TCREUR_Public/050620.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

             Monday, June 20, 2005, Vol. 6, No. 120

                            Headlines

C Z E C H   R E P U B L I C

OSKAR MOBIL: S&P to Withdraw Rating After Debt Redemption


F R A N C E

CAP GEMINI: Proposed Convertible Bond Get 'BB+' Rating
SUNN SA: New Owner Promises to Expand Business Abroad


G E R M A N Y

AUTOHAUS AIRPORT: Dealer of Used Ford Cars Declares Bankruptcy
BRENTANA LIEGENSCHAFTEN: Broker Files for Bankruptcy
EBM EISENBAHN: Rail Operator Succumbs to Insolvency
ETC ELEKTRONENSTRAHL: Declares Bankruptcy
HEIDELBERGCEMENT AG: Ratings Under Review for Possible Downgrade

LANGENER + DEILMANN: Under Bankruptcy Administration
MALERSERVICE POLIFKA: Magdeburg Court Appoints Administrator
PE-LE: Creditors Meeting Set August
PKV-SELECT: Augsburg Court Appoints Interim Administrator
REINER BAUSCHER: Creditors Meeting Set July
WML WERKZEUG: Proofs of Claim Deadline Expires Next Month


G R E E C E

DRYSHIPS INC.: Cancels Shares Intended to Buy Ship


H U N G A R Y

NABI RT: Russell Richardson Chairman to Oversee Restructuring


I T A L Y

IMPREGILO SPA: Fisia Restructures EUR76 Million Debt
IMPREGILO SPA: Offers Share at EUR2 Apiece


K Y R G Y Z S T A N

MAIS: Public Auction Set Tomorrow


R U S S I A

BELOZERSK-STROY: Bankruptcy Hearing Resumes September
BRYANSK-LIFT-SERVICE: Appoints D. Tkach Insolvency Manager
DEMIDOV-AGRO-TEKH-SERVICE: Under Bankruptcy Supervision
DOBRINSKIY ELEVATOR: Undergoes Bankruptcy Supervision Procedure
KRASNOYARSKIY MILLER: Declared Insolvent

MEZENSKIY: Under Bankruptcy Supervision
NEFTE-MASH-TORG: Deadline for Proofs of Claim Set Tomorrow
RYAZAN-TOURIST: Under External Management Procedure
VOLGOGRADSKIY: Declared Insolvent
VOSKHOD: Creditors Have Until Tomorrow to File Claims


U K R A I N E

ALPARI: Collapses into Bankruptcy
CHERVONOSILSKA: Proofs of Claim Deadline Expires Today
ETEP-UKRAINE: Liquidator Takes over Operations
IZIDA: Gives Creditors Until Today to File Claims
KAMYANETS-PODILSKSUGAR: Declared Insolvent

KRASNOARMIJSK' REMTEHSERVICE: Court Orders Debt Moratorium
LUGOVE: AR Krym Court Opens Bankruptcy Proceedings
POBEDA: Proofs of Claim Deadline Expires Today
RAMSTOR: Court Appoints Svitlana Lunkova Insolvency Manager
SMILYANSKE: Under Bankruptcy Supervision
VTORCHERMET: Bankruptcy Supervision Begins
YAROSLAV: Kyiv Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

AUTOSAVER LIMITED: Calls in Liquidator from Leonard Curtis & Co.
BADLAND AND LYONES: Members Pass Winding-up Resolutions
COLT TELECOM: Clinches Three-year Contract with NEC Europe
CORUS GROUP: Expects Steel Demand in Europe, U.S. to Remain Weak
CRUISE SOLVER: Names Liquidator from David Horner & Co.

FEDERAL-MOGUL: Asbestos Claims Estimation Proceeding Begins
FEDERAL-MOGUL: Wants to Hire Hymans Robertson as Actuary
FORTOAK LIMITED: Hires Administrators
HOTEL BUYER: Liquidator from SPW Poppleton & Appleby Moves in
IMPALLOY LIMITED: Hires Kroll Limited Administrator

K W PURVIS: Meeting of Creditors Set Wednesday
REGAL PETROLEUM: Peter Heap to Temporarily Replace Frank Timis
SALTON INC.: Fails to Pay Interest on US$6.7 Mln Sr. Sub. Notes
SALTON INC.: Rating Cut to 'D' After Missing Interest Payment
TAYLOR MADE: Administrators from Deloitte & Touche Move in

WATERFORD WEDGWOOD: EUR82.2 Mln in the Red at Operating Level
WAUGH THISTLETON: Architectural Firm Calls in Administrator
WEMBLEYTV LIMITED: Members Decide to Wind up Firm


                            *********


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


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 March 15,
2005.

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 partially
drawn EUR250 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.

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

         Standard & Poor's
         Web site: http://www2.standardandpoors.com/


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


CAP GEMINI: Proposed Convertible Bond Get 'BB+' Rating
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to French IT services group Cap Gemini
S.A.'s proposed EUR380 million (US$459 million) convertible bond
issue due January 2012.  At the same time, the 'BB+' long-term
corporate credit rating on the group was affirmed.  The outlook
is negative.

"Cap Gemini's new and existing convertible bond issues, and its
EUR600 million revolving credit facility, all rank pari passu
and are all rated at the same level as the corporate credit
rating, despite significant structural subordination, on the
basis of the parent company's, Cap Gemini S.A.'s, good balance-
sheet position," said Standard & Poor's credit analyst Patrice
Cochelin.

"The proceeds from the bond issue will be used to improve the
group's liquidity," he added.

At Dec. 31, 2004, Cap Gemini had about EUR850 million (gross) of
on-balance-sheet debt.

The rating on Cap Gemini continues to reflect the group's below-
peer-average profitability and ongoing restructuring challenges,
which are partly offset by a prudent financial profile and
policies.

Mr. Cochelin continued, "The negative outlook on Cap Gemini
primarily reflects the number of challenges and execution risks
facing the group's management."

The corporate credit rating on the group could be lowered by one
notch if Cap Gemini's liquidity -- currently good -- weakens
materially.  Conversely, confirmation of an improvement in the
group's operating performance, in particular through the
turnaround of loss-making operations, would likely enable a
return to a stable outlook.

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

          CAPGEMINI
          6-8, rue Duret
          75017 Paris, France
          Phone: +33-1-53-644444
          Fax: +33-1-53-644445
          Web site: http://www.capgemini.com/


SUNN SA: New Owner Promises to Expand Business Abroad
-----------------------------------------------------
A consortium led by Copernic Industrie has acquired troubled
bicycle maker Sunn S.A., Les Echos says.

Financial details were still scant as of this writing, but Les
Echos says the buyers pledged to pour in EUR700,000 into Sunn
and retain 23 of its 50 employees.  The company will now be
known as Manufacture de Cycles du Comminge.

To show that new management is intent on repairing its tattered
business, Copernic chief Patrick Tanguy signed distribution
deals in Slovenia and Poland.  He plans to expand Sunn's
business abroad, particularly Japan.

Founded in 1989, Sunn designs, develops and assembles BMX, MTB,
SUV and Road bikes.  Internationally known for producing
champions in the cycling arena, Sunn posted EUR5.5 million in
turnover and sold 8,000 units in 2004.  The company filed for
liquidation in January, but this was not the first time the
company hit a bumpy road; it also filed for bankruptcy in 1999.

CONTACT:  SUNN S.A.
          Borde Basse
          31800 St. Gaudens
          Phone: (+33) (0) 5-61-94-85-85
          E-mail: sunn@sunnbicycle.com
          Web site: http://www.sunnbicycle.com

          COPERNIC INDUSTRIE
          34 Chemin des Canabieres
          31320 Vieille Toulouse


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


AUTOHAUS AIRPORT: Dealer of Used Ford Cars Declares Bankruptcy
--------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Autohaus Airport Tempelhof GmbH on June 1.
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 Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on July 22, 2005, 10:55 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
October 12, 2005, 10:35 a.m. at the same venue.

Autohaus Airport is a dealer of used Ford cars.

CONTACT:  AUTOHAUS AIRPORT TEMPELHOF GMBH
          Tempelhofer Damm 24 - 30, 12101 Berlin
          Phone: 030/788008-0
          Fax: 030/78800894
          E-mail: info@autohaus-airport.de
          Web site: http://www.autohaus.ford.de/airport/

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


BRENTANA LIEGENSCHAFTEN: Broker Files for Bankruptcy
----------------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against Brentana Liegenschaften GmbH on June 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 30, 2005 to
register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 8, 2005, 11:30 a.m. at the district court
of Bamberg, Sitzungssaal 317, Synagogenplatz 1, 96047 Bamberg,
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.

Brentana Liegenschaften is a real estate broker, which also
provides renovation and other related services.

CONTACT:  BRENTANA LIEGENSCHAFTEN GMBH
          Zehntstr. 16 in 96103 Hallstadt
          Phone: 0951/97497-0
          Contact:
          Udo Kolbert, Manager

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin
          Phone: 030/885673-0
          Fax: 030/885673-44


EBM EISENBAHN: Rail Operator Succumbs to Insolvency
---------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
EBM Eisenbahn-Verkehrs- Gesellschaft im Bergisch-Markischen Raum
mbH, the sister company of EBM Cargo on May 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 24, 2005 to
register their claims with court-appointed provisional
administrator Dr. Henning Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 9:40 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 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.

EBM Eisenbahn-Verkehrs-Gesellschaft filed for insolvency in
August, according to a 2005 Competition Report on the German
railways.

CONTACT:  EBM EISENBAHN-VERKEHRS- GESELLSCHAFT IM BERGISCH-
          MARKISCHEN RAUM MBH
          Hohler Str. 2, 51645 Gummersbach

          Manfred Ruster, Administrator
          Hohler Str. 2, 51645 Gummersbach

          Dr. Henning Dohrmann, Administrator
          Moltkestr. 12, 51643 Gummersbach
          Phone: 02261/9279-0
          Fax: +49226192799


ETC ELEKTRONENSTRAHL: Declares Bankruptcy
-----------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against ETC Elektronenstrahl-Technologie GmbH on May 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 18, 2005
to register their claims with court-appointed provisional
administrator Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting on August 24, 2005, 10:15 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21,
Chemnitz, 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.

ETC Elektronenstrahl-Technologie provides electronics services
and supplies related to construction of offices and other
buildings.

CONTACT:  ETC ELEKTRONENSTRAHL-TECHNOLOGIE GMBH
          Contact:
          Dr. Bodo Furchheim, Manager
          Otto-Schmerbach-Strasse 21a, 09117 Chemnitz

          Carsten Morgenstern, Administrator
          Michaelstrasse 71, 09116 Chemnitz
          Web site: http://www.hww-kanzlei.de/


HEIDELBERGCEMENT AG: Ratings Under Review for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service placed HeidelbergCement's senior
implied and all related Ba1 ratings on review for possible
downgrade following the announcement of a take-over bid from
Spohn Cement GmbH.

Given the limited public information available and the
uncertainties surrounding the structure of the take-over bid the
rating review will focus on the post transaction capital
structure of HeidelbergCement, the strategic intentions of the
new owner, potential changes in the distribution policy going
forward, and the status of the bonds within the new capital
structure.  Moody's notes, however, that the management of Spohn
has already indicated to support the strategy of
HeidelbergCement's management.

Moody's recognizes the improved business fundamentals of the
company and would likely confirm the current rating if the
uncertainties were removed and it became clear that there will
not be any fundamental change in the financing strategy.  At
this stage, Moody's does not anticipate a material change in the
leverage profile.

The current rating reflects: (1) the expectation of Moody's that
HeidelbergCement's profitability will further improve in the
current financial year based on the improved business
environment in Germany and the expected implementation of
further cost savings measures; (2) reduced adjusted indebtedness
coupled with increased retained cash flows, even taking into
account a strongly increased budget for capital expenditure and
acquisitions; and (3) HeidelbergCement's successful rights issue
in March 2005 with the proceeds thereof used to pay down debt.

Moody's considers HeidelbergCement's liquidity profile prior to
the announcement to be sufficient to cover all financing needs
for the upcoming 12 months.  Moody's also notes that
HeidelbergCement has already initiated steps to reduce the
refinancing risks associated with the EUR1 billion bond maturing
in 2007.  An assessment of future liquidity arrangements,
including committed bank facilities, will also form part of the
review process.

Ratings put on review for a possible downgrade:

HeidelbergCement AG:

(a) Issuer rating and senior unsecured MTN: Ba1,

(b) Senior implied rating: Ba1,

(c) Senior unsecured debt: Ba1

HeidelbergCement Finance B.V.:

(a) Senior debt guaranteed by HeidelbergCement: Ba1,

(b) Senior unsecured MTN: Ba1,

(c) Senior notes guaranteed by HeidelbergCement: Ba1

HeidelbergCement Financial Services AB:

(a) Senior debt guaranteed by HeidelbergCement: Ba1,

(b) Senior notes guaranteed by HeidelbergCement: Ba1

HeidelbergCement AG, headquartered in Heidelberg, Germany, was
founded in 1873 and is publicly traded.  The company produces
cement as well as building materials and building chemicals.
The group's fiscal 2004 revenue amounted to EUR6.9 billion.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Frankfurt
          Matthias Hellstern
          Vice President - Senior Analyst
          Corporate Finance Group

          Frankfurt
          Michael West
          Managing Director
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


LANGENER + DEILMANN: Under Bankruptcy Administration
----------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Langener + Deilmann Baugesellschaft mbH & Co.KG on June
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until June 29,
2005 to register their claims with court-appointed provisional
administrator Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting on July 21, 2005, 10:30 a.m. at the district court
of Muenster Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  LANGENER + DEILMANN BAUGESELLSCHAFT MBH & CO.KG
          Raiffeisenstrasse 11, 48653 Coesfeld
          Phone: 02541-4559
          Fax: 02541-4776
          E-mail: info@langener-deilmann.de
          Web site: http://www.langener-deilmann.de/kontakt.html

          Heinrich Stellmach, Administrator
          Salierstrasse 4, 46395 Bocholt
          Phone: 02871/2183-0
          Fax: +4928712183410


MALERSERVICE POLIFKA: Magdeburg Court Appoints Administrator
------------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Malerservice Polifka GmbH on May 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until June 13 to register their claims
with court-appointed provisional administrator Wolfgang
Kinszorra.

Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 9:20 a.m. at Saal D,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  MALERSERVICE POLIFKA GMBH
          Wurmtal 43, 06507 Stecklenberg
          Contact:
          Dirk Tino Polifka
          Georg-Herwegh-Str. 4, 06502 Thale

          Wolfgang Kinszorra, Administrator
          Stendaler Str. 1, 39517 Tangerhuette
          Phone: 03935/93240
          Fax: 03935/932410

          Web site: http://www.maler-polifka.de/
          Phone: 0 39 47 / 58 72
          Fax: 0 39 47 / 94 11 26
          E-mail: info@maler-polifka.de


PE-LE: Creditors Meeting Set August
-----------------------------------
The district court of Gera opened bankruptcy proceedings against
PE-LE Metall GmbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 18, 2005 to register their claims with
court-appointed provisional administrator B. Breitenbuecher.

Creditors and other interested parties are encouraged to attend
the meeting on August 16, 2005, 1:00 p.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 301, 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.

PE-LE handles construction-related metal works.

CONTACT:  PE-LE METALL GMBH
          Wernsdorfer Str. 4, 07554 Gera
     Phone: 07242/210 308
          Fax: 07242/210 308 20
          E-mail: plank@pe-le.at
                  office@pe-le.at

          B. Breitenbuecher, Administrator
          Gustav-Weisskopf-Strasse 4, 99092 Erfurt


PKV-SELECT: Augsburg Court Appoints Interim Administrator
---------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against pkv-select Finanzdienstleistung AG on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 28, 2005
to register their claims with court-appointed provisional
administrator Wolfgang Hohenadl.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 10:15 a.m. at the district court
of Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass
1, 86150 Augsburg, 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.

pkv-select is an independent finance service company, focusing
mainly on health and investment insurances with young
academicians, leading employees, independent and self-employed
workers as clients.

CONTACT:  PKV-SELECT FINANZDIENSTLEISTUNG AG
          Rotbuchenstr. 3
          86899 Landsberg a. Lech
          Phone: 0 81 91 - 94 77 0
          Fax: 0 81 91 - 94 77 48
          E-mail: s.vondra@pkv-select.de

          Wolfgang Hohenadl, Administrator
          Frolichstr. 14, 86150 Augsburg


REINER BAUSCHER: Creditors Meeting Set July
-------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Reiner Bauscher Modeimport- u. Vertriebs-GmbH on May 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had June 17, 2005 to
register their claims with court-appointed provisional
administrator Axel W. Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 9:30 a.m. at the district court of
Infanteriestr. 5, Sitzungssaal 102, Pruefungstermin am Mittwoch
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  REINER BAUSCHER MODEIMPORT- U. VERTRIEBS-GMBH
          Taunusstr. 45, Haus 2, Raum 205 in 80807 Muenchen

          Axel W. Bierbach, Administrator
          Schwanthalerstr. 32, 80336 Muenchen
          Phone: 54511-0
          Fax: 54511-444


WML WERKZEUG: Proofs of Claim Deadline Expires Next Month
---------------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
WML Werkzeug- und Maschinenbau Lobenstein GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 22, 2005
to register their claims with court-appointed provisional
administrator Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting on August 23, 2005, 9:00 a.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 301, 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.

WML Werkzeug manufactures mechanical engineering tools.  In
1979, it developed complicated, high-value syringe molds for the
processing of plastics.  Its workforce of trained specialists
and engineers handles project preparation and construction of
tools for various industries, such as automotive, electro-
technology, electronics and household technology.

CONTACT:  WML WERKZEUG- UND MASCHINENBAU LOBENSTEIN GMBH
          Contact: Ulrich Peuckert, Manager
          Richard-Kocher-Str. 35, 07356 Lobenstein
          Phone: (036651) 3 35 39
          Fax: (036651) 3 35 40
          E-mail: WML-Lobenstein@t-online.de
          Web site: http://www.wml-lobenstein.de/

          Peter Scholl, Administrator
          Andreasstrasse 39, 99084 Erfurt


===========
G R E E C E
===========


DRYSHIPS INC.: Cancels Shares Intended to Buy Ship
--------------------------------------------------
DryShips Inc. has clarified that as disclosed in the Form 20F
Registration Statement filed by DryShips on May 23, 2005, the
company currently has 30,350,000 shares outstanding.

The 1,277,778 shares that were to be used to purchase one of the
11 Identified vessels from an unaffiliated third party as
described in its Prospectus dated February 3, 2005 have been
cancelled.  The vessel, Daytona, was purchased for cash in April
2005.

About DryShips Inc.

DryShips Inc., based in Greece, is an owner and operator of
drybulk carriers that operate worldwide.  As of June 14, 2005,
DryShips owns a fleet of 26 drybulk carriers and has entered
into an agreement to purchase an additional vessel, "Mendocino"
that is scheduled for delivery during August 2005.  Upon
delivery of "Mendocino", DryShips will own and operate 4
Capesize, 21 Panamax and 2 Handymax vessels, with a combined
deadweight tonnage of approximately 2.3 million.  It will be the
second largest Panamax operator in the world.

DryShips Inc.'s common stock is listed on NASDAQ National Market
where it trades under the symbol "DRYS".

Risks and uncertainties are described in reports filed by
DryShips Inc. with the U.S. Securities and Exchange Commission.

                            *   *   *

Chairman and CEO George Economou and family own 57% of DRYSHIPS.

For the year ended October 31, 2004, DRYSHIPS reported a
US$(4.374) million shareholders' equity, as total liabilities
exceeded total assets of US$183.55 million.  The company faces
US$98.17 million in maturing debt before the end of the current
fiscal year.  Its long-term liabilities amount to US$115.202
million, according to U.S. SEC files.

CONTACT:  DRYSHIPS INC.
          80 Kifissias Avenue
          Marousi
          Athens - 15125
          Greece
          Web site: http://www.dryships.com

          Christopher J. Thomas, Chief Financial Officer
          Phone: 011-30-210-809-0570
          E-mail: finance@dryships.com

          Investor Relations / Media
          Nicolas Bornozis
          Capital Link, Inc. (New York)
          Phone: 212-661-7566
          E-mail: nbornozis@capitallink.com


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


NABI RT: Russell Richardson Chairman to Oversee Restructuring
-------------------------------------------------------------
NABI Rt.'s Board of Directors has elected Russell Richardson as
its Chairman on June 13, 2005.  Mr. Richardson is founder and
Chairman of Optare Holdings Ltd. and has over 35 years of
experience in the bus industry.  He has been serving on NABI
Rt.'s Board of Directors since 2000.

                            *   *   *

As reported in TCR-Europe on May 31, J. Daniel Garrett, NABI
Rt.'s Chief Financial Officer and NABI Inc.'s interim Chief
Executive Officer resigned effective June 30, 2005 in relation
to the company's restructuring.

At the time Nabi said Mr. Garrett's responsibilities will be
assumed by Chief Executive Officer and President, Andy Racz and
a Director of the Board of both NABI Rt. and NABI Inc., Russell
Richardson, with assistance from the company's advisers, Conway
Del Genio Gries & Co., LLC.

In May, Nabi Rt agreed in principle with its financiers on the
restructuring of its approximately US$103 million short-term
debt and other banking facilities.

Under the agreement in principle, the financiers have agreed to
reduce their debt to US$60 million, with a portion of such
reduction converted to equity in the form of the financiers
acquiring a 90% equity interest in NABI Inc. (NABI Rt.'s main
operating subsidiary) and up to a 33% equity interest in NABI
Rt.  The reduced debt will be classified as long term and have
maturities ranging from 5 to 8 years.  All warrants formerly
issued by NABI Rt. to the financiers will be cancelled as part
of the restructuring.

Pursuant to their conversion of debt to equity the financiers
will have the right to nominate candidates for up to a third of
the Board of Directors of NABI Rt. and appoint all but one
Director of NABI Inc.  NABI Rt. will continue to appoint one
Director to the Board of NABI Inc.

On completion of the restructuring, NABI Inc. will be the sole
borrower of US$60.0 million reduced debt.  NABI Rt will be free
of debt, but will guarantee repayment of up to US$6.5 million of
the debt of NABI Inc. secured by a first lien on all of NABI
Rt.'s real estate assets.

Given the separation in the majority ownership of NABI Rt. and
NABI Inc., the companies will enter into an arm's length supply
agreement to ensure the continued supply of steel shells,
chassis, parts and service from Hungary to the U.S. business.

The financiers support the continuing efforts by NABI Rt. to
sell assets and businesses, the proceeds of which will be used
to continue to reduce debt as quickly as practicable.  NABI Rt.
will also continue to restructure its operations with a view to
improving efficiency and productivity and ensuring the long-term
prospects of manufacturing steel buses.  Resulting from these
continuing efforts, NABI Rt. announces that it has entered into
negotiations that may or may not lead to an offer or offers
being made for certain or substantially all of NABI Rt.'s and
NABI Inc.'s assets and businesses in Hungary, U.S. and/or U.K.
NABI Rt. will make further announcements on these efforts in due
course.

CONTACT:  NABI RT
          Ujszasz utca 45
          Budapest 1165 Hungary
          Phone: +36.1.401.7100
          Fax: +36.1.407.2931
          E-mail: corporate.office@nabi.hu
          Contact:
          Andras Bodor, Corporate Affairs Director

          CONWAY, DEL GENIO, GRIES & CO., LLC
          645 5th Ave.
          New York, NY 10022
          Phone: 212-813-1300
          Fax: 212-813-0580
          Web site: http://www.cdgco.com


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


IMPREGILO SPA: Fisia Restructures EUR76 Million Debt
----------------------------------------------------
Impregilo S.p.A. said that it had reached these agreements with
the banks on 7 June 2005:

(a) Re-scheduling of Short-term Borrowings

A series of undertakings have been reached with the Banca Intesa
Group, the Unicredito Group, the SanPaolo IMI Group, the
Capitalia Group and other banks for the re-scheduling of short-
term borrowings totaling EUR200.3 million.

The re-scheduled amount has a five-year term and is repayable in
six-monthly installments with 24 months of pre-amortization.
Conditions are aligned with those of the medium/long-term loan
described below.  The final contract will be signed by 31 July
2005.  The re-scheduling does not require Impregilo to provide
guarantees.

(b) Restructuring of Fisia Debt

Fisia Italimpianti has reached an agreement with a pool of banks
led by Banca di Roma S.p.A. for the restructuring of a residual
amount of EUR76 million on a medium-term loan granted at the
time of Fisia's acquisition by Hiatus S.p.A., which subsequently
amalgamated Fisia and assumed its business name.  The
restructuring envisages a two-year extension for each
installment, beginning with the installment due on 30 June 2005.

(c) Conversion of EUR680 Million Bridging Loan

At the request of Impregilo, with reference to the statement
released on 17 May 2005, a medium/long-term financing agreement
for 500 million euro has been signed with Banca Intesa S.p.A.,
Unicredit Banca d'Impresa S.p.A. and SanPaolo IMI S.p.A.  The
seven-year loan with eighteen months of pre-amortization is in
line with standard market practice for transactions of this
nature.

Among the conditions of the agreement, Impregilo will be
required to respect, at consolidated level, these financial
ratios: the net debt/equity ratio; the net debt/EBITDA ratio,
the EBITDA/financial expense ratio.

Under the agreement, Impregilo is also to dispose of investments
and tangible assets.

The contract will take effect subject to a number of conditions
precedent, specifically full execution of the share capital
increase launched by the Impregilo Board of Directors at a
meeting held June 7.

                            *   *   *

Fisia Italimpianti is a company under Impregilo Group.  It
operates in plant engineering and environmental services sector.
It is currently active as a general engineering contractor
either directly in seawater desalination, waste water and solid
waste treatments as well as through its fully owned company
Fisia Babcock Environment in the flue gas treatment and solid
waste incineration.  It also acts in the environmental
management services, including the collection and disposal of
solid municipal hospital and industrial waste, the remediation
of contaminated areas, marine pollution remediation and coastal
protection, activities which are carried out by its fully owned
company Castalia Ecolmar.

As of Dec. 31, 2004, it has EBITDA of EUR28.8 million, net
indebtedness of EUR123 million, and shareholders equity of EUR87
million.  It has employees of 588.

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

          Via De Marini, 16
          16149 Genoa - Italy
          Phone: +39 010 6096111
          Fax: +39 010 6096410
          E-mail: vend@fisiait.com
          Web site: http://www.fisiait.com/sito/


IMPREGILO SPA: Offers Share at EUR2 Apiece
------------------------------------------
With regard to the share capital increase for a maximum amount
of EUR650 million approved by the Shareholders' Meeting of 20
May 2005, the Board of Directors of Impregilo S.p.A. on June 7
carried these resolutions:

(a) to set the issue price (including the share premium) of the
    new shares at EUR2 per share;

(b) to designate EUR1 of the new share issue price as capital
    and EUR1 as share premium; AND

(c) accordingly, to set the number of new shares at a maximum of
    324,956,544 shares, to be assigned at a rate at 22 new
    shares for every 5 ordinary and/or savings shares held.

The rights issue began on 13 June 2005 and end on 1 July 2005.

Additionally, the Board of Directors reviewed its assessments
regarding the status of independent members and, based on the
information provided by the individual Directors, ascertained
that the independent Directors are Alfredo Cavanenghi, Ezio
Gandini, Gian Luigi Garrino, Carlo Lotti and Giorgio Robba.

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


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


MAIS: Public Auction Set Tomorrow
---------------------------------
The bidding organizer and insolvency manager of Agricultural
Farm Mais will auction its properties on June 21, 2005, 11:00
a.m. at Bishkek, Tolstogo Str. 100.  To participate, bidders are
required to submit the necessary documents and deposit an amount
equivalent to 10% of the starting price to the cashier of Mais
on or before June 20, 2005, 9:00 a.m. to 5:00 p.m. at Bishkek,
VPZ-1, Vinogradnaya Str.  For more information, call (0-312) 64-
10-93.


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


BELOZERSK-STROY: Bankruptcy Hearing Resumes September
-----------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on close joint stock company Belozersk-
Stroy.  The case is docketed as A13-2533/2005-25.  Mr. Y.
Alferyev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 160000, Russia,
Vologda, Sovetskiy Pr. 6, Office 222.  A hearing will take place
on Sept. 6, 2005, 2:30 p.m. at the Arbitration Court of Vologda
region located at Russia, Vologda region, Gertsena Str. 1A, hall
#4.

CONTACT:  BELOZERSK-STROY
          161200, Russia, Vologda region,
          Belozersk, Krasnoarmeyskaya Str. 70

          Mr. Y. Alferyev
          Temporary Insolvency Manager
          160000, Russia, Vologda region,
          Sovetskiy Pr. 6, Office 222


BRYANSK-LIFT-SERVICE: Appoints D. Tkach Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on limited liability company Bryansk-Lift-
Service.  The case is docketed as A09-1411/05-8.  Mr. D. Tkach
has been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 241016, Russia, Bryansk,
Komozina Str. 27.

CONTACT:  BRYANSK-LIFT-SERVICE
          Russia, Bryansk region,
          Komozina Str. 27

          Mr. D. Tkach
          Temporary Insolvency Manager
          241016, Russia, Bryansk region,
          Komozina Str. 27


DEMIDOV-AGRO-TEKH-SERVICE: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Smolensk region has commenced
bankruptcy supervision procedure on open joint stock company
Demidov-Agro-Tekh-Service.  The case is docketed as A62-
1179/2005 (629-N/05).  Ms. S. Lavrentyeva has been appointed
temporary insolvency manager.  Creditors may send their proofs
of claim to 214014, Russia, Smolensk, Engelsa Str. 21/5,
Outhouse, 4th floor.

CONTACT:  DEMIDOV-AGRO-TEKH-SERVICE
          216240, Russia, Smolensk region,
          Demidovskiy region, Demidov, SKhT, 12

          Ms. S. Lavrentyeva
          Temporary Insolvency Manager
          214014, Russia, Smolensk region,
          Engelsa Str. 21/5, Outhouse, 4th floor
          Fax: 38-66-92


DOBRINSKIY ELEVATOR: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Lipetsk region has commenced bankruptcy
supervision procedure on open joint stock company Dobrinskiy
Elevator.  The case is docketed as A36-753/2005.  Mr. N. Tyunin
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 301130, Russia,
Tula region, Leninskiy, Zavodskaya Str. 2.  A hearing will take
place on Aug. 18, 2005, 10:00 a.m. at the Arbitration Court of
Lipetsk region located at 398019, Russia, Lipetsk, Skorokhodova
Str. 2, Room 503.

CONTACT:  DOBRINSKIY ELEVATOR
          399431, Russia, Lipetsk,
          Dobrinskiy region, Dobrinka

          Mr. N. Tyunin
          Temporary Insolvency Manager
          301130, Russia, Tula region,
          Leninskiy, Zavodskaya Str. 2


KRASNOYARSKIY MILLER: Declared Insolvent
----------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Krasnoyarskiy Miller after finding the open
joint stock company insolvent.  The case is docketed as A33-
15524/04-S4.  Mr. A. Astakhov has been appointed insolvency
manager.  Creditors have until July 07, 2005 to submit their
proofs of claim to 660021, Russia, Krasnoyarsk, Post User Box
12676.

CONTACT:  KRASNOYARSKIY MILLER
          660058, Russia, Krasnoyarsk region,
          Lomonosova Str. 70

          Mr. A. Astakhov
          Insolvency Manager
          660021, Russia, Krasnoyarsk region,
          Post User Box 12676


MEZENSKIY: Under Bankruptcy Supervision
---------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on limited liability company
Mezenskiy Saw-Wood-Working Combine (TIN 2901100879).  The case
is docketed as A05-3400/05-27.  Mr. A. Bezrukov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to: 164501, Russia,
Arkhangelsk region, Severodvinsk, Post User Box 146.  A hearing
will take place on Oct. 14, 2005 at the Arbitration Court of
Arkhangelsk region located at Russia, Arkhangelsk, Loginova Str.
17.

CONTACT:  MEZENSKIY SAW-WOOD-WORKING COMBINE
          164762, Russia, Arkhangelsk region,
          Kamenka, Shelgunova Str. 2

          Mr. A. Bezrukov
          Temporary Insolvency Manager
          164501, Russia, Arkhangelsk region,
          Severodvinsk, Post User Box 146


NEFTE-MASH-TORG: Deadline for Proofs of Claim Set Tomorrow
----------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Nefte-Mash-Torg.  The case is docketed as A12-2354/05-s57.  Mr.
Y. Petrov has been appointed temporary insolvency manager.

Creditors have until June 21, 2005 to submit their proofs of
claim to:

(a) NEFTE-MASH-TORG
    400074, Russia, Volgograd region,
    Lenina Pr. 81

(b) Temporary Insolvency Manager
    410005, Russia, Saratov,
    Atkarskaya Str. 53, Apartment 3

(c) The Arbitration Court Of Volgograd region
    400005, Russia, Volgograd region,
    7th Gvardeyskaya Str. 2


RYAZAN-TOURIST: Under External Management Procedure
---------------------------------------------------
The Arbitration Court of Ryazan region has commenced external
management bankruptcy procedure on close joint stock company
Ryazan-Tourist.  The case is docketed as A54-4059/04-S6.  Ms. G.
Bogdanova has been appointed external insolvency manager.

CONTACT:  RYAZAN-TOURIST
          390013, Russia, Ryazan region,
          Dimitrova Str. 4

          Ms. G. Bogdanova
          External Insolvency Manager
          390046, Russia, Ryazan region,
          Mayakovskogo Str. 1A, Letter O


VOLGOGRADSKIY: Declared Insolvent
---------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Volgogradskiy after finding the tractor
plant insolvent.  The case is docketed as A12-6128/04-S24.  Mr.
A. Rumyantsev has been appointed insolvency manager.
Creditors have until July 21, 2005 to submit their proofs of
claim to 400006, Russia, Volgograd, Dzerzhinskogo Square, 1.

CONTACT:  VOLGOGRADSKIY
          400006, Russia, Volgograd region,
          Dzerzhinskogo Square, 1

          Mr. A. Rumyantsev
          Insolvency Manager
          400006, Russia, Volgograd region,
          Dzerzhinskogo Square, 1
          Phone: (8442) 74-60-51


VOSKHOD: Creditors Have Until Tomorrow to File Claims
-----------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on open joint stock company Voskhod.  The
case is docketed as A48-1362/05-17B.  Mr. L. Lazarenko has been
appointed temporary insolvency manager.

Creditors have until June 21, 2005 to submit their proofs of
claim to 302010, Russia, Orel region, Aviatsionnaya Str. 5.  A
hearing will take place on Aug. 22, 2005, 10:00 a.m.

CONTACT:  VOSKHOD
          Russia, Orel region, Novoderenkovskiy region,
          Khomutovo, Naberezhnaya Str. 1

          Mr. L. Lazarenko
          Temporary Insolvency Manager
          302010, Russia, Orel region,
          Aviatsionnaya Str. 5


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


ALPARI: Collapses into Bankruptcy
---------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Alpari (code EDRPOU 31994357) on March 10,
2005 after finding the private enterprise insolvent.  The case
is docketed as 8/2.  Mr. A. Mosijchuk has been appointed
liquidator/insolvency manager.  The company holds account number
26004010566980 at Finances and Credit, Rivne branch, MFO 333603.

CONTACT:  ALPARI
          33018, Ukraine, Rivne region,
          V. Divizii Str. 23/86

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


CHERVONOSILSKA: Proofs of Claim Deadline Expires Today
------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Chervonosilska (code EDRPOU 00855776) on
April 21, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/2-05.  Mr. I. Filenko
(License Number AA 783139) has been appointed
liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) CHERVONOSILSKA
    42353, Ukraine, Sumi region,
    Sumi district, Chervone, Sumska Str. 36a

(b) Mr. I. Filenko
    Liquidator/Insolvency Manager
    40030, Ukraine, Sumi region,
    Bortsiv Revolutsii Str. 2

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


ETEP-UKRAINE: Liquidator Takes over Operations
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Etep-Ukraine (code EDRPOU 30211848) on May
11, 2005 after finding the company insolvent.  The case is
docketed as 48/101-b.  OJSC PCB-Radioplant has been appointed
liquidator/insolvency manager.

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

(a) ETEP-UKRAINE
    03164, Ukraine, Kyiv region,
    Lisorubna Str. 1

(b) PCB-RADIOPLANT
    Liquidator/Insolvency Manager
    02099, Ukraine, Kyiv region,
    Borispilska Str. 9
    Phone/Fax: 8 (044) 566-00-35

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


IZIDA: Gives Creditors Until Today to File Claims
-------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Izida (code EDRPOU 22789123).  The
case is docketed as 14/1578.  Mr. Yatchuk Volodimir has been
appointed temporary insolvency manager.  The company holds
account number 2600230012464/980 at JSCB Ukrsocbank, Cherkassy
regional branch, MFO 354013.

Creditors have until today to submit their proofs of claim to:

(a) IZIDA
    18028, Ukraine, Cherkassy region,
    Gromova Str. 138

(b) Mr. Yatchuk Volodimir
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Sedov Str. 15/3

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


KAMYANETS-PODILSKSUGAR: Declared Insolvent
------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against CJSC Kamyanets-Podilsksugar (code EDRPOU
31048194) on April 28, 2005 after finding the limited liability
company insolvent.  The case is docketed as 13/2/7/5-B.  Mr. V.
Monakov has been appointed liquidator/insolvency manager.

CONTACT:  KAMYANETS-PODILSKSUGAR
          32300, Ukraine, Hmelnitskij region,
          Kamyanets-Podilskij, Tsenskij Str. 1

          Mr. V. Monakov
          Liquidator/Insolvency Manager
          03110, Ukraine, Kyiv region, a/b 16

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti Square, 1


KRASNOARMIJSK' REMTEHSERVICE: Court Orders Debt Moratorium
----------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Krasnoarmijsk' Remtehservice (code
EDRPOU 03739094) on April 5, 2005 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
27/44 B.  Mr. Yevgen Lesnikov (License Number AB 116080) has
been appointed temporary insolvency manager.  The company holds
account number 26005059990188 at CB Privatbank, Krasnoarmijsk
branch, MFO 335236.

Creditors have until today to submit their proofs of claim to:

(a) KRASNOARMIJSK' REMTEHSERVICE
    85300, Ukraine, Donetsk region,
    Krasnoarmijsk, Nahimov Str. 82

(b) Mr. Yevgen Lesnikov
    Temporary Insolvency Manager
    85400, Ukraine, Donetsk region,
    Novogrodovka, O. Koshevij Str. 37/19

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


LUGOVE: AR Krym Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Lugove (code EDRPOU 30899111) on April 8,
2005 after finding the close joint stock company insolvent.  The
case is docketed as 2-11/468-2005.  Mr. Volodimir Gorbachov
(License Number AA 485251) has been appointed
liquidator/insolvency manager.  The company holds account number
260089034 at JSPPB Aval, Simferopol branch, MFO 324021.

Creditors have until today to submit their proofs of claim to:

(a) LUGOVE
    98206, Ukraine, AR Krym region,
    Leninskij district, Lugove, Frunze Avenue, 1

(b) Mr. Volodimir Gorbachov
    Liquidator/Insolvency Manager
    97012, Ukraine, AR Krym region,
    Krasnogvardijskij district,
    Petrivka, Yegudin Quarter, 38/14
    Phone: 8 (06556) 2-39-13

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


POBEDA: Proofs of Claim Deadline Expires Today
----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Pobeda (code EDRPOU 30903028) on April 18,
2005 after finding the agricultural company insolvent.  The case
is docketed as 7/155-04.  Mr. I. Filenko (License Number AA
783139) has been appointed liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) POBEDA
    42822, Ukraine, Sumi region,
    Veliko-Pisarivskij district, Popivka

(b) Mr. I. Filenko,
    Liquidator/Insolvency Manager
    40030, Ukraine, Sumi region,
    Bortsiv revolutsii Str. 2

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


RAMSTOR: Court Appoints Svitlana Lunkova Insolvency Manager
-----------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against LLC RAMSTOR (code EDRPOU 32357645) on May 5,
2005 after finding the limited liability company insolvent.  The
case is docketed as 5/72 B.  Ms. Svitlana Lunkova (License
Number AA 668348) has been appointed liquidator/insolvency
manager.  The company holds account number 26000301666441 at
Prominvestbank, Shahtrsk branch, MFO 334613.

CONTACT:  RAMSTOR
          83058, Ukraine, Donetsk region,
          Livoberezhna Str. 94

          Ms. Svitlana Lunkova
          Liquidator/Insolvency Manager
          83054, Ukraine, Donetsk region,

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


SMILYANSKE: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Smilyanske (code EDRPOU 05525291).
The case is docketed as 5/70-05.  Mr. Oleksandr Hristal has been
appointed temporary insolvency manager.  The company holds
account number 26007279814004 at CB Privatbank, Vinnitsya
branch, MFO 302689.

CONTACT:  SMILYANSKE
          22023, Ukraine, Vinnitsya region,
          Hmilnitskij district, Smila

          Mr. Oleksandr Hristal,
          Temporary Insolvency Manager
          22023, Ukraine, Vinnitsya region,
          Hmilnitskij district, Smila

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


VTORCHERMET: Bankruptcy Supervision Begins
------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on JSCCT Vtorchermet (code EDRPOU
23263268) on April 7, 2005.  The case is docketed as 20/59 b.
Mr. Oleksandr Bohan (License Number AA 779294) has been
appointed temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) VTORCHERMET
    92000, Ukraine, Lugansk region,
    Lutuginskij district, Uspenka

(b) Mr. Oleksandr Bohan
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Teplogorsk, Yunosti Str. 11

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


YAROSLAV: Kyiv Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC YAROSLAV (code EDRPOU 25661524) on April
29, 2005 after finding the limited liability company insolvent.
The case is docketed as 23/724-b.  Mr. Sergij Donkov (License
Number AA 485220) has been appointed liquidator/insolvency
manager.

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

(a) YAROSLAV
    01030, Ukraine, Kyiv region,
    Grinchenko Str. 3

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


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


AUTOSAVER LIMITED: Calls in Liquidator from Leonard Curtis & Co.
----------------------------------------------------------------
At the extraordinary general meeting of Autosaver Limited on
June 9, 2005 held at Leonard Curtis & Co, One Great Cumberland
Place, Marble Arch, London W1H 7LW, the extraordinary resolution
to wind up the company was passed.  S. D. Swaden of Leonard
Curtis & Co, One Great Cumberland Place, Marble Arch, London W1H
7LW has been appointed liquidator of the company.

CONTACT:  AUTOSAVER LIMITED
          Web site: http://www.auto-saverltd.co.uk

          LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


BADLAND AND LYONES: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of the members of Badland
and Lyones Limited on June 9, 2005 held at Fosters Yard Hotel,
12 Market Street, Polesworth, Tamworth, Staffordshire B78 1HW,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Lisa Hogg and David Field of Wilson Field,
The Annexe, The Manor House, 260 Ecclesall Road South, Sheffield
S11 9PS have been appointed joint liquidators of the company.

CONTACT:  BADLAND AND LYONES
          Cornwallis Road
          West Bromwich B70 7JF
          Phone: 0121 544 6660

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


COLT TELECOM: Clinches Three-year Contract with NEC Europe
----------------------------------------------------------
COLT Telecom Group plc has signed a three-year managed network
deal with NEC Europe, a leading global manufacturer and service
provider of telecommunications, computer and electronic devices.

As NEC's primary data infrastructure provider for Europe, COLT
will supply an IP Virtual Private Network (IP VPN) to connect
NEC's business critical applications across its European
operations.

COLT's extensive network footprint allows NEC to connect all of
its Western European offices, improving communications for its
2,000 personnel in the region.  In the first stage of this new
relationship, COLT will upgrade NEC's current infrastructure to
a modern IP VPN MPLS network.  This managed network will enable
NEC to link its multiple sites more cost-effectively and reduce
total cost of ownership by freeing up in-house resources.

Kenji Takano, Managing Director and board member of NEC Europe
said: "When choosing our new network provider, it was imperative
that the selected company could align with our business strategy
and provide a robust, pan-European solution.  COLT impressed us
not only with its technology but with its high responsiveness
and customer service record.  Together with highly competitive
pricing, COLT's bid stood head and shoulders above the rest."

By using COLT as a primary supplier, NEC will get a single point
of accountability and billing, while high service level
guarantees across all countries will ensure consistency of
management and communication.  The new network will go live in
Q3 2005 and is a foundation for IP Voice and data center
services in the future.

Jean-Yves Charlier, CEO of COLT, said: "We are excited to be
supporting NEC Europe's strategy and helping it to exceed its
business goals.  This pan-European agreement will significantly
reduce NEC Europe's total cost of ownership -- a prime motivator
for its decision to upgrade the network -- and put in place a
superior, stable managed network for the future.  We are also
delighted that our customer care record provided the reassurance
NEC Europe was seeking from its chosen supplier - testimony to
our continued focus on service."

About COLT

COLT is one of the leading European providers of business
communications.  COLT specializes in providing data, voice and
managed services to midsize and major businesses and wholesale
customers.  It has more than 22,000 customers across all
industry sectors. COLT owns and operates a 13-country, 20,000km
network that includes metropolitan area networks in 32 major
European cities with direct fiber connections into 10,000
buildings and 12 COLT data centers.

About NEC Corporation

NEC Corporation (NASDAQ: NIPNY) (FTSE: 6701q.l) is one of the
world's leading providers of Internet, broadband network and
enterprise business solutions dedicated to meeting the
specialized needs of its diverse and global base of customers.
Ranked as one of the world's top patent-producing companies, NEC
delivers tailored solutions in the key fields of computer,
networking and electron devices, by integrating its technical
strengths in IT and Networks, and by providing advanced
semiconductor solutions through NEC Electronics Corporation.
The NEC Group employs more than 140,000 people worldwide and had
net sales of 4,855 billion yen (approx. US$45.4 billion) in the
fiscal year ended March 2005.

                            *   *   *

The first-quarter earnings of COLT Telecom fell slightly lower
than the consensus forecasts.  According to the Business World,
the U.K. telecom service provider registered revenues of
GBP307.1 million against forecast of GBP308.5 million.

CONTACT:  COLT TELECOM GROUP PLC
          Web site: http://www.colt.net
          John Doherty
          Director Corporate Communications
          E-mail: jdoherty@colt.net
          Phone: +44 (0) 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          E-mail: gill.maclean@colt.net
          Phone: +44 (0) 20 7863 5314

          Henny Valder
          COLT
          Phone: + 44 (0) 20 7947 1610
          E-mail: henny.valder@colt.net

          NEC EUROPE LTD.
          Chris Shimizu
          Phone: +44 (0)20 8993 8111
          Fax: +44 (0)20 8752 2797
          E-mail: press@uk.neceur.com


CORUS GROUP: Expects Steel Demand in Europe, U.S. to Remain Weak
----------------------------------------------------------------
In 2005, global steel industry capacity utilization is expected
to remain high by historical standards.  Steel consumption is
forecast to increase by around 4% with China continuing to
provide the main source of growth.  In contrast, European and
North American demand is relatively weak.

In Europe, weakness in the construction and automotive sectors
has emerged during the first half of 2005.  Combined with higher
imports, this has hampered efforts to redress the stock build
that occurred in the second half of 2004.  This in turn, has led
to some downward pressure on selling prices.

There are early signs that stock levels in North American
markets are reducing.  The European market is expected to follow
this trend with stock levels expected to revert to normal
towards the end of the year.  To align production with demand,
Corus Group plc has reduced steel making output in the second
quarter by 70,000 tons per month.  This policy will be continued
with the reduction increasing to 160,000 tons per month for the
third quarter.

The Group's "Restoring Success" program continues to deliver
significant benefits in line with plan.  Commissioning of the
capital investments at Port Talbot and Rotherham are ongoing and
benefits will be progressively delivered from the second half of
this year.

Consistent with the guidance given at the time of our 2004
preliminary results, the operating performance for the Company
in the first half of 2005 is expected to be marginally better
than the strong second half of last year.  Corus expects trading
conditions to be more difficult during the second half of 2005,
particularly as Europe enters the holiday period of July and
August.  As market conditions permit, it remains Corus'
objective to look to recover the progressive impact of raw
material cost increases.

At the time of the preliminary results announcement, the Board
declared its intention to recommence dividend payments in
respect of the current year.

The Board now expects to declare a modest, initial dividend at
the time of its interim results on 25 August 2005.  This
decision reflects the Board's confidence in the Group's
underlying, long-term recovery.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


CRUISE SOLVER: Names Liquidator from David Horner & Co.
-------------------------------------------------------
At the extraordinary general meeting of the members of Cruise
Solver Limited on June 8, 2005 held at MLS Business Centre,
Tower Court, Clifton Moor, York YO30 4XL, the extraordinary and
ordinary resolutions to wind up the company were passed.  David
Anthony Horner of David Horner & Co, 11 Clifton Moor Business
Village, James Nicolson Link, Clifton Moor, York YO30 4XG has
been appointed liquidator of the company.

                            *   *   *

Cruise Solver has been designed for the busy travel agent as a
'one stop' reference for cruise brochure information.  Using a
sophisticated database to store cruise details, it will search
for and identify your customer's requirements quickly and
efficiently.  Use it on the desktop in your branch or on your
Web site as the ultimate cruise selection tool.  It can also be
tailored to create your own promotional material such as
adverts, flyers, window posters/cards and many other invaluable
items to assist in selling cruises.

CONTACT:  CRUISE SOLVER LIMITED
          Anchor House
          851 Gatherley Road,
          Brompton on Swale,
          Richmond, North Yorkshire DL10 7JH
          Phone: 0870 0555 007
          Fax: 01748 813071
          E-mail: info@cruisesolver.com
          Web site: http://www.cruisesolver.com/

          DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


FEDERAL-MOGUL: Asbestos Claims Estimation Proceeding Begins
-----------------------------------------------------------
A formal hearing to estimate the aggregate value of asbestos-
related personal injury claims against Federal-Mogul Corporation
and its debtor-affiliates began Tuesday in Camden, N.J., before
the Honorable Joseph H. Rodriguez.  The hearing was to continue
Wednesday and Thursday last week and the District Court has
blocked-out Tuesday, Wednesday and Thursday of this week to
complete the trial.  Judge Rodriguez is unlikely to issue any
type of bench ruling at the conclusion of this multi-day trail
proceeding.

At the Court's direction, the parties filed their final witness
lists, lists of trial exhibits, and pre-hearing memoranda late
last month.

                 Parties' Pre-Hearing Memoranda

A. Asbestos Claimants Committee & Futures Representative

The Official Committee of Asbestos Claimants, and Eric D. Green,
as the Legal Representative for Future Asbestos Claimants tell
the Court that the estimation proceeding will serve two
purposes:

   a. To enable the Court to resolve for U.S. bankruptcy
      purposes any objections to confirmation of the Third
      Amended Joint Plan of Reorganization, which are based in
      any way on an aggregate estimate of T&N's liability to
      pending and future U.S. and U.K. asbestos personal injury
      claimants; and

   b. To provide Mr. Justice David Richards of the English High
      Court with a fully developed legal and factual record that
      attempts to answer the questions raised in his
      communication to Bankruptcy Judge Raymond T. Lyons dated
      December 22, 2004, and which could assist him in his own
      resolution of similar issues as they arise in the
      insolvency proceedings currently pending in the United
      Kingdom.

A full-text copy of the Asbestos Claimants Committee and Futures
Representative's Pre-Hearing Memorandum is available free of
charge, at:

     http://bankrupt.com/misc/ACC&FuturesPrehearingMemo.pdf

The Asbestos Claimants Committee and Futures Representative have
identified three legal issues which must be resolved to
determine whether the proposed Plan is fair to all creditor
groups and whether it satisfies the Bankruptcy Code's "best
interest of creditors" test.

According to Maribeth L. Minella, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, the estimation
hearing raises three broad issues:

   1. Why is estimation necessary?

   2. What is the appropriate methodology to use in estimating
      present and future asbestos personal injury liability?

   3. How would U.S.-based claims against T&N Limited be valued
      in the U.K. Insolvency Proceedings?

Ms. Minella notes that the resolution of the issues is not
binding on Justice Richards, but could speed up the resolution
of the parallel administration proceedings of T&N Limited and
its U.K. subsidiaries and avoid unnecessarily duplicative
procedures in the United Kingdom, Ms. Minella assures.

                 Why is Estimation Necessary?

To emerge from bankruptcy and for the creditors to be paid, it
is necessary to establish an estimated aggregate value of the
present and future asbestos personal injury claims.

Specifically, the estimation is necessary for three reasons:

   1. To provide a basis for measuring the relative amounts of
      asbestos personal injury claims on the one hand and, on
      the other, claims lodged by other groups of unsecured
      creditors, including those asserting asbestos-related
      property damage claims and other unsecured commercial
      claims;

   2. An estimate of T&N's present and future asbestos personal
      injury liability is required to determine whether the Plan
      satisfies the "best interest of creditors" test; and

   3. A special requirement for an estimate arises from the
      pendency of the U.K. Insolvency Proceedings.

                      Methodology to Be Used

The Asbestos Claimants Committee and Futures Representative
assert that the best and the only valid basis to be used is "by
reference to the claims compensation criteria and values
established by T&N's pre-petition resolution of over 250,000
similar individual asbestos personal injury and death claims,
after taking into account both the historical trends in claims
filing rates and claim values as well as events that were
reasonably foreseeable as of the bankruptcy petition date."

Ms. Minella explains that the 250,000 resolved claims were:

   -- brought against T&N in all 50 states and various
      territories of the United States and in the United
      Kingdom;

   -- litigated in both U.S. and U.K. courts; and

   -- resolved either through trials or at values that the
      company and the claimants agreed were acceptable for a
      consensual resolution.

The Asbestos Claimants Committee's expert, Dr. Mark Peterson,
and the expert for the Official Committee for Property Damage
Claimants, Dr. Robin Cantor, agree with the general proposition,
Ms. Minella says.  Both experts hold the view that T&N's past
claims resolution history is the proper evidentiary basis from
which to begin to estimate T&N's asbestos liability, Ms. Minella
adds.

         Valuation of U.S.-based Claims Under English Law

The estimation, according to Ms. Minella, must include a
determination of how the U.S.-based claims would be valued in
the U.K. Insolvency Proceedings, which requires an analysis of
relevant English law on the treatment of tort claims arising
outside the United Kingdom.  A determination by the Court of the
values that would be assigned in England to the U.S.-based
claims is necessary because a substantial part of T&N's assets
are in the United Kingdom.  In a liquidation under Chapter 7,
the only value available to the asbestos personal injury and
other U.S. claimants against T&N would, as a practical matter,
be whatever they were able to obtain through the U.K. Insolvency
Proceedings.

To value unliquidated tort claims, like T&N's asbestos personal
injury claims, the U.K. Administrators of T&N must determine, as

a matter of English law:

   (1) that the claim, if proven, would result in the
       defendants' liability; and

   (2) the amounts that would be awarded for any meritorious
       claims.

Ms. Minella tells the Court that the Asbestos Claimants
Committee and the Futures Representative will present testimony,
and a detailed written legal analysis by Barbara Dohmann, QC,
showing that in the U.K. Insolvency Proceedings U.S. law would
be applied to substantive issues of liability and damages.

             $8.2 to $11.0 Billion for U.S. Claims,
                   $400 Million for U.K. Claims

The Asbestos Claimants Committee and the Futures Representative
assert that a reasonable estimate of the asbestos personal
injury claims against T&N, as of October 2001, is:

    * within the range of $8.2 to $11.0 billion for claims
      brought in the United States; and

    * $400 million for claims brought in the United Kingdom.

Ms. Minella explains that the range estimates the present value
of the amounts T&N would have paid over the next four decades to
resolve asbestos personal injury claims in the U.S. and U.K.
tort systems if it had not filed for bankruptcy.

                 ACC & Futures Rep's Witness List

At the hearing, the Asbestos Claimants Committee and Futures
Representative will present as witnesses:

   1. Paul Hanly, former U.S. National Trial Counsel to T&N;

   2. Andrea Crichton, U.K. Asbestos Claims Manager for T&N;

   3. Barbara Dohmann, Queen's Counsel, and an English Law
      expert;

   4. Laura Welch, M.D., Medical Expert; and

   5. Mark Peterson, Ph.D., JD, Claims Estimation Expert.

Mr. Hanly and Ms. Crichton have extensive personal knowledge of
T&N's claims history and its procedures and strategies for
resolving claims.  In broad outline, their testimony will show
that although there are obvious differences in the U.S. and U.K.
judicial systems, the bases of T&N's liability for asbestos
personal injury claims asserted by the vast majority of
plaintiffs against T&N were the same in both countries: That T&N
was responsible for:

   -- asbestos-related injuries caused by exposure to its
      asbestos-containing products; or

   -- injuries caused by exposure to the asbestos fiber it
      supplied to its subsidiaries.

Ms. Dohmann will establish the choice of law for liability and
for damages that would apply if T&N's asbestos personal injury
liability for claims based on events in the United States were
considered by a U.K. Court.  She will explain that in her
opinion, under English law, U.S. principles for both liability
and amount of damages would be applied to those claims.  In
particular, Ms. Dohmann will describe the basic elements for a
defendant to be liable under English law for injuries allegedly
caused by its asbestos-containing products.

A full-text copy of Barbara Dohmann's expert opinion is
available at no charge at:

      http://bankrupt.com/misc/DohmannReport.pdf

Ms. Welch will explain and support the testimony of Mr. Hanly
and Ms. Crichton, and the assumptions regarding medical issues
that have been used by Dr. Cantor.

A full-text copy of Laura Welch's expert report is available at
no charge at:

      http://bankrupt.com/misc/WelchReport.pdf

                      Dr. Peterson's Approach

Dr. Peterson will present the bases for his conclusion that the
present value of T&N's U.S. claims is within the range of $8.2
to $11.0 billion, and that the liability for U.K. claims is $400
million.  Dr. Peterson may also testify as a rebuttal witness to
the flaws in the methodology used, and results reached, by Dr.
Cantor.

Dr. Peterson's methodology utilizes data drawn from the T&N's
prepetition claims experience, both within the Center for Claims
Resolution and afterwards as a "stand-alone" defendant:

    * epidemiological projections of the incidence of asbestos-
      related cancers; and

    * foreseeable trends and patterns in claiming behavior and
      settlement costs.

The methodology is not a mechanical extrapolation of past
history, Ms. Minella explains.  The historical data provide a
starting point, but adjustments are made for changes that can
reasonably be expected in the future, and for anomalies in the
historical patterns.

According to Ms. Minella, although the details in estimating
T&N's aggregate asbestos personal injury liability are
complicated, the propositions underlying the estimate are basic:
T&N's aggregate asbestos personal injury liability is the sum
of:

   (a) the estimated liability for claims pending but unresolved
       on the Petition Date plus

   (b) the present value of the estimated liability for claims
       that can be expected to be filed in the years thereafter.

Dr. Peterson started his analysis by examining T&N's database of
pending claims and grouping the claims into categories of
alleged disease -- mesothelioma, lung cancer, other cancer, and
non-malignant disease.  Next, he compared this universe of
pending claims to records of claims that T&N has previously
resolved by settlement or court judgment, taking into account
those resolved without payment as a result of rejection,
withdrawal, or abandonment.

A full-text copies of Mark Peterson's reports are available at
no charge at:

     http://bankrupt.com/misc/PetersonExpertReport.pdf

     http://bankrupt.com/misc/PetersonSupplReport.pdf

                  Dr. Cantors' Method is Flawed

In contrast, Dr. Cantor reaches a drastically lower estimate,
for two principal reasons:

   (1) Dr. Cantor uses a flawed and downwardly biased approach
       to calculate the number of future claims that will be
       filed against T&N and ultimately paid; and

   (2) Dr. Cantor's calculation of the "settlement averages"
       used to value T&N's pending and future claims ignores not
       only T&N's recent historical settlement averages and the
       increasing trends in T&N's settlement averages but also
       the reasons for those trends.

For all of these reasons, the Asbestos Committee and the Futures
Representative ask the Court rule that:

   (a) the aggregate value of T&N's liability for present and
       future U.S. asbestos personal injury claims liability is
       between $8.2 and $11.0 billion;

   (b) its liability for present and future U.K. asbestos
       personal injury claims is $400 million; and

   (c) an English court would apply the laws of the United
       States to both the evaluation of liability and the
       measure of damages for claims brought by persons who were
       exposed in the United States to T&N's asbestos and
       asbestos-containing products and who suffered asbestos-
       related diseases in the United States as a result of that
       exposure.

B. Asbestos PD Claimants

The Official Committee of Asbestos Property Damage Claimants
believes that appropriate value of all pending and future U.S.
asbestos personal injury claims against Debtor T&N Limited is
approximately $2.5 billion, net present value.

The PD Committee will offer expert testimony from Dr. Robin A.
Cantor, a Ph.D. economist and the leader of the Liability
Estimation practice at Navigant Consulting, Inc., at trial.  The
PD Committee will demonstrate that Dr. Cantor's estimate is
based on extensive empirical analysis of T&N's pre-bankruptcy
claims history and is, as a matter of fact and law, the only
appropriate estimate offered.

The PD Committee argues that the estimate offered by the
Asbestos Claimants Committee and the Future Claimants
Representative ignores T&N's claims history.  The PD Committee
says the Asbestos Claimants Committee and the Future Claimants
Representative's estimate projects wildly inflated claim counts
and soaring claim values based on unsupportable speculation
that, for the bankruptcy, the world of asbestos litigation would
become an even less hospitable place for T&N than it already
was.

The PD Committee notes that each of the Plan Proponents and the
Trustees of the T&N Pension Plan has retained separate
consulting firms to estimate T&N's liabilities.  The Plan
Proponents, however, will offer only Mark Peterson, the
consultant retained by the Asbestos Claimants Committee, to
support the $11.1 billion estimate of the aggregate value of
U.S. asbestos personal injury claims.

"It is not surprising that no other party will offer expert
testimony to corroborate Dr. Peterson's estimate," Theodore J.
Tacconelli, Esq., at Ferry Joseph & Pearce, P.A., in Wilmington,
Delaware, says.

The PD Committee believes that no other consultant retained in
the case has estimated T&N's liabilities at anything near the
$11.1 billion.  "None would risk his or her professional
credibility trying to justify that number," Mr. Tacconelli tells
the District Court.

The Debtors' own estimate of T&N's liabilities is telling, the
PD Committee contends.  The Committee points out that from 2000
through 2004, the Debtors have disclosed in filings with the
U.S. Securities and Exchange Commission that T&N's total
potential liability through 2012 would be $1.6 billion.

The PD Committee notes that the Debtors worked with National
Economic Research Associates, Inc., a nationally recognized
economic consulting firm, in coming up with the estimate in
2000.

Moreover, the Debtors have continued reporting the $1.6 billion
estimate even after they proposed the Plan, which incorporates
the $11.1 billion estimate.  The Debtors have never suggested
that the NERA estimate wildly underestimates T&N's potential
liability.

Other estimates also show how unrealistic the Asbestos Claimants
Committee's current $11.1 billion estimate is.  The PD Committee
reminds the District Court that in 2002 and 2004, before the
Asbestos Claimants Committee reached an agreement on the Plan,
the Asbestos Claimants Committee presented values ranging from
$5.7 billion to $6.6 billion.  The Pension Trustees also
performed their own estimate, which ranged from $2.1 billion to
$5.5 billion.  The joint administrators appointed in the U.K.
proceedings arrived at $5.3 billion using essentially the same
methodologies Dr. Peterson used before he doubled his estimate.

The PD Committee explains that Dr. Cantor's estimate is
conservative and likely overstates the allowable aggregate
amount of T&N's potential liabilities.  Dr. Cantor makes no
specific adjustment downward to reflect the substantial changes
in the tort system that have occurred since 2001 -- like the
legal reforms in states where a large portion of T&N claims were
filed and efforts to stop the sham medical screening process
which generated tens of thousands of dubious claims -- all of
which will have the effect of decreasing future claim values and
claim counts.

The PD Committee tells Judge Rodriguez that Dr. Peterson repeats
in the Debtors' case many of the same errors and omissions that
caused Judge Fullam to reject his estimate in the Owens Corning
case as "extreme" and "too high".

The PD Committee has not estimated the value of the U.K.
asbestos personal injury claims.  The PD Committee believes that
the U.K. claims are only a small fraction of the U.S. claims and
will not significantly affect recoveries for property damage
claimants.

A full-text copy of the PD Committee's Pre-Trial Memorandum is
available at no charge at:

     http://bankrupt.com/misc/PDCommitteePreTrialMemo.pdf

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

                            *   *   *

Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford.


FEDERAL-MOGUL: Wants to Hire Hymans Robertson as Actuary
--------------------------------------------------------
One of the principal unresolved issues in Federal-Mogul
Corporation and its debtor-affiliates' Chapter 11 cases and
administration proceedings in the United Kingdom is the
valuation and treatment of claims relating to the T&N Pension
Scheme.

The T&N Pension Trustees allege that the T&N Pension Scheme is
currently underfunded.  The Trustees relate that in a
termination event under the United Kingdom pensions legislation,
the funding deficiency in the T&N Pension Scheme is estimated at
GBP1.8 billion.

John J. Gasparovic, Federal Mogul Corporation's Senior Vice
President and General Counsel, relates that for many months now,
the Debtors and other Plan Proponents have attempted to engage
the T&N Pension Trustees in negotiations to reach a consensual
determination of claims held by the T&N Pension Trustees.  But
the negotiations have yet to reach a successful outcome.

Due to the length and tenor of the negotiations, the Debtors see
the need to employ a consultant to provide actuarial advice and
expert assistance relating to the T&N Pension Scheme.  In
particular, Federal-Mogul believes that it will be essential to
have access to detailed analyses of the various options related
to the T&N Pension Scheme.  The analyses will be crucial with
respect to ongoing negotiations concerning the Plan and may be
used in potential future litigation related to the T&N Pension
Scheme, Mr. Gasparovic notes.

Mr. Gasparovic tells the U.S. Bankruptcy Court for the District
of Delaware that the actuaries to the T&N Pension Scheme, Mercer
Human Resources Consulting, recently concluded its latest
triennial valuation of the assets and liabilities for the T&N
Pension Scheme.

Mr. Gasparovic believes that it is essential for Federal-Mogul
and the other Plan Proponents to understand from an actuarial
point of view whether the methodology utilized by Mercer was
appropriate and provided the most accurate assessment of the T&N
Pension Scheme's assets and liabilities.  In that way, Federal-
Mogul and the other Plan Proponents may participate fully and
appropriately in negotiations with the T&N Pension Trustees.

Federal-Mogul began to interview various firms in the United
Kingdom that provide pensions-related actuarial and consulting
services.  Mr. Gasparovic notes that the number of firms capable
of providing the kind of services in connection with a pension
scheme as large as the T&N Pension Scheme is limited.  Federal-
Mogul was quickly able to identify three suitable firms.

After interviewing those firms, Federal-Mogul identified Hymans
Robertson LLP as the firm best suited to provide actuarial and
consulting services.

The Debtors ask the Court to authorize them to employ Hymans
Robertson to provide expert actuarial advice, analysis and
consulting services related to the T&N Pension Scheme, nunc pro
tunc to April 19, 2005.

             About Hymans Robertson & its Professionals

Hymans Robertson is an independent limited liability partnership
that has provided advisory and management services with respect
to occupational pension schemes in the United Kingdom since
1921.

Hymans Robertson's core services include actuarial consultancy
and pension scheme design and management.

The proposed lead consultants are Ronnie Bowie and Clive Fortes.

Mr. Bowie has been a partner with Hymans Robertson since 1981,
and has been actively involved in the provision of actuarial and
consulting services to companies and trustees since 1980.  In
addition, Mr. Bowie served as Chairman of the Pensions Board of
the Faculty and Institute of Actuaries from July 2002 to July
2004.

Mr. Fortes has been a partner since 1997 and is the head of the
firm's actuarial practice.  Mr. Fortes has advised both trustees
and companies in the management of pension arrangements and on
scheme wind-ups.  Mr. Fortes is a member of the main committee
of the Association of Consulting Actuaries and was previously a
member of the Pensions Committee of the Association of
Consulting Actuaries.

The Debtors believe that Mr. Bowie and Mr. Fortes are well
qualified to perform the actuarial services.

                      Services to be Rendered

Hymans Robertson is expected to:

    (a) review and analyze the actuarial assumptions and
        calculations of Mercer with respect to the T&N Pension
        Scheme;

    (b) develop and analyze alternative methods to account for
        the funding or assumption of the T&N Pension Scheme;

    (c) provide consulting services related to the T&N Pension
        Scheme as is necessary in the negotiation of a plan of
        reorganization.  These services may include advising
        Federal-Mogul in connection with negotiations with
        pensions regulators in the United Kingdom and the
        Pension Protection Fund, a newly created independent
        funding service for pensions in the United Kingdom that
        serves a function roughly similar to that of the Pension
        Benefit Guaranty Corporation in the United States; and

    (d) provide other actuarial and consulting services with
        respect to the T&N Pension Scheme, including possible
        expert witness testimony, as needed.

                         Fees and Expenses

Hymans Robertson will bill the Debtors on an hourly basis:

          Professional                 Hourly Rate
          ------------                 -----------
          Ronnie Bowie                   GBP550
          Clive Fortes                   GBP425
          Others                     GBP200 - GBP350

The rates are subject to periodic adjustments to reflect
economic and other conditions, and are typically adjusted on an
annual basis.

Mr. Fortes assures Judge Lyons that Hymans Robertson does not
represent or hold any material adverse interest to the Debtors
or their estates with respect to matters on which the firm is to
be employed.  The Debtors believe that Hymans Robertson is
"disinterested" pursuant to Section 327 of the Bankruptcy Code
and Rule 2014 of the Federal Rules of Bankruptcy Procedure.

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


FORTOAK LIMITED: Hires Administrators
-------------------------------------
Jeremy Berman and Mark Levy (IP Nos 5303, 6329) have been
appointed joint administrators for Fortoak Limited.  The
appointment was made June 8, 2005.  Its registered office is
located at 76 New Cavendish Street, London W1G 9TB.

                            *   *   *

With over 25 years experience and a turnover of GBP5.5 million
per annum, Fortoak is one of the U.K.'s leading manufacturers
and suppliers of EPOS, EFTPOS and PDQ paper rolls.  We produce a
comprehensive range of quality paper rolls, designed to fit all
types of credit card machines, as well as having the capability
to satisfy a variety of bespoke manufacturing requirements,
including single to multi-ply EPOS and till products as well as
thermal rolls.  Rolls can also be printed/branded to reflect a
desired corporate image or to advertise services or products.

Fortoak manufacture paper rolls to exacting quality standards
and have the capability of producing over 5 million rolls per
annum and work closely with OEM's - Original Equipment
Manufacturers on testing processes, quality control and new
product development.

CONTACT:  FORTOAK LTD.
          Unit 9
          Crown Business Park
          Old Dalby
          Melton Mowbray
          Leicester LE14 3NQ
          Phone: 01509 225700
          Fax: 01509 216218
          E-mail: sales@fortoak.co.uk
          Web site: http://www.fortoak.co.uk/

          BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115
          E-mail: mark.levy@berley.co.uk


HOTEL BUYER: Liquidator from SPW Poppleton & Appleby Moves in
-------------------------------------------------------------
At the extraordinary general meeting of the members Hotel Buyer
Limited on May 31, 2005 held at Gable House, 239 Regents Park
Road, Finchley, London N3 3LF, the extraordinary and ordinary
resolutions to wind up the company were passed.  D. L. Platt has
been appointed liquidator of the company.

                            *   *   *

The company offers consultancy services for hotel buyers.

CONTACT:  HOTEL BUYER LIMITED
          17 Heathmans Road,
          London SW6 4TJ
          Phone: 020-7471-1730

          SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: enquiries@sorskys.co.uk


IMPALLOY LIMITED: Hires Kroll Limited Administrator
---------------------------------------------------
A. J. Wolstenholme and J. M. Wright (IP Nos 008995, 009152) have
been appointed joint administrators for Impalloy Limited.  The
appointment was made June 2, 2005.  Its registered office is
located at Alloys House, Willenhall Lane, Bloxwich, Walsall WS3
2XW.

                            *   *   *

From platforms to pipelines, shipping to shore based
applications, corrosion protection in the most severe operating
conditions calls for a uniquely tailored approach, which is
exactly what Impalloy's technologies provides.

With a dedicated team of specialists and unrivalled technical
support including full CAD facilities if required, Impalloy
today operates 24 hours around the clock creating zinc and
aluminum based controlled systems.  These are vital for the
cost-effective performance that the world's oil and gas
industries need to maximize returns on their capital assets.

CONTACT:  IMPALLOY LIMITED
          Willenhall Lane, Bloxwich
          WS3 2XN, Walsall
          United Kingdom
          Phone: +44 (0) 1922 714400
          Fax: +44 (0) 1922 714411
          E-mail: sales@impalloy.com
          Web site: http://www.impalloy.com/

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


K W PURVIS: Meeting of Creditors Set Wednesday
----------------------------------------------
The creditors of K W Purvis Limited will meet on June 22, 2005
at 11:00 a.m.  It will be held at Newcastle Marriott Gosforth
Park Hotel, High Gosforth Park, Newcastle upon Tyne NE3 5HN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tait Walker, Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS not later than 12:00 noon,
June 21, 2005.

                            *   *   *

K W Purvis Limited is based in Alnwick Northumberland.  Its
business is into mineral extraction, aggregate supplies,
operates waste recycling and hires heavy plant and ground works
contractors.

The company has 60 staff and reportedly has a turnover of
approximately GBP4 million.

According to the joint administrators Gordon S. Goldie and Allen
D. Kelly of Tail Walker Corporate Recovery the sale of the
business and assets of K W Purvis Limited is a going concern.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
                  kerry.pearson@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


REGAL PETROLEUM: Peter Heap to Temporarily Replace Frank Timis
--------------------------------------------------------------
Regal Petroleum has appointed Sir Peter Heap KCMG as Non-
Executive Director and Interim Chairman of Regal and Richard F P
Hardman CBE as Executive Director responsible for Exploration.

Sir Peter Heap is a former specialist adviser to numerous
companies including HSBC Investment Bank, Amerada Hess plc and
the BOC Group.  Prior to his advisory roles Sir Peter was with
the Foreign & Commonwealth Office of the British Government for
over 36 years, including being the Ambassador in Brazil (1992-
1995), Senior Trade Commissioner in Hong Kong (1989-1992),
British High Commissioner, Bahamas (1983-1986), as well as the
Head of Energy Department (1980-1983).  His appointment is with
immediate effect.

Richard Hardman is an explorationist and a qualified Geologist
with over 40 years industry experience with oil majors including
10 years at BP, 11 years at AMOCO, 3 years at Superior Oil and
18 years at Amerada Hess.  Since 2001 Richard has been working
as a senior consultant to various oil and gas companies
including Enterprise Oil, Neptune, FX Energy Inc. and Atlantic
Petroleum UK Limited.  He is the former Chairman of both the
Petroleum Group of the Geological Society and the Petroleum
Exploration Society of Great Britain and the former President of
the Geological Society.  His appointment is with immediate
effect.

The Board of Regal now comprises Sir Peter Heap (Non-executive
Director and Interim Non-executive Chairman); Dr Rex Gaisford
(Chief Executive Officer); Mr. Roger Phillips (Finance
Director); Mr. Richard Hardman (Executive Director -
Exploration); and Lord St John of Bletso (Non-executive
Director).

                            *   *   *

On June 7, Regal Petroleum founder and executive chairman Frank
Timis resigned after the oil explorer revealed annual losses had
quadrupled.

A short statement from Regal said Mr. Timis, who founded the
firm in 1996, will devote more time to other business interests.
Rumors, however, were circulating he was forced out by Regal's
non-executive directors, and institutional shareholders.

The company earlier reported a loss after tax and minority
interests of US$13.7 million (GBP7.55 million) for the year
ending December 31, compared with a loss of US$2.9 million a
year earlier.  It has lost 83% of its value since March.  The
shares went down significantly at the end of April when Regal
raised GBP45 million at 390p a share following its discovery of
a gas prospect in Romania.  It sank further earlier this month
when a well at its prospect in Greece was found to be not
commercially viable for exploration.

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

          Buchanan Communications
          Phone: 020 7466 5000
          Bobby Morse
          Ben Willey


SALTON INC.: Fails to Pay Interest on US$6.7 Mln Sr. Sub. Notes
---------------------------------------------------------------
Salton, Inc. (NYSE:SFP) did not make the interest payment of
approximately $6.7 million due on June 15 under its outstanding
10-3/4% senior subordinated notes.  The indenture governing the
notes provides for a 30-day grace period with respect to the
payment of this interest.  The Company believes that it is
prudent to utilize this grace period while it continues to
pursue various strategic options to refinance the 10-3/4% senior
subordinated notes due December 15, 2005.  The Company intends
to operate in the normal course of business during this period
and to maintain its high level of responsiveness to its
customers and vendors.

There can be no assurance that the Company will make the
interest payment during the grace period.

Salton continues to pursue various previously disclosed
strategic options to raise funds required to satisfy the $125
million of outstanding 10-3/4% senior subordinated notes due
December 15, 2005 and allow the Company to satisfy its liquidity
needs.  These strategic options may include, among other things,
incurring additional debt, issuing debt or equity securities,
sales of assets or businesses, reducing expenditures for new
product development and/or cutting other costs, repurchasing
outstanding debt securities, exchange offers and/or consent
solicitations of outstanding securities.  There can be no
assurance that any of these options can be effected or that
these options would enable the Company to repay the outstanding
10-3/4% senior subordinated notes or satisfy the Company's
liquidity needs.

These announcements prompt Standard & Poor's Ratings Services to
lower its corporate credit rating on Salton Inc. to 'D' from
'CCC'.  At the same time, Salton's subordinated debt rating was
lowered to 'D' from 'CC'.

                    Lenders & Professionals

Silver Point Finance LLC provides the company with working
capital financing under the terms of an Amended and Restated
Credit Agreement, dated as of May 9, 2003.  Salton Europe,
Limited, the Company's wholly owned subsidiary, obtains working
capital financing under an agreement with Hong Kong Shanghai
Bank.

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

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

                       About the Company

Salton, Inc. is a leading designer, marketer and distributor of
branded, high quality small appliances, electronics, home d,cor
and personal care products.  Its product mix includes a broad
range of small kitchen and home appliances, electronics for the
home, tabletop products, time products, lighting products,
picture frames and personal care and wellness products.  The
company sells its products under a portfolio of well recognized
brand names such as Salton(R), George Foreman(R), Westinghouse
(TM), Toastmaster(R), Mellitta(R), Russell Hobbs(R),
Farberware(R), Ingraham(R) and Stiffel(R).  It believes its
strong market position results from its well-known brand names,
high quality and innovative products, strong relationships with
its customers base and its focused outsourcing strategy.

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


SALTON INC.: Rating Cut to 'D' After Missing Interest Payment
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Salton Inc. to 'D' from 'CCC'.  At the same time,
Salton's subordinated debt rating was lowered to 'D' from 'CC'.

These actions reflect the announcement by Lake Forest, Illinois-
based Salton that it will not make its interest payment due
June 15, 2005, on its senior subordinated notes that mature on
Dec. 15, 2005.

Salton is a designer and marketer of kitchen and household
appliances and personal care products.  In addition to its own
brand name, the company markets products under the George
Foreman(TM), Juiceman(TM), Toastmaster(TM), Farberware(TM),
Westinghouse(TM), and Melitta(TM) brands.

                            *   *   *

Salton Europe is a leading domestic designer, marketer and
distributor of a broad range of small appliances under brand
names Russell Hobbs(R), Haden(R), Salton(R), Tower(R), George
Foreman Grills(R), Breadman(R), and Juicelady(R).  It also
designs and markets tabletop products, clocks, lighting
products, personal care, haircare and wellness products under
such brand names as Carmen(R), Mountain Breeze(R), Pifco(R),
Westclox(R), Ultrasonex(R) and Rejuvenique(R).  It markets and
sells products primarily in the U.K.  In France it recently
purchased a company called Look For.

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


TAYLOR MADE: Administrators from Deloitte & Touche Move in
----------------------------------------------------------
Andrew Philip Peters (IP No 004468) and Dominic Lee Zoong Wong
(IP No 009232) have been appointed joint administrators for
Taylor Made Windows And Conservatories Limited.  The appointment
was made June 6, 2005.

The company manufactures and installs windows and
conservatories.  Its registered office is located at West
Bromwich Road, Tamebridge, Walsall WS5 4AN.

CONTACT:  TAYLOR MADE WINDOWS AND CONSERVATORIES LTD.
          Taylor Made House, West Bromwich Road
          Tamebridge Walsall WS5 4AN
          West Midlands
          Phone: 0121 777 1111
          Fax: 0121 777 3333

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

          DELOITTE & TOUCHE LLP
          3 Rivergate,
          Temple Quay,
          Bristol BS1 6GD
          Web site: http://www.deloitte.com


WATERFORD WEDGWOOD: EUR82.2 Mln in the Red at Operating Level
-------------------------------------------------------------
Highlights of results for the year to March 31:

EUR million                              Year to 31 March
                                       2005          2004
Sales
- total at prevailing exchange rates   732.6         831.9

- like-for-like at constant
  exchange rates[*]                    678.6         723.6

Operating (loss)/profit
- pre goodwill amortization
  and exceptional items                (82.2)         28.4

EBITDA                                 (48.7)         62.1

Year end debt                          279.4         382.9

Loss per share - cents
- post goodwill amortization
  and exceptional items               (10.5)c       (4.75)c

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Excluding operations discontinued or acquired during the year
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

(a) Total sales at EUR732.6 million were 12% down on the prior
    year at prevailing exchange rates.  Sales on a like-for-like
    basis and at constant exchange rates were 6% down;

(b) Operating loss before goodwill and exceptional items was
    EUR82.2 million (2004: profit of EUR28.4 million);

(c) EBITDA (earnings before interest, tax, depreciation,
    amortization and restructuring charge) was a loss of EUR48.7
    million (2004: profit of EUR62.1 million);

(d) Pre-tax loss of EUR149.2 million;

(e) Focus on cash resulted in a successful inventory reduction
    program and lower debtors; positive cash flow from trading
    despite EUR82.2 million operating loss;

(f) Net debt decreased by EUR103.5 million to EUR279.4 million;

(g) Post year-end: fully underwritten EUR100 million rights
    issue announced;

(h) Proceeds to be used to finance major restructuring program.
    Expected annualized benefits of EUR90 million;

(i) Royal Doulton integration proceeding well; benefits now
    expected to be greater than originally envisaged;

(j) Post year-end sale of underutilized Waterford Crystal land
    for EUR32.9 million against net book value of EUR0.6
    million;

(k) Trading in the first 11 weeks of the current year remains
    challenging but Group is encouraged by the rally in the U.S.
    Dollar (representing 40% of sales);

(l) Order book shows welcome improvement; and

(m) Negotiations for significant new designer alliance in the
    U.S. at advanced stage.

Redmond O'Donoghue, Chief Executive Officer of Waterford
Wedgwood, said: "Faced with serious challenges, management
focused on cash generation.  This emphasis allowed the business
to generate cash flow from trading of EUR1.2 million, despite an
EUR82.2 million operating loss.  This cash focus allowed year-
end debt to be reduced by almost EUR104 million to EUR279.4
million.

"Our Chairman and Deputy Chairman have again demonstrated their
strong belief in a successful future for the company by fully
underwriting a EUR100 million rights issue.  The proceeds of
this rights issue will be used to fundamentally restructure the
Group to allow Waterford Wedgwood exploit the potential of its
world leading brands."

                   Chief Executive's Statement

The year just ended presented serious challenges to our Group: a
soft dollar, weak demand and below optimal throughput for our
manufacturing operations.  In the event, the business recorded
an operating loss of EUR82.2 million which greatly disappoints
all of us.  Through a major focus on cash management, the
business generated a positive cash flow from trading of EUR1.2
million, notwithstanding this operating loss.

It was a year of significant change for the Group. During the
year, we sold a major business -- All-Clad; we bought a major
business -- Royal Doulton; we structured a major re-financing;
we implemented a significant working capital reduction program;
we simplified the business dramatically, eliminating 50% of our
stock keeping units (SKUs); and we made important senior
management changes.

The integration of Royal Doulton has gone well and, since the
year-end, we have identified opportunities for greater savings
than originally envisaged.  Last month, we announced a EUR100
million rights issue, to be fully underwritten by Waterford
Wedgwood's Chairman and Deputy Chairman in order to fund a
restructuring program which will yield annualized benefits of
EUR90 million when fully implemented, regrettably with the
reduction of 1,800 jobs Group-wide.  We also announced that we
have agreed to sell underutilized land in Waterford for
EUR32.9 million.

We are encouraged, as we commence this restructuring, by the
recent appreciation in the U.S. Dollar.  With 40% of our sales
revenues in dollars, a stronger dollar will retrieve for the
Group some of the margins eroded by the significant adverse
foreign exchange movement.

                        Sales and Margins

As we announced in our pre-close trading update on 14 March,
business was challenging in the period under review.  Total
sales for the year were down 6% on a like-for-like basis
(excluding discontinued or acquired operations and at constant
exchange rates).

Margins were lower for three principal reasons:

(a) Lower volumes of production at the Group's main factories
    leading to significant under-recovery of fixed overhead;

(b) The impact of exchange rates, in particular the weak U.S.
    dollar during the fiscal year; and

(c) The sell-down of obsolete and excess inventories and the
    effect of short-time working on our factories: both part of
    our planned inventory reduction program.

                         Business Focus

In view of the serious challenges, which the business faced, our
management team decided to focus on cash management as it
prepared the business for a return to financial strength.  To
this end, we administered some strong medicine, which adversely
impacted this year's operating performance.  This emphasis
allowed the business to generate cash flow from trading of
EUR1.2 million despite an operating loss of EUR82.2 million.
This was achieved by a rigorous working capital reduction
program, which contributed to a reduction in inventory of
EUR78.4 million (almost 25%) and debtors of EUR24.8 million.

Our highly successful sale of All-Clad funded last year's
restructuring spend, interest and re-financing fees, while our
acquisition of Royal Doulton was funded by a rights issue.

From a debt management perspective, this cash focus was
successful; our year-end debt was reduced by EUR103.5 million to
EUR279.4 million.

                     Restructuring Program

The Group has reviewed its fixed cost base in order to return to
sustainable profitability at existing demand levels and current
exchange rates.  The restructuring program announced on 4 May is
designed to remove excess capacity, improve manufacturing
efficiency and enable a more complete integration of Wedgwood
and Royal Doulton.

The execution of this program has begun and complete
implementation will follow consultation and negotiations.
Restructuring costs are expected to amount to EUR90 million,
while annual benefits are expected to be EUR90 million.  These
benefits will start to flow through in the second half of the
current fiscal year with the full benefit forecast to be
achieved in the year to March 2007.

                          Royal Doulton

Our acquisition of Royal Doulton in January was of major
strategic importance for the Group and will yield long-term
benefits.  The Royal Doulton brand, together with the Minton and
Royal Albert brands, is respected internationally and will
complement Wedgwood's stable of world-class brands.  Royal
Doulton's fine bone china production has already been integrated
into Wedgwood's modern factory in Barlaston yielding enhanced
throughput and significant unit cost reductions.

The scope for other benefits through the integration of Royal
Doulton and Wedgwood operations has proved greater than
originally expected in a wide range of areas such as retail
concession shops, back office functions, warehousing and
distribution.  Originally, we envisaged annualized synergies
amounting to EUR20 million; we now believe that this is more
likely to be in the EUR40 million range.  Restructuring spend
will contribute to the achievement of some of these additional
savings.

                  Inventory Reduction Program

Our previously announced inventory reduction program has been
notably successful with the result that at 31 March 2005 stocks
were EUR78.4 million lower than a year ago.  Unsurprisingly,
such a significant achievement was not cost-free.  The sell-down
of obsolete and excess products hit profit margins.  Short-time
working at our factories also reduced margins.  It was therefore
'strong medicine', but it released cash, simplified the business
by purging more than 50% of SKUs (stock keeping units) from the
system, improved the quality of the remaining inventory and
freed warehouse space and other capacities.  There will be
ongoing benefits for the business in day-to-day operating
efficiencies.

                    New Business Initiatives

Our four major businesses (Waterford, Wedgwood, Royal Doulton
and Rosenthal) have each developed new business initiatives.
Examples include an affiliation between Waterford Crystal and a
well-known designer in the U.S. (along the lines of our
successful collaboration with John Rocha in Ireland and U.K.),
extension of distribution into stores such as Bed, Bath &
Beyond, and more fully tapping the potential of new markets such
as Eastern Europe and China.

                       Divisional Overview

Following the disposal of the cookware company All-Clad, and the
acquisition of the ceramics business Royal Doulton, the Group
has realigned its segmental reporting and in future will report
as follows: Waterford Crystal, the Ceramics Group (incorporating
the recently acquired Royal Doulton with Wedgwood and
Rosenthal), WC Designs & Spring.

                        Waterford Crystal

Waterford Crystal sales of EUR221.7 million were 8% down at
constant exchange rates and 13% down at prevailing exchange
rates.  Waterford incurred an operating loss of EUR20.6 million
compared with a profit of EUR17.3 million in the previous year.
Three main factors account for the year-over-year change:
exchange, sales/production volumes and the planned inventory
reduction program.

                         Ceramics Group

The Ceramics Group had sales of EUR441.5 million.  On a like-
for-like basis this was 5% down at constant exchange and 6% down
at prevailing exchange.  This division incurred an operating
loss of EUR50.1 million compared with a profit of EUR7.6 million
in the previous year.  As in the case of Waterford, the three
principal elements in the change were exchange, sales/production
volumes and the inventory reduction program.

                       WC Designs & Spring

WC Designs & Spring, had total sales of EUR45.2 million.  This
was 6% down at constant exchange and 12% down at prevailing
exchange.  These businesses improved to a loss of EUR0.7 million
compared with a loss of EUR1.8 million last year.

                            Financial

Operating profit before goodwill amortization and exceptional
charges The Group reported an operating loss before goodwill
amortization and exceptional charges of EUR82.2 million,
compared with an operating profit of EUR28.4 million for the
previous year.  As previously mentioned, lower sales and
production volumes, adverse exchange and the impact of the
inventory reduction program account for most of the year-over-
year change.

                             EBITDA

EBITDA for Fiscal 2005 was a loss of EUR48.7 million compared
with a profit of EUR62.1 million the previous year.  The factors
behind the year-over-year change were the same as for operating
profit.

                       Cash Flow and Debt

Net debt at 31 March 2005 was EUR279.4 million which was
EUR103.5 million less than last year.  Outflows due to the
operating loss, restructuring expenditure, interest costs and
the acquisition of Royal Doulton were more than offset by
inflows from inventory reduction, the sale of All-Clad and the
rights issue.

                            Overview

Some 12 months ago, the Group laid out its plans to achieve the
required recovery of the business.  We stated that there was
over-capacity in the British ceramics industry.  During the
year, we acquired Royal Doulton and effectively 'rolled up' the
industry by transferring the production of Royal Doulton
products to Wedgwood's Barlaston factory.  We stated that we
needed to reduce our working capital needs.  We have taken
EUR78.4 million out of our inventories.  We stated that we
needed to simplify the business.  We have reduced the number of
stock keeping units by more than 50%.  We stated that we needed
to enter new retail distribution; in higher growth channels
compatible with our great brands we now have a vibrant program
with Bed, Bath and Beyond in the U.S.  We stated that we needed
to take pricing action.

Our prices have been increased by 5% worldwide.  We identified a
need for specific, focused, meaningful new business initiatives
in every division in order to re-build the revenue line.  Some
of these are already in place and more will follow.  We observed
that we needed to continue to create relevant contemporary
ranges.  Again, this process has commenced ... with more to
follow.  And, finally, we identified the need to reduce our
fixed costs substantially in order to size the business to
current sales volumes and exchange rates.  To this end a program
to achieve EUR90 million of annualized financial benefits is
being implemented.

Each one of these actions is a vital step in the return of the
Waterford Wedgwood Group to an increasing and sustained level of
profitability.

                          Current Trading

Sales in the April-June 2005 quarter are likely to be 8% below
prior year, on a like-for-like basis.  However, our order books
are strengthening and, in recent weeks, certain substantial
contracts have been won which are due for delivery in the second
half.  Additionally, our new product and marketing programs are
gaining momentum.  Therefore, despite the fact that
uncertainties remain, an improved sales trend is anticipated for
the second half.

A full copy of its financial results is available at
http://bankrupt.com/misc/WaterfordWedgwood(2005).htm

CONTACT:  WATERFORD WEDGWOOD PLC
          Redmond O'Donoghue, Group Chief Executive Officer
          Patrick Dowling, Chief Financial Officer
          Phone: +353 1 607 0166

          POWERSCOURT (UK and international media)
          Phone: +44 207 236 5615

          Rory Godson
          Phone: +44 7909 926 020

          Kirsty Black
          Phone: +44 7961 433 041

          DENNEHY ASSOCIATES (Ireland)
          Michael Dennehy
          Phone: +353 1 676 4733


WAUGH THISTLETON: Architectural Firm Calls in Administrator
-----------------------------------------------------------
Ian Franses (IP No 2294) has been appointed administrator for
Waugh Thistleton Limited.  The appointment was made June 9,
2005.  The company handles architectural and technical
consultancy.  Its registered office is located at 51 Great
Eastern Street, London EC2A 3HP.

                            *   *   *

Since embarking on a joint practice eight years ago, the
distinctive architectural approach of Andrew Waugh and Anthony
Thistleton has attracted considerable public attention and
critical acclaim.

Renowned for an aesthetic, which emphasis the quality of
materials, use of light and an intelligent attitude to space.
Waugh Thistleton rejects a reliance on fleeting stylistic
trends, consistently creating calm, comfortable spaces of
quality.

Collaborating regularly since meeting in 1991, the pair
formalized their partnership following the success of
Cantaloupe, the modern bar and grill which is both design
landmark and focal point for the Shoreditch social life.

Working from offices in the area, Andrew and Anthony are part of
this vibrant neighborhood's foundations and key proponents of
its unique modern aesthetic.

CONTACT:  WAUGH THISTLETON LIMITED
          51 Great Eastern Street
          London EC2A 3HP
          Phone: +44 (0) 20 76 13 57 27
          Fax: +44 (0) 20 76 13 57 49
          E-mail: info@waughthistleton.com
          Web site: http://www.waughthistleton.com

          IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


WEMBLEYTV LIMITED: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of Wembleytv
Limited on June 9, 2005 held at the offices of Mercer & Hole,
International Press Centre, 76 Shoe Lane, London EC4A 3JB, the
special resolution to wind up the company was passed.  John
Anthony Dickinson and Steven Leslie Smith of Mercer & Hole,
International Press Centre, 76 Shoe Lane, London EC4A 3JB have
been appointed joint liquidators of the company.

CONTACT:  WEMBLEYTV LIMITED
          8-10 King Street,
          Hammersmith, London W6 0QA
          Phone: 020-8741-6113

          MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *