TCREUR_Public/050615.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

            Wednesday, June 15, 2005, Vol. 6, No. 117

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: Citigroup Among Plane Purchase Financiers


F R A N C E

EUROTUNNEL SA: Combines Chairman, Chief Executive Posts


G E R M A N Y

AEG HAUSGERATE: Parent Mulls Nuremberg Site Closure
AFB: Gives Creditors Until Next Month to File Claims
BERGFELDER & SOHNE: Creditors' Claims Due Next Month
BRB BAUSTOFFHANDEL: Court to Verify Claims August
CONTRACT BAU: Appoints Dr. Bornheimer Interim Administrator

ELEKTRO BREUER: Last Day for Filing Claims July 20
EPH EUROPEAN: Paderborn Court Brings in Interim Administrator
EUROPEAN PRECISION: Real Estate Firm Declares Bankruptcy
HEIDELBERGCEMENT AG: Confirms Spohn's Takeover Bid
HSS BECKER: Creditors Meeting Set July

IXL SATELLITENINFORMATIONS: Under Bankruptcy Administration
NORDEX AG: Hits Record Order Intake in 2nd Quarter
PRO & CO: Court Appoints Klaus Knetter Administrator
WAGENER+SCHADE: Under Bankruptcy Administration
WCM GROUP: Merger with Klockner-Werke on Track


I T A L Y

ALITALIA SPA: Auditor Finally Certifies 2004 Accounts
IMPREGILO SPA: Banks Agree to Underwrite Capital Increase


N O R W A Y

AKER KVAERNER: Rating Upgraded from B1 to Ba3


P O L A N D

ELEKTRIM SA: ZE PAK Reports US$28.430 Million Loss
FSO: Govt Inks Preliminary Deal with Ukraine's AwtoZAZ


R U S S I A

BARANOVSKOYE: Undergoes Bankruptcy Supervision Procedure
CHERNOMORSKAYA GREY: Krasnodar Court Names Insolvency Manager
KEMEROVSKIY: Bankruptcy Hearing Set September
KHABAROVKSIY: Undergoes Bankruptcy Supervision Procedure
KLINKET: Under Bankruptcy Supervision

MIKHAYLOVSKOYE: Ryazan Court Hires A. Maltsev Insolvency Manager
MIRNYJ: Undergoes Bankruptcy Supervision Procedure
ROS-MYASO-MOL-TORG: Khabarovsk Court Names Insolvency Manager
SARANINSKIY FACTORY: Under External Management Procedure
WINERY TIKHORETSKIY: Names V. Kokurina Insolvency Manager


U K R A I N E

AMVROSIYIVKA' STEEL: Donetsk Court Appoints Liquidator
BIONIKA: Bankruptcy Proceedings Begin
BUTAKOM: Kyiv Court Opens Bankruptcy Proceedings
CONSULTING-COMPANY: Under Bankruptcy Supervision
ENERGOTRANZIT: Bankruptcy Supervision Starts

GREBINKIVSKIJ RAJPOSTACH: Succumbs to Bankruptcy
KRAMATORSK' AUTOBASE: Declared Insolvent
SNOV BIRD: Court Names Mikolanse Bobrovnikov Insolvency Manager
TORENTEH: Insolvency Manager Takes over Helm
TORGPROMSERVICE: Liquidator Takes over Operations


U N I T E D   K I N G D O M

ALAN DINES: Creditors Meeting Set Next Week
AOK PRINTERS: Creditors to Meet Thursday
CCG INTERNATIONAL: In Administrative Receivership
C.H. BRANNAM: Hires Menzies Corporate as Administrator
C.J.W. MANUFACTURING: Names Richard Long & Co. Liquidator

DAGENHAM SECURITY: Meeting of Creditors Next Week
DARENTH WEIGHING: Administrators from Baker Tilly Move in
DECILLION FUND: Calls in Liquidators
EURAMAX HOLDINGS: Secured Credit Facilities Rated B1
FEDERAL-MOGUL: Seeks Consulting Services for 12 Facilities

FRITH BOOK: Members Decide to Wind up Firm
GLOBAL RAIL: Hires P&A Partnership as Administrator
HOLMES VALVES: Sets Creditors Meeting June 27
JARVIS PLC: Board Okays Disposal of European Roads Business
KERSTEN HUNIK: Hires PricewaterhouseCoopers as Liquidator

LUMINAR PLC: Sells 49 Nightclubs for GBP27 Million
MAHUL LIMITED: Calls in Liquidator from RSM Robson Rhodes
RAYMOND PROFESSIONAL: Names BDO Stoy Hayward Administrator
ROYAL & SUNALLIANCE: Corvus Considers Takeover
SALTON INC.: Recalls 100,000 Coffee makers from Sears Stores

SPECIALIST RECRUITMENT: Administrators Seek Buyers
TAYLOR MADE: Business for Sale
WINTON REALISATIONS: Creditors Meeting Set Next Week


                            *********


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


CZECH AIRLINES: Citigroup Among Plane Purchase Financiers
---------------------------------------------------------
More than 10 parties are interested in financing the purchase of
12 Airbus aircraft by national air carrier Czech Airlines,
according to Prague Daily Monitor.

Prospective financiers, which include Citigroup, CSOB and
Komercni banka among others, submitted bids this week for the
CZK10-12.5 billion (US$404-US$504.8 million) tender, the report
said.

CSA is seeking the highest possible financing for the purchase
of Airbus 320s, if possible close to 100% of the expected price.
It wants the maximum interest at 10%, to be repaid over 12-15
years.  The funding must be available by February next year when
the first planes will be delivered.  Three planes will arrive in
2006, five in 2007, and four in 2008.  CSA's order is for six
126-seater Airbus 320s and six 135-seater A319s.  The purchase
will bring to 60 its current fleet of 50 planes by 2008.

The selection commission will announce the next steps of the
tender at the end of June.  It is expected to name a winner
after the summer holidays.

CONTACT:  CESKE AEROLINIE A.S.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax:   +42 224 81 04 26
          Web site: http://www.csa.cz


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


EUROTUNNEL SA: Combines Chairman, Chief Executive Posts
-------------------------------------------------------
During its meeting Monday, the Joint Board of Eurotunnel S.A.
decided to unify the roles of Chairman and Chief Executive of
the Eurotunnel Group and entrusted Jacques Gounon with this
mandate.

                            *   *   *

According to The Sunday Telegraph, 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, were plotting to oust Mr. Gounon.

The two were reportedly joining forces with shareholder activist
Nicolas Miguet, who led the sacking of the firm's entire board
last year.

Mr. Huas had told the paper Mr. Raymond will become executive
chairman once Mr. Gounon is expelled.  He called Mr. Gounon's
plan to ask creditors to write off a big part of Eurotunnel's
GBP6.5 billion debt unsustainable.

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


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


AEG HAUSGERATE: Parent Mulls Nuremberg Site Closure
---------------------------------------------------
The future of AEG's main factory is in doubt, according to
Frankfurter Allgemeine Zeitung.

The supervisory board of Electrolux, AEG's Swedish parent, asked
the group Friday to review the possibility of closing its
Nuremberg site, which employs around 1,750 people.  Management
downplayed it as only one of the options being considered to
revive the group's fortune.

At the meeting, AEG's management informed Electrolux's finance
committee of the group's difficulties in the European market,
especially in Germany.  The group revealed the Nuremberg site,
which has not been fully operating, has lost its competitiveness
after suffering from the current price war in the domestic
appliance market.  The group will meet again on June 20, though
it remains unknown whether the meeting would reveal the site's
future.

AEG's Nuremberg plant manufactured last year over 1.6 million
appliances, half of which were sold to the local market.  Part
of the world's largest domestic appliance group since 1994, AEG
has been one of the dominant brand names in Germany.  AEG
presents itself across Europe as a top brand for sophisticated,
performance-oriented consumer.

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

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


AFB: Gives Creditors Until Next Month to File Claims
----------------------------------------------------
The district court of Montabaur opened bankruptcy proceedings
against AFB -- Gesellschaft fuer schluesselfertiges Bauen mbH
(Bautragergesellschaft fuer Wohn- und Industriebau on May 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 31, 2005
to register their claims with court-appointed provisional
administrator Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting on Sept. 19, 2005, 8:45 a.m. at Saal 106, 1. Stock,
Gerichtsgebaude, Bahnhofstrasse 47, 56410 Montabaur 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:  AFB -- GESELLSCHAFT FUER SCHLUESSELFERTIGES BAUEN MBH
          Hochstrasse 3, 56242 Selters
          Contact:
          Volker Hummerich, Hochstrasse 3, 56242 Selter

          Jens Lieser, Administrator
          Josef-Gorres-Platz 5, 56068 Koblenz
          Phone: 0261/304790
          Fax: 0261/9114729


BERGFELDER & SOHNE: Creditors' Claims Due Next Month
----------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against Bergfelder & Sohne GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 4, 2005 to register their
claims with court-appointed provisional administrator Uwe
Gruenert.

Creditors and other interested parties are encouraged to attend
the meeting on July 25, 2005, 9:45 a.m. at the district court of
Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen, Etage
2, Raum 283, 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.

Bergfelder & Sohne is a specialty shop for sanitary, cooking and
other kitchen supplies.

CONTACT:  BERGFELDER & SOHNE GMBH
          Altenhagener Str. 43-45, 58097 Hagen
          Phone: 02331/901790
          Fax: 02331/901799
          E-mail: bergfelder.soehne@t-online.de
          Contact:
          Andre Paul Fastenrath, Manager
          Andreas Becker, Manager

          Uwe Gruenert, Administrator
          Kaiserstr. 155, 58300 Wetter
          Phone: 02335/17444
          Fax: +4923353890


BRB BAUSTOFFHANDEL: Court to Verify Claims August
-------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
BRB Baustoffhandel u. Gesellschaft f. rationales Bauen mbH 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 Dr. Jorg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting on August 22, 2005, 9:45 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Zimmer W 1.24A, 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.

BRB Baustoffhandel handles construction projects and distributes
building materials.

CONTACT:  BRB BAUSTOFFHANDEL U. GESELLSCHAFT
          F. RATIONALES BAUEN MBH
          Am Turm 86, 53721 Siegburg
          Contact:
          Klaus Spohr, Manager

          Dr. Jorg Bornheimer, Administrator
          Sporergasse 7, 50667 Koln
          Phone: 0221 - 27 26 12 0
          Fax: 0221 - 27 26 12 99.


CONTRACT BAU: Appoints Dr. Bornheimer Interim Administrator
-----------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Contract Bau 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 Dr. Jorg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting on August 22, 2005, 10:00 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Zimmer W 1.24A, 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.

Contract Bau provides construction-related designs and services.
Its workforce of expert architects, civil engineers, in-house
attorneys, tax consultants, and other personnel offer to:

(a) create an aesthetically pleasing yet functional design
    within the client's budget;

(b) undertake surveyor regulations;

(c) help locate and purchase the right site for clients; and

(d) provide expert financial advice.

CONTACT:  CONTRACT BAU GMBH
          Pfadwiesen 70
          34590 Wabern
          Germany
          Phone: 0049 56 83 922 01 41
          Fax: 0049 56 83 930 795
          E-mail: vertrieb@contract-bau.de
          Web site: http://www.contract-bau.de

          Mike Attenborough-Cox
          Brackenwood Ostrove Burghchere
          Newburg Berkshire RG 209 JS
          England

          Phone: 0044 163 52 78 379
          Fax: 0044 163 52 78 828
          E-mail: mike@kasselproperties.com
          Web site: http://www.kasselproperties.com


ELEKTRO BREUER: Last Day for Filing Claims July 20
--------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Elektro Breuer/Jacobs GmbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 20, 2005 to register their claims with
court-appointed provisional administrator Juergen Buehs.

Creditors and other interested parties are encouraged to attend
the meeting on August 26, 2005, 9:30 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, 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 BREUER/ JACOBS GMBH
          Am Bahnchen 9, 53447 Alfter
          Phone: 02 28/ 64 75 83
          Fax: 02 28/ 64 75 92
          Contact:
          Konrad Breuer, Manager
          Linkenbacher Str. 15, 53783 Eitorf
          Peter Jacobs, Manager
          Im Muehlenfeld 28, 53123 Bonn

          Juergen Buehs, Administrator
          Oxfordstrasse 2, 53111 Bonn
          Phone: 0228 / 98 52 10
          Fax: 022898 52 122


EPH EUROPEAN: Paderborn Court Brings in Interim Administrator
-------------------------------------------------------------
The district court of Paderborn opened bankruptcy proceedings
against EPH European Precision Homes Bautragergesellschaft mbH
on May 30.  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 Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 19, 2005, 10:15 a.m. at the district court
of Paderborn, Hauptstelle, Am Bogen 2-4, 33098 Paderborn, II.
Etage, Saal 216 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:  EPH EUROPEAN PRECISION HOMES BAUTRAGERGESELLSCHAFT MBH
          Oberer Westring 14, 33142 Bueren
          Contact:
          Franz Peitz

          Hans-Peter Burghardt, Administrator
          Bunsenstrasse 3, 32052 Herford
          Phone: (0 52 21) 6930-731
          Fax: 05221/6930691


EUROPEAN PRECISION: Real Estate Firm Declares Bankruptcy
--------------------------------------------------------
The district court of Paderborn opened bankruptcy proceedings
against real estate company European Precision Homes Germany
GmbH on May 30.  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 Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 19, 2005, 10:45 a.m. at the district court
of Paderborn, Hauptstelle, Am Bogen 2-4, 33098 Paderborn, II.
Etage, Saal 216 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:  EUROPEAN PRECISION HOMES GERMANY GMBH
          Oberer Westring 14, 33142 Bueren
          Contact:
          Franz Peitz
          Oberer Westring 14, 33142 Bueren

          Hans-Peter Burghardt, Administrator
          Bunsenstrasse 3, 32052 Herford
          Phone: (0 52 21) 6930-731
          Fax: 05221/6930691


HEIDELBERGCEMENT AG: Confirms Spohn's Takeover Bid
--------------------------------------------------
HeidelbergCement AG has received an all-share takeover bid from
Spohn Cement GmbH at EUR60 per share.  According to the
Financial Times, Spohn Cement, an investment group linked to the
Merckle family, has valued the company at more than EUR6.5
billion.

Billionaire pharmaceuticals entrepreneur Adolf Merckle holds
12.8% of the firm directly, and 22.44% through Schwenk
Beteiligungen.  HeidelbergCement's other major investors are Axa
and Allianz.

In May, Standard & Poor's Ratings Services revised its outlook
on HeidelbergCement to positive from stable, reflecting
improvements in the group's credit position to date and further
expected improvements over the next 18 months.  At the same
time, the 'BB+' long-term and 'B' short-term corporate credit
ratings, and the ratings on all outstanding debt of
HeidelbergCement and its related entities were affirmed.

The company reported a loss last year due to a EUR647 million
exceptional charge, mainly related to the writedown of the value
of assets.  Operating losses in the first quarter was EUR35
million on revenue of EUR1.36 billion.  In March it closed a
EUR270 million rights issue.

"The outlook revision reflects our expectation that, despite
continued weak volumes in the German cement market,
HeidelbergCement will further strengthen its credit protection
measures, owing to improving pricing conditions and continued
growth in Eastern Europe," said Standard & Poor's credit analyst
Eve Greb.  "Management's focus on implementing efficiency
improvements and cost cutting is also expected to further
strengthen the group's performance."

S&P said the ratings on HeidelbergCement reflect the group's
moderately aggressive financial structure and the cement
industry's cyclicality and heavy capital intensiveness.  These
factors are offset by HeidelbergCement's large size, broad
geographical diversity, strong market positions, and sustained
ability to generate healthy funds from operations (FFO).  With
sales of EUR6.9 billion (US$9.3 billion) in 2004,
HeidelbergCement is the fourth-largest cement producer
worldwide.

"The ratings on HeidelbergCement would likely be raised should
the company continue strengthening its financial profile and
improve its FFO-to-net debt ratio (adjusted for operating leases
and after-tax unfunded pension liabilities) to a sustained 25%,"
said Ms. Greb.

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


HSS BECKER: Creditors Meeting Set July
--------------------------------------
The district court of Kiel opened bankruptcy proceedings against
HSS Becker & Schiller GmbH & Co KG on May 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 28, 2005 to register their
claims with court-appointed provisional administrator Justus von
Buchwaldt.

Creditors and other interested parties are encouraged to attend
the meeting on July 26, 2005, 11:15 a.m. at the district court
of Kiel Saal: 3 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:  HSS BECKER & SCHILLER GMBH & Co KG
          Ellerkrug 30, 24107 Kiel
          Phone: 0431 314438

          Justus von Buchwaldt, Administrator
          Curienstr. 2, 20095 Hamburg


IXL SATELLITENINFORMATIONS: Under Bankruptcy Administration
-----------------------------------------------------------
The district court of Weilheim i.OB opened bankruptcy
proceedings against ixl Satelliteninformations AG on May 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 28, 2005
to register their claims with court-appointed provisional
administrator Hans G. Hanel.

Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 11:00 a.m. 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.

The IXL Satelliteninformations-Aktiengesellschaft,
Oberpfaffenhofen, Germany, was outsourced from the German
Aerospace Center.  IXL offers customized evaluation of digital
information from satellites, space- and aircraft.  The company
develops innovative micro-satellites with high-resolution
cameras, controllable via Internet.

Related Projects: Space- and Airborne Mined Area Reduction Tool.

CONTACT:  IXL SATELLITENINFORMATIONS AG
          Muenchener Str. 20 in 82234 Wessling
          Contact:
          Wolfgang Noack
          Phone: +49 (0)81 53 28 36 80
          Fax: +49 (0)81 53 28 36 82
          Web site: http://www.ixl-satinfo.com/

          Hans G. Hanel, Administrator
          Hauptstr. 37, 82380 Peissenberg
          Phone: 08803/63660
          Fax: 08803/636677


NORDEX AG: Hits Record Order Intake in 2nd Quarter
--------------------------------------------------
With order receipts already valued at EUR123 million, Nordex
achieves its highest order intake in its 20-year history this
quarter.  Since April 1, 2005, customers from France, Portugal,
China and Germany have ordered a total of 78 turbines with a
combined output of 143.4 MW.  As a result, the Hamburg-based
wind turbine producer's order receipts have exceeded forecasts.

Spurred by strong customer demand, the sales target of over
EUR60 million for this quarter will be achieved, allowing Nordex
to operate close to the break-even threshold.  Nordex projects
further sales growth in the third and fourth quarters as well as
quarterly profit.

The orders received from Portugal and France entail a total of
30 Nordex N90/2300 kW and 8 N60/1300 kW turbines.  China has
ordered 20 N60 turbines, while orders have been received from
within Germany for ten N90 and ten S70/1500 kW turbines.

                            *   *   *

The Nordex Group is one of the world's leading suppliers of wind
turbines.  It has 689 employees and assets of EUR186.382 million
as of Dec. 31, 2004.  It has bank debt of EUR37.566 million (as
of 2004) and tax liabilities of EUR3.356 million as of 2004.

It blamed weak capacity utilization as the primary reason for
its operating losses in the stub fiscal year.  The company had
consolidated cumulative loss of EUR33.457 million for the period
Oct. 1, 2003 to Sept. 30, 2004.  To reinforce its equity and
debt capital situation on a sustained basis, Nordex is
implementing a comprehensive recapitalization plan.  It projects
return to profit by 2006.

Nordex's latest annual report is available free of charge at
http://bankrupt.com/misc/Nordex(StubFY2004).pdf

CONTACT:  Bornbarch 2
          22848 Norderstedt
          Phone: ++49 - 40 - 500 98 100
          Fax: ++49 - 40 - 500 98 101
          E-mail: info@nordex-online.com
          Web site: http://www.nordex-online.com/
          Contact:
          Jens-Peter Schmitt, Chairman of the Supervisory Board
          Thomas Richterich, Spokesman of the board and CFO


PRO & CO: Court Appoints Klaus Knetter Administrator
----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Pro & Co Werbeagentur GmbH on May 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 20, 2005 to register their
claims with court-appointed provisional administrator Klaus
Knetter.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

Pro & Co is an advertising agency focusing on consultancy,
marketing and assessment of businesses.

CONTACT:  PRO & CO WERBEAGENTUR GMBH
          Feldstr. 97 c, 33609 Bielefeld
          Phone: (05 21) 93 26 5-0
          Fax: (05 21) 93 26 5-67
          Contact:
          Reinhold Prohaska, Manager
          Am Tiefen Weg 3, 33604 Bielefeld

          Klaus Knetter, Administrator
          Otto-Brenner-Str. 186, 33604 Bielefeld


WAGENER+SCHADE: Under Bankruptcy Administration
-----------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Wagener + Schade Autoservice GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 10, 2005
to register their claims with court-appointed provisional
administrator Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting on July 25, 2005, 12:30 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, 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.

Wagener + Schade has been handling repair and maintenance of
vehicles for more than 75 years.  It also operates as
distributor of Bosch products and provides related services.

CONTACT:  WAGENER+SCHADE AUTOSERVICE GMBH
          Baumstr. 12-16
          45128 Essen
          Phone: 0201 / 7229-0
          Fax: 0201 / 7229-101
          Web site: http://www.wagener-schade.com
          Contact:
          Dr. Gerd Schade, Manager
          Wallostr. 18, 45136 Essen
          Hans-Joachim Schade, Manager
          Langenfeldstr. 146, 45181 Muelheim-Ruhr

          Rolf Weidmann, Administrator
          Einigkeitstr. 9, 45133 Essen
          Phone: 0201/437760
          Fax: 02014377620


WCM GROUP: Merger with Klockner-Werke on Track
----------------------------------------------
WCM Beteiligungs- und Grundbesitz-AG on Thursday successfully
concluded this year's Annual General Meeting.  More than 700
participants followed the event in the Old Opera House in
Frankfurt.  Those in attendance accounted for 25.23% of the
share capital.  Approval for each of the items on the agenda was
at more than 85%.

The Chairman of the Management Board, Roland Flach, explained
that the radical reduction of the Group's liabilities due to
banks, the disposal of Residential Property in 2004 and the
settlement with the SIRIUS banks in the second quarter of this
year had been major steps towards stabilizing the Group.

"Our goal is still to merge WCM and Klockner-Werke.  All the
preparations for this have been made, the administration of the
two groups has already been combined," stated the Chairman of
the Management Board, Roland Flach.

A material obstacle to a rapid implementation of the fusion
plans is the as yet unresolved discussion with the tax
authorities on the tax receivable arising from a contested
transaction in 1997.  WCM is confident that it will be able to
bring these proceedings to a positive conclusion for the
Company.

The actions of the Management Board and the Supervisory Board
were clearly approved.  Similarly, the proposal by the
Supervisory Board to elect Mr. Rainer Laufs, former chairman of
the committee of managing directors of Deutsche Shell AG and Dr.
Jochen Melchior, former CEO of Steag AG, to the Supervisory
Board was also accepted.

The authorization to acquire own shares resolved by the Annual
General Meeting on June 9, 2004 expires on December 8, 2005.
The proposed resolution to authorize the Management Board of WCM
AG to acquire own shares again was approved with around 92% of
the vote.

The proposed resolution to create new capital was approved with
a rate of more than 90%.  Items 7 and 8 on the agenda were
struck at short notice.  The administration is of the opinion
that it is not realistic to expect that the Corporate Integrity
and Modernisation of the Right of Avoidance Bill (UMAG) will
become effective in light of the German parliamentary elections
expected in autumn.

Further changes to the Articles of Association were approved
with around 97% of the vote.  HANSA PARTNER GmbH
Wirtschaftsprfungsgesellschaft, Hamburg, was appointed as the
auditor for the financial year 2005 with 92%.

As there is still doubt as to the legality of the resolutions
adopted by the Annual General Meeting in 2004, these were
repeated and each was approved by more than 86% of the vote.

CONTACT:  WCM GROUP
          Ms. Maren Moisl
          Phone: +49 (0) 69 90026-510
          Fax: +49 (0) 69 90026-110
          E-mail: presse@wcm.de


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


ALITALIA SPA: Auditor Finally Certifies 2004 Accounts
-----------------------------------------------------
Auditor Deloitte & Touche finally certified the 2004 results of
troubled national carrier Alitalia, a week after the European
Commission approved its restructuring plan, La Stampa says.

The certification allows Alitalia to claim in its financial
report that it is a going concern.  Deloitte refused last year
to certify Alitalia's 2003 accounts, citing uncertainty on the
carrier's ability to continue operating.  At that time, the
European Commission had yet to approve Alitalia's restructuring
plan, which assures its continuity.

Alitalia's shareholders will meet on June 28 to approve the
accounts.

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


IMPREGILO SPA: Banks Agree to Underwrite Capital Increase
---------------------------------------------------------
Troubled construction group Impregilo took another step forward
in its restructuring, reaching an agreement with banks to
underwrite its EUR650 million capital hike, Il Sole 24 Ore says.

Impregilo, along with key shareholders Gemina and the Igli
consortium, signed the agreement with Caboto, a Banca Intesa
unit; Banca IMI, a division of Sanpaolo IMI; Unicredito Banca
Mobiliare, an arm of Unicredito Italiano; and Efibanca, a part
of Banca Popolare di Lodi.

Prior to the agreement, Impregilo was able to secure a EUR500
million seven-year loan from three local banks.  The group has
also rescheduled the repayment of EUR200.3 million in short-term
loans, which the builder must now repay within five years.

These recent developments caused Impregilo's share price to rise
by 6.5% to EUR7.05 Sunday, proof that investors are again
confident about the company's future.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it

          BANCA CABOTO S.p.A.
          Via Arrigo Boito, 7
          20121 Milan
          Phone: +39 02 80211
          E-mail: info@caboto.it
          Web site: http://www.caboto.it

          BANCA D'INTERMEDIAZIONE MOBILIARE IMI S.p.A
          Corso Matteotti 6
          20121 Milan
          Phone: +39 02 7751 1
          Fax: +39 02 7751 2030
          E-mail: info@bancaimi.it
          Web site: https://www.bancaimi.it

          UNICREDIT BANCA MOBILIARE S.p.A.
          Via Tommaso Grossi, 10
          20121 Milan
          Web site: http://www.ubm.it

          EFIBANCA S.p.A.
          Via Boncompagni, 71
          00187 Roma
          Phone: +39 06 422981
          Fax: +39 06 42298922
          Web site: http://www.efibancaspa.it


===========
N O R W A Y
===========


AKER KVAERNER: Rating Upgraded from B1 to Ba3
---------------------------------------------
Moody's Investors Service raised the ratings of Aker Kvaerner
Oil & Gas Group and its subsidiary Aker Kvaerner A.S. primarily
to reflect the strong recovery in profitability and cash flow
generation of the ring-fenced oil and gas group over the past
four quarters, coupled with the clear reduction in senior debt,
repaid from internally generated funds.

Ratings affected:

(a) Aker Kvaerner Oil & Gas Group A.S.

     (i) Senior implied rating raised from B1 to Ba3,

    (ii) Issuer rating of B3 withdrawn, in line with Moody's
         announced policy to discontinue the use of issuer
         ratings; and

(b) Aker Kvaerner A.S.

    Rating of the 2nd priority lien notes due 2011 Raised from
    B2 to Ba3.

The outlook on all ratings is raised to positive from stable.

The Ba3 senior implied rating is based on the significant and
hitherto sustained increase in operating margins achieved in
2004 and during the first quarter of 2005, underpinned by the
improved cost base, operating structure, working capital
management and successful headcount rationalization initiative.
Furthermore, the continuing upswing in the oil and gas industry
cycle has given rise to higher volumes of capital project
spending by oil and gas companies, which has in turn boosted the
group's order in-take and backlog.

The financial structure of the ring-fenced group has improved
markedly, following the repayment of all senior borrowings from
internally generated funds, since the initial rating assignment
in March 2004.  This reduction in bank debt along with the
increase in operating cash flow generation has improved coverage
and debt leverage metrics significantly.

The elimination of a one notch differential between the senior
implied rating and that of the 2nd lien notes reflects Moody's
expectation that there will be minimal additional priority debt
incurred that would rank ahead of the notes in the near and
medium term, given the rising cash flow generation, sizable
accumulated cash balance and management's stated intention to
make only modest bolt-on opportunistic acquisitions going
forward.  Furthermore, the likelihood of cash leakage out of the
ring-fenced oil and gas group structure into the wider Aker
Kvaerner group is low as a result of contractual limitations on
upstream dividend payments to the ultimate parent company, Aker
Kvaerner A.S.A. (maximum of 50% of the oil and gas group's
annual net profit) and limitations on asset sales, permitted
investments and permitted liens.

Despite the aforementioned operational and financial
improvements, the ratings continue to be constrained by the
following more challenging issues: (i) the high embedded
implementation risk associated with the complexity of a large
number of the group's projects; (ii) the cyclical nature of the
oil and gas services industry; (iii) the relatively low overall
operating margins of Aker Kvaerner Oil & Gas Group when compared
with those of its competitors in some of the higher margin
business areas, offset in part by business mix considerations;
(iv) the continuing high exposure to business predominantly
sourced from the North Sea Continental Shelf, although
recognizing that the company is making good progress in
diversifying contracts; (v) the limited prospect of further
gross debt de-leveraging as a result of the non-call feature of
the 2nd lien notes until June 2007.

The positive outlook reflects Moody's expectation that the oil
and gas group will continue to maintain and improve upon the
increased profitability and cash flow generation seen to date
since the second quarter of 2004, buoyed by the rationalized
cost base and positive market momentum.

What Could Drive the Ratings Up

Further upward rating pressure could result from the group
demonstrating that the improved profitability margins as well as
coverage and leverage metrics are sustainable.  Specific rating
upgrade triggers in the short term would include maintenance of
stable profit margins, in particular an EBIT margin within the
4% range, a sustainable leverage ratio as measured by reference
to a ratio of Adjusted RCF pre working capital/Net Adj.  Debt in
the mid 30% range and the ability to generate free cash flow
during the up-cycle phase, with no incurrence of significant
additional priority debt.

What Could Drive the Ratings Down

Downward rating pressure would result from negative developments
such as: (i) a fall in profitability to similar weak levels seen
in 2003 (EBIT margin 2.3%, EBITDA margin 3.5%); (ii) reduced
cash flow generation resulting in a fall in the RCF/Net Adj.
Debt ratio of below 15%; (iii) incurrence of significant
additional priority debt ranking ahead of the notes.

Company Summary

Aker Kvaerner Oil & Gas Group A.S. is an international oil and
gas service provider and a subsidiary of the listed Aker
Kvaerner A.S.A., which is in turn owned 50,01% by Aker A.S.A.,
headquartered in Oslo, Norway.  Aker Kvaerner Oil & Gas Group
has operations in over 20 countries with the majority of it
activities carried out in Norway, the U.K. and the U.S.A.  The
group is also established internationally in areas such as the
Gulf of Mexico, Brazil, Western Africa, South East Asia, Russia
and the Middle East.  In 2004 the ring-fenced oil and gas group
generated revenues of NOK22.65 billion and EBITDA of NOK1.128
billion.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples
          Managing Director
          Corporate Finance Group

          London
          Susie Maidment
          Asst Vice President - Analyst
          Corporate Finance Group

          For Journalists: 44 20 7772 5456


===========
P O L A N D
===========


ELEKTRIM SA: ZE PAK Reports US$28.430 Million Loss
--------------------------------------------------
The Zespol Elektrowni Patnow-Adamow-Konin (ZE PAK) power plants,
owned by Elektrim S.A., reported adjusted consolidated loss of
over PLN95 million (US$28.430 million) in 2004.

The amount differs considerably from Elektrim's consolidated
financial figures, Warsaw Business Journal said.  The report did
not say how much was recorded in Elektrim's book.

Meanwhile, both ZE PAK's management board and supervisory board
have accepted a plan to lay off 240 people despite opposition
from the labor union.  The redundancies are related to a planned
reduction in production powers.  PAK's union, which is
threatening to go on strike, insists the move violates the
privatization agreement.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl

          ELEKTROWNIA PATNOW
          62-510 Konin
          ul. Kazimierska 45
          Phone: +48(63) 247-30-00
          Fax: +48(63) 247-30-30
          Web site: http://www.zepak.com.pl


FSO: Govt Inks Preliminary Deal with Ukraine's AwtoZAZ
------------------------------------------------------
The Polish government proceeded with the sale of its 20% stake
in FSO to AwtoZAZ despite questions raised over the latter's
financial standing.

The two have signed a preliminary deal for the transfer of the
stake, PAP news agency reported, citing deputy treasury minister
Dariusz Witkowski.  The government, though, will still examine
AwtoZAZ's financial position before signing a definitive
agreement.  It plans to do so by the end of June.

Last year, it was reported that AwtoZAZ had started buying FSO's
debt from creditor banks.  Some US$8 million have already been
bought, according to Millennium Bank.

FSO's troubles started after Daewoo Motor went belly up in 2001
and worsened during the Polish car market slump in 2003.
General Motors Corp. took over Daewoo Motor in 2002, but Daewoo-
FSO was excluded from the transaction.

FSO is a large Polish producer of passenger cars and other
mechanical vehicles, trailers, spare parts and accessories.  It
is located in Warsaw and employs more than 3,000 people.  Its
bank creditors are Millennium Bank, Bank Pekao, BPH PBK, Bank
Handlowy, ING Bank Slaski and Kredyt Bank.  Debt to the banks
was PLN591 million as of 2003.  The loans are secured by assets.

CONTACT:  DAEWOO-FSO MOTOR
          00-992 Warszawa
          Jagiellonska 88
          Web site: http://www.daewoo.com.pl


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


BARANOVSKOYE: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Baranovskoye (TIN 5231000783).  The case is docketed as A43-
6628/2005, 33-194.  Mr. I. Ivanov has been appointed temporary
insolvency manager.

Creditors may send their proofs of claim to 603139, Russia,
Nizhniy Novgorod region, Post User Box 12.  A hearing will take
place on Oct. 11, 2005, 1:30 p.m. at the Arbitration Court of
Nizhniy Novgorod region, Room 238.

CONTACT:  BARANOVSKOYE
          606173, Russia, Nizhniy Novgorod region,
          Sosnovskiy region, Baranovo

          Mr. I. Ivanov
          Temporary Insolvency Manager
          603139, Russia, Nizhniy Novgorod region,
          Post User Box 12


CHERNOMORSKAYA GREY: Krasnodar Court Names Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Chernomorskaya Grey Mullet (TIN 2301010951).  The case is
docketed as A-32-6769/2005-46/65-B.  Mr. Z. Shaulov has been
appointed temporary insolvency manager.

Creditors may send their proofs of claim to 350007, Russia,
Krasnodar-7, Post User Box 5973.  A hearing will take place on
July 26, 2005, 3:00 p.m.

CONTACT:  CHERNOMORSKAYA GREY MULLET
          353410, Russia, Krasnodar region,
          Anapa, Tiraspolskaya Str. 1

          Mr. Z. Shaulov
          Temporary Insolvency Manager
          350007, Russia, Krasnodar-7,
          Post User Box 5973


KEMEROVSKIY: Bankruptcy Hearing Set September
---------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on open joint stock company
Kemerovskiy Auto-Repair Factory (TIN 4234000758).  The case is
docketed as A27-9856/2005-4.  Mr. A. Kachula has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 650060, Russia,
Kemerovo, Stroiteley Avenue, 32/3, Apartment 29.  A hearing will
take place on Sept. 7, 2005, 9:30 a.m.

CONTACT:  KEMEROVSKIY AUTO-REPAIR FACTORY
          650501, Russia, Kemerovo region,
          Muromtseva Str. 1

          Mr. A. Kachula
          Temporary Insolvency Manager
          650060, Russia, Kemerovo region,
          Stroiteley Avenue, 32/3, Apartment 29


KHABAROVKSIY: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Khabarovksiy.  The case is docketed as A73-2420/2005-9.  Mr. S.
Sinelnikov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to: 680011, Russia,
Khabarovsk, Sovetskaya Str. 3.

CONTACT:  KHABAROVKSIY
          680011, Russia, Khabarovsk region,
          Sovetskaya Str. 3

          Mr. S. Sinelnikov
          Temporary Insolvency Manager
          680011, Russia, Khabarovsk region,
          Sovetskaya Str. 3


KLINKET: Under Bankruptcy Supervision
-------------------------------------
The Arbitration Court of Primorye region has commenced
bankruptcy supervision procedure on open joint stock company
Klinket.  The case is docketed as A51-3271/2005 26/39b.  Mr. A.
Polyakov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 690105, Russia,
Vladivostok-105, Post User Box 45.  A hearing will take place on
Aug. 24, 2005, 10:00 a.m. at the Arbitration Court of Primorye
region located at Russia, Vladivostok, Svetlanovskaya Str. 54,
Room 305.

CONTACT:  KLINKET
          Russia, Primorye region,
          Arsenyev, Zavodskaya Str. 5

          Mr. A. Polyakov
          Temporary Insolvency Manager
          690105, Russia, Vladivostok-105,
          Post User Box 45


MIKHAYLOVSKOYE: Ryazan Court Hires A. Maltsev Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on open joint stock company Mikhaylovskoye
(TIN 6208001445).  The case is docketed as A54-1148/2005 S1.
Mr. A. Maltsev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 129334, Russia,
Moscow, Iskry Str. 9, Apartment 19.  A hearing will take place
on Sept. 19, 2005, 10:00 a.m.

CONTACT:  MIKHAYLOVSKOYE
          Russia, Ryazan region,
          Mikhaylovksiy region, Elektrostroy

          Mr. A. Maltsev
          Temporary Insolvency Manager
          129334, Russia, Moscow,
          Iskry Str. 9, Apartment 19


MIRNYJ: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Mirnyj (CJSC 2333001685).  The case is docketed as A-32-
8874/2005-1/98B.  Mr. V. Vivchar has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 350042, Russia, Krasnodar, Kolkhoznaya Str. 3, Office 212.

CONTACT:  MIRNYJ
          353772, Russia, Krasnodar region,
          Kalininskiy region, Rogachevskiy

          Mr. V. Vivchar
          Temporary Insolvency Manager
          350042, Russia, Krasnodar region,
          Kolkhoznaya Str. 3, Office 212


ROS-MYASO-MOL-TORG: Khabarovsk Court Names Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Ros-Myaso-Mol-Torg.  The case is docketed as A73-2898/2005-9.
Mr. V. Muratov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 680020, Russia,
Khabarovsk, Post User Box 106-29.

CONTACT:  ROS-MYASO-MOL-TORG
          Russia, Khabarovsk region,
          Krasnorechenskaya Str. 118

          Mr. V. Muratov
          Temporary Insolvency Manager
          680020, Russia, Khabarovsk region,
          Post User Box 106-29


SARANINSKIY FACTORY: Under External Management Procedure
--------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
external management bankruptcy procedure on open joint stock
company Saraninskiy Factory until Sept. 3, 2005.  The case is
docketed as A60-21420/2002-S3.  Mr. V. Shmelev has been
appointed external insolvency manager.

CONTACT:  SARANINSKIY FACTORY
          623311, Russia, Sverdlovsk region, Krasnoufimskiy
          region, Sarana, Zavodskaya Str. 1

          Mr. V. Shmelev
          External Insolvency Manager
          620027, Russia, Ekaterinburg,
          Post User Box 206


WINERY TIKHORETSKIY: Names V. Kokurina Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Winery Tikhoretskiy.  The case is docketed as A-32-9448/2005-
1/123-B.  Ms. V. Kokurina has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 352120, Russia, Tikhoretsk, Mira Str. 9.

CONTACT:  WINERY TIKHORETSKIY
          Russia, Krasnodar region,
          Tikhoretsk

          Ms. V. Kokurina
          Temporary Insolvency Manager
          352120, Russia,
          Tikhoretsk, Mira Str. 9


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


AMVROSIYIVKA' STEEL: Donetsk Court Appoints Liquidator
------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Amvrosiyivka' Steel Casting Plant (code
EDRPOU 05482995) on April 26, 2005 after finding the open joint
stock company insolvent.  The case is docketed as 42/42-B.  Mr.
Berezhnich Ivan (License Number AA 783024) has been appointed
liquidator/insolvency manager.

CONTACT:  AMVROSIYIVKA' STEEL CASTING PLANT
          87302, Ukraine, Donetsk region,
          Amvrosiyivka, Titovki Str. 24

          Mr. Berezhnich Ivan,
          Liquidator/Insolvency Manager
          84205, Ukraine, Donetsk region,
          Druzhkivka, Molokovo, Polyova Str.31

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


BIONIKA: Bankruptcy Proceedings Begin
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Bionika (code EDRPOU 24374478) on April 21,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/294.  Ms. Valentina Plushakova has been
appointed liquidator/insolvency manager.  The company holds
account number 260011042 at JSPPB Aval, MFO 30335.

CONTACT:  BIONIKA
          Ukraine, Kyiv region,
          Kikvidze Str. 16

          Ms. Valentina Plushakova
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Melnikov Str. 2/10

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


BUTAKOM: Kyiv Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Butakom (code EDRPOU 32589508) on April 21,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/295.  Ms. Valentina Plushakova has been
appointed liquidator/insolvency manager.  The company holds
account number 260073012830 at JSB National Investments, MFO
300489.

CONTACT:  BUTAKOM
          03039, Ukraine, Kyiv region,
          Saperno-Slobidska Str. 25

          Ms. Valentina Plushakova
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region, Melnikov Str. 2/10

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


CONSULTING-COMPANY: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Consulting-Company (code EDRPOU
30221348) on March 29, 2005.  The case is docketed as 46/252-b.
Mr. Ruslan Alejnik (License Number AA 520154) has been appointed
temporary insolvency manager.  The company holds account number
26009010000885 at OJSC CB Hreshatik, Kyiv region branch, MFO
322595.

CONTACT:  CONSULTING-COMPANY
          03067, Ukraine, Kyiv region,
          Solomyanskij district,
          Zahidnij Lane, 3-C

          Mr. Ruslan Alejnik
          Temporary Insolvency Manager
          03049, Ukraine, Kyiv region,
          Povitroflotskij Avenue, 15/9

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


ENERGOTRANZIT: Bankruptcy Supervision Starts
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Energotranzit (code EDRPOU
30576282).  The case is docketed as 15/280-b.  Mr. Dmitro
Maltsev has been appointed temporary insolvency manager.  The
company holds account number 2600930123152 at Prominvestbank,
Kyiv region branch, MFO 322067.

CONTACT:  ENERGOTRANZIT
          01023, Ukraine, Kyiv region,
          Mechnikov Str. 8/22

          Mr. Dmitro Maltsev
          Temporary Insolvency Manager
          01021, Ukraine, Kyiv region,
          Klovskij Uzviz, 9/2, Office 70

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


GREBINKIVSKIJ RAJPOSTACH: Succumbs to Bankruptcy
------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Grebinkivskij Rajpostach (code
EDRPOU 00906462) on April 14, 2005.  The case is docketed as
7/37.  Mr. Yurij Teleshun (License Number AA 484197) has been
appointed temporary insolvency manager.  The company holds
account number 26002054501622 at Privatbank, Grebinka branch,
MFO 331401.

CONTACT:  GREBINKIVSKIJ RAJPOSTACH
          37400, Ukraine, Poltava region,
          Grebinka, Ulyanov Str. 2

          Mr. Yurij Teleshun
          Temporary Insolvency Manager
          36300, Ukraine, Poltava region,
          Nezalezhnosti Square, 1 B
          Phone: 56-48-36

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


KRAMATORSK' AUTOBASE: Declared Insolvent
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Kramatorsk' Autobase (code EDRPOU 23413242)
on April 26, 2005 after finding the joint stock company
insolvent.  The case is docketed as 45/158 B.  Mr. Berezhnij
Ivan (License Number AA 783024) has been appointed
liquidator/insolvency manager.  The company holds account number
26005301510460 at Prominvestbank, Kramatorsk branch, MFO 334141.

CONTACT:  KRAMATORSK' AUTOBASE
          34313, Ukraine, Donetsk region,
          Kramatorsk, Ordzhonikidze Str. 6

          Mr. Berezhnij Ivan
          Liquidator/Insolvency Manager
          84205, Ukraine, Donetsk region,
          Druzhkivka, Molokovo, Polyova Str.31

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


SNOV BIRD: Court Names Mikolanse Bobrovnikov Insolvency Manager
---------------------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Snov Bird (code EDRPOU 05389623) on May 4,
2005 after finding the company insolvent.  The case is docketed
as 9/1366.  Mr. Mikolanse Bobrovnikov has been appointed
liquidator/insolvency manager.

CONTACT:  SNOV BIRD
          Ukraine, Chernigiv region,
          Shors, Krupska Str. 9a

          Mr. Mikolanse Bobrovnikov
          Liquidator/Insolvency Manager
          Ukraine, Chernigiv region,
          Shors, Krupska Str. 9a

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


TORENTEH: Insolvency Manager Takes over Helm
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Torenteh (code EDRPOU 32530255) on April 21,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/296.  Ms. Svitlana Lunkova has been
appointed liquidator/insolvency manager.  The company holds
account number 26001349131 at OJSC Inprombank, FO 322863.

CONTACT:  TORENTEH
          04128, Ukraine, Kyiv region,
          Akademik Tupolev Str. 17

          Ms. Svitlana Lunkova
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Melnikov Str. 2/10

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


TORGPROMSERVICE: Liquidator Takes over Operations
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Torgpromservice (code EDRPOU 30170194) on
April 26, 2005 after finding the limited liability company
insolvent.  The case is docketed as 15/282-b.  Mr. S. Biryukov
(License Number AA 216939) has been appointed
liquidator/insolvency manager.

CONTACT:  TORGPROMSERVICE
          03187, Ukraine, Kyiv region,
          Akademik Glushkov Avenue, 12

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


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


ALAN DINES: Creditors Meeting Set Next Week
-------------------------------------------
The creditors of The Alan Dines Partnership will meet on June
20, 2005 at 12:00 noon.  It will be held at Wilkins Kennedy,
Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Wilkins Kennedy, Gladstone House, 77-79 High
Street, Egham, Surrey TW20 9HY not later than 12:00 noon, June
17, 2005.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


AOK PRINTERS: Creditors to Meet Thursday
----------------------------------------
The creditors of Aok Printers And Stationers Limited will meet
on June 16, 2005 at 10:30 a.m.  It will be held at 6th Floor,
Salisbury House, 31 Finsbury Circus, London EC2M 5SQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, 1 Bede Island Road, Bede Island
Business Park, Leicester LE2 7EA not later than 12:00 noon, June
15, 2005.

CONTACT:  TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


CCG INTERNATIONAL: In Administrative Receivership
-------------------------------------------------
The Royal Bank of Scotland Plc appoints Joanne Marie Wright
(Office Holder No 009152) and Peter Mark Saville (Office Holder
No 009029) joint administrative receivers for CCG International
Limited (Reg No 03559970, Trade Classification: 22).  The
application was filed June 3, 2005.

Its trading names are The Paragon Collection and Best Bloom.
The company is engaged in other retail business.

CONTACT:  KROLL BIRMINGHAM
          Aspect Court
          4 Temple Row
          Birmingham B2 5HG
          United Kingdom
          Phone: 44 (0) 121 212 4999
          Fax: 44 (0) 121 212 4944
          Web site: http://www.krollworldwide.com

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


C.H. BRANNAM: Hires Menzies Corporate as Administrator
------------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy (IP Nos 8728,
9097) have been appointed joint administrators for C.H. Brannam
Limited.  The appointment was made June 1, 2005.  The company
manufactures ceramic products.  Its registered office is located
at 17-19 Foley Street, London W1W 6DW.

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


C.J.W. MANUFACTURING: Names Richard Long & Co. Liquidator
---------------------------------------------------------
At the extraordinary general meeting of C.J.W. Manufacturing
Limited on June 6, 2005 held at Castlegate House, 36 Castle
Street, Hertford, Hertfordshire SG14 1HH, the special and
extraordinary resolutions to wind up the company were passed.
Richard William James Long of Richard Long & Co, Castlegate
House, 36 Castle Street, Hertford, Hertfordshire SG14 1HH has
been appointed liquidator of the company.

CONTACT:  RICHARD LONG & CO
          Castlegate House
          36 Castle Street
          Hertford
          Hertfordshire SG14 1HH
          Phone: 01992 503372
          Fax: 01992 503373


DAGENHAM SECURITY: Meeting of Creditors Next Week
-------------------------------------------------
The creditors of Dagenham Security Services Limited will meet on
June 24, 2005 at 2:00 p.m.  It will be held at Vantis Numerica,
4th Floor, Southfield House, 11 Liverpool Gardens, Worthing,
West Sussex BN11 1RY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Vantis Numerica, 4th Floor, Southfield House, 11
Liverpool Gardens, Worthing, West Sussex BN11 1RY not later than
12:00 noon, June 23, 2005.

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


DARENTH WEIGHING: Administrators from Baker Tilly Move in
---------------------------------------------------------
J. D. Ariel and Andrew Tate (IP Nos 7838, 008960) have been
appointed joint administrators for Darenth Weighing Services
Limited.  The appointment was made June 2, 2005.

The factory manufactures metal structures and parts.  Its also
produces instruments for measuring and other electrical
equipment.  Its registered office is located at The Oaks
Business Village, Revenge Road, Lordswood, Chatham, Kent ME5
8LF.

CONTACT:  BAKER TILLY
          12 Gleneagles Court
          Brighton Road
          Crawley
          Sussex RH19 6AD
          Phone: 01403 251666
          Fax: 01403 251466


DECILLION FUND: Calls in Liquidators
------------------------------------
At the general meeting of Decillion Fund Management Limited, the
special and ordinary resolutions to wind up the company were
passed.  Peter John Robertson Souster and Karl Christopher
Holmes of Baker Tilly, 5 Old Bailey, London EC4M 7AF have been
appointed joint liquidators of the company.

CONTACT:  BAKER TILLY
          5 Old Bailey,
          London EC4M 7AF
          E-mail: peter.souster@bakertilly.co.uk


EURAMAX HOLDINGS: Secured Credit Facilities Rated B1
----------------------------------------------------
Moody's Investors Service assigned a B1 rating to Euramax
Holdings, Inc.'s (Euramax) proposed first lien senior secured
credit facilities (borrowers include Euramax Holdings, Inc. (a
U.S. wholly owned subsidiary of Euramax International, Inc.) and
various European subsidiaries), and a B3 rating to Euramax
Holdings, Inc.'s proposed second lien senior secured term loan.

Moody's also assigned Euramax Holdings, Inc. a B1 senior implied
rating.  The ratings consider the substantial increase in debt
that will result from Goldman Sachs Capital Partners and Euramax
management's (the equity sponsors) purchase of the company from
its current owners for approximately US$1.04 billion (over 8
times multiple based on reported EBITDA of US$121 million for
the LTM ended April 1, 2005).  The transaction is expected to
close in June.  The rating outlook is stable.  This rating
action completes a review that was initiated on April 13, 2005.

Moody's did not assign a rating to Euramax International, Inc.'s
proposed US$110 million senior unsecured PIK notes.  Moody's
will withdraw Euramax's existing ratings upon completion of the
transaction.  These summarizes the ratings activity:

Ratings Assigned:

(a) Euramax Holdings, Inc. and co-issuer Euramax International
    Holdings B.V.:

     (i) Guaranteed first lien senior secured tranche B term
         loan, US$255 million due 2012 -- B1,

    (ii) Guaranteed second lien senior secured term loan, $255
         million due 2013 -- B3;

(b) Euramax Holdings Limited (U.K.), Euramax Europe B.V.,
    Euramax Netherlands B.V.:

    Guaranteed first lien senior secured tranche B term loan,
    US$130 million due 2012 -- B1;

(c) Euramax Holdings, Inc., co-issuer Euramax International
    Holdings B.V., Euramax Holdings Limited (U.K.), Euramax
    Europe B.V., Euramax Netherlands B.V.:

    Guaranteed first lien senior secured revolving credit
    facility, $80 million due 2011 -- B1; and

(d) Euramax Holdings, Inc.: Senior Implied -- B1.

Ratings to be Withdrawn:

Euramax International, Inc.:

(a) US$200 million guaranteed senior subordinated notes due
    2011 - B2,

(b) Senior Implied -- Ba3,

(c) Senior Unsecured Issuer Rating -- B1

The B1 senior implied rating reflects Moody's belief that
Euramax is increasing financial leverage during an upturn in
certain of its end-markets for recreational vehicles (RV) and
building products and that any prospective weakening of these
markets, without materials reduction in debt, would challenge
the company's ability to maintain pro forma credit metrics
consistent with a higher rating level.  Compounding this concern
is the company's exposure to volatile aluminum and steel prices,
which have resulted in working capital volatility and some
operating margin pressure.

Nevertheless, Moody's acknowledges that Euramax derives a
significant portion of its revenues from less cyclical
refurbishment/maintenance based products as opposed to those
based on new residential construction.  The ratings are also
supported by Moody's expectation that favorable demand trends
should continue within the commercial and residential
construction end-markets through 2005.  However, over the near-
term, Moody's is somewhat concerned that higher interest rates
could reverse favorable trends within its RV end-market.

The ratings reflect Euramax's high leverage with pro forma debt
to reported LTM EBITDA of 5.3 times (6.2 times including the
senior unsecured PIK notes); the company's sizable customer
concentration with its top ten customers accounting for 28% of
2004 sales, although recognizing that these customers have had
long relationships with the company; and the likelihood for
acquisitions as the company seeks to consolidate the fragmented
roof drainage market.

Moody's believes it is critical that Euramax focus on de-
leveraging in the near-term to reduce its vulnerability to any
future weakness in its end-markets, although the rating agency
recognizes that the company is likely to devote a portion of its
future cash flow to acquisitions.  The ratings are supported by
Euramax's number one position in niche markets such as roof
drainage products for home centers and aluminum RV siding; the
company's ability to service U.S. home center customers
nationally; long-standing relationships with key aluminum and
steel suppliers; low maintenance capital expenditure
requirements of less than US$5 million annually; and its
variable cost structure as close to 70% of costs are related to
raw materials.

The B1 senior implied rating is also based on Moody's
expectation that Goldman Sachs Capital Partners will
contractually agree not to sell or redeem the $110 million
senior unsecured PIK notes, and that bank consent would be
required for any modification to that contractual provision.
Additionally, Moody's stated that the B1 senior implied rating
is provisioned on anticipated language (not yet drafted) in the
first lien bank agreement that would prohibit a call/redemption
of the senior unsecured PIK notes without bank consent.

The notching of the first lien senior secured credit facilities
(B1) at the level of the senior implied rating reflects the very
modest amount of tangible assets relative to pro forma first
lien senior secured debt and the significant proportion of first
lien senior secured debt in the capital structure.  The first
lien credit facilities will have a collateral allocation
mechanism (CAM), whereby lenders would share in a pro-rata
distribution of European and U.S. collateral in a bankruptcy
scenario.  Assuming lenders fulfill their contractual obligation
to effect the CAM, the European and U.S. lenders should rank
equally with respect to the distribution of collateral.  The
rating of all first lien debt at the B1 level assumes the
enforceability of the CAM.  To the extent that lenders breach
their contractual obligations under the CAM, Moody's believes
that the European first lien lenders would be significantly
advantaged over the U.S. first lien lenders due to the
disproportionate level of profit derived from the European
assets (accounted for 42% of 2004 EBIT) relative to European
debt levels.

The B3 rating of the second lien senior secured term loan
reflects its contractual subordination to a significant amount
of first lien senior secured debt and very weak collateral
support.  All of the above ratings are contingent upon the
receipt of final documentation.

The ratings are supported by Euramax's strong operating
performance in 2004 with positive demand trends continuing into
the beginning of 2005.  The company has particularly benefited
from strong demand for RV siding in Europe and metal
roofing/siding for rural construction, although volumes of
aluminum and steel shipped have generally increased across most
segments.

In 2005, Moody's anticipates that Euramax will generate free
cash flow of around $40 million, implying a FCF to debt of 6.3%,
which is reasonable for the B1 ratings category.  This amount
would reflect higher capital expenditures to support expansion
of the company's distribution network and new product
introductions as well as a partial year of higher interest
expense.  This free cash flow amount would only reflect a
partial year of pro forma interest expense, which increases to
approximately $53 million from $24 million.  Free cash flow
variability is primarily dependent on the impact of raw material
pricing on working capital.

The company's ability to maintain relatively stable conversion
margins is supported by its ability to easily pass on base price
increases to its RV, smaller contactor and distributor customers
(which combined account for approximately 72% of total
revenues).  However, the company faces longer lag times from its
home center customers (approximately 21% of revenues) and
maintaining stable conversion margins becomes challenging when
aluminum and steel prices are volatile.

Pro forma for the transaction, Euramax will have $10 million of
cash and the full $80 million available under its revolving
credit facility.  Moreover, Moody's does not expect any material
draws under the revolving credit facility through 2005.  The
company has a favorable debt maturity profile as the first lien
term loans amortize in installments of only 1% per year until
maturity.

The stable outlook reflects Moody's expectation that Euramax's
debt to EBITDA (excluding the senior unsecured PIK notes) will
decline below 5.0 times over the next year and that the company
will generate free cash flow to debt of at least 5%.  The
ratings could be upgraded if the company maintains a free cash
flow to debt closer to 10% while maintaining a debt to EBITDA
lower than 4.5 times.  Conversely, the company's ratings could
come under pressure should a decline in operating performance or
margin pressure result in leverage increasing beyond 6.0 times
or negative free cash flow, or if the company pursues a large
debt financed acquisition.

Headquartered in Norcross, Georgia, Euramax International Inc.
is an international producer of value-added aluminum, steel,
vinyl and fiberglass products.  The company reported revenues of
US$1.0 billion for the LTM ended April 1st, 2005.

CONTACT:  MOODY'S INVESTORS SERVICE
          New York
          Mark Gray
          Managing Director
          Corporate Finance Group

          New York
          David Hamburger
          Asst Vice President - Analyst
          Corporate Finance Group

          For Journalists
          Phone: 212-553-0376


FEDERAL-MOGUL: Seeks Consulting Services for 12 Facilities
----------------------------------------------------------
A.T. Kearney, Inc. has provided Federal-Mogul Corporation and
its debtor-affiliates with consulting services in two phases.
Phase I was performed in 2003 at the Court's direction and free
of charge to the Debtors.  In Phase II, the Debtors sought and
obtained permission from the Bankruptcy Court to employ A.T.
Kearney to provide cost-saving initiatives to the Debtors' other
manufacturing facilities through Waves I, II, III and IV.  A.T.
Kearney's services in Phase II were no longer for free.

Specifically, A.T. Kearney introduced cost savings initiatives
at 52 plants through Waves I, II and III.  In Wave IV, A.T.
Kearney implemented follow-up procedures to some of the plants
in Waves I, II and III.

The Debtors and the Official Committee of Unsecured Creditors
ask the Court to allow A.T. Kearney to implement follow-up
procedures at 12 of the Debtors' facilities, in which an
Operating Asset Effectiveness initiative has already been
implemented.

Scotta E. McFarland, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub, P.C., in Wilmington, Delaware, relates that
A.T. Kearney will provide services that are identical to the
follow-up services it performed in Wave IV.  Of the 70 plants in
Waves I, II, III and IV, nine will require additional follow-up
support.  The remaining three are plants in Wave V that the
Debtors expect will need additional follow-up support.

The Debtors will also be implementing Wave V of the OAE rollouts
and instituting OAE at a number of additional plants, Ms.
MacFarland says.

             Operating Asset Effectiveness Methodology

The OAE methodology involves identifying inefficiencies,
determining the root cause of the problems resulting in
inefficiencies, and identifying solutions to resolve those
problems.

The "achieve and sustain" follow-up for 12 identified plants in
Waves I, II, III, IV and V is designed to maximize the
likelihood that the plants will realize the identified savings
opportunities and sustain the improved processes without the
need for further outside support.  The 12 plants represent 15%
of the plants that have undergone or will undergo OAE
implementation in Waves I, II, III, IV and V.

Ms. McFarland says there are three main causes for the risk that
the plants will not realize the complete cost savings possible:

    (1) Implementation of the rollouts was very rapid, with only
        a 12-week learning cycle;

    (2) Many of the processes introduced were completely new to
        the Plants; and

    (3) Because the Debtors' management has experienced some
        natural turnover, many of the personnel at the
        facilities have changed roles or been replaced since the
        start of the rollout.

A.T. Kearney estimated that the "achieve and sustain" follow-up
for the targeted plants will last 12 weeks.

A.T. Kearney has classified the necessary support level of each
plant as either highest or high.  The four highest-risk plants
will have two full-time external resource teams, each consisting
of two A.T. Kearney employees, dedicated to the four plants.
The eight high-risk plants will have two full-time external
resource teams, consisting of either two or three A.T. Kearney
employees, dedicated to the eight plants.

The achieve and sustain support follow-up will address three
main areas:

    (1) The follow-up will focus on process compliance by
        visiting the plants' steering committee meetings and
        ensuring through process checklists that the critical
        elements of the process improvement are followed;

    (2) The extent to which the plant improvement plans have
        been successful will be evaluated and the plant
        improvement plans will be modified to address any gaps
        in performance; and

    (3) Potential for new savings will be identified.

The ultimate goal of the risk reduction follow-up is to ensure
that the process is sustained without the need for ongoing
external resources.

                       Fees and Expenses

A.T. Kearney's fees will be calculated on an hourly basis using
actual hours worked and a specified rate structure for A.T.
Kearney personnel having varying levels of experience.  A.T.
Kearney's consulting fees and expenses will be capped at
$2,500,000 for the period of "achieve and sustain" follow-up.
The first two invoices will be paid $1,000,000 at $500,000 each,
to be paid within 60 days from the date of invoice.  The last
invoice will be adjusted from $500,000 to reconcile for the
actual hours billed as well as expenses.

The plants contemplated in the "achieve and sustain" follow-ups
are those owned by the U.S. Debtors, Non-Debtor Affiliates and
by the English Debtors.  Each of the applicable U.S. Debtors,
English Debtors and Non-Debtor Affiliates will reimburse
Federal-Mogul Corporation for the pro-rata costs of any A.T.
Kearney services rendered at their plants to the extent Federal-
Mogul directly pays A.T. Kearney's fees and expenses.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
US$1.925 billion stockholders' deficit.  At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit, compared to a US$1.926 billion deficit at
Dec. 31, 2004.  (Federal-Mogul Bankruptcy News, Issue No. 80;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

                            *   *   *

Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford.  T&N's asbestos liability is put at
US$10.97 billion by asbestos claimants, US$5.3 billion by its
administrator Kroll, and between US$2.1 billion and US$5.5
billion by its pension trustee.

CONTACT:  TURNER & NEWALL LIMITED
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION
          26555 Northwestern Hwy.
          Southfield, MI 48034 (Map)
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


FRITH BOOK: Members Decide to Wind up Firm
------------------------------------------
At the extraordinary general meeting of the members of Frith
Book Company Limited on June 2, 2005 held at Friths Barn,
Teffont, Wiltshire, the special resolutions to wind up the
company were passed.  Robert Stanley Gilderthorp of
Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset BA4 5LA
has been appointed liquidator of the company.

CONTACT:  GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


GLOBAL RAIL: Hires P&A Partnership as Administrator
---------------------------------------------------
Robert Michael Young and Ian Michael Rose (IP Nos 7875, 9144)
have been appointed joint administrators for Global Rail
Limited.  The appointment was made May 19, 2005.

The company is engaged in engineering, testing and railway
maintenance.  Its registered office is located at Poppleton &
Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke
on Trent, Staffordshire ST3 6HP.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


HOLMES VALVES: Sets Creditors Meeting June 27
---------------------------------------------
The creditors of Holmes Valves Limited will meet on June 27,
2005 at 11:00 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


JARVIS PLC: Board Okays Disposal of European Roads Business
-----------------------------------------------------------
At the Extraordinary General Meeting of Jarvis plc, the board
approved the resolution concerning the disposal of the European
Roads Business.

The Board has also appointed Alasdair Marnoch, 42, as Group
Finance Director.  Mr. Marnoch, who joined the company as Chief
Financial Officer, is a member of the Chartered Institute of
Management Accountants and a former officer in the Parachute
Regiment.

In accordance with the requirements of the listing rules, the
company confirms that he has held directorships with Thames
Water, Dunlop Slazenger, working with Alan Lovell at that
Company, and he was also briefly a director at Courts UK Limited
(in Administration).

Steven Norris, Chairman, said: "In the short time that he has
been with the company, Alasdair has had a significant impact on
the finance function of the group and has been a major
contributor to the restructuring efforts."

CONTACT:  JARVIS PLC
          24 Britton St.
          London
          EC1M 5UA
          United Kingdom
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone: 020 7653 6620


KERSTEN HUNIK: Hires PricewaterhouseCoopers as Liquidator
---------------------------------------------------------
At the meeting of Kersten Hunik (NI) Limited on May 24, 2005,
the special and ordinary resolutions to wind up the company were
passed.  Garth Calow of PricewaterhouseCoopers LLP, Waterfront
Plaza, 8 Laganbank Road, Belfast BT1 3LR and Jonathan Sisson, of
PricewaterhouseCoopers LLP, 12 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

          PRICEWATERHOUSECOOPERS LLP
          Waterfront Plaza,
          8 Laganbank Road,
          Belfast BT1 3LR
          Web site: http://www.pwc.com


LUMINAR PLC: Sells 49 Nightclubs for GBP27 Million
--------------------------------------------------
Luminar plc has entered into an agreement to sell its
subsidiary, Candu Entertainment Limited, comprising 49
nightclubs that formed the major part of its Enterprise
Division.

The sale is to a management team led by Tim Roberts, Managing
Director, and Craig Grant, Finance Director, of the purchasing
vehicle.  The management team is backed by Close Brothers
Private Equity LLP.

The total consideration payable for the sale of Candu is GBP27.2
million in cash, including deferred consideration of GBP0.75
million.

In the year to 28 February 2005 the businesses being sold
generated turnover of GBP45.6 million, EBITDA of GBP5.7 million
and Operating profit of GBP3 million before administrative
costs.  The net assets on a consolidated group basis
attributable to Candu were GBP27 million.

Luminar's stated strategy is to develop a portfolio of branded,
high quality and strategically important venues, which will
occupy the leading trading positions within their local markets.
In order to allow the Company to focus on implementing this
strategy and to apply the appropriate management approach to the
branded and unbranded estate, it ring fenced fence 63 non-core
units from the branded estate operating as its Enterprise
Division.

Of the original 63 units referred to above, 12 units have been
disposed of for a consideration of GBP12.2 million (including
future rents valued at GBP1.5million) and it is planned to
dispose of two further units separately.  Since the
establishment of the Enterprise Division in November 2003 it has
generated operating cash flow of approximately GBP11 million.

The proceeds of the disposal will be used to strengthen
Luminar's balance sheet and to develop Luminar's core nightclub
business.

Luminar has also announced a Strategic Review of its
Entertainment Division and has indicated that it will provide an
update on progress with this before the end of July.

Stephen Thomas, Chief Executive of Luminar plc, said: "We wish
the Candu business and its management team well for the future.
This sale effectively completes our successful exit from the
businesses in the Enterprise Division.  It will allow management
to focus on the key steps in Luminar's strategy of developing
the branded estate and consolidating its position as the leading
operator in the late night market."

                            *   *   *

The firm has suffered from changes in customer demand and what
it termed as 'increased regulatory activity' after 2003.

Chief executive Stephen Thomas said management intends to
develop "bigger, more versatile venues that can stage a series
of special events."

In the 52 weeks to Feb. 27, Luminar reported group sales of
GBP399.7 million, down from GBP375.1 million; and profit before
tax, goodwill amortization, and exceptional items of GBP54.2
million, down from GBP62 million last year.  Pre-tax loss was
GBP14 million from GBP11 million last year.

CONTACT:  LUMINAR PLC
          Registered Office
          41 King Street
          Luton
          Bedfordshire
          United Kingdom
          LU1 2DW
          Phone: +44 1582 589 400
          Fax: +44 1582 589 667
          Web site: http://www.luminar.co.uk

          COLLEGE HILL
          Matthew Smallwood
          Alex Sandberg
          Phone: 020 7457 2020


MAHUL LIMITED: Calls in Liquidator from RSM Robson Rhodes
---------------------------------------------------------
At the extraordinary general meeting of Mahul Limited on June 3,
2005 held at 186 City Road, London EC1V 2NU, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.  Geoffrey Paul Rowley and Adrian Gerald Paul
Howlett of RSM Robson Rhodes LLP, 186 City Road, London EC1N 2NU
has been appointed joint liquidators of the company.

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


RAYMOND PROFESSIONAL: Names BDO Stoy Hayward Administrator
----------------------------------------------------------
Simon Edward Jex Girling and Mark Peter Roach (IP Nos 9283,
9231) have been appointed administrators for Raymond
Professional Group (Europe) Limited.  The appointment was made
June 2, 2005.  The company is into project management.

CONTACT:  BDO STOY HAYWARD LLP,
          One Victoria Street,
          Bristol BS1 6AA


ROYAL & SUNALLIANCE: Corvus Considers Takeover
----------------------------------------------
Corvus Capital, the investment unit of financier Andrew Regan,
on Monday played down interest in taking over insurer Royal &
SunAlliance.

"Considerations in relation to R&SA are at a preliminary stage
and there can be no guarantee that any offer will be
forthcoming," it said in a statement.  Royal & SunAlliance said
it did not receive any approach, nor is it involved in related
discussions.

The country's second-biggest commercial insurer after Aviva is
valued at about GBP2.4 billion, according to The Scotsman.

The company was exposed to takeover speculations after a radical
restructuring led by chief executive Andy Haste last year.  The
shakeup was necessary after R&SA was hit by mounting claims and
weak investments.  The company improved its risk profile, but it
has not yet totally eliminated the threat of potentially large
claims in the U.S.  Analysts say this might dampen interest of
prospective buyer.

Neil Manser, analyst with Fox-Pitt, Kelton, thinks a Corvus
takeover is unlikely considering it has indicated a preference
for "proven stable and strong cash generating business."

CONTACT:  ROYAL & SUNALLIANCE
          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7111 7212


SALTON INC.: Recalls 100,000 Coffee makers from Sears Stores
------------------------------------------------------------
Salton, Inc., is voluntarily recalling approximately 100,000
Kenmore(R) 12-Cup Percolator, Model No. KCP12, manufactured for
Salton by Chiaphua Industries Limited, and distributed only
through Sears due to a risk that the Percolator may leach lead.
Lead exposure may cause injury to pregnant women.  Salton, Inc.,
says it has not received any inquiries or complaints about the
Percolator.

The affected Percolators are the Kenmore(R) 12-Cup Percolators,
Model No. KCP12 shipped in limited quantities only during the
period between July 2001 and April 2004.  The affected
Percolators were sold in the United States through Sears stores
during that same period of time.

                       Liquidity Problems

Salton, which makes a wide variety of kitchen appliances,
including George Foreman grills, has $125 million of 10-3/4%
senior subordinated notes coming due in December.  Salton
doesn't have the cash to make the payment.  Silver Point Finance
LLC provides the company with working capital financing under
the terms of an Amended and Restated Credit Agreement, dated as
of May 9, 2003.  Salton Europe, Limited, the Company's wholly
owned subsidiary, obtains working capital financing under an
agreement with Hong Kong Shanghai Bank.

Salton has retained Houlihan Lokey Howard & Zukin for financial
advice.

Third Point LLC, a large holder of Salton debt, has joined with
other bondholders, and retained legal counsel and financial
advisors, according to a report from Harris Rubinroit at
Bloomberg News.

                       About Salton, Inc.

Salton, Inc. is a leading designer, marketer and distributor of
branded, high quality small appliances, home decor and personal
care products.  Our product mix includes a broad range of small
kitchen and home appliances, tabletop products, time products,
lighting products, picture frames and personal care and wellness
products.  We sell our products under our portfolio of well-
recognized brand names such as Salton, George Foreman,
Westinghouse(TM), Toastmaster, Melitta, Russell Hobbs,
Farberware, Ingraham and Stiffel.  The company believes its
strong market position results from its well-known brand names,
high quality and innovative products, strong relationships with
customer base and focused outsourcing strategy.

                         *     *     *

Standard & Poor's Ratings Services has lowered its corporate
rating on small appliance manufacturer Salton Inc. to 'CCC' from
'CCC+', and lowered its subordinated debt rating to 'CC' from
'CCC-'.

The outlook on Lake Forest, Illinois-based Salton is negative.
Total debt outstanding as of October 2, 2004, was $490.0
million.

"The downgrade is based on Salton's increasingly constrained
liquidity and lower prospects for improving profitability for
the upcoming Christmas selling season," said Standard & Poor's
credit analyst Martin S. Kounitz.  The ratings reflect Salton's
weak liquidity, a result of increasingly challenging conditions
in the small appliance market.

CONTACT:  SALTON EUROPE
          Sisson St., Failsworth
          Manchester
          M35 OHS, United Kingdom
          Phone: +44-161-947-3000
          Fax: +44-161-682-1708
          Web site: http://www.saltoneurope.com


SPECIALIST RECRUITMENT: Administrators Seek Buyers
--------------------------------------------------
The joint administrators, Peter Wastell and Nigel Hamilton-
Smith, offer for sale the business and assets of Specialist
Recruitment Company.

The group is a well-known and well-regarded recruitment company
specializing in educational and general office staffing.  The
group trades from three strategic locations in South England,
posting GBP3.6 million in annual turnover.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House
          47 Holywell Hill
          St. Albans AL1 1HD
          Phone: 01727 838255
          Fax: 01727 861052
          E-mail: recovery@vantisplc.com
          Web site: http://www.vantisplc.com


TAYLOR MADE: Business for Sale
------------------------------
The joint administrators, Andrew Peters and Dominic Wong, offer
for sale the business and assets of Taylor Made Windows and
Conservatories Limited.

The group manufactures and installs high quality PVCu
conservatories, windows and doors.  Founded in 1985, the group
has an annual turnover of around GBP14 million.  Taylor
currently holds a customer order book worth GBP1.6 million.  The
company owns the country's largest indoor conservatory showroom
premises and employs around 45 skilled staff, excluding
commission-based sales force and sub-contract builders and
fitters.

CONTACT:  DELOITTE LLP
          Four Brindleyplace
          Birmingham B1 2HZ
          Phone: +44 (0) 121 632 6000
          Fax: +44 (0) 121 695 5678
          Web site: http://www.deloitte.com

          Chris Farrington
          Phone: +44 (0) 115 936 3714
          Mobile: 0776 993 5692
          Fax: +44 (0) 115 936 3777
          E-mail: cfarrington@deloitte.co.uk


WINTON REALISATIONS: Creditors Meeting Set Next Week
----------------------------------------------------
The creditors of Winton Realisations Limited (formerly the
Winton Caven Company Ltd.) will meet on June 22, 2005 at 12:00
noon.  It will be held at KPMG, 1 Waterloo Way, Leicester LE1
6LP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG, 1 Waterloo Way, Leicester LE1 6LP not later
than 12:00 noon, June 21, 2005.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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