---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, June 21, 2005, Vol. 6, No. 121

                            Headlines

C Z E C H   R E P U B L I C

VITKOVICE AS: Earns CZK2 Bln Extra Income, Thanks to Court Edict
VITKOVICE STEEL: Five-way Race for Govt Stake On


F R A N C E

EUROTUNNEL SA: Chair Retains Post; Has 4 Months to Prove Worth


G E R M A N Y

AUTOHAUS EICHLER: Court to Verify Claims August
BG BAUTENSCHUTZ: Creditors Meeting Set Next Month
COMPLETE MINILAB: German Unit Falls into Bankruptcy
CTCS TRANSPORT: Creditors' Claims Due Later this Month
ELEKTROGROSSHANDEL GMBH: Declares Bankruptcy

FJH AG: Execs Give Institutional Investor 'Free Pass'
FRESENIUS MEDICAL: Antitrust Watchdog Examines Renal Care Buyout
KARSTADTQUELLE AG: DHL's Logistic Ops Takeover Gets Green Light
MARINE ASSEKURANZ: Under Bankruptcy Administration
MTU AERO: Rated 'BB' On Improving Financial Profile After IPO

MWG BIOTECH: To Set Aside Capital Reduction
PRIMACOM AG: Faces Motion to End Second Secured Facility Deal
RHOEN KLINIKUM: Affirms Baa2 Issuer Rating
RUNGIS EXPRESS: Finds New Investor
SGL CARBON: E.U. Cuts Graphite Specialties Fine by a Third
VOLKSWAGEN AG: Eyes Over GBP2 bln in Cutbacks by 2008


G R E E C E

DRYSHIPS INC.: To Issue Dividends of US$0.20 per Share


H U N G A R Y

DOBRUDJANSKI TEXTILE: Cheap Chinese Goods Claim Another Victim


I T A L Y

IMPREGILO SPA: Investors Welcome Capital Hike
PARMALAT FINANZIARIA: Voting Period for Debt-for-equity Swap Set
PARMALAT FINANZIARIA: Granarolo Mulls EUR2 Billion Takeover
PARMALAT FINANZIARIA: Holds Claim for US$6 Mln Against U.S. Unit


N E T H E R L A N D S

KONINKLIJKE AHOLD: To Appoint New Senior VP Later this Year
NUMICO N.V.: To Conclude Mellin Acquisition this Month


R U S S I A

AUTO-AGGREGATE: Appoints D. Chertov Insolvency Manager
BRYANSK-LIFT-SERVICE: Bryansk Court Names Insolvency Manager
DEMIDOV-AGRO-TEKH-SERVICE: Under Bankruptcy Supervision
DOBRINSKIY ELEVATOR: Bankruptcy Hearing Set August
GROUT-CONCRETE PLANT: Deadline for Proofs of Claim Set July

KLIMOVSKIYE: Creditors Have Until Next Month to File Claims
MOVABLE MECHANIZED: Declared Insolvent
NEFTE-MASH-TORG: Undergoes Bankruptcy Supervision Procedure
REINFORCED-CONCRETE: Assets for Public Auction Next Week
TUBINSKAYA: Succumbs to Bankruptcy
YUKOS OIL: Alvarez & Marsal Asks US$277,867 in Professional Fee


S W E D E N

SKANDIA INSURANCE: Former U.S. Unit Offers US$95 Mln Settlement


S W I T Z E R L A N D

ABB LTD.: Owens-Illinois Allowed Third-party Claim Against CE
SWISS INTERNATIONAL: European Commission Delays Merger Ruling


T U R K E Y

ALTERNATIFBANK: Affirms 'B+' Long-term Rating
ASYA FINANS: Fitch Upgrades Local Currency Rating to 'B'


U N I T E D   K I N G D O M

APPLIED DIGITAL: Members, Creditors Final Meeting Set July
ARMASTOKE LIMITED: Appoints Baker Tilly Administrator
ASERA LIMITED: Final Meeting Set Next Month
BAE SYSTEMS: Appoints Goldman Sachs Int'l CEO to Board
BEAUJERSEY LIMITED: Hires Administrators from PwC

CAMGATE LITHO: Meeting of Creditors Set Last Week of June
CONSUMER CONCEPTS: Final Members, Creditors Meeting Set July
DOCK DISCHARGE: Members, Creditors Meeting Set Next Month
FEDERAL-MOGUL: Has Until October 1 to Remove State Court Actions
MG ROVER: No Word from PwC About Brand Sold by Mistake to SAIC

MICROEMISSIVE DISPLAY: Chief Technician Abandons 'Sinking' Ship
RAMCO ENERGY: Tasks Ernst & Young to Sell Seven Heads Unit
ROYAL & SUN ALLIANCE: Corvus Drops Takeover Plan
SEACROFT INTERNATIONAL: Creditors Meeting Set Next Week
TANBRYN LIMITED: Sets Creditors Meeting June 30

TY EUROPE: Administrators from PwC Move in
WHITEHEAD MANN: Reports GBP9 Million Losses
WIGMORE GROUP: Major Investor Takes up Warrants
WM MORRISON: Chairman, Deputy Square off

* Large Companies with Insolvent Balance Sheets


                            *********


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


VITKOVICE AS: Earns CZK2 Bln Extra Income, Thanks to Court Edict
----------------------------------------------------------------
Engineering group Vitkovice booked a CZK2.732 billion profit in
2004, a huge turnaround from a CZK140 million net loss the
previous year, Czech Happenings says.

The group benefited from a court ruling that allowed it to drop
previous losses from its books, resulting to an extraordinary
income of CZK2.57 billion.  Sales in 2004 increased by 16% to
CZK2.15 billion, 61% of which came from energy deals.

All of the group's subsidiaries also posted profit for 2004:
Vitkovice Strojirenstvi, CZK39.025 million (2003: -CZK724
million); Vitkovice-Udrzba, CZK5.4 million (2003: -CZK7.6
million); Vitkovice Ozubarna, CZK3.53 million; Vitkovice
Doprava, CZK14.477 million (up by CZK5 million); Vitkovice-
Stamont recorded CZK4.214 million (2003: CZK808,000); Vitkovice-
Envi, CZK968,000; Hard CZ (CZK1.791 million); and Linde-
Vitkovice, CZK10.858 million (2003: CZK7.909 million).

Chairman Jan Svetlik expects the first stage of the company's
restructuring, completed last year, to bear fruit in the current
fiscal year.

Meanwhile, at the annual general meeting on Friday, shareholders
voted to retain the entire 2004 profit and rejected the proposal
to increase share capital by CZK167.2-217.2 million through a
subscription of new shares.  They also altered the group's
business line by dropping the data processing activities and
adding gas and electricity trading.  They also approved a
reshuffle at the board, replacing Jan Skurek with securities
dealer Pavel Saroch of Atlantik Financni trhy.

Vitkovice and its units form Vitkovice Holding, where 90% is
controlled by Mr. Svetlik and David Beran.

CONTACT:  VITKOVICE A.S.
          Ruska 2887/101
          706 02 Ostrava-Vitkovice
          Phone: +420 595 951 111
          Fax: +420 596 633 213
          Web site: http://www.vitkovice.cz


VITKOVICE STEEL: Five-way Race for Govt Stake On
------------------------------------------------
About five bidders are after troubled Vitkovice Steel, according
to Czech Happenings.

Eyeing the government's 99% stake in the company are Charles
Capital, Mastercroft, Penta Investment, System Capital
Management and Trinecke zelezarny.  Charles Capital, a Zdenek
Bakala-controlled investment group, has reportedly submitted a
CZK5.215 billion offer, higher than its previous bid.

In March, around eight investors submitted preliminary bids
ranging from CZK4 billion to CZK7 billion.  The country's
privatization agency started reviewing them Monday.

CONTACT:  VITKOVICE STEEL a.s.
          706 02 Ostrava
          Vitkovice
          Phone: +420 59 595 6306
                 +420 59 595 1111
          Fax: +420 59 595 6830
          Web site: http://www.vitkovicesteel.com

          BISON & ROSE (CHARLES CAPITAL)
          Belohorska 33
          169 00 Praha 6 - Brevnov
          Phone: +420 233 014 000
          Fax: +420 233 352 591
          E-mail: post@bisonrose.cz
          Web site: http://www.bisonrose.cz


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


EUROTUNNEL SA: Chair Retains Post; Has 4 Months to Prove Worth
--------------------------------------------------------------
Eurotunnel S.A. could fall into bankruptcy if it fails to reach
an agreement with creditors by October.

According to The Scotsman Sunday, negotiations with bankers will
begin mid-July.  This gives Chairman Jacques Gounon four weeks
to prepare a restructuring scheme to appease creditors.

Mr. Gounon retained his post on Friday, after Nicolas Miguet,
the rebel shareholder, who had been openly seeking his ouster,
opted to back the proposal to re-appoint the board.  The
chairman has asked for the cancellation of two-thirds of the
company's GBP6.4 billion debt, but creditors appear to be
leaning towards a takeover of the company.

Meanwhile, Mr. Gounon remains wary despite Mr. Miguet's
surprising change of heart at the meeting.  For one, the board
remains divided with the re-appointment of Jean-Louis Raymond as
director.  The latter resigned as CEO a few days before the
meeting, after a bitter falling out with Mr. Gounon over the
future direction of the company.  Mr. Raymond is also an ally of
Mr. Miguet, the same shareholder who spearheaded the ouster of
the previous Franco-British board that led to Mr. Gounon's
appointment.

Aside from a heavy debt load, Eurotunnel is burdened by a
decline in revenue and passenger traffic.  In a recent response
to strong competition from ferries and low-cost airlines,
Eurotunnel cut prices on its cross-Channel routes.  In April,
the company admitted that price wars had negatively hit its
annual shuttle revenues.  The figure fell 7% at constant
exchange rates to GBP285 million (EUR425 million).

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

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

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


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


AUTOHAUS EICHLER: Court to Verify Claims August
-----------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Eichler & Jerg GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 13, 2005 to register their
claims with court-appointed provisional administrator Gerhard
Wilhelm IV.

Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 10:10 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

Eichler & Jerg sells motor vehicles and related accessories.  It
also offers rental and repair services.

CONTACT:  EICHLER & JERG GMBH
          Rendsburger Strasse 9
          30659 Hannover
          Phone: +49 (0) 511 / 613867-6
          Fax: +49 (0) 511 / 613867-50
          E-mail: info@eichler-jerg.de
          Contact:
          Clemens Jerg, Manager

          Gerhard Wilhelm IV, Administrator
          Oskar-Winter-Str. 8, 30161 Hannover
          Phone: 0511/696846-0
          Fax: 0511/696846-79


BG BAUTENSCHUTZ: Creditors Meeting Set Next Month
-------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against BG Bautenschutz GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 30, 2005 to register their
claims with court-appointed provisional administrator Frank-
Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 11:00 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
September 22, 2005, 9:30 a.m. at the same venue.

Using the most modern technical equipment and with a highly
qualified and reliable workforce, BG Bautenschutz GmbH has been
handling construction and renovation projects for both public
buildings and residential structures.  The company features
power conclusive sealing injection technologies with PURE-
resin/EP-resin materials to avoid damage caused by decay as a
result of moisture and other environmental factors.

CONTACT:  BG Bautenschutz GmbH
          Am Kirchdeich 3
          28259 Bremen
          Phone: 0421 / 570558
          Fax: 0421 / 570347
          E-mail: info@bg-bautenschutz.de
          Contact:
          Thorsten Gewald, Manager
          Alter Postweg 1, 28816 Stuhr

          Frank-Michael Rhode, Administrator
          Graf-Moltke-Str. 62, 28211 Bremen
          Phone: 0421/3485212/213
          Fax: 0421/341078


COMPLETE MINILAB: German Unit Falls into Bankruptcy
---------------------------------------------------
The district court of Mainz opened bankruptcy proceedings
against Complete Minilab Services (CMS) Deutschland GmbH on May
23.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors had until Monday to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Petereit.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 9:40 a.m. at the district court of
Mainz, Saal 75, Gebaude B, Ernst-Ludwig-Strasse 7, 55116 Mainz,
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.

Parent company Complete Minilab Services Ltd. (CMS) is a photo
process engineering company based in Eastbourne, East Sussex,
providing maintenance, technical support, and other related
services.  Its umbrella name Machinehealers and its associate
companies provide engineering service solutions to the Imaging,
Medical, Dry Cleaning and Banking industries along with CMS
Sales and CMS Europe.  Since 2001, the company has opened
operations in Spain, France, Ireland, Holland and Germany with
further ventures in other countries scheduled throughout
mainland Europe.

CONTACT:  COMPLETE MINILAB SERVICES (CMS) DEUTSCHLAND GMBH
          Wilhelm-Maybach-Str. 18, 55129 Mainz
          Contact:
          Johny Jules Joseph Dor, Manager
          Bocht 38, 4813 Breda -- Niederlande

          CMS (GB) LTD.
          CMS House
          Edgeland Terrace
          Eastbourne
          East Sussex
          BN22 9NJ
          United Kingdom
          Phone: +44(0)1323 500200
          Fax: +44(0)1323 500201

          Dr. Wolfgang Petereit, Administrator
          Kaiserstrasse 24a, D-55116 Mainz
          Phone: 06131/626080
          Fax: 06131/6260813


CTCS TRANSPORT: Creditors' Claims Due Later this Month
------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against CTCS Transport und Warenhandels GmbH 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 Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 10:05 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CTCS Transport is into shipping and handling of local goods.

CONTACT:  CTCS TRANSPORT UND WARENHANDELS GMBH
          Grumbrechtstrasse 19, 21075 Hamburg
          Contact:
          Marko Marinkovic, Manager

          Stephan Neubauer, Administrator
          Spitalerstrasse 4, 20095 Hamburg
          Phone: 334010
          Fax: 33401521


ELEKTROGROSSHANDEL GMBH: Declares Bankruptcy
--------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Elektrogrosshandel GmbH on May 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 8, 2005 to register their
claims with court-appointed provisional administrator Karina
Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting on August 8, 2005, 11:00 a.m. at the district court
of Magdeburg, Saal E, 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.

Elektrogrosshandel GmbH's electricity supply stations employ
about 50 people.

CONTACT:  Elektrogrosshandel GmbH
          Breite Str. 7, 39448 Westeregeln
          Phone: +49 (911) 955 80
          Fax: +49 (911) 955 83 90
          Contact:
          Wolfgang Lucke, Manager

          Karina Schwarz, Administrator
          Klausenerstr. 24, 39112 Magdeburg
          Phone: 0391/6286260
          Fax: 0391/6286261


FJH AG: Execs Give Institutional Investor 'Free Pass'
-----------------------------------------------------
An institutional investor has acquired a stake in loss-making
software maker FJH AG for free, according to Borsen Zeitung.

The shares, numbering 350,000, came from existing and former
management board members.  It is reportedly part of the
company's restructuring and refinancing program, which includes
the issuance of EUR7.9 million in convertible bonds.  FJH
refused to identify the investor.

The company was expected to publish its 2004 results last week,
detailing a EUR123 million net loss that nearly halves its
equity.  The group twice cancelled the presentation of the
report, arguing that certain restructuring measures have yet to
be included in the report.

                            *   *   *

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

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


FRESENIUS MEDICAL: Antitrust Watchdog Examines Renal Care Buyout
----------------------------------------------------------------
Fresenius Medical Care AG received a second request from the
U.S. Federal Trade Commission (FTC) for additional information
in connection with its proposed acquisition of Renal Care Group,
Inc.

The effect of this request, which was anticipated when the
acquisition was announced, is to extend the waiting period
imposed by the Hart-Scott-Rodino Antitrust Improvements Act
until 30 days after the Company and Renal Care Group have
complied with the request, unless that period is voluntarily
extended by the parties or is terminated by the FTC.

The Company intends to continue to cooperate fully with the FTC
in its review of the proposed acquisition and to promptly
respond to this request for additional information and that it
will be able to complete the transaction during the second half
of 2005.

Fresenius Medical (Frankfurt Stock Exchange: FME, FME3) (NYSE:
FMS, FMS-p) is the world's largest provider of Dialysis Products
and Services.

                            *   *   *

As reported on May 6, Standard & Poor's Ratings Services placed
its 'BB+' long-term corporate credit ratings on Fresenius
Medical Care AG (FMC), and its parent, Fresenius AG (Fresenius),
on CreditWatch with negative implications.

The rating actions follow FMC's announcement that it has agreed
to acquire U.S.-based dialysis provider Renal Care Group Inc.
for a net consideration of US$3.5 billion, on an all-debt-
financed basis.  The acquisition is subject to the approvals of
RCG's shareholders and the antitrust authorities.  The
transaction is expected to be completed in the second half of
2005.

Standard & Poor's credit analyst Omar Saeed said at the time
that based on preliminary details announced by FMC, and barring
any major liquidity concerns, the ratings on FMC and Fresenius
could be lowered by up to two notches.

"The CreditWatch placements reflect FMC's and Fresenius'
unexpected shift to a significantly more aggressive financial
policy, particularly as the group had been in the process of
deleveraging its balance sheet for the past three to four
years," Mr. Saeed said.

The combination with RCG will result in a highly leveraged
capital structure, despite the group's intention to raise
approximately EUR300 million of proceeds from a voluntary scheme
of allowing its preference shareholders to convert their
holdings into ordinary shares during the current year.

From a business risk perspective, Standard & Poor's considers
the transaction as mildly positive in the long run, reflecting
the enlarged group's solidified market position, its ability to
further improve payment terms with private payors and Amgen
(FMC's provider for erythroprotein), and improved operating
profitability.  Although the group will face some short-term
integration risks, this should be seen in the context of RCG's
revenues representing approximately 17% of the enlarged group's
revenues.

CONTACT:  FRESENIUS MEDICAL CARE AKTIENGESELLSCHAFT
          Else-Kroner Strasse, 1
          61346 Bad Homburg, Germany
          Phone: +49-6172-609-0
          Fax: +49-6172-608-2488
          Web site: http://www.fmc-ag.com


KARSTADTQUELLE AG: DHL's Logistic Ops Takeover Gets Green Light
---------------------------------------------------------------
DHL will be able to take over the distribution logistics for the
large and part-load operations of KarstadtQuelle AG as planned.
The Federal Cartel Office has issued its unconditional approval
of the takeover, which the two partners worked out in January
and which is scheduled to take effect on July 1.  DHL, a fully
owned subsidiary of Deutsche Post AG, has already acquired the
distribution logistics operations for Karstadt department stores
at the goods distribution center in Unna effective April 1.

"We are pleased by the cartel office's positive decision.  We
can now push ahead with the integration of both logistics
operations into our structures.  This move substantially
strengthens DHL's contract logistics operations," said Frank
Appel, the Board Member in charge of logistics at Deutsche Post
World Net.

"This cooperation will yield tangible financial and qualitative
benefits for both companies.  For our part, we will profit from
the experience of a professional and modern logistics partner.
At the same time, we are happy about the successful conclusion
of another chapter in our divestment program," said Harald
Pinger, finance director and head of the mail-order division at
KarstadtQuelle.  The proceeds from the sale will go to
KarstadtQuelle AG when the logistics operations are transferred.

The department store logistics and large and part-load
operations for the two mail-order groups Quelle and Neckermann
that DHL Solutions will handle in the future represent a
combined sales volume of about EUR500 million.  Under the 10-
year contract, this amounts to a total volume of EUR5 billion.

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

          Martin Schleinhege
          Corporate Communications
          Phone: + 49 (0) 201 / 727-96 67
          E-mail: martin.schleinhege@karstadtquelle.com


MARINE ASSEKURANZ: Under Bankruptcy Administration
--------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Marine Assekuranz (Bremen) GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 16, 2005
to register their claims with court-appointed provisional
administrator Dr. Karl Gobel.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 8:40 a.m. at the district court of
Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
August 9, 2005, 10:00 a.m. at the same venue.

Marine Assekuranz (Bremen) GmbH is an insurance broker mainly
working in the field of Marine and Transport Insurances.

Former shareholder Marine Assekuranz GmbH in Hamburg said: "We
have recently been informed that the above-mentioned company has
filed for bankruptcy.  For the sake of good order and to avoid
any misunderstandings, we would like to point out that there is
no financial link between Marine Assekuranz (Bremen) and our
company.  Our share in Marine Assekuranz (Bremen) GmbH has been
taken over by Klaus Weczerek with effect from January 1, 2004."

CONTACT:  MARINE ASSEKURANZ (BREMEN) GMBH
          Am Wall 165/167, 28195 Bremen
          Contact:
          Klaus Weczerek, Manager
          Scharhorn 42, 28259 Bremen

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


MTU AERO: Rated 'BB' On Improving Financial Profile After IPO
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Germany-based aircraft-engine and
components manufacturer MTU Aero Engines Holding AG (MTU), the
ultimate parent company of the MTU group, following the group's
recent IPO.  The outlook is stable.

In addition, Standard & Poor's assigned its 'BB' long-term
corporate credit and 'B+' subordinated debt ratings to related
entity MTU Aero Engines Investment GmbH.  The outlook is also
stable.

At the same time, Standard & Poor's removed its ratings,
including its 'BB-' long-term corporate credit rating, on MTU
Aero Engines GmbH from CreditWatch with positive implications
and withdrew the ratings.

The new rating on MTU is one notch higher than the previous
rating on MTU Aero Engines GmbH, reflecting the group's
continued progress in strengthening its financial performance
and expected further improvement in 2005.  The ratings on MTU
Aero Engines GmbH were originally placed on CreditWatch on March
31, 2005, following the group's continued improvement in
operating performance and cash flow generation during 2004.

"MTU's commercial businesses appear to have stabilized and the
group should be able to improve operating profit and cash flows
due to the growing recovery in international passenger and cargo
traffic," said Standard & Poor's credit analyst Leigh Bailey.
"Stronger performance and cash flow generation, particularly in
the first quarter of 2005, has allowed the group to further
strengthen its financial risk profile by reducing outstanding
debt."

Standard & Poor's expects MTU to improve its profitability
through higher civil volumes, driven by air traffic recovery,
and a strong decline in R&D spending.  Should MTU continue to
show a strong improvement in cash flow generation, and
strengthen its financial measures further, a revision in outlook
to positive could be considered. Following the group's IPO,
Standard & Poor's does not expect further material deleveraging
from the current levels and total debt to capital to remain at
about 60%.

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

          MTU Aero Engines GmbH
          Dachauer Strasse 665
          80995 Munchen, Germany
          Phone: +49-89 1489-0
          Fax: +49-89 1489-5500
          Web site: http://www.mtu.de


MWG BIOTECH: To Set Aside Capital Reduction
-------------------------------------------
MWG Biotech AG has been advised that three actions have been
registered with the Munich II Regional Court to set aside the
resolution passed by the Company's Annual General Meeting on 9th
May 2005 to reduce the amount of its capital.

The date for oral proceedings in this matter has not yet been
set.  For this reason the capital reduction cannot yet be
recorded officially in the Commercial Register and is therefore
not yet effective.

                            *   *   *

MWG Biotech finished 2004 with a total group turnover of EUR33.0
million (2003 EUR43.0 million).  The 23.2% reduction was largely
blamed to the decline in turnover of its two business lines
Genomic Diagnosis (microarrays) and Genomic Technology (lab
automation).  This came following an announcement that these
segments would be divested.

The EBITDA (earnings before interest, tax and depreciation)
before restructuring was -EUR8.9 million in 2004 (2003: -EUR3.8
million).  To this the meanwhile divested two business units
Genomic Diagnosis and Genomic Technology contributed -EUR8.9
million.  The core business (Genomic Synthesis and Genomic
Information) delivered a balanced EBITDA.

The number of employees had been reduced from 380 to 285, with
further job cuts set until the end of the second quarter of
2005.  MWG Biotech will most likely employ approximately 165
employees in its three facilities in Ebersberg, Germany, High
Point, North Carolina/USA, and Bangalore, India.

CONTACT:  MWG BIOTECH AG
          Anzinger Strasse 7a
          85560 Ebersberg
          Germany
          Phone: +49 8092 82 890
          Fax: +49 8092 2 10 84
          Web site: http://www.the-mwg.com


PRIMACOM AG: Faces Motion to End Second Secured Facility Deal
-------------------------------------------------------------
A shareholders' lawsuit has been filed against PrimaCom AG.  The
court has been asked to declare that PrimaCom AG should not be
bound to uphold the commitments of the second secured facility
agreement which, according to the claimants, is an interference
in PrimaCom AG's company structure and also an interference in
shareholders' rights.

With the claim, PrimaCom AG should be obliged to terminate the
contract with the second secured lenders.  Furthermore it should
be determined that the second secured facility agreement (SSFA)
represents a Control Agreement which would result in the
contracting partners of the SSFA, among them the J.P. Morgan
Chase bank, companies of the Blackstone and the Apollo, both so-
called " private equity enterprises " being obliged to
compensate PrimaCom AG for losses incurred during the term of
the agreement.

Furthermore it should be declared that the contracting partners
of the SSFA are obliged to compensate the company for damages
which have arisen or arise from causing PrimaCom to undertake
disadvantageous legal transactions or other measures or which
have arisen or arise through the withholding of approval of
transactions which are in the Company's interest.  Additionally
the claim should declare that for the purposes of S117 of the
German stock corporation law the organs of PrimaCom AG
(Management & Supervisory Boards) have been and are still being
held bound to fulfill disadvantageous clauses of the SSFA.
Finally for the purposes of S117 German stock corporation law,
it should be declared that the contracting partners of the SSFA
originally caused the organs of the company (Management &
Supervisory Boards) to enter into the SSFA.

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3
          D-55124 Mainz
          Investor Relations
          Phone: +49(0)6131 944 522
          Fax: +49(0)6131 944 508
          E-mail: investor@primacom.de
          Web site: http://www.primacom.de


RHOEN KLINIKUM: Affirms Baa2 Issuer Rating
------------------------------------------
Moody's Investors Service assigned a Baa2 rating to the new,
about EUR100 million senior unsecured notes, due 2010/12, which
will be issued by Rhoen Klinikum AG (RKA).  At the same time,
the issuer rating of the company was affirmed at Baa2.

The rating is based on:

(a) The company's track record of cost-efficient management of
    the restructured hospitals which positions it well for the
    conversion of the regulated healthcare system in Germany to
    a DRG-based system;

(b) Management's know-how in acquiring and restructuring public
    hospitals; and

(c) The established medical expertise and credibility, all of
    which provide the basis for sustainable cash flows in the
    near- and medium-term future.

However, the rating also reflects:

(a) The operating and financial challenges related to Rhoen's
    acquisition strategy;

(b) The need to attract rising numbers of patients for capacity
    utilization under the DRG-system; and

(c) The trend of rising labor and energy cost combined with the
    pressure on public healthcare budgets, which will require
    permanent improvement of processes to maintain low-cost
    leadership.

The rating carries a negative outlook, reflecting:

(a) An expectation that RKA will continue to aggressively pursue
    debt funded acquisitions over the next few years as the
    market for hospital privatization continues to create many
    more M&A opportunities for market consolidators;

(b) The high number of hospitals (equivalent to 3,072 beds) that
    RKA has acquired effective for the year 2005, which will
    need integrating and restructuring;

(c) An expectation that RKA's key credit metrics will
    deteriorate over the medium term as the acquired loss making
    hospitals dilute margins and debt-funded acquisitions and
    restructuring will raise debt service requirements.

Rhoen-Klinikum AG owns and operates 39 hospitals in eight German
federal states.  Domiciled in Bad Neustadt/Saale in Germany, RKA
generated EUR1.045 billion sales in fiscal year 2004.

CONTACT:  MOODY'S DEUTSCHLAND GMBH (FRANKFURT)
          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Wolfgang Draack, Senior Vice President
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


RUNGIS EXPRESS: Finds New Investor
----------------------------------
Exotic food supplier Rungis Express has reportedly found an
investor willing to redeem the company out of bankruptcy,
Suddeutsche Zeitung says.

Although Insolvency Administrator Andreas Ringstmeier has
refused to identify the investor, various sources named the Cool
Chain Group as the mystery buyer.  The logistics company has
reportedly set one condition -- the departure of founder and
long-time head, George W. Kastner.

About ten bidders initially expressed interest in Rungis in
February, but backed out citing lack of transparency in the
group's accounts.  CCG, which has similarly refused to confirm
the report, is not expected to make any major operational
changes.  Its international logistics network, however, is
expected to give it flexibility in pricing products.

Rungis filed for insolvency in January following a string of
financial problems.  The group's collapse rendered 460
employees, or half of its workforce, jobless.

CONTACT:  RUNGIS EXPRESS GESELLSCHAFT FUR FRISCHIMPORTE MBH &
          CO. KG
          Am Hambuch 2
          53340 Meckenheim
          Phone: 02225-883-0
          Fax: 02225-883-300
          E-mail: Info@Rungis-Express.de
          Web site: http://www.rungis-express.de

          COOL CHAIN GROUP HOLDING AG
          Hohenkampsweg 1 a
          28355 Bremen
          Phone: +49 421 2581 942
          Fax: +49 421 2581 944
          Web site: http://www.coolchaingroup.com


SGL CARBON: E.U. Cuts Graphite Specialties Fine by a Third
----------------------------------------------------------
The European Court of First Instance announced its ruling on
Graphite Specialties in its proceedings on June 15, thereby
revising the decision of December 17, 2002 of the European
Commission.  The European Court reduced the fine by one-third
from EUR27.75 million that had been levied against SGL Carbon at
that time to EUR18.45 million.  SGL Carbon will determine
possible further measures following a careful examination of the
ruling and its explanation.

Already at the end of April 2004, the European Court had reduced
the EUR80.2 million fine imposed by the European commission on
July 2001 against SGL Carbon's Graphite Electrode business to
EUR69.1 million.  At that time, SGL Carbon had appealed the
judgment of the European Court to the European Court of Justice,
as the European Court had failed to take significant causes of
action into account.

                            *   *   *

As reported in TCR-Europe on June 14, Standard & Poor's Ratings
Services revised its outlook on SGL Carbon AG to positive from
stable.  At the same time, the 'B' long-term corporate credit
rating on SGL was affirmed.

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

CONTACT:  SGL CARBON AG (German: SGL)
          Rheingaustrasse 182
          D-65203 Wiesbaden, Germany
          Phone: +49-611-6029-100
          Fax: +49-611-6029-101
          Web site: http://www.sglcarbon.com


VOLKSWAGEN AG: Eyes Over GBP2 bln in Cutbacks by 2008
-----------------------------------------------------
Volkswagen AG targets more than GBP2.65 billion in savings and
efficiency improvements in the next three years, says The
Scotsman Friday.

The measure is reportedly in preparation for mid-term changes in
market prices, exchange rates and sales mix of the company's
models.  This came after Chief executive Bernd Pischetsrieder
revealed plans to save GBP2 billion in 2005 alone to top last
year's full-year operating profit of EUR2.015 billion.

Last month, financial magazine Capital disclosed the company
plans to cut cost of materials by EUR1 billion next year as part
of its new scheme aimed at bringing down overall cost by 20%.
The move came on top of its ForMotion program, which is said to
be on track to deliver EUR3.1 billion in savings this year.

Mr. Pischetsrieder also noted the company's plans to beef up
annual production at its Mexico site from 400,000 to 500,000
units, while annual production capacity in China is expected to
increase to 900,000 vehicles from 648,490 last year.

According to the South China Morning Post, First Auto Works-
Volkswagen, one of Volkswagen AG's two major joint ventures in
China, also aims at slashing cost by CNY2.8 billion this year.

The joint venture, which posted a CNY400 million loss in the
first quarter of 2005, plans to trim expenses on parts and
components by using domestic parts.  Workers will also have two
shifts, instead of three, with an individual quota of 29.2 units
a year in 2005, and increasing to 37.2 by 2009.  The business,
which carries the Audi brands and Volkswagen's Golf, Bora and
Jetta cars, also eyes an output of one Jetta in 30 hours, from
the current 35 to 38 hours.

Volkswagen's automotive business recently registered a EUR107
million net loss, blamed on the delay in the launch of the
new Golf, Jetta and Passat models.  It also faulted the
strong euro and the ongoing price reduction in the U.S. and
Europe to boost sales.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax:   +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


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


DRYSHIPS INC.: To Issue Dividends of US$0.20 per Share
------------------------------------------------------
The Board of Directors of DryShips Inc. has declared the
Company's quarterly cash dividend of US$0.20 (EUR0.16) per
common share, payable July 29, 2005 to stockholders of record on
June 28, 2005.

Mr. George Economou, Chairman and Chief Executive Officer of the
Board, said: "We are proud to announce our first quarterly
dividend payment which is in line with the policy announced in
our IPO Prospectus."

About DryShips Inc.

DryShips Inc., based in Greece, is an owner and operator of
drybulk carriers that operate worldwide.  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.  DryShips is 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".

                            *   *   *

DryShips specializes in shipping drybulk commodities such as
coal, iron ore, and grains as well as minor bulks like bauxite,
fertilizers, and steel products.  Its fleet is managed by
Liberian affiliate Cardiff Marine Inc.  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 [EUR (3.58) million] shareholders' equity, as
total liabilities exceeded total assets of US$183.55 million
(EUR150.05 million).  The company faces US$98.17 million
(EUR80.24 million) in maturing debt before the end of the
current fiscal year.  Its long-term liabilities amount to
US$115.202 million (EUR94.16 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
=============


DOBRUDJANSKI TEXTILE: Cheap Chinese Goods Claim Another Victim
--------------------------------------------------------------
Textile maker Dobrudjanski Textil has halted production, marking
the collapsed of one of the country's largest fabric
manufacturers, Pari Daily says.

Dobrudjanski has already sent home 41 employees, leaving around
seven personnel to handle the group's liquidation.  The group is
expected to dispose of its machines and equipment to repay
around BGN432,000 in wages and social security contributions.

Founded in 1931 as Dobrudjanska Industria, Dobrudjanski
manufactures cotton-based fabrics, textiles and tablecloth and
is well established in the European market.  After its
privatization in 1998, Dobrudjanski became part of Albena Invest
Holding, which holds an 82.85% stake in the group.  The group
blamed its demise to the entry of cheap Chinese textiles.

CONTACT:  DOBRUDJANSKI TEXTIL JSC
          9300 Dobrich, 2 Angel Stoyanov Str.
          Phone: (359 58) 601 734,
          Fax: (359 58) 601 689
          E-mail: dbtextil@dobrich-sat.net
          Web site: http://www.albhold.com


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


IMPREGILO SPA: Investors Welcome Capital Hike
---------------------------------------------
Investors have expressed great interest to the EUR650 million
capital hike of troubled builder Impregilo, Agencia
Giornalistica Italia cites group CEO Alberto Lina.

Following a presentation to Impregilo shareholders, Mr. Lina
revealed that investors expressed readiness to participate in
the capital increase.  Mr. Lina has been persuading investors
across Europe to take part in recapitalization, which is vital
to Impregilo's restructuring.  He also met with investors in
Geneva, Zurich, Edinburgh, London and Frankfurt.

The group's capital hike received a major boost last week after
reaching an agreement with banks to underwrite its capital hike.
Impregilo, along with key shareholders Gemina and the Igli
consortium, signed the agreement with Caboto, a Banca Intesa
unit; Banca IMI, a division of Sanpaolo IMI; Unicredito Banca
Mobiliare, an arm of Unicredito Italiano; and Efibanca, a part
of Banca Popolare di Lodi.  The capital hike started in June 13
and will end on July 1.

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

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

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

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

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

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


PARMALAT FINANZIARIA: Voting Period for Debt-for-equity Swap Set
----------------------------------------------------------------
A Parma bankruptcy court has given creditors of collapsed dairy
giant Parmalat Finanziaria until August 26 to vote on the
proposed debt-for equity swap, the Associated Press says.

Voting would start on June 28 on whether creditors, who claim
around EUR20 million from the company, would accept the group's
recovery rates -- 5.7% and 6.9% for Parmalat Finanziaria S.p.A.
and Parmalat S.p.A. respectively.  A creditors' approval would
pave the way for Parmalat's relisting sometime in September or
October.  The group's shares have been absent in the stock
market since December 2003, when Parmalat collapsed under debt
of more than EUR14 billion.

Parmalat's relisting received a major boost in May, when it
received the clearance of stock market regulator Consob.  The
food group will use a new name -- Parmalat S.p.A. -- instead of
the holding company Parmalat Finanziaria S.p.A.

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

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


PARMALAT FINANZIARIA: Granarolo Mulls EUR2 Billion Takeover
-----------------------------------------------------------
Local dairy group Granarolo is mulling a EUR2 billion takeover
offer for collapsed rival Parmalat Finanziaria, Drinks Business
Review.com says.

Granarolo in the past had expressed interest in acquiring
Parmalat and has been reportedly holding takeover talks with the
insolvent food group.  According to sources close to the matter,
Granarolo is expected to launch a bid in time when Parmalat
implements a EUR12 billion debt-for-equity swap with Banca
Intesa.  The swap would mark the dairy giant's return to the
stock market either in September or October.

Banca Intesa last year facilitated Granarolo's acquisition of
troubled yogurt firm Yomo.  The Yomo deal could give the bank a
20% stake in Granarolo.  Bologna-based Granarolo has yet to sign
a deal with Banca Intesa to formally launch its Parmalat bid.
Should it proceed with its Parmalat offer, Granarolo has to
answer competition issues since the acquisition would give the
combined group over 60% share of the local market.

Compared to Parmalat, Granarolo is just a small company.  In
2004 revenues alone, Granarolo earned around EUR852 million
while Parmalat posted more than EUR3.7 billion.  Granarolo also
only employs around 1,300 people while Parmalat hires more than
30,000 personnel worldwide.  Parmalat collapsed in 2003 under
over EUR11 billion in debt.

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

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

          GRANAROLO S.p.A.
          via Cadriano 27/2
          40127 Bologna
          Phone: 051 - 4162311
          Web site: http://www.granarolo.it

          BANCA INTESA S.p.A.
          Piazza Paolo Ferrari, 10
          20121 Milan
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it


PARMALAT FINANZIARIA: Holds Claim for US$6 Mln Against U.S. Unit
----------------------------------------------------------------
Parmalat Finanziaria S.p.A. and each of its affiliates timely
filed proofs of claim against Parmalat U.S.A. Corporation and
its U.S. debtor-affiliates.  The Parmalat Affiliates are:

     * Parmalat S.p.A,
     * Parmalat Netherlands B.V.,
     * Parmalat Finance Corporation B.V.,
     * Parmalat Capital Netherlands B.V.,
     * Dairies Holding International B.V.,
     * Parma Food Corporation B.V.,
     * Parmalat Soparfi S.A.,
     * Olex S.A., Eurolat S.p.A.,
     * Lactis S.p.A.,
     * Coloniale S.p.A.,
     * Hit S.p.A.,
     * Hit International S.p.A.,
     * Nuova Holding S.p.A.,
     * Contal S.r.l.,
     * Geslat S.r.l.,
     * Newco S.r.l.,
     * Eliair S.r.l.,
     * Centro Latte Centallo S.r.l.,
     * Panna Elena S.r.l.,
     * Parmengineering S.r.l.,
     * Parmatour S.p.A.,
     * Fratelli Strini Costruzioni Meccaniche S.r.l., and
     * Curcastle Corporation N.V.

The Parmalat Entity Claims were assigned Claim Nos. 479, 802-
831, 833-874 and 879-881.

On March 8, 2005, the Court authorized a settlement among
various Parmalat Entities, General Electric Capital Corporation
and its affiliated entities, and the Official Committee of
Unsecured Creditors.  Pursuant to its March 8 Order, the Court
also approved a term sheet containing the conditions for a
global settlement of claims between the U.S. Debtors and the
Parmalat Entities.

Subsequently, the U.S. Debtors and the Parmalat Entities have
entered into a Global Settlement dated as of May 31, 2005, and
stipulated that:

   -- the Parmalat Entities will withdraw all their claims, with
      prejudice, except for Claim No. 802 filed by Parmalat
      S.p.A. against Parmalat USA Corp.; and

   -- the U.S. Debtors will allow Claim No. 802 for $6,000,000.

Accordingly, Judge Drain approves the Stipulation.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some-brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts.  When the U.S. Debtors
filed for bankruptcy protection, they reported more than $200
million in assets and debt.  The Bankruptcy Court confirmed the
U.S. Debtors' Plan of Reorganization on March 7, 2005.
(Parmalat Bankruptcy News, Issue Nos. 55; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


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


KONINKLIJKE AHOLD: To Appoint New Senior VP Later this Year
-----------------------------------------------------------
Thijs Smit, senior vice president Internal Audit at Koninklijke
Ahold N.V., is to leave the company at the end of the year to
pursue other interests.

Mr. Smit joined Ahold in August 2000 in the position of vice
president Internal Audit Europe and was appointed to his current
position the following year.  He played a key role in
stabilizing the company in its most difficult period in 2003 and
in designing and implementing the remedial actions as part of
the Road to Recovery program.

Mr. Smit was also instrumental in the process of replacing a
decentralized system of internal controls at Ahold by a one-
company system with central reporting lines.

Under his leadership, the internal audit function at Ahold was
restructured and now reports to both the CEO and the Audit
Committee of the Supervisory Board.  He is currently chairman of
the board of the Institute of Internal Auditors in the
Netherlands.

An announcement on the appointment of a new senior vice
president Internal Audit will be made later this year.

                            *   *   *

Ahold recently reported net income in Q1 2005 was down from
EUR298 million last year to EUR134 million.  Net sales amounted
to EUR13 billion, a decrease of 1% compared to Q1 2004.

Meanwhile, operating income in Q1 2005 came to EUR346 million
(Q1 2004: EUR349 million); while net cash from operating
activities in Q1 2005 amounted to EUR264 million (Q1 2004:
EUR188 million).

Ahold has also cut its net debt in Q1 2005 by EUR0.6 billion or
8.6% to EUR6.5 billion.

CONTACT:  KONINKLIJKE AHOLD N.V.
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Corporate Communications
          Phone: +31 (0)75 - 659 5720
          Fax: +31-75-659-8350
          Web site: http://www.ahold.com/


NUMICO N.V.: To Conclude Mellin Acquisition this Month
------------------------------------------------------
Royal Numico N.V. disclosed Friday that the Italian antitrust
authority has approved Numico's acquisition of Mellin S.p.A.
The transaction is expected to close before the end of June.

Jan Bennink, CEO of Numico, said: "We are very pleased with the
positive outcome from the Italian antitrust authority which now
ensures completion of this acquisition before the end of June.
The agreed reduction of consumer prices, which formed an
integral part of our business plan, will help bolster growth in
this very attractive market with low per capita consumption.  We
remain confident with the anticipated level of synergies which
will allow the acquisition to be accretive from year one."

Numico will acquire 100% of the share capital of Mellin for a
total consideration of EUR400 million, which will be paid
equally in cash and shares.  The shares are subject to a lock-up
period of 6 months.  Associated transaction costs are expected
to amount to EUR5 million which will be taken in the second
quarter of 2005 as part of the overall consideration.

In order to obtain a rapid clearance of the transaction, Numico
has confirmed to the Italian antitrust authority that it will
reduce the prices for Milupa and Mellin Stage 1 and Stage 2
infant milk formula as well as for some specific specialty
formulas.  This price reduction was already factored into the
initial business plan that was made for the combined entity.
The Italian antitrust authority preferred a formal commitment of
Numico on this point in view of the current situation on the
Italian market, which is characterized by relatively high
prices.

Mr. Marco Fossati, Chairman and CEO of Findim and STAR, will
join Numico's Supervisory Board following completion, for which
approval was granted at the AGM of 11 May 2005.

Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition and brings products to the market under the brand
names Nutricia, Milupa and Cow & Gate, among others.  The
company serves customers in over 100 countries and employs
approximately 11,000 people.

CONTACT:  ROYAL NUMICO N.V.
          P.O. Box 75538, 1118 ZN Schiphol Airport
          The Netherlands
          Phone: +31 20 456 9000
          Fax: +31 20 456 8000
          Corporate Communications
          Phone: +31 20 456 9077
          Investor Relations
          Phone: +31 20 456 9003
          Web site: http://www.numico.com


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


AUTO-AGGREGATE: Appoints D. Chertov Insolvency Manager
------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Auto-Aggregate after finding the open joint
stock company insolvent.  The case is docketed as A27-
24650/2004-4.  Mr. D. Chertov has been appointed insolvency
manager.  Creditors have until July 21, 2005 to submit their
proofs of claim to 650021, Russia, Kemerovo, Novgorodskaya Str.
1.

CONTACT:  AUTO-AGGREGATE
          650021, Russia, Kemerovo region,
          Novgorodskaya Str. 1

          Mr. D. Chertov
          Insolvency Manager
          650021, Russia, Kemerovo region,
          Novgorodskaya Str. 1


BRYANSK-LIFT-SERVICE: Bryansk Court Names 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: Bankruptcy Hearing Set August
--------------------------------------------------
The Arbitration Court of Lipetsk region has commenced bankruptcy
supervision procedure on open joints 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 region,
          Dobrinskiy region, Dobrinka

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


GROUT-CONCRETE PLANT: Deadline for Proofs of Claim Set July
-----------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Grout-Concrete Plant after finding the
limited liability company insolvent.  The case is docketed as
A27-29709/2004-4.  Mr. I. Voronkov has been appointed insolvency
manager.  Creditors have until July 21, 2005 to submit their
proofs of claim to 650099, Russia, Kemerovo, Nogradskaya Str.
19A.

CONTACT:  GROUT-CONCRETE PLANT
          Russia, Kemerovo region,
          Kuznetskiy Pr. 230

          Mr. I. Voronkov
          Insolvency Manager
          650099, Russia, Kemerovo region,
          Nogradskaya Str. 19A


KLIMOVSKIYE: Creditors Have Until Next Month to File Claims
-----------------------------------------------------------
The Arbitration Court of Bryansk commenced bankruptcy
proceedings against Klimovskiye after finding the tinned-goods
insolvent.  The case is docketed as A09-7520/03-2.  Mr. V.
Guslyakov has been appointed insolvency manager.  Creditors have
until July 21, 2005 to submit their proofs of claim to Russia,
Bryansk, Timonovskaya Str. 35.

CONTACT:  KLIMOVSKIYE TINNED-GOODS
          243040, Russia, Bryansk region, Klimovo,
          Zheleznodorozhnaya Str. 7

          Mr. V. Guslyakov
          Insolvency Manager
          Russia, Bryansk region,
          Timonovskaya Str. 35
          Phone: 77-01-53


MOVABLE MECHANIZED: Declared Insolvent
--------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Movable Mechanized Column-41 after finding
the open joint stock company insolvent.  The case is docketed as
A68-117/B-04.  Mr. I. Klishin has been appointed insolvency
manager.  Creditors have until July 21, 2005 to submit their
proofs of claim to 300026, Russia, Tula, Lenina Str. 113.

CONTACT:  MOVABLE MECHANIZED COLUMN-41
          301240, Russia, Tula region,
          Venev, Svobodnaya Str. 38.

          Mr. I. Klishin
          Insolvency Manager
          300026, Russia, Tula region,
          Lenina Str. 113


NEFTE-MASH-TORG: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
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


REINFORCED-CONCRETE: Assets for Public Auction Next Week
--------------------------------------------------------
The joint stock company Reinforced-Concrete Constructions-2 will
sell its property on June 27, 2005, 10:00 a.m.  The public
auction will take place at Russia, Tambov, Rasskazovskoye
Shosse, 1, Office 314.

The assets for sale are:

(a) Lot 1: Eight units of building constructions.  Starting
price: RUB7,400,000;

(b) Lot 2: Five cars, warehouse and garage.  Starting price:
RUB900,000;

(c) Lot 3: 10 buildings.  Starting price: RUB5,300,000.

The preliminary examination and reception of bids are done
tomorrow only.  The list of documentary requirements is
available at Russia, Tambov, Rasskazovskoye, Shosse 1, Office
314.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price tomorrow.

CONTACT:  REINFORCED-CONCRETE CONSTRUCTIONS-2
          Russia, Tambov region,
          Sovetskaya Str. 190
          Phone: 8-0752-55-69-52


TUBINSKAYA: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Tubinskaya after finding the
garment factory insolvent.  The case is docketed as A07-
16260/02-A-IUS-ADM.  Ms. R. Galeeva has been appointed
insolvency manager.  Creditors have until July 21, 2005 to
submit their proofs of claim to 453630, Russia, Bashkortostan
republic, Baymak, S. Yulaeva Pr. 30, Room 12.

CONTACT:  TUBINSKAYA
          453630, Russia, Bashkortostan republic,
          Baymakskiy region

          Ms. R. Galeeva
          Insolvency Manager
          453630, Russia, Bashkortostan republic,
          Baymak, S. Yulaeva Pr. 30, Room 12


YUKOS OIL: Alvarez & Marsal Asks US$277,867 in Professional Fee
---------------------------------------------------------------
Alvarez & Marsal LLC, the restructuring advisor of Yukos Oil
Company, asks the U.S. Bankruptcy Court for the Southern
District of Texas to direct Yukos to pay $277,867 on account of
the firm's professional fees and $86,675 for its out-of-pocket
expenses.

Dean E. Swick, a managing director at Alvarez & Marsal, tells
the Court that the firm rendered these services for the period
January 18, 2005, through February 24, 2005:

                                            Hours   Professional
   Category                                 Worked      Fees
   --------                                 ------  ------------
   Meeting/Teleconference with Yukos'
   management, counsel or advisors           98.9     $47,792.50

   Administrative - miscellaneous             8.0       3,672.50

   Court/Hearing Appearance & Preparation    32.7      13,867.50

   Debtor Reporting/Presentations
   [MOR, Contract Rejection, etc.)           88.9      35,132.50

   General Bankruptcy Consulting             64.1      24,475.00

   Statements & Schedules -
   Preparation/Analysis                     281.9     116,057.50

   Travel Time                               81.3      36,870.00
                                           -------  ------------
        TOTAL                               655.8    $277,867.50
                                           =======  ============

Alvarez & Marsal incurred these expenses during the Compensation
Period:

             Type                         Amount
             ----                         ------
             Airfare                    $65,123.08
             Hotel                       16,630.04
             Meals                        1,946.29
             Ground Transportation        1,887.16
             Communication & Other        1,088.47
                                        ----------
                                        $86,675.04
                                        ==========

Headquartered in Houston, Texas, Yukos Oil Company is an open
joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in the energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.  The
Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr.
S.D. Tex. Case No. 04-47742).  Zack A. Clement, Esq., C. Mark
Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq.,
Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright &
Jaworski, LLP represent the Debtor in its restructuring efforts.
When the Debtor filed for protection from its creditors, it
listed $12,276,000,000 in total assets and $30,790,000,000 in
total debt.  (Yukos Bankruptcy News, Issue No. 22; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


===========
S W E D E N
===========


SKANDIA INSURANCE: Former U.S. Unit Offers US$95 Mln Settlement
---------------------------------------------------------------
As previously communicated, most recently in Skandia Insurance
Company Ltd.'s 2004 Annual Report, in connection with
investigations by the U.S. Securities and Exchange Commission
(SEC) and the New York Attorney General's office, several mutual
fund and variable annuity assurance companies in the U.S. have
been accused of allowing frequent trading, or "market timing",
in fund units, which may be harmful to the interests of other
investors.  Skandia's former subsidiary American Skandia has
been subject to such investigations.

Skandia has approved American Skandia's offer of US$95 million
(EUR77.67 million) to settle the market timing investigation
being conducted by the Staff of the U.S. Securities and Exchange
Commission and the New York Attorney General's Office.  The
proposed settlement would fully resolve the previously disclosed
investigations by the U.S. SEC and the New York Attorney
General's Office into market timing by certain investors in
American Skandia funds.

American Skandia will neither admit nor deny any liability, but
has offered to resolve the matter by paying restitution and a
civil penalty of approximately US$95 million in the aggregate.
The ultimate financial responsibility for this matter and hence
the US$95 million payment is set forth in Skandia's indemnity
obligations in the 19 December 2002 agreement for the
acquisition of shares in American Skandia from Skandia by
Prudential Financial.

The proposed settlement agreement is subject to the drafting of
settlement papers and approval by the Commission of the SEC.

In a comment on the settlement, Bjorn Bjornsson, Vice Chairman
of Skandia, says: "It is good for Skandia that the prolonged
discussions with the U.S. authorities are now hopefully
concluded and that Skandia can leave behind the issue of market
timing."

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00


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


ABB LTD.: Owens-Illinois Allowed Third-party Claim Against CE
-------------------------------------------------------------
Owens-Illinois sought and obtained from the U.S. Bankruptcy
Court for the District of Delaware relief of the automatic stay
imposed by 11 U.S.C. Section 362(a) to allow it to assert a
third-party claim against Combustion Engineering, Inc.

On June 16, 2004, Arletta Pippen, as executrix of the Verna
Watts estate and Charles Watts, Jr., as executor of the estate
of Charles Watts, Sr., filed a suit against the Debtor and
Owens-Illinois in the Superior Court of the State of Delaware
[Case No. 02C-03-220].  The suit alleges injury caused by
asbestos exposure.

Owens-Illinois denied the charges while Combustion Engineering
settled with the plaintiffs.

Section 6304 of Title 10 of the Delaware Code states that once a
plaintiff settles with a defendant, the remaining defendants are
entitled to a reduction of any claim by the amount of
consideration paid.

Owens-Illinois seeks to add the Debtor to its case solely for
the purpose of apportioning fault and reducing judgment for
potential damages.

                     The Chapter 11 Filing

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

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

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

               Combustion Engineering's History

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

                    Bankruptcy Professionals

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

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

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

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


SWISS INTERNATIONAL: European Commission Delays Merger Ruling
-------------------------------------------------------------
The European Commission postponed Thursday its ruling over the
merger between loss-making carrier Swiss International and
Deutsche Lufthansa, Reuters says.

The European Commission launched in May a one-month probe into
how the merger would affect competition, asking third-party
opinions.  The regulator then said it would rule on June 24
whether to sanction the tie-up without conditions, recommend a
revised transaction, or launch an in-depth probe.  The regulator
now moved the ruling to July 8.

According to Reuters, such extension usually means both carriers
have proposed changes to their deal to answer competition issues
the regulator has raised.  Reuters added that a common issue in
airline mergers has been overlapping routes, forcing the fusing
carriers to sell off their airport landing rights or slots to
competitors to preserve competition.  The extension would also
permit customers and rivals to comment on the proposed revisions
and whether they believe the changes address the issue.

Lufthansa acquired last month more than 86% of Swiss
International, which rose three years ago from the remains of
collapsed Swissair and regional carrier Crossair.  The deal
involved payment of up to EUR265 million (US$342.3 million) to
large shareholders and another EUR45 million (US$58.1 million)
to individuals whose shares are in free float.  Swiss
shareholders include the Swiss government, the canton of Zurich,
banks Credit Suisse and UBS, and car retailer AMAG.

Lufthansa openly declared it would not inject capital into Swiss
but would implement drastic cost cut measures.  Swiss has
already sent home thousands of employees and trimmed its fleet
and route network.  Swiss did not rule out additional job cuts
if wants to record a profit.

CONTACT:  SWISS INTERNATIONAL AIR LINES LTD.
          Aeschenvorstadt 4
          CH-4051 Basel
          Switzerland
          Phone: +41-61-582-00-00
          Fax: +41-61-582-33-33
          Web site: http://www.swiss.com

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


===========
T U R K E Y
===========


ALTERNATIFBANK: Affirms 'B+' Long-term Rating
---------------------------------------------
Fitch Ratings assigned Turkey's Alternatifbank A.S. Long-term
foreign and local currency ratings of 'B+'.  Additionally, the
agency has assigned the bank other ratings of Short-term foreign
and local currency 'B', Individual 'D', National Long-term 'BBB+
(tur)' and Support '4'.  The Outlook on all Long-term ratings is
Stable.

The Long-term, Short-term and Support ratings reflect support
from Abank's majority shareholder, Anadolu Group. Fitch believes
that Anadolu Group has a high propensity to support but its
ability to do so is limited because of the Long-term foreign
currency 'BB-' sovereign rating.  The Individual rating reflects
its weak, albeit improved, asset quality, small size and
vulnerability to possible deterioration in the operating
environment.  These are balanced by its adequate capitalization
and healthy liquidity.

ABank's profitability declined in 2004, due to a reduction in
trading gains from government securities, lower margins from a
higher level of lower yielding liquid assets, and increased
taxes. Efficiency continued to improve mainly due to decreased
operating expenses.

Asset quality improved markedly as impaired loans, including
restructured loans, decreased 53% to 8.28% of gross loans at
end-2004 (2003: 21.93%), primarily due to the sale of non-
performing loans (NPLs) to the main shareholders, and
collections.  Reserve coverage remains weak at 44%. Net problem
loans decreased to 23% of equity at end-2004 (2003: 68%) but
Fitch believes that asset quality remains problematic.

ABank strengthened its liquidity as part of the proceeds from
redeemed government securities were kept as liquid assets.
Capitalization improved with free capital at 9.45% of end-2004
assets (2003: 5.85%), while the bank's consolidated regulatory
capital adequacy ratio stood at 19.21% at end-2004. Fitch
believes that continued improvements in capitalization will be
necessary to provide a cushion against the asset quality
problems given ABank's small size in a potentially volatile
environment.

ABank is majority-owned by the Anadolu Group; 5% of the shares
were publicly held at end-2004.  The Anadolu Group has interests
in the beverages, food, automotive, consumer durables,
stationery and financial services sectors through several joint
ventures with international companies including Coca Cola, Isuzu
and Faber-Castell.  ABank is a lower mid-sized bank focused on
commercial banking and small- to medium-sized enterprises
("SMEs") and has 24 branches

CONTACT:  FITCH RATINGS
          Gulcin Orgun, Istanbul
          Phone: +90 212 279 1065

          Ed Thompson, New York
          Phone: +1 212 908 0364

          Banu Cartmell, London
          Phone: +44 207 417 4373

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

          ALTERNATIFBANK
          Cumhuriyet Caddesi No 22-24
          Elmadag 34367 Istanbul
          Phone: (0212) 315 65 00
          Fax: (0212) 233 15 00
          E-mail: bilgi@abank.com.tr
          Web site: http://www.abank.com.tr/


ASYA FINANS: Fitch Upgrades Local Currency Rating to 'B'
--------------------------------------------------------
Fitch Ratings upgraded Turkey-based Asya Finans Kurumu A.S.'s
Long-term foreign and local currency ratings to 'B' from 'B-'.
At the same time, the bank's Individual rating has been upgraded
to 'D' from 'D/E'.  The National Long-term rating is affirmed at
'BBB (tur)'.  The Short-term foreign and local currency and
Support ratings are affirmed at 'B' and '5', respectively.  The
Outlook on all Long-term ratings is Stable.

The upgrade of the Long-term and Individual ratings reflects
Asya Finans' improved asset quality, stronger operating
profitability, better risk management and stable funding
structure.  These are balanced by the company's thin capital and
relatively small size within the Turkish financial system.

During 2004, the company's core earnings benefited from improved
net funding revenue, strong expansion in fees and commissions
and tax credits (compared with tax charges in the previous
year).  This was partially offset by substantially higher
provisions for credit losses designed to improve reserve
coverage and increased expenses that were driven by personnel
costs and a loss on real estate sold.  Non-performing loans
declined to 4.73% of funds granted at end-2004 (2003: 8.11%)
with reserve coverage improving to 84% from 54%.  When
foreclosed property is added, Asya Finans' problem assets
increased to 6.44% of related assets, which remains high
compared with peer institutions'.  Because of rapid growth, the
company's total capital ratio was only 9.46% at end-2004.
Management's capital plans call for annual cash capital
injections to support balance sheet expansion, followed by an
initial public offering in 2006.

Asya Finans is the largest special finance houses in Turkey with
leading market shares in funds granted (25%) and customer
accounts (26%) among its immediate competition.  As a special
finance house, the company does not pay or receive interest on
its activities.  Asya Finans has two types of funding sources
other than equity: current accounts and profit and loss sharing
accounts.  Under the latter, investors agree to a predetermined
profit or loss (typically 80%) with Asya Finans receiving 20%.
The company is owned by 265 shareholders in various industries
including textiles and shipping.

Research for this entity is available on the agency's
subscription Web site, http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Ed Thompson, New York
          Phone: +1 212 908 0364

          Banu Cartmell, London
          Phone: +44 207 417 4373

          Gulcin Orgun,
          Turda Ozmen, Istanbul
          Phone: +90 212 279 1065

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

          ASYA FINANS KURUMU A. S.
          Musteri Memnuniyeti Servisi
          Kisikli Caddesi Kusbakisi Sokak No 2 34662
          Altunizade, Istanbul
          Phone: +90 216 554 5000 Pbx
          Fax:  +90 216 554 5050
          Web site: http://www.asyafinans.com.tr


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


APPLIED DIGITAL: Members, Creditors Final Meeting Set July
----------------------------------------------------------
The final meeting of the members and creditors of Applied
Digital Retail Limited will be on July 15, 2005 at 10:30 a.m.
and 11:00 a.m. respectively.  It will be held at 5th Floor,
Exchange House, 446 Midsummer Boulevard, Milton Keynes MK9 2EA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and of hearing any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Baker Tilly, 5th Floor, Exchange House, 446
Midsummer Boulevard, Milton Keynes MK9 2EA not later than July
14, 2005.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


ARMASTOKE LIMITED: Appoints Baker Tilly Administrator
-----------------------------------------------------
Adrian David Allen and Philip Edward Pierce (IP Nos 8740, 1463)
have been appointed joint administrators for Armastoke Limited.
The appointment was made June 6, 2005.  The company is engaged
in engineering contracting.  Its marketing manager is Mr. Arthur
Kirk.

CONTACT:  ARMASTOKE LIMITED
          Unit 1, Providence Mills Balk Street
          Batley WF17 8PF
          West Yorkshire
          Phone: 01924 441190
          Fax: 01924 442507

          BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk


ASERA LIMITED: Final Meeting Set Next Month
-------------------------------------------
The final meeting of the members and creditors of Asera Limited
will be on July 22, 2005 at 11:00 a.m. and 11:15 a.m.
respectively.  It will be held at 1 Snow Hill, London EC1A 2DH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Moore Stephens at 1 Snow Hill, London EC1A
2DH not later than 12:00 noon, July 21, 2005.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


BAE SYSTEMS: Appoints Goldman Sachs Int'l CEO to Board
------------------------------------------------------
The Board of BAE Systems plc has appointed Peter Weinberg as a
non-executive Director of the Company with effect from 16 June
2005.

Richard Olver, Chairman of BAE Systems, said: "I am extremely
pleased to welcome Peter to our Board.  He is an excellent
executive with strong management and investment banking
experience, coupled with an understanding of U.S., U.K. and
international business operations.  This will enable him to make
a significant contribution to furthering BAE Systems' strategy
of being the premier transatlantic defense company.  Following
Peter's appointment, the Board is looking to appoint two
additional non-executive directors by the end of the year, at
least one of whom will be an American."

Peter Weinberg has recently been appointed Senior Director,
Goldman Sachs Inc.  Previously, he was Chief Executive Officer
of Goldman Sachs International, co-Head of the Partnership
Committee and a member of the firm's Management
Committee.

Prior to that, he was co-Head of the Global Investment Banking
Division.  He joined the firm as a Vice President in 1988 and
became a Partner in 1992.  He has dual citizenship of the United
States of America and the United Kingdom.

                            *   *   *

In February, Moody's Investors Service placed the debt ratings
of BAE Systems plc (Baa2) on review for possible downgrade.  In
a related action, Moody's has placed the debt ratings of United
Defense Industries, Inc. (Ba2) under review for possible
upgrade.

The reviews were prompted by the announcement that BAE had
agreed to purchase United Defense.  The acquisition is expected
to be financed with approximately US$3 billion (EUR2.7 billion)
in new debt, with the remainder funded with cash and new equity
issued by BAE.

CONTACT:  BAE SYSTEMS PLC
          Warwick House, Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU, United Kingdom
          Phone: +44-1252-373-232
          Fax: +44-1252-383-000
          Web site: http://www.baesystems.com


BEAUJERSEY LIMITED: Hires Administrators from PwC
-------------------------------------------------
Stuart David Maddison and Edward Mark Shires (IP Nos 7925, 1338)
of PricewaterhouseCoopers have been appointed administrators for
Beaujersey Limited. The appointment was made June 9, 2005.

The company manufactures knitted and crocheted fabrics.  Its
registered office is located at 17 Boston Road, Gorse Hill
Industrial Estate, Beaumont Leys, Leicester LE4 1AW.

CONTACT:  BEAUJERSEY LTD.
          Gorse Hill Industrial Estate,
          17 Boston Road, Beaumont Leys
          Leicester LE4 1AW
          Leicestershire
          Phone: 0116 235 6868
          Fax: 0116 234 0053
          Web site: http://www.beaujersey.co.uk

          PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


CAMGATE LITHO: Meeting of Creditors Set Last Week of June
---------------------------------------------------------
The creditors of Camgate Litho Limited will meet on June 30,
2005 at 10:00 a.m.  It will be held at Sherlock House, 73 Baker
Street, London W1U 6RD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD not later than 12:00 noon, June 29, 2005.

CONTACT:  CAMGATE LITHO LTD.
          International Trading Estate
          Boeing Way
          Southall, Middlesex UB2 5LB
          Phone: 020 8574 7919

          TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com

          TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


CONSUMER CONCEPTS: Final Members, Creditors Meeting Set July
------------------------------------------------------------
The final meeting of the members and creditors of Consumer
Concepts Ltd. will be on July 26, 2005 at 1:30 p.m.  It will be
held at the offices of S G Banister & Co., 40 Great James
Street, London WC1N 3HB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with S G Banister & Co., 40 Great James Street,
London WC1N 3HB not later than 12:00 noon, July 25, 2005.

CONTACT:  S. G. BANISTER & CO.
          40 Great James Street,
          London WC1N 3HB
          Phone: 020-7430-9292


DOCK DISCHARGE: Members, Creditors Meeting Set Next Month
---------------------------------------------------------
The meeting of the members and creditors of Dock Discharge
Limited will be on July 7, 2005 at 10:00 a.m. and 10:30 a.m.
respectively.  It will be held at the offices of Chamberlain &
Co., Aireside House, 24-26 Aire Street, Leeds LS1 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Chamberlain & Co., Aireside House, 24-26
Aire Street, Leeds LS1 4HT not later than 12:00 noon, July 6,
2005.

CONTACT:  CHAMBERLAIN & CO
          Aireside House
          24/26 Aire Street
          Leeds
          West Yorkshire LS1 4HT
          Phone: 0113 242 0808
          Fax: 0113 242 0866
          E-mail: mail@chamberlain-co.co.uk


FEDERAL-MOGUL: Has Until October 1 to Remove State Court Actions
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Federal-Mogul Corporation and its debtor-affiliates until
October 1, 2005, to file notices to remove civil actions pending
as of their bankruptcy petition date.

According to Scotta E. McFarland, Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., in Wilmington, Delaware,
the extension will give the Debtors more time to determine which
might be suitable for removal.  Ms. McFarland says that with
respect to actions unrelated to asbestos, the analysis is
largely complete.

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. 81;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


MG ROVER: No Word from PwC About Brand Sold by Mistake to SAIC
--------------------------------------------------------------
PricewaterhouseCoopers remains mum on the report by the
Financial Times that the MG TF sports car brand had been sold to
China's SAIC by mistake, BBC News said Sunday.

MG Rover's receiver has refused to confirm or deny the report
since it came out last week.  Citing records in the U.K. Patents
Office, the paper had said the intellectual property rights to
the TF brand was among those acquired by SAIC in a GBP67 million
deal last year.

The same transaction, which gave SAIC the rights to the Rover 25
and 75 models, is currently being investigated by
PricewaterhouseCoopers to determine whether the deal was legal
in the first place.  A source, who refused to be named, told BBC
News that what was sold to SAIC was the rights to a small part
in MG TF's engine.

It is not clear how this development will influence interest in
MG Rover, which has set a June 22 deadline for selected
applicants to submit their final offers for parts of the
business.  They have been made to believe that the rights to the
TF brand is still available.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: (44) (113) 289 4000
          Fax: (44) (113) 289 4460
          Web site: http://www.pwcglobal.com


MICROEMISSIVE DISPLAY: Chief Technician Abandons 'Sinking' Ship
---------------------------------------------------------------
Microemissive Display Group Plc downplayed any effect the
resignation of its chief technical officer has on the company
and its future.

Chief Executive Bill Campbell said Dr. Jeff Wright's departure,
which he emphasized was reached "by mutual consent," will not
affect the production of its flagship product: the micro-
displays, a tiny screen for use in digital cameras and
camcorders built around a light-emitting polymer.

"He will still retain an interest on the company's progress.
But we both agreed to give Jeff time to pursue other activities
and interests," Mr. Campbell told The Scotsman last week.

But Mr. Wright's resignation is not only being weighed by the
fact that he is not only the chief technical guy or the fact
that he co-founded the group six years ago.  It comes after an
announcement two weeks ago that volume production will be
delayed by six months.

In a June 3 disclosure, the company characterized the delay as
"an early opportunity to significantly improve the manufacturing
technology now rather than two years down the line."  But a
source, who talked to The Scotsman on condition of anonymity,
disputes this.

"They're simply repeating experiments and processes that have
already been tried and found not to work.  The current
manufacturing process simply doesn't work," the source said,
adding the six-month extension looks ambitious if not
unrealistic.

The same source, a senior official at the company, revealed that
Mr. Wright had become disillusioned with the company's failure
to develop a sustainable and effective manufacturing process.
Mr. Campbell dismissed this claim as "simply incorrect."

"We can only refer to the statements we've made so far," he
said. "What we said two weeks ago is the situation now.  We have
an opportunity to improve the manufacturing process and we're
taking it.  Are we up against a brick wall?  I certainly don't
think so."

The delay was simply down to a change in the "encapsulation
process" -- essentially an opportunity to extend the life of
each screen through adding extra layers per screen, he told The
Scotsman.  He "remained extremely confident" that MED would
start shipping the micro-displays in the fourth quarter.

CONTACT:  MICROEMISSIVE DISPLAYS GROUP PLC
          Scottish Microelectronics Centre
          West Mains Road
          Edinburgh
          Midlothian EH9 3JF


RAMCO ENERGY: Tasks Ernst & Young to Sell Seven Heads Unit
----------------------------------------------------------
Ramco Energy plc has sought help from Ernst & Young to sell a
stake in its Seven Heads operations and other assets, said RTE
Business Monday.

Creditors have reportedly agreed with E&Y to determine potential
buyers for its 86.5% stake in its gas field unit off the Cork
Coast and other properties.

The Aberdeen-based oil and gas company has offered its creditors
three million warrants at 34 pence per share valid until June
2010. In return, the bankers agreed to extend waiver agreements.

Proceeds from the sale, according to the report, will be used to
pay Seven Head's debt of GBP12 million.  This will also augment
the GBP1.6 million raised by the company through institutional
placing.

In February, the company saw shares up 50%, reaching as high as
400 pence, after it confirmed it had received a bid approach.

However, they continuously dropped amid production problems at
Seven Heads, falling 3 pence or 7.6% at one time in April as it
closed its two-month takeover negotiation with an undisclosed
potential buyer.

It earlier described as "extremely disappointing" the results of
the review of the Seven Heads' operations at the beginning of
this year.  It was found out that the site lacked gas-bearing
rock, which caused the build-up of water in the chambers.
Creditors, however, allowed the company to seek further
financing to continue the digging at Seven Heads.

Last year, Ramco reported revenue quadrupled in the first half
of 2004 as its loss after tax reduced to closed to GBP1 million,
compared with GBP1.4 million in 2003.

CONTACT:  RAMCO ENERGY PLC
          62 Queen's Rd.
          Aberdeen
          AB15 4YE, United Kingdom
          Phone: +44-1224-352-200
          Fax: +44-1224-352-211
          Web site: http://www.ramco-plc.com


ROYAL & SUN ALLIANCE: Corvus Drops Takeover Plan
------------------------------------------------
Corvus Capital Inc. chided the management of Royal & Sun
Alliance Plc (NYSE: RSA) Friday for its refusal to cooperate in
its takeover of the company.

The investment group of Andrew Regan, who recently identified
RSA as one of its targeted acquisitions, said his company
"remains mindful of the complexities inherent in a company
operating within the insurance sector such as RSA and, with this
in mind, would only have intended to proceed with an offer for
RSA with the cooperation of its existing management."

A spokesman for RSA refused to comment on the matter and
maintained its previous pronouncement denying it received an
approach from Corvus or anyone about a possible takeover.

Valued at GBP2.4 billion, the company is considered the second-
biggest commercial insurer in the U.K. next to Aviva.  It
underwent a radical restructuring last year to address weak
investments and mounting claims.  Since then, its risk profile
has improved, but the threat of potentially large claims in the
U.S. remains.  Analysts expect this to dampen any interest in
the group.

CONTACT:  ROYAL & SUN ALLIANCE INSURANCE GROUP PLC
          30 Berkeley Sq.
          London
          W1J 6EW, United Kingdom
          Phone: +44-20-7636-3450
          Fax: +44-20-7636-3451
          Web site: http://www.royalsunalliance.com

          CORVUS CAPITAL INC.
          P.O. Box 119
          Palm Chambers
          Road Town
          Tortola
          British Virgin Islands


SEACROFT INTERNATIONAL: Creditors Meeting Set Next Week
-------------------------------------------------------
The initial creditors meeting will be on June 30, 2005 at 12:00
noon.  It will be held at Tenon Recovery, Sherlock House, 73
Baker Street, London W1U 6RD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD not later than 12:00 noon, June 29, 2005.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


TANBRYN LIMITED: Sets Creditors Meeting June 30
-----------------------------------------------
The creditors of Tanbryn Limited will meet on June 30, 2005 at
11:00 a.m.  It will be held at Tenon Recovery, Sherlock House,
73 Baker Street, London W1U 6RD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD not later than 12:00 noon, June 29, 2005.

CONTACT:  TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217

          TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com

          TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


TY EUROPE: Administrators from PwC Move in
------------------------------------------
Colin Michael Trevethyn Haig (IP No 7965) and Karen Lesley Dukes
(IP No 1467) have been appointed administrators for Ty Europe
Limited.  The appointment was made June 8, 2005.

The company imports and distributes toys and sporting goods.
Its registered office is located at Fareham Reach, 166 Fareham
Road, Gosport, Hampshire PO13 0FW.

CONTACT:  TY EUROPE LTD.
          Fareham Reach
          Fareham Road
          Gosport
          Hampshire PO13 0FW
          Phone: 01329 829 828
          Fax: 01329 222 723

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

          PRICEWATERHOUSECOOPERS LLP
          First Point,
          Buckingham Gate,
          Gatwick RH6 0PP
          Web site: http://www.pwc.com


WHITEHEAD MANN: Reports GBP9 Million Losses
-------------------------------------------
Operational Highlights

(a) successful completion of Placing and Open Offer raised
    GBP13.1 million to strengthen the balance sheet and provide
    the necessary finance and working capital to implement the
    Strategic Plan;

(b) Strategic Plan launched to ensure Whitehead Mann has the
    best people delivering the best service to the best clients
    within a high performance organization;

(c) new incentives arrangement put in place to retain key
    individuals and deliver growth in shareholder value;

(d) moved listing to Alternative Investment Market as more
    appropriate for size of Company; and

(e) board strengthened with the appointment of two further
    Executive Directors, Jonathan Baines and Carol Leonard and
    Abdul Bhanji as a Non-Executive Director.

Sir Colin Southgate, Chairman, said: "Following a period of
considerable change and restructuring, we are making progress
with implementing our Strategic Plan to take the business
forward.  Although there are considerable challenges ahead in
delivering this plan, the Board now looks forward to a more
stable future for the Group.  We have reviewed our business,
formulated a new strategy to build on our proven strengths, and
are improving our operations to secure our position as the firm
that leading organizations can rely upon to resolve their
leadership challenges.

"Group turnover for the year to 31 March 2005, from continuing
operations, was GBP47.2 million (2004: GBP55.0 million).
Operating profit from continuing operations before exceptionals
was GBP2.0 million (2004: GBP9.1 million).  Exceptional
operating costs of GBP9.1 million resulted in an operating loss
after exceptionals for the year of GBP9.0 million (2004:
operating profit GBP4.8 million).

"On 2 February 2005, the Board announced that the trading
performance of the Group in January 2005, an important month in
our financial year, had weakened significantly.

"We announced that we were undertaking a strategic review with
the aim of strengthening the Group's financial position,
maintaining our market leadership, and better aligning the
interests of employees and shareholders.

"On 30 March 2005 we announced that we had completed the
strategic review and that we intended to raise additional
funding for the business by means of a Placing and Open Offer,
fully underwritten by Robert W Baird Limited.  The Placing
successfully raised GBP13.1 million (GBP11.7 million net of
expenses) to provide the necessary finance to implement the
Group's strategy.

"We forecast that the Group would make a loss before taxation
and exceptional items of not more than GBP1 million for the year
ended 31 March 2005.  The final outturn was a loss before
taxation and exceptional items of GBP0.7 million.

The Placing and Open Offer

"The Placing and Open Offer, completed after the year end,
involved the issue of 32,694,910 New Ordinary Shares at 40 pence
per share.  The market capitalization of the Group on completion
of the Placing and Open Offer, at the Issue Price, was GBP24.3
million.

Listing on AIM

"The Board took the view that it would be in the best interests
of the Company to delist from the Official List and to apply
instead for admission to the Alternative Investment Market of
the London Stock Exchange, which is more appropriate for a
company of Whitehead Mann's size.  This decision was endorsed at
the Extraordinary General Meeting held on 22 April 2005, and
became effective after the year-end on 28 April 2005.

Board Changes

"On 14 October 2004, Stephen Lawrence stepped down as Chief
Executive and left the Board.  We appointed Chris Merry (then
serving as Finance Director) as Managing Director of the Group
and subsequently as Chief Executive.  We have also strengthened
our Board with the addition of two further Executive Directors
experienced in search by appointing Jonathan Baines and Carol
Leonard.  Hugh Collum, who has been on the Board since our
flotation in 1997, announced his intention to step down from the
Board at the Extraordinary General Meeting.

"I would like to thank Hugh for his support, his contribution to
the Board and his Chairmanship of the Audit Committee during a
period of significant change for the Group.  We were delighted
to welcome Abdul Bhanji, a former partner of
PricewaterhouseCoopers, to the Board as a Non-Executive Director
on 16 March 2005.

Dividend Policy

"As advised in the Placing and Open Offer document, the Board is
not recommending a final dividend for the year ended 31 March
2005 and does not expect that the Company will pay a dividend
during the first full financial year following the
implementation of its Strategic Plan (the year to 31 March
2006).  The total dividend for the year therefore remains at 1.5
pence per share, as declared and paid at the interim
stage.

"As the benefits of the Strategic Plan are achieved, the Board
intends to consider adopting a progressive dividend policy which
is commercially prudent in relation to the Company's ongoing
profit and cash generation capabilities.

The Future

"Although there are considerable challenges ahead in delivering
the Strategic Plan, the Board now looks forward to a more stable
future for the Group.  Trading performance has steadied since
January.  We have reviewed our business, formulated a new
strategy to build on our proven strengths, and are improving our
operations to secure our position as the firm that leading
organizations can rely upon to resolve their leadership
challenges.

"None of this would have been possible without the commitment of
the high-caliber people of Whitehead Mann.  Over recent months I
have seen many of the 290 people employed by the Group.  I have
been impressed by their energy, purpose and ambition and I
extend my thanks to all of them for their contribution during
what has been a challenging year."

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/WhiteheadMann(Q12005).pdf

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com


WIGMORE GROUP: Major Investor Takes up Warrants
-----------------------------------------------
The Wigmore Group plc disclosed Thursday that shareholder
Burnbrae Ltd. has exercised warrants in respect of 54,545,455
Ordinary Shares exerciseable at 0.11p per Ordinary Share and
further subscribed GBP150,000 for 125,000,000 new Ordinary
Shares at 0.12p per share.

Burnbrae has agreed to immediately transfer the 125,000,000
Ordinary Shares to a third party investor at the same price.
Following the transfer of these shares, Burnbrae's holding in
the issued share capital of the Company will be 48.4%.

                            *   *   *

The Wigmore Group plc serves as contractors to the hotel and
leisure industries.

Chairman Paul Doona earlier said: "The year to December 2004 was
a very poor one for the Group resulting in a loss after tax of
GBP6.71 million (2003: loss GBP0.36 million) which comprised
pre-exceptional losses of GBP2.28 million (2003: loss GBP0.36
million) and exceptional costs of GBP4.43 million (2003:
GBPnil).

"The figures reflect an appalling year for the Group and root
and branch restructuring has been necessary since the financial
rescue by our majority shareholder Burnbrae.  I am, however,
confident that the Group is now on a firm financial footing and
that the long tried patience of our shareholders will ultimately
be rewarded."

CONTACT:  THE WIGMORE GROUP PLC
          Arundel House, Amberley Ct., County Oak Way
          Crawley
          West Sussex RH11 7XL, United Kingdom
          Phone: +44-845-070-1200
          Fax: +44-845-070-2300
          Web site: http://www.wigmoregroup.com

          Paul Doona
          Executive Chairman
          Phone: 01624 698131

          Tim Blackstone
          Britton Financial PR
          Phone: 0207 251 2544

          Jonathan Naess
          Nabarro Wells & Co Ltd.
          Phone: 0207 710 7400

          BURNBRAE LTD.
          Court View, 12 Mount Havelock
          Douglas, Isle of Man, IM1 2QG
          Phone: 01624 626248


WM MORRISON: Chairman, Deputy Square off
----------------------------------------
A boardroom showdown is brewing at Wm Morrison pitting the
chairman, who is backed by executives, and the deputy chairman
who enjoys the support of major shareholders.

The sore point, according to The Scotsman, is the refusal by Sir
Ken Morrison to accept the list of non-executive directors
endorsed by his deputy, David Jones.

After five consecutive profit warnings in just over a year, the
firm agreed in May it needed more outside help to restore its
fortunes.  By outside help, the group meant four independent
directors to add to Mr. Jones, who at present is the only non-
executive member of the board.  Their appointment is scheduled
for next month.

A company source told The Scotsman Sir Ken is not impressed by
Mr. Jones' nominees: "Talks are ongoing.  There is a concern
that any non-executive director needs to be of a suitable
caliber."

Supporters of Mr. Jones view Sir Ken's procrastination as a
smokescreen for his intention to stay longer on the board.  He
had pledged at the general meeting in May to stay just another
year to see through the integration of Safeway, the US$3 billion
white elephant it acquired last year.  Since this acquisition,
Morrison stocks have fallen from its lofty peak of 256p in April
2004 to the opening price of 180p Friday morning, a whooping
GBP2 billion drop in market capitalization.

Talk of a boardroom takeover by Mr. Jones' camp is swirling, one
report said.  This faction allegedly plans to forcibly install a
new management if the boardroom and operational crises worsen.
Sir Ken's group, largely consisting of executives, who see the
value of a chairman close to suppliers, will definitely block
the plan.  There's no telling who will win the tiff.

Before acquiring Safeway, a profit warning from Wm Morrison was
virtually unheard of; but in its latest profit warning, the
company said it had no idea how much profit it would make.  As
early as six months ago, analysts had penciled in a surplus of
more than GBP600 million, but the figure could now be as little
as GBP50 million, The Scotsman says.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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