TCREUR_Public/050622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 22, 2005, Vol. 6, No. 122

                            Headlines

C Z E C H   R E P U B L I C

VITKOVICE STEEL: Privatization Commission Picks Mastercroft
VITKOVICE STEEL: Posts CZK938 Million First-quarter Profit


G E R M A N Y

ALFONS MICHELS: Creditors' Claims Due September
BACHMANN GIESSEREI: Plastic Maker Melts into Bankruptcy
DAIMLERCHRYSLER AG: Mercedes Brand 'Tarnished'; May Sales Drop
ELTEMO STERNKE: Gives Creditors Until this Week to File Claims
ENKO-COMPUTER: Breaks down After 12 Years in Business

FRIEDACK - FRIEDERSDORFER: Appoints Interim Administrator
INJEKTA SPEZIALTIEFBAU: Declares Bankruptcy
INSYNCO AKTIENGESELLSCHAFT: Under Bankruptcy Administration
KARSTADTQUELLE AG: Negotiations with Final Four Bidders Begin
KARSTADTQUELLE AG: Drops BC Partners from Shortlist

MEGA-PHONE: Creditors Meeting Set October
MIKROMAT GMBH: Calls in Administrator from DJ&K
NORDMARKHAUS BAUGESELLSCHAFT: Applies for Bankruptcy Proceedings
POLLACK TIEFBAU: Construction Firm Succumbs to Bankruptcy


I T A L Y

FIAT SPA: Main Investor Endorses Board Nominees


N E T H E R L A N D S

KONINKLIJKE AHOLD: Sells Remaining Convenience Stores
LAURUS N.V.: New Pension Scheme to Reduce Liabilities
UNITEDGLOBALCOM INC.: Liberty Sets Cash Distribution Rate


R U S S I A

APK ZAGOR-ZERNO: Rostov Court Names Insolvency Manager
ARZAMAS-DOR-REM-STROY: Under Bankruptcy Supervision
BAYKALSKIYE WATERS: Succumbs to Bankruptcy
BELOGORSK-GAS: Declared Insolvent
GOLD-UGOL: Bankruptcy Hearing Set Next Month

METROMEDIA INTERNATIONAL: Defaults on Senior Notes
NARYMSKIY WOOD: Undergoes Bankruptcy Supervision Procedure
NGOSSTRAKH INSURANCE: Outlook Revised to Positive
NORTH WOOD-PROM-KHOZ: Under Bankruptcy Supervision
REM-TEKH-SERVICE: Perm Court Hires B. Izotov Insolvency Manager

SEMENOVO-AUTO-TRANS: Appoints V. Alalykin Insolvency Manager
STROY-CONSTRUCTION: Bankruptcy Hearing Set October
TORGOVY DOM: Long-term Corporate Credit Rated 'B-'
YUKOS OIL: Moscow Court Rejects Complaint on Enforcement Fee


S W I T Z E R L A N D

ABB LTD.: Court Approves CE's Amendments to CIBC's Retention
SWISS INTERNATIONAL: European Commission Delays Merger Ruling


T U R K E Y

SEKERBANK: Fitch Affirms Low-B Ratings; Outlook Stable


U N I T E D   K I N G D O M

ACORDIS UK: Seeks Customer-led Rescue
ALLIED DOMECQ: Constellation Drinks Out Bid
ALLIED DOMECQ: Ratings Remain on CreditWatch Negative
ARTICSOFT LIMITED: Software Maker Files for Liquidation
AVIS EUROPE: Issues Discounted Shares to Fund Recovery Plan

CORK INTERNATIONAL: Final General Meeting Set Next Month
CORUS GROUP: Receives 'B' Short-term Rating, Stable Outlook
EDGER 302: Members General Meeting Set Second Week of July
FEDERAL-MOGUL: Allowed to Hire Hymans Robertson as Actuary
FREDERICK RESTALL: Creditors Meeting Set Next Week

INMARSAT PLC: Offers Share at 245p Each
INMARSAT PLC: Morgan Stanley Opens Over-allotment Scheme
INVESCO TOKYO: Members Final Meeting Set Third Week of July
MARKS & SPENCER: Opens Irish Shop as Mystery Buyer Rumors Swirl
MOWLEM PLC: Wins GBP63 Mln Service Contract in Australia

OUSEBURN PROPERTIES: Sets General Meeting of Members Next Month
PARINGA MINING: Final General Meeting Set July
PEARCE SIGNS: Creditors Meeting Set Next Week
PENNINE FIBRE: Hires Administrators from Tenon Recovery
PIDG LIMITED: Engineering Firm Falls into Administration

POWERTRAIN LIMITED: SAIC Tenders Seven-figure Bid
RAMCO ENERGY: Company Profile
TTG EUROPE: KBC Peel Hunt Resigns as Adviser
U.K. COAL: Closes Sale of Monckton Unit


                            *********


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


VITKOVICE STEEL: Privatization Commission Picks Mastercroft
-----------------------------------------------------------
The Czech privatization commission has recommended that the
government accept the bid of steelmaker Mastercroft for its 99%
stake in Vitkovice Steel, Czech Happenings says.

Deputy Industry and Trade Minister Martin Pecina disclosed the
Russian bidder has offered CZK7.05 billion for Vitkovice, higher
than those tabled by System Capital Management and local
ironworks Trinecke Zelezarny.

The privatization commission rejected offers from Penta
Investments and Charles Capital after both groups altered their
offers, placing their bids "under conditions incomparable to
others."  The board of directors of Osinek, Vitkovice Steel's
parent, sought the rejection upon the advice of legal and
investment advisors.  Penta and Charles' offers were CZK9.025
billion and CZK5.2 billion, respectively.

The government is expected to receive the recommendation at the
end of the month, but it is not bound by the commission's choice.
Vitkovice's sale, which opened in autumn, attracted 19 potential
buyers in January, but only eight bidders submitted offers,
ranging from CZK4 billion to CZK7 billion.

Mastercroft is a subsidiary of Evraz Holding, Russia's largest
steelmaker, producing around 13.7 million tons in 2004.  The
group owns several of Russia's largest iron and steel plants.
Evraz also operates ore mining and processing companies, coal
mines, transport and power generating assets, and trading
companies.

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

          EVRAZ HOLDING LIMITED LIABILITY COMPANY
          Ulitsa Dolgorukovskaya 15
          Moscow 127006.
          Phone: +7 (095) 234-4631
          Web site: http://www.evrazholding.ru


VITKOVICE STEEL: Posts CZK938 Million First-quarter Profit
----------------------------------------------------------
Vitkovice Steel ended a sterling first-quarter performance with a
CZK938.8 million net profit, Czech Happenings says.

Vitkovice Steel almost doubled its first-quarter sales to CZK4.2
billion from CZK2.4 billion a year ago.  The group also trebled
its value from CZK386 billion to CZK1.217 billion.

CEO Vladimir Bail attributed the feat to a recent restructuring
and a global boom in the industry.  "Although a moderate
recession has been signaled in the steel industry, our company
did not register any remarkable drop in supplies in the second
quarter of the year," he said.

He expects the company to post a half-year profit of around
CZK1.8 billion.

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

          EVRAZ HOLDING LIMITED LIABILITY COMPANY
          Ulitsa Dolgorukovskaya 15
          Moscow 127006.
          Phone: +7 (095) 234-4631
          Web site: http://www.evrazholding.ru


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


ALFONS MICHELS: Creditors' Claims Due September
-----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Alfons Michels GmbH & Co. KG on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 23,
2005 to register their claims with court-appointed provisional
administrator Dr. Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 10:30 a.m. at the district court of
Frankfurt am Main, Saal 2, Geb. F, Klingerstr. 20, 60313
Frankfurt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on October 18,
2005, 9:10 a.m. at the same venue.

Alfons Michels is into retail and wholesale selling of TV and
radio sets as well as video equipment.

CONTACT:  ALFONS MICHELS GMBH & CO. KG
          Rossmarkt 10, 60311 Frankfurt am Main
          Phone: 02234/273182

          Dr. Georg Bernsau, Administrator
          Zeilweg 42, 60439 Frankfurt am Main
          Phone: 069/963761-130


BACHMANN GIESSEREI: Plastic Maker Melts into Bankruptcy
-------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Bachmann Giesserei und Formenbau GmbH on June
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until August 8,
2005 to register their claims with court-appointed provisional
administrator Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting on September 5, 2005, 11:00 a.m. at the district
court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20,
60313 Frankfurt am Main, 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.

Bachmann produces plastic parts made by means of
core-melt-through method for the international market.  It
supplies customers with complete solutions -- from the planning
stage to the finished structural component ready to be installed.
As experienced producer of forms and models, Bachmann offers not
only the services of its large aluminium foundry but also
machining and mounting and enjoys worldwide acclaim as a
development partner and supplier of top-grade structural members.

CONTACT:  BACHMANN GIESSEREI UND FORMENBAU GMBH
          Schlitzer Strasse 4
          60368 Frankfurt am Main
          Germany
          Phone: 069 401050
          Fax: 069 4010566
          Web site: http://www.bachmann-bgf.de
          Contact:
          Dr.-Ing. Klaus Lombeck, Manager

          Ottmar Hermann, Administrator
          Bleichstrasse 2-4, D-60313
          Frankfurt am Main
          Phone: 069/9130920
          Fax: 069/91309230


DAIMLERCHRYSLER AG: Mercedes Brand 'Tarnished'; May Sales Drop
--------------------------------------------------------------
Mercedes Benz's market share continues to dwindle, as car sales
across Europe dropped further in May.

A report by the European Automobile Manufacturers Association
shows a 12.8 percent decrease in Mercedes' slice of the luxury
car market, while rivals BMW and Volkswagen's Audi division rose
23% and 17.2 percent, respectively.  In 2004, Mercedes
relinquished its market leadership to BMW.

Europe-wide car sales plunged 1.7 percent, according to the
report, with figures falling 27.9 percent in Italy and 19.6
percent in Poland.  Germany was, however, up 6.2 percent as well
as France with an 8.4 percent increase.

According to The Telegraph Thursday, Mercedes recalled in March
1.3 million E-class and CSL-class models due to defects in their
alternators and software.

Stephen Pope, head of equity research at Cantor Fitzgerald
Europe, described the brand as already "tarnished" in the wake of
a series of slipups in design and engineering.

"People lump it together with Ford and General Motors as a
sub-standard car.  The claim that Mercedes is engineered like no
other car in the world is coming back to haunt it," he told The
Telegraph.

In May, DaimlerChrysler admitted that losses incurred by Mercedes
Benz dragged down first quarter earnings to EUR288 million, a 30%
decrease from last year.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


ELTEMO STERNKE: Gives Creditors Until this Week to File Claims
--------------------------------------------------------------
The district court of Kleve opened bankruptcy proceedings against
ELTEMO Sternke GmbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 24, 2005 to register their claims with
court-appointed provisional administrator Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 11:45 a.m. at the district court of
Kleve, Hauptstelle, Schlossberg 1, 47533 Kleve, Erdgeschoss, C 58
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  ELTEMO STERNKE GMBH
          Winnekendonker Str. 12 a, 47608 Geldern
          Contact:
          Josef Sternke
          Marcel Sternke
          Web site: http://www.eltemo.de/

          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld
          Phone: 02151/5813 140
          Fax: 02151/5813 134


ENKO-COMPUTER: Breaks down After 12 Years in Business
-----------------------------------------------------
The district court of Hanau opened bankruptcy proceedings against
ENKO-Computer & Kommunikations-GmbH on May 31.  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 Hans-Ulrich
Kloz.

Creditors and other interested parties are encouraged to attend
the meeting on August 16, 2005, 9:00 a.m. at the district court
of Hanau, Raum E09, Aussenstelle, Insolvenzgericht,
Engelhardstrasse 21, 63450 Hanau, 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.

ENKO-Computer was established in 1992.  It sells, installs,
repairs and maintains telecommunication concerns and computer
systems.  Its clients include leading manufacturers such as
Siemens, Nortel networks, Elmeg, Ascom; and, in the PC-area, IBM,
Compaq, Maxdata and Peacock.  Its main office is in
Biebergemuend, with a technical outlet located in Kriftel.

CONTACT:  ENKO-COMPUTER & KOMMUNIKATIONS-GMBH
          Erbsengasse 30-34
          63599 Biebergemuend
          Phone: (06050) 97 18 0
          Fax: (06050) 97 18 18
          E-mail: info@enko-gmbh.de
          Web site: http://www.enko-gmbh.de
          Contact:
          Bernhard Endlicher, Manager
          Peter Kohl, Manager
          Sudetenstr. 5a, 63571 Gelnhausen

          Technical Office
          Robert-Schumann-Ring 26
          65830 Kriftel
          Phone: (06192) 95 54 70
          Fax: (06192) 95 54 72

          Hans-Ulrich Kloz, Administrator
          Kurt-Blaum-Platz 1, D-63450 Hanau
          Phone: 06181/93210
          Fax: 932120


FRIEDACK - FRIEDERSDORFER: Appoints Interim Administrator
---------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Friedack - Friedersdorfer Ackerbau und
Tierzuchtgesellschaft mbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 29, 2005 to register their claims with
court-appointed provisional administrator Dr. Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 31, 2005, 3:00 p.m. at the district court of
Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004 at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  FRIEDACK - FRIEDERSDORFER ACKERBAU UND
          TIERZUCHTGESELLSCHAFT MBH
          Muehlenstrasse 9, 15754 Heidesee OT Friedersdorf

          KUEBLER
          Dr. Bruno M. Kuebler, Administrator
          Einemstrasse 24, 10785 Berlin
          Web site: http://www.kuebler-gbr.de


INJEKTA SPEZIALTIEFBAU: Declares Bankruptcy
-------------------------------------------
The district court of Rosenheim opened bankruptcy proceedings
against Injekta Spezialtiefbau GmbH on May 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until June 20 to register their claims
with court-appointed provisional administrator Klaus-Martin Lutz.

Creditors and other interested parties are encouraged to attend
the meeting on July 26, 2005, 8:15 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  INJEKTA SPEZIALTIEFBAU GMBH
          Oberschlesienstr. 21
          83024 Rosenheim
          Phone: 08031/4 20 01
          Fax: 08031/4 54 38
          E-mail: info@injekta.de
          Web site: http://www.injekta.de/

          Klaus-Martin Lutz, Administrator
          Bahnhofstr. 12/II, 83022 Rosenheim
          Phone: 08031/36770
          Fax: 08031/367736


INSYNCO AKTIENGESELLSCHAFT: Under Bankruptcy Administration
-----------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against InSynCo Aktiengesellschaft on May 30.
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 Dr. Gerhard Th. Walter.

Creditors and other interested parties are encouraged to attend
the meeting on September 29, 2005, 9:00 a.m. at the district
court of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20,
60313 Frankfurt am Main, 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.

A business consultancy firm, InSynCo was established by a group
of private investors in Hamburg.  Its workforce of 50 advisers
focuses on information technology, project and team management,
and specialized businesses and industries such as Banking,
Investment, Insurance, Public Service and Administration,
Logistics & Trade, and Media & Telecomunications.

CONTACT:  INSYNCO AKTIENGESELLSCHAFT
          Dorotheenstrasse 64
          D-22301 Hamburg
          Phone: 040-69 213-334
          Fax: 040-69 213-335
          E-mail: info@insynco-ag.com
          Web site: http://www.insynco-ag.de/
          Contact:
          Ruediger Kloevekorn

          Berlin Office
          Nussbaumallee 25
          D-14050 Berlin
          Phone: 030-308 308-64
          Fax: 030-308 308-69

          Frankfurt Office
          Wildunger Strasse 6
          D-60487 Frankfurt/Main
          Phone: 069-7171 96-0
          Fax: 069-7171 96-99

          Dr. Gerhard Th. Walter, Administrator
          Cronstettenstrasse 30, 60322 Frankfurt am Main
          Phone: 069/9591100
          Fax: 069/95911012


KARSTADTQUELLE AG: Negotiations with Final Four Bidders Begin
-------------------------------------------------------------
Troubled retail and mail order group KarstadtQuelle is now in
advanced stage in the sale of its 75 smaller department stores,
AFX News says.

The group has chosen the top four bidders out of the nine that
have submitted offers.  It is now holding "direct negotiations"
with them.  KarstadtQuelle remains optimistic about a sale before
the end of the third quarter.

KarstadtQuelle is also selling a number of its specialty shops,
including SinnLeffers, Wehmeyer, Runners Point and Golf House, to
focus on its core activities.  KarstadtQuelle's divestment
program is expected to earn the group more than EUR1.1 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


KARSTADTQUELLE AG: Drops BC Partners from Shortlist
---------------------------------------------------
Troubled retail giant KarstadtQuelle has rejected the offer of
private equity group BC Partners to acquire its 75 small
department stores, Financial Times Deutschland says.

Prior to the retailer's decision, BC Partners had been regarded
as the most likely new owner of the stores.  The rejection
intensified doubt on the group's ability to sell the shops.  But
the company stressed it is right on track to sell the stores by
late September.  It expects to gain around EUR400 million to
EUR600 million from the sale.

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

          BC PARTNERS HAMBURG
          Neuer Wall 55
          20354 Hamburg
          Phone: +49 40 88 91770
          Fax: +49 40 88 917710
          E-mail: hamburg@bcpartners.com
          Web site: http://www.bcpartners.com


MEGA-PHONE: Creditors Meeting Set October
-----------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Mega-Phone Kommunikationstechnik & Fahrzeug
GmbH & Co. Vertriebs KG on May 30.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 23, 2005 to register their claims
with court-appointed provisional administrator Thomas Illy.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 9:00 a.m. at the district court
of Frankfurt am Main, Saal 2, Geb. F, Klingerstr. 20, 60313
Frankfurt, 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.

Mega-Phone is into retail and wholesale selling of mobile phones,
telephone devices, car phones, and office requirements.  It also
provides services related to office, information and
telecommunication technology.

CONTACT:  MEGA-PHONE KOMMUNIKATIONSTECHNIK
          & FAHRZEUG GMBH & CO. VERTRIEBS KG
          Habsburgerallee 68, 60385 Frankfurt am Main
          Phone: 069/4970703

          Thomas Illy, Administrator
          An der Welle 5, 60322 Frankfurt am Main
          Phone: 069/979953-0
          Fax: 069/979953-99


MIKROMAT GMBH: Calls in Administrator from DJ&K
-----------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against MIKROMAT GmbH on May 31.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 5, 2005 to register their claims with
court-appointed provisional administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 10:15 a.m. at the district court
of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, 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.

MIKROMAT GmbH produces high-accuracy tools and machines, and
provides related services such as repair and overhaul,
maintenance and restoration, and upgrading of products.  It also
supplies spare parts.

CONTACT:  MIKROMAT GMBH
          Niedersedlitzer Strasse 37
          01239 Dresden
          Phone: +49 - (0)351 - 2861-104
              or +49 - (0)351 - 2861-104
          Fax: +49 - (0)351 - 2861-110 / -108
          Web site: http://www.mikromat-wzm.de
          Contact:
    Michael Franzki, Manager

    Dr. Christoph Junker, Administrator
    Karcherallee 25 a, 01277 Dresden
          Web site: http://www.junker-kollegen.de


NORDMARKHAUS BAUGESELLSCHAFT: Applies for Bankruptcy Proceedings
----------------------------------------------------------------
The district court of Meldorf opened bankruptcy proceedings
against Nordmarkhaus Baugesellschaft mbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 26, 2005 to
register their claims with court-appointed provisional
administrator Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 19, 2005, 9:10 a.m. at the district court of
Meldorf, Saal II, Domstrasse 1, 25704 Meldorf at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  NORDMARKHAUS BAUGESELLSCHAFT MBH
          Waldstrasse 18 / 25767 Albersdorf
          Phone: 0 48 35 / 904 - 0
          Fax: 0 48 35 / 904 - 80

          Dr. Achim Ahrendt, Administrator
          Albert-Einstein-Ring 11, 22761 Hamburg


POLLACK TIEFBAU: Construction Firm Succumbs to Bankruptcy
---------------------------------------------------------
The district court of Kleve opened bankruptcy proceedings against
construction company Pollack Tiefbau GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until June 20 to
register their claims with court-appointed provisional
administrator Thomas Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on July 11, 2005, 11:30 a.m. at the district court of
Kleve Hauptstelle, Schlossberg 1, 47533 Kleve, 2. Etage, D 270 at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  POLLACK TIEFBAU GMBH
          Baersdonk 2, 47647 Kerken
          Contact:
          Michael Pollack

          Thomas Schmitz, Administrator
          Am Flohbusch 1, 47802 Krefeld
          Phone: 02151/965350
          Fax: 02151/965360

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


FIAT SPA: Main Investor Endorses Board Nominees
-----------------------------------------------
Fiat S.p.A.'s major shareholder IFIL S.p.A. has reportedly
proposed to add four new directors to the board, increasing its
members to 15.

According to AFX News, IFIL has endorsed the appointments of Eni
S.p.A.'s former CEO Vittorio Mincato and Autostrade S.p.A.'s
chairman Gian Maria Gros-Pietro to the board.  They will be
joined by ex-Arthur Andersen senior partner Mario Zibetti, and
IFI S.p.A. CEO Virgilio Marrone.

Fiat chairman Luca Cordero di Montezemolo said: "These changes in
corporate governance represent a significant move to application
of the best international standards."

He added that the appointments will augment the board's efforts
for the company to achieve "satisfactory" results.

The company disclosed Mr. Mincato, Mr. Gros-Pietro and Mr.
Zibetti are expected to join the board as independent directors
at the shareholder meeting on June 23.

Meanwhile, on Wednesday, Fiat S.p.A.'s former top executive Carlo
de Benedetti said that the company "no longer has any hope" amid
the continued decline in Europe-wide car sales.

He said: "It is in trouble because it has been protected, and
those who have been over-protected always succumb to the first
infection that comes along."

According to The Telegraph, Fiat's 25.5% slump in May was blamed
to declining consumer spending as Italy faces its worst economic
crisis since World War II.  Delays in deliveries due to the
strike by lorry drivers have also hit the company.

Along with Fiat, car brands Mercedes, Jaguar, and Saab have also
posted poor sales figure in May.

Last month, Fiat reported its Group trading profit almost doubled
from EUR24 million to EUR47 million.  It has also sliced its loss
from EUR146 million to EUR129 million despite a lower auto market
demand.

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin
          Phone: +39-011-006-1111
          Fax: +39-011-006-3798
          Web site: http://www.fiatgroup.com

          IFI - ISTITUTO FINANZIARIO INDUSTRIALE S.p.A.
          Corso Matteotti, 26
          10121 Turin
          Phone: +39-011-509-0266
          Fax: +39-011-535-600
          Web site: http://www.gruppoifi.com
          ENI S.p.A.
          Piazzale Enrico Mattei 1
          00144 Rome
          Phone: +39-06--5982
          Fax: +39-06-5982-2141
          Web site: http://www.eni.it

          AUTOSTRADE S.p.A.
          Via A. Bergamini, 50
          00159 Rome, Italy
          Phone: +39-06-4363-1
          Fax: +39-06-4363-4090
          Web site: http://www.autostrade.it


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


KONINKLIJKE AHOLD: Sells Remaining Convenience Stores
-----------------------------------------------------
Koninklijke Ahold has completed the sale of its chain of 198
Wilson Farms and Sugarcreek convenience stores, part of its U.S.
subsidiary Tops Markets LLC (Tops).

The transaction with WFI Acquisition, Inc., a corporation formed
by Nanco Enterprises, Inc. and Bruckmann, Rosser, Sherrill & Co,
Inc, was announced on April 28, 2005.

                            *   *   *

The shops are Ahold's remaining convenience stores in the United
States.  On Jan. 19, 2004, Ahold announced its intention to
divest its convenience stores.  The divestment of the Tops
convenience stores is part of Ahold's strategic plan to
restructure its portfolio in order to focus on its core food
businesses.

CONTACT:  KONINKLIJKE AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam
          The Netherlands
          Phone: +31 (0) 75 659 9111
          Web site: http://www.ahold.com/


LAURUS N.V.: New Pension Scheme to Reduce Liabilities
-----------------------------------------------------
On 4 May 2005, Laurus N.V. said that a referendum on a new
pension scheme would be held among the members of Stichting
Laurus Pensioenfonds.

On 17 June 2005, the result of the referendum was announced by
the Executive Committee of Stichting Laurus Pensioenfonds.  Of
the 12,352 members who were entitled to vote, a total of 1,284
voted against.  The turnout was 13.5%.  Under the terms of the
pension fund's Constitution, this means that the new pension
scheme has been adopted and will become effective as of 1 January
2006.

Stichting Laurus Pensioenfonds is delighted with the positive
outcome of the referendum, because it means that it can bring its
policy into line with the new Early-Retirement, Prepension and
Life-Cycle Savings Act (VPL Act), which is also expected to come
into force on 1 January 2006.  Laurus expects the new pension
scheme will reduce the liabilities side of its balance sheet
significantly.

                            *   *   *

Earlier this month, Laurus revealed plans to reduce the permanent
workforce of 460 FTEs (Full Time Equivalent) at its Beilen
distribution center by a total of 59 FTEs between 1 October 2005
and the end of September 2006.

It suffered a net loss of EUR128 million in 2004, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD's-Hertogenbosch, The Netherlands
          Phone: +31-73-622-3622
          Fax: +31-73-622-3636
          Web site: http://www.laurus.nl


UNITEDGLOBALCOM INC.: Liberty Sets Cash Distribution Rate
---------------------------------------------------------
Liberty Global Inc. is disclosing the final results of the cash
election for former UnitedGlobalCom, Inc. (UGC) stockholders.
The number of shares as to which valid cash elections were made
exceeded the UGC Share Threshold Number, as defined in the merger
agreement.  As a result of the proration required by the merger
agreement, UGC stockholders who made valid cash elections will
receive cash consideration for approximately 73% of the total
number of shares with respect to which they made their cash
election.

With respect to all of their shares not exchanged for cash, UGC
stockholders will receive shares of Liberty Global Series A
common stock, plus cash in lieu of fractional shares, at the
exchange ratio provided for in the merger agreement.  Liberty
Global has begun distributing shares of its common stock and the
cash consideration payable in the transaction.  All former UGC
stockholders who held their shares in street name are encouraged
to contact their broker to determine the number of shares of
Liberty Global Series A common stock and the amount of cash, if
any, that has been allocated to them.

About Liberty Global, Inc.

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

CONTACT:  LIBERTY GLOBAL, INC.
          Investor Relations - Denver
          Richard S.L. Abbott
          Phone: +1-303-220-6682
          Christopher Noyes
          Phone: +1-303-220-6693

          Bert Holtkamp, Corporate Communications
          Phone: +31-20-778-9447

          Robert Lenterman, Investor Relations - Europe
          Phone: +31-20-778-9901

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


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


APK ZAGOR-ZERNO: Rostov Court Names Insolvency Manager
------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company Apk Zagor-Zerno
(TIN 6164092788).  The case is docketed as A53-2121/05-S2-30.
Mr. Y. Donets has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 344002, Russia,
Rostov-na-Donu, Serafimovicha Str. 58, Office 401.

CONTACT:  APK ZAGOR-ZERNO
          347033, Russia, Rostov region, Belokalitvinskiy
          region, Ilyinka, Yubileynaya Str. 5

          Mr. Y. Donets
          Temporary Insolvency Manager
          344002, Russia, Rostov-na-Donu,
          Serafimovicha Str. 58, Office 401


ARZAMAS-DOR-REM-STROY: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Arzamas-Dor-Rem-Stroy (TIN 5202004409).  The case is docketed as
A-43-7426/05-24-179.  Mr. I. Zimin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 603064, Russia, N. Novgorod region, Post User Box 46.

CONTACT:  ARZAMAS-DOR-REM-STROY
          Russia, Arzamas, Lenina Str. 99

          Mr. I. Zimin
          Temporary Insolvency Manager
          603064, Russia, N. Novgorod region,
          Post User Box 46


BAYKALSKIYE WATERS: Succumbs to Bankruptcy
------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Baykalskiye Waters after finding the open
joint stock company insolvent.  The case is docketed as
A19-754/05-38.  Mr. V. Dobryshkin has been appointed insolvency
manager.  Creditors have until July 21, 2005 to submit their
proofs of claim to 664025, Russia, Irkutsk, Post Office 25, Post
User Box 201.

CONTACT:  BAYKALSKIYE WATERS
          664005, Russia, Irkutsk region,
          Mayakovskogo Str. 25, Office 501

          Mr. V. Dobryshkin
          Insolvency Manager
          664025, Russia, Irkutsk region,
          Post Office 25, Post User Box 201


BELOGORSK-GAS: Declared Insolvent
---------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Belogorsk-Gas after finding the open joint
stock company insolvent.  The case is docketed as
A04-9883/04-17/303 "B".  Mr. N. Kolyadinskiy has been appointed
insolvency manager.  Creditors have until July 21, 2005 to submit
their proofs of claim to 675000, Russia, Amur region,
Blagoveshensk, Pervomayskaya Str. 1, Office 204.

CONTACT:  BELOGORSK-GAS
          676850, Russia, Amur region,
          Belogorsk, Melkombinat Str. 20A

          Mr. N. Kolyadinskiy
          Insolvency Manager
          675000, Russia, Amur region, Blagoveshensk,
          Pervomayskaya Str. 1, Office 204


GOLD-UGOL: Bankruptcy Hearing Set Next Month
--------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company Gold-Ugol (TIN
6155052891).  The case is docketed as A53-2169/05-S2-8.  Mr. N.
Lyadnov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to the Arbitration
Court of Rostov region.  A hearing will take place on July 19,
2005, 10:45 a.m.

CONTACT:  GOLD-UGOL
          Russia, Rostov region,
          Krasnyj Luch, Zarechnaya Str. 29


METROMEDIA INTERNATIONAL: Defaults on Senior Notes
--------------------------------------------------
Metromedia International Group, Inc. received a waiver of certain
events of default under the Indenture for its 10 1/2% Senior
Notes Due 2007.  The waiver was executed with holders of
approximately US$125.5 million, or 82.5%, of the outstanding
Senior Notes.  Concurrently, the Company entered into a
supplemental indenture, the net effect of which is:

(a) The Company shall have until July 15, 2005 to file with the
    United States Securities and Exchange Commission and to
    furnish the indenture trustee and the holders of the Senior
    Notes with, its Annual Report on Form 10-K for the fiscal
    year ended December 31, 2004, and deliver to the indenture
    trustee an officers' certificate and written statement of
    the Company's independent public accountants required to
    accompany the Current Annual Report (the CPA Statement); and

(b) In consideration of the foregoing, the Company has paid the
    holders of record of the Senior Notes, as of June 3, 2005,
    an aggregate amount equal to $380,063.42; to be allocated
    among such holders in an amount equal to $2.50 per $1,000
    aggregate principal amount of the Senior Notes at stated
    maturity held by such holder.

This waiver and the supplemental indenture eliminate for the
present any default or event of default on the Senior Notes in
respect of the Company's failure to file the Current Annual
Report with the U.S. SEC, deliver the Current Annual Report to
the indenture trustee and the holders of the Senior Notes and
deliver an officers' certificate and the CPA Statement to the
indenture trustee by June 3, 2005.  If the Company does not
complete the required filings in connection with the Current
Annual Report by July 15, 2005, an event of default on the Senior
Notes shall exist, thereby permitting the indenture trustee or
holders of at least 25% of the aggregate principal amount of the
Senior Notes outstanding to declare all Senior Notes to be due
and payable immediately.  If this were to happen, the Company
would not have sufficient corporate cash available to meet this
obligation.

The Company also announced that the parties to the February 17,
2005 definitive agreement pertaining to the sale of PeterStar
executed an amendment to that agreement, the essential effect of
which is to extend the outside date of the period for closing a
sale of the Company's interests in PeterStar from September 30,
2005 to a date not earlier than December 31, 2005.  The Company
remains committed to completing the sale of its PeterStar
interest at the earliest possible date, subject to obtaining the
affirming vote of holders of a majority of the Company's
outstanding common shares.  The parties undertook the amendment
extending the period in which this transaction may be closed in
consideration of certain delays the Company has experienced in
completing U.S. SEC required filings that are prerequisites to
convening the required meeting of the Company's shareholders.

About Metromedia International Group

Through its wholly owned subsidiaries, the Company (MIG)
currently traded as: (PINK SHEETS:MTRM) - Common Stock and (PINK
SHEETS:MTRMP) - Preferred Stock owns interests in communications
businesses in the countries of Russia and Georgia.  Since the
first quarter of 2003, the Company has focused its principal
attentions on the continued development of its core telephony
businesses, and has substantially completed a program of gradual
divestiture of its non-core cable television and radio broadcast
businesses.  The Company's core telephony businesses include
PeterStar, the leading competitive local exchange carrier in St.
Petersburg, Russia, and Magticom, Ltd., the leading mobile
telephony operator in Tbilisi, Georgia.

Additional Information and Where to Find It

The Company intends to file with the U.S. SEC a proxy statement
and other relevant documents in connection with the proposed sale
of the Company's interest in PeterStar to the buyers.  Investors
and security holders of the Company are urged to read the proxy
statement and other relevant documents when they become available
because they will contain important information about the
Company, the buyers and the proposed sale.  Investors and
security holders of the Company may obtain free copies of the
proxy statement and other relevant documents filed with the U.S.
SEC (when they become available) at http://www.sec.gov,and at
http://www.metromedia-group.com). In addition, investors and
security holders of the Company may obtain free copies of the
proxy statement (when it becomes available) by writing to 8000
Tower Point Drive, Charlotte, NC 28227, Attention: Investor
Relations, or by e-mailing to investorrelations@mmgroup.com.

The Company and its directors, executive officers, certain
members of management and certain employees may be deemed to be
participants in the solicitation of proxies in respect of the
proposed sale.  A description of the interests in the Company of
its directors and executive officers is set forth in the
Company's annual report on Form 10-K for the fiscal year ended
December 31, 2003 filed with the U.S. SEC on May 26, 2004 and in
the Company's proxy statement for its 2003 annual meeting of
stockholders filed with the U.S. SEC on October 20, 2003.
Additional information regarding the persons who may, under the
rules of the U.S. SEC, be deemed participants in the solicitation
of proxies in connection with the proposed sale, and a
description of their direct and indirect interests in the
proposed sale, will be set forth in the proxy statement when it
is filed with the U.S. SEC.  Visit
http://www.metromedia-group.com.

CONTACT:  Charlotte, North Carolina
          Web site: http://www.metromedia-group.com
          Contact:
          Mark Hauf, Chief Executive Officer
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com


NARYMSKIY WOOD: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on open joint stock company Narymskiy Wood
Industry Complex.  The case is docketed as A67-3391/05.  Mr. L.
Dmitriev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 634058, Russia,
Tomsk, Post User Box 970.

CONTACT:  NARYMSKIY WOOD INDUSTRY COMPLEX
          636611, Russia, Tomsk region,
          Narym, Pochtovyj Per. 1

          Mr. L. Dmitriev
          Temporary Insolvency Manager
          634058, Russia, Tomsk region,
          Post User Box 970


NGOSSTRAKH INSURANCE: Outlook Revised to Positive
-------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russian
Ingosstrakh Insurance Co. to positive from stable, following
improved risk in its investment portfolio.

At the same time, Standard & Poor's affirmed its 'BB' long-term
counterparty credit and insurer financial strength ratings, as
well as its 'ruAA' Russia national scale rating on the insurer.

The ratings on Ingosstrakh reflect the high industry risk and
ongoing need for capital support.  These negative factors are
offset by Ingosstrakh's strong competitive advantages,
particularly in commercial insurance in Russia; good operating
performance; and improved quality of the investment portfolio.

Ingosstrakh, an INGO group member, is the leading commercial
underwriter in The Russian Federation (foreign currency
BBB-/Stable/A-3; local currency BBB/Stable/A-3), with some
diversity into life, reinsurance, and private lines.
Ingosstrakh's share of the Russian insurance market is about 12%,
according to Standard & Poor's estimates, with total assets of
Russian ruble
(RuR)20.8 billion ($733.2 million) and gross premiums written of
RuR23.5 billion ($828.4 million).

"The positive outlook reflects the improved quality of
Ingosstrakh's investment portfolio to marginal from weak, in
terms of risk and diversity, despite the limited choice of
good-quality equity and fixed-income investments in Russia," said
Standard & Poor's credit analyst Tatiana Grineva.

Investment risk is key in determining ratings on Russian
insurers.  In the medium term, Ingosstrakh still faces challenges
to maintain its capitalization in line with its growth levels,
although, historically, the group's shareholders have
demonstrated their commitment through a series of capital
increases, the latest one of which totaled RuR500 million ($14.2
million) in May 2005.

"The ratings could be raised if Ingosstrakh maintains its leading
position in commercial insurance while diversifying into private
lines in Russia, and into commercial and private lines in CIS
through INGO subsidiaries; and successfully integrates INGO
subsidiaries into a common platform," added Ms. Grineva.

Additional triggers of a higher rating include Ingosstrakh's
ability to sustain its good operating performance in the next two
to three years, with an overall net combined ratio of 90% and
acceptable ROE; and to maintain its capitalization within the
'BBB' range, according to Standard & Poor's risk-based capital
model.

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
          InsuranceInteractive_Europe@standardandpoors.com


NORTH WOOD-PROM-KHOZ: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on close joint stock company North
Wood-Prom-Khoz.  The case is docketed as A19-3968/05-34.  Ms. N.
Zinchenko has been appointed temporary insolvency manager.

CONTACT:  NORTH WOOD-PROM-KHOZ
          Russia, Irkutsk region,
          Chunskiy, Dzerzhinskiy Str. 16

          Ms. N. Zinchenko
          Temporary Insolvency Manager
          Russia, Irkutsk region,
          Chunskiy, Dzerzhinskiy Str. 16


REM-TEKH-SERVICE: Perm Court Hires B. Izotov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on limited liability company
Rem-Tekh-Service.  The case is docketed as A50-8065/2005-B.  Mr.
B. Izotov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) REM-TEKH-SERVICE
    618740, Russia, Perm region,
    Dobryanka, Ermakova Str. 20;

(b) Temporary Insolvency Manager
    614000, Russia, Perm region,
    Akademika Vedeneeva Str. 15-120

(c) The Arbitration Court of Perm region
    614000, Russia, Perm region,
    Lunacharskogo Str. 3

A hearing will take place on Oct. 12, 2005, 10:00 a.m.


SEMENOVO-AUTO-TRANS: Appoints V. Alalykin Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Semenovo-Auto-Trans.  The case is docketed as A43-7244/05-24-186.
Mr. V. Alalykin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 610000, Russia,
Kirov, Moskovskaya Str. 25a.  A hearing will take place on Sept.
27, 2005, 9:30 a.m.

CONTACT:  SEMENOVO-AUTO-TRANS
          Russia, Nizhniy Novgorod region,
          Semenov, Shevchenko Str. 26

          Mr. V. Alalykin
          Temporary Insolvency Manager
          610000, Russia, Kirov region,
          Moskovskaya Str. 25a


STROY-CONSTRUCTION: Bankruptcy Hearing Set October
--------------------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
supervision procedure on close joint stock company
Stroy-Construction.  The case is docketed as A23-612/05B-10-18.
Mr. G. Kharitonov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 248000, Russia,
Kaluga, Post Office, Post User Box 22.  A hearing in the Court is
to take place on Oct. 3, 2005, 4:30 p.m. at the Arbitration Court
of Kaluga region.

CONTACT:  STROY-CONSTRUCTION
          249875, Russia, Kaluga region, Iznoskovskiy region,
          Myatlevo, Internatsionalnaya Str. 66

          Mr. G. Kharitonov
          Temporary Insolvency Manager
          248000, Russia, Kaluga region,
          Post Office, Post User Box 22


TORGOVY DOM: Long-term Corporate Credit Rated 'B-'
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit and 'ruBBB' Russia national scale ratings to
Russian discount retail operator OOO Torgovy Dom Kopeyka.  The
outlook is stable.

Standard & Poor's also assigned its 'ruBBB' senior unsecured debt
rating to Kopeyka's proposed RUR1.2 billion (about $42 million)
bond issue maturing in three years (with a put option granted to
investors in 1.5 years).

Kopeyka is Russia's fourth-largest national discount food
retailer by gross sales ($415 million in 2004).  The company
operates 89 stores, mainly in Moscow and neighboring regions.

"The ratings are constrained by Kopeyka's weak liquidity
situation and aggressive growth strategy," said Standard & Poor's
credit analyst Lorenzo Sliusarev.

Free operating cash flow is likely to remain negative due to
large capital expenditures, as the company continues the
ambitious expansion of its retail network, which is strategically
important in the currently fragmented structure of Russia's
retail industry.  Growth investments are mainly financed by
short-term debt, because of both the limited availability of
long-term financing for midsize companies in Russia's weak
financial system and Kopeyka's aggressive liquidity management
policy.

The ratings are supported by the continuing growth in the Russian
food retail industry, Kopeyka's position as one of the key
players in the Moscow markets (number two in the region, with the
highest growth rate in 2004), and the company's healthy margins
(with an earnings before interest, taxes, depreciation,
amortization, and rent-to-sales ratio of 10.3% in 2004) resulting
from its competitive purchase policy and logistics.

Kopeyka is expected to benefit from the placement of its proposed
RUR1.2 billion bonds and to continue to enjoy adequate access to
domestic financial markets, which should help the company to roll
over its significant short-term debt.

Standard & Poor's expects Kopeyka to continue to achieve
substantial growth, leading to a significant increase in
operating cash flow generation, tempered by high capital
expenditures and debt build-up in the context of the limited
availability of long-term financing.

"Although Kopeyka is expected to retain its competitive position
in Moscow and demonstrate healthy profitability, an upgrade or
outlook revision to positive is unlikely without a material
improvement in the company's liquidity situation, which could be
obtained by extending its maturity profile, obtaining committed
bank lines, or raising equity financing," added Mr. Sliusarev.

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


YUKOS OIL: Moscow Court Rejects Complaint on Enforcement Fee
------------------------------------------------------------
The Federal Arbitration Court of the Moscow District on Wednesday
rejected YUKOS Oil Company's complaint against the court bailiff
service's decision to collect RUB2.7 billion from the company in
an execution enforcement fee for penalties dating back to 2001.

YUKOS believes that the court bailiff service's decision was in
breach of the execution enforcement law.

Earlier, the Tax Ministry had charged YUKOS with tax violations
and initiated legal action against the company in Moscow'
Arbitration Court, seeking to make it pay penalties for 2001.

On October 11, 2004, Moscow's Arbitration Court ordered to
company to pay 39.1 billion rubles in penalties.

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.  On Feb. 24, 2005, Judge Letitia Z. Clark dismissed
the Chapter 11 case.  (Yukos Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

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

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

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


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


ABB LTD.: Court Approves CE's Amendments to CIBC's Retention
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware allowed
David T. Austern to modify the terms of CIBC World Markets
Corp.'s retention as his financial advisor.

Mr. Austern is the Official Representative for Future Asbestos
Personal Injury Claimants in Combustion Engineering, Inc.'s
chapter 11 proceedings.

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

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

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

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

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

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

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

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

                    The Chapter 11 Filing

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

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

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

               Combustion Engineering's History

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

                   Bankruptcy Professionals

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

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

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

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

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


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
===========


SEKERBANK: Fitch Affirms Low-B Ratings; Outlook Stable
------------------------------------------------------
Fitch Ratings affirmed Turkey-based Sekerbank T.A.S.'s ratings at
Long-term foreign and local currency 'B-', Individual 'D/E',
Short-term foreign and local currency 'B', National Long-term
'BBB (tur)' and Support '5'.  The Outlook on all Long-term
ratings is Stable.

The Long-term, Short-term and Individual ratings reflect
Sekerbank's high level of problem assets and a sizeable, albeit
reduced, level of government securities.  These are balanced by
improved pre-tax profitability and stable funding.

Sekerbank's impaired loans were relatively flat in absolute terms
but improved to 8.27% of the portfolio at end-2004 (2003: 12.33%)
due to portfolio growth.  Although it experienced a number of
collections on problem loans, this was offset by new
non-performing loans (NPLs) during the year.  Asset quality
remains worse than the peer average.  Operating profits increased
21% in 2004 to TRY93.8 million from TRY77.6 million in 2003 as
the bank benefited from reduced cost of funds, better earning
asset yields and a reduction in overhead expenses.  These factors
offset a high level of credit loss provisions designed to improve
reserve coverage and higher taxes (compared with tax credits in
2003).  Specific and general reserve coverage improved to 95% at
end-2004 compared with 48% in the previous year.  Sekerbank is a
core-funded institution with little reliance on wholesale
deposits or borrowings.  The bank's Tier I and total capital
ratios declined modestly to 13.32% and 14.40%, respectively, due
to a higher proportion of loans but free capital improved to
5.15% of assets.

Sekerbank was established to meet the financial needs of Turkish
sugar beet producers and the sugar industry.  It is 52%-owned by
the Sekerbank Pension Fund and Personnel Social Security
Foundation.  The bank is in discussions with Netherlands'
Rabobank Group, which has expressed and interest in acquiring a
stake in Sekerbank.  Completion of such as transaction would
likely have a positive impact on the bank's Long-term foreign and
local currency, National and Support ratings.

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


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


ACORDIS UK: Seeks Customer-led Rescue
-------------------------------------
Administrators of carbon fiber supplier Acordis U.K. are calling
on customers to help keep the business alive, Europe Intelligence
Wire says.

Administrator Neville Kahn of Deloitte will meet with Acordis
customers this week to hopefully forge a deal that would save the
firm from collapse.  "We are at a delicate stage.  While we are
able to trade in the short term, it is not sustainable," he said.

Acordis manufactures acrylic fibers and sells them in three
principal markets -- commodity fibers, specialty fibers and
carbon fiber precursor.  Key customers include SGL Carbon Group,
which produces carbon products for the industrial and aerospace
industries.  According to a source, the carbon fiber industry
could face "severe production problems" if the group enters
liquidation; thus a customer-led bailout is necessary.

Mr. Kahn says potential investors have expressed interest in the
group that fell into administration mid-May, but offers have yet
to pour in.  Acordis blames higher raw material and energy cost
and intense competition from competitors in the Far East for its
troubles.

Backed by private equity group CVC, Acordis operates from a
240-acre freehold site in Grimsby and leasehold site in Bradford.
The group employs 475 people.

CONTACT:  ACORDIS U.K. LIMITED
          PO Box 5
          Spondon
          Derby DE21 7BP
          Phone: 01332 661422
          Fax: 01332 681958
          Web site: http://www.acordis.com

          DELOITTE & TOUCHE LLP
          180 Strand
          London WC2R 1BL
          Phone: +44 (0)20 7936 3000
          Fax: +44 (0)20 7583 1198
          Web site: http://www.deloitte.com

          Jo Ouvry
          Public Relations
          Phone: +44 (0) 20 7303 0587

          Ali Agmen-Smith
          Phone: +44 (0) 20 7303 0514


ALLIED DOMECQ: Constellation Drinks Out Bid
-------------------------------------------
U.S. spirits group Constellation Brands has decided not to
proceed with its bid for winemaker Allied Domecq, Western Drinks
says.

Constellation, which eyed Allied's Mumm and Perrier Jouet
champagnes and Montana wines, claims that, following an extensive
review, it concluded that a takeover would not create value.

"Our basic premise is that a transaction must create value for
our shareholders.  Careful consideration of the details following
due diligence did not identify sufficient value for submitting an
offer," the report quoted Constellation CEO Richard Sands.

The retreat leaves French rival Pernod Ricard as sole bidder for
Allied's business.  Backed by the world's largest winemaker
Diageo and U.S. partner Fortune Brands, Pernod has a standing
GBP7.6 billion offer.  Analysts expect Pernod to snatch Allied's
Ballantine's and Beefeater brands and Fortune to grab Sauza
tequila and Kahlua liqueur.  Diageo is expected to acquire most
of the Montana wine business for GBP320 million and Bushmills
Irish whiskey brand for GBP200 million.

Constellation's pullout came a week after the European Commission
cleared Pernod's offer, concluding the transaction would not
significantly impede effective competition.  Aside from
Constellation, three other bidders also expressed interest in
Allied, but did not formally submit any offer.  They were U.S.
winemaker Brown Forman and financial firms Lion Capital and
Blackstone Group.  In May, the City's Takeover Panel gave
Constellation until June 29 to "put up or shut up," forcing the
company to formalize its bid.

Allied shareholders will vote on Pernod's offer on July 4, with
the completion of the deal slated on July 26.

CONTACT:  ALLIED DOMECQ PLC
          The Pavilions
          Bridgwater Road
          Bedminster Down
          Bristol BS13 8AR
          Phone: +44-117-978-5000
          Fax: +44-117-978-5300
          Web site: http://www.allieddomecq.co.uk

          PERNOD RICARD
          12, Place des Etats-Unis
          75116 Paris, France
          Phone: +33-1-41-00-41-00
          Fax: +33-1-41-00-41-41
          Web site: http://www.pernod-ricard.com/fr

          FORTUNE BRANDS, INC.
          300 Tower Pkwy.
          Lincolnshire
          IL 60069-3640
          Phone: 847-484-4400
          Fax: 847-478-0073
          Web site: http://www.fortunebrands.com

          LION CAPITAL LLC
          8484 Wilshire Blvd. Ste. 700
          Beverly Hills, CA 90211
          Phone: 866-207-8999
                 323-852-5090
          Fax: 323-852-5099
          Web site: http://www.lioncapital.us

          BROWN-FORMAN CORPORATION
          850 Dixie Hwy.
          Louisville, KY 40210
          Phone: 502-585-1100
          Fax: 502-774-7876
          Web site: http://www.brown-forman.com

          THE BLACKSTONE GROUP, INC.
          360 N. Michigan Ave., 15th Fl.
          Chicago, IL 60601
          Phone: 312-419-0400
          Fax: 312-419-8419
          Web site: http://www.bgglobal.com

          CONSTELLATION BRANDS, INC.
          370 Woodcliff Dr., Ste. 300
          Fairport, NY 14450-4222
          Phone: 585-218-3600
          Fax: 585-218-3601
          Web site: http://www.cbrands.com

          DIAGEO PLC
          8 Henrietta Place
          London W1G OMD
          Phone: +44-20-7927-5200
          Fax: +44-20-7927-4600
          Web site: http://www.diageo.co.uk


ALLIED DOMECQ: Ratings Remain on CreditWatch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services is maintaining its 'BBB+'
long-term and 'A-2' short-term corporate credit ratings on
U.K.-based wines and spirits group Allied Domecq PLC on
CreditWatch with negative implications, where they were placed on
April 21, 2005, following the board's recommendation to accept a
takeover offer of the group by Pernod Ricard S.A. (not rated).

Details of the financing of the proposed transaction and of some
subsequent disposals have been made public by both parties.

"On the closing of the transaction, the credit measures of the
combined group, net of disposals, would fall significantly below
the medians for the investment-grade rating category," said
Standard & Poor's credit analyst Vincent Allilaire.  "Although
this increased leverage would be somewhat offset by the superior
business profile resulting from the combination, the corporate
credit rating on the combined group is likely to be several
notches lower than the current 'BBB+'."

Not accounting for the possible disposal of Allied's Quick
Service Restaurants, the proposed scheme is likely to result, one
year following its implementation, in group leverage in excess of
5x fully adjusted net debt to EBITDA.  Standard & Poor's expects
the combined group to apply the proceeds expected from disposals,
as well as its strong expected free cash flows, to debt
reduction.

Standard & Poor's believes that the quality of the combined
entity's business would benefit from the good geographical and
product fit between Pernod Ricard and Allied, depending on the
success of the integration, despite the impact of the disposal of
several of Allied's most important and successful brands.

The offer is conditional, pending several regulatory and
shareholder approvals expected by mid-July.

Should no alternative offer emerge -- a possibility that seems
more likely since the withdrawal of Constellation Brands Inc.
(BB/Watch Neg/-) on June 16, 2005 -- Standard & Poor's aims to
resolve the CreditWatch status within the next four weeks, after
both groups' shareholders have voted on the proposed acquisition.
The ratings on Allied could be lowered or affirmed, depending on
the implementation of the proposed acquisition.

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


ARTICSOFT LIMITED: Software Maker Files for Liquidation
-------------------------------------------------------
At the extraordinary general meeting of the members of Articsoft
Limited on June 13, 2005 held at 4 St Giles Court, Southampton
Street, Reading RG1 2QL, the extraordinary and ordinary
resolutions to wind up the company were passed.  P. R. Boyle and
J. C. Sallabank of Harrisons, 4 St Giles Court, Southampton
Street, Reading RG1 2QL have been appointed joint liquidators of
the company.

ArcticSoft provides security software to protect and encrypt
e-mail, files, folders, and other enterprise data.  Its CEO is
Mr. Steven Mathews.

CONTACT:  ARTICSOFT LIMITED
          72 New Bond St. Mayfair
          London W1S 1RR, United Kingdom
          Phone: +44-870-199-5729
          Web site: http://www.articsoft.com

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


AVIS EUROPE: Issues Discounted Shares to Fund Recovery Plan
-----------------------------------------------------------
Troubled car rental group Avis Europe has launched a rights issue
to raise GBP110 million to finance its recovery program, The
Guardian says.

Avis, whose car rental business spreads across Europe, the Middle
East, Africa and Asia, is trying to recover from a series of
blows in recent years, particularly in 2001, when the airline
sector suffered a sharp drop in passenger traffic.  The group is
also reeling from the impact of the SARS outbreak, the current
war in Iraq and the growing use of online booking that is putting
downward pressure on rental prices.

The group is offering four new shares for every seven held with
each stock priced at 35p each, a 34% discount to the theoretical
ex-rights price of 53p.  Avis' main shareholder, the Belgian
D'Ieteren family, has pledged to back the rights issue.  Proceeds
will provide the group the necessary financial resources to
implement its recovery plan and subsequently improve operating
margins.

"We believe that successful implementation of our margin recovery
strategy should deliver an improvement of between three and five
percentage points over the next three to four years," Chief
Executive Murray Hennessy said.

CONTACT:  AVIS EUROPE PLC
          Avis House, Park Road
          Bracknell RG12 2EW
          Phone: +44-1344-426-644
          Fax: +44-1344-485-616
          Web site: http://www.avis-europe.com


CORK INTERNATIONAL: Final General Meeting Set Next Month
--------------------------------------------------------
The final general meeting of CORK International Holdings Limited
will be on July 28, 2005 at 2:00 p.m.  It will be held at Ernst &
Young, Level 37, 680 George Street, Sydney, NSW 2000, Australia.
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.

CONTACT:  ERNST & YOUNG
          Level 37
          680 George Street
          Sydney NSW 2000
          Australia
          Phone: 0061 2 9276 9021
          Fax: 00 6192 248 5209
          E-mail: delma.thompson@au.ey.com


CORUS GROUP: Receives 'B' Short-term Rating, Stable Outlook
-----------------------------------------------------------
Fitch Ratings assigned U.K.-based steel company Corus Group Plc
ratings of Senior Unsecured 'BB- and Short-term 'B'.  The Outlook
is Stable.  Fitch has also assigned ratings to these securities:

(a) Corus Group Plc EUR800 million 7.5% senior notes 'B+',

(b) Corus Group Plc EUR307m 3.0% convertible bonds 'B+',

(c) Corus Group Plc EUR800m senior secured bank facilities 'BB',

(d) Corus Finance Plc GBP200m 6.75% guaranteed bonds 'B+',

(e) Corus Finance Plc EUR20m 5.375% guaranteed bonds 'B+',

(f) Corus Finance Plc GBP150m 11.5% debenture stock 'BBB-',

(g) Corus Nederland BV EUR152m 4.625% convertible subordinated
    bonds 'BB+',

(h) Corus Nederland BV EUR136m 5.625% unsecured bonds 'BB+'

The ratings on the various debt instruments of Corus take into
account the security and guarantee structure.  They reflect
Fitch's assessment that Corus' Dutch operations are more valuable
than its U.K. operations and that in a distress scenario, those
debt instruments with a claim over Corus Nederland B.V.,
including the senior secured bank facilities, should have better
recovery prospects than the bonds issued by Corus and Corus
Finance plc, which are guaranteed by Corus U.K. only.

The ratings reflect Corus' leading market position as the
third-largest steel producer in Europe by volume, and a
significant turnaround in the company's financial performance in
2004.  This was demonstrated by enhanced cash flow and a return
to profit after continuous losses, good progress in
restructuring, improved financial flexibility and liquidity, and
an extended debt maturity profile.  This is balanced against a
need for increased capital expenditure to address historical
underinvestment since FY00, the cyclicality of the steel
industry, reliance on the mature European steel market and Corus'
lack of track record in consistently satisfactory financial
performance, including positive post-capital expenditure cash
flow.  Furthermore, Corus' margins may come under pressure due to
rising input costs and a lack of control of raw materials, while
customers in more consolidated end-user sectors may increase
their resistance to further price increases by using alternative
sources of supply from low cost producers.

Corus' liquidity is considered satisfactory, especially in light
of its refinancing via capital markets and banking facilities in
FY04.  The latest bond issue in September 2004 has extended the
debt maturity profile, such that approximately 50% of Corus' debt
is now due after 2008.  Although debt due in 2007 is fairly high
at about GBP300 million (around 20% of the total), Fitch
considers the medium-term refinancing risk to be acceptable.  At
FYE04, Corus' gross debt was almost unchanged at GBP1.5 billion,
although net debt declined 7% to GBP1.1 billion.  Net debt/EBITDA
reduced to 1.2x from 7.1x at FYE03 and EBITDA interest coverage
increased to 7.6x from 1.7x. At FYE04, the company had GBP572
million in unutilized committed credit facilities.

CONTACT:  FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 (0) 20 7417 3485

          Roger Coyle
          Phone: +44 (0) 20 7862 4105

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


EDGER 302: Members General Meeting Set Second Week of July
----------------------------------------------------------
The general meeting of the members of Edger 302 Ltd. will be on
July 15, 2005 at 11:00 a.m.  It will be held at the offices of
HKM LLP, 73-75 Aston Road North, Waterlinks, Birmingham B6 4DA.

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 who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
HKM LLP, 73-75 Aston Road North, Waterlinks, Birmingham B6 4DA
not later than 12:00 noon, July 14, 2005.

CCONTACT: HKM LLP
          73-75 Aston Road North
          Waterlinks
          Birmingham B6 4DA
          Phone: 0121 333 7300
          Fax: 0121 333 7301
          E-mail: johnh@hkm.co.uk


FEDERAL-MOGUL: Allowed to Hire Hymans Robertson as Actuary
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Federal-Mogul Corporation and its debtor-affiliates permission to
hire Hymans Robertson to provide expert actuarial advice,
analysis and consulting services related to the T&N Pension
Scheme, nunc pro tunc to April 19, 2005.

Hymans Robertson is expected to:

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

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

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

    (d) provide other actuarial and consulting services with
        respect to the T&N Pension Scheme, including possible
        expert witness testimony, as needed.  (Federal-Mogul
        Bankruptcy News, Issue No. 81; Bankruptcy
        Creditors' Service, Inc., 215/945-7000)

                     About Hymans Robertson

Hymans Robertson is an independent limited liability partnership
that has provided advisory and management services with respect
to occupational pension schemes in the United Kingdom since 1921.
Hymans Robertson's core services include actuarial consultancy
and pension scheme design and management.  Hymans Robertson can
be contacted at:

                    London Finsbury Tower
                    103-105 Bunhill Row
                    London EC1Y 8LZ
                    Tel: 020 7847 6000
                    Fax: 020 7847 6060

                       About Federal-Mogul

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

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


FREDERICK RESTALL: Creditors Meeting Set Next Week
--------------------------------------------------
The creditors of Frederick Restall Limited will meet on June 27,
2005 at 11:00 a.m.  It will be held at Express by Holiday Inn,
NEC Birmingham, Bickenhill Parkway, Birmingham B40 1QA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Wilson Field, The Annexe, The Manor House, 260
Ecclesall Road, Sheffield S11 9PS not later than 12:00 noon, June
24, 2005.

Founded in 1864, Restall's rapidly established fame for fine
quality handmade furniture resulted in many prestigious
commissions such as the thrones used by King George V and Queen
Mary at the Delhi Durbah in 1912.

It has an international reputation as designer and manufacturer
of a superb range of furniture covering most contract
requirements. Another area of success for the company is stadia
seating.  Restall seats are installed at most English Football
League and County Cricket Grounds and many leading sports venues
throughout the world.

CONTACT:  FREDERICK RESTALL LIMITED
          Unit 10/11
          Tyseley Industrial Estate
          Seeleys Road
          Tyseley
          Birmingham B11 2LQ
          Phone: +44 (0) 121 766 4888
          Fax: +44 (0) 121 766 4884
          E-mail: sales@restall.com

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


INMARSAT PLC: Offers Share at 245p Each
---------------------------------------
Inmarsat plc announced the successful pricing of its initial
public offering of ordinary shares.

JPMorgan Cazenove and Morgan Stanley acted as Joint Sponsors to
the flotation.  JPMorgan Cazenove, Lehman Brothers, Merrill Lynch
International and Morgan Stanley acted as joint bookrunners.

The offer price has been set as 245 pence per ordinary share.

Based on the Offer Price, the market capitalization of Inmarsat
at the commencement of conditional dealings will be approximately
GBP1,119 million.

The Global Offer consists of 150 million new Inmarsat shares
representing approximately 33% of the 456.7 million Inmarsat
shares in issue following the completion of the Global Offer.  In
addition, certain of the Company's shareholders have entered into
over-allotment arrangements, which may result in the disposal of
15 million existing Inmarsat shares at the Offer Price.

Approximately 11.28 million shares were allocated under the
intermediaries tranche of the Global Offer.

The gross proceeds of the Global Offer will be GBP367.5 million
(assuming no shares are acquired pursuant to the over-allotment
arrangements) raising net proceeds for the Company of
approximately GBP354.6 million.  This will give the Company a
free float of approximately 33% (assuming that no shares are
acquired pursuant to the over-allotment arrangements).

Inmarsat intends to use the net proceeds of the Primary Offer to
refinance part of its current indebtedness and provide an
appropriate capital structure to pursue its strategy.

It is expected that admission of Inmarsat's ordinary shares to
the Official List of the U.K. Listing Authority and to trading on
the London Stock Exchange's market for listed securities will
become effective and unconditional dealings will commence at 8:00
a.m. (London time) on 22 June 2005.

Andrew Sukawaty, Chairman and CEO of Inmarsat, said: "We are
delighted with the positive response to the flotation of
Inmarsat.  We are particularly pleased with the strong caliber of
the shareholder base, which reflects the understanding of the
business dynamics and confidence in the prospects of Inmarsat.

"We look forward to starting life as a public company and to
delivering value to our shareholders.  Inmarsat is the leading
global provider of mobile satellite services and we are uniquely
positioned to take advantage of exciting growth opportunities in
the sector and to achieve our strategic objectives."

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

          Media Inquiries
          Chris McLaughlin
          Phone: +44 20 7728 1015
                 or +44 779 627 6033

          Investor Inquiries
          Simon Ailes
          Phone: +44 20 7728 1518

          JPMORGAN CAZENOVE
          Edmund Byers
          Phone: +44 20 7588 2828
          Charles Harman
          Phone: +44 20 7588 2828
          Andrew Hodgkin
          Phone: +44 20 7588 2828

          LEHMAN BROTHERS
          Todd Berman
          Phone: +44 20 7102 2969
          Philip Lynch
          Phone: +44 20 7103 1212
          Ben Iversen
          Phone: +44 20 7102 1026

          MERRILL LYNCH INTERNATIONAL
          Philip Yates
          Phone: +44 20 7995 1698
          Rupert Hume-Kendall
          Phone: +44 20 7996 2441

          MORGAN STANLEY
          John Hyman
          Phone: +44 20 7677 3366
          Scott Matlock
          Phone: +44 20 7425 2142

          FINSBURY
          Edward Orlebar
          Phone: +44 20 7251 3801
          Julius Duncan
          Phone: +44 20 7251 3801


INMARSAT PLC: Morgan Stanley Opens Over-allotment Scheme
--------------------------------------------------------
Inmarsat plc disclosed Monday that, in connection with its
initial public offering of ordinary shares, Morgan Stanley
Securities Limited, as stabilizing manager, has given notice to
exercise the over-allotment arrangements in respect of 15 million
ordinary shares in the Company.

None of the GBP36.75 million proceeds arising from the execution
of the over-allotment arrangements will be received by the
Company.

Including the exercise of the over-allotment arrangements, the
total size of the Global Offer is GBP404.25 million (165 million
ordinary shares, in total representing approximately 36% of the
456.7 million ordinary shares of the Company in issue following
Admission).

It is expected that Admission will become effective and
unconditional dealings in the ordinary shares of the Company will
commence at 8:00 a.m. on 22 June 2005 under the ticker symbol
ISAT.

The contents of this announcement, which have been prepared by
and are the sole responsibility of Inmarsat plc, have been
approved by JPMorgan Cazenove Limited of 20 Moorgate, London EC2R
6DA and Morgan Stanley & Co International Limited of
25 Cabot Square, Canary Wharf, London E14 4QA solely for the
purposes of section 21(2)(b) of The Financial Services and
Markets Act 2000.

JPMorgan Cazenove, Lehman Brothers, Merrill Lynch International
and Morgan Stanley or their respective affiliates are acting
exclusively for Inmarsat plc and no one else in connection with
the proposed listing and equity offerings and will not be
responsible to anyone other than Inmarsat plc for providing the
protections afforded to their respective clients nor for
providing advice in relation to the Offer.

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

          Media Inquiries
          Chris McLaughlin
          Phone: +44 20 7728 1015
                 or +44 779 627 6033

          Investor Inquiries
          Simon Ailes
          Phone: +44 20 7728 1518

          JPMORGAN CAZENOVE
          Edmund Byers
          Phone: +44 20 7588 2828
          Charles Harman
          Phone: +44 20 7588 2828
          Andrew Hodgkin
          Phone: +44 20 7588 2828

          LEHMAN BROTHERS
          Todd Berman
          Phone: +44 20 7102 2969
          Philip Lynch
          Phone: +44 20 7103 1212
          Ben Iversen
          Phone: +44 20 7102 1026

          MERRILL LYNCH INTERNATIONAL
          Philip Yates
          Phone: +44 20 7995 1698
          Rupert Hume-Kendall
          Phone: +44 20 7996 2441

          MORGAN STANLEY
          John Hyman
          Phone: +44 20 7677 3366
          Scott Matlock
          Phone: +44 20 7425 2142

          FINSBURY
          Edward Orlebar
          Phone: +44 20 7251 3801
          Julius Duncan
          Phone: +44 20 7251 3801


INVESCO TOKYO: Members Final Meeting Set Third Week of July
-----------------------------------------------------------
The final meeting of the members of Invesco Tokyo Trust Plc will
be on July 22, 2005 at 10:30 a.m.  It will be held at the offices
of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

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

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


MARKS & SPENCER: Opens Irish Shop as Mystery Buyer Rumors Swirl
---------------------------------------------------------------
Marks & Spencer Group plc unveiled Saturday its 10th store in
Ireland, says RTE Business.

The 14,000-square foot establishment, located in the Frascati
center in Blackrock, Dublin, follows six new stores that were
opened in the past 18 months in Ireland.

It will employ 125 workers, joining the 2000-plus Irish staff of
M&S, which has been operating in the country since 1979.

Meanwhile, quoting a person familiar to the matter, Reuters
revealed the group has brushed aside reports of an Icelandic
investor building up a stake in the company.

The mystery buyer has reportedly bought at least 3% of M&S stake
for GBP170 million (EUR255.3 million), according to the report.

While Chief Executive Stuart Rose described the group's latest
results as disappointing, investors stressed that M&S'
stock-market value was higher than Iceland's yearly gross
domestic product.

M&S warned in April regarding fourth-quarter sales as it admitted
underlying full pretax profit dropped by 19 percent.  Mr. Rose at
the time said trading remained difficult, but assured the firm is
making progress in stemming the decline.

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com


MOWLEM PLC: Wins GBP63 Mln Service Contract in Australia
--------------------------------------------------------
Mowlem plc, in 50:50 joint venture with Sodexho, has been awarded
a GBP63 million five-year contract by Westpac Banking Corporation
to provide facilities management (FM) services at 1700 Westpac
sites across Australia.

The contract, which takes immediate effect, involves the
provision of a range of FM services to branches, commercial
premises, residences and ATMs.  Services will include repairs and
maintenance, asset management and general support services (such
as cleaning, waste and concierge services) through to support of
Westpac's ongoing commitment to minimizing its environmental
impact.

Simon Vivian, Mowlem Chief Executive, said: "This is a major
services contract for a blue-chip client and represents a
significant step forward in the development of our services
offering in Australasia.  Mowlem's ability to provide a
comprehensive integrated solution to a client such as Westpac,
with its wide ranging property portfolio and branch network, is a
key differentiator in the market."

                            *   *   *

At the Group's Annual General Meeting, Chairman Charles Fisher
revealed that having completed twelve years on the Board and over
three years as the Chairman, he was proposing to stand down as
Chairman once a successor has been identified and that steps were
being taken in that regard.

In March, Fitch Ratings affirmed Mowlem plc's Senior Unsecured
'BB' and Short-term 'B' ratings and removed them from Rating
Watch Negative.  A Stable Outlook has been assigned.

This rating action followed recent steps taken by Chief Executive
Simon Vivian to strengthen internal risk
management structures and processes together with a more prudent
approach to profit recognition and a greater focus on cash
generation.  Additionally, the agency considers important
Mowlem's confirmation that sufficient bonding facilities remain
available, that potential breaches have been resolved and that
the FY04 audited accounts will receive an unqualified audit
opinion.  Fitch further noted the absence of negative surprises
in the recently published FY04 preliminary financial statements.

CONTACT:  MOWLEM PLC
          White Lion Court, Swan St., Isleworth
          London
          TW7 6RN, United Kingdom
          Phone: +44-20-8568-9111
          Fax: +44-20-8847-4802
          Web site: http://www.mowlem.com

          Brian O'Neill
          Phone: 020 7405 5251


OUSEBURN PROPERTIES: Sets General Meeting of Members Next Month
---------------------------------------------------------------
The general meeting of the members of Ouseburn Properties Limited
will be on July 19, 2005 at 10:00 a.m.  It will be held at
Geoffrey Martin & Co, St James's House, 28 Park Place, Leeds LS1
2SP.

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 who want to be represented at
the meeting may appoint proxies.

CONTACT:  GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


PARINGA MINING: Final General Meeting Set July
----------------------------------------------
The final general meeting of Paringa Mining And Exploration
Company will be on July 28, 2005 at 3:00 p.m.  It will be held at
Ernst & Young, Level 37, 680 George Street, Sydney, NSW 2000,
Australia.

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.

CONTACT:  ERNST & YOUNG
          Level 37
          680 George Street
          Sydney NSW
          Australia 2000
          Phone: 0061 2 9276 9021
          Fax: 00 6192 248 5209
          E-mail: delma.thompson@au.ey.com


PEARCE SIGNS: Creditors Meeting Set Next Week
---------------------------------------------
The creditors of Pearce Signs Group Limited will meet on June 27,
2005 at 12:30 p.m.  It will be held at 8 Baker Street, London W1U
3LL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to 8 Baker Street, London W1U 3LL not later than
12:00 noon, June 24, 2005.

Pearce Signs Group Limited is a 200-year-old international and
multinational private company based in the U.K.  It has
approximately US$44.9 million revenues.  The company manufactures
illuminated signs principally for security and road traffic use.
Among its clients are Nestle, Lloyds Pharmacy, Unwins, Makro,
WestQuay, Tesco.

CONTACT:  PEARCE SIGNS GROUP LTD.
          Strasbourg Street
          Westwood Industrial Estate
          Margate
          Kent CT9 4JB
          Phone: +44 (0) 1843 233600
          Fax: +44 (0) 1843 233633
          E-mail: signs@pearcegroup.com
          Web site: http://www.pearcegroup.com

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


PENNINE FIBRE: Hires Administrators from Tenon Recovery
-------------------------------------------------------
Christopher Ratten (IP No 9338) and Carl Jackson (IP No 8860)
have been appointed joint administrators for Pennine Fibre
Industries Limited.  Its registered office is located at New
Mill, Denholme, Bradford, West Yorkshire.

Pennine Fibre Industries Limited has 35 years expertise in
polyester business.  It is the only manufacturer of Polyester
Fiber in the U.K.  It offers a wide choice of fiber profiles,
colors, lengths, decitex and finishes.

The present company was established in 2001 in Denholme, W.
Yorkshire through a management buy-in.  It has 90 employees, and
handles about 14,000 tons of polyester staple and tow fiber a
year, with an annual sales turnover of approximately GBP10
million.

CONTACT:  PENNINE FIBRE INDUSTRIES LIMITED
          New Mill, Denholme,
          Bradford, W. Yorkshire BD13 4DN
          Phone: +44 01274 832 717
          Fax: +44 01274 834430
          Web site: http://www.penninefibres.com/

          TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com

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


PIDG LIMITED: Engineering Firm Falls into Administration
--------------------------------------------------------
Phillip Sykes and David Rolph (IP Nos 6119, 5930) have been
appointed joint administrators for Pidg Limited.  The appointment
was made June 14, 2005.  The company offers engineering services.

CONTACT:  PIDG LIMITED
          3rd Floor Beaumont House,
          Kensington Village,
          London W14 8TS
          Phone: 020-7937-3181

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


POWERTRAIN LIMITED: SAIC Tenders Seven-figure Bid
-------------------------------------------------
Powertrain Limited has received a bid approach by Shanghai
Automotive Industry Corporation, The Guardian said Tuesday.

The seven-figure offer is said to be at the top of the unit's and
its assets' scrap value.  According to the report, administrators
PricewaterhouseCoopers have already sent representatives to China
to assess a possible transfer of production.

In April, parent company MG Rover collapsed after a tie-up with
the same Chinese carmaker failed to materialize, leaving more
than 5,000 workers jobless.  Days after, the engine-making unit
followed suit.

Last week, administrator Tony Lomas expressed hopes of
maintaining the firm's operations until October on a limited
scale as he revealed PwC was in talks with a third party.

Powertrain saw the loss of 363 jobs in May as earlier
negotiations to revive production of engines and gearboxes at the
firm did not materialize.

Following discussions with The Society of Motor Manufacturers and
Traders, the DTI, the unions and the suppliers, PwC concluded
that it was not viable for the company to restart production.  An
agreement could have secured supplies and funding.

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

          POWERTRAIN LIMITED
          396 Groveley Lane, Rednal
          Birmingham
          B45 8XF, United Kingdom
          Phone: +44 (0) 121 453 3300
          Fax: +44 (0) 121 482 4217
          Web site: http://www.powertrainltd.com

          PRICEWATERHOUSECOOPERS
          Jon Bunn
          UK Head of Media Relations
          Phone: 020 7213 3279
          Mobile: 07808 632167

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485


RAMCO ENERGY: Company Profile
-----------------------------
NAME: RAMCO ENERGY PLC
      62 Queen's Road
      Aberdeen
      AB15 4YE
      United Kingdom

      RAMCO OIL SERVICES LIMITED
      Badentoy Road, Badentoy Park
      Portlethen, Aberdeen
      AB12 4YA
      United Kingdom
      Phone: +44 (0)1224 782 278
      Fax: +44 (0)1224 783 001

PHONE: +44 (0)1224 352 200

FAX: +44 (0)1224 352 211

E-MAIL: General Enquiries
        jacqueline.christie@ramco-plc.com

WEB SITE: http://www.ramco-plc.com/

TYPE OF BUSINESS:  Ramco Energy and its subsidiaries operate in
two divisions: Oil Field Services and Oil and Gas Exploration and
Production.  Its oil services division specializes in down-hole
tubular maintenance and pipeline coatings.  It operates primarily
in Japan, Norway, and the U.K.  Its oil and gas exploration and
production division operates in the Caspian Sea region, Central
and Eastern Europe, and the Irish Sea.  It also holds a 50% stake
in British Steel Ramco Pipeline Services, a joint venture with
British Steel, to provide pipeline-coating services.

SIC: Natural Gas; Oil Equipment & Services; Oil

BOARD AND MANAGEMENT TEAM:

(a) Stephen Remp, Executive Chairman,

(b) N Stewart Cumming, Managing Director of Ramco Oil Services,

(c) Steven Bertram, Group Financial Director

INVESTOR RELATIONS: COLLEGE HILL ASSOCIATES LIMITED
                    78 Cannon Street, London EC4N 6HH
                    Leishman-Hillard Saunders 15 Fitzwilliam
                    Quay, Dublin 4, Ireland

NUMBER OF EMPLOYEES: 118 (as at 2003)

NET INCOME: GBP76.7 million (2003)

CURRENT ASSETS: GBP14.035 million (Interim results for the six
                                   months ended 30 June 2004)

CURRENT LIABILITIES: GBP25.764 million (Interim results for the
                                        six months ended 30 June
                                        2004)

LONG-TERM LIABILITIES: GBP40.710 million (Interim results for
                                          the six months ended
                                          30 June 2004)

INTERESTS:

Country         License         Effective interest (%) Operator
-------         -------         ---------------------- --------
Ireland       Seven Heads Gas
              Petroleum Lease          86.5             Ramco
Ireland       Seven Heads Oil
              Licensing Option         74               Ramco
Ireland       Midleton Licensing
              Option                  100               Ramco
Ireland       Rosscarbery Licensing
              Option                   77               Ramco
Ireland       East Kinsale Licensing
              Option                  100               Ramco
Poland        Carpathian Licenses
              (onshore)                41.5             RWE
                                                        Dea AG

SEVEN HEADS PARTNERS:

     Ramco Seven Heads Limited (RSHL)
     (wholly owned subsidiary of Ramco)     82.5%

     Northern Exploration Limited
     (wholly owned subsidiary of Ramco)      4%

     Lundin Ireland Limited                 12.5%

     Sunningdale Oils (Ireland) Limited      1.0%

CAPITAL STRUCTURE:

Bank debt: GBP40.710 million

OTHER DEBT:

  Type of Loan           Creditor                Amount
  ------------           --------                ------
Project loan           Bank of Scotland         GBP68.6 million*
                       New Uberior House
                       11 Earl Grey Street
                       Edinburgh EH3 9BN


Payment for services   Schlumberger Offshore    GBP1.550 million
(owed by subsidiary)   Services Limited

----------
To be repaid in six monthly installments.  GBP56.6 million is
non-recourse, secured only against the Group's interest in the
Seven Heads gas field.  The balance of GBP12 million is also
secured against the Oil Services business.  Full repayment of the
GBP68.6 million is due by 30 June 2009.  The first installment of
GBP5.0 million fell due on 30 June 2004.

THE TROUBLE:

Business and Financial Problem:

Ramco negotiated the rescheduling of its debt with lenders after
encountering problems with its Seven Heads' operations.  Troubles
at the field resulted to a GBP93 million charge at its accounts
last year.  The resulting pre-tax loss for 2003 amounted to
GBP104.1 million.

Its bankers and a major creditor recently agreed to extend waiver
agreements for GBP12.0 million and GBP1.55 million in debt until
it sells the 86.5% interest it holds in the troublesome
operation.

Legal Problem:

In April 2004, A Texas Court issued a final judgment against
Ramco Energy plc, Ramco Oil Limited and certain other defendants
in a case alleging breach of contract arising from
confidentiality and non-circumvention obligations in relation to
investments in an oilfield development project in Kazakhstan,
which Ramco subsequently decided not to pursue.

The ruling was an award against Ramco for past and future damages
of US$6.4 million plus interest and legal fees of US$9.8 million.
The award of legal fees was made jointly and severally against
Ramco and its co-defendant Halliburton.  The plaintiff
subsequently agreed settlement terms with Halliburton, which has
been dismissed from the case.

Ramco has filed motions to appeal.  It said that the appeal to
the Texas Appellant Court, which may be followed by a further
appeal to the Texas Supreme Court, is expected to take several
years to complete.

MAJOR SHAREHOLDERS:

Artemis Smaller Companies -  5.17%
Hansa Trust PLC           -  3.75%
Finsbury Trust            -  3.53%
S E Remp                 - 11.07%
N S Cumming               -  1.08%
Other Dirs                -  0.47%

NOMINATED ADVISER:  CANACCORD CAPITAL (EUROPE) LIMITED
                    Brook House, 27 Upper Brook Street
                    London W1K 7QF

AUDITOR: PRICEWATERHOUSECOOPERS LLP
         32 Albyn Place, Aberdeen AB10 1YL
         Web site: http://www.pwcglobal.com/uk

ASSET SALE MANAGER: ERNST & YOUNG
                    5 Times Sq., 14th Fl.
                    New York, NY 10036-6530
                    Phone: 212-773-3000
                    Fax: 212-773-6350
                    Web site: http://www.ey.com/


TTG EUROPE: KBC Peel Hunt Resigns as Adviser
--------------------------------------------
TTG Europe plc said that KBC Peel Hunt Ltd. has resigned with
immediate effect as the Company's Nominated Adviser and Broker.

In accordance with Rule 34 of the AIM Rules, if within one month
from June 17, 2005 the Company fails to appoint a replacement
Nominated Adviser, the admission of its ordinary shares to AIM
will be cancelled.

                            *   *   *

Significant accounting irregularities were identified at the firm
following the resignation on February of Michael Hanna, the
Group's former Chief Executive, and the termination of the bulk
of its trading activities.

The irregularities were feared to result in significant write
offs and to hit cash flow.  These prompted the board to take
immediate action to realize cash and reduce the Group's
indebtedness.  Without additional support from the Company's
bankers, which they were unwilling to provide, they said the
company would be unable to continue to trade.

The total consideration payable is GBP10 million in cash and
completion is conditional on no insolvency event having taken
place in respect of Anglia or its parent companies, and Symphony
having obtained bank finance to enable it to complete the
acquisition.  TTG has received assurances that the purchaser
expects this condition to be satisfied.

Andrew Smith, a Director of TTG and Chief Executive of Anglia,
will resign from the board of TTG on completion and enter into a
new service agreement with Symphony.

CONTACT:  TTG EUROPE PLC
          Unit 1 Clifton Court
          Corner Hall
          Hemel
          Hempstead
          United Kingdom
          HP3 9XY
          Phone: +44 1442 244 444
          Fax: +44 1442 244 445
          Web site: http://www.ttg-europe.com

          Julian Synett, Acting CEO and Group Finance Director
          Phone: 020 7681 6387


U.K. COAL: Closes Sale of Monckton Unit
---------------------------------------
U.K. COAL plc has completed the sale of its wholly owned
subsidiary, Monckton Coke & Chemical Company Limited, to
Hargreaves (U.K.) Limited.

The total consideration for the sale is GBP12 million (subject to
a pound for pound working capital adjustment), consisting of
cash.  GBP8 million is payable on completion of the sale and two
further sums, each of GBP2 million, are payable on the first and
second anniversaries of completion.  U.K. COAL expects to realize
a profit on disposal of approximately GBP0.4 million.

The proceeds of the sale will be used to enhance U.K. COAL's core
mining and other commercial activities.

As part of the agreement, U.K. COAL has also entered into a
long-term contract to supply coal at market prices to Monckton
for the production of coke.  The coal will be supplied from
Maltby Colliery, near Rotherham.

Monckton was acquired by U.K. COAL in 1994.  The Company
manufactures around 200,000 tons per annum of high quality coke
and associated by-products from its facility on a 35-acre site at
Royston, South Yorkshire and sells its products into the
specialist industrial and domestic markets both in the U.K. and
abroad.  The operation employs 105 people.  In the year ended 31
December 2004, Monckton achieved sales revenues of GBP19.8
million and profits before tax of GBP0.2 million.  The book value
of Monckton's net assets, including inter-company indebtedness,
was GBP0.7 million as at 31 December 2004.

Gerry Spindler, Chief Executive of U.K. COAL, said: "Hargreaves
is a major player in the solid fuel market and the production
facilities at Monckton will fit comfortably with its expanding
role in fuel distribution.  The sale has been completed at a
value reflecting relatively high prices across the energy
spectrum, and will enable U.K. COAL to focus on its mining and
other business activities, whilst maintaining an ongoing
commercial relationship with the supply of coal for coke
production."

                            *   *   *

At the Annual General Meeting of U.K. Coal in April, Chairman
David Jones said: "Losses for the first quarter on continuing
operations have been in line with expectations.

"Deep Mine Production in our seven ongoing mines in the first
three months was 2.1 million tons (2004: 2.0 million tons).
Surface mine output was 0.3 million tons (2004: 0.6 million
tons).

Mr. Jones also noted some performance improvement in the deep
mine business, while surface mines production was in line with
expectations on lower operating costs.

He said the second quarter will include a face gap at Daw Mill,
which will be compensated by a combination of price increases and
improved performance in the period.

CONTACT:  U.K. COAL PLC
          Harworth Park
          Blyth Road
          Harworth Doncaster
          South Yorkshire
          England
          DN11 8DB
          Phone: +44 1302 751751
          Fax: +44 1302 752420
          Web site: http://www.ukcoal.com

          Gavin Anderson
          Phone: 020 7554 1400

          Financial Inquiries
          Ken Cronin
          Phone: 0207 554 1400
          Mobile: 07887 591 499

          Operational Inquiries
          Stuart Oliver
          Phone: 01525 381759
          Mobile: 07774 231178


                            *********


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.

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