TCREUR_Public/050617.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 17, 2005, Vol. 6, No. 119

                            Headlines

C Z E C H   R E P U B L I C

AERO VODOCHODY: Selling License to L-159 Fighter Planes
OSKAR MOBIL: S&P to Withdraw Rating After Debt Redemption


F I N L A N D

BENEFON OYJ: Court Grants Request to Close Reorganization Early


F R A N C E

INFOGRAMES ENTERTAINMENT: Cuts Net Loss to EUR25.3 Million


G E R M A N Y

APEX BAUGEWERBE: Building Contractor Falls into Insolvency
ARS AKTIV: Proofs of Claim Deadline Expires Next Month
AUTOHAUS GROHMANN: Peugeot Service Partner Declares Bankruptcy
DIGICOM VERTRIEBS: Creditors to Meet Next Month
FJH AG: 2004 Loss Nearly Cuts Equity by Half

FPW FLIESEN: Tile Company Falls into Bankruptcy
MARSEILLE-KLINIKEN AG: Objects to Public Prosecutor's Probe
OBZ BILDUNGSGESELLSCHAFT: Under Bankruptcy Administration
SPEDITION VRANCKEN: Sets First Creditors Meeting August 30
TCI TRAINING: Creditors Have Until August to File Claims
WALIA IMPORT: Bonn Court to Verify Claims August


I T A L Y

IT HOLDING: Rating Cut to 'B' on Cash flow Constraints


K Y R G Y Z S T A N

AI-KUN: Creditors Meeting Next Week
JANAR: Sets Public Auction June 30
KABAZSTROI: Proofs of Claim Deadline Expires August
OSHSKOYE PATP-2: Public Auction Set Next Week
RAVENNA: Gives Creditors Until August to File Claims


N E T H E R L A N D S

UNITEDGLOBALCOM INC.: LMI Shareholders Approve Merger
VERSATEL TELECOM: Ends Talks with Belgacom


N O R W A Y

OCEAN RIG: Rating Raised to 'B-' on Better Cash flow Prospects


R O M A N I A

MOBIFON HOLDINGS: Ratings Raised to 'BB'; Off CreditWatch


R U S S I A

AUTOMATIKA-SERVICE: Declared Insolvent
BELORECHENSKIY: Under Bankruptcy Proceedings
DAVYDOVSKOYE: Succumbs to Bankruptcy
IMPEXBANK: Fitch Assigns Eurobond Rating of 'B-'
INTERNATIONAL MOSCOW: On Rating Watch Positive

KOMSOMOLSKIY: Declared Insolvent
PASSENGER AUTO-TRANSPORT: Succumbs to Bankruptcy
PROM-STROY: Creditors Have Until July 7 to File Claims
SHAMARA-WOOD: Sverdlovsk Court Names S. Domas Insolvency Manager
SYKTYVKARSKAYA: Komi Court Appoints Insolvency Manager

UDMURT-NEFTE-STROY: Deadline for Proofs of Claim Set July
VIKHOREVSKIY: Assets for Public Auction Later This Month
YUKOS OIL: Denies Misappropriation Charges Against Unit


U K R A I N E

FORMANO: Insolvency Manager Takes over Operations
PERVOMAJSKE: Court Freezes Debt Payment
POLTAVAAGROTARASERVICE: Creditors' Claims Due Next Week
UROZHAJ: Under Bankruptcy Supervision
VISHEVICHI: Zhitomir Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

A I C REALISATIONS: Hires Administrators from Middleton Partners
ARC SYSTEMS: Hires Begbies Traynor to Liquidate Assets
BLUE CIRCLE: Final Meeting Set Next Month
CAIRS LIMITED: Members Pass Winding-up Resolution
CONQUEST FOODS: Appoints Administrators from Ernst & Young

FAST FORMWORK: Names DTE Leonard Curtis Administrator
INMARSAT VENTURES: Strong Demand Seen for Share Offering
INTERNATIONAL BOTTLE: Business for Sale
INVERESK PLC: Appoints New Executive Director
JESSOPS PLC: To Distribute Dividends Next Month

JOHN LESTER: Creditors Meeting Set Next Week
MARKS & SPENCER: Icelandic Banks Might be Behind Stake Building
PARKER CEILINGS: Members Decide to Wind up Firm
PETER SALMON: Hires Liquidator from BN Jackson Norton
TEKX LIMITED: Liquidator from Vernon Wright & Co. Moves in


                            *********


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


AERO VODOCHODY: Selling License to L-159 Fighter Planes
-------------------------------------------------------
Aircraft maker Aero Vodochody is offering its license to the
L-159 light combat aircraft, according to Hospodarske noviny.

Aero president Antonin Jakubse told the daily it already has an
initial list of countries to sell the license to, but did not
name them.  Milan Holl, director of the Czech Association of the
Aviation, said China and other developing countries are
reportedly interested.  The sale has the backing of the Industry
& Trade Ministry, according to the report.

The government, which controls Aero, is also pursuing the sale of
the company as a whole.  Last year, the government issued
eurobonds to cover the firm's CZK5.5 billion (US$235 million)
debt, which matures in November.  Aero has started talks with
potential buyers, but has not received any firm commitment,
according to Mr. Jakubse.  He said the government hopes to sell
the company by mid-2006 at the latest.  The conditions include
the sale of the company as a whole and the guarantee that the
buyer will provide repair and maintenance services to the Czech
Army, which will continue to use the L-159 aircraft after the
privatization.

The tender will be facilitated by state bailout agency Ceska
konsolidacni.  A final decision is expected by November,
according to the Industry and Trade Minister Milan Urban.  The
government has already called in Deloitte & Touche to review a
possible controlled liquidation of the firm.

Aero recorded a profit of CZK295 million last year, but its huge
unpaid debt is preventing it from drawing additional credit.  The
government had tried to restructure Aero by writing its debt off,
but was stopped by the European Commission, which said the move
is tantamount to providing state aid.

CONTACT:  AERO VODOCHODY a.s.
          U Letiste 374
          250 70 Odolena Voda
          Phone: +420 255 763 152
          Fax: +420 255 763 225
          E-mail: vitezslav.kulich@aero.cz
          Web site: http://www.aero.cz


OSKAR MOBIL: S&P to Withdraw Rating After Debt Redemption
---------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' long-term
corporate credit ratings on Oskar Mobil a.s. and parent Oskar
Holdings N.V. (collectively Oskar) will remain on CreditWatch,
where they were placed with positive implications on March 15, 20
05.  The CreditWatch update follows the announcement by the
company that it has exercised its right to redeem Oskar Mobil's
EUR325 million notes due 2011.

Vodafone Group plc acquired Oskar Mobil from Telesystem
International Wireless Inc. on May 31, 2005, and Oskar provided a
redemption notice to noteholders on June 7, 2005.  In addition to
the notes, Oskar Mobil has a EUR350 million equivalent senior
secured bank facility, which is expected to be repaid on June 30.

"Once the credit facility is repaid and the notes redeemed, all
ratings including the long-term corporate credit rating will be
withdrawn, which is expected by mid-July," said Standard & Poor's
credit analyst Joe Morin.

Complete ratings information is available at
http://www.ratingsdirect.com. All ratings referenced herein can
be found at http://www.standardandpoors.com.

CONTACT:  Oskar Mobil A.S.
          In Czech Republic
          Vinice
          Vinohradska 167
          100 00 Praha
          Czech Republic
          Phone: 420.2.7117.1111
          Fax: 420.2.7117.1933
          Web site: http://www.oskarmobil.cz


=============
F I N L A N D
=============


BENEFON OYJ: Court Grants Request to Close Reorganization Early
---------------------------------------------------------------
The District Court of Turku has approved Benefon's application to
amend its reorganization program so that it ends by June 30,
2005.  It is possible to appeal the resolution, but the district
court must be notified by June 20, 2005 at the latest.

In accordance with the approved program amendment, the Company
will pay off all non-collateralized debt in advance upon the
decision of the District Court becoming legally enforceable.
With the same, the non-collateralized creditors of the Company
will be paid additional payment share, which will more than
double the payments to the non-collateralized creditors
determined in the reorganization program.

The reorganization supervisor will manage the said payments to
creditors, both those in the program and the additional payment
shares.  The needed funds have already been deposited into an
escrow account at the supervisor.

With the same, the supervisor will pull back the regression suits
filed in the District Court of Helsinki and reported by the
Company in a market bulletin released on Dec. 16, 2004. Further,
the Company and FOS have agreed about certain financial covenants
upon fulfillment of which, but not later than Sept. 30, 2008, FOS
will waive all claims towards and receivables from the Company
and release all collateral provided to them.

Benefon Oyj
Tomi Raita
CEO

CONTACT:  BENEFON OYJ
          P.O. Box 84 Meriniitynkatu
          11 FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax: +358-2-733 2633
          Web site: http://www.benefon.com


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


INFOGRAMES ENTERTAINMENT: Cuts Net Loss to EUR25.3 Million
----------------------------------------------------------
During fiscal 2004/2005, Infogrames Entertainment achieved:

(a) A marked reduction of its debt with an increase of its net
    worth;

(b) A break-even significantly lowered: Infogrames is willing to
    remain flexible and able to quickly react to market
    transformations; and

(c) A focused portfolio of key titles based on established
    franchises and new properties: the Company optimizes the
    management and profitability of its intellectual properties
    assets.

During Fiscal 2004/2005, the Company has laid foundations for its
future development.

Infogrames main assets currently include:

(a) An efficient publishing and distribution structure active in
    57 countries and on all continents, enabling the Company to
    reach its final consumer and better manage the product's
    life-cycle;

(b) A production structure made up of prestigious internal
    studios (Shiny, Eden, Reflections) and famous external
    studios (Spark, Bioware, Quantic Dreams, The Collective).
    This strategic option improves the relationship between the
    group and various talents;

(c) A portfolio of successful franchises and trademarks
    including many million units sellers (Driver, Matrix, DBZ,
    Alone in the Dark, Test Drive) which builds recurring sales
    and allows for investment in new franchises (Getting Up,
    Timeshift); and

(d) the outright ownership of the ATARI trademark, a worldwide
    recognized brand for interactivity and mature for
    development.

With these solid assets and a stronger financial situation, the
company is now ready to address the market challenges in the 5
years to come.

In addition, Infogrames entered into a new agreement with Hasbro
on June 9 of this year for the sale back of digital rights of all
Hasbro properties for US$65 million; this agreement is part of a
plan initiated during fiscal 2005 and aimed at focusing the games
catalog.  This agreement gives Infogrames additional investment
potential.

In fiscal 2005/2006, the portfolio will benefit from the release
of numerous titles including:

(a) Saint Seiya (PS2),

(b) Fahrenheit (PS2, PC/DVD, Xbox),

(c) Dragon Ball GT: Transformation (GBA),

(d) Dragon Ball Z Budokai: Tenkaichi (PS2),

(e) Dragonshard (PC),

(f) Asterix XXL2 (PS2),

(g) Duel Masters: Shadow Code (GBA),

(h) Dungeons & Dragons Online (PC),

(i) Marc Ecko's Getting Up: Contents Under Pressure (PS2, Xbox
    and PC),

(j) Titeuf (DS),

(k) RollerCoaster Tycoon 3: Soaked (PC),

(l) The Matrix: Path of Neo (PS2, Xbox and PC),

(m) Timeshift (PC, Xbox), Tycoon City: New York (PC)

In acknowledgement of their quality, certain group titles
received these industry awards at the E3:

(a) The Matrix Path of Neo: Winner of IGN.com PS2 Best of E3
    "Award for Technological Excellence;"

(b) The Matrix Path of Neo: Runner up for "best graphics;"

(c) Dungeon and Dragon online, Winner of IGN.com PC "Best
    persistent world game" and Finalist in gamesspot.com "Best
    MMO Games;"

(d) Marc Ecko's Getting up: Runner up for IGN.com "Most
    Innovative Design;"

(e) DBZ Budokai Tenkaishi: Runner up for IGN.com "Best fighting
    game;" and

(f) Fahrenheit, Runner up for Game Critics Awards: "Best
    original Game."

2005 Financial Results

(a) A significant increase in profit from operations, with
    operating income at EUR22.2 million, up from EUR2.6 million
    in 2004; and

(b) An improved financial situation as a result of the
    restructuring of the OCEANE bonds and medium-term bank debt;

Consolidated revenue for fiscal 2005 amounted to EUR602.1 million
on a current exchange-rate basis, of which 52.3% was accounted
for by American operations and 47.7% by those in Europe and Asia.
On a constant exchange-rate basis, consolidated revenue would
have been EUR623.9 million, currency fluctuations having had an
adverse impact of EUR21.8 million over the period.

The gross margin rose to 50.4% from 48.7% the previous year, with
gross margin at EUR303.7 million.  The improvement was
attributable in part to higher sales recorded by the Company's
own franchises (e.g. Driver) compared with the previous year.

A total of EUR85.6 million was spent on internal research and
development, down slightly in percentage of revenue to 14.2%,
from 15.8% the previous year.   Marketing and sales expenses
improved to EUR126.5 million for the year (21% of revenue), from
EUR158.2 million in the previous period (22.6% of revenue),
reflecting efforts made to reduce marketing costs and to focus
the catalog on major franchises.  Overhead and administrative
expenses were stable in absolute terms at EUR69.4 million for the
period, compared with EUR69.8 million a year earlier.

Infogrames Entertainment posted sharply higher operating income,
which rose by 750% to EUR22.2 million for the year ended March
31, 2005, from EUR2.6 million in 2004.  This very substantial
improvement occurred in spite of strong pressure on sales and
reflected the Group's efforts to optimize its organization, cut
costs and trims its catalog so as to concentrate on major
franchises (DBZ, DRIVER, RCT, etc.).

Financial expenses for the period amounted to EUR22.2 million,
versus EUR19.8 million last year, and consisted primarily of
EUR11.2 million in charges related to the bond debt and EUR5.5
million in interest on short- and medium-term bank loans.

Non-recurring losses of EUR8.5 million were recognized for the
period, versus gains of EUR10 million a year ago.  This included
restructuring charges (-EUR15.8 million) and the impact of the
sale of Atari Inc. shares (EUR-20.2 million), which were partly
offset by one-time gains of EUR15.6 million from the exchange
offer on the OCEANE 2005 bonds and EUR15.9 million from the sale
of the Civilization franchise.

(EUR millions)          March 31, 2005           March 31, 2004
                          (12 months)             (12 months)

Revenue                    602.1                   700.8

Gross profit          303.7  50.4%            341.1  48.7%

Research & development     (85.6)(14.2%)          (110.5)(15.8%)

Marketing & sales         (126.5)(21.0%)          (158.2)(22.6%)

Overhead & administration  (69.4)(11.5%)          (69.8)(10.0%)

Operating income            22.2   3.7%              2.6   0.4%
Interest expense           (22.2) (3.6%)           (19.8) (2.8%)

Current income of
   consolidated entities    (0.1) (0.0%)           (17.2) (2.5%)

Extraordinary items         (8.5) (1.4%)            10.0   1.4%

Corporate income tax         5.2   0.9%              0.8   0.1%

Consolidated net income    (24.6) (4.1%)           (30.8) (4.4%)

Net income after
   minority interests      (25.3) (4.2%)           (31.5) (4.5%)

Improved Financial Position

Infogrames Entertainment reduced its net debt over the year by
more than EUR120 million, bringing its debt-to-equity ratio to
less than 1.  The net debt at the end of the year amounted to
EUR188.6 million, compared with EUR313.3 million the previous
year.  Most of the debt matures in 2009.

(EUR mln)         March 31    March 31     March 31    March 31
                      2005        2004         2003        2002
OCEANE 2004            -          23.4        124.3        125.0

OCEANE 2005            -         117.1        221.0        309.1

6/2008 Notes         33.6           -            -            -

OCEANE 2009         124.3        124.3           -            -

OCEANE 2011           5.3           -            -            -

Other debt, net
   of cash balances  19.3         42.1        114.1        102.6

Lease commitments     6.1          6.5          7.4           -

Total               188.6        313.3        466.8        536.7

Consolidated Balance Sheet

(EURmillions)     3/31/2005     3/31/2004

Fixed assets          353.1         413.1

Inventories            38.0          42.5

Prepaid royalties      60.0          57.2

Trade receivables      61.1          57.1

Other assets           36.7          43.7

Cash                   36.3          40.4

Total                 585.1         654.0

Shareholders' equity  204.9         136.5

  minority interests   92.2          56.2

Loss provisions         7.7          10.7

Net debt              224.9         353.7

Trade payables        110.8         119.4

Other liabilities      36.8          33.7

Total                 585.1         654.0

CONTACT:  INFOGRAMES ENTERTAINMENT S.A.
          1 Place Verrazzano
          69252 Lyon Cedex 09
          Phone: +33 (0)4 37 64 30 00
          Fax: +33 (0)4 37 64 30 01
          Web site: http://www.atari.com

          Financial Communications
          Cecile Sornay
          Phone: +33 (0)4 37 64 30 00


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


APEX BAUGEWERBE: Building Contractor Falls into Insolvency
----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against APEX Baugewerbe GmbH on May 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 20, 2005
to register their claims with court-appointed provisional
administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 10:50 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on September 21,
2005, 11:05 a.m. at the same venue.

APEX Baugewerbe GmbH is involved in building construction and
public works.

CONTACT:  APEX BAUGEWERBE GMBH
          Bornholmer Str. 7
          10439 Berlin
          Phone: (030) 4427997
          Fax: (030) 4427833

          Dr. Bjorn Gehde, Administrator
          Goethestr. 85, 10623 Berlin


ARS AKTIV: Proofs of Claim Deadline Expires Next Month
------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against ARS Aktiv Reifen-Service AG on May 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 12, 2005 to register their
claims with court-appointed provisional administrator Jorn
Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting on August 12, 2005, 11:20 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), 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.

ARS AKTIV sells tires and provides maintenance and other related
services.

CONTACT:  ARS AKTIV REIFEN-SERVICE AG
          Oehleckerring 6a, 22419 Hamburg
          Phone: 040-317030-0
          Fax: 040-317030-79

          Jorn Weitzmann, Administrator
          Arnold-Heise-Strasse 9, 20249 Hamburg
          Phone: 460797-0
          Fax: 460797-25


AUTOHAUS GROHMANN: Peugeot Service Partner Declares Bankruptcy
--------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Autohaus Grohmann 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 Dr. Andreas
Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting on August 26, 2005, 9:00 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.

Autohaus Grohmann provides purchase consultation, repair and
maintenance of automobiles.  It started in 1960 as a dealer of
Renault vehicles and other French automobiles.

In 2002, the business expanded to offering E.U. new vehicles,
sale of used cars, and the repair and maintenance of Peugeot and
Citroen automobiles.  It signed a contract with Peugeot as a
service partner in 2004.

CONTACT:  AUTOHAUS GROHMANN GMBH
          Romerkanal 64, 53359 Rheinbach
          Phone: (02226)92250
          Fax: (02226)13014
     E-mail: renault.grohmann@t-online.de
          Web site: http://www.autohaus-grohmann.de/
          Contact:
          Axel Waldo, Manager
          Karl Heinz Grohmann, Manager

          Dr. Andreas Schulte-Beckhausen, Administrator
          Oxfordstr. 2, 53111 Bonn
          Phone: 0228 / 98 52 10
          Fax: 0228 / 98 52 122


DIGICOM VERTRIEBS: Creditors to Meet Next Month
-----------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against DigiCom Vertriebs AG on May 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 16, 2005 to register their
claims with court-appointed provisional administrator Dr. Karl
Gobel.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 8:45 a.m. at the district court of
Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
September 8, 2005, 10:05 a.m. at the same venue.

Digicom Vertriebs provides supplies and machines for office
requirements.

CONTACT:  DIGICOM VERTRIEBS AG
          Otto-Brenner-Allee 28, 28325 Bremen
          Phone: 01803-440000
          Fax: 0421-40960-0
          Contact:
          Michael Oberschachtsiek
          Hollerallee 13, 28209 Bremen

          Dr. Karl Gobel, Administrator
          Wachtstr. 17, 28195 Bremen
          Phone: 0421/366060
          Fax: 0421/3660630


FJH AG: 2004 Loss Nearly Cuts Equity by Half
--------------------------------------------
Loss-making software maker FJH will publish its 2004 official
accounts within the week, Borsen Zeitung says.

Market experts expect the group to post EUR123 million in net
loss for 2004.  The loss is said to have reduced the group's
equity by over 50%.  The group twice cancelled the presentation
of its 2004 figures, stressing that certain restructuring
measures have yet to be included in the report.  FJH recently
announced a plan to issue EUR7.9 million in convertible bonds to
boost its depleted coffers.

                            *   *   *

In November, TCR-Europe reported that FJH suffers from the
prevailing trend in the local insurance sector, which refuses to
invest in the first nine months of the financial year.  Its
results were also affected by reorganization measures implemented
in the third quarter and the application of the future IFRS
regulations similar to U.S.-GAAP.

IFRS revenues amounted to EUR50.9 million (2003: EUR95.2
million); its 9-month result after tax was -EUR73.5 million
(2003: EUR12.8 million) and EBIT -EUR80.0 million (2003: EUR21.5
million).  EBITDA in the third quarter adjusted by one off and
ultimate effects amounted to -EUR4.5 million compared to -EUR5.6
million in the previous quarter.

CONTACT:  FJH AG
          Leonhard-Moll-Bogen 10
          81373 Munich
          Germany
          Phone: +49 (0) 89 769 01 - 144
          Fax: + 49 (0) 89 743 717 31
          E-mail: thomas.meindl@fjh.com
          Web site: http://www.fjh.com


FPW FLIESEN: Tile Company Falls into Bankruptcy
-----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against FPW Fliesen- und Plattenhandelsgesellschaft mbH & Co.
Kommanditgesellschaft on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 14, 2005 to register their claims with
court-appointed provisional administrator Dr. Norbert Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting on August 4, 2005, 10:00 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.

FPW FLIESEN handles wholesale and retail trading of tiles and
disks as well as other related products.

CONTACT:  FPW FLIESEN- UND PLATTENHANDELSGESELLSCHAFT MBH
          & CO. KOMMANDITGESELLSCHAFT
          Unter den Ulmen 30, 33330 Guetersloh
          c/o FPW Fliesen- und Plattenhandelsgesellschaft m.b.H.
          Beckumerstr. 36, 48231 Warendorf
          Contact:
          Heino Brinkmann, Manager
          Kapellenstr. 11, 48231 Warendorf

          Dr. Norbert Kuepper, Administrator
          Paderborner Str. 11, 33415 Verl.


MARSEILLE-KLINIKEN AG: Objects to Public Prosecutor's Probe
-----------------------------------------------------------
With regards to the "Spiegel" report no. 23/05 on Page 22 under
the title "Razzia bei Marseille", Marseille-Kliniken AG notes:

The investigations of the Berlin public prosecutor's office
against the private person Ulrich Marseille under the charge of
"misrepresentation" of the balance sheet are as unsuitable as
they are uncalled-for.  The annual accounts as of 30 June 2001
have been audited and certified by auditors.

The entire procedure is a mystification in this respect because
investigations are being carried out against Ulrich Marseille ad
personam and not against the Marseille-Kliniken AG, and the
search warrant was also directed against him.

However, in the insinuated time of the offence (1 July 2000 to 30
June 2001) Marseille was neither Chairman of the Board of
Directors -- as maintained by the public prosecutor's office in
its search warrant -- nor chairman of the MKAG Supervisory Board:
he therefore did not carry out any executive-operative functions.

The public prosecutor's office was only able to obtain the search
order by giving objectively incorrect facts.

The Chairman of the Board of Directors and therefore the person
primarily responsible for the annual accounts 2000/01 was the
current Managing Director of the Stadtische Kliniken Koln,
Wilhelm Hecker, who, according to the 3 June statement of the
investigating public prosecutor Fettweis, also reported the
offence.

Since his instant dismissal in September 2002, MKAG has brought
several charges against Herr Hecker for its part and initiated
civil proceedings against him for corruptive behavior.  We expect
the immediate return of all illegally obtained documents from the
Berlin public prosecutor's office and a public apology.

Axel Holzer, Chairman of the Board of Directors
Ulrich Marseille, Supervisory Board Chairman

                            *   *   *

Marseille-Kliniken, based in Berlin, is one of Germany's largest
private nursing care and rehabilitation service providers.

In February, Standard & Poor's revised its outlook on
Marseille-Kliniken to negative from stable following a weakening
of the group's capital base.  The 'BB-' long-term corporate
credit rating was affirmed.

"The outlook revision reflects our concern about the balance
between equity and debt holders, as Marseille-Kliniken has
continued paying out dividends despite the group's negative net
result in fiscal 2004, which has further constrained the already
weak capital base," said Standard & Poor's credit analyst
Christian Esters.  On a lease-adjusted basis,
Marseille-Kliniken's net debt stood at a very aggressive 84% of
capital at
June 30, 2004.  The very high leverage is also the result of
large investment and acquisition expenses over the past few
years.

"We are also concerned that the currently negative contribution
of the rehabilitation division to the group's performance could
take longer to eradicate if the restructuring of the division
proves to be more difficult than Marseille-Kliniken currently
expects," said Mr. Esters.  The rehabilitation division
contributed 27% to the group's sales in 2004.

The rating on Marseille-Kliniken reflects its weak financial
profile, as the company is highly leveraged and posts low free
operating cash flows compared with its lease-adjusted debt
obligations.  The rating also reflects Marseille-Kliniken's good
competitive position, supported by its cost efficiency and the
high quality of its facilities.  The rating furthermore benefits
from the highly predictable growth in future nursing-care needs.
In the short term, the company's flexibility has increased
following a sale-and-lease-back transaction that is generating
EUR100 million cash flow for Marseille-Kliniken for 2005.

The group's total sales were EUR200.1 million ($265 million) in
2004.

CONTACT:  MARSEILLE-KLINIKEN AG
          Registered office
          Alte Jakobstrasse 79/80
          10179 Berlin
          Germany
          Phone: +49 (0)30 / 24 632 400
          Fax: +49 (0)30 / 24 632 401

          Headquarters
          Sportallee 1
          22335 Hamburg
          Germany

          Phone: +49 (0)40 / 514 59 - 0
          Fax: +49 (0)40 / 514 59 - 756
          E-mail: info@marseille-kliniken.com
          Web site: http://www.marseille-kliniken.de.


OBZ BILDUNGSGESELLSCHAFT: Under Bankruptcy Administration
---------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against OBZ Bildungsgesellschaft fuer Anhalt/Sachsen/Thueringen
mbH on June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Aug. 19, 2005 to register their claims with court-appointed
provisional administrator Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 30, 2005, 12:00 noon at the district court of
Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum
214 at which time the administrator will present his first report
of the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on Oct. 18, 2005, 11:00
a.m. at the same venue.

CONTACT:  OBZ BILDUNGSGESELLSCHAFT FUER
          ANHALT/SACHSEN/THUERINGEN MBH
          Halskestr. 3-5, 47877 Willich
          Contact:
          Guenther Kamp
          Am Alten Rathaus 2, 41751 Viersen

          Phone: 757 - 212/757 - 176
          E-mail: obz.zittau@obz-online.de

          Wilhelm Klaas, Administrator
          Eichendorffstrasse 25, 47800 Krefeld
          Phone: (02151) 80 58 0
          Fax: +4902151805858


SPEDITION VRANCKEN: Sets First Creditors Meeting August 30
----------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against Spedition Vrancken GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Aug. 22, 2005 to register their
claims with court-appointed provisional administrator Peter
Houben.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 30, 2005, 10:35 a.m. at the district court of
Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum
214 at which time the administrator will present his first report
of the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on Oct. 4, 2005, 9:35 a.m.
at the same venue.

CONTACT:  SPEDITION VRANCKEN GMBH
          Diessemer Bruch 73, 47805 Krefeld
          Contact:
          Ingo Gerald Vrancken
          Diessemer Bruch 73, 47805 Krefeld
          Web site: http://www.spedition-vrancken.de/

          Peter Houben, Administrator
          Sternstrasse 58, 40479 Duesseldorf
          Phone: 0211/49 144-0
          Fax: +4902114914434


TCI TRAINING: Creditors Have Until August to File Claims
--------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against TCI Training & Consulting International AG on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Aug. 19, 2005 to
register their claims with court-appointed provisional
administrator Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 30, 2005, 12:00 noon at the district court of
Krefeld Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum
214 at which time the administrator will present his first report
of the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on Oct. 18, 2005, 11:00
a.m. at the same venue.

CONTACT:  TCI TRAINING & CONSULTING INTERNATIONAL AG
          Halskestr. 3-5, 47877 Willich
          Deutschland
          Phone: 02154-49000

          Wilhelm Klaas, Administrator
          Eichendorffstrasse 25, 47800 Krefeld
          Phone: (02151) 80 58 0
          Fax: +4902151805858


WALIA IMPORT: Bonn Court to Verify Claims August
------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Walia Import GmbH on June 2.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 26, 2005 to register their claims with
court-appointed provisional administrator Wolfgang Kalker.

Creditors and other interested parties are encouraged to attend
the meeting on August 26, 2005, 8:55 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Zimmer W 1.30A, 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.

Walia Import GmbH buys and sells imported products.  It was
founded in 1976.

CONTACT:  WALIA IMPORT GMBH
          Auf dem Niederberg 3, 53757 Sankt Augustin
          Phone:  02241 / 203670
          Contact:
          Baljit Singh Walia, Manager
          Mendener Strasse 34, 53757 Sankt Augustin

          Wolfgang Kalker, Administrator
          Kolnstr. 135, 53757 Sankt Augustin
          Phone: 02241/ 90600
          Fax: 02241906090


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


IT HOLDING: Rating Cut to 'B' on Cash flow Constraints
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italian fashion company IT Holding
S.p.A. to 'B' from 'B+'.  The outlook remains negative.

The downgrade reflects Standard & Poor's expectation of lower
cash flow generation than originally anticipated.

"This calls into question the company's ability to service its
debt in future years, at a time of uncertainty with respect to
both the upcoming renewal of the D&G license and the refinancing
of ITH's parent company PA Investments S.A.," said Standard &
Poor's credit analyst Benedetta Rospigliosi.

Adjusted funds from operations to net debt are forecast to remain
below 10% in 2005.  At March 31, 2005, on-balance-sheet net debt
(in accordance with International Financial Reporting Standards)
totaled EUR365 million ($439.6 million).

A weak economic environment and the need to sustain market shares
through price discounts and more unfavorable payments terms led
to disappointing first-quarter 2005 results, with a 10% decrease
in EBITDA to EUR36 million and a material negative swing in
working capital.

ITH needs to steadily reduce its substantial leverage.  The
rating could be lowered further if ITH's currently narrow
positive free cash flow base does not sufficiently improve to
more than cover increasing (especially from 2006) mandatory bank
debt repayments.

Near-term refinancing risk at the indebted parent company is also
a negative.  The loss of the D&G license or its renewal under
significantly more onerous terms would put pressure on the rating
as well.

"We acknowledge that a possible equity injection would improve
ITH's leveraged capital structure; any upgrade, however, would
have to be accompanied by the company proving its ability to
generate recurring positive free cash flow of about EUR20 million
annually, a level above our expectations for the current year,"
said Ms. Rospigliosi.

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

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

          IT HOLDING S.p.A.
          Corso Monforte, 30
          20122 Milan, Italy
          Phone: +39-02-76-30-391
          Fax: +39-02-78-00-16
          Web site: http://www.itholding.it


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


AI-KUN: Creditors Meeting Next Week
-----------------------------------
The Inter-District Court of Bishkek on Economic Issues commenced
bankruptcy supervision procedure on LLC Ai-Kun on March 29, 2005.
Mr. Ulanbek Bekturov (License 0104) has been appointed temporary
insolvency manager.  Creditors will meet at Bishkek, Moskovskaya
Str. 151 Room 108 on June 23, 2005 at 10:00 a.m.

Creditors must submit their proofs of claim and register with the
temporary insolvency manager seven days prior to the meeting.
Proxies must have authorization to vote.

CONTACT:  Mr. Ulanbek Bekturov
          Temporary Insolvency Manager
          Phone: (0-312) 21-67-25


JANAR: Sets Public Auction June 30
----------------------------------
The temporary insolvency manager of CJSC Janar will auction its
properties on June 30, 2005, 10:00 a.m. at Bishkek, VPZ-1,
Vinogradnaya Str.  Up for sale are five production buildings,
relief station, refrigerating station, foundry, warehouse,
cooler, and inventory holdings.  The starting price has been
reduced to KGS36,500,000 (inclusive of VAT).

Tender Conditions:

(a) All bids must be above the starting price;

(b) Retention of the group's main profile and production
    activity;

(c) Effective usage of production capacities;

(d) Employment program;

(e) Market penetration and development;

(f) Effective management; and

(g) Environmental protection policies

To participate, bidders are required to submit the necessary
documents and deposit an amount equivalent to 20% of the starting
price to the cashier of Janar on or before June 25, 2005, 9:00
a.m. to 5:00 p.m. at Bishkek, VPZ-1, Vinogradnaya
Str.  For more information, call (+996 312) 63-00-23.


KABAZSTROI: Proofs of Claim Deadline Expires August
---------------------------------------------------
LLC Kabazstroi, which recently became insolvent, will accept
proofs of claim at Bishkek, Kievskaya Str. 96, Room 702 until
August 1, 2005.  For more information, call (0-517) 22-18-04 or
79-02-01.


OSHSKOYE PATP-2: Public Auction Set Next Week
---------------------------------------------
The bidding organizer and insolvency manager of JSC Oshskoye
PATP-2 will auction its 100% share in LLC Avtopredpriatie
Zapadnoye on June 20, 2005 at 10:00 a.m. at Osh region, Osh,
Zapadnaya Str. 4.  Starting price is KGS9,048,400.  To
participate, bidders are required to deposit an amount equivalent
to 10% of the starting price on or before June 19, 2005.

CONTACT:  OSHSKOYE PATP-2
          Kyrgyzstan, Osh,
          Zapadnaya Str. 4,
          Phone: (0-502) 32-43-46
                         40-30-71


RAVENNA: Gives Creditors Until August to File Claims
----------------------------------------------------
LLC Ravenna, which recently became insolvent, will accept proofs
of claim at Bishkek, Jibek-Jolu Ave. 509 until August 1, 2005.
For more information, call (0-312) 55-93-34.


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


UNITEDGLOBALCOM INC.: LMI Shareholders Approve Merger
-----------------------------------------------------
The business combination of Liberty Media International, Inc.
(LMI) and UnitedGlobalCom, Inc. (UGC) closed June 15, 2005 at
5:01 p.m., New York City time.  Holders of approximately 98% of
the aggregate voting power of the shares of UGC common stock
present in person or by proxy and holders of approximately 99% of
the aggregate voting power of the shares of LMI common stock
present in person or by proxy, voted in favor of the business
combination.

As a result of the closing, Liberty Global has become the new
parent company of LMI and UGC, and Liberty Global's Series A and
Series B common stock (LBTYA)(LBTYB) will begin trading on the
Nasdaq National Market on June 16, 2005.  LMI Series A and Series
B common stock and UGC Class A common stock, which previously
traded on the Nasdaq National Market under the symbols LBTYA,
LBTYB and UCOMA, respectively, have ceased trading and will be
deregistered under the securities laws.

"We are pleased that the shareholders of both UGC and LMI
supported the creation of Liberty Global," stated John Malone,
Chairman of the Board.  "As our operations in Europe, Japan and
Chile have demonstrated over the last five years, the broadband
video, voice and data business outside the U.S. is a fantastic
growth story.  And with our strong balance sheet, the company is
well positioned to expand its footprint as additional
acquisitions become available, particularly in Europe and Japan."

Mike Fries, President and CEO of Liberty Global, commented: "With
consolidated operations in 18 countries and networks that pass
nearly 23 million homes, Liberty Global is one of the largest
broadband services companies anywhere in the world.  We control
the leading MSO's in each of Europe, Japan and Latin America
which currently provide services to over 11 million customers,
representing over 14 million revenue generating units (RGUs).
Success in our business has always been driven by scale, capital
and strong management.  Liberty Global has all three.  I am
particularly proud of the senior executives we've assembled from
both UGC and LMI which represent, in my view, one of the
strongest management teams in our industry."

Senior Management of Liberty Global

     John C. Malone          Chairman
     Michael T. Fries        President and Chief Executive
                             Officer
     Bernard G. Dvorak       Senior Vice President, Co-Chief
                             Financial Officer
                              (and Principal Accounting Officer)
     Charles H.R. Bracken    Senior Vice President, Co-Chief
                             Financial Officer
                              (and Principal Financial Officer)
     Elizabeth M. Markowski  Senior Vice President, Secretary,
                             General Counsel
     Anthony G. Werner       Senior Vice President, Chief
                             Technology Officer
     Frederick G. Westerman  Senior Vice President, Investor
                              Relations & Corporate
                              Communications
     Amy M. Blair            Senior Vice President, Global Human
                             Resources
     Shane O'Neill           Senior Vice President, Chief
                             Strategy Officer;
                              and President, chellomedia
     Gene Musselman          President & Chief Operating
                             Officer, UPC Broadband
     Miranda Curtis          President, Liberty Global Japan
     Dave J. Leonard         President, Liberty Global Latin
                             America

    Additional Information About the Business Combination

In the transaction, each outstanding share of LMI common stock
was converted into one share of the corresponding series of
common stock of Liberty Global, and each outstanding share of UGC
common stock (other than shares owned by LMI or its subsidiaries)
was converted into the right to receive, at the option of the
holder, (1) 0.2155 of a share of Liberty Global Series A common
stock, plus cash in lieu of fractional shares, or (2) $9.58 in
cash, subject to proration.  The merger agreement, pursuant to
which the business combination was effected, provides for a limit
on the aggregate number of shares of UGC common stock, which can
be converted into cash in the transaction.

This limit, which is referred to in the merger agreement as the
UGC Share Threshold Number, was determined to be approximately
72.5 million shares of UGC common stock.  As a result, the total
amount of cash to be paid to former UGC stockholders in payment
of their cash elections is approximately US$694.5 million.  Based
on preliminary information received from the exchange agent, the
number of shares as to which cash elections have been made
exceeds the UGC Share Threshold Number and, accordingly, the cash
elections will be prorated in accordance with the merger
agreement.

The proration factor will not be available until the exchange
agent determines the final number of shares of UGC common stock
as to which valid cash elections were made.  Any shares of UGC
common stock which are not exchanged for cash as a result of the
proration will be exchanged for shares of Liberty Global Series A
common stock, plus cash in lieu of fractional shares.  In
addition, UGC stockholders who did not properly make a cash
election by 5:00 p.m., New York City time, Wednesday (which was
the cash election deadline) will be entitled to receive Liberty
Global Series A common stock, plus cash in lieu of fractional
shares, in exchange for their shares of UGC common stock in the
transaction.

Based on preliminary information received from the exchange
agent, we estimate that approximately 229.6 million shares of
Liberty Global Series A common stock and approximately 7.3
million shares of Liberty Global Series B common stock will be
issued and outstanding, immediately following the closing.
Liberty Global expects to begin distributing shares of its common
stock and the cash consideration payable in the transaction on
June 16, 2005.

About Liberty Global, Inc.

Liberty Global owns interests in broadband, distribution and
content companies operating outside the continental U.S.,
principally in Europe, Asia, and Latin America.  Through its
subsidiaries and affiliates, Liberty Global is one of the largest
cable television operators outside the United States. Based on
Liberty Global's operating statistics at March 31, 2005, Liberty
Global's networks reached approximately 23.0 million homes passed
and served approximately 14.3 million revenue generating units,
including approximately 10.4 million video subscribers, 2.3
million broadband Internet subscribers and 1.6 million telephone
subscribers.

CONTACT:  LIBERTY GLOBAL, INC.
          Richard S.L. Abbott
          Phone: +1-303-220-6682
          Robert Lenterman
          Phone: +31 20 778 9901
          Bert Holtkamp
          Phone: +31 20 778 9447
          or
          Christopher Noyes
          Phone: +1-303-220-6693

          UNITEDGLOBALCOM INC.
          Richard S.L. Abbott
          Investor Relations - UGC
          Phone: (303) 220-6682
          E-mail: ir@unitedglobal.com

          Bert Holtkamp
          Corporate Communications - UGC Europe
          Phone: + 31 (0) 20 778 9447
          E-mail: communications@ugceurope.com

          Claire Appleby
          Investor Relations - Europe
          Phone: +44 20 7 838 2004
          E-mail: ir@ugceurope.com


VERSATEL TELECOM: Ends Talks with Belgacom
------------------------------------------
In its press release of 2 May 2005 Versatel Telecom International
N.V. said that it was in discussions, amongst others, with
Belgacom N.V. together with Talpa Capital B.V. regarding a
possible strategic cooperation.  On Tuesday, it said the
discussions with Belgacom have terminated, while other
discussions are continuing.  At this stage, no further
announcements can be made.

Shares in Versatel dropped 10% to EUR3.52 early on Tuesday after
the announcement.  The shares rose 24% to EUR2.19 in May when
Versatel announced it was in talks with Talpa, its biggest
shareholder, and Belgacom.

Belgacom has been trying to expand outside his home market.  It
previously attempted to buy Cesky Telecom, as well as Turk
Telecom, but failed.

Versatel Telecom International N.V. (Euronext: VRSA). Versatel,
based in Amsterdam, is a competitive communications network
operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the Benelux
and Germany.  Founded in October 1995, the Company holds full
telecommunication licenses in The Netherlands, Belgium and
Germany and has over 1 million customers and approximately 1,900
employees.  Versatel operates a facilities-based local access
broadband network that uses the latest network technologies to
provide business customers with high bandwidth voice, data and
Internet services.  Versatel is a publicly traded company on
Euronext Amsterdam under the symbol "VRSA".

Versatel's net loss for the year ended December 31, 2004,
amounted to EUR24.4 million compared with EUR32.9 million in
2003.  4Q04 net loss was EUR8.6 million compared with a net loss
of EUR4.4 million in 3Q04 and EUR10.4 million in 4Q03.  The
increase in net loss was primarily attributable to the increased
depreciation expenses from our accelerated capital investments,
the interest impact of convertible bond and the consolidation of
BerliKomm.

News and information are available at http://www.versatel.com.

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

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


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


OCEAN RIG: Rating Raised to 'B-' on Better Cash flow Prospects
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Ocean Rig Norway A.S. (wholly owned subsidiary of Ocean
Rig A.S.A.) to 'B-' from 'CCC' and removed the rating from
CreditWatch with positive implications.

Standard & Poor's also assigned its 'B-' rating to the company's
US$150 million senior secured second-lien notes.

The outlook is stable.  Pro forma for the refinancing, Stavanger,
Norway-based Ocean Rig has about US$596.6 million in long-term
debt outstanding.

"The upgrade reflects the company's improved cash flow prospects
in light of extended contract backlog and substantially improved
contract day rates for the company's two fifth-generation
offshore drilling units," said Standard & Poor's credit analyst
Jeffrey Morrison.

Ocean Rig recently announced a signed LOI with Esso Exploration
Inc., a subsidiary of Exxon Mobil Corp. (AAA/Stable/A-1+) for a
long-term contract for the semisubmersible Eirik Raude at a
favorable day rate.

Currently both of Ocean Rig's mobile offshore drilling units are
operating under favorable contracts.

The stable outlook on Ocean Rig is predicated on improved and
elongated contracts that should allow the company to meet the
mandatory debt service requirements outlined under its new
financing arrangements.

Complete ratings information is available to subscribers of
RatingsDirect at http://www.ratingsdirect.com. All ratings
affected by this rating action can be found at
http://www.standardandpoors.com.

CONTACT:  OCEAN RIG ASA
          PO Box 409, Forus
          N-4067 Stavanger, Norway
          Phone: +47 51 96 90 00
          Fax: +47 51 96 90 99
          Web site: http://www.ocean-rig.com


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


MOBIFON HOLDINGS: Ratings Raised to 'BB'; Off CreditWatch
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on MobiFon
Holdings B.V. to 'BB' from 'BB-' on completion of Vodafone Group
plc's (A/Stable/A-1) acquisition of the company.  At the same
time, Standard & Poor's raised the rating on MobiFon Holdings'
US$223 million senior unsecured notes due 2010 to 'B+' from 'B'.
We are also removing the ratings from CreditWatch, where they
were placed with positive implications March 15, 2005. The
outlook is currently stable.

Vodafone acquired MobiFon from Telesystem International Wireless
Inc. (TIW) on May 31, 2005, and MobiFon subsequently tendered an
offer to repurchase the unsecured notes on June 7, 2005.  The
rating on the notes will be withdrawn if the company is
successful in its tender to redeem all or some of the notes; the
tender deadline is July 6.

"The ratings on Mobifon primarily reflects its stand-alone credit
quality, as the company is expected to be a non-recourse
subsidiary of parent Vodafone," said Standard & Poor's credit
analyst Joe Morin.

We expect, however, that Mobifon will be able to derive material
benefits from being part of a large mobile group, including
technical, branding, product and procurement synergies.  Certain
cost benefits -- including cost of financing -- could also be
achieved over time.  The ratings continue to be constrained by
the below-average demographics and risk associated with operating
in Romania, a developing market, and also reflect the level of
foreign-currency-denominated debt at MobiFon.  These risks are
partially mitigated by Vodafone's ownership; an improving
macroeconomic environment in Romania; MobiFon's growing
subscriber base; and increasing revenues, EBITDA, and cash flow.

The business profile of MobiFon reflects the economic and
political risks of operating in Romania.  The ratings are
constrained by the low purchasing power of mobile telephony
subscribers on an aggregate basis in Romania and low demand for
higher margin value-added data services.  Partially mitigating
the risk of operating in an emerging market has been the solid
performance by MobiFon.  Results continue to improve
sequentially; revenues for first-quarter 2005 increased by 34% to
US$209.4 million from first-quarter 2004, and lease-adjusted
EBITDA increased by 31% to US$105 million for the same period.

MobiFon effectively shares the wireless market in Romania with a
subsidiary of Orange S.A. Although there are two other
competitors in Romania, they have a combined market share of less
than 5% and continue to be relatively ineffective in the market.
MobiFon's high market share has resulted in high EBITDA margins
of 50%, and substantial free cash flow after debt servicing at
the operating company level.

The stable outlook reflects Standard & Poor's expectations that
MobiFon will maintain its competitive position within a growing
wireless industry in Romania, and that the political and
macroeconomic environments in Romania will remain stable or
improve in the long term.  Should the company be successful in
its tender for the MobiFon notes, capacity would be created for
the company to add incremental debt at the current ratings level.

Complete ratings information is available to subscribers of
RatingsDirect at http://www.ratingsdirect.com. All ratings
affected by this rating action can be at
http://www.standardandpoors.com.

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


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


AUTOMATIKA-SERVICE: Declared Insolvent
--------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Automatika-Service (TIN 7718013834) close
joint stock company insolvent.   The case is docketed as
A40-40139/04-38-26B.  Mr. D. Kashin has been appointed insolvency
manager.  Creditors have until July 21, 2005 to submit their
proofs of claim to 129301, Russia, Moscow, Kasatkina Str. 3.

CONTACT:  AUTOMATIKA-SERVICE
          107023, Russia, Moscow region,
          Suvorovskaya Str. 3, Room 1

          Mr. D. Kashin
          Insolvency Manager
          129301, Russia, Moscow region,
          Kasatkina Str. 3
          Phone: 683-97-43


BELORECHENSKIY: Under Bankruptcy Proceedings
--------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Belorechenskiy after finding the factory of
reinforced concrete constructions #7 insolvent.  The case is
docketed as A-32-44857/2004-1/253-B.  Mr. A. Vukhtin has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 353630, Russia, Belorechensk, Maykopskoye Shosse Str.
4.

CONTACT:  Mr. A. Vukhtin
          Insolvency Manager
          353630, Russia, Belorechensk,
          Maykopskoye Shosse Str. 4


DAVYDOVSKOYE: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Davydovskoye after finding the open joint
stock company insolvent.  The case is docketed as
A12-4193/04-s57.  Ms. I. Gridneva has been appointed insolvency
manager.  Creditors have until July 21, 2005 to submit their
proofs of claim to 400001, Russia, Volgograd, Balakhinskya Str.
4.

CONTACT:  DAVYDOVSKOYE
          404022, Russia, Volgograd region,
          Dubovskiy region, Davydovka

          Ms. I. Gridneva
          Insolvency Manager
          400001, Russia, Volgograd region,
          Balakhinskya Str. 4


IMPEXBANK: Fitch Assigns Eurobond Rating of 'B-'
------------------------------------------------
Fitch Ratings assigned Dresdner Bank Aktiengesellschaft's
upcoming issue of limited recourse loan participation notes an
expected Long-term 'B-' rating.  The notes are to be used solely
for financing a loan to Russia's Impexbank ('Impex', rated
Long-term 'B-', Short-term 'B', Individual 'D/E', Support '5',
Outlook Stable).  Dresdner will only pay noteholders amounts
(principal and interest) received from Impex under the loan
agreement.  The assignment of the final rating is contingent on
receipt of final documentation conforming materially to
information already received.

The loan agreement between Dresdner and Impex specifies that
Dresdner's claims under the loan agreement will rank at least
pari passu with the claims of other unsecured creditors, save
those preferred by relevant (bankruptcy, liquidation etc.) laws.
Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-2004, retail
deposits accounted for 36% of Impex's total liabilities,
according to the bank's International Financial Reporting
Standards accounts.

Covenants limit mergers and disposals by Impex and its
subsidiaries, and restrict dividend payments to 25% of net income
in any year.  They also specify that the terms of all
transactions with affiliated entities must be no less favorable
for the bank than those of transactions with non-related parties,
with a written opinion to be provided by an independent appraiser
in respect to transactions of more than US$10 million. The loan
agreement also contains a cross default clause.

The loan agreement contains a negative pledge clause, which
allows for a degree of securitization by Impex.  In the event of
such a securitization, Fitch notes that the nature and extent of
any over-collateralization would be assessed by the agency for
any potential impact on unsecured creditors.

Noteholders will benefit from a put option in case of a change in
control, defined as any entity without an investment grade
rating, apart from the current shareholders, acquiring 50% + 1
share of the voting share capital of the bank.

Impex was founded in 1993 and purchased by its current
shareholders, two individuals, in 1999.  Since then, the bank has
grown rapidly, and at end-2004 was one of the 30 largest in
Russia by total assets, with a network including over 90 full
service offices and almost 300 retail outlets.  Impex's owners
also own another Russian bank, Rossiyskiy Kredit (RK), which
defaulted after the 1998 Russian financial crisis.  Under a 2000
settlement, RK's creditors claims were restructured, although the
fair (discounted) value of the assets they received was only a
fraction of their nominal claims against RK.

CONTACT:  FITCH RATINGS
          James Watson,
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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

          JSC IMPEXBANK
          20/10 Build.1A Novopeschanaya St.,
          Moscow 125252 Russia
          E-mail: international@impexbank.ru
          Web site: http://www.impexbank.ru

          FOR CORPORATE CUSTOMERS:
          Phone/Fax: +7 095 752 5252

          FOR RETAIL CUSTOMERS:
          Phone: +7 095 258 3232

          FOR FINANCIAL INSTITUTIONS:
          Phone: +7 095 258 3219
          Fax: +7 095 248 1370


INTERNATIONAL MOSCOW: On Rating Watch Positive
----------------------------------------------
Fitch Ratings placed International Moscow Bank's Long-term 'BB'
and Short-term 'B' ratings on Rating Watch Positive and affirmed
the Support rating at '3'.  Separately, Fitch expects to complete
a review of IMB's Individual 'C/D' rating in the coming weeks.
The agency notes that IMB's Long-term rating is driven by
potential support primarily from Bayerische Hypo- und Vereinbank
('HVB'), its 53.3%-shareholder.

In light of that potential support, the Watch Positive for IMB's
Long-term rating reflects the initiation of a Rating Watch
Positive status for the Long-, Short-term and Individual ratings
of HVB this week.  The HVB action itself followed the
announcement by Italy's UniCredito Italiano (UCI) of an agreed
all share offer for 100% of the share capital of HVB. (See
announcement dated 13 June 2005 at http://www.fitchratings.com)

If UCI were successful, the new entity would be one of the ten
largest banks in Europe.  By consolidating the two banks'
existing franchises in central and Eastern Europe (CEE), it would
also become the dominant player across that region.  Fitch
comments that, while affirmed at the present time, IMB's Support
rating could also potentially change, to '2', depending on the
level of integration between IMB and the merged bank.

HVB recently increased its holding in IMB to a controlling stake
as a result of a US$100 million share issue carried out by IMB
(see announcement dated 30 May 2005 at
http://www.fitchratings.com). IMB's other shareholders are
Nordea, BCEN-Eurobank (the Paris-based subsidiary of the Russian
Central Bank) and the European Bank for Reconstruction and
Development, which, after the recent share issue, hold stakes of
some 26%, 15.9% and 4.8%, respectively in the bank's common
stock.

IMB was established in October 1989 as Russia's first joint
venture bank with foreign participation.  IMB's core business is
servicing large and medium-sized domestic corporates.  The bank
has also begun actively lending to smaller companies and
developing retail banking operations, and trades securities and
foreign exchange.  IMB ranks among the top 10 Russian banks by
total assets.

Fitch notes that UCI's bid for HVB is subject to approval by
shareholders and regulatory authorities and is expected to close
in autumn 2005.  The resolution of the Watch Positive status for
IMB is dependent on the progression of said merger.

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 207 417 3495

          James Watson, Moscow
          Phone: +7 095 956 9901

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

          INTERNATIONAL MOSCOW BANK
          Prechistenskaya nab. 9,
          Moscow, 119034, Russia
          Phones: (+7 095) 258-72-00, 956-85-75
          Fax: (+7 095) 258-72-72
          Toll-free phone number: in Russia 8 800 200-73-00
          E-mail: imbank@imbank.ru
          Web site: http://www.imb.ru/en/


KOMSOMOLSKIY: Declared Insolvent
--------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Komsomolskiy after finding the auto-repair
plant insolvent.  The case is docketed as A73-2657/2005-39.  Mr.
A. Staroverov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 681005, Russia,
Komsomolsk-na-Amure, Zavodskaya Str. 1.

CONTACT:  KOMSOMOLSKIY
          681006, Russia, Komsomolsk-na-Amure,
          Remontnaya Str. 15

          Mr. A. Staroverov
          Insolvency Manager
          681005, Russia, Komsomolsk-na-Amure,
          Zavodskaya Str. 1


PASSENGER AUTO-TRANSPORT: Succumbs to Bankruptcy
------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Passenger Auto-Transport Enterprise after
finding the municipal unitary enterprise insolvent.  The case is
docketed as A04-368/05-6/51 "B".  Ms. G. Chmutina has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 675000, Russia, Amur region, Blagoveshensk,
Ostrovskogo Str. 39, Apartment 2.

CONTACT:  PASSENGER AUTO-TRANSPORT ENTERPRISE
          676282, Russia, Amur region,
          Tynda, Sovetskaya Str. 57

          Ms. G. Chmutina
          Insolvency Manager
          675000, Russia, Amur region, Blagoveshensk,
          Ostrovskogo Str. 39, Apartment 2


PROM-STROY: Creditors Have Until July 7 to File Claims
------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Prom-Stroy after finding the open joint stock
company insolvent.  The case is docketed as A27-25823/2004-4.
Mr. S. Bychkov has been appointed insolvency manager.  Creditors
have until July 7, 2005 to submit their proofs of claim to
654007, Russia, Novokuznetsk, Post User Box 7/25.

CONTACT:  PROM-STROY
          Russia, Kemerovo region,
          Mezhdurechensk

          Mr. S. Bychkov
          Insolvency Manager
          654007, Russia, Novokuznetsk,
          Post User Box 7/25


SHAMARA-WOOD: Sverdlovsk Court Names S. Domas Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Shamara-Wood after finding the open joint
stock company insolvent.  The case is docketed as
A60-649/2004-S4.  Mr. S. Domas has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 620027,
Russia, Ekaterinburg, Post User Box 206.

CONTACT:  SHAMARA-WOOD
          623010, Russia, Sverdlovsk region,
          Shalinskiy region, Shamary, Lenina Str. 12

          Mr. S. Domas
          Insolvency Manager
          620027, Russia, Ekaterinburg,
          Post User Box 206


SYKTYVKARSKAYA: Komi Court Appoints Insolvency Manager
------------------------------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Syktyvkarskaya after finding the
road-building company insolvent.  The case is docketed as
A29-9903/04-3B.  Ms. O. Denisova has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 167982, Russia,
Syktyvkar, Ordzhonikidze Str. 49A, Room 205.  A hearing will take
place on April 13, 2006 at the Arbitration Court of Komi republic
located at 167982, Russia, Syktyvkar, Ordzhonikidze Str. 49A, 4th
floor.

CONTACT:  SYKTYVKARSKAYA
          Russia, Komi republic,
          Syktyvkar, Babushkina Str. 19

          Ms. O. Denisova
          Insolvency Manager
          167982, Russia, Syktyvkar,
          Ordzhonikidze Str. 49A, Room 205


UDMURT-NEFTE-STROY: Deadline for Proofs of Claim Set July
---------------------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Udmurt-Nefte-Stroy after finding the close
joint stock company insolvent.  The case is docketed as
A71-106/2004-G21.  Mr. M. Davtyan has been appointed insolvency
manager.  Creditors have until July 21, 2005 to submit their
proofs of claim to 426039, Russia, Udmurtiya republic, Izhevsk,
Novosmirnovskaya Str. 28.

CONTACT:  UDMURT-NEFTE-STROY
          426039, Russia, Udmurtiya republic,
          Izhevsk, Novosmirnovskaya Str. 28

          Mr. M. Davtyan
          Insolvency Manager
          426039, Russia, Udmurtiya republic,
          Izhevsk, Novosmirnovskaya Str. 28


VIKHOREVSKIY: Assets for Public Auction Later This Month
--------------------------------------------------------
The bidding organizer of open joint stock company Vikhorevskiy
will sell its property on June 28, 2005, 11:00 a.m.  The public
auction will take place on 665719, Russia, Irkutsk region,
Bratsk, Komsomolskaya Str. 43A.

The assets for sale are:

(a) Lot 1: Buildings, Substations, Railways and Other Property.
Starting price:  RUB10,028,017;

(b) Lots 2-5: Buildings and Equipment.  Starting price:
RUB1,104,000.

The preliminary examination and reception of bids are done from
9:00 a.m. to 5:00 p.m. today.  The list of documentary
requirements is available at 665719, Russia, Irkutsk region,
Bratsk, Komsomolskaya Str. 43A.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40702810600000000743 in LLC PromServiceBank, Bratsk,
correspondent account 30101810200000000790, BIC 042511790 today.

CONTACT:  VIKHOREVSKIY
          665719, Russia, Irkutsk region,
          Bratsk, Komsomolskaya Str. 43A

          Bidding Organizer
          665719, Russia, Irkutsk region,
          Bratsk, Komsomolskaya Str. 43A
          Phone: (3953) 41-42-67


YUKOS OIL: Denies Misappropriation Charges Against Unit
-------------------------------------------------------
Antonio Valdes Garcia, former general manager of Fargoil, a
wholly owned subsidiary of Yukos Oil Company, has been detained
and is being interrogated in Moscow by the General Prosecutor's
Office of the Russian Federation.

This statement follows the most recent allegations from the
Russian tax authorities and the General Prosecutor's Office
against Yukos that Fargoil and Ratibor, two Yukos associated
trading companies consolidated in Yukos' U.S. GAAP consolidated
financial statements, are under investigation for inappropriate
distribution of funds.  Yukos strongly asserts that such
allegations are completely unfounded.

At the root of these allegations, and those previously disputed
by Yukos is a lack of understanding or the unwillingness of the
Russian tax authorities to comprehend consolidated accounting.
Yukos has followed U.S. generally accepted accounting principles,
U.S. GAAP, since 1999 and has openly operated this system
consistently for over five years.  Under these GAAP principles
Yukos accounts have been audited by independent auditors
PricewaterhouseCoopers, the results of which have been made
available in Russia and to all of the company's approximately
60,000 domestic and international shareholders.

Antonio Valdez Garcia, a native Russian, was general manager of
the subsidiary company until 2004.  The Company is anxious for
his health and well-being and remains aware of the tremendous
stress he must be experiencing during his forced incarceration.

CONTACT:  CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


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


FORMANO: Insolvency Manager Takes over Operations
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Formano (code EDRPOU 24219690) on April 29,
2005 after finding the company insolvent.  The case is docketed
as 23/843-b.  Mr. S. Krupenko (License Number AA 668345) has been
appointed liquidator/insolvency manager.  The company holds
account number 26004330301 at Oshadbank, Fastiv branch 2877, MFO
320207.

Creditors have until June 19, 2005 to submit their proofs of
claim to:

(a) FORMANO
    08500, Ukraine, Kyiv region,
    Fastiv, K. Strokov Str. 6

(b) Mr. S. Krupenko
    Liquidator/Insolvency Manager
    Phone: 247-29-09

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


PERVOMAJSKE: Court Freezes Debt Payment
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Pervomajske (code EDRPOU 00848629)
on April 4, 2005 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 5/62 B.  Mr. S.
Lavrinenko (License Number AA 250246) has been appointed
temporary insolvency manager.  The company holds account number
260083005685 at State Savings Bank, Snizhne branch 5372, MFO
394329.

Creditors have until June 19, 2005 to submit their proofs of
claim to:

(a) PERVOMAJSKE
    86500, Ukraine, Donetsk region,
    Snizhne, Pridniprovska Str. 59

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


POLTAVAAGROTARASERVICE: Creditors' Claims Due Next Week
-------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on Poltava Regional State Public Enterprise
Poltavaagrotaraservice (code EDRPOU 01879968) on April 11, 2005.
The case is docketed as 7/43.  Mr. Volodimir Matlash (License
Number AA 783130) has been appointed temporary insolvency
manager.  The company holds account number 26009174856067 at CB
Privatbank, Poltava branch, MFO 331401.

Creditors have until June 19, 2005 to submit their proofs of
claim to:

(a) POLTAVAAGROTARASERVICE
    36009, Ukraine, Poltava region,
    Zinkivska Str. 56

(b) Mr. Volodimir Matlash
    Temporary Insolvency Manager
    36034, Ukraine, Poltava region, a/b 487
    Phone: (0532) 53-92-51

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


UROZHAJ: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural LLC Urozhaj (code EDRPOU
03731112).  The case is docketed as 5/68-05.  Mr. Anatolij
Leshenko (License Number AA 484190) has been appointed temporary
insolvency manager.  The company holds account number 266005225
at JSPPB Aval, Vinnitsya branch, MFO 302247.

Creditors have until June 19, 2005 to submit their proofs of
claim to:

(a) UROZHAJ
    24730, Ukraine, Vinnitsya region,
    Pishanskij district, Rudnitske, Lenin Str. 35

(b) Mr. Anatolij Leshenko
    Temporary Insolvency Manager
    21050, Ukraine, Vinnitsya region,
    Soborna Str. 15, room 501

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


VISHEVICHI: Zhitomir Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Vishevichi on April 26, 2005 after finding
the joint stock company insolvent.  The case is docketed as 7/171
B.  Mr. Oleg Shklyar (License Number AA 630142) has been
appointed liquidator/insolvency manager.

Creditors have until June 19, 2005 to submit their proofs of
claim to:

(a) VISHEVICHI
    Ukraine, Zhitomir region,
    Radomishlskij district, Vishevichi

(b) Mr. Oleg Shklyar
    Liquidator/Insolvency Manager
    10002, Ukraine, Zhitomir region,
    Putyatinskij Square, 2, Room 304
    Phone/Fax: (0412) 34-04-44


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


A I C REALISATIONS: Hires Administrators from Middleton Partners
----------------------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer (IP Nos 8154,
8835) have been appointed joint administrators for A I C
Realisations Ltd. (formerly Accident Injury Claims Ltd.).  The
appointment was made June 1, 2005.  Its registered office is
located at 65 St Edmunds Church Street, Salisbury SP1 1EF.

The company offers legal advice on compensation claims for work,
car, and personal injury accidents on a "no win, no fee"
arrangement.

CONTACT:  A I C REALISATIONS LTD.
          Free Phone: 0800 0720398
          Web site: http://www.injuryaccidentclaims.co.uk/

          MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Phone: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk
          Web site: http://www.middletonpartners.co.uk


ARC SYSTEMS: Hires Begbies Traynor to Liquidate Assets
------------------------------------------------------
At the extraordinary general meeting of Arc Systems Limited on
June 8, 2005 held at The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG, the subjoined extraordinary
resolution to wind up the company was passed.  Mark Robert Fry of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG has been appointed liquidator of
the company.  The company manufactures and distributes building
materials.

CONTACT:  ARC SYSTEMS LTD.
          14 Bell Road, Kingston 11
          Phone: 876-923-1426
          Fax: 876-757-7962
          E-mail: arcsystems@colis.com

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


BLUE CIRCLE: Final Meeting Set Next Month
-----------------------------------------
Name of companies:
Blue Circle (Intruder Protection) Co. Limited
Bushwood Limited
Hurrikane Limited
Shield Alarm Systems Limited

The final meetings of the members of these companies will be on
July 18, 2005 at 9:30 a.m. and thereafter at 10-minute intervals.
It will be held at the offices of PricewaterhouseCoopers LLP, 12
Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  SHIELD ALARM SYSTEMS
          Western Business Centre
          Riverside Terr
          Swansea SA2 9BT
          West Glamorgan
          Phone: 029 2057 8878
          Fax: 029 2057 6931

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


CAIRS LIMITED: Members Pass Winding-up Resolution
-------------------------------------------------
At the extraordinary general meeting of the members of Cairs
Limited on May 31, 2005 held at 4 St Giles Court, Southampton
Street, Reading RG1 2QL, the special resolution to wind up the
company was passed.  Paul Boyle of Harrisons, 4 St Giles Court,
Southampton Street, Reading RG1 2QL has been appointed liquidator
of the company.

CONTACT:  CAIRS LTD.
          18-19 Oaklands Park
          Fishponds Road
          Wokingham, Berkshire RG41 2FD
          Phone: 0118 978 6880
          Fax: 0118 978 6664
          E-mail: cairs@cairs.co.uk
          Web site: http://www.cairs.co.uk

          HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


CONQUEST FOODS: Appoints Administrators from Ernst & Young
----------------------------------------------------------
G. Wilson and S. Allport (IP Nos 9062, 8763) have been appointed
administrators for Conquest Foods Limited.  The appointment was
made June 4, 2005.  Its registered office is located at Coulman
Road, Industrial Estate, Thorne, Doncaster DN8 5JS.

                            *   *   *

Conquest Foods Ltd. is situated on a three-and-a-half-acre site
in Thorne, South Yorkshire.  It has a 20,000 square feet factory,
which operates under a high/low care regime, and a 1, 200 pallet
coldstore on the site.

The Company was set up with the specific aim of manufacturing a
complete range of frozen baked potato products for the Food
Service and the Retail Trades.

Conquest Foods Ltd. have an excellent reputation within the
Wholesale and Retail Trades, gained by ensuring that product
quality standards are maintained throughout the year.  The nature
of the products, their consistency and long shelf life, means
that within a catering establishment, excellent quality potato
products can be produced with minimal wastage.

CONTACT:  CONQUEST FOODS LIMITED
          Coulman Road Industrial Estate,
          Thorne, Nr Doncaster,
          South Yorkshire DN8 5JS
          Phone: +44 01405 740474
          Fax: +44 01405 741075
          Web site: http://www.conquestfoods.com/

          ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


FAST FORMWORK: Names DTE Leonard Curtis Administrator
-----------------------------------------------------
J. M. Titley and P. Reeves (IP Nos 8617, 9343) have been
appointed joint administrators for Fast Formwork Limited.  The
appointment was made June 3, 2005.  The company is engaged in
renting plant and equipment for use in construction.

CONTACT:  FAST FORMWORK LIMITED
          Hollins Grove Street Darwen,
          Lancashire, BB3 1HG
          Phone: 01254 771352
          Fax: 01254 707865
          E-mail: info@fastforwork.com
          Web site: http://fastformwork.com/

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


INMARSAT VENTURES: Strong Demand Seen for Share Offering
--------------------------------------------------------
The share offering of Inmarsat Ventures looks set to be priced at
the top of the 215-245p range basing on shareholder support it
gathered, The Scotsman said Thursday.

At this price, the offering could fetch as much as GBP403
million, the report said.  Sources say investors may have been
attracted to the shares owing to Inmarsat's strong cash flow and
growth potential, and generous dividend policy.  The mobile
communications provider had operating profit of US$159.1 million
(GBP88 million) in 2004 on US$480.7 million of revenues.

They also said controlling shareholders Apax and Permira --
encouraged by the strong demand -- are contemplating selling part
of their stake.  Together they hold 52% of the company.  They
bought their stake for US$1.5 billion in 2003.

The mobile communications provider said in June it plans to use
proceeds of the offering to pay existing debt.

                            *   *   *

In November, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Inmarsat Ventures Ltd. and
its parent company Inmarsat Investments Ltd. to 'B+' from 'BB-'.
Standard & Poor's also assigned its 'B+' long-term corporate
credit rating to Inmarsat Holdings Ltd.  The outlook is stable.

At the same time, Standard & Poor's lowered its bank loan rating
on Inmarsat Investments Ltd.'s US$975 million senior credit
facilities to 'B+' from 'BB-' and lowered its senior unsecured
debt rating on Inmarsat Finance PLC's US$477.5 million notes to
'B-' from 'B'.  In addition, Standard & Poor's assigned its
'CCC+' debt rating to the proposed US$300 million senior discount
notes to be issued by Inmarsat Finance II PLC.

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


INTERNATIONAL BOTTLE: Business for Sale
---------------------------------------
The joint administrators, Mark Wilson and Tracey Callaghan of
Baker Tilly, offer for sale in parts or as a whole the business
and assets of International Bottle Company Limited.

The group supplies printed glass and plastic bottles to high
profile customers in the perfume, cosmetic and toiletries
industries.  Established more than a hundred years ago, the
company booked more than GBP6 million in turnover in 2004.  The
International Bottle currently operates at 36,500 sq. ft. and
14,000 sq. ft. freehold premises in Enfield Middlesex.

CONTACT:  BAKER TILLY
          46 Clarendon Road
          Watford WD17 1JJ
          Phone: 01923 816400
          Fax: 01923 253402
          Web site: http://www.bakertilly.co.uk

          Liam Caffrey
          E-mail: liam.caffrey@bakertilly.co.uk


INVERESK PLC: Appoints New Executive Director
---------------------------------------------
The board of Inveresk Plc has appointed David Nigel Doorbar as
Executive Director with effect from June 15, 2005.

Mr. Doorbar has a wide experience of working within the paper
industry and his wealth of knowledge will be a great benefit to
the company in his role as General Manager with specific emphasis
in the area of sales and marketing.  He has been a director of
Lancaster Paper Agency.

He was earlier appointed a new General Manager for the business
following a distinguished 26-year career with Arjo Wiggins.  He
has no interest in the ordinary shares of the Company.

There are no other matters, which are required to be announced as
required under paragraph (f) of Schedule 2 of the AIM Rules.

                            *   *   *

Earlier this month, Inveresk agreed to sell its Gemini paperboard
brand to Scottish paper producer Tullis Russell Papermakers Ltd.
for a maximum total consideration of GBP7 million with a further
GBP8 million being payable to Inveresk in respect of services
provided to Tullis Russell between now and November 2005.

Inveresk will sell their Gemini brand name and order book to
Tullis Russell, also based in Scotland at Markinch, Glenrothes in
Fife.  Gemini is a well-established brand within the U.K. and
mainland Europe in the coated board market where Tullis Russell
are also already represented with their Trucard product.

The consideration for the sale of the Intellectual Property is
GBP5 million in cash on completion.  A further GBP2 million will
become payable in cash dependent upon the level of sales tons
made between November 2005 and November 2006.  This
consideration will become payable in early December 2006.  A
further GBP8 million will be payable in cash on a monthly basis
between June and November 2005 in respect of Inveresk maintaining
the continuity of Carrongrove's production, sales and marketing.

The proceeds generated from these transactions of between GBP13
million and GBP15 million will be used to substantially
eliminate bank borrowings, which at 31 December 2004 stood at
GBP15.7 million.

In the year ended 31 December 2004, the Carrongrove mill
generated sales revenue of GBP26.2 million and operating profits
of GBP1.62 million struck before central costs, exceptional
costs and financial interest.  The assets being sold have a
nominal value within the books of Inveresk.

CONTACT:  INVERESK PLC
          Carrongrove Paperboard Mill
          Denny
          Falkirk FK6 5HJ, United Kingdom
          Phone: +44-1324-827-200
          Fax: +44-1324-826-248
          Web site: http://www.inveresk.co.uk


JESSOPS PLC: To Distribute Dividends Next Month
-----------------------------------------------
Further to the announcement of the interim results on 10 May
2005, Jessops plc revealed the dividend timetable for the payment
of an interim dividend of 0.7 pence per ordinary share for the
year ending 30 September 2005:

Ex-dividend Date: 22 June 2005

Record Date: 24 June 2005

Payment Date: 22 July 2005.

                            *   *   *

Last month, Jessops plc reported earnings before interest, tax
and amortization ('EBITA') were 18% down at GBP5.7 million.
Profits on ordinary activities before tax for the period, which
included a higher interest charge for October under the group's
former financing structure, were GBP1.3 million.  Net debt
reduced to GBP42.8 million (2003: GBP126 million).

The positive start to the company's life as a listed company was
in contrast to the Group's trading in February and early March,
which saw an unprecedented decline in digital camera sales and
the toughest trading conditions seen at Jessops at least since
digital cameras were launched onto the market in the mid 1990s.

Digital cameras accounted for 45% of the Group's total sales in
the first 6 months.  Data from GfK Marketing Services showed that
the U.K. digital camera market grew by 36%, 32% and 20% in
November, December and January compared to the prior year, yet
recorded growth of just 0.1% in February, giving some context to
the sudden decline in the Group's sales in the second quarter.
Some recovery was evident in the industry figures for March as a
whole, which saw growth of 21%, but the bulk of this increase
was seen towards the end of the month, which this year included
Easter.

The impact of the sales shortfall in February and early March
not only had a material impact on profits for the period, but
caused the company to reconsider projections for the second half
of the year.

In response to these difficult market conditions, the company
has set in train a number of projects to drive sales and deliver
efficiency savings.

CONTACT:  JESSOPS PLC
          Jessop House, Scudamore Rd.
          Leicester
          LE3 1TZ, United Kingdom
          Phone: +44-116-232-6000
          Web site: http://www.jessops.com


JOHN LESTER: Creditors Meeting Set Next Week
--------------------------------------------
The creditors of John Lester Foods Limited will meet on June 23,
2005 at 12:30 p.m.  It will be held at the offices of BDO Stoy
Hayward LLP, 8 Baker Street, London W1U 3LL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than June 22, 2005.

                            *   *   *

John Lester Foods imports and wholesale products for the Catering
and Foodservice sector, including canned and ambient foods,
groceries and ingredients.

Established in 1976, it has a long experience in the sector's
needs, providing a wide range of products, regular deliveries,
competitive prices and a focus on customer service.

John Lester is also a food importer of bulk food lines including
Baked Beans, Canned Tomatoes, Canned Fruit and Canned Tuna.  It
is based in South London and delivers to all regions of England
and Wales.

CONTACT:  JOHN LESTER FOODS LIMITED
          Phone: 0208 692 1000
          Fax: 0208 469 2727
          E-mail: sales@jlf.co.uk
          Web site: http://www.jlf.co.uk/

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


MARKS & SPENCER: Icelandic Banks Might be Behind Stake Building
---------------------------------------------------------------
An unidentified investor has been building up a significant stake
in troubled retailer Marks & Spencer, according to The Guardian.

Reports say the mystery buyer might be Icelandic banks Kaupthing
or Landsbanki.  Kaupthing said in late April it was buying and
banking and fund management group Singer & Friedlander.
Landsbanki in February agreed to buy stock brocker Teather &
Greenwood for GBP43 million (EUR64 million).

An M&S spokeswoman declined to comment.

The investor has bought at least 3% of M&S stake for GBP170
million (EUR255.3 million), according to the report.  It is soon
to report the acquisition to the stock market regulator as
required of companies or individuals buying 3% of more of a stake
in another company.

M&S warned in April regarding fourth-quarter sales.  Chief
executive Stuart Rose at the time said trading remained
difficult, but assured the firm is making progress in stemming
the decline.

CONTACT:  MARKS & SPENCER
          Media enquiries:
          Corporate Press Office
          Phone: 020 8718 1919

          Investor Relations:
          Amanda Mellor
          Phone: +44 (0) 20 8718 3604

          Damian Evans
          Phone: +44 (0) 20 8718 1563


PARKER CEILINGS: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary general meeting of the members of Parker
Ceilings And Partitions Ltd. on May 27, 2005 held at The Estate
Office, Park Lane, Laughton, East Sussex BN8 6BP, the special and
ordinary resolutions to wind up the company were passed.  Barry
P. Knights of Knights & Company, 15A Nelson Road, Greenwich,
London SE10 9JB has been appointed liquidator of the company.

                            *   *   *

Parker Ceilings and Partitions Ltd. was formed in January 1991 by
the four current directors and shareholders -- Tom Parker, Danny
Kingston, Simon Wickham and Stewart Pierce.

From fairly humble beginnings the Company has always looked to
reinvest within.  This commitment has been rewarded by recently
moving into its new stylish freehold premises situated in 1 1/2
acres of woodland near Laughton in East Sussex.

The Company handles contracts both directly with clients as well
as major builders.  In the past 2 years management have worked
directly for the Dental Practice Board in Eastbourne on contracts
totaling GBP150,000 for refurbishment ceilings, partitions and
suspended floors.  Parker Ceilings and Partitions Ltd. have also
worked with Kyle Stewart on a contract valued at GBP250,000 for
all suspended ceilings in the new prestigious Virgin Atlantic
building in Crawley, which was undertaken initially under the
Partnering Scheme.

The flexibility of the Company is shown in its ability in
adapting to a GBP100 'local school' tile replacement job at any
given time.

CONTACT:  PARKER CEILINGS AND PARTITIONS LTD.
          Web site: http://www.parkerbs.com/

          KNIGHTS & COMPANY
          15A Nelson Road, Greenwich,
          London SE10 9JB


PETER SALMON: Hires Liquidator from BN Jackson Norton
-----------------------------------------------------
At the extraordinary general meeting of Peter Salmon Cars Limited
on May 24, 2005 held at 22 Laud Street, Croydon, Surrey CR0 1SU,
the special resolution to wind up the company was passed.
Michael Colin John Sanders of BN Jackson Norton, 22 Laud Street,
Croydon CR0 1SU has been appointed liquidator of the company.

                            *   *   *

Peter Salmon Cars have been involved in the motor industry for 30
years.  For 15 years, Peter Salmon has been the managing director
of two main BMW dealership.

Peter Salmon Cars is a company committed to providing top quality
used cars with service histories at competitive prices, new cars
and also parallel imported new cars.

CONTACT:  PETER SALMON CARS LTD.
          145 Limpsfield Road
          Sanderstead
          Surrey CR2 9LG
          Phone: 020 8651 9666
          Fax: 020 8651 0770
          E-mail: sales@petersalmoncars.co.uk

          BN JACKSON NORTON
          22 Laud Street,
          Croydon CR0 1SU


TEKX LIMITED: Liquidator from Vernon Wright & Co. Moves in
----------------------------------------------------------
At the extraordinary general meeting of Tekx Limited on June 8,
2005 held at 40-42 High Street, Maldon, Essex CM9 5PN, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Vernon Charles Wright of Vernon Wright & Co, 40-42
High Street, Maldon, Essex CM9 5PN has been appointed liquidator
of the company.

CONTACT:  TEKX LIMITED
          Web site: http://www.tekx.co.uk/

          VERNON WRIGHT & CO
          First Floor
          40-42 High Street
          Maldon
          Phone: 01621 855330
          Fax: 01621 855399
          E-mail: vcw.insol@virgin.net


                            *********


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
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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