TCREUR_Public/050614.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

             Tuesday, June 14, 2005, Vol. 6, No. 116

                            Headlines

C Z E C H   R E P U B L I C

MORAVSKE ZELEZARNY: Investors Reject Financial Report


F R A N C E

CLUB MEDITERRANEE: Returns to Black in First Half
EUROTUNNEL SA: Chief Executive Quits
EUROTUNNEL SA: Recently Resigned CEO Backs Plot to Oust Chairman


G E R M A N Y

BEA BAUTRAGER: Potsdam Court Appoints Administrator
CATS COMPUTER: Creditors' Claims Due Next Month
CITY DACH: Court Appoints Stephan Mitlehner Administrator
ELEKTRO UND LEUCHTENBAU: Under Bankruptcy Administration
HOESCH GMBH: Court to Verify Claims September

HOESCH LOGISTIK: Proofs of Claim Due Next Month
KONZEPTIONELLES IMMOBILIEN: Files for Bankruptcy
KRAHNER BAUGESELLSCHAFT: Construction Firm Declares Bankruptcy
OEMATECH VERTRIEBS: Under Bankruptcy Administration
SCHEFENACKER AG: Rating Cut to 'B-' on Weak Performance

SD GLOBAL: Falls into Bankruptcy
SGL CARBON: Rating Affirmed at 'B' on Improving Results
THOMAS COOK: Lufthansa, KarstadtQuelle Shrug off Sale Report


I T A L Y

PARMALAT FINANZIARIA: Debt Up EUR29.6 Mln in Four Months
PARMALAT FINANZIARIA: To Close Popular Cheese Store


K A Z A K H S T A N

BANK TURAN: Fitch Rates Long-term Foreign Rating 'BB'


N E T H E R L A N D S

ROYAL SHELL: Shell Deutschland Buys Shares


R U S S I A

ALTAYSKIY GLASS-WORKS: Deadline for Proofs of Claim Set July
ENERGO-RESURSY: Succumbs to Bankruptcy
IVANOVO-FURNITURE: Declared Insolvent
KIRENSKIY RIVER: Under Bankruptcy Supervision
KRUTINSKIY: Omsk Court Appoints Insolvency Manager

MINE BIRYULINSKAYA: Names G. Kuptsov Insolvency Manager
MOZHGINSKIY GRAIN: Creditors Have Until July 7 to File Claims
SARMANOVSKIY MIXED: Undergoes Bankruptcy Supervision Procedure
SATISSKAYA: Bankruptcy Hearing Set September
ULYANOVSK-PTITSE-PROM: Declared Insolvent


S W I T Z E R L A N D

ABB LTD.: CE Claimants Rep Wants to Amend CIBC Agreement


U K R A I N E

AGROBUDPEREROBKA: Kyiv Court Names G. Astanin Liquidator
DIMIVSKE: Files for Liquidation
ENERGOSPETSBUD: Bankruptcy Supervision Starts
INDUSTRIAL TECHNOLOGIES: Under Bankruptcy Supervision
KIROVOGRADBUD: Liquidator Takes over Operations

LEBEDIN' MEAT: Court Appoints Insolvency Manager
MAGNIT ENERGIYA: Declared Insolvent
PEGM: Court Hires Temporary Insolvency Manager
PRILUKI' AGROTECHSERVICE: Succumbs to Bankruptcy
YALTA' MILK: AR Krym Court Opens Bankruptcy Proceedings
YASNOGIRIVSKE: Court Orders Debt Moratorium
ZHITNIKI: Insolvency Manager Takes over Helm
ZHIVOTNOVOD: Alekseyeva Ludmila to Liquidate Company

* Fitch Says Ukraine Needs a Coherent Energy Policy


U N I T E D   K I N G D O M

ALLIED DOMECQ: E.U. Okays Assets Sale to Fortune Brands
ALLSTOCK STEEL: Sets Creditors Meeting Last Week of June
ASATSU UK: Hires PricewaterhouseCoopers as Liquidator
AVONEDGE ELECTRICAL: Names Liquidator from Vantis Business
BLUE CHIP: Hires Administrators from DTE Leonard Curtis

C & S WINDOWS: Liquidator from Tomlinsons Moves in
DANKA BUSINESS: Full-year Losses Reach GBP22.8 Million
EXPRESS WINDOWS: In Administrative Receivership
FKI PLC: Falls off S&P's Investment Grade Bracket
GW PHARMACEUTICALS: May Run out of Cash Next Year

JACOBS INTERNATIONAL: Bus Operator in Liquidation
KEENS LIMITED: Members Pass Winding-up Resolutions
MINSTER TRUST: Liquidators from PwC Move in
RADIOMETER CORPORATE: Appoints Deloitte & Touche Liquidator
ROYAL MAIL: Union Threatens to Bolt Labor Party
UK COAL: Alchemy Might Still Pursue Bid
WOOLWORTHS GROUP: Names Three New Directors

* Large Companies with Insolvent Balance Sheets


                            *********


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


MORAVSKE ZELEZARNY: Investors Reject Financial Report
-----------------------------------------------------
Shareholders of Ironworks Moravske zelezarny refused to approve
the financial statements of the firm for last year without an
explanation why it lost CZK98.7 million (US$3.984 million),
according to Czech Happenings.  The company had a profit of
CZK362,000 (US$14,610) in 2003.

Shareholder and deputy chairman of the supervisory board,
Vladimir Ohlidal, said that if the firm's extraordinary revenues
had not been included in the bottom line, the loss would have
reached roughly CZK150 million (US$6.051 million).  The board,
however, did not explain why it was so, according to him.

The shareholders limited the board's powers to handle the
company's assets and refused to vote on the loss settlement at
Friday's annual general meeting.  The board originally proposed
a share capital cut of CZK112.9 million (US$4.554 million) from
the current CZK407.9 million (US$16.453 million) to cover the
loss.  This will reduce the nominal value of one share from
CZK650 (US$26.22) to CZK470 (US$18.96).  They will discuss
proposal for the loss settlement at an extraordinary general
meeting, the date of which was not specified.

A proposal to remove the board of directors was suggested, but
failed to raise the necessary three quarters of shareholders'
support to be carried.

Chairman of Moravske zelezarny board of directors, Cenek Merta,
denied they were not communicating with the deputy chairman of
the supervisory board.  He said Moravske's obligations from
previous years had affected last year's performance.  He
promised that the restructuring launched by management in 2004
will show effect this year.

MGU and Stredomoravska metalurgicka a strojirenska formerly owns
24%, and 19.7% of the firm, respectively.

CONTACT:  MORAVSKE ZELEZARNY, a.s.
          Repcinska 86
          779 00 Olomouc
          Czech Republic
          Phone: (+420 58) 5712 111
          Fax: (+420 58) 541 93 53
          E-mail: export@mzol.cz
          Web site: http://www.mzol.cz/


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


CLUB MEDITERRANEE: Returns to Black in First Half
-------------------------------------------------
In millions of euros 1st Half 2003  1st Half 2004  1st Half 2005
Revenues                   785           784           750
Operating income            12            32            35
Financial expense          (25)          (22)          (20)
Exceptional expense        (21)           (7)          (4)
Income tax                  10            (2)          (4)
Amortization of goodwill    (4)           (4)          (4)
Minority interests          (1)           (1)           0
Net income/(loss)          (29)           (4)           3
Free cash flow              (6)          (33)          13
                  April 30, 2003  April 30, 2004  April 30, 2004
Net debt                  (436)         (424)        (378)

Financial results for the six months ended April 30, 2005 show
an 8% increase in operating income despite the major impact of
natural disasters at the end of 2004.

Revenues amounted to EUR750 million for the period, compared
with EUR784 million in first-half 2004, representing a 4.3%
decrease as reported and a 3.1% decline like-for-like (at
comparable scope of consolidation and exchange rates).

Excluding the direct impact of the Caribbean hurricanes and the
Asian tsunami, revenues were up 1.5% for the half.  Reported
revenues were reduced by EUR35 million by the temporary closure
of five of the most profitable villages (Punta Cana and Columbus
Isle in the Caribbean and Phuket, Kani and Faru in Asia).

Insurance settlements covering the operating income shortfall
from the five closed villages totaled EUR24.7 million.  This
direct impact was calculated on the basis of the villages'
operating income for winter 2004.  The settlements did not cover
the indirect impact on the planned objective from such factors
as the opportunity cost of expected growth at the five villages,
the decline in demand at nearby villages and the effect on
bookings of postponing the ad campaign.

Despite these factors, operating income continued to improve,
increasing to EUR35 million from an already good showing of
EUR32 million in winter 2004, and net income was positive for
the first time in four years, at EUR3 million.  Free cash flow
swung to a positive EUR13 million, versus a negative EUR33
million in the prior year period.  Debt continued to decline, to
EUR378 million from EUR424 million at April 30, 2004.

Operating Income by Region and Business

In millions of euros 1st Half 2003  1st Half 2004  1st Half 2005
Europe-Africa              14           19              17
Asia                        0            3               3
The Americas                2           10              13
Sub-total Villages         16           32              33
Jet tours                   0            1               3
Other businesses           (4)          (1)             (1)
Operating income           12           32              35

The good performance in Europe-Africa, led by high occupancy
rates in the snow villages, the success of the new Marrakech
village and robust Internet sales, was dampened by an increase
in marketing and insurance costs.

Business continued to recover in the Americas, as attested by
the 14.4% gain in revenue per available bed (RevPAB) and further
growth in operating income with reduced capacity.  In addition,
Internet sales were up significantly for the period.

Asia was deeply affected by the December 26 tsunami, which led
to the closure of three villages representing 30% of the
region's total capacity.  Business is recovering very slowly due
to lingering fears about Asian destinations and airline capacity
in the region has been reduced.

Thanks to its successful up-market strategy, Jet tours posted a
solid gain in operating income.

Critical Milestones were Reached in Winter 2005

The value-driven business model has again been validated, with a
5.5% increase in RevPAB on the back of improvements in both the
price mix and the occupancy rate.

The success of Club Med's new strategic positioning can be seen
in its new ad campaign ("There's so much more of the world to
discover"), new logo and new brand identity (Club Med Style).

Satisfaction levels reached a new record, with the number of
very satisfied customers up 7.5% on winter 2004.

In line with the terms announced last December, initial
synergies with Accor, our leading industry shareholder, have
been implemented in such areas as purchasing synergies, the
deployment of cross-loyalty programs, and the development of a
joint B2B offering.

Additional Growth Drivers for Winter 2006

These milestones have paved the way for additional growth
drivers to be implemented in winter 2006:

Sustained re-segmentation: 95% of the village base will be 3T or
4T in winter 2006 (versus 91% in 2005) with the opening of
Peisey Vallandry (4T), the upgrade of Les Boucaniers to 4T from
2T, the renovation and upgrade, from 2T to 3T, of Aime la
Plagne, the closure for renovation of the 2T Flaine village.

Faster upgrading to 4T standards: in winter 2006, 42% of the
portfolio will be 4T (up 10 points from winter 2004) with, in
particular, the upgrading of Kani and Cervinia from 3T to 4T.

Extension of inclusive bar & snacking offers for all the snow
villages in Europe in winter 2006, after the highly popular
response in the Americas.

Faster room reclassification depending on room amenities,
location or the availability of extra services.  This responds
to customer expectations for accommodations and offers Club Med
an effective driver of additional long-term growth.

Summer 2005 Bookings

                          At June 4, 2005
In % increase in revenues Reported        Excl. direct impact of
                                                tsunami
Europe-Africa              + 8.4%                + 9.8%
The Americas               - 2.4%                - 2.3%
Asia                      - 24.6%               - 17.2%
Total Club Med             + 4.5%                + 6.5%
Jet tours                 + 14%                     -

The increase in Europe-Africa bookings reflects the initial
positive impact of the new strategic positioning, supported by
the ad campaign launched in March.

Bookings in the Americas showed a slight decline due to high
prior-year comparatives and a decrease in capacity early in the
season.

Asian bookings, which were up sharply in winter 2004, are still
being affected by the indirect impact of the tsunami, mainly
lingering fears and the reduction in available airline capacity.

Jet tours has stepped up its growth dynamic and is benefiting
from an upturn in the French market.

In discussing the interim results, Henri Giscard d'Estaing,
Chairman and Chief Executive Officer, noted: "Our winter results
demonstrate that Club Mediterranee is on the right track.  Our
business model is working and our upmarket, friendly,
multicultural positioning is aligned with the expectations of
our customers.

"Critical milestones, such as the development of initial
synergies with Accor, have been reached in recent months and
have paved the way to leverage additional growth drivers as
early as winter 2006.

"After the natural disasters at the end of 2004 and their impact
of about EUR20 million on our planned objective as of the end of
winter 2005, we are maintaining our target of around EUR100
million in operating income by the end of fiscal 2006, although
this environment obviously makes it much harder to meet."

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

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


EUROTUNNEL SA: Chief Executive Quits
------------------------------------
Jean-Louis Raymond resigned as chief executive of Eurotunnel
S.A. on Friday, a week before a crucial annual general meeting
of shareholders.

His resignation took effect Monday, but he will remain non-
executive director.  A person close to the main creditors
committee told the Financial Times the news is expected to anger
creditors who had expected continuity of operations and
implementation of turnaround plans at the firm.  The main
creditor committee includes MBIA, the U.S. fund, and the
European Investment Bank.  They are owed GBP6.6 billion.

Chairman Jacques Gounon acknowledged the significance of Mr.
Raymond's role, but went on to say Eurotunnel still has "a lot
of good managers" to lead the firm.

Mr. Raymond had accused Mr. Gounon of undermining him.  He cited
the chairman's recent criticism of his agreement with the French
trade unions over redundancies at the Coquelles operations.  Mr.
Gounon told a French newspaper there is doubt the 250 voluntary
redundancies required by the agreement will be filled up.

Eurotunnel is expected to propose at Friday's meeting a plan
that could force creditors to write off as much as EUR5 billion
(GBP2.75 billion) in debt.  Eurotunnel needed shareholders
approval to start negotiations with creditors.  It needed to
secure a restructuring agreement by October or risk going
bankrupt when debt payments rise and income falls next year.

Mr. Gounon wants the firm's EUR8.9 billion (GBP6.3 billion) debt
reduced to EUR3.3 billion (GBP2.2 billion).

CONTACT:  EUROTUNNEL S.A.
          19 Blvd. Malesherbes
          75008 Paris, France
          Phone: +33-3-21-00-65-43
          Web site: http://www.eurotunnel.com

          MBIA INC.
          113 King St.
          Armonk, NY 10504
          Phone: 914-273-4545
          Fax: 914-765-3163
          Web site: http://www.mbia.com/

          EUROPEAN INVESTMENT BANK
          100, boulevard Konrad Adenauer
          L-2950 Luxembourg, Luxembourg
          Phone: +352-43--79-1
          Fax: +352-43-77 04
          Web site: http://www.eib.org


EUROTUNNEL SA: Recently Resigned CEO Backs Plot to Oust Chairman
----------------------------------------------------------------
Jacques Gounon, the chairman of Eurotunnel S.A., will have to
fight to keep his post at the annual shareholders meeting on
Friday.

Board members Jean-Louis Raymond, who quit as chief executive of
Eurotunnel on Friday, and Herve Huas, who stepped down as deputy
chief executive in April, are plotting to oust him, according to
The Sunday Telegraph.  The two are joining forces with
shareholder activist Nicolas Miguet, who led the sacking of the
firm's entire board last year.

Mr. Huas told The Sunday Telegraph Mr. Raymond will become
executive chairman once Mr. Gounon is expelled.  They plan to
clear the board with his supporters once he is out.

They called Mr. Gounon's plan to ask creditors to write off a
big part of Eurotunnel's GBP6.5 billion debt as unsustainable.
Mr. Gounon had insisted the firm is only able to sustain GBP2.2
billion in debt.

Internal squabble at Eurotunnel is threatening to derail a plan
by the company to clinch a restructuring agreement with
creditors.

CONTACT:  EUROTUNNEL S.A.
          19 Boulevard Malesherbes
          75008 Paris

          Kevin Charles
          Phone (U.K.): +44(0) 1303 288728
          Fax: 01303 288731
          E-mail: press.uk@eurotunnel.com

          Mady Chabrier
          Phone (France): +33(0) 1 55 27 35 43

          Yves Szrama
          Phone (Calais Region): +33 (0) 3 21 00 69 04


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


BEA BAUTRAGER: Potsdam Court Appoints Administrator
---------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against BEA Bautrager GmbH on May 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 22, 2005 to register their claims with
court-appointed provisional administrator Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 24, 2005, 9:00 a.m. at the district court of
Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004 at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  BEA BAUTRAGER GMBH
          Brahmsstr. 17
          14513 Teltow
          Deutschland
          Phone: (03328) 41118

          BEA BAUTRAGER GMBH
          Muehlenbergstrasse 48, 14513 Teltow

          Bert Buske, Administrator
          Alt Nowawes 67, 14482 Potsdam


CATS COMPUTER: Creditors' Claims Due Next Month
-----------------------------------------------
The district court of Wiesbaden opened bankruptcy proceedings
against CATS Computer Assisted Training Systems GmbH on May 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 6, 2005 to
register their claims with court-appointed provisional
administrator Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 10:00 a.m. at E 36 a, 3. OG,
Gebaude E, Moritzstrasse 5, Hinterhaus, 65185 Wiesbaden of
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  CATS COMPUTER ASSISTED TRAINING SYSTEMS GMBH
          Im Hopfengarten 11, 65207 Wiesbaden
          Contact:
          Martin Sunderland

          Harald Silz, Administrator
          Adolfsallee 24, 65185 Wiesbaden
          Phone: 0611/15040
          Fax: 0611/301774


CITY DACH: Court Appoints Stephan Mitlehner Administrator
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against City Dach Holz GmbH on May 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 5, 2005 to
register their claims with court-appointed provisional
administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 9:05 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
September 15, 2005, 9:05 a.m. at the same venue.

CONTACT:  CITY DACH HOLZ GMBH
          Feldtmannstr. 39-41,13088 Berlin

          Stephan Mitlehner, Administrator
          Walter-Benjamin-Platz 6, 10629 Berlin


DUERENER METALLHANDEL: Creditors Meeting Set August
---------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Duerener Metallhandel GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 22 to register their claims
with court-appointed provisional administrator Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on August 8, 2005, 10:15 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report on September 19, 2005, 9:00 a.m. at the
same venue.

Duerener Metallhandel GmbH manufactures and distributes shower
products made out of plastic and zinc.

CONTACT:  Duerener Metallhandel GmbH
          Schneidhausen, 52372 Kreuzau
          Phone: +49 2422540
          Fax: +49 24226793
          Contact:
          Wolf-Eberhard Alexander Hoesch-Vial

          Jorg Zumbaum, Administrator
          Zuelpicher Strasse 117, 52349 Dueren
          Phone: 02421/20854-0
          Fax: 02421/20854-26


ELEKTRO UND LEUCHTENBAU: Under Bankruptcy Administration
--------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Elektro und Leuchtenbau Bergemann & Co. GmbH on May 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 15, 2005
to register their claims with court-appointed provisional
administrator Elektro und Leuchtenbau Bergemann & Co. GmbH.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 16, 2005, 1:15 p.m. at Saal 145, Amtsgericht
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ELEKTRO UND LEUCHTENBAU BERGEMANN & CO. GMBH
          Pittlerstr. 26, 04159 Leipzig
          Phone: 0341-4618535

          Dr. Rainer Eckert, Administrator
          Kathe-Kollwitz-Strasse 9, 04109 Leipzig


HOESCH GMBH: Court to Verify Claims September
---------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against HOESCH GmbH & Co. KG on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 22 to register their claims
with court-appointed provisional administrator Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on August 8, 2005, 10:15 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report on September 19, 2005, 9:00 a.m. at the
same venue.

HOESCH was founded over 250 years ago as a metal-working
company.  It was the first German company to produce bathtubs in
high-grade sanitary acrylic and has been constantly expanding
its product portfolio since.

With over 700 employees worldwide, HOESCH is now the market
leader in the field of acrylic bathtubs, shower trays and
whirlpool tubs and a leading manufacturer of shower cabinets,
Roman steam baths and other wellness products.  It has
production sites in Dueren/Kreuzau, Andernach, Thuengen,
Cousances/Nancy, South Africa, and Namibia.

HOESCH is also extremely active in the field of research and
development and is constantly setting new standards in the
market with its innovations.  HOESCH Products have achieved 10
national and international design prizes in 2001 and the first
semester 2002 only.

CONTACT:  HOESCH GMBH & CO. KG
          Schneidhausen, 52372 Kreuzau
          Phone: 02422-540
          Fax: 02422-6793
          E-mail: ais@hoesch.de
          Web site: http://www.hoesch.de

          Jorg Zumbaum, Administrator
          Zuelpicher Strasse 117, 52349 Dueren
          Phone: 02421/20854-0
          Fax: 02421/20854-26


HOESCH LOGISTIK: Proofs of Claim Due Next Month
-----------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against HOESCH Logistik GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 22, 2005 to register their
claims with court-appointed provisional administrator Jorg
Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on August 8, 2005, 10:15 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report on September 19, 2005, 9:00 a.m. at the
same venue.

HOESCH Logistik GmbH provides logistical services such as
storage and packaging of sanitary products.

CONTACT:  HOESCH LOGISTIK GMBH
          Schneidhausen, 52372 Kreuzau
          Contact:
          Wolf-Eberhard Alexander Hoesch-Vial, Manager

          Jorg Zumbaum, Administrator
          Zuelpicher Strasse 117, 52349 Dueren
          Phone: 02421/20854-0
          Fax: 02421/20854-26


KONZEPTIONELLES IMMOBILIEN: Files for Bankruptcy
------------------------------------------------
The district court of Wiesbaden opened bankruptcy proceedings
against Konzeptionelles Immobilien-Management GmbH on May 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 6, 2005 to
register their claims with court-appointed provisional
administrator Dr. Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 10:30 a.m. at E 36 a, 3. OG,
Gebaude E, Moritzstrasse 5, Hinterhaus, 65185 Wiesbaden of
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  KONZEPTIONELLES IMMOBILIEN-MANAGEMENT GMBH
          Weidenbornstrasse 8 A, 65189 Wiesbaden
          Contact:
          Stephan Grossel
          Kreusslerstrasse 2, 65589 Hadamar

          Dr. Stephan Laubereau, Administrator
          Wolf-Heidenheim-Strasse 12, 60489 Frankfurt am Main
          Phone: 069/71379830
          Fax: 069/71379833


KRAHNER BAUGESELLSCHAFT: Construction Firm Declares Bankruptcy
--------------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against construction company Krahner Baugesellschaft mbH on May
25.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until July 27,
2005 to register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 24, 2005, 11:00 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

Krahner was established in 1990.  It has 12 employees and annual
turnover of EUR0.74 million, according to Berlin-Brandenburg
International guide for exporters and importers.

CONTACT:  KRAHNER BAUGESELLSCHAFT MBH
          Hauptstr. 3c
          14778 Krahne
          Phone: +49 (033835) 409 91
          Fax: +49 (033835) 402 95
          E-mail: krahnerbau@gmx.de
          Contact
          Mr. Manfred Herrmann, Managing Director
          Phone: 0 33 83 54 09 91

          Hartwig Albers, Administrator
          Luetzowstrasse 100, 10785 Berlin


OEMATECH VERTRIEBS: Under Bankruptcy Administration
---------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against oematech Vertriebs GmbH on May 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 8, 2005 to register their
claims with court-appointed provisional administrator Michael
Schoor.

Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 9:30 a.m. at the district court
of Dessau, Willy-Lohmann-Str. 33, Saal 123, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

Oematech produces and distributes safety systems for railways.
It also manufactures both industrial and garden hand pumps.

CONTACT:  OEMATECH VERTRIEBS GMBH
          Kuehnauer Strasse 9, 06846 Dessau
          Phone: +049 340 54 07 770
          Fax: +049 340 54 07 773
          Mobile: +049 163 3455 440
          Web site: http://www.oematech.de/
          Contact:
          Thomas Oertner, Manager
          Suedstrasse 21, 02782 Seifhennersdorf

          Michael Schoor, Administrator
          Schorlemmerstrasse 2, 04155 Leipzig
          Phone: 0341/4903650
          Fax: 0341/4903699


SCHEFENACKER AG: Rating Cut to 'B-' on Weak Performance
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based automotive supplier
Schefenacker AG to 'B-' from 'B', reflecting concerns about the
company's weak financial performance.

The rating on the EUR200 million senior subordinated bonds was
lowered to 'CCC' from 'CCC+', reflecting their subordination to
all existing and future priority debt.  All ratings were removed
from CreditWatch, where they had been placed with negative
implications on Nov. 25, 2004.  The outlook is negative.

"These actions reflect Standard & Poor's view that
Schefenacker's very aggressive leverage increases the company's
vulnerability to negative surprises in the challenging industry
environment for automotive suppliers," said Standard & Poor's
credit analyst Maria Bissinger.  In addition, we believe that
Schefenacker's free operating cash flow generation in 2005 is
likely to be negative.

The negative outlook reflects the challenges the company faces
in improving its credit profile.  In 2005, we expect EBITDA
fixed charge coverage to fall below its 2004 level (2.2x, which
was strong for the rating), as a result of a higher interest
burden, which will not be completely offset by a slight EBITDA
improvement.

"To maintain the current rating, the company needs to improve
its extremely leveraged capital structure," said Ms. Bissinger.
Schefenacker's fully adjusted total debt to capital was in
excess of 100% in 2004 (94% excluding the shareholder loan).  In
addition, equity was wiped out completely by net losses and a
goodwill impairment in excess of EUR100 million in 2004.  We
also expect Schefenacker to report operating losses in 2005.
Nevertheless, an EUR86 million deeply subordinated shareholder
loan could still be converted into equity.

At the end of December 2004, the group had about EUR84 million
in cash and cash equivalents.  In addition, following the
refinancing in May 2005, the EUR50 million revolving credit
facility is fully available.  The group has about EUR40 million
of bilateral lines at operating subsidiary level.  As a result
of the refinancing, there is more leeway under the new financial
covenants; as long as the company remains in compliance with
these financial covenants, the funds should be sufficient to
cover operational and working capital requirements in 2005.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

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


SD GLOBAL: Falls into Bankruptcy
--------------------------------
The district court of Hannover opened bankruptcy proceedings
against SD Global Equity AG & Co. KG on May 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 1, 2005 to
register their claims with court-appointed provisional
administrator Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting on August 24, 2005, 11:00 a.m. at the district court
of Hannover, Hannover Congress Centrum -- Niedersachsenhalle --,
Theodor-Heuss-Platz 1-3, 30175 Hannover, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  SD GLOBAL EQUITY AG & CO. KG
          Calenberger Esplanade 6, 30169 Hannover
          Contact:
          SD Global Equity Management AG
          Peter Leonhardt, Manager

          Manuel Sack, Administrator
          Theaterstr. 3, 30159 Hannover
          Phone: 0511/36602-0
          Fax: 0511/36602-55


SGL CARBON: Rating Affirmed at 'B' on Improving Results
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based producer of graphite electrodes SGL Carbon AG to
positive from stable.  At the same time, the 'B' long-term
corporate credit rating on SGL was affirmed.

The rating actions follow improvements in the company's
financial performance and the announcement that SGL and
Volkswagen AG's (A-/Negative/A-2) Audi unit have signed a
cooperation agreement on carbon ceramic brake (CCB) discs, which
secures a long-term supply contract and limits further capital
expenditure needs for SGL.  Additional features of the contract
include the widening of disc production for a larger scale
commercialization and possibly a joint venture.

"The revised outlook reflects the positive business and
financial implications that we expect the agreement to have on
the performance of SGL Technologies, one of SGL's smaller
divisions," said Standard & Poor's credit analyst Tommy Trask.
Under the terms of the agreement, SGL will receive an initial
payment of EUR10 million-EUR15 million for developing the CCBs
and automating their Meitingen plant to be equipped for
production, which could potentially reach 60,000 discs a year.
The plant's upgrade, having already been included by SGL in this
year's capital expenditure budget, should result in some
improvement to free cash flow generation in 2005.

SGL Technologies represented 13% of group turnover for the year
ended Dec. 31, 2004, but was a negative contributor to earnings.
The new cooperation agreement could potentially reverse this and
return the division to profitability, thereby improving the
credit metrics of the group.

The ratings continue to reflect SGL's weak but improving
performance track record, exposure to the cyclical steel
industry, and the risks associated with expansion into the high-
tech industries (fuel cell technology and CCB discs, for
example).  Positive rating factors include a strong market
position in graphite electrodes and related industries, good
geographical diversification, and strong liquidity.

"The ratings could be raised within the next 12 months if the
company succeeds in converting the opportunity provided by the
cooperation agreement with Audi into a durable financial
improvement and continues to focus on cash flow generation and
debt reduction," added Mr. Trask.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

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


THOMAS COOK: Lufthansa, KarstadtQuelle Shrug off Sale Report
------------------------------------------------------------
The owners of Thomas Cook deny they are selling their stakes in
the troubled tour operator, AFX News says.

Struggling retail giant KarstadtQuelle and national carrier
Deutsche Lufthansa, which both own a 50% stake in Thomas Cook,
also denied commissioning investment bank Morgan Stanley for the
sale.  Asked whether he was aware of an eventual sale, a
Lufthansa spokesman replied, "We know nothing of this."

KarstadtQuelle also said, "We stand by Thomas Cook, just like
Lufthansa."

Troubled Company Reporter Europe, citing a report from Financial
Times Deutschland, said on June 13 Lufthansa and KarstadtQuelle
are in advanced stage of selling Thomas Cook, their 50:50 joint
venture.  Possible buyers for the country's second-largest tour
operator include Hamburg entrepreneur and former Tchibo
shareholder, billionaire Guenter Herz.  The sale is reportedly
expected to fetch EUR1.0-1.5 billion (US$1.2-1.8 billion).

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de

          KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com

          MORGAN STANLEY
          1585 Broadway
          New York, NY 10036
          Phone: (212) 761-4000
          Web site: http://www.morganstanley.com/


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


PARMALAT FINANZIARIA: Debt Up EUR29.6 Mln in Four Months
--------------------------------------------------------
In the four months ended April 30, 2005, the Parmalat
Finanziaria's Core Businesses had revenues of EUR1,215.4
million, a gain of 3.7% over the EUR1,171.5 million reported at
the end of April 2004.  EBITDA also improved, growing both in
absolute terms (from EUR74.5 million to EUR89.7 million) and as
a percentage of revenues (from 6.4% to 7.4%).

These data do not reflect the impact of the nonrecurring charges
related to the extraordinary administration proceedings, which
amounted to about EUR21.0 million.

Monthly revenues (difference between the cumulative figures at
April 30 and March 31) totaled EUR334.9 million, up from
EUR325.6 million in April 2004, and EBITDA rose to EUR27.9
million (EUR23.9 million in April 2004).

An analysis of the Group's results in the main geographic
regions in which it operates is provided below.

Italy

At EUR445.5 million, cumulative revenues were slightly lower
(-2.4%) compared with the first four months of 2004 (EUR456.5
million).  EBITDA totaled EUR30.7 million, equal to 6.9% of
revenues.

If the data for the affiliate Boschi S.p.A. in Extraordinary
Administration are excluded, overall revenues show virtually no
year-over-year change, while EBITDA improved slightly.

The Group has launched a program that will restore forward
momentum to its Italian operations by focusing on the fresh-milk
segment of the market, implementing a more aggressive and
competitive marketing strategy, and introducing the Jeunesse
line of functional products.  In the main business segments in
which the Group operates, market shares have been improving
steadily, rebounding to the levels attained prior to the start
of the Extraordinary Administration proceedings.

Spain

While the overall revenues for the first four months of 2005
were down slightly compared with the same period last year, the
trend showed a significant improvement in the month of April.
Cumulative revenues for the period fell from EUR71.2 million in
2004 to EUR68.1 million in 2005, but EBITDA held relatively
steady both in absolute terms (EUR4.7 million, compared with
EUR4.8 million in 2004) and as a percentage of revenues (6.9%,
compared with 6.7% in 2004).

In April 2005, monthly revenues and EBITDA improved compared
with the first three months of the year, totaling EUR18.6
million and EUR1.6 million, respectively.

The problems that have been hampering the performance of the
Spanish operations are well known: a general contraction in
consumer demand, strong competition (particularly in the yogurt
and dessert market segments) and a steady rise in the cost of
packaging plastics (increases ranging between 20.0% and 34.0%
compared with 2004).  Nevertheless, the monthly data show
evidence of a turnaround, thanks to a change in the sales mix.
In the coming months, the repositioning of the bioliquids and
Activ Soja product lines should provide an additional boost to
sales.

South Africa

Cumulative revenues through April 30, 2005 totaled EUR89.6
million, up from EUR74.9 million in the first four months of
2004.  EBITDA also increased, rising from EUR6.9 million (9.2%
of revenues) to EUR8.6 million (9.6% of revenues).

Monthly data for April 2005 show revenues of EUR23.4 million.
EBITDA amounted to EUR2.7 million (11.5% of revenues), as
profitability improved compared with March 2005.

The performance of the South African operations reflects a
positive contribution by all divisions, with the best gains
reported in the UHT milk, yogurt, cheese and fruit juice
segments.  A more favorable average exchange rate than in the
first four months of 2004 (the rand appreciated by 5.2% compared
with the euro) was also a factor.

Venezuela

Even though the bolivar continued to lose value versus the euro
during the first four months of 2005 (a decline of 18.9%
compared with the average exchange rate for the same period last
year) the Venezuelan operations posted highly positive results.
At EUR47.1 million, revenues were lower than the EUR49.8 million
booked in the four months ended April 30, 2004, but EBITDA
jumped to EUR4.5 million (9.5% of revenues), up from EUR1.0
million (2.1% of revenues).

Savings in raw material costs and an increase in the efficiency
of the manufacturing organization and the logistics/distribution
system, coupled with a reduction in overhead, are the main
reasons for this improvement.

In April 2005, monthly revenues totaled EUR11.6 million, about
the same as in March 2005, and EBITDA amounted to EUR1.2 million
(10.4% of revenues).

Canada

Revenues for the first four months of 2005 were higher (+12.8%)
than in the same period last year, rising from EUR360.0 million
to EUR406.1 million.  At the same time, EBITDA grew to EUR27.3
million (EUR19.3 million in the four months ended April 30,
2004), equal to 6.7% of revenues (5.4% in the same period last
year).

Monthly data for April 2005 show revenues of EUR123.4 million
and EBITDA of EUR9.6 million (5.8% of revenues), as
profitability improved compared with March 2005.

Higher unit sales for several product categories and a reduction
in distribution expenses and overhead are the main reasons for
the improved performance in April and the first four months of
2005, compared with the corresponding periods a year ago.

Australia

In the first four months of 2005, the Australian operations
achieved modest improvements in revenues (EUR125.2 million
compared with EUR123.0 million in the same period last year) and
in EBITDA, which increased both in absolute terms (up from
EUR9.4 million and EUR9.8 million) and as a percentage of
revenues (from 7.6% to 7.8%).

Revenues for the month of April totaled EUR34.4 million.
EBITDA, which amounted to EUR3.9 million, were higher than in
the earlier months of 2005.

The performance of the Australian operations in the first four
months of 2005 reflects the positive impact of the higher
revenues and margins generated by sales of pasteurized milk, UHT
milk and yogurt, offset in part by a slight depreciation of the
Australian dollar versus the euro (-3.4% compared with the
average exchange rate for the first four months of 2004).

In the first four months of 2005, the Group's Noncore Businesses
reported revenues of EUR85.4 million, a decrease of 7.7% from
pro forma revenues of EUR92.5 million in the same period last
year.

However, even though net revenues were down, chiefly as a result
of the divestiture of the Mexican operations in 2004, EBITDA
improved from EUR0.1 million to EUR3.4 million, due mainly to
the successful implementation of cost cutting programs by the
Group's other operations.

Revenues for the month of April were down slightly compared with
April 2004, totaling EUR16.5 million, and EBITDA were negative
by EUR0.6 million.

                     Net Financial Position

Highlights

Short-term financial assets            Balance at
amounts in millions of euros      Dec. 31,  March 31,  April 30,
                                    2004      2005       2005
Total short-term financial assets  (441.6)  (423.8)    (422.1)
Total financial liabilities      11,469.6 11,473.2    11,479.7
Indebtedness owed to lenders
  outside the Group/(Financial assets)
  of companies consolidated line
  by line                        11,028.0 11,049.3    11,057.6

Indebtedness owed by companies consolidated
line by line to companies that are parties to local
composition-with-creditors proceedings
                                    316.6    325.8    325.2

Indebtedness/(Financial assets) of companies
consolidated line by line       11,344.6 11,375.1 11,382.8

Indebtedness/(Financial assets) of companies that
are not consolidated line by line    7.6      7.5      7.5

Total indebtedness/(financial assets)
                                 11,352.2 11,382.6 11,390.3

Guarantees provided to secure the indebtedness of
companies that are parties to local composition with-
creditors proceedings             1,701.3  1,701.3  1,701.3

At the end of April 2005, the indebtedness of companies
consolidated line by line totaled EUR11,057.6 million, or
EUR29.6 million more than at December 31, 2004.  This increase
reflects primarily a reduction in liquid assets, which occurred
because Parmalat S.p.A. in Extraordinary Administration
underwrote a capital increase carried out by a Portuguese
affiliate, repaid certain debt installments upon maturity, and
recognized the weakening of the euro versus the reporting
currencies of its companies in South Africa and Canada and the
U.S. dollar.

In April 2005, the indebtedness of companies consolidated line
by line increased by EUR8.3 million compared with the previous
month (EUR11,049.3 million), reflecting minor changes in certain
debt positions and the impact of fluctuations in foreign
exchange rates.

Also in April, the Group collected proceeds of EUR2.3 million
from the sale of the business operations of Streglio S.p.A. in
Extraordinary Administration.

The combined indebtedness owed to lenders outside the Group by
subsidiaries that are parties to local composition-with-
creditors proceedings and, consequently, have been
deconsolidated is not reflected in the net financial position
shown above.  Some of these borrowings are secured by guarantees
provided by Parmalat S.p.A. in Extraordinary Administration and
Parmalat Finanziaria S.p.A. in Extraordinary Administration in
the amount of EUR1,701.3 million.  The indebtedness owed by the
Group to companies in special proceedings that are not
consolidated line by line amounted to EUR325.2 million.  The
change, compared with the balance owed at December 31, 2004
(EUR316.6 million) reflects mainly changes in foreign exchange
translations.

As of June 8, no amount has been drawn from the EUR105.8-million
line of credit that a pool of banks provided to Parmalat S.p.A.
in Extraordinary Administration on March 4, 2004 and later
renewed until September 2, 2005.

A breakdown of the net indebtedness owed to lenders outside the
Group by companies consolidated line by line is:

Amounts in millions of euros           Balance
                                   at        at         at
                                Dec. 31,   March 31,  April 30,

Companies under extraordinary
administration included
in the Proposal of Composition
with Creditors                9,813.0     9,822.7    9,828.4

Other companies under
  extraordinary administration    89.7        89.9       88.8

Other companies                1,125.3     1,136.7    1,140.4

Total indebtedness/(financial assets)
                              11,028.0    11,049.3    11,057.6

Companies Under Extraordinary Administration

The net indebtedness incurred by companies under extraordinary
administration toward lenders outside the Group prior to their
becoming eligible for extraordinary administration is all short-
term, since all of these companies are in default of the
covenants of the respective loan agreements.

Liquid assets held by the companies included in the Proposal of
Composition with Creditors were down slightly, falling from
EUR239.8 million at March 31, 2005 to EUR234.1 million at April
30, 2005.  The main reason for this decrease is a change in the
liquid assets held by Parmalat S.p.A. in Extraordinary
Administration, which is explained in the section of this press
release that discusses the performance of Parmalat S.p.A. in
Extraordinary Administration.

The liquid assets mentioned above include EUR6.6 million in
deposits from subsidiaries, offset by the recognition of an
equal liability.

Other Companies

At April 30, 2005, the net indebtedness owed to lenders outside
the Group by the remaining operating and financial companies,
which are consolidated line by line but are not included in the
extraordinary administration proceedings, totaled EUR1,140.4
million (including EUR698.4 million in long-term debt), about
the same as at March 31, 2005, when it amounted to EUR1,136.7
million.

Some Group companies are currently renegotiating their
indebtedness in order to restructure it.

A full copy of the report is available free of charge at:
http://bankrupt.com/misc/Parmalat_apr2005.pdf

CONTACT:  Parmalat Finanziaria S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net


PARMALAT FINANZIARIA: To Close Popular Cheese Store
---------------------------------------------------
The Canadian arm of collapsed food group Parmalat Finanziaria
will shut down its Balderson Cheese Store, Ottawa Sun says.

The store is the latest casualty of Parmalat's asset disposal,
which has already affected several sites worldwide.  The
Balderson site is one of the prime tourist attractions in the
area.  The store currently sells Parmalat's Balderson cheese
brand as well as other food items, gifts and ice cream.  The
site also houses an art gallery and three commercial tenants.
Aside from the store, Parmalat will also sell the site's
fixtures and stocks, as well as the 28-acre land where it sits.
Parmalat promised to help the store's 12 employees to find new
jobs.

Mike Sobol, Parmalat's senior brand manager, revealed several
investors have already expressed interest in the site.  Mr.
Sobol said the group would like the buyer to take advantage of
the store's 125 years of history and continue selling Balderson
cheese, which Parmalat produces in Winchester.

Mr. Sobol noted that, though he is saddened by the imminent
closure, Parmalat helped promote and market Balderson Cheese,
making it available in 2,200 outlets across Canada and in the
U.S.  Mr. Sobol has been promoting Balderson for 25 years, even
before Parmalat acquired the cheese brand.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


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


BANK TURAN: Fitch Rates Long-term Foreign Rating 'BB'
-----------------------------------------------------
Fitch Ratings assigned Kazakhstan's Bank Turan Alem ratings of
Long-term foreign currency 'BB', Short-term 'B', Support '3',
and Individual 'C/D'.  The Outlook on the Long-term rating is
Stable.

At the same time, Fitch has assigned Long-term foreign currency
'BB' ratings to Turan Alem Finance B.V.'s notes guaranteed by
BTA.

(a) US$100 million due 29 May 2007,

(b) US$600 million due 2 June 2010,

(c) US$400 million due 24 March 2014,

(d) US$350 million due 10 February 2015

BTA's Long-term, Short-term and Support ratings reflect what
Fitch views as moderate probability of support from the Kazakh
authorities, should it be required.  This view is based on the
perceived relatively strong propensity of the Kazakh authorities
to support BTA, as well as the ability to provide support, as
reflected in Kazakhstan's Long-term foreign currency 'BBB-'
rating with Stable Outlook.  The Individual rating reflects the
risks inherent in the bank's rapid loan growth and ongoing
expansion into other CIS countries, significant loan
concentrations, moderate capitalization and certain weaknesses
in the bank's operating environment.  However, it also considers
the bank's substantial franchise, reasonable performance and
liquidity, relatively diversified funding base and fairly low
market risk appetite.

Upward pressure on the Long-term rating would result from an
upgrade of the Long-term foreign currency rating of Kazakhstan.
Downward pressure on the Individual rating could result from a
reduction in capital ratios or a deterioration in asset quality,
with the latter being in respect to either domestic lending or
exposures in other CIS countries.

BTA was founded in 1997 as a result of the merger of the
successors to the Kazakh divisions of the Soviet Industry &
Construction Bank and Foreign Trade Bank.  The bank was
privatized in 1998, and is now one of the two largest banks in
Kazakhstan, with top three positions in all major market
segments.  The bank's common stock is owned primarily by a
number of Kazakh investors, but Raiffeisen Zentralbank, the
European Bank for Reconstruction and Development, the
International Finance Corporation and Nederlandse Financierings
-- Maatschappij Voor Ontwikkelingslanden own convertible
preferred shares.  BTA's long-standing Chairman, who was also a
significant shareholder of the bank, died in December 2004, but
his successor has committed himself to the strategy pursued by
his predecessor.

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

          Media Relations:
          Jon Laycock, London
          Phone: +44 20 7417 4327


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


ROYAL SHELL: Shell Deutschland Buys Shares
------------------------------------------
Shell Deutschland Oil GmbH has purchased 15,000 Royal Dutch
ordinary shares at a price of EUR48.15 per share to be used to
satisfy requirements under employee share plans.  Such purchases
were effected outside the United States.

RD and its affiliates have been granted exemptive relief by the
Securities and Exchange Commission to make purchases of RD
Shares outside the offer that Royal Dutch Shell plc has made for
all the outstanding RD Shares in connection with the proposed
unification of RD, The "Shell" Transport and Trading Company,
p.l.c. and the Royal Dutch / Shell Group of Companies under
Royal Dutch Shell plc.  Any such purchases of RD Shares will be
made outside the United States.  Further, any such purchases
will comply with applicable Dutch law and the rules of Euronext
Amsterdam and will be subject to price limitations based on the
market price of RD Shares on Euronext Amsterdam.

The number of RD Shares in issue will not be affected by these
purchases.

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


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


ALTAYSKIY GLASS-WORKS: Deadline for Proofs of Claim Set July
------------------------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Altayskiy Glass-Works after finding the open
joint stock company insolvent.  The case is docketed as A03-
12854/04-5.  Mr. S. Kononenko has been appointed insolvency
manager.  Creditors have until July 7, 2005 to submit their
proofs of claim to 658044, Russia, Altay region, Pervomayskiy
region, Borovikha, Kirova Str. 62, Apartment 2.

CONTACT:  ALTAYSKIY GLASS-WORKS
          659564, Russia, Altay region, Bystroistokskiy region,
          Akutikha, Lenina Str. 75

          Mr. S. Kononenko
          Insolvency Manager
          658044, Russia, Altay region, Pervomayskiy region,
          Borovikha, Kirova Str. 62, Apartment 2


ENERGO-RESURSY: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Energo-Resursy after finding the close joint
stock company insolvent.  The case is docketed as A02-237/2005.
Ms. T. Samunova has been appointed insolvency manager.
Creditors may submit their proofs of claim to 649000, Russia,
Altay region, Gorno-Altaysk, Main Post Office, Post User Box
346.

CONTACT:  ENERGO-RESURSY
          Russia, Altay region,
          Gorno-Altaysk, Severnaya Str. 6

          Ms. T. Samunova
          Insolvency Manager
          649000, Russia, Altay region, Gorno-Altaysk,
          Main Post Office, Post User Box 346


IVANOVO-FURNITURE: Declared Insolvent
-------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Ivanovo-Furniture after finding the close
joint stock company insolvent.  The case is docketed as A17-
1260/05-14-B.  Mr. R. Latypov has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 115114, Russia,
Moscow, Post User Box 013.  A hearing will take place on Nov. 2,
2005, 10:00 a.m.

CONTACT:  IVANOVO-FURNITURE
          155031, Russia,
          Ivanovo region, 23 Liniya, 34

          Mr. R. Latypov
          Insolvency Manager
          115114, Russia, Moscow,
          Post User Box 013


KIRENSKIY RIVER: Under Bankruptcy Supervision
---------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Kirenskiy
River Port (TIN 3831002429).  The case is docketed as A19-
3913/05-29.  Mr. S. Ivasyuk has been appointed temporary
insolvency manager.

Creditors may send their proofs of claim to 664007, Russia,
Irkutsk, Dekabrskiykh Sobytiy Str. 55, Office 414.  A hearing
will take place on Sept. 1, 2005, 11:30 a.m.

CONTACT:  KIRENSKIY RIVER PORT
          Russia, Irkutsk region,
          Kirensk, Zavodskaya Str. 18

          Mr. S. Ivasyuk
          Temporary Insolvency Manager
          664007, Russia, Irkutsk region,
          Dekabrskiykh Sobytiy Str. 55, Office 414


KRUTINSKIY: Omsk Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Krutinskiy after finding the butter-making
combine insolvent.  The case is docketed as K/E-113/04.  Mr. V.
Malygin has been appointed insolvency manager.  Creditors have
until July 7, 2005 to submit their proofs of claim to 644033,
Russia, Omsk-10, Kuybysheva Str. 81-103.

CONTACT:  KRUTINSKIY
          646130, Russia, Omsk region, Krutinskiy region,
          Krutinka, 1st Maya Str. 1

          Mr. V. Malygin
          Insolvency Manager
          644033, Russia, Omsk-10,
          Kuybysheva Str. 81-103


MINE BIRYULINSKAYA: Names G. Kuptsov Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Mine Biryulinskaya after finding the open
joint stock company insolvent.  The case is docketed as A27-
20089/2004-4.  Mr. G. Kuptsov has been appointed insolvency
manager.

CONTACT:  MINE BIRYULINSKAYA
          652430, Russia,
          Kemerovo region, Berezovskiy

          Mr. G. Kuptsov
          Insolvency Manager
          650021, Russia, Kemerovo region,
          Predzavodskaya Str. 1B


MOZHGINSKIY GRAIN: Creditors Have Until July 7 to File Claims
-------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Mozhginskiy Grain Combine.  The case is docketed as A71-
139/2004-G21.  Mr. S. Olin has been appointed temporary
insolvency manager.  Creditors have until July 7, 2005 to submit
their proofs of claim to 426063, Russia, Izhevsk, Karla
Libknekhta Str. 65.

CONTACT:  MOZHGINSKIY GRAIN COMBINE
          427792, Russia, Udmurtiya republic,
          Mozhga, Mozhginskaya Str. 15

          Mr. S. Olin
          Temporary Insolvency Manager
          426063, Russia, Izhevsk,
          Karla Libknekhta Str. 65


SARMANOVSKIY MIXED: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on limited liability company
Sarmanovskiy Mixed Fodder Factory.  The case is docketed as A65-
5377/2005-SG4-35.  Mr. A. Miller has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 423461, Russia,
Tatarstan republic, Almetyevsk, GOS-11, Post User Box 188.  A
hearing will take place on Sept. 19, 2005, 1:00 p.m. at the
Arbitration Court of Tatarstan republic located at Russia,
Tatarstan republic, Kazan, Kremlin, Building 1, Entrance 2, 2nd
floor, Room 6.

CONTACT:  SARMANOVSKIY MIXED FODDER FACTORY
          Russia, Tatarstan republic,
          Sarmanovskiy region, Almetyevo

          Mr. A. Miller
          Temporary Insolvency Manager
          423461, Russia, Tatarstan republic,
          Almetyevsk, GOS-11, Post User Box 188
          Phone/Fax: (8553) 32-54-63, 32-53-96


SATISSKAYA: Bankruptcy Hearing Set September
--------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Satisskaya Furniture Factory.  The case is docketed as A43-
4143/2005, 33-162.  Mr. I. Dyukov has been appointed temporary
insolvency manager.

Creditors may send their proofs of claim to 606023, Russia,
Nizhniy Novgorod region, Dzerzhinsk-23, Post User Box 71.  A
hearing will take place on Sept. 20, 2005.

CONTACT:  SATISSKAYA FURNITURE FACTORY
          Russia, Nizhniy Novgorod region,
          Pervomayskiy region, Saris

          Mr. I. Dyukov
          Temporary Insolvency Manager
          606023, Russia, Nizhniy Novgorod region,
          Dzerzhinsk-23, Post User Box 71


ULYANOVSK-PTITSE-PROM: Declared Insolvent
-----------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Ulyanovsk-Ptitse-Prom after finding the
association of state unitary enterprises insolvent.  The case is
docketed as A72-4600/04-19/19-B.  Mr. I. Kosulin has been
appointed insolvency manager.  Creditors have until July 7, 2005
to submit their proofs of claim to 432063, Russia, Ulyanovsk,
Engelsa Str. 19.

CONTACT:  ULYANOVSK-PTITSE-PROM
          432063, Russia, Ulyanovsk region,
          Kirova Str. 57

          Mr. I. Kosulin
          Insolvency Manager
          432063, Russia, Ulyanovsk region,
          Engelsa Str. 19
          Phone/Fax: 8(8422) 41-09-74


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


ABB LTD.: CE Claimants Rep Wants to Amend CIBC Agreement
--------------------------------------------------------
David T. Austern, the Official Representative for Future
Asbestos Personal Injury Claimants, in Combustion Engineering,
Inc.'s chapter 11 proceedings, asks the U.S. Bankruptcy Court
for the District of Delaware, for permission to modify the terms
of his employment of CIBC World Markets Corp., as his financial
advisor.

Under the Second Amended Retention Letter, CIBC World will
continue to:

    (a) analyze the financial position, cash flow requirements,
        operations, competitive environment and assets of ABB
        and its affiliates;

    (b) evaluate the financial effect of the implementation of
        any plan of reorganization upon the operations, assets
        and securities of ABB and its affiliates including, but
        not limited to, the liquidity and creditworthiness of
        ABB, its bank and public bond debt and the common stock
        of ABB;

    (c) assist and advise Mr. Austern in connection with
        finalizing the terms of the Debtor's proposed plan of
        reorganization and related plan documents, and
        confirmation and implementation of the Debtor's plan of
        reorganization; and

    (d) perform all other necessary professional services that
        Mr. Austern requests and as may be appropriate in
        connection with the chapter 11 proceedings.

Joseph J. Radecki, Jr., Managing Director of CIBC World, tells
the Court that under the Third Agreement, the Firm will be paid:

    (a) $100,000 per month beginning with the month of May 2005
        through the month during which the Debtor's disclosure
        statement is approved; and

    (b) up through the month of the effective date of a plan of
        reorganization or termination of the Second Amended
        Retention Letter, whichever occurs first, the Firm shall
        be paid $25,000 per month, except for the month of
        confirmation for which the monthly fee will be $100,000.

Mr. Austern believes that the Firm is disinterested as that term
is defined in Section 101(14) of the U.S. Bankruptcy Code.

              Court Approval of CIBC World's Retention

On April 22, 2003, the Court authorized Mr. Austern to retain
and employ CIBC World to provide postpetition financial
services.  Under the first agreement dated March 24, 2003, CIBC
World was paid:

    (a) $25,000 per month beginning March 2003 until the month
        of confirmation of a restructuring plan, and

    (b) $75,000 for the month of confirmation.

            Court Approval of CIBC World's Second Agreement

The Court approved Mr. Austern's request to amend the First
Agreement on November 19, 2003.  In the second agreement, CIBC
was paid:

    (a) $75,000 for the month of May 2003;

    (b) $25,000 per month beginning June 2003, until the month
        of the effective date of a Chapter 11 plan of
        reorganization for the Debtor; and

    (c) $75,000 for the month in which a confirmation hearing
        occurs in the court.

                     The Chapter 11 Filing

ABB Ltd.'s U.S. subsidiary, Combustion Engineering, Inc., filed
for chapter 11 protection on February 17, 2003, and delivered
its prepackaged plan to the U.S. Bankruptcy Court for the
District of Delaware that day to halt and resolve the tide of
asbestos-related personal injury suits brought against the
companies.  Over the dozen years prior to the chapter 11 filing
-- according to information obtained from
http://www.LitigationDataSource.com-- the number of claims
against Combustion Engineering, its affiliates, ABB and former
joint venture partners, skyrocketed:

     Year   Asbestos Claims Asserted Against CE
     ----   -----------------------------------
     1990   18,891 .
     1991   19,000 .
     1992   20,000 +
     1993   21,000 +
     1994   22,000 ++
     1995   23,842 +++
     1996   27,577 ++++++
     1997   28,976 +++++++
     1998   28,264 ++++++
     1999   33,961 ++++++++++
     2000   39,138 +++++++++++++
     2001   54,569 ++++++++++++++++++++++++
     2002   79,204 ++++++++++++++++++++++++++++++++++++++++

CE is named as a defendant in cases pending in multiple
jurisdictions, with plaintiffs alleging injury as a result of
exposure to asbestos in products manufactured or sold by CE or
that was contained in materials used in CE's construction or
maintenance projects.

               Combustion Engineering's History

Combustion Engineering was formed in Delaware in 1912 as
The Locomotive Superheater Co. and manufactured and sold
superheaters for steam locomotives.  From the 1930s forward,
CE's core business is designing, selling and erecting power-
generating facilities, including major steam generators.  CE
also services large steam boilers and related electrical power
generating equipment.  From the 1930s through the 1960s,
asbestos insulation was used on many CE boilers.

                    Bankruptcy Professionals

Jeffrey N. Rich, Esq., at Kirkpatrick & Lockhart LLP, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent Combustion Engineering.

The Blackstone Group, L.P., provides CE with financial advisory
services.

David M. Bernick, Esq., at Kirkland & Ellis, provides legal
advice to ABB.

The CE Settlement Trust, holding the largest unsecured claim
against CE's estate, is represented by Hasbrouck Haynes, Jr.
CPA, at Haynes Downard Andra & Jones LLP.

CONTACT:  ABB Ltd. (Stockholm: ABB)
          Affolternstrasse 44
          8050 Zurich, Switzerland
          Phone: +41-43-317-7111
          Fax: +41-43-317-4420
          Web site: http://www.abb.com


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


AGROBUDPEREROBKA: Kyiv Court Names G. Astanin Liquidator
--------------------------------------------------------
The Economic Court of Kyiv region declared Agrobudpererobka
(code EDRPOU 25395985) insolvent on February 25, 2005.  The case
is docketed as 46/681-B.  Mr. G. Astanin (License Number AA
783231) has been appointed liquidator/insolvency manager.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) AGROBUDPEREROBKA
    01135, Ukraine, Kyiv region,
    Dmitrivska Str. 71

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


DIMIVSKE: Files for Liquidation
-------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Dimivske (code EDRPOU 00855196) on April 19,
2005 after finding the close joint stock company insolvent.  The
case is docketed as 10/58.  Mr. V. Cherepenko (License Number AA
140411 of June 12, 2002) has been appointed
liquidator/insolvency manager.  The company holds account number
260022726 at JSPPB Aval, Mikolaiv regional branch, MFO 326182.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) DIMIVSKE
    56622, Ukraine, Mikolaiv region,
    Novoodeskij district

(b) Mr. V. Cherepenko,
    Liquidator/Insolvency Manager
    Ukraine, Mikolaiv region,
    Moskovska Str. 54-a
    Phone: 8 (0512) 47-34-64

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


ENERGOSPETSBUD: Bankruptcy Supervision Starts
---------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Energospetsbud (code EDRPOU
22712994) on April 1, 2005.  The case is docketed as B-48/46-05.
Mr. O. Sutuzhko (License Number AA 783115) has been appointed
temporary insolvency manager.  The company holds account number
26001000101778 at OJSC Ukrainian Credit-Trade Bank, MFO 321723;
account number 2600503106 at JSB Sintez, MFO 322711; account
number 26009300001516 at OJSC Bank Demark, Chernigiv branch, MFO
321024; and account number 26001000101778 at OJSC Ukrainian
Credit-Trade Bank, MFO 321024.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) ENERGOSPETSBUD
    Ukraine, Harkiv region,
    Sumska Str. 74, office 2A

(b) Mr. O. Sutuzhko
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Fesenkivska Str. 12/14

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


INDUSTRIAL TECHNOLOGIES: Under Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Industrial Technologies (code EDRPOU
31124112).  The case is docketed as B 29/65/05.  Mr. Y.
Tsibulskij (License Number AA 779176) has been appointed
temporary insolvency manager.  The company holds account number
2600131000368 at JSB Pivdennij, Krivij Rig branch, MFO 306975.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) INDUSTRIAL TECHNOLOGIES
    50005, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Tbiliska Str. 2

(b) Mr. Y. Tsibulskij
    Temporary Insolvency Manager
    50027, Ukraine, Dnipropetrovsk region,
    Krivij Rig, 1221

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


KIROVOGRADBUD: Liquidator Takes over Operations
-----------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Kirovogradbud (code EDRPOU 01236584 The
company holds account number 260073489 at JSPPB Aval, MFO
323538) on April 13, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 10/120.  Ms. O.
Savonina (License Number AB 216735) has been appointed
liquidator/insolvency manager.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) KIROVOGRADBUD
    25026, Ukraine, Kirovograd region,
    Varshavska Str. 2

(b) Ms. O. Savonina
    Liquidator/Insolvency Manager
    25006, Ukraine, Kirovograd region,
    Lenin Str. 23

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25022, Ukraine, Kirovograd region,
    Lunacharski Str. 29


LEBEDIN' MEAT: Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Lebedin' Meat Combine (code EDRPOU
004444056) on April 14, 2005 after finding the joint stock
company insolvent.  The case is docketed as 6/50.  Mr. Oleksandr
Shevich (License Number AA 668288) has been appointed
liquidator/insolvency manager.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) LEBEDIN' MEAT COMBINE
    Ukraine, Sumi region,
    Lebedin, Bilozertsev Str. 32

(b) Mr. Oleksandr Shevich
    Liquidator/Insolvency Manager
    Ukraine, Sumi region,
    Nezalezhnosti Square, 1, Room 1412, 1418
    Phone/Fax: (0542) 34-91-13

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


MAGNIT ENERGIYA: Declared Insolvent
-----------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Magnit Energiya (code EDRPOU 30064990) after
finding the state enterprise insolvent.  The case is docketed as
10-08/5559.  Mr. Volodimir Rekun (License Number AA 140456) has
been appointed liquidator/insolvency manager.  The company holds
account number 26001910080503 at JSCB Ukrsocbank, Cherkassy
regional branch, MFO 354013.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) MAGNIT ENERGIYA
    Ukraine, Cherkasssy region,
    Kaniv, Lenin Str. 161

(b) Mr. Volodimir Rekun,
    Liquidator/Insolvency Manager
    18005, Ukraine, Cherkassy region,
    Ilyin Str. 330/16

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


PEGM: Court Hires Temporary Insolvency Manager
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Pegm (code EDRPOU 19022895) on
February 16, 2005.  The case is docketed as 23/185-b.  Ms.
Valentina Dranchenko (License Number AA 630098) has been
appointed temporary insolvency manager.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) PEGM
    01014, Ukraine, Kyiv region,
    Shevchenkivskij district, Timofiya Shamrila Str. 4

(b) Ms. Valentina Dranchenko
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Mukachivska Str. 3/9-14

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


PRILUKI' AGROTECHSERVICE: Succumbs to Bankruptcy
------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on OJSC Priluki' Agrotechservice (code
EDRPOU 03766168) on March 21, 2005.  The case is docketed as
9/110 B.  Ms. S. Ryazanova (License Number AA 419477) has been
appointed temporary insolvency manager.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) PRILUKI' AGROTECHSERVICE
    Ukraine, Chernigiv region,
    Priluki, Peremogi Str. 3

(b) Ms. S. Ryazanova
    Temporary Insolvency Manager
    Ukraine, Chernigiv region,
    Belov Str. 18/77

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 20


YALTA' MILK: AR Krym Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Yalta' City Milk Plant (code EDRPOU
00446246) after finding the limited liability company insolvent.
The case is docketed as 2-8/9929-2004.  Mr. Oleksandr Tamashov
(License Number AA 668286) has been appointed
liquidator/insolvency manager.  The company holds account number
26007290425001 at Privatbank, Yalta branch, MFO 384726.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) YALTA' CITY MILK PLANT
    98600, Ukraine, AR Krym region,
    Yalta, Spendiarov Str. 5

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


YASNOGIRIVSKE: Court Orders Debt Moratorium
-------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Yasnogirivske (code EDRPOU
30791812) April 4, 2005 and ordered a moratorium on satisfaction
of creditors' claims.  The case is docketed as 27/42 B.  Mr.
Buryak Anatolij (License Number AA 783120) has been appointed
temporary insolvency manager.  The company holds account number
26004301164 at Oshadbank, Kramatorsk branch, MFO 394222.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) YASNOGIRIVSKE
    Ukraine, Donetsk region,
    Kramatorsk, Rublyov Str. 19-2

(b) Mr. Buryak Anatolij,
    Temporary Insolvency Manager
    84200, Ukraine, Donetsk region,
    Druzhkivka, Lvivska Str. 36

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


ZHITNIKI: Insolvency Manager Takes over Helm
--------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Zhitniki (code EDRPOU 03791025) after
finding the limited liability company insolvent.  The case is
docketed as 08/4149.  Mr. Viktor Osipchuk (License Number AA
630045) has been appointed liquidator/insolvency manager.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) ZHITNIKI
    Ukraine, Cherkassy region,
    Zhashkivskij district, Zhitniki

(b) Mr. Viktor Osipchuk
    Liquidator/Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Vernigori Str. 16/11
    Phone: (0472) 65-11-28

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


ZHIVOTNOVOD: Alekseyeva Ludmila to Liquidate Company
----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Zhivotnovod (code EDRPOU 32313168) on April
21, 2005 after finding the limited liability company insolvent.
The case is docketed as 25/81.  Ms. Alekseyeva Ludmila has been
appointed liquidator/insolvency manager.

Creditors had until June 13, 2005 to submit their proofs of
claim to:

(a) ZHIVOTNOVOD
    70054, Ukraine, Zaporizhya region,
    Vilnyansk district, Kupriyanivka,
    Molodizhna Str. 1

(b) Ms. Alekseyeva Ludmila
    Liquidator/Insolvency Manager
    70410, Ukraine, Zaporizhya region,
    Lukashevo, Shasliva Str. 5

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


* Fitch Says Ukraine Needs a Coherent Energy Policy
---------------------------------------------------
Fitch Ratings says that Ukraine could be facing an energy crisis
if the country does not develop a coherent energy policy soon.

Ukraine is facing its second energy-related crisis in three
months, this time over the price of natural gas.  Its latest
dispute with Russia's Gazprom (rated 'BB'/Rating Watch Positive)
seems to have been sparked by the misplacement of 7.8 billion
cubic meters of Gazprom's gas, worth approximately US$400
million, in the underground storage facilities of Ukraine's
national gas transportation company Naftogaz of Ukraine (rated
'BB-'/Outlook Stable).  This has led to the Russian gas giant
Gazprom threatening to raise the price of natural gas supplied
to Ukraine from US$50 per 1000 cubic meters to US$160 per 1000
cubic meters.  In return, Ukraine has threatened to raise the
price for transporting gas across the country from US$1.09 per
1000 cm per 100 km to US$3.35.

"The array of retaliatory threats that has followed could have
severe credit consequences not only for the two sides involved,
but also for the Western European off takers who rely on Ukraine
to transport and supply about 110 billion cubic meters of
Russian gas to Western Europe every year," says Jeffrey
Woodruff, Director in Fitch's Energy team.  "At the same time,
Ukrainian officials are right to be worried about the effects of
a significant increase in the price of Russian gas imports
despite assurances by First Deputy Fuel and Energy Minister
Alexei Ivchenko that the consequences will be deplorable not for
Ukraine, but for Russia."

Ukraine has an annual natural gas deficit of about 56 billion
cubic meters and relies on supplies from both Russian and
Turkmenistan to meet demand.  Ukraine receives about 26 billion
cubic meters from Gazprom as payment in kind for the
transportation of gas across the territory of Ukraine every
year.  Gazprom has wanted to end this arrangement, currently
contracted until 2013, and pay for the transportation with cash
instead of gas.  A few months ago, the Ukrainian government
seemed open to this idea, but has taken a decidedly more
negative view to this proposal in the wake of this latest
dispute with Gazprom.

In Fitch's view, while it is a wise decision to secure gas
supplies to Ukraine's utilities, industries and households, it
still does not fall within the framework of a formal energy
policy that the country seems to badly need. Given the country's
heavy energy dependence, a more proactive energy policy would
help to promote stability in the sector.

The first energy crisis started in April this year and
specifically related to gasoline prices when the Ukrainian
government imposed price caps on Russian producers in response
to rising prices at the pump and accusations of price collusion.
This move resulted in some Russian oil companies closing down a
portion of their refineries for "maintenance."  The Ukrainian
government eventually backed down and removed the price caps,
but not before threatening to nationalize the Ukrainian refinery
of one Russian oil company.

The resolution of this crisis has important credit implications
for the energy sectors in both countries.  Fitch will therefore
continue to carefully monitor developments in the Ukrainian oil
and gas sector.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

          Josef Pospisil, London
          Phone: +44 20 7417 4266

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


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


ALLIED DOMECQ: E.U. Okays Assets Sale to Fortune Brands
-------------------------------------------------------
The European Commission has cleared under the E.U. Merger
Regulation the proposed acquisition of various brands and assets
of Allied Domecq plc and of Pernod Ricard S.A. by Fortune Brands
Inc.  After examining the operation carefully, the Commission
concluded that the transaction would not significantly impede
effective competition in the EEA or any substantial part of it.

Fortune Brands is a U.S. company active in the consumer goods
sector, including spirits and wines.  Its most famous spirits
brand is the U.S. Whisky "Jim Beam."  With this transaction,
Fortune Brands will acquire several brands and assets from the
United Kingdom-based spirits and wines company Allied Domecq,
including among others the Scotch whiskies "Teachers" and
"Laphroaig," the tequila "Sauza" and the brandy "Courvoisier."
At the same time, Fortune Brands will acquire from the French
company Pernod Ricard its "Larios" brand, which is primarily
known for its gin.

Because of the limited presence of Fortune Brands in the EEA,
the concentration will only result in minor overlaps in the
whisky markets in few Member States.  The new entity will
continue to face several strong, effective competitors with
significant market shares, such as Diageo.  The Commission has
therefore decided not to oppose the notified concentration and
declare it compatible with the common market.

This transaction is conditional on the completion of the
acquisition by Pernod Ricard of Allied Domecq by way of a public
bid announced on 21 April 2005.  This latter deal is still
subject to the Commission's scrutiny under the Merger
Regulation.

CONTACT:  ALLIED DOMECQ PLC
          The Pavilions
          Bridgwater Road
          Bedminster Down
          BRISTOL BS13 8AR
          United Kingdom
          Phone: +44 (0)117 978 5000
          Fax: +44 (0)117 978 5291
          Web site: http://www.allieddomecq.com


ALLSTOCK STEEL: Sets Creditors Meeting Last Week of June
--------------------------------------------------------
The unsecured creditors of Allstock Steel Services Limited will
meet on June 27, 2005 at 10:00 a.m.  It will be held at Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Menzies Corporate Restructuring, 17-19 Foley
Street, London W1W 6DW not later than 12:00 noon, June 24, 2005.

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


ASATSU UK: Hires PricewaterhouseCoopers as Liquidator
-----------------------------------------------------
At the meeting of Asatsu UK Limited on May 31, 2005, the special
and ordinary resolutions to wind up the company were passed.
Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT have been appointed joint
liquidators of the company.

CONTACT:  ASATSU UK LIMITED
          Phone: (44-20) 7629 0885
          Fax: (44-20) 7629 0884

          Izumi Oeda
          Managing Director
          E-mail: ioeda@asatsu.co.uk

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


AVONEDGE ELECTRICAL: Names Liquidator from Vantis Business
----------------------------------------------------------
At the extraordinary general meeting of Avonedge Electrical
Limited on June 2, 2005 held at The White Cottage, 19 West
Street, Epsom, Surrey KT18 7BS, the subjoined extraordinary
resolution to wind up the company was passed.  Robert Leonard
Harry Knight of Vantis Business Recovery, The White Cottage, 19
West Street, Epsom, Surrey KT18 7BS has been appointed
liquidator of the company.

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage,
          19 West Street,
          Epsom, Surrey, KT18 7BS
          Phone: 01372 743816
          Fax: 01372 720940
          E-mail: epsom@vantisplc.com
          Web site: http://www.vantisplc.com


BLUE CHIP: Hires Administrators from DTE Leonard Curtis
-------------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) have been
appointed administrators for Blue Chip Marketing International
Limited.  The appointment was made May 26, 2005.

The company offers other business services.  Its registered
office is located at Blue-Chip Marketing International, 103
Portland Street, Manchester, M1 6DF.

CONTACT:  BLUE CHIP MARKETING INTERNATIONAL LIMITED
          One Central Street
          Manchester M2 5 WR
          Phone: 0161 833 4300
          Fax: 0161 833 4200
          E-mail: nicky.thompson@bluechipmarketing.co.uk

          DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          E-mail: apoxon@dte-leonardcurtis.com
          Web site: http://www.dtegroup.com


C & S WINDOWS: Liquidator from Tomlinsons Moves in
--------------------------------------------------
At the extraordinary general meeting of C & S Windows And Doors
Limited on June 1, 2005 held at Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, the resolutions to wind up
the company were passed.  Alan H. Tomlinson of Tomlinsons, St
John's Court, 72 Gartside Street, Manchester M3 3EL has been
appointed liquidator of the company.

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


DANKA BUSINESS: Full-year Losses Reach GBP22.8 Million
------------------------------------------------------
Danka Business Systems PLC, an independent global provider of
office imaging systems and services, has reported its results
for the year and quarter ended 31st March 2005.

For the full year, Danka reported turnover of GBP668.2 million
and operating losses of GBP22.8 million excluding exceptional
items.  Danka's fourth quarter turnover was GBP158.6 million and
operating losses were GBP27.1 million excluding exceptional
items.  The results include a GBP9.4 million provision for U.S.
trade debtors in the fourth quarter. Including the exceptional
restructuring charges of GBP5.1 million and GBP4.0 million, the
Group reported operating losses of GBP27.9 million for the full
year and GBP31.0 million for the fourth quarter respectively.

Chief Executive Officer Todd Mavis said: "I was disappointed by
our fourth quarter results. I was encouraged by the progress we
made during the quarter in executing on several elements of our
ongoing Vision 21 program, including reducing worldwide
headcount, facility closures and other initiatives which are
expected to reduce expenses by GBP32-GBP39 million annually when
fully realized.

"We improved aspects of our working capital position in the
quarter, including reductions in stocks of 19%, a two-day
improvement in days' sales outstanding and positive cash
generation.  In addition, there was an increase in our creditors
of 9.8%.  We also put into place the foundation to create
broader and more profitable relationships with our best
customers, upgraded and expanded our sales forces in the U.S.
and U.K. and enhanced our products and services matrix in
support of our high-value Managed Print Services solution.

"Overall, the fourth quarter capped a very difficult year for
Danka.  In the year ending 31st March 2006, we must move quickly
to capitalize on our market opportunities, continue refining our
product offerings, ensure a cost structure that works for our
business and achieve consistency in our execution."

Full Year Results

Total turnover was GBP668.2 million, 15% lower than the
comparative prior year.  The turnover decrease was largely
driven by a 15% year over year decline in retail maintenance
turnover, mostly in the U.S. Contributing to the turnover
decline were a significant fall in turnover from our analogue
machine base and a foreign exchange translation impact.

Consolidated gross margins were 34.7% of turnover, compared to
36.3% in the comparative prior year.  Margins were primarily
affected by several key factors: the reduction in maintenance
turnover related to analogue machine base, softer than expected
retail equipment margins in the U.S., the write-down of rental
equipment and parts stocks and lower manufacturer purchase
incentives.

Recurring operating costs (distribution costs plus
administrative expenses) were GBP254.4 million, compared to
GBP275.2 million in the comparative prior year.  The year over
year decrease was largely driven by GBP14.7 million of favorable
foreign currency movements.  There were cost increases as a
result of GBP7.3 million in external expenses for Sarbanes-Oxley
compliance, a GBP3.6 million increase in bad debt charges
related to U.S. trade debtors and GBP1.2 million for consulting
services related to the cost restructuring initiative.

The operating loss was GBP22.8 million, excluding the GBP5.1
million exceptional restructuring charge.  In the comparative
prior year, the Group reported an operating loss of GBP14.3
million which included a GBP24.5 million exceptional
restructuring charge.

Free cash flow (net cash flow before use of liquid resources and
financing less net cash flow from acquisitions and disposals)
was a negative GBP7.7 million, compared to a positive GBP15.3
million in the comparative prior year.  Reasons for the fall in
cash flow include the increase in operating losses, GBP8.7
million additional expenditure in respect of the restructuring
initiatives, net of a GBP23.9 million improvement in working
capital.  Capital expenditures were GBP11.2 million, compared to
GBP20.5 million a year ago, primarily due to lower expenditure
on property and equipment.

Fourth Quarter

Total turnover was GBP158.6 million, 14% lower than the
comparative prior year quarter.  The turnover decrease was
largely driven by a 19% year over year decline in retail
maintenance turnover, mostly in the U.S.  Contributing to the
turnover decline was a significant fall in turnover from our
analogue machine base.

Consolidated gross margins were 27.3% of turnover, compared to
34.8% in the comparative prior year quarter.  Margins were
primarily affected by several key factors: the reduction in
maintenance turnover related to the analogue machine base,
softer than expected retail equipment margins in the U.S., the
write-down of rental equipment and parts stocks and lower
manufacturer purchase incentives.

Recurring operating costs were GBP70.4 million, compared to
GBP63.5 million in the comparative prior year quarter.  The year
over year increase was largely driven by GBP4.9 million in
external expenses for Sarbanes-Oxley compliance, a GBP3.5
million bad debt adjustment related to U.S. trade debtors and
GBP1.2 million for consulting services related to the cost
restructuring initiative, net of a GBP0.7 million year on year
decrease due to currency exchange.

The operating loss was GBP27.1 million, excluding the GBP4.0
million exceptional restructuring charge.  In the comparative
prior year quarter, the group reported an operating loss of
GBP12.3 million, which included a GBP13.4 million exceptional
restructuring charge.

Free cash flow was GBP4.9 million, compared to a negative GBP9.0
million in the third quarter.  Reasons for the sequential
improvement include a GBP12.1 million reduction in stocks, a
two-day decrease in days' sales outstanding and a GBP19.0
million increase in creditors.  Capital expenditures were GBP4.3
million, compared to GBP3.0 million in the third quarter,
primarily due to investments in rental equipment.

Danka intends to timely file its Form 10-K filing for the year
ended 31st March 2005 as required under U.S. securities
legislation.  As required by Section 404 of the Sarbanes-Oxley
Act, the Group will be disclosing that it has material
weaknesses in its internal controls relating to its information
technology general controls, revenue and billing processes,
stock and rental assets custody and tracking processes, its
financial statement close process and income tax process.

Danka also announced that Chief Financial Officer, Mark
Wolfinger, will retire from the Group with effect from the end
of June.  Mr. Wolfinger has been the group's CFO since 1998 and
has played an integral role in guiding the group through a
series of financial transactions and restructuring.

Mr. Mavis said: "We thank Mark deeply for his many significant
contributions to Danka and wish him the best in his retirement."

About Danka

Danka delivers value to clients worldwide by using its expert
technical and professional services to implement effective
document information solutions.  As one of the largest
independent providers of enterprise imaging systems and
services, the Group enables choice, convenience and continuity.

Danka's vision is to empower customers to benefit fully from the
convergence of image and document technologies in a connected
environment. This approach will strengthen the Group's client
relationships and expand its strategic value.

A copy of these results is available free of charge at
http://bankrupt.com/misc/DankaBusiness(2005).mht

CONTACT:  DANKA BUSINESS SYSTEMS PLC
          1230 Arlington Business Park
          Theale
          West Berkshire RG7 4TX, United Kingdom
          Phone: +44-118-903-2163
          Web site: http://www.danka.com

          Donald Thurman
          Investor Relations
          Phone: 001 770 280 3990

          Paul Dumond
          Company Secretary
          Phone: 020 7605 0154

          Weber Shandwick Square Mile
          Mike Kirk
          Helen Thomas


EXPRESS WINDOWS: In Administrative Receivership
-----------------------------------------------
The Governor and Company of the Bank of Scotland appoints Carl
Stuart Jackson and Nigel Ian Fox (IP Nos 8860, 8891) joint
administrative receivers for Express Windows (Southern) Limited
(Reg No 3979291).  The application was filed May 27, 2005.

The company makes double glazing windows.  Its registered office
is located at Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ.

CONTACT:  EXPRESS WINDOWS SOUTHERN LTD.
          38 Clausentum Road
          Southampton
          Hampshire SO14 6RZ
          Phone: 023 80236326

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


FKI PLC: Falls off S&P's Investment Grade Bracket
-------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
ratings on U.K.-based engineering company FKI PLC to 'BB/B' from
'BBB-/A-3'.  The outlook is stable.

"The cut in ratings to the high-yield category, from investment
grade, reflects our reassessment of FKI's business risk
following continued lackluster financial performance, which we
now view as reflective of structural decline in the group's
businesses and some key markets," said Standard & Poor's credit
analyst Jarrad Oberhardt.  "Furthermore, we no longer factor in
the substantial improvement in performance that FKI required to
sustain investment-grade ratings."

At the same time, the senior unsecured debt rating on FKI's
EUR600 million bonds was cut to 'BB' from 'BBB-' and placed on
CreditWatch with negative implications pending clarification of
mitigating factors relating to the structural subordination of
the debt.  Historically, the bonds have been rated the same as
the corporate credit rating on FKI.  According to Standard &
Poor's criteria for high-yield rated issuers, however, there is
potential for notching of the ratings on the bonds by a maximum
of two notches.  The CreditWatch will be resolved when further
investigation has been carried out to ascertain whether
structural subordination remains effectively mitigated.

As FKI's end markets continued to benefit from positive demand,
particularly those markets tied to U.S. industrial and
construction markets, Standard & Poor's expected a pronounced
improvement in performance.  Following the release of results
for the year ending March 2005, however, it is evident that FKI
has been unable to provide the improvement required to its
financial performance or to carry out any debt reduction.
Performance remains flat and we believe this is mainly due to
structural decline in FKI's business, as represented by
worsening market dynamics (particularly in the group's Hardware
division) and increasing levels of product commoditization,
competitive pressure, and pricing erosion.

There is not much prospect for a material positive change in
FKI's financial performance or credit metrics over the near-
term.  The ratings consider the group's current level of
performance and financial metrics as sustainable.

"FKI continues to face a number of considerable challenges,
however, including the prospect of further raw materials and
energy cost increases, continued U.S. dollar decline, and
deteriorating fundamentals in some of its businesses," said Mr.
Oberhardt. "Any deterioration in performance could put negative
pressure on the ratings."

Conversely, FKI would need to establish a clear and sustainable
improvement in performance, along with reduced debt, before
higher ratings could be considered.  No material changes in
consolidation are factored into the ratings.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

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


GW PHARMACEUTICALS: May Run out of Cash Next Year
-------------------------------------------------
GW Pharmaceuticals admitted on Friday it faces cash crunch after
losing an appeal over a regulatory decision against the approval
of its multiple sclerosis drug Sativex in U.K.

The Medicines and Healthcare Products Regulatory Agency refused
to clear the drug for distribution in the U.K. saying the firm
failed to prove its efficacy in treating spasticity associated
with MS.  Satives is the first cannabis-based prescription drug
for multiple sclerosis.  The under-the-tongue spray has already
been approved in Canada as treatment for MS pain.

The failure requires GW to complete an expensive extra trial,
according to The Independent.  It means the drug will not be
launched until late 2006, and the firm won't receive the payment
of GBP17 million from its marketing partner, Bayer, at an
expected date.  GW now only has GBP16 million of cash left to
finance monthly expenses of more than GBP1 million.

GW's shares took a dive on Friday, falling more than 40% since
it was first reported last week that the company had failed to
overturn the negative ruling by the regulator.

The company said it plans to sell the marketing rights to
Sativex in Continental European countries to try to raise funds
by the end of the year.  But Mike Booth, an analyst at
Canaccord, said even then, the move is unlikely to avert a cash
crunch by next year.

Justin Gover, managing director rules out asking shareholders
for more cash.  GW already raised GBP20 million in an offering
in 2003, where directors sold GBP8.5 million shares.  The shares
are now 65% below its value in 2003.  Geoffrey Guy, the
company's founder and chairman, sold GBP5 million at the time.

CONTACT:  GW Pharmaceuticals plc
          Porton Down Science Park
          Salisbury
          Wiltshire SP4 0JQ, United Kingdom
          Phone: +44-1980-557-000
          Fax: +44-1980-557-111
          Web site: http://www.gwpharm.com


JACOBS INTERNATIONAL: Bus Operator in Liquidation
-------------------------------------------------
At the extraordinary general meeting of the members of Jacobs
International Coaches Limited on June 3, 2005 held at Deer Park
Farm House, Knowle Lane, Horton Heath, Eastleigh, Hampshire SO50
7DZ, the special resolution to wind up the company was passed.
David John Stringer has been appointed liquidator of the
company.

                            *   *   *

The company operates buses and coaches.

CONTACT:  JACOBS INTERNATIONAL COACHES LIMITED
          Unit 1 Deer Park Farm,
          Knowle Lane Horton Heath,
          Eastleigh, Hampshire SO50 7DZ
          Phone: 02380692235

          STRINGER & CO.
          5 Bassett Wood Drive
          Southampton
          Hampshire SO16 3PT
          Phone: 023 8076 7241
          Fax: 023 8076 7241


KEENS LIMITED: Members Pass Winding-up Resolutions
--------------------------------------------------
At the general meeting of the members of Keens Limited, the
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Paul David Williams and Simon James
Underwood of Menzies Corporate Restructuring, 17-19 Foley
Street, London W1W 6DW have been appointed joint liquidators of
the company.

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


MINSTER TRUST: Liquidators from PwC Move in
-------------------------------------------
At the extraordinary general meeting of Minster Trust Limited on
May 26, 2005, the special and ordinary resolutions to wind up
the company were passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the company.

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


RADIOMETER CORPORATE: Appoints Deloitte & Touche Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Radiometer Corporate
Development Limited on May 27, 2005 held at Manor Court, Manor
Royal, Crawley, West Sussex RH10 2PY, the special and ordinary
resolutions to wind up the company were passed.  J. C. Reid of
Deloitte & Touche LLP, Lomond House, 9 George Square, Glasgow G2
1QQ, and James Robert Drummond Smith of Deloitte & Touche LLP,
Athene Place, 66 Shoe Lane, London EC4A 3BQ have been appointed
joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0) 141 204 2800
          Fax: +44 (0) 141 314 5893
          Web site: http://www.deloitte.com

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


ROYAL MAIL: Union Threatens to Bolt Labor Party
-----------------------------------------------
Royal Mail's postal workers union threatened to severe its ties
with the ruling Labor Party if the government privatizes the
troubled courier, The Guardian says.

The Communication Workers Union (CWU), which represents 160,000
of Royal Mail's 200,000 employees, said it would conduct a
"complete review" of its alliance with the Party once the
courier loses its public ownership status.  CWU general
secretary Billy Hayes said at the union's annual meeting, "We
will fight any attempt to sell off or screw up Royal Mail."

Mr. Hayes added that though CWU values our ties with the Albor
party, he has no "illusions about how that link will crumble if
the government breaks its promise."

Mr. Hayes also criticized the incessant pressure by Royal Mail's
management on the government to privatize the courier.  He said,
"The government made it quite clear that privatization is not on
the agenda and they were re-elected by the British people."

"If public servants in Royal Mail have trouble with a policy
endorsed by the electorate, then they should make way for people
who will carry out that policy," he added.

Union sources revealed the union will meet again next year to
decide on the matter, with disaffiliation from the Labor Party
as one of its option to preserve Royal Mail's ownership
structure.

Facing a GBP2.5 billion pension deficit, Royal Mail has asked
the government to conduct a review, in which former CWU senior
executive Alan Johnson will play an important role.  Allan
Leighton, the group's chairman, is reportedly pushing for Royal
Mail's partial-privatization, with employees gaining a share of
the group.  CWU wants the government to conduct a swift review,
since the postal market will be fully liberalized in coming
months.  The union also noted the plan of regulator, Postcomm,
to cap Royal Mail's prices compromises the courier's ability to
compete.  CWU deputy general secretary Dave Ward said Postcomm's
"irresponsible proposals" have put the future of the postal
industry "in doubt."

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ
          United Kingdom
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


UK COAL: Alchemy Might Still Pursue Bid
---------------------------------------
Speculations that Alchemy, the venture capital group headed by
Jon Moulton, remains interested in Britain's biggest coal-mining
group refused to die down at the weekend.

Alchemy could now be ready to contact U.K. Coal's financial
adviser, Dresdner Kleinwort Benson, to obtain financial and
commercial data about the company prior to a bid, according to
The Guardian.  UK Coal earlier terminated talks with a 'mystery'
bidder, which turned out to be Alchemy, after failing to get
further clarification.  Alchemy was unavailable for comment.

A spokesman for UK Coal said Alchemy had had no direct contact
with the firm, though, it is understood it may have made an
approach as part of a consortium, according to the report.

Analysts have suggested UK Coal's greatest asset may be its
property portfolio, whose book value is worth GBP200 million.
It owns seven deep mines in the U.K.

UK Coal firm sprang from the remains of British Coal after the
latter's sale in 1994 to RJB for GBP815 million.  It was renamed
UK Coal after the departure of RJB boss Richard Budge in 2001.
Its market valuation is about GBP185 million.

It lost GBP51.6 million last financial year as output fell.  It
produced 14 million of coal last year, well down on 1995 when it
produced 37 million tons.  The Doncaster-based company mines
more than 60% of the coal produced in the U.K.  UK Coal sold
production forward under contract, causing it to miss out on
soaring coal prices driven by the industrialization of China.

CONTACT:  UK COAL PLC
          Harworth Park, Blyth Rd., Harworth
          Doncaster
          South Yorkshire DN11 8DB, United Kingdom
          Phone: +44-1302-751751
          Fax: +44-1302-752420
          Web site: http://www.ukcoal.com

          DRESDNER KLEINWORT WASSERSTEIN
          20 Fenchurch St.
          London
          EC3P 3DB, United Kingdom
          Phone: +44-20-7623-8000
          Fax: +44-20-7623-4069
          Web site: http://www.drkw.com/


WOOLWORTHS GROUP: Names Three New Directors
-------------------------------------------
Woolworths Group plc has appointed three new Directors to its
Board.

Stephen East (47) has been appointed to the Board as Group
Finance Director and will join on July 1, 2005.  Mr. East was
formerly Finance Director of MEPC plc and previously held senior
positions with Redland plc including as Group Treasurer.

He is currently a Non-Executive Director of Regus Group plc and
Star Energy Group plc and is Deputy President of the Association
of Corporate Treasurers.

Steve Lewis, current director of operations for the Woolworths
retail facias and the distribution network; and Lloyd
Wigglesworth, current managing director of Entertainment U.K.
Ltd. are both promoted to the executive Board with immediate
effect.

Mr. Lewis (41) has been Woolworths operations director since
2001.  He was previously operations director of the Dixons
retail chain.  With over 20 years retail experience he has been
instrumental in improving operating standards and in-store
disciplines throughout Woolworths.

Mr. Wigglesworth (45) was appointed as managing director of
Entertainment U.K. in March last year and has successfully grown
the business, adding new accounts and retaining key customers.
He was previously a main board director of WH Smith plc and is a
non-executive director of Crest Nicholson Plc.

Group Chairman Gerald Corbett said: "I am delighted to welcome
Stephen to the Woolworths Group Board.  He is an experienced and
well respected Finance Director and alongside Lloyd and Steve,
will bring added strength and expertise to the Board to take the
Company forward."

Stephen East said: "I am looking forward to joining the
Woolworths board and working with Trevor, Gerald and the team.
Woolworths is a fantastic high street brand and a business with
a lot of potential."

                            *   *   *

At the Woolworths Group plc Annual General Meeting held Tuesday,
Chairman Gerald Corbett said: "Current trading has remained
difficult and the outlook for consumer spending on the High
Street remains poor.  In the 18 weeks to 4 June 2005, Woolworths
Mainchain like-for-like sales decreased by 4.4%.

"Excluding Entertainment (music, video, games and books), which
suffered a comparatively poor release schedule, like-for-like
sales decreased by 0.3 per cent.  Overall, the Woolworths gross
margin was slightly down on last year.  Action has been taken on
costs to limit the impact of negative sales and margin on
profitability and space allocation in store has been changed to
support product groups with higher profit densities."

CONTACT:  WOOLWORTHS GROUP PLC
          Woolworth House, 242-246 Marylebone Rd.
          London
          NW1 6JL, United Kingdom
          Phone: +44-20-7262-1222
          Fax: +44-20-7706-5416
          Web site: http://www.woolworthsgroupplc.com

          Tulchan Group
          Kate Inverarity
          Phone: 020 7353 4200
          Celia Gordon-Shute
          Phone: 020 7353 4200


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

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


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


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


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


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


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Glunz AG                  GLUG        (0)         428      (17)
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (106)       1,264      (50)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Delta Ice Cream                       (3)         183      (14)
DryShips Inc.             DRYS        (4)         184      (29)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (16,510)       5,285     (332)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


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


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


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


RUSSIA
------
Kamchatskenergo                     (107)         291   (7,319)
Zil Auto                            (147)         349   (9,974)


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


SWITZERLAND
-----------
Kaba Holding AG           KABZN      (23)         582      260


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (252)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Invensys PLC                        (963)       4,861      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *