opened bankruptcy proceedingsagainst Dienstleistungs GmbH Bartling on October 17.Consequently, all pending proceedings against the company havebeen automatically stayed. Creditors have until December 12,2005 to register their claims with court-appointed provisionaladministrator Thomas Hofheinz.Creditors and other interested parties are encouraged to attendthe meeting on January 10, 2006, 10:40 a.m. at the district courtof Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude HamburgerAllee 26, 30161 Hannover, at which time the administrator willpresent his first report of the insolvency proceedings. Thecourt will also verify the claims set out in the administrator'sreport during this meeting, while creditors may constitute acreditors committee and or opt to appoint a new insolvencymanager.CONTACT: DIENSTLEISTUNGS GmbH BARTLING Tischbeinstr. 44, 30165 Hannover Contact: Arno Bartling, Manager Thomas Hofheinz, Administrator Am Markte 13, 30159 Hannover Phone: 0511/357721-0 Fax: 0511/357721-40DR. U. RADLOFF: Declared Bankrupt---------------------------------The district court of Hamburg opened bankruptcy proceedingsagainst Dr. U. Radloff GmbH on October 17. Consequently, allpending proceedings against the company have been automaticallystayed. Creditors have until November 17, 2005 to register theirclaims with court-appointed provisional administrator HendrikGittermann.Creditors and other interested parties are encouraged to attendthe meeting on December 12, 2005, 11:40 a.m. at the districtcourt of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355Hamburg, 4. Etage, Anbau, Saal B 405, at which time theadministrator will present his first report of the insolvencyproceedings. The court will also verify the claims set out inthe administrator's report during this meeting, while creditorsmay constitute a creditors committee and or opt to appoint a newinsolvency manager.CONTACT: DR. U. RADLOFF GmbH Kieler Strasse 105, 22769 Hamburg Contact: Gabriele Lindner, Manager Lentfohrdener Weg 3, 22523 Hamburg Hendrik Gittermann, Administrator Palmaille 63, 22767 Hamburg Phone: 040/306969-10FJH AG: Completes EUR17.5 Million Capital Increase--------------------------------------------------FJH AG (ISIN DE0005130108), the specialist insurance consultancyand software house listed in the German Prime Standard, hassuccessfully placed the third and last tranche of the plannedcapital increase. This tranche was offered for subscription fromOctober 14 to 31, 2005. At a subscription price of EUR3.00,2,054,000 new shares were issued. Like the first two parts ofthe capital increase this last one was oversubscribed.Shareholders of FJH AG and the holders of the convertible bondsigned more than 85 percent, while a private investor covered theremaining shares.FJH AG received EUR17.5 million net proceeds from the capitalmeasures -- a convertible bond as well as a capital increase inthree tranches -- that were carried through in 2005. These fundsare the basis for the reorganization of the company, which willbe completed by the end of this year.It is planned to merge the new shares from the capital increaseas well as those from the convertible with the mature ones underthe original ISIN DE0005130108 by the end of the year. The newshares can then be traded.About FJHFJH AG is a leading consulting and software company for theinsurance and pensions market. FJH's core software product isFJA Life Factory, which enables insurance products to bedeveloped, marketed and administered. The Company also producessoftware for asset liability and risk management, documentmanagement. It also offers an extensive portfolio of servicesranging from the implementation and testing of software throughto data migration and actuarial consulting.Around half of all Germany's life insurance companies numberamong FJH's longstanding business partners. Worldwide, FJHsoftware is used in 20 countries on three continents. Inaddition to its headquarters in Munich, the FJH Group has officesin Hamburg, Cologne and Stuttgart. It also has subsidiaries inSwitzerland, Austria, the U.S.A. and Slovenia. FJH was foundedin 1980 and has been listed at the Frankfurt Stock Exchange sinceFebruary 2000.CONTACT: FJH AG Elsenheimerstr. 65 80687 Munich Phone: +49-(0) 89-769-01-517 Fax: +49-(0) 89-769-01-606 E-mail: firstname.lastname@example.com Web site: http://www.fjh.comGEA GROUP: Return to Profit of Plant Engineering Caps Q3 Results---------------------------------------------------------------- GEA Group Aktiengesellschaft's earnings before tax for the thirdquarter of 2005 sharply increased from EUR11.3 million to EUR51.6million."We are highly satisfied with the results we achieved in thethird quarter. All segments, including Plant Engineering,reported profits for the quarter. We further reduced the cost ofour holding company and the losses incurred by our non-corebusinesses," said Juerg Oleas, chairman of the GEA Group'sExecutive Board.Strong Year-on-year Growth in New Orders and SalesThe GEA Group's order books are well-stocked. In the thirdquarter of 2005, the volume of new orders grew by 16.8% comparedwith the same quarter of last year to EUR1.172 billion. Thegrowing strength of its business is also illustrated by thecumulative volume of new orders of EUR3.460 billion for the firstthree quarters, an increase of 6.9%. Third-quarter sales grew by14.2% compared with the same period of last year to EUR1.143billion. Between January and September 2005, sales rose by 10.0%to EUR3.163 billion.Third-quarter EBT Significantly IncreasedEBT for the third quarter of 2005 rose significantly from EUR11.3million in the same period of last year toEUR51.6 million. The main reasons for this result were thestrong earnings reported by the Customized Systems, ProcessEquipment and Process Engineering segments and the PlantEngineering segment's return to profitability. In addition, thecost of the holding company and the losses incurred by non-coreoperations ("Other" segment) were further reduced. In the firstnine months of 2005, the GEA Group reported earnings before taxof EUR63.7 million, having incurred a loss of EUR39.0 million inthe corresponding period of last year.Customized Systems Continues Robust PerformanceThe volume of new orders won by the Customized Systems segment inthe third quarter of 2005 came to EUR179.2 million, which wasslightly lower than the EUR185.2 million received in the sameperiod of 2004.Whereas the performance of the Air Treatment business wasencouragingly consistent, especially due to the buoyant demandfrom Central and Eastern Europe, in the Refrigeration businessthere was evidence of a certain reluctance to invest coupled withintensified competition. However, the cumulative volume of neworders for the first nine months of 2005 grew by 6.5% to EUR570.1million on the back of the strong second quarter in theRefrigeration business. This will eventually feed through intohigher sales and earnings.In the third quarter, sales declined from EUR184.0 million toEUR175.3 million; cumulative sales for the first nine months cameto EUR500.3 million, not quite reaching 2004's figure of EUR515.7million. Likewise, the growth in new orders will not feedthrough into the segment's earnings until the fourth quarter.Earnings before tax for the third quarter declined by aroundEUR2.2 million to EUR13.0 million. In the first nine months, thesegment's EBT came to EUR29.7 million, a year-on-year decrease ofEUR5.9 million due to its lower sales.Process Equipment Reports Excellent Return on SalesIn the third quarter of 2005, what had already been anexceptionally strong performance in the Process Equipment segmentwas significantly strengthened by year-on-year growth of 36.5% innew orders to EUR334.4 million. In the first nine months of2005, the volume of new orders grew by 17.2% compared with thesame period of 2004 to EUR905.9 million. Sales during thereporting period grew by 11.1% to EUR276.4 million; in the firstnine months they rose by 8.8% to EUR789.1 million.This encouraging performance was driven by what in many caseswere significant improvements in all three of the segment'sstrategic business units (SBUs). The strongest growth wasreported by the Process Equipment SBU, which generated strongdouble-digit increases in new orders and sales. However, thestrong growth in new orders in the Mechanical Separation andDairy Farm Systems SBUs bear testimony to their excellent marketand technology positions. The segment's earnings before taxoutperformed its sales, rising by EUR9.0 million to EUR70.6million in the nine months to the end of September 2005. Itsreturn on sales came to around nine percent.Process Engineering Makes Significant Progress in Third QuarterThe Process Engineering segment also performed veryencouragingly. The volume of new orders received in the thirdquarter grew by 31.3% compared with the same quarter of last yearto EUR433.0 million. In the first nine months it reported growthof 21.0% to EUR1,149 million. The performance of the EnergyTechnology SBU far exceeded expectations. Its power plant andprocess businesses both contributed to this expansion. The maindriving forces here were the Middle East and the Chinesepower-plant market.The Process Engineering SBU improved steadily over the first ninemonths of 2005. The segment's sales in the third quarter rose byroughly 25% to EUR342.8 million; in the first nine months theygrew by 11.8% to EUR892.3 million. After the segment's earningsbefore tax for the first half of the year had been slightly loweryear on year due to the higher cost of materials and adversecurrency effects, EBT for the first nine months rose by EUR2.6million year on year to EUR44.0 million.Plant Engineering Returns to ProfitabilityThe Plant Engineering segment returned to profitability in thethird quarter of 2005, generating earnings before tax of EUR6.3million (2004: pre-tax loss of EUR5.1 million). All SBUscontributed to this result. In the first nine months, thesegment's EBT was improved year on year by EUR7.7 million to apre-tax loss of EUR25.2 million. This is essentially the resultof Lurgi's strategic focus on proprietary technologies that ituses to tap into fast-growing markets. These include processesthat can be used to manufacture petrochemical products such asmethanol, plastics and synthetic fuels based on natural gas; theyalso include technologies used to produce alternative fuels suchas biodiesel and bioethanol from renewable resources.The volume of new orders received in the third quarter of 2005contracted by 3.4% to EUR241.5 million; in the first nine monthsit decreased by 9.4% to EUR884.1 million. This was a result ofthe exceptionally high volumes of new orders received in 2004,particularly by Lurgi Lentjes. Sales in the third quarter roseby 22.0% to EUR315.2 million. The segment's sales in the periodfrom January to September 2005 rose by around 20% to EUR866.4million on the back of the large order book from 2004 and morebuoyant demand in some businesses.Cost of holding company and losses of "Other" companies reducedIn the third quarter, the GEA Group made further significantprogress with respect to its "Other" companies and the holdingcompany. First, the losses incurred by non-core operations werereduced. And second, holding company costs were cut by a totalof EUR48.6 million, EUR18.6 million of which was attributable tostaff and operating costs and EUR30.0 million to net financialincome/expenses.Higher Headcount Due to AcquisitionsThe number of employees at the balance sheet date of September30, 2005 had risen to 17,259 (September 30, 2004: 17,082), mainlyas a result of the businesses that the GEA Group had acquired.Outlook: EBIT of EUR200 Mln, EBT of at Least EUR150 MlnThe Executive Board anticipates that the volume of sales for 2005as a whole will continue the positive trend of the first threequarters and exceed previous forecasts. Given the current marketconditions, the GEA Group expects to report earnings beforeinterest and tax (EBIT) of approximately EUR200 million. Theexpansion of business volumes and the start-up financing of itsbusiness in Asia will tie up a substantial amount of capital,which will cause a temporary increase in interest expense.Nonetheless, the Executive Board expects the GEA Group togenerate earnings before tax of at least EUR150 million for 2005as a whole.Key performance indicators for the GEA Group in Q3 2005 inaccordance withIFRS (EUR million) Q3 2005 Q3 2004 Q1-Q3 2005 Q1-Q3 2004New orders 1,171.7 1,003.6 3,459.5 3,236.6Customized Systems 179.2 185.2 570.1 535.3Process Equipment 334.4 245.0 905.9 773.0Process Engineering 433.0 329.7 1,149.0 949.7Plant Engineering 241.5 250.1 884.1 976.1Sales 1,143.0 1,000.7 3,162.7 2,876.3Customized Systems 175.3 184.0 500.3 515.7Process Equipment 276.4 248.7 789.1 725.1Process Engineering 342.8 277.2 892.3 797.8Plant Engineering 315.2 258.3 866.4 720.2Earnings before tax (EBT) 51.6 11.3 63.7 -39.0Customized Systems 13.0 15.2 29.7 35.6Process Equipment 28.5 27.0 70.6 61.6Process Engineering 18.6 15.5 44.0 41.4Plant Engineering 6.3 -5.1 -25.2 -32.9Basic earnings per share (EUR)[1] [2] -0.74 1.93 -0.59 1.40Net cash used for/provided byoperating activities -7.7 111.4 -208.0 -334.1Free cash flow [2] [3] -33.7 1,407.4 -263.0 965.4Net position [4] -4.6 117.9 -4.6 117.9Capital expenditure incl. 33.0 15.7 130.2 84.8 finance leases thereof on property, plant and equipment and intangible assets 23.0 13.8 56.4 40.8Employees at the balance sheetdate [5] 17,259 17,082 17,259 17,082- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -[1] Including discontinued operations[2] A gain on the disposal of four of the Dynamit Nobel Group's five business units was realized in the third quarter of 2004[3] Free cash flow = net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities[4] Net position = cash and cash equivalents minus bonds minus bank debt[5] Full-time equivalents, excluding traineesNotes on reporting* Transition to IFRS: Since January of this year, GEA GroupAktiengesellschaft has been reporting to International FinancialReporting Standards (IFRSs). Because IFRS requires thedisclosure of comparative prior-year figures, we haveretroactively presented the 2004 fiscal year accordingly. Theadjustments made as a result of the transition from U.S. GAAP toIFRS accounting are explained in a separate IFRS brochure, whichcan be found at http://www.geagroup.comunder the section "Investor Relations". A reconciliation at September 30, 2004 iscontained in the notes to the financial statements of the interimreport for the third quarter of 2005.** All figures in this press release refer exclusively tocontinuing operations unless stated otherwise. Dynamit NobelPlastics -- which was sold on November 7, 2005 -- continued to bereported as a discontinued operation in the third quarter of2005.CONTACT: GEA GROUP AKTIENGESELLSCHAFT Phone: +49 (0) 234 980 1081 Fax: +49 (0) 234 980 1087 Web site: http://www.geagroup.comGERLING-KONZERN: Talanx to Acquire Primary Insurance Operations---------------------------------------------------------------The managing boards of Gerling-KonzernVersicherungs-Beteiligungs-AG (GKB) and Talanx AG have reachedagreement on the takeover of the Gerling Group's operatinginsurance companies by Talanx AG.Specifically, it is envisaged that Talanx AG will take over fromGKB 100% of Gerling Beteiligungs-GmbH (GBG) as well as 5% of theshares of Gerling-Konzern Lebensversicherungs-AG (GKL), which arestill held directly by GKB.GBG, for its part, is the holding company of the Gerling Group'soperating companies. In particular, it holds 65.4% of the sharesof Gerling-Konzern Allgemeine Versicherungs-AG (GKA) -- theGroup's property/casualty insurer -- and the other 95% of theshares of GKL, the Group's life insurer. Concerning GKA, it isenvisaged -- insofar and as soon as the statutory requirementsare satisfied -- that GBG will initiate a squeeze out procedurewith respect to the shares of GKA traded on the open market.The managing boards of GKB and Talanx AG have further agreed torequest their relevant bodies to give the necessary approval inthe near term. The purchase agreement that will then beconcluded shall -- as a requirement for closing -- contain theusual conditions precedent, in particular the necessary approvalunder the authorization procedures conducted in accordance withantitrust regulations as well as the consent of the GermanInsurance Supervisory Authority and a number of foreign insuranceregulators.The Board of Management of Talanx AG welcomes the understandingthat has been reached as a further significant step in thelong-term growth course pursued by the Talanx Group.Wolf-Dieter Baumgartl, chairman of the Board of Management ofTalanx AG, said: "We are looking forward to integrating theprominent, long-established companies of the Gerling Group, withtheir dedicated and expert staff, into the Talanx group ofcompanies. Based on our combined, widely recognized know-how, weshall strive with undiminished vigor to consistently enhance thequality of our services for the benefit of our collectiveclients."Bjorn Jansli, CEO of Gerling-KonzernVersicherungs-Beteiligungs-AG, said: "From our regained positionof strength, we have succeeded in obtaining an outstandingsolution for our staff and our companies. Our decision in favorof Talanx is based on our assessment that our corporate culturesare a good fit and that, acting together, we will achieveadditional sales and earnings growth as well as a significantlystronger position on the market."About TalanxWith premium income of roughly EUR14.2 billion for 2004 theTalanx Group is Germany's third-largest insurance group. Talanxoperates as a multi-brand provider. Its brands include HDI,providing insurance for private and industrial customers;Hannover Re, the world's fourth-largest reinsurer; Aspecta, whichmarkets its insurance products through brokers and multipleagents; the bancassurance specialists CiV; PB and Neue Leben; andfund provider and asset manager Ampega.The Group transacts business in the segments of Property/CasualtyPrimary Insurance, Life Primary Insurance, Property/CasualtyReinsurance, Life/Health Reinsurance and Financial Services. TheHannover-based Group, which is active in 150 countries, employsnearly 9,800 staff worldwide. In recent years it has recordedthe fastest growth among Europe's largest insurance groups. Therating agency Standard & Poor's has given Talanx a financialstrength rating of AA-/stable (excellent).About GerlingAs primary insurer close to business, Gerling concentrates onindustrial business and on commercial and private clientbusiness. The unifying core competence in this connection isactive risk management. The Gerling Group is represented bybranch establishments in over 20 countries.In Germany, Gerling is one of the biggest industrial insurerswith worldwide operations and also one of the most important lifeinsurers with a strong market position in company pensionschemes. Over 80,000 self-employed people and two millionprivate individuals are Gerling clients.The Gerling Group's entire operating business is bundled inGerling Beteiligungs-GmbH (GBG). In 2004, some 6,800 employeeschalked up premium income of some EUR4.2 billion and a result ofsome EUR132 million. As of 31 December 2004, equity capitaltotaled EUR1.079 billion.CONTACT: GERLING-KONZERN VERSICHERUNGS-BETEILIGUNGS-AG Gereonshof 50670 Cologne Germany Phone: +49 221 144-7318 Fax: +49 221 144-5127 E-mail: email@example.com Web site: http://www.gerling.com TALANX AG Riethorst 2 30659 Hannover Germany Phone: +49(0) 511/3747-0 Fax: +49(0) 511/3747-2525 Web site: http://www.talanx.comGERLING-KONZERN: Fitch Welcomes Talanx Deal with Hint of Upgrade----------------------------------------------------------------Fitch Ratings has placed German life insurer Gerling-KonzernLebensversicherungs-AG's (GKL) ratings of Insurer FinancialStrength (IFS) 'BB+' and Long-term 'BB-' on Rating WatchPositive. The rating actions follow the announcement from TalanxAG that it plans to acquire Gerling group's primary insuranceoperations including GKL and Gerling-Konzern AllgemeineVersicherungs-AG (GKA, rated 'BBq').At the same time the agency affirmed Talanx AG's primaryinsurance companies CiV Lebensversicherung AG (CiV Leben), PBLebensversicherung AG (PB Leben) and neue lebenLebensversicherung AG (neue leben) at IFS 'A' with StableOutlook.Fitch views the announced acquisition by the financially strongerand larger Talanx group as potentially positive for GKL's ownfinancial strength and overall business position. GKL is theGerman life insurance subsidiary of Gerling Beteiligungs-GmbH(GBG). With gross written premiums (GWP) of EUR1.78 billion asof 2004, GKL is one of the top 10 life insurers in Germany andcontributes approximately 42.6% to GBG's GWP of EUR4.17 billion.At the same time the agency does not expect that the transactionwill lead to a change in the ratings of Talanx's bancassurancesubsidiaries CiV Leben, PB Leben and neue leben due to thestandalone character of these ratings.Talanx is the third largest insurance group in Germany with GWPof EUR14.2 billion and about 9,300 employees worldwide as ofyear-end 2004. On Monday, Talanx AG announced that it was inadvanced negotiations with Germany-based Gerling group to acquire100% of GBG and 5% of GKL from Gerling-KonzernVersicherungs-Beteiligungs-AG (GKB).GBG is the holding company of Gerling's insurance operations andholds 65.4% of shares in GKA and 95% of the remaining shares inGKL. Fitch will monitor the situation closely as moreinformation on the transaction becomes available. The ratingswill be reviewed in light of any additional information publishedin relation to this transaction.CONTACT: GERLING-KONZERN LEBENSVERSICHERUNGS-AG Gereonshof 50670 Cologne Germany Phone: +49 221 144-7318 Fax: +49 221 144-5127 E-mail: email@example.com Web site: http://www.gerling.com FITCH RATINGS Dr. Marco Metzler, London Phone: +44 (0) 207 417 4293 Tim Ockenga Phone: +44 (0) 207 417 4223 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.comHEIDELBERGCEMENT AG: Posts Higher Nine-month Figures----------------------------------------------------(a) Adjusted Group turnover rises by 8%;(b) North America, Northern Europe and Central Europe with double-digit turnover growth;(c) Germany further impaired by overall economic situation;(d) Energy and transport costs considerably increased;(e) Implementation of project "win" for cost reduction and increase in efficiency started;(f) Spohn Cement together with persons acting in concert with them hold a share of 79% in HeidelbergCement; and(g) Third quarter confirms expectations for full year.Overview July-September January-SeptemberEUR millions 2004 2005 2004 2005Turnover 1.974 2.247 5.215 5.744Operating income before depreciation (OIBD) 458 576 943 1.111Operating income 344 453 584 744Additional ordinary result -26 -77 -26 -62Results from participations 38 91 70 144Earnings before interest and income taxes (EBIT) 356 467 627 826Profit before tax 310 410 431 654Profit for the financial year 201 300 300 438Group share in profit 171 274 268 387Investments 114 115 301 536Despite the high energy prices, the positive development of theglobal economy continued, boosted by the sustained strong growthdynamics in North America and Asia. In the euro zone, theeconomic dynamics remained weak as a result of the increase inoil prices. The lively demand for exports continues to providethe impetus in Germany. As a result of the situation in the jobmarket, domestic demand will recover only slightly in the nextfew months. Construction investments remain in overall decline.In the first nine months of the year, Group turnover rose by10.1% to EUR5,744 million (previous year: 5,215). Adjusted forcurrency and consolidation effects, the increase amounts to 7.5%.The regions North America, Northern Europe and Central EuropeEast achieved double-digit growth in turnover. Price increaseswere necessary in almost all regions in order to at leastpartially offset the considerably increased energy and transportcosts.By the end of September, operating income before depreciation(OIBD) increased by 17.8% to EUR1,111 million (previous year:943). At EUR744 million (previous year: 584), operating incomeincreased by 27.4% compared to the previous year. North Americamade the strongest contribution to growth in both OIBD andoperating income.Considerable one-time restructuring charges within the scope ofthe project "win" and proceeds from the sale of parts of ourconcrete products business in the US determine the additionalordinary result of EUR-62 million (previous year: -26). Theresults from participations, which amounted to EUR144 million(previous year: 70), were considerably affected by one-timeearnings at Sudbayerisches Portland-Zementwerk Gebr. Wiesbock &Co. GmbH and by our Vicat S.A., France.The financial results improved by EUR25 million to EUR-172million (previous year: -197). This was primarily due to thehedging of currency risks at Indocement. As a result the foreignexchange rate losses were reduced compared to the previous year.Profit before tax amounts to EUR654 million (previous year: 431).Against the backdrop of the increase in results and revisedGerman tax laws, taxes on income rose in the first three quartersof 2005 by EUR85 million to EUR216 million (previous year: 131).Due to the positive development of Indocement's profit for thefinancial year, the minority interests amount to EUR51 million(previous year: 32). The Group's share in profit totals EUR387million (previous year: 277).Takeover Bid by Spohn Cement GmbH CompletedThe takeover bid by Spohn Cement GmbH was completed at the end ofthe respite period on 12 August 2005. Spohn Cement, includingthe persons acting in concert with it and its subsidiaries, nowholds around 79% of the shares in HeidelbergCement.Members of the Merckle family, who have held shares inHeidelbergCement for decades and are also represented in ourSupervisory Board, own Spohn Cement GmbH.In connection with the takeover bid, Schwenk Beteiligungen GmbH &Co. KG reduced its share in HeidelbergCement to 7.5%.Cement and Clinker Sales VolumesIn the first nine months, cement and clinker sales volumes roseby 4.5% overall to 51.4 million tons (previous year: 49.2).Excluding consolidation effects, the total sales volumes were1.0% above the previous year. The significant increase in thethird quarter is primarily attributable to the healthydevelopment in North America, Northern Europe and Central EuropeEast.EmployeesIn the first nine months, HeidelbergCement employs 41,613 people(previous year: 42,589). The decrease of around 980 employeesresults from restructuring measures in almost all regions.InvestmentsCompared to the previous year, cash relevant investmentsincreased by EUR235 million to EUR536 million (previous year:301) in the first three quarters. Of this figure, EUR306 million(previous year: 282) was invested in tangible fixed assets andEUR230 million (previous year: 19) in financial fixed assets.Net cash from disinvestments amounted to EUR149 million (previousyear: 76).Implementation of Project "Win" StartedWith the project "win", HeidelbergCement intends to create thenecessary scope for long-term growth by making savings andexploiting additional potential. The measures to streamlineadministrative locations in Europe will lead to the loss ofaround 1,100 jobs. The employee representatives are involved inthe process according to the regulations in each country.As part of this project, the Group functions will be concentratedin Heidelberg.At a national level, the aim is to set up a Shared Service Centerin each country for the cement, ready mixed concrete, and sandand gravel business areas for standardized personnel andaccounting services. We agreed in negotiations with theindustrial trade union IG Bau to establish the Shared ServiceCenter for Germany in Leimen near Heidelberg. The agreementbecame possible by finding competitive conditions for the servicecenter in an in-house collective agreement. This containsessentially an increase in working hours, the shortening ofadditional benefits as for example, the holiday pay and thevariable organization of parts of the Christmas bonus. TheShared Service Center will start business on 1 January 2006.The technical services will also be centralized and more heavilyintegrated into line management, in order to support the plantseven more efficiently. Further savings will be achieved throughthe centralization of the IT infrastructure and thestandardization of the Group's software. The plants are subjectto a consistent optimization process. Uniform key performanceindicators will measure the progress of this process regularly.The common aim of these measures is to improve purposefully theprofitability clearly to create the conditions for safeguardingand expanding the position of HeidelbergCement amongst theinternational competition.ProspectsWe anticipate a moderate increase in sales volumes and turnoverfor the whole of 2005. The economic environment in the USA, thenew EU countries and Asia is also expected to remain stable inthe coming year. For Germany, the growth forecasts have fallenslightly; only a slight acceleration is forecast for 2006.North America, Central Europe East and Africa-Asia-Turkey willprimarily create the significant increase in OIBD and operatingincome expected for the whole of 2005. The measures initiated toimprove our efficiency will also increase the contribution toprofits made by Germany, Western and Northern Europe in thefuture.A copy of HeidelbergCement's nine-month results can be viewed athttp://bankrupt.com/misc/Heidelberg_9m2005.pdfCONTACT: HEIDELBERGCEMENT AG Berliner Strasse 6 69120 Heidelberg Phone: +49-6221-481-227 Fax: +49-6221-481-217 Web site: http://www.heidelbergcement.comPFENNIGWELT WARENHANDEL: Court Appoints Administrator-----------------------------------------------------The district court of Hamburg opened bankruptcy proceedingsagainst Pfennigwelt Warenhandel GmbH on October 17.Consequently, all pending proceedings against the company havebeen automatically stayed. Creditors have until December 9, 2005to register their claims with court-appointed provisionaladministrator Burckhardt Reimer.Creditors and other interested parties are encouraged to attendthe meeting on January 5, 2006, 9:55 a.m. at the district courtof Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.Etage, Anbau, Saal B 405, at which time the administrator willpresent his first report of the insolvency proceedings. Thecourt will also verify the claims set out in the administrator'sreport during this meeting, while creditors may constitute acreditors committee and or opt to appoint a new insolvencymanager.CONTACT: PFENNIGWELT WARENHANDEL GmbH Hindenburgstrasse 173, 22297 Hamburg Contact: Edgar Peter Bandow, Manager Schenefelder Landstr. 22A, 22587 Hamburg Burckhardt Reimer, Administrator Domstrasse 15, 20095 Hamburg Phone: 41522416 Fax: 41522-411POLYGENESYS SOFTWARE: Proofs of Claim Due January-------------------------------------------------The district court of Erfurt opened bankruptcy proceedingsagainst POLYGENESYS Software-Entwicklungs- und Producktions-GmbHi.L. on October 14. Consequently, all pending proceedingsagainst the company have been automatically stayed. Creditorshave until January 4, 2006 to register their claims withcourt-appointed provisional administrator Mr. Bloss.Creditors and other interested parties are encouraged to attendthe meeting on January 18, 2006, 11:30 a.m. at the district courtof Erfurt, Justizzentrum, Rudolfstr. 46, 99092 Erfurt, Saal 6, atwhich time the administrator will present his first report of theinsolvency proceedings. The court will also verify the claimsset out in the administrator's report during this meeting, whilecreditors may constitute a creditors committee and or opt toappoint a new insolvency manager.CONTACT: POLYGENESYS SOFTWARE-ENTWICKLUNGS- UND PRODUCKTIONS- GmbH i.L. Prellerstr. 18, 99423 Weimar Mr. Bloss, Administrator Charlottenstr. 7, 99096 ErfurtSCHORNSTEINTECHNIK WELLIGE: Goes Belly up-----------------------------------------The district court of Dortmund opened bankruptcy proceedingsagainst Schornsteintechnik Wellige KG on October 24.Consequently, all pending proceedings against the company havebeen automatically stayed. Creditors have until November 29,2005 to register their claims with court-appointed provisionaladministrator Dr. Petra Mork.Creditors and other interested parties are encouraged to attendthe meeting on January 10, 2006, 10:30 a.m. at the district courtof Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.Etage, Saal 3.201, at which time the administrator will presenthis first report of the insolvency proceedings. The court willalso verify the claims set out in the administrator's reportduring this meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.CONTACT: SCHORNSTEINTECHNIK WELLIGE KG Hubert-Biernat-Str. 10, 59425 Unna Contact: Werner Wellige, Manager Hammer Str. 37, 59425 Unna Dr. Petra Mork, Administrator Arndtstr. 28, 44135 Dortmund Phone: 0231-952063-0 Fax: 0231-95206316SPARKS SCHMUCK: Claims Filing Period Ends November 25-----------------------------------------------------The district court of Duesseldorf opened bankruptcy proceedingsagainst SPARKS Schmuck GmbH on October 21. Consequently, allpending proceedings against the company have been automaticallystayed. Creditors have until November 25, 2005 to register theirclaims with court-appointed provisional administrator Dr. PaulFink.Creditors and other interested parties are encouraged to attendthe meeting on December 16, 2005, 9:00 a.m. at the district courtof Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213Duesseldorf, 3. OG Altbau, A 341, at which time the administratorwill present his first report of the insolvency proceedings. Thecourt will also verify the claims set out in the administrator'sreport during this meeting, while creditors may constitute acreditors committee and or opt to appoint a new insolvencymanager.CONTACT: SPARKS SCHMUCK GmbH Breite Str. 14, 40670 Meerbusch Contact: Barbara Haselhoff-Schillings, Manager Moltkestr. 7 a, 47877 Willich Eckart Schillings, Manager Forstweg 16, 47877 Willich Dr. Paul Fink, Administrator Rheinort 1, 40213 Duesseldorf=============I R E L A N D=============ENBA GROUP: Racks up EUR256 Million Losses------------------------------------------Enba group will wound up soon after its online banking operationsaccumulated EUR256 million in losses, Businessworld says.Save for Xelector, a subsidiary that posted turnover of EUR1.6million last year, all other activities of the group have ceasedtrading. According to reports, the bank was run by a companywithin a group called First-e. Five years ago, it reported apre-tax loss of EUR165.8 million and turnover of EUR8.3 million.Last year, it lost EUR120,000.Enba was founded during the dotcom boom by entrepreneur GerhardHuber, along with Peter Phillips and Sean Donlon, who envisionedan Internet bank operating out of Ireland. Morgan Stanley, ApaxPartners, Intel and Vertel were among its high-profilesupporters.VALENTIA TELECOMMUNICATIONS: Sale to Swisscom May Prompt Upgrade----------------------------------------------------------------Standard & Poor's Ratings Services placed all its ratings,including its 'BB+' long-term corporate credit rating, onValentia Telecommunications upc and related entities onCreditWatch with positive implications. This follows anannouncement by Switzerland-based integrated telecoms operatorSwisscom AG that it has entered into discussions with Valentia'sowner eircom Group PLC, the former Irish incumbent fixed-linetelecoms operator, in relation to a possible transaction."The CreditWatch placement reflects the possibility thatValentia's credit quality could be enhanced to a level higherthan reflected in the current ratings due to potential strategicand financial support or guarantees provided by Swisscom toeircom in the event of a transaction going ahead," said Standard& Poor's credit analyst Michael O'Brien.If Swisscom were to hold a controlling stake in eircom, thecorporate credit rating on Valentia would most likely be raisedto investment grade. In the absence of such a transaction, theratings on Valentia would be affirmed."Standard & Poor's expects to resolve the CreditWatch either onthe completion of any potential transaction following an offer bySwisscom, or earlier if no offer is made after initialdiscussions and due diligence," said Mr. O'Brien.Ratings information is available to subscribers ofhttp://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 themedia may also contact the European Press Office via e-mail:firstname.lastname@example.com: EIRCOM GROUP PLC 114 St. Stephen's Green West Dublin 2, Ireland Phone: +353-1-701-5000 Fax: +353-1-671-6916===================L U X E M B O U R G===================THIEL LOGISTIK: Takes Impairment Charge for Heppenheim------------------------------------------------------Thiel Logistik AG has decided to take an impairment charge ofEUR20 million for its Heppenheim logistics center due to acontinued insufficient capacity utilization. The decision wastaken after consultations with the Executive Board of MicrologLogistics AG. The impairment loss will be recognized in theinterim results for the third quarter of 2005.Thiel Logistik AG of Grevenmacher, Luxembourg, develops completelogistics and service solutions as an external partner forindustry and commerce. In 2004, the Thiel Group achieved salesof EUR1.7 billion and currently employs approximately 9,000people in 44 countries. With more than 446 locations on allcontinents, Thiel Logistik operates in the major European marketsand in every important procurement and sales market worldwide.The Group's business segments are Industry Solutions, Air & Oceanwith its focus on air and sea freight, and Regional LogisticsServices, whose areas of operation extend from Germany and theBenelux countries via Austria and Switzerland to the countries ofCentral and Eastern Europe. The Industry Solutions is composedof Thiel Automotive, Thiel FashionLifestyle, Thiel Media andThiel Furniture. Thiel Logistik AG ranks among the marketleaders in its business segments. Thiel Logistik AG is listed onthe Prime Standard of the German Stock Exchange. The principleshareholder is DELTON AG, Bad Homburg, Germany, with 50.26percent of the share capital. * * *After a period net result of -EUR0.1 million in 2004, the ThielGroup stated a net result of -EUR1.3 million for the firstquarter of fiscal year 2005. After a deduction of the minorityinterest of EUR0.7 million remains a negative result attributableto the shareholders of the company of -EUR2.0 million. Full copyof Thiel Logistics' first quarter results is available athttp://bankrupt.com/misc/Thiel(1Q2005).pdfIn April, Moody's Investors Service changed the outlook for allratings of Thiel Logistik to Negative following a profits warningand the announced departure of CEO Klaus Eierhoff with effectfrom 30 June 2005. These ratings, however, are assigned asdefinitive ratings, recognizing the company's strong cashposition to weather the current one-time expenses, good marketpositions and strong core business mix:(a) Senior Implied Rating of B1,(b) Guaranteed Senior Subordinated Notes due 2012 Rating of B3,(c) Unsecured Issuer Rating of Caa1CONTACT: THIEL LOGISTIK AG ZIR Potaschberg 5, an de Langten 6776 Grevenmacher Luxembourg Sebastian Esser Head of Investor Relations Phone: 00352/719690-1112 Fax: 00352/719690-1359 E-mail: firstname.lastname@example.com Tino Fritsch Head of Public Relations Phone: 00352/719690-1353 Fax: 00352/719690-1359 E-mail: firstname.lastname@example.com=====================N E T H E R L A N D S=====================ASML HOLDING: Fitch Gives 'BB-' Rating, Positive Outlook--------------------------------------------------------Fitch Ratings has assigned the Netherlands-based ASML HoldingN.V. (ASML) a Senior Unsecured rating of 'BB-' with PositiveOutlook.The rating reflects ASML's leading industry position (in athree-player market), solid improvement in operating andfinancial performance over the past 18 months, improving cashflows and healthy liquidity. The rating also takes into accountASML's limited scale, lack of product diversification, relianceon relatively few third-party suppliers and the highly cyclicalnature of the lithography industry.The Positive Outlook reflects the potential for a rating upgradeover the next 12-18 months, subject to sustained financialperformance. ASML has done a good job in reducing its cost base,while remaining at the forefront of technological developments.Its strong liquidity provides significant financial flexibilityto withstand the impact of cyclical industry conditions whilesolid results for the first nine months of 2005 point to apromising full-year performance. Momentum in unit sales,progress in operating margins and healthy average selling pricesall support this expectation.From a relatively modest position in the mid-1990s, ASML has usedits collaborative approach to research & development (R&D) tobecome the market leader in lithography products, with a 2004revenue market share of 50%. The company out-sources much of thedesign and assembly process to third-party suppliers includingPhilips Electronics, Carl Zeiss and the Interuniversity MicroElectronics Center. Thus the company effectively leverages theresearch capabilities and expertise of leading researchinstitutes, and is able to maintain a leading technologicalposition that it could not otherwise have attained given itsrelative size. The modular architecture of its products meansthat any one component can be replaced without affecting the restof the system, providing a high degree of backward compatibilitybetween successive generations of tool. This makes it highlyunlikely that a customer would switch to a competing vendor onceit has installed ASML technology.While ASML's historical financial performance has been affectedboth by the volatility of the lithography cycle and the somewhatill-judged acquisition of Silicon Valley Group in 2001, morerecent performance has shown solid improvement. While thelithography market is expected to contract in 2005, Fitch doesnot expect a major cyclical recession, and ASML's improved costbase leaves it in better shape to deal with a downturn.In 2004, viewed as the peak in the current lithography cycle,ASML reported revenue growth of 60%, gross margins of 36.7% andan operating margin of 15.4%. Working capital management,improving profitability and reduced capital expenditure allcontributed to growing cash flows. Results for the nine monthsto September 2005 saw an extension of this trend, with revenuesahead by 18% year-on-year, gross margins of 38.9% and anoperating margin of 18.9%. The order backlog amounted to 87systems, valued at EUR1,245 million.Liquidity is strong with the company reporting net cash of EUR818million at September 2005, comprising EUR1.7 billion of cash anddebt of EUR882 million. Debt is almost entirely composed ofconvertible notes while undrawn bank lines maturing in 2009amount to EUR400 million.ASML is the market leader in the manufacture of microlithographyequipment, an essential part in the semiconductor manufacturingprocess. Based in Veldhoven, the Netherlands, the company has5,071 employees, and generated 2004 revenues and EBITDA of EUR2.5billion and EUR469 million (margin of 19%).CONTACT: ASML HOLDING N.V. De Run 6501 5504 DR Veldhoven The Netherlands Phone: +31 40 268 3000 Fax: +31 40 268 2000 E-mail: firstname.lastname@example.com Web site: http://www.asml.com FITCH RATINGS Stuart Reid, London Phone: +44 90)20 7417 4323 Raymond Hill Phone: +44 (0)20 7417 4314 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.comROYAL NUMICO: Q3, Nine-month Sales Up------------------------------------- Financial Highlights Third Quarter 2005 (on a comparable basis)[1](a) Total net sales and EBITA up 13.4% and 19.9% 2005 net sales growth target raised to 12% and EBITA growth of 10% reconfirmed[1];(b) EBITA margin at 18.8%, up 100 bps, despite 18% increase in marketing spend;(c) Nutricia Baby net sales up 14.0%; EBITA margin at 17.5%;(d) Nutricia Clinical net sales up 12.2%; EBITA margin at 27.1%;(e) Net result up 34.5% and earnings per share up 29.1% (at actual rates);(f) Mellin integration will generate annualized cost savings of EUR15 mln in 2006. Total Company Third Quarter 2005 Total reported net sales up 20.9% and total reported EBITA up 25.8% (incl. acquisitions)Financial Highlights First Nine Months 2005 (on a comparablebasis)[1](a) Total net sales up 12.8% and EBITA up 8.2%; EBITA margin at 18.7%, excluding exceptionals;(b) Nutricia Baby net sales up 12.9%; EBITA margin at 17.8%;(c) Nutricia Clinical net sales up 12.6%; EBITA margin at 27.4%;(d) Net result up 35.7% and earnings per share up 33.7% (at actual rates);(e) Strengthened shareholders' equity at EUR73 mln compared to EUR(306) mln at the start of the year (at actual rates). CEO StatementNumico is very pleased to announce the seventh consecutivequarter of record sales growth. We have achieved this new peakperformance level of 13.4% growth through strong contributions ofboth divisions.Clinical continued its solid growth track, with sales up 12.2%.Babyfood achieved stellar growth of 14%, off a strong growthpace. This growth was achieved across all regions and throughexcellent performance in the U.K., Ireland, Eastern Europe andIndonesia. Babyfood's sales momentum and strong innovationpipeline create a 'window of opportunity' to build our marketshare and the category through strong and focused marketinginvestments.We have also made significant progress on several key projects.We have finalized our portfolio rationalization with the sale ofour Brazilian baby food business, we further improved ourstewardship in Indonesia by increasing our shareholding to 98%and implementing improved corporate governance and we have begunthe integration of our Italian acquisition.We have achieved EBITA growth of 19.9% in the quarter, coming offa first half with lower growth (+4.8%) mainly due to the phasingof the Babyfood restructuring plan.With these results, we feel comfortable to raise our net salesgrowth target for 2005 from 10-12% to approximately 12%, whileconfirming our EBITA growth at 10%.- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -[1] Comparable basis is at constant scope of consolidation andconstant exchange rates.- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -A copy of this press release is available free of charge athttp://bankrupt.com/misc/Numico_9monthresults.pdfRoyal Numico is a high-growth, high-margin, specialist baby foodand clinical nutrition company. Acknowledged as the Europeanmarket leader in infant nutrition and medical nutrition, ourproducts range from infant milk formula to specialized nutritionfor babies with specific needs and for breastfeeding mothers.For people with specific nutritional requirements, Numico offersa complete range of enteral clinical nutrition, diet products anddisease-specific nutrition.CONTACT: ROYAL NUMICO WTC Schiphol Airport, Tower E, Schiphol Boulevard 105, 1118 BG Schiphol Airport, The Netherlands Phone: +31-20-456-9000 Fax: +31-20-456-8000 Web site: http://www.numico.com/ROYAL SHELL: FSA Ends Probe into Reserves Fiasco------------------------------------------------The Financial Services Authority will take no further actionagainst former Shell Chairman Sir Philip Watts over last year'sreserves scandal.The regulator said Wednesday it has ended inquiries "into theroles of certain individuals in the misstatement of Shell'shydrocarbon reserves."Shell shocked investors in 2004 by admitting it had overstatedits proved reserves by almost 6.0 billion barrels between January2004 and February this year. The scandal led to the ouster ofthree top executives, including Sir Philip, and a restructuringof the group into a single firm.According to The Financial Times, Sir Philip welcomed thesurprise move, saying his reputation had been tarnished by theinvestigation. He is still, however, under probe by the U.S.Securities and Exchange Commission. His lawyers Herbert Smithsaid: "Sir Philip is very pleased that he has been cleared aftera long period of investigation. It is a vindication of hisposition that he acted properly and in good faith.Shell said: "The company is very pleased that the FSA hasconcluded its investigations into the reserves issue and that nofurther action is to be taken."In August 2004, the FSA took enforcement action against thecompany for committing market abuse and breaching the listingrules. On its Web site, FSA said its role is to "regulate thefinancial services industry and [that it] has four objectivesunder the Financial Services and Markets Act 2000: maintainingmarket confidence; promoting public understanding of thefinancial system; securing the appropriate degree of protectionfor consumers; and fighting financial crime."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 THE FINANCIAL SERVICES AUTHORITY 25 The North Colonnade Canary Wharf London E14 5HS Phone: 020 7066 1000 Fax: 020 7066 1099 Web site: http://www.fsa.gov.ukROYAL SHELL: Cancels 2,500,000 Additional 'A' Shares----------------------------------------------------On 9 November 2005, Royal Dutch Shell plc purchased forcancellation 1,800,000 'A' Shares at a price of EUR26.09 pershare. It further purchased for cancellation 700,000 'A' Sharesat a price of 1,761.34 pence per share.Following the cancellation of these shares, the remaining numberof 'A' Shares of Royal Dutch Shell plc will be 3,980,789,000.As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shellplc were in issue. * * *Shell's buyback scheme is understood to be aimed at revivingshareholders' and investors' confidence. The buyback programfollows a damaging reserves overestimation scandal last year. About the CompanyRoyal Dutch Shell plc is incorporated in England and Wales, hasits headquarters in The Hague and is listed on the London,Amsterdam, and New York stock exchanges. Shell companies haveoperations in more than 145 countries with businesses includingoil and gas exploration and production; production and marketingof Liquefied Natural Gas and Gas to Liquids; manufacturing,marketing and shipping of oil products and chemicals andrenewable energy projects including wind and solar power. The TroubleShell admitted overstating proved reserves by almost 6.0 billionbarrels between January 2004 and February this year.This led to the ouster of three top executives, including formerChairman Philip Watts. The company was fined EUR150 million intotal after investigations launched by U.S. and Britishregulators. Shell has since revised the method by which itcalculates reserves to comply with U.S. regulations. Shell'sproved reserves stood at 10.2 billion barrels at the end of2004.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===========P O L A N D===========ELEKTRIM SA: Bankruptcy Looms as Appeals Court Confirms Default---------------------------------------------------------------Elektrim S.A.'s bankruptcy is imminent after an English courtrejected its appeal of a local court decision declaring it inbreach of bond conditions.A public court in September ruled that its bonds were due sincethe beginning of the year. Holders have been demanding immediatebuyout of their bonds, which are now worth EUR470 million.Zygmunt Solorz-Zak, who controls Elektrim, said in September thatElektrim would redeem the bonds on 15 December 2005.Kamila Gorecka, speaking for the bondholders, said the ruling isbinding and could no longer be appealed. She said Elektrim hasbreached the payment terms four times already. Earlier, a localcourt refused to declare Elektrim bankrupt pending the appeal.The court will resume hearing the bankruptcy petition on Nov. 15.Elektrim spokesperson Ewa Bojar has withheld any comments priorto receipt of the court decision.Elektrim S.A. is a public holding company quoted on the WarsawStock Exchange. Its most valuable assets are ElektrimTelekomunikacja Sp. z o.o. and Elektrownia Patnow-Adamow-KoninS.A. Since 1999 Elektrim has implemented a far-reachingrestructuring program to improve its operational efficiency andstrengthen its position in the market. It plans to concentratein two industries -- telecommunications and power.CONTACT: ELEKTRIM S.A. Panska 77/79 00-834 Warszawa Public relations: Ewa Bojar Company Spokesman Phone: (+48 22) 432 89 55 Fax: (+48 22) 432 87 99 E-mail: firstname.lastname@example.com Investor relations: Phone: (+48 22) 432 87 75 Fax: (+48 22) 432 87 99===========R U S S I A===========ASHKADARSKIY BRICKWORKS: Bankruptcy Supervision Procedure Begins----------------------------------------------------------------The Arbitration Court of Bashkortostan republic has commencedbankruptcy supervision procedure on open joint stock companyAshkadarskiy Brickworks. The case is docketed asA07-30927/05-G-FLE. Mr. A. Dyachenko has been appointedtemporary insolvency manager.CONTACT: Mr. A. Dyachenko Temporary Insolvency Manager 453102, Russia, Bashkortostan republic, Sterlitamak, Beloretskiy Trakt, 24BANK OF MOSCOW: Fitch Rates Subordinated Notes 'BB+'----------------------------------------------------Fitch Ratings has assigned Kuznetski Capital S.A.'s upcomingissue of limited recourse loan participation notes an ExpectedLong-term 'BB+' rating. The notes are to be used solely forfinancing a subordinated loan to Russia's Bank of Moscow (BOM,rated Long-term 'BBB-', Short-term 'F3', Support '2', Individual'D'). Kuznetski Capital S.A. will only pay noteholders amounts(principal and interest), if any, received from BOM under theloan agreement. The Final rating is contingent on receipt offinal documents conforming materially to information alreadyreceived.The difference between the rating of the notes and BOM'sLong-term rating reflects Fitch's notching policy for senior andmore junior obligations, indicating the higher expected loss formore junior debt instruments.The lender's claims in relation to repayment of the subordinatedloan will be junior to those of all senior claims and will rankat least pari passu with the claims of other subordinatedcreditors of BOM. The interest rate will be fixed, with astep-up five years before maturity date. BOM will have the rightto prepay the subordinated loan five years before maturity or atany time if the subordinated loan does not qualify as tier IIcapital. Covenants limit disposals by BOM and its subsidiaries.BOM, founded in 1995, is one of Russia's 5 largest banks. Since1995 it has been 62%-owned by the City of Moscow and itsaffiliated entities. Its current strategy is to develop as auniversal bank and expand its franchise beyond the city-relatedbusiness.CONTACT: BANK OF MOSCOW 8/15, bldg. 3 Rozhdestvenka Str. Moscow 107996 Russia Phone: [+7 095] 745 8000 Fax: [+7 095] 795 2600 E-mail: email@example.com Web site: http://www.mmbank.ru FITCH RATINGS Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 James Watson Phone: +7 095 956 9901 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.comCHITINSKIY: Chita Court Opens Bankruptcy Proceedings----------------------------------------------------The Arbitration Court of Chita region commenced bankruptcyproceedings against Chitinskiy after finding the machine-toolplant insolvent. The case is docketed as A78-4210/2004-B-53.Mr. V. Yankov has been appointed insolvency manager.CONTACT: CHITINSKIY Russia, Chita region, Stroiteley Str. 1 Mr. V. Yankov Insolvency Manager 672042, Russia, Chita - 42, Post User Box 917DOBRYJ KANDYZ: Names T. Shumskaya Insolvency Manager----------------------------------------------------The Arbitration Court of Orenburg region commenced bankruptcyproceedings against Dobryj Kandyz after finding the agro companyinsolvent. The case is docketed as A47-11752/2004-14GK. Ms. T.Shumskaya has been appointed insolvency manager. Creditors maysubmit their proofs of claim to 460001, Russia, Orenburg region,Post User Box 1515.CONTACT: DOBRYJ KANDYZ Russia, Orenburg region, Severnyj region, Russkiy Kandyz Ms. T. Shumskaya Insolvency Manager 460040, Russia, Orenburg region, 10th Liniya Str. 2A, Office 7 Post address: 460001, Russia, Orenburg region, Post User Box 1515 Phone: 8(3532) 99-07-14, 27-34-23ECO-TEKH-PROM: Succumbs to Bankruptcy-------------------------------------The Arbitration Court of Volgograd region commenced bankruptcyproceedings against Eco-Tekh-Prom after finding the close jointstock company insolvent. The case is docketed asA12-10594/05-S24. Mr. Y. Dybkin has been appointed insolvencymanager.CONTACT: ECO-TEKH-PROM 40057, Russia, Volgograd region, Armavirskaya Str. 15A Mr. Y. Dybkin Insolvency Manager 400120, Russia, Volgograd region, Post User Box 2695ELIT: Insolvency Manager Takes over Business--------------------------------------------The Arbitration Court of Dagestan republic has commencedbankruptcy supervision procedure on state enterprise Elit. Thecase is docketed as A15-724/05-3. Mr. Y. Karpenko has beenappointed temporary insolvency manager. Creditors may submittheir proofs of claim to 355029, Russia, Stavropol, Lenina Str.431.CONTACT: ELIT Russia, Dagestan republic, Khasavyurt, Korkmasova Str. 3 Mr. Y. Karpenko Temporary Insolvency Manager 355029, Russia, Stavropol, Lenina Str. 431 Phone: (8652) 95-00-36FINANSBANK AS: Moody's Assigns Ba2/NP/D- Ratings------------------------------------------------Moody's Investors Service has assigned first-time Ba2/Not-Prime(NP) local and foreign currency deposit ratings and a D-Financial Strength Rating (FSR) to Russia's Finansbank (Russia)Ltd. (FBR), which is indirectly 100% owned and controlled byTurkey's Finansbank A.S., rated B2/NP/D+ and Baa3/P-3 for localcurrency deposits by Moody's.The outlooks on all newly assigned ratings for FBR are stable.At the same time, Moody's Interfax Rating Agency has assigned along-term national scale credit rating (NSR) of Aa2.ru to FBR.Moscow-based Moody's Interfax is majority owned by Moody's.According to Moody's and Moody's Interfax, the Ba2/NP/D- globalscale ratings reflect FBR's global default and loss expectation,while the Aa2.ru national scale rating reflects the standing ofthe bank's credit quality relative to its domestic peers.According to Moody's, the bank's D- FSR reflects its adequateoverall financial fundamentals, underscored by its solid earningpower, low level of related-party asset exposure, adequatecapital levels and relatively healthy asset quality metrics.Taken alone, and within the context of the Russian market, thebank's financial metrics would be more consistent with a bankrated in a slightly lower category. However, the FSR benefitsfrom the bank's strong and experienced management team, whichleverages knowledge of and expertise in retail and SME bankingacross many European markets.The FSR further benefits from FBR's access to Finansbank Group'sresources and transfer of knowledge and skills, which representsa significant advantage relative to other Russian banks of asimilar size. Finally, the FSR incorporates FBR's relativelylimited exposure to its controlling shareholder and relatedcompanies, as well as its transparent ownership structure, whichis often not the case in the Russian operating environment.Moody's notes that the FSR also incorporates FBR's limited scale,which will challenge the bank's ability to compete with largerand more established domestic players and to further develop bothits SME and retail franchises in a highly competitive market.The FSR further reflects the not insignificant risks posed by thebank's extremely rapid growth, both in balance sheet andpersonnel, which will challenge resources and test riskmanagement capabilities.The FSR also takes into account the bank's levels of equitycapital, which, although currently adequate, remain somewhat low,given the sizeable risks and potential volatility inherent in themarket. However, Moody's concerns with the bank's levels ofequity capital are somewhat mitigated by the amount of equitysupport that is periodically provided by its direct parent,Finans International Holding N.V., a Netherlands-registeredholding company. Rising levels of non-performing loans andrelatively low levels of provisioning also weigh on the FSR.Finally, the FSR also reflects the risks created by FBR's highreliance on bank and other sources of market funding, whichnecessitates very prudent management of the bank's liquidityposition.Possible future ratings drivers for FBR's financial strengthrating include our assessment of how well the bank manages itsrapid growth and the related risks, and how well it executes itsstrategy of becoming an important retail and SME bank whilepreserving its corporate franchise. Another important driverwill be the quality of the bank's rapidly expanding loan book,and the level of coverage of non-performing loans by provisions.FBR's long- and short-term local and foreign currency depositratings of Ba2 and NP, respectively, benefit from our expectationof support from the bank's ultimate parent bank, Turkey'sFinansbank A.S., via Finans International Holding, N.V., in theevent of need. Absent the imputation of such support, the bank'sdeposit ratings would be somewhat lower.At their current levels, the bank's local and foreign currencydeposit ratings are not constrained by the ceiling for suchdeposits in Russia. Consequently, future upgrades or downgradesto the Russian country ceiling for such deposits would not bevery likely to directly affect the bank's deposit ratings.However, changes to the ratings of the ultimate parent bank,Finansbank A.S., and particularly to its local currency depositrating, would be likely to result in a similar change for thedeposit ratings of FBR.The bank's rating Aa2.ru on Moody's national scale incorporatesthe same credit considerations as the global scale ratings.Headquartered in Moscow, Russia, Finansbank (Russia) Ltd.reported total assets of RUR10,374 million (US$367 million) atSeptember 30, 2005.CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Mardig Haladjian, General Manager Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Boyd Anderson, Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454MOVABLE MECHANIZED: Under Bankruptcy Supervision------------------------------------------------The Arbitration Court of Saratov region has commenced bankruptcysupervision procedure on close joint stock company MovableMechanized Column-36. The case is docketed as A-57-402B/05-12.Mr. I. Nesterov has been appointed temporary insolvency manager.CONTACT: MOVABLE MECHANIZED COLUMN-36 413540, Russia, Saratov region, Krasnopartizanskiy region, Gornyj I. Nesterov Temporary Insolvency Manager 413863, Russia, Saratov region, Balakovo-23, Post User Box 147OZERNOYE: Insolvency Manager Enters Firm----------------------------------------The Arbitration Court of Omsk region commenced bankruptcyproceedings against Ozernoye after finding the close joint stockcompany insolvent. The case is docketed as K/E-153/04. Mr. E.Vitkovskiy has been appointed insolvency manager.CONTACT: OZERNOYE 646123, Russia, Omsk region, Nazyvaevskiy region, Utichye Mr. E. Vitkovskiy Insolvency Manager 644122, Russia, Omsk region, 5th Armii Str. 4, Office 1POCHINSKOYE: Moscow Court Appoints Insolvency Manager-----------------------------------------------------The Arbitration Court of Moscow region has commenced bankruptcysupervision procedure on close joint stock company Pochinskoye.The case is docketed as A41-K2-13820/05. Mr. A. Nikolskiy hasbeen appointed temporary insolvency manager. Creditors maysubmit their proofs of claim to 107078, Russia, Moscow,Sadovaya-Spasskaya, 13, Building 2, Office 300.CONTACT: POCHINSKOYE 140324, Russia, Moscow region, Egoryevskiy region, Pochinki Mr. A. Nikolskiy Temporary Insolvency Manager 107078, Russia, Moscow region, Sadovaya-Spasskaya 13, Building 2, Office 300POLYSTYROL: Declared Insolvent------------------------------The Arbitration Court of Omsk region commenced bankruptcyproceedings against Polystyrol after finding the close jointstock company insolvent. The case is docketed as K/E-130/04.Mr. F. Metsler has been appointed insolvency manager.CONTACT: POLYSTYROL 644035, Russia, Omsk region, Krasnoyarskiy Trakt, 155 Mr. F. Metsler Insolvency Manager 644035, Russia, Omsk region, Krasnoyarskiy Trakt, 155 Phone: 8(913) 979-53-07ULKANSKIY WOOD-PROM-KHOZ: Files for Bankruptcy----------------------------------------------The Arbitration Court of Irkutsk region has commenced bankruptcyexternal management procedure on limited liability companyUlkanskiy Wood-Prom-Khoz. The case is docketed asA19-17289/03-37. Mr. V. Kadach has been appointed externalinsolvency manager. Creditors may submit their proofs of claimto Russia, Irkutsk region, Krasnoyarskaya Str. 34, 19.CONTACT: ULKANSKIY WOOD-PROM-KHOZ Russia, Irkutsk region, Kazachinsko-Leninskiy region, Ulkan Mr. V. Kadach External Insolvency Manager Russia, Irkutsk region, Krasnoyarskaya Str. 34, 19URAL BANK: S&P Affirms 'CCC+/C' Ratings; Outlook Stable------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'ruBB' Russianational scale rating to Russia-based Ural Bank forReconstruction and Development. At the same time, the 'CCC+'long-term and 'C' short-term counterparty credit and certificateof deposit ratings were affirmed. The outlook is stable."The ratings on UBRD reflect the bank's high related-partyexposures in assets, low operating efficiency and profitability,and low capitalization. These negative factors are, however,somewhat mitigated by UBRD's strengthening franchise and goodgrowth prospects in its home region of Sverdlovsk Oblast,supported by the fast-growing Russian economy," said Standard &Poor's credit analyst Mr. Tarzimanov. (Standard & Poor's ratesthe Sverdlovsk Oblast B+/Stable/--.)UBRD's credit risk is high and closely linked to recently formmining and metal holding company Russian Copper Co. (RCC; notrated), its major shareholder and largest borrower. UBRD's totalrelated-party exposure accounted for two-thirds of total loans inthe past two years. Thus, the creditworthiness of the bank isstrongly tied to the fortunes of RCC. RCC includes several largemining plants, but information on the group is limited andcorporate governance risk is a concern.The bank's financial profile is weak, and Standard & Poor's isconcerned about UBRD's ability to raise its core revenues andprofitability, in view of shrinking margins in Russia and thebank's high cost base. Low operating efficiency andcapitalization are putting serious constraints on the bank'sfuture growth."The stable outlook balances UBRD's improving franchise andmarket position in its home region, which should enable the bankto sustain adequate business growth, and the bank's structuralweaknesses. A material decrease in related-party exposures andimproved capitalization could lead to an upgrade," added Mr.Tarzimanov.Ratings information is available to subscribers of RatingsDirectat 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 mediamay also contact the European Press Office via e-mail:firstname.lastname@example.com OIL: Lithuania Sets up Panel to Handle Mazeikiu Sale----------------------------------------------------------The Lithuanian government on Wednesday set up a negotiating teamfor the sale of its stake in refinery Mazeikiu nafta, RIA Novostireports.The special commission, led by Economic Minister KestutisDauksys, includes Deputy Minister Nerijus Eidukevicius and anadvisor to prime minister, Saulius Specius. It will conducttalks with Yukos Oil, whose Dutch unit owns 53.7% of therefinery, and Russian-British joint venture TNK-BP, which is thefrontrunner to acquire the asset.The stake is one of the last two foreign assets of Yukos thathave not been seized by the Russian government. The government,which owns 40.66% of Mazeikiu, wants to buy out Yukos and resellits stake. It has already obtained permission from parliament totake out a US$1 billion loan to complete the purchase. Thegovernment is also planning to sell about 30% of its stake tosweeten the deal.Aside from TNK-BP, LUKoil and Gazprombank; Kazakhstan'sKazMunayGaz; U.S. company ConocoPhillips; Poland's Orlen;Switzerland's Vitol; and Austria's Baltic Holding are alsointerested in the stake.Meanwhile, a Dutch court has made a ruling that is feared tocomplicate the sale. Last week it combined the overlappinglawsuits seeking to levy on Yukos' foreign assets, limitingLithuania's say in the sale process.Three parties have sought to freeze the assets of Yukos,particularly its 53.7% stake in Mazeikiu held by YukosInternational U.K. B.V. The first lawsuit, filed by Russian oilgiant Rosneft, seeks EUR2.34 billion, representing Yukos debt toYuganskneftegaz.A bank syndicate, made up of BNP Paribas, Citigroup, DeutscheBank, Societe Generale, and 10 others, filed the second lawsuit.It seeks to levy the Mazeikiu stake for payment of US$475 millionin export loans obtained by Yukos. The third lawsuit was filedby Yukos majority shareholder, Group Menatep, which is claimingUS$650 million in outstanding loan toYuganskneftegaz.Mazeikiu owns a refinery, the Butinge offshore terminal and apipeline. It had net profit of LTL378.9 million (EUR109.6million) in the first half on sales of LTL4.8 billion.Yukos is an oil-and-gas company headquartered in Moscow, Russia.It filed for chapter 11 protection in December 2004 (Bankr. S.D.Tex. Case No. 04-47742). A few days after, its main productionunit Yugansk was sold by the government to a little-known firmOOO Baikalfinansgroup for US$9.35 billion. The sale was aimed atpaying for a US$27.5 billion tax bill for 2000-2003. Itsbankruptcy case was dismissed in February. Yukos has only paidUS$11 billion so far, according to tax authorities.Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery,Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R.Andrew Black, Esq., Fulbright & Jaworski, LLP, represent theDebtor in its restructuring efforts. When the Debtor filed forprotection from its creditors, it listed US$12,276,000,000 intotal assets and US$30,790,000,000 in total debt.CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: firstname.lastname@example.com Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: firstname.lastname@example.com=========S P A I N=========SEAT AS: 2005 Figures to Slip into Red; Eyes Job cuts in 2006-------------------------------------------------------------SEAT, local unit of German carmaker Volkswagen, forecasts EUR243million in losses for 2005, Borsen Zeitung says.SEAT, which has not posted any yearend losses, closed the thirdquarter with a EUR145 million deficit. To achieve a turnaroundnext year, the group is seeking 1,346 redundancies, which willallow it to save EUR50 million yearly. Catalonia's regionalemployment ministry will rule whether the job cuts are justified.SEAT had planned to cut salaries by 10%, coupled with reductionin working hours, but met resistance from trade unions. SEATcurrently employs around 16,000 people, most of them at itsBarcelona site.CONTACT: SEAT ESPANA Web site: http://www.seat.es VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de===========S W E D E N===========SAS AB: Posts Solid Third-quarter Figures-----------------------------------------Troubled national carrier SAS AB posted SEK545 million in pretaxprofits for the third quarter of 2005, five times higher thanlast year's SEK102 million, Reuters says.The solid result is a spillover from the second quarter's pretaxprofit of SEK590 million. Third-quarter revenue rose to SEK16.57billion from SEK15.42 billion in the same period last year, whilecost dropped 5.1%.SAS remains cautious of the "continued uncertainty regardingdevelopment in the airline industry," but sees positive figuresthis year. "Provided there are no significant changes in thebusiness environment, adopted business plans indicate positiveearnings for 2005," it said.The carrier is nearing the end of its Turnaround 2005 program,launched in the aftermath of the September 11 terrorist attacks,and needs to only post SEK500 million in the final quarter toposition itself for earnings of SEK1.6 billion next year.It remains challenged by higher fuel cost this year andcompetition from low-cost airlines. It is confident, however,that its SEK14 billion cost-cutting program and rising volumes,particularly in Copenhagen, will offset these challenges.Headquartered in Stockholm, Sweden, SAS AB is owned by thegovernments of Sweden, Denmark, and Norway. It booked SEK58.703billion in revenues and SEK1.872 billion in losses in FY2004.CONTACT: SAS AB Frosundaviks Alle 1, Solna S-195 87 Stockholm Phone: +46-8-797-00-00 Fax: +46-8-797-16-03 Web site: http://www.scandinavian.net=====================S W I T Z E R L A N D=====================GMAC: Fitch Leaves Rating Untouched Pending Sale in 1st Quarter---------------------------------------------------------------Fitch Ratings has downgraded the Issuer Default Rating (IDR) andsenior unsecured debt of General Motors to 'B+' from 'BB'. Theratings are also placed on Rating Watch Negative by Fitch pendingdevelopments in the financial and operating situation at Delphi.The ratings of General Motors Acceptance Corp. (GMAC) andResidential Capital Corp. are not affected by the action andremain on Rating Watch Evolving, where they were placed on Oct.17, 2005 following GM's announcement that it was consideringstrategic alternatives for GMAC and ResCap. Absent any progressor clarity on a partial sale of GMAC in the first quarter of2006, Fitch would likely lower the ratings of GMAC and ResCap.The GM downgrade primarily reflects concerns over furtherfinancial support and/or costs that GM may incur in order toensure that Delphi is able to reach an agreement with the UAW.In addition, Fitch expects that negative cash flow through atleast 2006 could be exacerbated by potential non-operating itemsthat would reduce GM's liquidity position and flexibility inundertaking any major restructuring program. A labor disruptionat Delphi for any extended period would have an immediate impacton GM's ability to operate and would quickly reduce liquidity.Although GM's liquidity remains healthy, with US$19.2 billion incash at Sept. 30, 2005, US$16 billion in long-term VEBA(subsequently reduced by $1 billion on Oct. 1), potential excesscash at GMAC that could be repatriated to GM, and potentialproceeds from the planned sale of a majority interest in GMAC,there are several factors which could add to the cash drainsFitch projects from operations. Potential financial support toDelphi, the funding of an independent VEBA related to GM's recenthealth care agreement with the UAW, accelerated restructuringactions and potential further supplier issues. In addition toDelphi, other supplier stresses and GM's financial position mayimpose further costs on GM or changes to payment terms asfinancial intermediaries and suppliers manage exposures. Fitchwill also be watching to see if GM will need to make concessionsor higher pension contributions in order to facilitate the saleof a majority interest in GMAC. Cash and S/T VEBA are downapproximately US$5.3 billion from Sept. 30, 2004. GM retainedaccess to US$6.5 billion in committed credit lines as of June 30,2005.Fitch projects that GM will remain cash flow negative at leastthrough 2006, and in the event of a weaker economic environment,GM will be challenged to prevent an acceleration of operatinglosses experienced in 2005. The company's operating profile hasbecome increasingly vulnerable to volume declines that couldarise as a result of a decline in macroeconomic conditions,consumer purchasing power, or an extended payback period fromrecent incentive-driven sales spikes. In addition, the migrationto lower-priced vehicles has a particularly adverse impact onGM's revenue and profitability, and the company's inflexible coststructure will make it difficult to ratchet down their coststructure in parallel in order to stabilize cash losses. Fitchbelieves that this will necessitate further agreements with theUAW on facility closures, headcount reductions and other issues,prior to the 2007 contract re-opening, in order to accelerate thecompany's restructuring.GM has estimated its liabilities under its benefit guarantees toDelphi workers at zero to US$12 billion. However, as was thesituation prior to Delphi's bankruptcy, Delphi will be requiredto reach a collective bargaining agreement with the UAW to assurean uninterrupted supply chain to GM. The severe concessions thatDelphi is seeking from the UAW ensure that the negotiations willbe contentious. The probability remains that GM will have toprovide further financial assistance or incur additional costs toensure Delphi's continued operation, during a period ofimperative cost reduction at GM.Fitch notes that GM's recent health care agreement with the UAWresulted in an increase in GM's liability range under theguarantee, indicating, in Fitch's view, that the UAW continues tosee GM as an integral part of the Delphi resolution. Fitch isalso concerned with the impact of any new pension legislation,which could force a re-measurement of GM's liabilities and/orhigher required contributions.The recent agreement with the UAW was significant in that thiswas an area in which the UAW was previously adamant in notconsidering concessions. Cash savings are estimated by GM atUS$1 billion a year. GM also agreed to contribute US$1 billionin 2006, 2007 and 2011 to a new independent VEBA account. Withhealth care costs going up US$400-500 million a year, the US$1billion in cash savings could be quickly consumed, and with thefunding of the new VEBA, annual cash outlays could actually be upfrom current levels over the next two-to-three years.To date, the Delphi bankruptcy appears to be progressingsmoothly, with little evidence of any supply disruptions. Delphihas taken a number of steps in the areas of trade payment termsand other means of financial support to ensure that second andthird-tier suppliers have the financial means and/or comfort tocontinue shipping components without interruption.Ratings lowered and placed on Rating Watch Negative by Fitchinclude the following:General Motors Corp.General Motors of Canada Ltd.--Senior debt and IDR to 'B+' from 'BB'--Short-term rating withdrawn.The following ratings remain on Rating Watch Evolving:General Motors Acceptance Corp.GMAC International Finance B.V.GMAC Bank GmbHGeneral Motors Acceptance Corp. of AustraliaGeneral Motors Acceptance Corp. of Canada Ltd.General Motors Acceptance Corp. (N.Z.) Ltd.--Senior debt 'BB';--Short-term 'B'.Residential Capital Corp.--Senior debt 'BBB-';--Short-term 'F3'.GMAC Bank--Long-term deposits 'BBB';--Senior debt 'BBB-';--Short-term deposits 'F3'.CONTACT: GENERAL MOTORS CORP. Stelzenstrasse 4 8152 Glattbrugg Phone: (Opel) 0848 810 820 Phone: (Saab) 0844 850 859 E-mail: email@example.com Web site: http://www.gmsuisse.ch FITCH RATINGS Mark Oline Phone: +1-312-368-2073 Richard Hilgert Phone: +1-312-606-2336 (GM), Chicago Christopher D. Wolfe Phone: +1-212-908-0771 Philip S. Walker, Jr. (GMAC and ResCap), New York Phone: +1-212-908-0624 Web site: http://www.fitchratings.com=============U K R A I N E=============BUKOVINSKIJ CERAMICAL: Declared Insolvent-----------------------------------------The Economic Court of Chernivtsi region commenced bankruptcyproceedings against Bukovinskij Ceramical Plant (code EDRPOU313451024121) on September 23, 2005 after finding the limitedliability company insolvent. The case is docketed as 10/176/B.Mr. Vasil Lisovenko has been appointed liquidation.CONTACT: BUKOVINSKIJ CERAMICAL PLANT 58021, Ukraine, Chernivtsi region, Biloruska Str. 10 ECONOMIC COURT OF CHERNIVTSI REGION 58000, Ukraine, Chernivtsi region, O. Kobilyanska Str. 14CHORNOMORSKA FISHING: Under Bankruptcy Supervision--------------------------------------------------The Economic Court of Sevastopol commenced bankruptcy supervisionprocedure on LLC Chornomorska Fishing Company (code EDRPOU30225557) on September 2, 2005. The case is docketed as20-4/128. Mr. Volodimir Korsakov (License AA 783016) has beenappointed temporary insolvency manager. The company holdsaccount number 260050100615 at CJSC Procreditbank, MFO 320984.CONTACT: CHORNOMORSKA FISHING COMPANY 99003, Ukraine, AR Krym region, Sevastopol, Safronov Str. 12 VOLODIMIR KORSAKOV Temporary Insolvency Manager 99002, Ukraine, AR Krym region, Buryak Str. 9/37 ECONOMIC COURT OF SEVASTOPOL 99011, AR Krym region, Sevastopol, Pavlichenko Str. 5GALESHINSKE BREAD-STORAGE: Declared Bankrupt--------------------------------------------The Economic Court of Poltava region commenced bankruptcysupervision procedure on OJSC Galeshinske Bread-StorageEnterprise (code EDRPOU 00955578) on August 28, 2005. The caseis docketed as 18/158. Ms. S. Shapovalov (License AA 487831) hasbeen appointed temporary insolvency manager.CONTACT: GALESHINSKE BREAD-STORAGE ENTERPRISE 35100, Ukraine, Poltava region, Kozelshinskij district, Nova Galeshina, Zhovtneva Str. 84 ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1ROSINKA: Court Appoints Liquidator----------------------------------The Economic Court of Rivne region commenced bankruptcyproceedings against Rosinka (code EDRPOU 30271844) on September5, 2005 after finding the limited liability company insolvent.The case is docketed as 4/17. Dubrovitsya State City TaxInspection has been appointed liquidator/insolvency manager.CONTACT: ROSINKA 34111, Ukraine, Rivne region, Dubrovitsya district, Visotsk, Mistechkova Str. 15 Liquidator/Insolvency Manager 34100, Ukraine, Rivne region, Dubrovitsya, Makarivska Str. 1a ECONOMIC COURT OF RIVNE REGION 33001, Ukraine, Rivne region, Yavornitski Str. 59TRANSENERGO: Insolvency Manager Moves in----------------------------------------The Economic Court of Kyiv region commenced bankruptcyproceedings against Transenergo (code EDRPOU 24738609) onSeptember 15, 2005 after finding the close joint stock companyinsolvent. The case is docketed as 23/364-b. Mr. FaritKachkurov (License AB 116187) has been appointedliquidator/insolvency manager.CONTACT: TRANSENERGO 01046, Ukraine, Kyiv region, Pirogova Str. 2/8 FARIT KACHKUROV Liquidator/Insolvency Manager 02206, Ukraine, Kyiv region, a/b 169 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-BUKRPARFUMFARM: Goes into Liquidation------------------------------------The Economic Court of Cherkassy region commenced bankruptcyproceedings against LLC Ukrparfumfarm (code EDRPOU 30769326) onJuly 28, 2005 after finding the limited liability companyinsolvent. The case is docketed as 01/2589. Mr. Rekun Volodimir(License AB 176102) has been appointed liquidator/insolvencymanager. The company holds account number 26001020259 at JSCCredit Bank, Cherkassy branch, MFO 354466.CONTACT: UKRPARFUMFARM Ukraine, Cherkassy region, Cherkassy district, Verguni, Kosmodemyanska Str. 45 REKUN VOLODIMIR Liquidator/Insolvency Manager 18005, Ukraine, Cherkassy region, Ilyin Str. 330/16 ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue 307===========================U N I T E D K I N G D O M===========================ACORN CEILINGS: Administrators from P&A Partnership Enter Firm--------------------------------------------------------------Philip Andrew Revill and John Russell (IP Nos 6421, 5544) of TheP&A Partnership were appointed joint administrators of AcornCeilings Limited (Company No 01675541) on Oct. 26.CONTACT: ACORN CEILINGS Acorn House, Tenter Street, Rotherham, South Yorkshire S60 1LB Phone: 01709558399 THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: firstname.lastname@example.com Web site: http://www.thepandapartnership.comAES DATA: Calls in Administrator from B & C Associates------------------------------------------------------Filippa Connor (IP No 9188) of B & C Associates was appointedadministrator of Aes Data Limited (Company No 02065351) on Oct.11. The company is a contractor for electrical and airconditioning services.CONTACT: B & C ASSOCIATES Trafalgar House Grenville Place Mill Hill London NW7 3SA Phone: 0208 906 7730 Fax: 0208 906 7731 E-mail: firstname.lastname@example.com RESIDENTIAL: In Administrative Receivership-------------------------------------------------The Co-Operative Bank Plc appointed Paul Stanley and Don Baileyof Begbies Traynor joint administrative receivers of nursing homeoperator Alder Residential Care Limited (Reg No 02428816) on Oct.28.CONTACT: ALDER RESIDENTIAL CARE LTD. Central Drive Phone: 0151 259 1553 Fax: 0151 259 7437 BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 839 7436 E-mail: firstname.lastname@example.com Web site: http://www.begbies.comALMOND PARTNERSHIP: Goes into Liquidation----------------------------------------- J. R. Almond, chairman of The Almond Partnership Limited, informsthat resolutions to wind up the company were passed at an EGMheld on Oct. 18 at Tomlinsons, St John's Court, 72 GartsideStreet, Manchester M3 3EL.Alan H. Tomlinson of Tomlinsons, St John's Court, 72 GartsideStreet, Manchester M3 3EL was appointed liquidator.The resolution and appointment were confirmed at a creditorsmeeting held on the same day.CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: firstname.lastname@example.com Web site: http://www.tomlinsons.co.ukARROWGUIDE LIMITED: Travel Agency Winds up------------------------------------------ A. Komodromou, director of Arrowguide Limited (t/a AzureHolidays) informs that resolutions to wind up the company werepassed at an EGM held on Oct. 18 at 18 Sapcote Trading Centre,Dudden Hill Lane, London NW10 2DH.David Wald of D. Wald & Co, 18 Sapcote Trading Centre, DuddenHill Lane, London NW10 2DH was appointed liquidator.CONTACT: ARROWGUIDE LTD. Web site: http://www.arrowguide.co.uk 29 Dering St., London W1 Phone: 0171/629 9516 D. WALD & CO. 18 Sapcote Trading Centre Dudden Hill Lane London NW10 2DH Phone: 020 8451 3939 Fax: 020 8830 2929AUTOMATE I.T.: Files for Liquidation------------------------------------ Scott Lyle, chairman of Automate IT Ltd., informs thatresolutions to wind up the company were passed at an EGM held onOct. 12 at Rothman Pantall & Co, Clareville House, 26-27 OxendonStreet, London SW1Y 4EP.Robert Derek Smailes and Stephen Blandford Ryman of RothmanPantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y4EP were appointed Joint Liquidators.CONTACT: AUTOMATE IT LTD. 108 Basin Road Heybridge Basin Maldon CM9 4RN Essex Phone: 01621 841690 Fax: 01621 841691 Web site: http://www.automateit.co.uk 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: firstname.lastname@example.com Web site: http://www.rothman-pantall.co.ukBLACK POWER: Administrator from Albert Goodman Moves in-------------------------------------------------------Laurence Russell (IP No 9199) of Albert Goodman was appointedadministrator of The Black Power Company Ltd. (Company No05005019) on Oct. 28. Its registered office is at 14 KenmuirRoad, Finedon, Wellingborough, Northamptonshire NN9 5LS.The Black Power Company -- http://blackpowerco.co.uk/-- manufactures power distribution units and other accessories forthe data, networking, electrical and audio industries. It isbased in the East Midlands with manufacturing and assemblyfacilities in the West Country. The company has a range ofstandard PDU's switched or unswitched, to which filter/surgeprotection units, commando plugs, various types of power cordsand switch covers can be added.CONTACT: THE BLACK POWER COMPANY LIMITED 14 Kenmuir Road Finedon Northants NN9 5LS Phone: 01933 398160 Fax: 01933 398687 E-mail: firstname.lastname@example.com ALBERT GOODMAN Mary Street House Mary Street Taunton Somerset TA1 3NW Phone: 01823 286096 Fax: 01823 257319BOOKS FOR STUDENTS: Calls in Administrator from PwC---------------------------------------------------Mark David Charles Hopkins and Edward Mark Shires ofPricewaterhouseCoopers LLP were appointed joint administrators ofBooks For Students Limited (Company No 03273647) on Nov. 16.BfS -- http://www.bfs.co.uk/-- has been supplying books to the schools and public libraries.CONTACT: BOOKS FOR STUDENTS 22 - 28 George Street, Hull, HU1 3AP. Phone: 01482 384660 Fax: 01482 384677 PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Phone: [44] (121) 200 3000 Fax: [44] (121) 200 2464 Web site: http://www.pwc.comBRADFORD SHOP: Files for Administration---------------------------------------John Twizell and Geoffrey Martin (IP Nos 007822, 002207) ofGeoffrey Martin & Co. were appointed joint administrators ofBradford Shop Supplies & Displays Limited (Company No 02744168)on Oct. 28.Bradford Shop Supplies -- http://www.shopsupplies.co.uk/-- offers services from re-fitting an entire store to sellingindividual price tags. It has a showroom with a stock ofapproximately 3,500 lines.CONTACT: GEOFFREY MARTIN & CO. St. James's House 28 Park Place Leeds West Yorkshire LS1 2SP Phone: 0113 244 5141 Fax: 0113 242 3851 E-mail: email@example.com CONSTRUCTION: Names Moore Stephens Liquidator-----------------------------------------------------J. Pryce, chairman of Braycot Construction Limited, informs thatresolutions to wind up the company were passed at an EGM held onOct. 4 at The Holiday Inn Express, 65 Lionel Street, Birmingham.Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP,Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB.The appointment was confirmed at a creditors meeting held on Oct.17.CONTACT: BRAYCOT CONSTRUCTION LTD. 56-57 Malt Mill Lane Blackheath Phone: 0121 559 2955 MOORE STEPHENS CORPORATE RECOVERY Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB Phone: 0121 233 2557 Web site: http://www.moorestephens.co.ukBRITISH AMERICAN: Claims Deadline Expires Next Month----------------------------------------------------Company Names: BRITISH AMERICAN PRODUCT COMPANY LIMITED BRITISH AMERICAN PRODUCT HOLDINGS LIMITEDM. J. Palmer, the chairman of these companies, informs that thespecial resolution to wind up the companies was passed at an EGMheld on Oct. 28 at 2nd Floor, Titchfield House, 69-85 TabernacleStreet, London. Robert Stephen Palmer was appointed liquidator.Creditors are required on or before December 31, 2005 to send intheir full forenames and surnames, their addresses anddescriptions, full particulars of their debt or claims, and thenames and addresses of their Solicitors (if any), to RobertStephen Palmer, of Gallagher & Co., PO Box 698, 2nd Floor,Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR, theLiquidator of the Company, and, if so required by notice inwriting their debt or claims.CONTACT: GALLAGHER & CO PO Box 698 Titchfield House 69/85 Tabernacle Street London EC2A 4RR Phone: 020 7490 7774 Fax: 020 7490 5354 E-mail: email@example.com FREE: Hires Liquidator from Jones Lowndes----------------------------------------------N. Ashton, director of Call Free Directory Limited, informs thatresolutions to wind up the company were passed at an EGM held onOct. 20 at Jones Lowndes Dwyer LLP, John Swift Building, 19 MasonStreet, Manchester M4 5FT.Claire L. Dwyer of Jones Lowndes Dwyer LLP, John Swift Building,19 Mason Street, Manchester M4 5FT was appointed liquidator.CONTACT: JONES LOWNDES DWYER LLP John Swift Building 19 Mason Street Manchester Greater Manchester M4 5FT Phone: 0161 832 9454 Fax: 0161 832 9455 E-mail: firstname.lastname@example.com CARE: Collapses into Liquidation After DTI Probe------------------------------------------------------The Department of Trade and Industry has filed a petition in thehigh court to wind up Candy Care Limited, said Creditman.The company sold lollipops for GBP1 claiming proceeds would beused for charitable or philanthropic causes.The petition followed the probe launched by DTI's CompaniesInvestigation Branch (CIB) under section 447 of the Companies Act1985. The Court has appointed the Official Receiver asprovisional liquidator of the company pending the hearing of thecase on December 14, 2005.Data from The Charity Commission for England and Wales revealedCandy Care "solicited funds from the public subject to arepresentation that it supports charitable purposes."The Commission, which serves as regulator and registrar ofcharities in England and Wales, found that representatives of thecompany "either sold lollipops or carried only a collecting tinwith 'Candy Care: A registered non-profit making organization' onit."An inquiry into the company's operations established that CandyCare "is not a charity, it does not represent itself as a charityand the terms upon which it raises funds are not restricted toexclusively charitable purposes." Therefore, the Commission doesnot have jurisdiction over it and the funds raised.Mirror.co.uk, in another report, disclosed that Candy Care, whichoperates from a flat in Bournemouth, was formed by a formerdirector and employee of a now defunct fundraising organizationcalled Sweet Dreams.People working for Sweet Dreams also sold lollipops claiming tohelp "cancer charities, children with leukemia, sick kids andbreast cancer charities." The organization made no donations tosuch charities, but had given GBP4,140 to other charities over athree-year period.The registered office of Candy Care Limited is at 41C EastStreet, Wimbourne, Dorset. The sole director is Jeremy Kay andthe company secretary is Joseph Bond.CONTACT: THE OFFICIAL RECEIVER The Insolvency Service Public Interest Unit 21 Bloomsbury Street London WC1B 3SS Phone: 0207 637 1110 THE CHARITY COMMISSION FOR ENGLAND AND WALES Newport Harmsworth House 13-15 Bouverie Street London EC4Y 8DP Contact: Antony Robbins, Head of Communications Phone: 020 7674 2528 Mobile: 07789 033055 Fax: 020 7674 230 Web site: http://www.charity-commission.gov.ukELAM T LIMITED: Creditors Meeting Set Later this Month------------------------------------------------------Creditors of Elam T Limited will meet on November 22, 2005, 10:30a.m. at 10 Fleet Place, London EC4M 7RB.Creditors who want to be represented at the meeting may appointproxies. Proxy forms must be submitted together with writtendebt claims to F. J. Gray, joint administrative receiver of KrollLimited, Afton House, 26 West Nile Street, Glasgow not later than12:00 noon, November 21, 2005.CONTACT: KROLL GLASGOW Afton House 26 West Nile Street Glasgow, Scotland G1 2PF United Kingdom Phone: 44 (0) 141 248 1250 Fax: 44 (0) 141 248 1262 Web site: http://www.krollworldwide.comENGINEERING SERVICES: Hires Begbies Traynor Administrator---------------------------------------------------------Donald Bailey and Gary Lee (IP Nos 006739, 009204) of BegbiesTraynor were appointed administrators of Engineering Services(Urethanes) Ltd. (Company No 01007901) on Oct. 21.CONTACT: ENGINEERING SERVICES (URETHANES) LTD. Brookfield, Glossop, Derbyshire SK13 6LB Phone: 01457-863511 BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 839 7436 E-mail: firstname.lastname@example.com Web site: http://www.begbies.comENRON CORPORATION: Eni Wants Claim Objection Proceedings Stayed---------------------------------------------------------------Eni UK Limited, formerly known as AGIP (U.K.) Limited, filedClaim No. 24772 in Enron Corporation's Chapter 11 cases. TheReorganized Debtors objected to the AGIP Claim.Robin Keller, Esq., at Stroock & Stroock & Lavan LLP, in NewYork, relates that the AGIP Claim arises under Enron Corp.'sguaranty to the payment obligations of Enron Capital & TradeResources Limited with respect to trading agreements betweenECTRL and AGIP.In its Claim Objection, Enron argues that AGIP misapplied theterms of the Trading Agreements, which are governed by Englishlaw, in terminating certain outstanding trades and in derivingthe amount owed by ECTRL and guaranteed by Enron.However, Mr. Keller says, each of the issues raised in the ClaimObjection have been carefully reviewed and fully vetted by eachof the principal parties, including ECTRL, in the U.K. and wereresolved in AGIP's favor.Mr. Keller points out that PricewaterhouseCoopers LLP, theCourt-appointed administrator for ECTRL, has issued a letter toAGIP that provisionally allows AGIP's claim in the U.K.insolvency proceedings in the full amount asserted by AGIP. PwCextensively reviewed the terms of the Trading Agreements andanalyzed each of the specific issues raised by Enron in its ClaimObjection.Enron also contacted PwC and communicated its position on themanner in which it believes the Trading Agreements should beinterpreted.In spite of Enron's efforts to persuade PwC to the contrary, thefirm concluded that AGIP's calculations and interpretations werecorrect. Mr. Keller notes that all that remains is for theprovisional allowance to become final -- a mere formality at thispoint -- and for Enron to honor its obligation.Mr. Keller argues that by refusing to withdraw its Objections,Enron is thus abusing the judicial process by perpetuatingduplicative litigation before the Bankruptcy Court when the finaladjudication of AGIP's direct claim against ECTRL is proceedingbefore the U.K. court, and Enron is bound by that adjudication asa factual and legal matter.Mr. Keller asserts that Enron should not be permitted to continueto prosecute the Claim Objection in two forums and obtainpotentially inconsistent results when the legal issues underlyingthe Claim Objection have already been resolved in a more suitableforum. Enron's continued prosecution of the Claim Objection, Mr.Keller adds, can only be understood as an attempt to force AGIPinto re-litigating settled issues at unnecessary expense to AGIPand to the Reorganized Debtors' estates or to coerce AGIP intosettling its claim on unreasonable terms. That effortconstitutes an abuse of process that should not be countenancedby the Court, Mr. Keller says.Accordingly, Eni UK asks the Court to stay the proceedingsrelated to Enron's Claim Objection until its claim against ECTRLis resolved by a final court order in the U.K.Headquartered in Houston, Texas, Enron Corporation -- http://www.enron.com/-- is in the midst of restructuring various businesses for distribution as ongoing companies to its creditorsand liquidating its remaining operations. Before the companyagreed to be acquired, controversy over accounting procedures hadcaused Enron's stock price and credit rating to drop sharply.Enron filed for chapter 11 protection on December 2, 2001 (Bankr.S.D.N.Y. Case No. 01-16033). Judge Gonzalez confirmed theCompany's Modified Fifth Amended Plan on July 15, 2004, andnumerous appeals followed. The Confirmed Plan took effect onNov. 17, 2004. Martin J. Bienenstock, Esq., and Brian S. Rosen,Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors intheir restructuring efforts. (Enron Bankruptcy News, Issue No.161; Bankruptcy Creditors' Service, Inc., 15/945-7000)ESU LIMITED: Administrators from Begbies Traynor Take over Firm---------------------------------------------------------------Donald Bailey and Gary Lee (IP Nos 006739, 009204) of BegbiesTraynor were appointed joint administrators of ESU Limited(Company No 01605609) on Oct. 21. The company manufacturesplastics in primary forms.CONTACT: ESU LTD. Peakdale Road, Brookfield, Glossop SK13 6LB Phone: 01457 863511 Fax: 01457 867820 E-mail: email@example.com Web site: http://www.esucannon.co.uk/ BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 839 7436 E-mail: email@example.com Web site: http://www.begbies.comFABIEN RISK: Calls in Liquidator from Begbies Traynor-----------------------------------------------------Fabien Risk Services Limited informs that a resolution to wind upthe company was passed at an EGM held on Oct. 19 at Taylor Fry,70 Conduit Street, London W1S 2GF.Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234Southchurch Road, Southend-on-Sea, Essex SS1 2EG, and NeilMather, of Begbies Traynor, 32 Cornhill, London EC3V 3BT wasappointed liquidator.Fabien Risk Services -- http://www.fabieninsurance.co.uk/-- specializes in the placement of Professional Indemnity, Directorsand Officers Liability, and Financial Institutions InsurancePolicies for all types of business.Fabien Risk Services Limited is a Lloyd's Sponsored InsuranceBroking House, based at Lloyds of London, the centre of theU.K.'s Insurance Industry. It has over 100 years of cumulativeexperience in the Lloyds and Company Markets.CONTACT: FABIEN RISK SERVICES LIMITED The Lloyds Building Room 805 1 Lime Street London EC3M 7HA Phone: 0207 6265437 Fax: 0207 6265438 E-mail: email@example.com Blackburn House 2nd Floor 22-26 Eastern Road Romford Essex RM1 3PJ Phone: 01708 776590 Fax: 01708 747251 Contact: Shane Garvey, Chairman E-mail: firstname.lastname@example.com Stephen Allen, Managing Director E-mail: email@example.com BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: email@example.com Web site: http://www.begbies.comFORTIFIRE LIMITED: Owners Decide to Wind up Business----------------------------------------------------Fortifire Limited informs that resolutions to wind up the companywere passed at an EGM held on Oct. 19 at Charlotte House, 19BMarket Place, Bingham, Nottingham.Philip Anthony Brooks and Julie Willetts of Blades InsolvencyServices, Charlotte House, 19B Market Place, Bingham, Nottinghamwere appointed Joint Liquidators.Fortifire -- http://www.fortifire.co.uk-- is a supplier of Fire Detection and Alarm Systems. It is a main agent for: BOSCH,C-Tec, AFP, and Morley IAS, as well as the Rafiki TwinFlex-Plusand Sita systems which are more suited by their special featuresfor use in HOMs (Houses in Multi-occupancy).CONTACT: FORTIFIRE LTD. 4 Medlock Road Chesterfield S40 3NH Derbyshire Phone: 01246 211302 Fax: 01246 211636 Contact: Lynda Wallace, Managing DirectorGEO. BARBER: Printer Calls in Liquidator----------------------------------------J. S. P. Gumb, chairman of geo. Barber & Son Limited, informsthat resolutions to wind up the company were passed at an EGMheld on Oct. 18 at 24 Conduit Place, London W2 1EP.Ian Franses of Ian Franses Associates, 24 Conduit Place, LondonW2 1EP was appointed liquidator.CONTACT: GEO BARBER & SON LTD. 61 Lilford Rd. Camberwell London SE5 9HR Phone: +4402 072742067 Fax: +4402 072746984 IAN FRANSES ASSOCIATES 24 Conduit Place London W2 1EP Phone: 020 7262 1199 Fax: 020 7262 2662 E-mail: email@example.com DESIGN: Board game Maker Folds up-------------------------------------------A. L. Morgan, chairman of Gladstone Design Limited, informs thatresolutions to wind up the company were passed at an EGM held onOct. 12 at Gloucester Cheltenham Holiday Inn, Crest Way,Barnwood, Gloucester GL4 3RX.T. Papanicola of Bond Partners LLP, The Grange, 100 High Street,London N14 6TG was appointed liquidator.Gladstone Design launched the board game "Beat The TrafficWarden".CONTACT: GLADSTONE DESIGN LTD. PO Box 798 Cheltenham GL52 5YA United Kingdom Phone: 01242 256647 Fax: 01242 236218 E-mail: firstname.lastname@example.com Phone: 811887318 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Phone: 020 8444 2000 Fax: 020 8444 3400 E-mail: firstname.lastname@example.com LTD.: Succumbs to Administration---------------------------------------Goulds Ltd. has fallen into administration amid tough conditionsin the design and manufacturing industry, said Manchester EveningNews.The Lancashire-based firm, which has a turnover of GBP25 million,manufactures a range of products for blue-chip clients, such astissue paper, cosmetics, and cardboard.Several parties eyeing to buy the firm as a going concern havealready approached administrators PricewaterhouseCoopers. PWC iscounting on Goulds' reputation and client base to save it fromliquidation.CONTACT: GOULDS LTD. Sefton Street Heywood Lancashire OL10 2JF Phone: (01706) 364613 Fax: (01706) 364426 PRICEWATERHOUSECOOPERS LLP 1 Embankment Place London WC2N 6RH Phone: [44] (20) 7583 5000 Web site: http://www.pwcglobal.com/ukGRANGECRAFT LTD.: Files for Liquidation--------------------------------------- S. G. Brook, director of Grangecraft (Garden Centre) Ltd.,informs that resolutions to wind up the company were passed at anEGM held on Oct. 14 at The Strathdon, Derby Road, Nottingham NG15FT.John Phillip Walter Harlow of HKM LLP, The Old Mill, 9 Soar Lane,Leicester LE3 5DE was appointed liquidator.CONTACT: GRANGECRAFT (GARDEN CENTRE) LTD. Mickleover Derby DE3 5DR Phone: 01332 514350 Fax: 01332 516136 E-mail: firstname.lastname@example.com Web site: http://www.grangecraft.co.uk/IMPRESS CREATIVE: Liquidates Printing Business---------------------------------------------- G. N. Hunter, chairman of Impress Creative Imaging Ltd., informsthat resolutions to wind up the company were passed at an EGMheld on Oct. 13 at Express by Holiday Inn, Clifton Park, ShiptonRoad, York YO30 5PA.Roderick Graham Buthcher of Butcher Woods, 79 Caroline Street,Birmingham B3 1UP was appointed liquidator.The appointment was confirmed at a creditors meeting held on thesame day.CONTACT: IMPRESS CREATIVE IMAGING LTD. Amy Johnson Way Clifton Moor Industrial Estate York YO30 4XT Phone: 01904 693350 Fax: 01904 693954 BUTCHER WOODS 79 Caroline Street Birmingham West Midlands E-mail: email@example.com Phone: 0121 236 6001 Fax: 0121 236 5702LADIES HEALTH: Harlands Finance Appoints Receiver-------------------------------------------------Harlands Finance Limited appointed Iain John Allan and HenryAnthony Shinners (Office Holder Nos 7310, 9280) of Smith &Williamson joint administrative receivers of Ladies Health &Fitness Club Limited on Oct. 28. The company was formerly namedQueensdown Investments Limited.CONTACT: SMITH & WILLIAMSON 25 Moorgate London EC2R 6AY Inner London Phone: 020 7637 5377 Fax: 020 7631 0741 E-mail: firstname.lastname@example.com GALLERIA: Appoints Administrator from Bishop Fleming-------------------------------------------------------Jeremiah Anthony O'Sullivan (IP No 8333) of Bishop Fleming wasappointed administrator of La Galleria (Birmingham) Limited(Company No 01318131) on Oct. 31.CONTACT: LA GALLERIA (BIRMINGHAM) LTD. Paradise Place, City Centre, Birmingham West Midlands B3 3HP Phone: 0121 236 1006 BISHOP FLEMING Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU Web site: http://www.bishopfleming.co.ukLATINA LIMITED: B & C Associates to Liquidate Bar------------------------------------------------- P. J. Sherratt, director of Latina Limited, informs that aresolution to wind up the company was passed at an EGM held onOct. 17 at Trafalgar House, Grenville Place, London NW7 3SA.Jeffrey Mark Brenner of B & C Associates, Trafalgar House,Grenville Place, Mill Hill, London NW7 3SA was appointedliquidator.CONTACT: LATINA LTD. 8 Priory Avenue Westbury On Trym, Bristol Avon BS9 4DA Phone: 0117-962-2229 B & C ASSOCIATES Trafalgar House Grenville Place Mill Hill London NW7 3SA Phone: 0208 906 7730 Fax: 0208 906 7731 E-mail: firstname.lastname@example.com MONDE: EGM Passes Winding-up Resolution------------------------------------------ C. N. Bradley, chairman of Le Monde Photography Limited, informsthat resolutions to wind up the company were passed at an EGMheld on Oct. 19 at Sanderling House, 1071 Warwick Road, AcocksGreen, Birmingham B27 6QT.Paul John Webb of Sanderlings LLP, Sanderling House, 1071 WarwickRoad, Acocks Green, Birmingham B27 6QT was appointed liquidator.CONTACT: LE MONDE PHOTOGRAPHY LTD. 22A Market St, Kingswinford, DY6 9JU Phone: 01384 270842LUMINAR PLC: Loss Drops to GBP1 Million Under IFRS--------------------------------------------------Luminar plc previously reported under U.K Generally AcceptedAccounting Principles (U.K. GAAP). As part of its preparationfor the adoption of International Financial ReportingStandards (IFRS) the Group has released financial information forthe year ended 27 February 2005 prepared in accordance with IFRS.The key headlines from the restated 2005 financial statementscompared to the previous UK GAAP are:(a) the adoption of IFRS is an accounting change only, and has no impact on the underlying operations or cash flows of the Group;(b) operating profit before exceptional items including discontinued operations under IFRS is GBP65.7 million from GBP54.1 million under U.K. GAAP (up 21%), primarily due to the cessation of goodwill amortization;(c) loss before tax after exceptional items including discontinued operations decreased from a loss of GBP13.7 million to a loss of GBP1 million, primarily due to the cessation of goodwill amortization;(d) earnings per share before exceptional items including discontinued operations has increased from 47.7 pence to 64.0 pence, (up 34%), with earnings per share after exceptional items increasing from (21.1) pence to 2.2 pence;(e) the impact of discontinued operations changes the presentation of the consolidated income statement. Group turnover has reduced by GBP62.4 million and operating profit before exceptional items by GBP8.4 million - operating profit before exceptional items from continuing operations under IFRS is GBP57.3 million. This is purely a classification change as net income from discontinued operations is now shown separately below profit after tax on the face of the consolidated income statement; and(f) net assets at 27 February 2005 reduced by GBP53.8 million primarily as a result of incremental deferred tax liabilities on all temporary differences recognized under IAS 12, (GBP41.9 million), and additional impairments of goodwill and property, plant and equipment, (GBP26.6 million), offset by the cessation of goodwill amortization, (GBP12.9 million). About the CompanyLuminar plc is an owner, developer and operator of themed bars,nightclubs and restaurants. The company floated and listed onthe London Stock Exchange in May 1996 with a marketcapitalization of GBP30 million.In July, Chairman Keith Hamill said: "For the first four monthsof the year to the end of June 2005, the Company performedbroadly in line with its plans. Like-for-like sales for the sameperiod were neutral. In view of the continuing difficult marketenvironment, the Board is adopting a cautious outlook on futuretrading."The firm has suffered from changes in customer demand and what ittermed as 'increased regulatory activity' after 2003. In the 52weeks to Feb. 27, Luminar reported group sales of GBP375.1million, down from GBP399.7 million; and profit before tax,goodwill amortization, and exceptional items of GBP54.2 million,down from GBP62 million last year. Pre-tax loss was GBP14million from GBP11 million last year.CONTACT: LUMINAR PLC Registered Office 41 King Street Luton Bedfordshire United Kingdom LU1 2DW Phone: +44 1582 589 400 Fax: +44 1582 589 667 Web site: http://www.luminar.co.ukM A REES: Creditors Meeting Set Next Week-----------------------------------------Creditors of M A Rees & Son Limited (Company No 04323072) willmeet on November 16, 2005, 2 pm at St David's Hotel & Spa,Havannah Street, Cardiff CF10 5SD.Creditors who want to be represented at the meeting may appointproxies. Proxy forms must be submitted together with writtendebt claims to Simon Franklin Plant and Daniel Plant of SF Plant+ Co, Lutomer House, 100 Prestons Road, Docklands, London E14 9SBnot later than 12:00 noon, November 15, 2005.CONTACT: S. F. PLANT & CO. Lutomer House Business Centre 100 Prestons Road London E14 9SB Phone: 0207 538 2222 Fax: 0207 538 3322MINORPLANET SYSTEMS: Stricken off UKLA Official List----------------------------------------------------Application has been made by Minorplanet Systems plc to the U.K.Listing Authority for the cancellation of its listing on theOfficial List of the UKLA. It was anticipated that thecancellation of Minorplanet's listing on the Official List andadmission to trading on AIM would have taken effect at 8 a.m. on10 November 2005. About the CompanyMinorplanet is headquartered in Leeds and has operations in fivecountries: the United Kingdom, Germany, Holland, Australia andIreland. Minorplanet's largest geographic market by revenue isthe United Kingdom. Its principal activity is the developmentand sale of technology-based fleet management systems.In October, the company narrowly avoided bankruptcy afterindividual and institutional investors coughed up the money torepay an outstanding loan. The company needed to raise GBP13.5million to repay a GBP4.82 million funding provided by majorityshareholder GE Capital Equity and Chief Executive Terry Donovan;and GBP500,000 by other investors in April. The loans payabletotaled GBP6.5 million, according to The Guardian.Proceeds of the placing and open offer will be used as workingcapital to complete the firm's turnaround initiatives, accelerateits growth plans and provide financial stability. The companyplans to implement cost-saving measures that include moving fromthe main stock market to the intermediate AIM. It used to tradeon AIM before listing on the London Stock Exchange in 2002.The board had said that if the placing does not take place, thecompany will run out of working capital on or around November 14and directors would then have no alternative but to put thecompany into administration immediately.CONTACT: MINORPLANET SYSTEMS PLC Greenwich House, 223 North Street Leeds LS7 2AA Phone: +44 (0) 113 2511600 Fax: 0113 2511685 E-mail: email@example.com Web site: www.minorplanet.comN B BRIGHTON: Administrator from Jeremy Knight & Co. Moves in-------------------------------------------------------------William Jeremy Jonathan Knight (IP No 2236) of Jeremy Knight &Co. was appointed administrator of N B Brighton Limited (CompanyNo 4986317) on Oct. 31.CONTACT: JEREMY KNIGHT & CO. 68 Ship Street Brighton Sussex BN1 1AE Phone: 01273 203654 Fax: 01273 206056 E-mail: firstname.lastname@example.com GARDEN: Calls in Liquidator----------------------------------- P. Smee, director of Oakleaf Garden Machinery Ltd., informs thatresolutions to wind up the company were passed at an EGM held onOct. 19 at 6C Church Street, Reading, Berkshire RG1 2SB.John Arthur Kirkpatrick of Bridgers, 6C Church Street, ReadingRG1 2SB was appointed liquidator.CONTACT: OAKLEAF GARDEN MACHINERY LTD. Hewins Wood Farm Ashampstead Rd, Bradfield Berkshire RG7 6DH Phone: 0118 974 5035 Fax: 0118 974 5035 E-mail: firstname.lastname@example.com CONSULTANTS: In Liquidation------------------------------------- A. Collins, director of Precision Consultants Ltd., informs thatresolutions to wind up the company were passed at an EGM held onOct. 17 at Hamilton House, Mabledon Place, Euston, London WC1H9BB.Lisa Hogg of Wilson Field, The Annexe, The Manor House, 260Ecclesall Road South, Sheffield S11 9PS was appointed liquidator.CONTACT: PRECISION CONSULTANTS LTD. 27 High Street Hoddesdon EN11 8SX Phone: 01992466280 WILSON FIELD The Annexe The Manor House 260 Ecclesall Road South Sheffield South Yorkshire S11 9UZ Phone: 0114 235 6780 Fax: 0114 262 0661PROFILE MEDIA: Fundraising Still Lacks Creditors' Approval----------------------------------------------------------Further to the announcement made by Profile Media Group plc on 28September 2005, the Company remains in discussions with advisersregarding a fundraising.The timing of the fundraising is dependent upon the Company'sability to secure agreement with its largest creditors. TheCompany has already reached agreement in principle with EdenInvest Limited and continues in discussions with its secondlargest creditor. The Company will make a further announcementin due course. About the CompanyHeadquartered in London, Profile Media Group is made up of anumber of different companies specializing in a range of productsand services from custom publishing and distribution tomulti-channel customer contact and integrated fulfillment. Itformed Profile Pursuit in 1993 to offer a range of innovativepublishing solutions in the U.S. and U.K. The U.S. subsidiary,Profile Pursuit Inc., has been sold to HealthspringCommunications LLC.Profile Media is predicting losses of at least GBP4 million thisyear. In March, Barclays Bank Plc agreed to extend the date forthe repayment of its GBP3 million term loan facility to 7 March2005. In June, the due date was extended to 31 October 2005. Thecompany also has unsecured loans of GBP100,000 each to ChairmanJohn Webber and Chief Executive David Ellingham. It is lookingat options to raise debt and equity finance to inject additionalfunding to the group.CONTACT: PROFILE MEDIA GROUP PLC 5th Floor, Mermaid House 2 Puddle Dock London EC4V 3DS Phone: +44 (020) 7332 2000 Fax: +44 (020) 7332 2001 E-mail: email@example.com Press Inquiries Martin Chard, Finance Director Phone: 020 7332 2000REFCO INC.: Man Financial Wins Auction for Futures Business-----------------------------------------------------------Refco, Inc. (OTC: RFXCQ) said Thursday that Man Financial Inc., awholly owned subsidiary of Man Group plc (Man), was the winningbidder at an auction conducted in accordance with the biddingprocedures established by the U.S. Bankruptcy Court for theSouthern District of New York.Man's winning bid is for substantially all of the assets ofRefco's regulated commodity futures businesses in the UnitedStates, London, Asia and Canada and consisted of US$282 millionin cash and approximately US$41 million of assumed liabilitiesand other considerations valued for purposes of the auction.Refco is seeking Bankruptcy Court approval of the sale to Manunder the terms of the bid."We believe that a sale of these businesses under the terms ofMan's bid is in the best interests of Refco's employees, brokers,customers and creditors. Our goal is to close on this saletransaction in a matter of days," said William Sexton, Refco'schief executive officer."This transfer of customer accounts will be facilitated throughthe use of the bankruptcy process. The winning bid contemplatesthe bulk transfer of all Refco LLC's customer accounts to Manwhere they will continue to be serviced by Refco employees andbrokers. As clarified on Wednesday, the transfer of the Refcoopen accounts is expected to be accomplished through a bankruptcyfiling that permits the Bankruptcy Court-appointed trustee toeffect the transfer seamlessly."Because Refco LLC is a regulated Futures Commission Merchant, itis required to use Chapter 7 to effect this transfer rather thanChapter 11," said Mr. Sexton. "However, this process which isdesigned to transfer customers. open accounts smoothly should notbe confused with liquidation."Headquartered in New York, New York, RefcoInc. --http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and anextensive global institutional and retail client base. Refco'sworldwide subsidiaries are members of principal U.S. andinternational exchanges, and are among the most active members offutures exchanges in Chicago, New York, London and Singapore. Inaddition to its futures brokerage activities, Refco is a majorbroker of cash market products, including foreign exchange,foreign exchange options, government securities, domestic andinternational equities, emerging market debt, and OTC financialand commodity products. Refco is one of the largest globalclearing firms for derivatives.The Company and 23 affiliates filed for chapter 11 protection onOct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. GregoryMilmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,represent the Debtors in their restructuring efforts. Refcoreported US$16.5 billion in assets and US$16.8 billion to theBankruptcy Court. (Refco Bankruptcy News, Issue No. 3; BankruptcyCreditors' Service, Inc., 215/945-7000)Access Court documents at http://www.nysb.uscourts.gov(a PACER account is necessary to access the Court Web site).CONTACT: SITRICK AND COMPANY INC. Sandra Sternberg Steven Goldberg James Craig Phone: (212) 573-6100REMILIA LIMITED: Pasta Maker Winds up------------------------------------- Remilia Ltd. informs that a resolution to wind up the company waspassed at an EGM held on Oct. 20 at Abbey Room, Imperial Hotel,Russell Square, London WC1B 5BB.Ninos Koumettou of Alexander Lawson & Co, 641 Green Lanes, LondonN8 0RE was appointed liquidator.CONTACT: REMILIA LTD. 1 Blenhiem Court Brownfields Welwyn Garden City AL7 1AD Hertfordshire Phone: 01707 330080 Fax: 01707 390981 ALEXANDER LAWSON & CO. 641 Green Lanes London N8 0RE Phone: 020 8348 0183 Fax: 020 8340 9115ROBERT WISEMAN: Half-year Profit Up 13.7% to GBP66.7 Million------------------------------------------------------------Robert Wiseman Dairies plc has reported results for the sixmonths ended 1 October 2005.Financial Highlights(a) record volumes of liquid milk, up 13.2% to 687 million liters (2004: 607 million);(b) results in line with expectations;(c) turnover increased by 14.7% to GBP281.3 million (2004: GBP245.3 million);(d) gross profit increased by 13.7% to GBP66.7 million (2004: GBP58.6 million);(e) HDPE resin and energy cost increases are impacting margins;(f) operating profit decreased by 17.6% to GBP12.5 million (2004: GBP15.1 million);(g) pre-tax profit down by 21.7% to GBP12.1 million (2004: GBP15.5 million);(h) earnings per share adjusted for prior year tax credit decreased by 16.5% to 11.35 pence (2004: 13.59 pence);(i) basic earnings per share decreased by 40.8% to 11.35 pence (2004: 19.19 pence);(j) interim Dividend increase of 9.1% proposed, to 2.4 pence (2004: 2.2 pence);(k) strong cash generation from operating activities of GBP19.3 million (2004: GBP18.4 million); and(l) 3.5 million shares bought back at a cost of GBP9.1 million.Operational Highlights(a) all dairies ran at record levels during the first six months;(b) new supply contracts with Sainsbury's and Tesco more then offset loss of ASDA contract;(c) steady progress made in sales to Tesco of our ESL milk 'Pure';(d) television campaign for 'the One' in the Tyne Tees and Granada regions;(e) additional volume of 7 million liters on an annualized basis added to the middle ground market;(f) building work on new dairy in Taunton scheduled to start early next year, expanding capacity in the south west; and(g) Northampton depot scheduled to open later this month, improving efficiencies and operating costs. Report of Alan Wiseman, ChairmanWe achieved record volumes during the period with salesbenefiting from new supply contracts with Sainsbury's and Tesco,which more than offset the loss of the ASDA contract. Asmentioned previously, we now envisage that there are unlikely tobe significant changes in major supermarket contracts in theshort term.The outlook for the year as a whole will be influenced by oil,energy and plastic costs during the second half and the extent towhich we can make recovery of these increased costs. Our targetis to re-build margins in the period ahead, but higher costsclearly make this more difficult.The business is in good shape and we remain confident about ourlong-term prospects.A copy of the financial results is available free of charge athttp://bankrupt.com/misc/RobertWiseman(H12005).pdfCONTACT: ROBERT WISEMAN DAIRIES PLC Cairn Place Nerston Industrial Estate East Kilbride, G74 4NQ Strathclyde Phone: 01355 247777 Fax: 01355 228181 Web site: http://www.wiseman-dairies.co.ukSPANISH TRADE: Goes into Liquidation------------------------------------ M. A. Gallardo, chairman of Spanish Trade Centre Limited, informsthat a resolution to wind up the company was passed at an EGMheld on Oct. 17 at 105-111 Euston Street, London NW1 2EW.Salman Saud of Saud & Company, 105-111 Euston Street, London NW12EW was appointed liquidator.CONTACT: SPANISH TRADE CENTRE LIMITED 126 Wigmore Street, LONDON W1U 3RZ Phone: 020-8907-0153SPEYMILL GROUP: Property Fund Raises EUR148 Million Equity----------------------------------------------------------The board of Speymill Group plc said Thursday that the EpicureBerlin Property Fund has been closed, and has raised equity ofEUR148 million.The Epicure Berlin Property Fund is the first of the propertyfunds to be signed by Speymill Property Managers Ltd. and it isexpected that the Fund will acquire assets which will give it aneventual size of approximately EUR750 million, (approximatelyUS$900 million) due to the ability of the Fund to take onmortgage and other forms of borrowings.Speymill Property Managers and GOAL Service GmbH -- the jointventure company in which the Company has a 51% interest -- willprovide both property and fund management services to the Fundunder the previously announced Investment Advisory Agreementbetween the parties.It is expected that this contract will generate significantincome for Speymill Property Managers (including GOAL) as well astheir Geneva based partner Helvetica Wealth Management PartnersS.A., once the Fund becomes operational.The Company continues to maintain ongoing discussions regardingthe launching of additional funds to further the development ofits property and fund management services, complementing theexisting contract management skills within the Company. TheCompany intends to increase funds under management by the end of2006 providing a strong platform for further growth.Bob MacDonald, executive chairman, said: "We are delighted thatthe Epicure Berlin Property Fund has been so well subscribed, andthat Speymill Property Managers and Goal Service can now begin togenerate revenues for the Group. We are confident that this newbusiness will create significant value for Speymill, anddiscussions continue with other parties about new funds to belaunched in 2006." About the CompanyThe Speymill Group plc (formerly known as Wigmore Group plc)serves as contractors to the hotel and leisure industries. InJune, Chairman Paul Doona said: "The year to December 2004 was avery poor one for the Group resulting in a loss after tax ofGBP6.71 million (2003: loss GBP0.36 million) which comprisedpre-exceptional losses of GBP2.28 million (2003: loss GBP0.36million) and exceptional costs of GBP4.43 million (2003: GBPnil)."The figures reflect an appalling year for the Group and root andbranch restructuring has been necessary since the financialrescue by our majority shareholder Burnbrae. I am, however,confident that the Group is now on a firm financial footing andthat the long tried patience of our shareholders will ultimatelybe rewarded."CONTACT: THE SPEYMILL GROUP PLC (THE WIGMORE GROUP PLC) Arundel House, Amberley Ct., County Oak Way Crawley, West Sussex RH11 7XL United Kingdom Phone: +44-845-070-1200 Fax: +44-845-070-2300 Web site: http://www.wigmoregroup.comSTEMAR HOLDINGS: Names Moore Stephens Administrator---------------------------------------------------Simon Paterson and David Elliott (IP Nos 6856, 1141) of MooreStephens LLP were appointed administrators of Stemar HoldingsLimited (Company No 3236383) on Oct. 25. The company fabricatesand installs pipes.CONTACT: MOORE STEPHENS CORPORATE RECOVERY Victory House Admiralty Place Chatham Maritime Kent ME4 4QU Phone: +44 (01634) 895100 Fax: +44 (01634) 895101 Web site: http://www.moorestephens.comSYNERGY TRADING: Appoints Liquidator------------------------------------ M. Povey, chairman of Synergy Trading (UK) Ltd., informs that aresolution to wind up the company was passed at an EGM held onOct. 10 at Walletts Insolvency Services, Adventure Place, Hanley,Stoke-on-Trent, Staffordshire ST1 3AF.Michael Francis McCarthy of Walletts Insolvency Services,Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AFwas appointed liquidator.CONTACT: SYNERGY TRADING (UK) LTD. Unit 4/5/Town Yard Ind Est/Station St Leek ST13 8BF Phone: 01538 388322 WALLETTS INSOLVENCY SERVICES Adventure Place Hanley Stoke On Trent Staffordshire ST1 3AF Phone: 01782 212326 Fax: 01782 683904 E-mail: firstname.lastname@example.com GROUP: Names Liquidator from Tenon Recovery-----------------------------------------------------N. Fraser, chairman of Synthesis Group Limited, informs thatresolutions to wind up the company were passed at an EGM held onOct. 14 at One Royal Terrace, Edinburgh EH7 5AD.Thomas Campbell MacLennan of Tenon Recovery, One Royal Terrace,Edinburgh EH7 5AD was appointed liquidator.CONTACT: TENON SCOTLAND 1 Royal Terrace Edinburgh Lothian EH7 5AD Phone: 0131 557 4455 Fax: 0131 556 0662 E-mail: email@example.com GROUP: Six Companies Liquidate------------------------------------- P. Aubrey, in behalf of Company Corporate Transfer Limited,informs that at meetings of the members of: Talent Group of Companies Limited Talent Business Solutions Limited Talent In-Practice Limited Talent On-Demand(Contract) Limited Talent Executive Search Limited Talent In-Training Limiteda resolution to wind up the company was passed. Stephen M. Katzof Acre House, 11-15 William Road, London NW1 3ER was appointedliquidator.CONTACT: FISHER PARTNERS Acre House 11/15 William Road London NW1 3ER Phone: 020 7388 7000 Fax: 020 7380 4900 E-mail: email@example.com TOES: Baby Clothes Retailer Liquidates---------------------------------------------- K. Houston, chairman of Twinkle Toes & Baby Gro's Limited,informs that resolutions to wind up the company were passed at anEGM held on Oct. 14 at Sherwood House, 7 Glasgow Road, PaisleyPA1 3QS.Derek Forsyth of Campbell Dallas, Sherwood House, 7 Glasgow Road,Paisley PA1 3QS was appointed liquidator.CONTACT: TWINKLE TOES & BABY GRO'S LIMITED 16 Henderson St Bridge of Allan Stirling FK9 4HP Phone: 01786 831831 Fax: 01786 831831 CAMPBELL DALLAS Sherwood House 7 Glasgow Road Paisley Strathclyde PA1 3QS Phone: 0141 887 4141 Fax: 0141 887 1103UVENDIA LIMITED: Computer Software Dealer Winds up--------------------------------------------------Uvendia Limited informs that resolutions to wind up the companywere passed at an EGM held on Oct. 17 at The Harlington Centre,Fleet Road, Fleet, Hampshire GU51 3BY.Anthony Spicer of Smith & Williamson, 25 Moorgate, London EC2R6AY was appointed liquidator.CONTACT: SMITH & WILLIAMSON Web site: http://www.smith.williamson.co.uk/VAN DE FLEURS: Liquidator Enters Firm-------------------------------------Van De Fleurs Limited informs that resolutions to wind up thecompany were passed at an EGM held on Oct. 19 at SmithAston, TheRoyal, 25 Bank Plain, Norwich NR2 4SF.Trevor Smith of SmithAston, The Royal, 25 Bank Plain, Norwich NR24SF was appointed liquidator.Van De Fleurs -- http://www.flower-wholesaler.co.uk-- supplies cut flowers, foliages and plants to florists and associatedbusinesses in the Norfolk and Suffolk areas. It is a flowerwholesaler with 11 years in the business.CONTACT: VAN DE FLEURS LTD. Unit 8 White Lodge Business Estate Hall Road Norwich NR4 6DG UK Phone: 01603 624 554 E-mail: email@example.com SUSSEX: Appoints Joint Liquidators--------------------------------------- C. Stevens, chairman of West Sussex Heating & Plumbing Limited,informs that resolutions to wind up the company were passed at anEGM held on Oct. 18 at Atherton Bailey LLP, 3-4 The Courtyard,East Park, Crawley, West Sussex RH10 6AG.Malcolm P. Fillmore and Ranjit Bajjon of Atherton Bailey LLP, 3-4The Courtyard, East Park, Crawley, West Sussex RH10 6AG wereappointed Joint Liquidators.The appointment was confirmed at a creditors meeting held on thesame day.CONTACT: WEST SUSSEX HEATING & PLUMBING LIMITED 7 Cissbury Hill, Crawley West Sussex RH11 8TJ Phone: 01293413075WOW KITCHENS: Goes into Liquidation----------------------------------- M. G. Bradley, director of Wow Kitchens Limited, informs thatresolutions to wind up the company were passed at an EGM held onOct. 19 at Jones Lowndes Dwyer LLP, John Swift Building, 19 MasonStreet, Manchester M4 5FT.Claire L. Dwyer of Jones Lowndes Dwyer LLP, John Swift Building,19 Mason Street, Manchester M4 5FT was appointed liquidator.CONTACT: WOW KITCHENS LIMITED 214 Moss Lane, Stockport, SK7 1BD Phone: 0161 440 7777 JONES LOWNDES DWYER LLP John Swift Building 19 Mason Street Manchester Greater Manchester M4 5FT Phone: 0161 832 9454 Fax: 0161 832 9455 E-mail: firstname.lastname@example.com *********S U B S C R I P T I O N I N F O R M A T I O NTroubled Company Reporter -- Europe is a daily newsletterco-published by Bankruptcy Creditors' Service, Inc., FairlessHills, 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 orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers.Information contained herein is obtained from sources believed tobe reliable, but is not guaranteed.The TCR Europe subscription rate is US$575 per half-year,delivered via e-mail. Additional e-mail subscriptions formembers of the same firm for the term of the initial subscriptionor balance thereof are US$25 each. For subscription information,contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *