TCREUR_Public/050624.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 24, 2005, Vol. 6, No. 124

                            Headlines

C Z E C H   R E P U B L I C

TV NOVA: Reverses CZK1 Billion Loss in 2003


G E R M A N Y

ACM ASIEN: Real Estate Broker Falls into Bankruptcy
CRAMER KUPPLUNG: Creditors' Claims Due Next Month
DACH-RODE: Roofer Collapses into Bankruptcy
E.T.L. EURO: Applies for Bankruptcy Proceedings
EURO NATUR: Gives Creditors Until July 20 to File Claims

EUROPROTEOME AG: Sells Cancer Therapy IPRs to Miraculins
HANSJORG SCHREIBER: Calls in Administrator from Kuebler
KARSTADTQUELLE AG: Sale of Logistics Unit to DHL Cleared
MUELLER & BREUER: Koln Court Confirms Bankruptcy
MYSOLUTION CI: Konstanz Court Appoints Interim Administrator

SCUTUM ANALYSENTECHNIK: Under Bankruptcy Administration
SYMO SYSTEMMONTAGEN: Declares Bankruptcy
WALTER BAU: Creditors to go Empty-handed


H U N G A R Y

MALEV RT: Enters Deal with Airport in Preparation for Sale
NABI RT: Board Elects Chairman


I T A L Y

PARMALAT FINANZIARIA: In Settlement Talks with Morgan Stanley


R U S S I A

ROSBANK FINANCE: Eurobond Gets 'B' Rating


S W E D E N

CONCORDIA BUS: Extends Consent Solicitation Until Today


U K R A I N E

NRB-UKRAINE: Gets B2 Deposit Ratings from Moody's
STIROL CONCERN: Long-term Foreign Currency Rating at 'B'


U N I T E D   K I N G D O M

APEX WEIGHING: Hires Liquidator from MBI Equity
B J BROADHURST: Members Pass Winding-up Resolution
BUSILINC ASSOCIATES: Members Decide to Wind up Firm
CABLE & WIRELESS: France Telecom Eyes Business
CAMBRIDGE UNITED: Sports Minister Rallies Support for Club

CH BRANNAM: Administrators Fail to Sell Business
CONTRACT EMBROIDERY: Members Final Meeting Set July
DUO AIRWAYS: Creditors to Wait Another 17 Months to Recover Cash
EIDOS PLC: SCi Sees Profit in 12 Months
EURODIS ELECTRON: Explores Possibility of Merger

EUROTUNNEL SA: Initial Talks with Creditors Botched
FEDERAL-MOGUL: Asbestos Estimation Hearing Continues
FEDERAL-MOGUL: Asbestos Panel Wants Peterson's Testimony Barred
FONE BITZ: Hires Administrators from PricewaterhouseCoopers
FRONTIER ESTATES: Sets General Meeting Last Week of July

GEO C STANSELL: Members to Meet Third Week of July
GEORGICA PLC: Proposed GBP60 Million Notes Rated 'CCC+'
GREYFONT LIMITED: Members Final Meeting Next Month
HARVEY CONTAINER: Creditors to Meet Next Week
H.R. OWEN: Warns of Full-year Loss

INVESCO BUSINESS: Members Final General Meeting Set Next Month
JB RECRUITMENT: Names DTE Leonard Curtis Administrator
LEOTEL SOFTWARE: Final Members Meeting Set Next Month
LOWESTOFT BATTERY: Administrators from Robson Rhodes Move in
MASTERPAY MANAGEMENT: Appoints PwC Administrator

MIDLAND'S ESTATE: Creditors Meeting Set Next Week
MOVE YOUR MOBILE: Calls in Administrators from PKF
S & M CAFE: HSBC Appoints BDO Stoy Hayward Receiver
SOUTHERN CROSS: Faces Winding-up Petition
T.A.B.S. TECHNICOM: In Administrative Receivership

UNITED BISCUITS: Senior Subordinated Notes Downgraded to 'CCC+'
WESTMOOR LAND: Members Pass Winding-up Resolutions
WINTERWARM HOLDINGS: Creditors Meeting Set Next Week


                            *********


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


TV NOVA: Reverses CZK1 Billion Loss in 2003
-------------------------------------------
TV Nova came back strongly in 2004, posting CZK1.75 billion net
income after losing CZK1 billion in 2003, Hospodarske noviny
says.

The media group posted a profit despite a CZK500 million drop in
annual sales, which came to CZK12 billion in 2004.  The sale of
its stake in Slovakia's TV Joj boosted income last year.  It also
gained from a CZK2.7 billion settlement with former production
company, CNTS, owned by the Central European Media Enterprises
Ltd. (CME).

The company's CET 21 unit posted a profit of CZK1.1 billion on
sales of CZK5 billion; Ceska produckcni 2000 had CZK507 million
on sales of CZK1.9 billion; and advertising arm Mag Media 99
posted CZK113 million on sales of CZK4.9 billion.

Earlier this month, CME acquired the remaining 15% of TV Nova
from financial group PFF, regaining full control of the company
it launched two decades ago.  It lost control of the company
after a clash with Nova Chief Executive Vladimir Zelezny.

CONTACT:  TV NOVA GROUP
          Denis Mikolic, Director
          Phone: +385.52.385.939
          E-mail: uprava@tvnova.hr
          Web site: http://www.tvnova.hr/

          CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
          Clarendon House, Church St.
          Hamilton, HM CX, Bermuda
          Phone: 441-296-1431
          Web site: http://www.cetv-net.com


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


ACM ASIEN: Real Estate Broker Falls into Bankruptcy
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ACM Asien Center-Vermietungs GmbH on June 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 2,
2005 to register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 11:05 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on October 26,
2005, 10:30 a.m. at the same venue.

CONTACT:  ACM ASIEN CENTER-VERMIETUNGS GMBH
          Herzbergstrasse 141/146,10365 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


CRAMER KUPPLUNG: Creditors' Claims Due Next Month
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Cramer Kupplung GmbH & Co.KG on June 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 18, 2005 to register their
claims with court-appointed provisional administrator Rolf Otto
Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting on August 3, 2005, 1:30 p.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen 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.

Cramer Kupplung sells motor vehicles and spare parts and provides
related services.

CONTACT:  CRAMER KUPPLUNG GMBH & CO. KG
     Strassenadresse, Daniel-Eckhardt-Str. 38
          45356 Essen
          Phone: (0201) 8 34 09-0
          Fax: (0201) 8 34 09-20
          Contact:
          Petra Staude, Manager
          Dr. Dipl. Ingenieur Rudolf Staude, Manager
          Schevenhofer Weg 44 i, 42111 Wuppertal

          Rolf Otto Neukirchen, Administrator
          Zweigertstr. 28-30, 45130 Essen
          Phone: (0201) 438740
          Fax: +492014387479


DACH-RODE: Roofer Collapses into Bankruptcy
-------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Dach-Rode GmbH on June 8.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 6, 2005 to register their claims with
court-appointed provisional administrator Dr. Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting on August 22, 2005, 2:15 p.m. at the district court
of Erfurt, Saal 12, im Justizzentrum, Rudolfstr. 46, 99092
Erfurt, 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.

Dach-Rode GmbH has been handling roofing projects of middle-class
companies and other clients for more than 10 years.  Visit
http://www.dach-rode.defor more information.

CONTACT:  DACH-RODE GMBH
          Contact:
          Siegfried Rode, Manager
          Hinterstr. 30, 99867 Gotha/OT Uelleben

          Dr. Harald Hess, Administrator
          Barbarossahof 4-5, 99092 Erfurt


E.T.L. EURO: Applies for Bankruptcy Proceedings
-----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
E.T.L. Euro Transport-, Logistik- und Speditions GmbH & Co. KG 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. Wolfgang Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 30, 2005, 10:40 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage,
Saal 142 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  E.T.L. EURO TRANSPORT-, LOGISTIK- UND SPEDITIONS GMBH
          & CO. KG
          Hugo-Eckener-Str. 29, 50829 Koln

          E.T.L. EURO TRANSPORT, LOGISTIK- UND SPEDITIONS-
          BETEILIGUNGSGESELLSCHAFT MBH
          Hugo-Eckener-Str. 29, 50829 Koln

          Dr. Wolfgang Delhaes, Administrator
          Im Media Park 6 A, 50670 Koln
          Phone: 0221/574 379 04
          Fax: +4922157437939


EURO NATUR: Gives Creditors Until July 20 to File Claims
--------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Euro Natur Parkett GmbH on June 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 20, 2005 to register their
claims with court-appointed provisional administrator Dr.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on September 1, 2005, 10:05 a.m. at the district
court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund,
II. Etage, Saal 3.201, 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.

Euro Natur produces and exports oakwood flooring, wood coating,
and other products.  Visit http://euronaturparkett.defor more
information.

CONTACT:  EURO NATUR PARKETT GMBH
          Schleefstr. 1, 44287 Dortmund
          Phone: 0231/9453898-0
          Fax: 0049(0) 231 945 38 981
          Mobile: 0049 1732751555
          E-mail: info@euronaturparkett.de
          Contact:
          Helmut Helmel, Manager
          In den Pappeln 2 a, 44532 Luenen

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


EUROPROTEOME AG: Sells Cancer Therapy IPRs to Miraculins
--------------------------------------------------------
Miraculins Inc. (TSX VENTURE:MOM) acquired the intellectual
property assets of Europroteome AG, a former developer of
products for the diagnostic, prognostic, and patient specific
therapy of human cancers.  The intellectual property portfolio
acquired by Miraculins includes 14 patents and numerous
discoveries, related to the diagnosis and treatment of several
cancers, that utilized the human sample collection of
Europroteome, which contained samples from greater than 4,000
patients.  Miraculins purchased all rights to the patents and has
no further milestone or royalty commitments related to the
patents.

"This acquisition considerably advances our product development
efforts by integrating the valuable intellectual property
developed by a company that spent more than EUR$15 million on
research and development," said Dr. Jim Charlton, President of
Miraculins Inc.  "We believe this transaction has created
significant value for our shareholders."

Europroteome AG was founded in 1998 and was based in
Henningsdorf, Germany.  Using proteomics and transcriptomics, the
Company claimed to be one of the first companies in the world to
link molecular data and clinical information on a
patient-by-patient basis by utilizing its clinical cancer network
of clinicians, academic institutions and oncology scientists.
Due to difficulties in the Company's fundraising activities,
Europroteome filed for creditor protection under the German
Insolvency Act and subsequently entered receivership in the
latter part of 2004.

Europroteome's technology is a strong complement to Miraculins
research expertise.  With this acquisition Miraculins expands its
growing technological capabilities in the development of
diagnostic tools in cancers for which there are presently
insufficient or clinically inadequate diagnostic methods.  The
Company expects to capitalize on the acquisition by using the
cancer markers previously validated by Europroteome in
conjunction with the BEST(TM) Platform to accelerate Miraculins'
expansion into additional cancer areas in order to support a
broad array of potential product offerings and to create numerous
additional opportunities for the Company.

Miraculins recently announced the successful completion of its
prostate cancer diagnostic discovery study.  In that clinical
investigation the Company was able to correctly identify cancer
positives while correctly classifying those without cancer with a
sensitivity and specificity of greater than 90%-90%.  Markers in
the study were discovered using Miraculins' BEST(TM) Platform,
which utilizes the concurrent analysis of clinical factors and
biological data, and a combination of proteomic, mass
spectrometric, and protein chemistry.  This is then followed by
rigorous bioinformatic and statistical evaluation.  Miraculins
announced the initiation of its first additional cancer
diagnostic discovery program in January, with the launch of its
Breast Cancer discovery program.

The Company further announces that it has granted an aggregate of
25,000 stock options at an exercise price of $2.20 per common
share to certain officers and directors of the Company. The
options are set to expire five years from date of grant and are
subject to approval of the TSX Venture Exchange.

About Miraculins Inc.

Miraculins is a biotechnology company focused on research and
development using its proprietary BEST(TM) platform for the
screening and identification of target proteins and peptides
related to diseases.  The Company is developing products for the
diagnosis and treatment of select cancers. Its lead product
focuses on improving the diagnosis of prostate cancer.

Prostate cancer is responsible for greater than 240,000 new
diagnoses in North America each year.  The current screening
standard for prostate cancer, PSA, is ineffective at reliably
distinguishing between non-life threatening prostate conditions
and critical prostate cancer.  In spite of this fact, there are
greater than 25 million PSA tests performed annually in the
United States alone, resulting in one million prostate biopsy
procedures.  An estimated 75% of these procedures are unnecessary
and could be avoided if a superior alternative to PSA was
available.

CONTACT:  MIRACULINS INC.
          Michael Coutts
          Investor Relations
          Tel: (204) 477-7597
          Fax: (204) 453-1546
          E-mail: info@miraculins.com
          Web site: http://www.miraculins.com


HANSJORG SCHREIBER: Calls in Administrator from Kuebler
-------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Hansjorg Schreiber GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 13, 2005 to register their
claims with court-appointed provisional administrator Dr. Bruno
Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on August 24, 2005, 10:00 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.

Hansjorg Schreiber specializes on installing heating, ventilation
and piping systems in buildings and offices.  Visit
http://www.heizungsbau-schreiber.defor more information.

CONTACT:  HANSJORG SCHREIBER GMBH
          Hauptstr. 10
          Ullersdorf
          Phone: 03528 / 4484-0
          Fax: 03528 / 4484-13
          E-mail: info@schreiber-heizung.de
          Contact:
          Hansjorg Schreiber, Proprietor
          E-mail: Hansjoerg_Schreiber_GmbH@t-online.de

          Dr. Bruno Kuebler, Administrator
          Loschwitzer Strasse 3, 01309 Dresden
          Phone: 0351 / 31 50 50
          Fax: 0351 / 31 50 55 55
          E-mail: dresden@kuebler-gbr.de
          Web site: http://www.kuebler-gbr.de


KARSTADTQUELLE AG: Sale of Logistics Unit to DHL Cleared
--------------------------------------------------------
DHL expects its newly acquired logistics operations from
KarstadtQuelle to book a "significant" profit in 2006,
Frankfurter Allgemeine Zeitung says.

Frank Appel, head of DHL's parent Deutsche Post, told the
newspaper in an interview that the newly acquired business could
achieve a profit through "internal optimization."  Mr. Appel said
he would be satisfied if the logistic unit will break even this
year.

The Federal Cartel Office issued its unconditional approval of
the takeover recently, allowing DHL to fully acquire the logistic
operations effective July 1.  In April, DHL also acquired the
distribution logistics operations for Karstadt department stores.

Mr. Appel confirmed DHL is still in talks with KarstadtQuelle
over the sale of its Neckermann and Quelle logistics operations,
whose combined sales volume is EUR500 million.

"We remain interested in principle.  The negotiations are
underway," he said.

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

          DHL WORLDWIDE EXPRESS GMBH
          Monzastrasse 2
          Langen 63225
          Phone: 0800 2255345
                 49-6103-765-60
          Web site: http://www.dhl.de


MUELLER & BREUER: Koln Court Confirms Bankruptcy
------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Mueller & Breuer GmbH & Co.KG on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Aug. 1, 2005 to register their
claims with court-appointed provisional administrator Dr. Jorg
Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on Sept. 1, 2005, 12:08 p.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 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.  Visit
http://www.mueller-breuer.comfor more information.

CONTACT:  MUELLER & BREUER GMBH & CO. KG
          Gebrauchtwagen-Center Herkenrath Porsche-Zentrum Rhein
          Oberberg Leiersmuehle 26
          51688 Wipperfuerth
          Phone: 02267-688-0
          Fax: 02267-688-88
          Web site: http://www.mueller-breuer.com
          Contact:
          Zoran Pauli

          Dr. Jorg Nerlich, Administrator
          Aachener Str. 563-565, 50933 Koln
          Phone: 0221/ 940 80 30
          Fax: +492219408039


MYSOLUTION CI: Konstanz Court Appoints Interim Administrator
------------------------------------------------------------
The district court of Konstanz opened bankruptcy proceedings
against mySolution CI GmbH on June 1.  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 Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 9:30 a.m. at the district court of
Konstanz, 78462 Konstanz, Nebengebaude, Gerichtsgasse 9, 1. OG,
Saal 102 at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on Aug. 11, 2005,
10:00 a.m. at the district court of Konstanz 78462 Konstanz,
Hauptgebaude, Untere Laube 12, II. OG, Zimmer 203.

Visit http://www.mysolution-ci.defor more information.

CONTACT:  MYSOLUTION CI GMBH
          Phone: 0341-3082644
          Contact:
          Michael Junghannss
          Corinna Fahner
          Untere Giesswiesen 16, 78247 Hilzingen
          Fax: 0341-3082645
          Mobile: 016096359226
          E-mail: mju@mysolution-ci.de
          Web site: http://www.mysolution-ci.de

          Albert Hirt, Administrator
          Berner Feld 74, 78628 Rottweil


SCUTUM ANALYSENTECHNIK: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Mainz opened bankruptcy proceedings against
SCUTUM Analysentechnik GmbH on May 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 10, 2005 to register their claims with
court-appointed provisional administrator Stephan Kallenberg.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 10:20 a.m. at Saal 75, Gebaude B,
Ernst-Ludwig Strasse 7, 55116 Mainz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Sept. 5, 2005, 9:45 a.m. at Saal 75,
Gebaude B, Ernst-Ludwig Strasse 7, 55116 Mainz.

Scutum is involved in thin film measurement based on optics,
capacitance or mechanics for application in semiconductor,
polymers, polymer films, soft material, glass, metals, paper
process control.  Its partners are Filmetrics, Inc., San Diego,
U.S.A., Oryx Systems, and Infocus Measurement Solutions.  Visit
http://www.scutec.com/de/for more information.

CONTACT:  SCUTUM ANALYSENTECHNIK GMBH
          Vogelsbergstr. 45b, 55129 Mainz-Hechtsheim
          Contact:
          Karl Schilt
          Ingrid Schilt
          Vogelsbergstr. 45 b, 55129 Mainz-Hechtsheim
          Phone: +49 (0)6131-509855
          E-mail: kontakt@scutec.com
          Web site: http://www.scutec.com/de/

          Stephan Kallenberg, Administrator
          Neutorstrasse 9, D-55116 Mainz
          Phone: 06131/146740
          Fax: 06131/1467420


SYMO SYSTEMMONTAGEN: Declares Bankruptcy
----------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against SYMO Systemmontagen GmbH & Co. KG on June 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 13, 2005 to
register their claims with court-appointed provisional
administrator Dr. Detlef Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting on August 16, 2005, 11:45 a.m. at the district court
of Cottbus, Gerichtsplatz 2, 03046 Cottbus, Saal 210, 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:  SYMO SYSTEMMONTAGEN GMBH & CO. KG
          Contact:
          Ulf Nessler, Manager
          Berliner Strasse 6, 03130 Spremberg

          Dr. Detlef Ruediger Beckmann, Administrator
          Lietzenburger Strasse 77, 10719 Berlin


WALTER BAU: Creditors to go Empty-handed
----------------------------------------
Collapsed construction group Walter Bau does not have enough
assets to cover its debt, Handelsblatt says.

Insolvency administrator Werner Schneider revealed Wednesday the
group has under EUR139 million in free assets against almost EUR2
billion in debt claims.  Mr. Schneider added the free asset
figure could fall further.

Most of the claims are bank guarantees amounting to EUR1.5
billion; another EUR220 million are held by nearly 22,000
creditors.  Walter Bau also owes the Federal Employment Agency
and the Federal Finance Office.

The company declared insolvency in February after creditor banks
refused to approve its restructuring plan, denying access to a
EUR1.5 billion credit line.  In his report to the creditors
recently, Mr. Schneider blamed the group's demise to management
errors and the downturn in the local construction industry.

CONTACT:  WALTER BAU AG
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de


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


MALEV RT: Enters Deal with Airport in Preparation for Sale
----------------------------------------------------------
During its meeting held on June 16, the Board of Directors of APV
Rt. reviewed the key conditions of the relationship between
Budapest Airport Rt. and Malev Rt., trying to cover all of them
in compliance with the effective legal regulations.

The review contained the fuel supply activity of the airport, the
use of terminal 2A, real estate leasing and various service and
usage fees.

APV Rt. considers it important that both companies should provide
complex, accurate and clear information to potential investors
before privatization.  A clear situation in the relations of the
two companies would only promote the privatization of both.

Drafting the detailed provisions of the agreement is the joint
responsibility of BA Rt, Malev Rt, the Ministry of Finance, KVI,
APV Rt. and privatization consultants.  Elaboration of the key
terms and conditions is part of the privatization processes and
the agreement should also be discussed by the competent
decision-making bodies of the companies.

The terms and conditions of the agreement will be displayed in
the data rooms of the company, where potential investors can
study them and make their final proposal accordingly.

                            *   *   *

Malev Hungarian Airlines expects another operating loss for 2005.
It sees a HUF1.8 billion deficit at the operating level and
HUG4.95 billion overall.  In 2004, the carrier booked an
operating loss of HUF4.4 billion (US$$21.9 million) on revenues
of HUF123.8 billion.  It expects to break even next year, partly
as a result of its membership to the oneworld alliance.

Malev signed a memorandum of understanding with oneworld last
week, which sets its full membership by the summer of 2006.  This
alliance, Malev claims, will increase its revenues by as much as
HUF8 billion a year and net profit by HUF4 billion.

Since the fall of Communism in the country, the government, which
owns 99.95% of Malev's stake, has tried to sell Malev several
times but failed.  Malev has struggled to increase revenues due
to the proliferation of budget airlines at its Budapest hub that
has pushed prices down and cut into its market share.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Hotline: 06-40-212121
          Web site: http://www.malev.hu
          Contact:
          Peter Honig, Chairman

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          H-1133 Budapest, Pozsonyi ut 56
          H-1399 Budapest, P.O. Box 708
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html


NABI RT: Board Elects Chairman
------------------------------
The Supervisory Board of NABI Rt. elected Dr. Zsolt Osi chairman
on June 22.

On June 1, 2005, the AGM of NABI Rt. elected Lajos Kenyeres,
employee representative; Dr. Gabriella Kicska and Gisbert van der
Mandele. or Dr. Zsolt Osi (if Mr. Mandele is unable to take the
position) as members of NABI Rt.'s Supervisory Board.  As Mr.
Mandele could not accept the position, Mr. Osi became one of the
three members of the Board.

Mr. Lajos Kenyeres has been serving on the Board as employee
representative since April 2000.  Mr. Kenyeres is the Chairman of
the Workers' Council at NABI Rt.

Dr. Gabriella Kicska practiced law for Martonyi es Kajtar Baker &
McKenzie law firm from 1995 to 2004, when she opened her own law
office.  She has considerable experience in domestic and
international corporate legal matters.

Dr. Zsolt Osi had was an attorney at the Hungarian office of
Clifford Chance, the international law firm, from 1990 to 2004.
Presently, he is managing his own legal practice.  He is an
expert in corporate financing, private equity and project
financing.  He is a member of the Arbitration Court of the
Budapest Stock Exchange.

                            *   *   *

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

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

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

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

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

The financiers support the continuing efforts by NABI Rt. to sell
assets and businesses, the proceeds of which will be used to
continue to reduce debt as quickly as practicable.  NABI Rt. will
also continue to restructure its operations with a view to
improving efficiency and productivity and ensuring the long-term
prospects of manufacturing steel buses.

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

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


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


PARMALAT FINANZIARIA: In Settlement Talks with Morgan Stanley
-------------------------------------------------------------
Collapsed food group Parmalat Finanziaria is currently in talks
with investment bank Morgan Stanley to settle a dispute arising
from a EUR300-million bond sale, The Wall Street Journal says.

Morgan Stanley bared the talks following the release of its
second-quarter results, which revealed US$140 million in legal
expenses mostly brought about by it defense in its role in
Parmalat's collapse.  The bonds in question were part of a EUR300
million private debt sale by Parmalat in June 2003. Morgan
Stanley acted as intermediary when Nextra, the fund management
unit of local bank Banca Intesa, bought and resold that debt.
Parmalat filed in February a EUR135.7 claim against Morgan
Stanley, citing a local bankruptcy law that allows Italian
companies to claw back money paid within two years to financial
institutions in the run-up to insolvency, if these same
institutions are suspected of already knowing at the time that
the company was in financial trouble.

Nextra had already clinched a EUR160 million settlement with
Parmalat in October 2004, marking Enrico Bondi's first legal
victory over a financial institution.

Morgan Stanley expects the settlement talks to "conclude
shortly."  If successful, a settlement would mark the first
between both groups.

Mr. Bondi also has pending legal actions against Swiss UBS,
German Deutsche Bank and U.S. groups Citigroup Inc. and Bank of
America Corp.  Parmalat collapsed in December 2003 after
revealing EUR14 billion in debt in its balance sheet.

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

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

          MORGAN STANLEY
          1585 Broadway
          New York NY 10036
          Phone: 212-761-4000
          Fax: 212-762-0575
          Web site: http://www.morganstanley.com


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


ROSBANK FINANCE: Eurobond Gets 'B' Rating
-----------------------------------------
Fitch Ratings assigned expected ratings to Rosbank Finance S.A.'s
upcoming US$750 million debt issuance program of Long-term 'B'
(for senior notes with maturities in excess of one year) and
Short-term 'B' (for senior notes with maturities of less than one
year).  The notes are unconditionally and irrevocably guaranteed
by Russia's Rosbank, (rated Long-term 'B'/Outlook Stable,
Short-term 'B', Individual 'D' and Support '4') and are for
financing loans to Rosbank.  At the same time, Fitch has assigned
an expected Long-term 'B' rating to the program's upcoming Series
1.  The assignment of the final ratings is contingent upon
receipt of final documentation conforming materially to
information already received.

Issues under the program will be rated separately.  The program
does not allow for the issuance of subordinated notes, although
structured (e.g. index-linked) notes issuance is possible. Should
such issuance be undertaken, Fitch will review it separately to
consider whether it should be rated differently from the program.

The terms and conditions of the notes contain a clause that
Rosbank Finance S.A.'s payment obligations under the notes and
Rosbank's obligations under a guarantee in favor of the
noteholders will rank at least equally with all present or future
unsecured and unsubordinated obligations, save those preferred by
relevant provisions of law and of general application.  Under
Russian law, the claims of retail depositors rank above those of
other senior unsecured creditors. At end-2004, retail deposits
accounted for 22% of Rosbank's total liabilities, according to
the bank's IFRS accounts.

The terms and conditions also contain a cross default clause and
other covenants, which limit mergers, consolidations and
disposals by Rosbank Finance S.A. and Rosbank and its
subsidiaries, and transactions with affiliates.  Rosbank has also
covenanted to keep its total capital adequacy ratio calculated in
accordance with Basel requirements at no less than 8% and to
comply with minimal legal requirements in respect of the capital
adequacy ratio calculated in accordance with the regulations of
the Central Bank of Russia.

The terms and conditions contain a negative pledge clause, which
allows for a degree of securitization by Rosbank Finance S.A.,
Rosbank and its subsidiaries.  Were such transactions to be
undertaken, Fitch comments that the nature and extent of any
over-collateralization would be assessed by the agency for any
potential impact on unsecured creditors.

The notes may be redeemed at the request of Rosbank at premium on
giving a preliminary notice.  In addition, under the terms and
conditions of individual series of notes, Rosbank Finance S.A.
may enjoy a call option, and noteholders may benefit from a put
option.

Rosbank was founded in 1992 and ranks among the top 10 banks in
Russia by total assets.  It is 96%-owned by Interros, one of
Russia's largest financial industrial groups, with interests in
the metals (Norilsk Nickel), power-machine building and
agricultural industries.  The business of the OVK banking group,
which was purchased by Interros in 2003, is primarily focused on
retail and is currently being transferred to Rosbank.

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

          James Watson
          Phone: +7 095 956 9901

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


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


CONCORDIA BUS: Extends Consent Solicitation Until Today
-------------------------------------------------------
Concordia Bus Nordic AB (publ) is extending its pending
solicitation of consents from holders of its 9.125% Senior
Secured Notes due 2009 to (a) certain amendments and waivers of
the terms in the Indenture governing the Secured Notes and (b)
the foregoing of their right to participate in any change of
control offer set out in Section 1015 of the Indenture occasioned
by a possible restructuring of Concordia Bus AB (Bus), as
outlined in the indicative terms publicly announced on 16 March
2005.

Under the extended deadline, all holders of Secured Notes who
submit valid and unrevoked consents prior to 5:00 P.M. London
time on Friday, 24 June 2005, will receive the consent fee of
EUR5 per EUR1,000 of the principal amount of Secured Notes for
which they deliver valid and effective consents, subject to the
terms and conditions of the Solicitation.

Holders who have previously delivered consents need not take any
further action in order to receive the consent fee.

Nordic is not amending the Proposed Amendments and Waivers or the
Agreement.

The operating businesses continue to function normally and
continue to provide full bus services to passengers and
customers.

This announcement is not a solicitation of consents with respect
to any securities.  The Solicitation is being made solely by the
Consent Solicitation dated 16 March 2005.

The Tabulation Agent has advised Nordic that as of 17 June 2005
consents for 10.69% aggregate principal amount of the Secured
Notes had been validly submitted and unrevoked.

                            *   *   *

Concordia Bus operates bus systems under contracts with public
transportation authorities in Sweden (through Swebus), Norway
(through SBC), and Finland (through Concordia Finland).  It has
9,000 employees, annual revenue of SEK4,813 million (preliminary
full year group profit and loss ending Feb. 28, 2005), and total
net assets of SEK2,852 million.

                           The Trouble

Concordia Bus AB has failed to pay the interest coupon on its
EUR160 million ($202 million) subordinated notes.  It is
currently in negotiations with stakeholders and is seeking
approval for a debt-for-equity restructuring plan, which
envisages the transfer of 96% of its share capital to the holders
of its EUR160 million subordinated notes.

Company profile is available at
http://bankrupt.com/misc/Concordia_Profile.htm

CONTACT:  ALVAREZ & MARSAL (EUROPE) LIMITED
          Financial advisers to Concordia Bus Nordic AB:
          5th Floor
          One Canada Square
          London E14 5AA
          Contact:
          Tony Alvarez III
          Phone: +44 (0) 207 715 5200
          E-mail: TAlvarezIII@alvarezandmarsal.com

          Ragnar Norback
          Phone: +46(0)854630141
          Per Skargard
          Phone: +46(0)854630021

          Richard Constant/Candace Carpenter
          Gavin Anderson & Company
          Phone: +44(0)207.554.1400


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


NRB-UKRAINE: Gets B2 Deposit Ratings from Moody's
-------------------------------------------------
Moody's Investors Service on Friday assigned B2 long-term and
Not-Prime short-term foreign currency deposit ratings and an E+
Financial Strength Rating (FSR) to Bank NRB-Ukraine (NRB), reads
a Moody's press release.

The outlook for the ratings is stable.

According to Moody's, NRB's ratings reflect strong links to
National Reserve Corporation (Russia), which has a significant
presence in Ukraine through the NRB-Ukraine group, and helps the
bank to secure funding from abroad as well as to generate new
business; the bank's robust profitability, which has consistently
trended upwards since its inception; reasonable asset quality,
given the bank's challenging operating environment; the current
relatively insignificant levels of related-party transactions,
which may, however, increase in the future; advanced management
information systems and risk management for a bank of such size
and complexity; and adequate capitalization.

At the same time, NRB's ratings are constrained by its small
size, short track record, relatively undeveloped franchise and a
lack of diversity of earnings streams; considerable
concentrations on both sides of the balance sheet that expose the
bank to the risk of extreme losses and poor liquidity under
adverse scenarios; the unseasoned loan portfolio which remains
untested in an economic downturn; and potential difficulties
associated with the bank's highly competitive and volatile
operating environment.

CONTACT:  NRB-UKRAINE
          Web site: http://nrb-ukraine.com/


STIROL CONCERN: Long-term Foreign Currency Rating at 'B'
--------------------------------------------------------
Fitch Ratings assigned Ukraine's chemicals group OJSC Concern
Stirol Senior Unsecured foreign currency rating of 'B' and a
Short-term foreign currency rating of 'B'.  The Outlook is
Stable.

The ratings reflect Stirol's strong position as a producer of
fertilizers in the Ukraine.  They also reflect its low-cost
position due to preferential access to cheap, price regulated
natural gas feedstock combined with a favorable logistical
position, in particular its direct access to the Odessa port via
pipeline.  Stirol sells most of its products through
related-party international traders, but the management has
confirmed to Fitch that such transactions are carried out on an
arm's length basis.

The favorable cost position, together with strong demand and
pricing conditions, has led to profitability substantially above
the average for European chemical producers, as reflected in an
EBITDA-margin of more than 28% in 2004.  Furthermore, the ratings
are supported by Stirol's strong liquidity position with liquid
funds of UAH402.1 million (US$79 million) as of FYE04 and a
conservative financial policy, which requires that at least 30%
of all short-term liabilities are covered by cash and
cash-equivalents.  The ratings also consider Stirol's intentions
to improve the efficiency of its plants and to gradually
diversify away from the cyclical fertilizer business.  For this
purpose, the company will undertake substantial investments,
which are likely to increase debt by US$100 million to an
estimated UAH644.2 million (US$127 million) from low UAH89.8
million (US$18 million) as at FYE04.

Stirol derives most of its revenues from commodity-type products
and therefore its business profile is very cyclical.  Demand is
subject to a number of factors outside the company's control such
as weather conditions and crop-yields.  Fitch therefore believes
that the current profitability and credit metrics overstate its
position on a through-the-cycle basis.  While following the
envisaged increase in debt, estimated leverage (debt/EBITDA)
remains at a conservative 1.3x based on FY04 figures, the number
already goes up to 2.0x if FY03 figures are used.  Also under
those assumptions, interest cover is estimated to go down from
estimated 9.1x in FY04 to 6x based on FY03 figures.  As these
numbers exclude short-term intra-year debt drawdowns, they
clearly demonstrate the sensitivity to cyclical swings.

Stirol's business is also heavily influenced by regulatory issues
such as the price of natural gas in the Ukraine, minimum prices
for products sold, environmental legislation, taxation issues and
hedging restrictions.  Changes in any of those areas could have a
severe impact on the group's performance, in particular that
relating to gas prices and the establishment of minimum pricing
arrangements.  The former aspect, gas prices, may be influenced
by the present tensions between Gazprom and Naftogaz (see Fitch
comment dated 10 June 2005, 'Ukraine needs a coherent energy
policy', available at http://www.fitchratings.com). Finally,
Fitch has taken into account some potential corporate governance
and transparency issues in its ratings, such as the
non-consolidation of certain subsidiaries.

Stirol was formed in 1933 when the state established a fertilizer
plant.  The group expanded through the 1960s and 1980s and in the
1990s started tangential activities, including pharmaceuticals.
The group in FY04 achieved sales of UAH1881.1m (US$373 million)
and generated an EBITDA of UAH536.5 million (US$106.4 million).

A full rating report will shortly be available on Fitch's Web
site at http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Karsten Frankfurth, Frankfurt
          Phone: +49-69-7680-76170

          Nikolai Lukashevich, Moscow
          Phone: +7 095-956-9968

          Monica Insoll, London
          Phone: +44 20 7417 4281

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


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


APEX WEIGHING: Hires Liquidator from MBI Equity
-----------------------------------------------
At the extraordinary general meeting of Apex Weighing Limited on
June 14, 2005 held at Tunsgate Square, 98-110 High Street,
Guildford GU1 3HE, the extraordinary and ordinary resolutions to
wind up the company were passed.  Michael Bowell of MBI Equity
Ltd. of First Floor, Suite 5, Tunsgate Square, 98-110 High
Street, Guildford, Surrey GU1 3HE has been appointed liquidator
of the company.

CONTACT:  MBI EQUITY LTD.
          First Floor
          Suite 5
          Tunsgate Square
          98-110 High Street
          Guildford, Surrey GU1 3HE
          Phone: 0845 310 2776
          Fax: 0845 450 4464
          E-mail: info@mbiequity.co.uk


B J BROADHURST: Members Pass Winding-up Resolution
--------------------------------------------------
At the extraordinary general meeting of the members of B J
Broadhurst (Heating) Limited on June 15, 2005 held at 60-62 Old
London Road, Kingston upon Thames, Surrey, the extraordinary
resolution to wind up the company was passed.  Philip Weinberg of
Marks Bloom, 60-62 Old London Road, Kingston upon Thames KT2 6QZ
has been nominated liquidator of the company.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


BUSILINC ASSOCIATES: Members Decide to Wind up Firm
---------------------------------------------------
At the extraordinary general meeting of the members of Busilinc
Associates Limited on June 14, 2005 held at Alexandra Dock
Business Centre, Fisherman's Wharf, Grimsby, North East
Lincolnshire, the extraordinary and ordinary resolutions to wind
up the company were passed.  Charles Howard Ranby-Gorwood has
been appointed liquidator of the company.

CONTACT:  CRG INSOLVENCY & BUSINESS RECOVERY
          Suite 4
          Alexandra Dock Business Centre
          Fishermans Wharf
          Grimsby
          Lincolnshire DN31 1UL
          Phone: 01472 250001


CABLE & WIRELESS: France Telecom Eyes Business
----------------------------------------------
France Telecom is mulling a GBP4 billion bid for U.K. rival Cable
& Wireless, reports say.

Shares in C&W, which returned to black recently after a
restructuring, rose 22% since the beginning of May, suggesting
investors are expecting a bid.  Chairman Richard Lapthorne would
welcome an offer at the right price, according to reports.

France Telecom finance chief Michel Combes is believed to be
behind the plan.  He is thought to want to merge the French
group's Wanadoo Internet business with C&W's Bulldog broadband
service, which has captured 30% of the U.K. business market.

Europe's second biggest telecoms group might also combine C&W's
business with Orange, its wholly owned mobile phone network,
which has a major U.K. base in north Bristol.

Analysts, however, say France Telecom might face difficulty
pushing through with the plan after promising to limit spending
on acquisitions this year to no more than EUR500 million.  But it
might soften the proposal with cost-savings from the sale of some
C&W assets.  C&W owns GBP1.5 billion worth of overseas
businesses, and has about GBP1.1 billion in cash.  It made a
profit of GBP363 million during the year to March.

CONTACT:  CABLE & WIRELESS PLC
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cw.com/new


CAMBRIDGE UNITED: Sports Minister Rallies Support for Club
----------------------------------------------------------
Westminster sports minister Richard Caborn will speak to his
fellow officials to try to save Cambridge United F.C. from
liquidation, Daily Post reported.

"It would be tragic if Cambridge folded," he said.  The club went
into administration after losing a slot in the Football League
last season.  Its biggest creditor is Inland Revenue, which is
owed GBP500,000.

Fans appealed to Mr. Caborn to intervene after talks with
football authorities and HM Customs & Excise stalled earlier this
week.  The argument centers on the treatment of debt owed to
other football clubs and players.  The conflict has been running
for more than a year.

Cambridge United needs to fully settle its debt with creditors
before it can play in the Conference next year.

Club Finance Director Nick Pomery said administrators have
proposed that a third party, CFU, pay about GBP70,000 of debt,
leaving the company to shoulder the balance.  But Customs &
Excise won't accept any deal that paid a better return to
football creditors, he said.

"Since they are owed more than half of the total debts they are
in a position to block any deal they don't like," he said.  "This
is despite the deal that we are offering to Customs being better
than they would receive under any other scenario."

CONTACT:  CAMBRIDGE UNITED F.C.
          Abbey Stadium
          Newmarket Road
          Cambridge
          CB5 8LN
          Phone: (01223) 566500
          E-mail: web@cambridge-united.co.uk
          Web site: http://www.cambridge-united.premiumtv.co.uk/
          Contact:
          R.H. Smart, Life President
          R.F. Hunt, Chairman
          J.S. Howard, Vice Chairman
          P.D. Barry, J. Medd, N. Pomery, Director
          Brian Attmore, Fans Elected Director
          T. Baker, Associate Director
          R.L. Sargent, Associate Director
          Councillor R.J. Smith, JP, Associate Director
          R.T. Summerfield, Associate Director


CH BRANNAM: Administrators Fail to Sell Business
------------------------------------------------
The administrators of CH Brannam Limited have mulled capitalizing
on its tourism potential, among other options, in rescuing the
pottery firm.

Andrew Stoneman, partner Menzies Corporate Restructuring, said:
"We are undertaking an urgent review of the business and are
considering all options.  The center is extremely well known in
the local area and has enjoyed a regular influx of tourists and
other visitors to its visitor center and we will be working hard
with the existing management team to look at ways of rescuing the
company."

Mr. Stoneman and Jason Godefroy were earlier appointed joint
administrators to CH Brannam after the company suffered from
falling revenues and working capital issues.

The firm, which supplies terracotta and terrazzo planters and
pots to the U.K.'s major Do-It-Yourself stores, had been put up
for sale in an attempt to bring in additional required funds.
However, the move failed due to planning consent issues.

Simon Fox, Chairman of CH Brannam Ltd., said: "Despite all the
company's current difficulties, we are working jointly with the
administrators to find a solution."

Founded in 1847, the company originally made utility wares such
as floor tiles and sewage pipes.  It established its reputation
for art pottery in 1897, known as the "Royal Barum Ware" with
European royalties including Queen Victoria as patrons.

CH Brannam currently employs 140 people and manufactures at its
plant in Barnstaple, Devon, with imports from Italy and China.

CONTACT:  CH BRANNAM LIMITED
          Web site: http://www.studiopottery.com/

          MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk

          SAPPHIRE PUBLIC RELATIONS
          Caroline Harrison/Adrienne Routledge
          Phone: 020 8916 2144
          E-mail: caroline@sapphirepr.co.uk
                  Adrienne@sapphirepr.co.uk


CONTRACT EMBROIDERY: Members Final Meeting Set July
---------------------------------------------------
The final meeting of the members of Contract Embroidery Services
Limited will be on July 19, 2005 at 1:15 p.m.  It will be held at
the offices of R W Keating & Co, 20 Winmarleigh Street,
Warrington, Cheshire WA1 1JY.

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 form must be lodged with
R W Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1
1JY not later than 4:00 p.m., July 18, 2005.

CONTACT:  R. W. KEATING & CO.
          2nd Floor
          20 Winmarleigh Street
          Warrington
          Cheshire WA1 1JY
          Phone: 01925 245004
          Fax: 01925 245357
          E-mail: robert@rwkeating.fsnet.co.uk


DUO AIRWAYS: Creditors to Wait Another 17 Months to Recover Cash
----------------------------------------------------------------
Administrators of Birmingham airline Duo Airways received a
17-month extension to agree on all claims made by creditors,
according to Evening Mail.

William Dawson and Andrew Peters of Deloitte & Touche LLP said
they now have until October 31 next year to settle the claims.

By then it would be more than two years after the airline's
collapse.  Duo Airways Limited, Duo Group Limited, and Duo
Holdings Limited went into administration May 1, 2004.

Duo's former head of communications, Adrian Kibbler, criticized
the proceedings.  He said: "Any pittance that they may eventually
receive will have been eroded by almost three years of
inflation."  Creditors who are owed a reported GBP25 million
stand to receive just 7p for every pound.  Duo has 500 unsecured
creditors.

Mr. Kibbler is expected to receive GBP511 out of the GBP7,300 he
is owed by the company.  He believes the Department of Trade and
Industry should investigate into unanswered questions surrounding
Duo's collapse.  The fall encumbered thousands of passengers,
hundreds of creditors from all over the world, and 300 people
directly employed by the firm, according to him.  It affected
Birmingham City Council, Saga FM, the Hilton Birmingham
Metropole, the NEC and Birmingham International Airport.

CONTACT:  DELOITTE & TOUCHE LLP
          201 Deansgate,
          Manchester M60 2AT
          Receivers:
          William Kenneth Dawson
          Andrew Philip Peters
          (IP Nos 008266, 004468)
          Phone: 0161 832 3555
          Fax: 0161 829 3806


EIDOS PLC: SCi Sees Profit in 12 Months
---------------------------------------
The new owner of Eidos plc is confident of returning the company
to profit within the next year.

Videogame developer SCi Entertainment is encouraged by the strong
trading of Eidos after it acquired the rival earlier this year.
Eidos sold 1.3 million copies of Lego Star Wars in six weeks
since April.

SCi's acquisition of Eidos for around GBP100 million last month
made it U.K.'s largest computer and video games publisher, and
helped it compete in the global market.  The combined group has a
market value of GBP245 million and employs around 800 staff
across eight countries, according to Manchester Online.

Jane Cavanagh, SCi chief executive, said they plan to bring Eidos
to black by saving up to GBP14 million during the first year of
its ownership, and carrying on the firm's business model of
releasing profitable products on schedule.  It has decided to
retain Eidos' brand name on all future products, and sell them
through existing distribution arrangements in Europe.  Eidos' San
Francisco publishing operation retained and expanded.

SCi revealed its plan for Eidos as it reported pre-tax loss of
GBP3.8 million during the six months to March 31.  It made losses
of GBP100,000 at the same period in 2004.

Eidos put itself up for sale after two profit warnings earlier
this summer.  The company remains financially sound but is
considered too small for the market.

In the year to 30 June 2004, the Group achieved a turnover of
GBP133.9 million (2003: GBP151.5 million) and recorded an
operating loss before goodwill and exceptional items of GBP2.0
million (2003: GBP13.9 million profit).

CONTACT:  EIDOS PLC
          Wimbledon Bridge House
          1 Hartfield Rd.
          Wimbledon
          London SW19 3RU
          Phone: +44-20-8636-3000
          Fax: +44-20-8636-3001
          Web site: http://www.eidos.com

          Brunswick U.K
          Jonathan Glass
          Wendel Carson
          Phone: 020 7404 5959

          Brunswick N.Y.
          Nina Devlin
          Phone: 001 212 333 3810

          SCI ENTERTAINMENT GROUP PLC
          11 Ivory House, Plantation Wharf
          London
          SW11 3TN, United Kingdom
          Phone: +44-20-7350-5240
          Fax: +44-20-7924-3419
          Web site: http://www.sci.co.uk

          Jane Cavanagh, Chief Executive
          Rob Murphy, Finance Director
          Phone: 020 7585 3308


EURODIS ELECTRON: Explores Possibility of Merger
------------------------------------------------
Eurodis Electron is in preliminary merger discussions with a
rival electronics distributor.  In a statement to the stock
exchange, the company said it has already provided due diligence
information to the prospective bidder.

The City thinks the likely buyers are Abacus and Acal, according
to EETimes UK.  Both have investment from Unicorn Asset
management, which also owns 12.9% of Eurodis and is said to be "a
long-term advocate of consolidation," the report said.

In May, Eurodis reported pre-tax loss of GBP12 million on
ordinary activities.  The figure is down 37% from last year's
results and is in line with expectations.  It said it continues
to progress in reducing operating cost.  Sales in ten months to
31 March 2005 were EUR244.1 million, 10.7% down on the same
period ended 31 March 2004.  Net Debt EUR53.5 million (31 May
2004 EUR47.5 million, 30 EUR56.8 million).

CONTACT:  EURODIS ELECTRON PLC
          Doug Rogers
          Non-Executive Chairman
          Phone: 01737 242 464

          Steven Swayne
          Chief Executive
          Phone: 01737 242 464

          Peter Grant
          Group Finance Director
          Phone: 01737 242 464


EUROTUNNEL SA: Initial Talks with Creditors Botched
---------------------------------------------------
Preliminary debt restructuring talks between Eurotunnel S.A. and
its creditors failed to take off on Wednesday over disagreements
on how to hold them, according to the Financial Times.

Eurotunnel wants a conference call, but creditors refuse a
face-to-face meeting, the report said.

Chairman Jacques Gounon, who retained his post in a controversial
election on Friday, is yet to present a detailed restructuring
plan.  He faces a July 15 deadline to do so.

Some observers believe the company could fall into bankruptcy if
it fails to reach an agreement with creditors by October.  Aside
from a heavy debt load, Eurotunnel is burdened by a decline in
revenue and passenger traffic.  In April, the company admitted
that price wars had negatively hit its annual shuttle revenues.
The figure fell 7% at constant exchange rates to GBP285 million
(EUR425 million).

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

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

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

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


FEDERAL-MOGUL: Asbestos Estimation Hearing Continues
----------------------------------------------------
The formal hearing to estimate the aggregate value of asbestos-
related personal injury claims against Federal-Mogul Corporation
and its debtor-affiliates continued for a third day in Camden,
N.J., before the Honorable Joseph H. Rodriguez.

              Dr. Peterson on Future Asbestos Claims

"How [would] you go about evaluating Turner & Newall's liability
for future claims?" Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, asked Dr. Mark Peterson on the third day of the
Estimation Trial.

Dr. Peterson told the Court that he would use the same basis he
used to value pending claims.  The only difference is the need to
use a forecast since the number of future claims is uncertain and
unknown.  Dr. Peterson explained that the forecast will be made
for each future year and will take into account monetary
inflation and the year of payment to discount the payments back
to 2001 to present value.  Dr. Peterson related that he made
forecasts separately for each of the disease categories --
mesothelioma, lung cancer, other cancers and nonmalignant claims.

Dr. Peterson did not forecast the unspecified category because it
will not be paid anyway.  Dr. Peterson said he used the trends
and claim filings that were happening generally in asbestos
litigation, and certain matters that would have continued and
added pressures towards increasing the number of claims.  Dr.
Peterson also looked at the claim filings against other
defendants in 2002 through 2004 to provide him of a sanity check
of the events.

According to Dr. Peterson, T&N's data have confirmed that trends
were going up with regard to claim filings, and in 2001, there
was a particular spike in nonmalignant claims.

Dr. Peterson compared the number of occurrences of mesothelioma
in a year to the number of claims filed against T&N in that same
year.  The number of occurrences, Dr. Peterson said, represent
the potential number of claims that might have been filed against
T&N.  "The actual claims, of course, represent the actual
experience of filings.  And so by comparing the two, by dividing
the number of claims by the incidence, we can calculate a rate of
claiming."  That rate of claiming, Dr. Peterson said, is the
propensity to sue.

Having determined what the past propensity to sue, Dr. Peterson
looked at the absent levels -- the rate of claiming at the time
that T&N entered into bankruptcy and the trends at that time.
"We would expect that the claiming in the future would . . .
begin at about the rate we've seen in the most recent time, but
to the degree that [it] has been increasing or decreasing."

To forecast nonmalignant diseases, Dr. Peterson used the standard
method among most forecasters.  He looked at what's been the
historic relationship between the number of nonmalignant claims
filed annually against T&N and the number of cancer claims.

To further examine the history, Dr. Peterson told the Court that
he looked at the empirical data on past experience.  "There was
considerable increase in the number of cancer claims in the last
two years preceding the bankruptcy," Dr. Peterson noted.

Dr. Peterson reiterated that the bankruptcies by other defendants
contributed to filings against T&N in 2000 and 2001 until it
filed for bankruptcy.

Dr. Peterson noted that in recent years, the plaintiffs' lawyers
have substantially increased their advertising to gain
representation of asbestos-related cancer victims, particularly
through the Internet.

Dr. Peterson commented on the "spike" that occurred in the
mid-1980s.  "That occurred because of the entrance of [T&N] in
the Center for Claims Resolution and in the Asbestos Claims
Facility."  Dr. Peterson emphasized that during the existence of
the CCR, T&N essentially accepted and got liabilities for claims
of all members, including claims that had been filed in the past
before those entities are formed.  But ignoring that spike, Dr.
Peterson noted that there is increase in claims in recent years.
Dr. Peterson took the trends and compared them with the
epidemiological forecasts.

Mr. Inselbuch asked Dr. Peterson where he gets the
epidemiological forecast.

There is only one peer reviewed medical study that provides the
kind of information necessary to do epidemiological forecasting,
Dr. Peterson told the Court.  "It's a study by Drs. Nicholson,
Perkel and Selikoff, who are the primary researchers really in
this area working at Mount Sinai."

Dr. Peterson related that in 1981 and 1982, the three doctors
published a report on workers exposed on asbestos.  The study
made estimates of the relative amount of asbestos fibers that the
workers were exposed to, looked at turnover in the labor
populations in each of those asbestos industries, and then
applied rates of development of medical disease, of cancers, to
forecast future claims.  The study forecasted from 1970 through
2030 the number of persons who would die each year from
asbestos-related lung cancer and asbestos-related "meso" or
another cancer, Dr. Peterson said.  The study, Dr. Peterson
continued, is the only peer reviewed study of its nature and also
the most widely used epidemiological study both in litigation and
within the medical community.

Dr. Peterson noted that the National Cancer Institute
Surveillance of Epidemiology and End Results provides data
estimates of the annual number of deaths for every kind of
cancer, including mesothelioma.  The program monitors the
occurrences and results of cancer in 13 sites around the country,
including Ohio, Los Angeles, Long Beach and Honolulu.  From those
13 sites, there can be an estimate of the total occurrence, the
total deaths of mesothelioma in the country as a whole.  Using
the rates from the 13 sites, Dr. Peterson continued that it could
be multiplied to the country as a whole, essentially adjusting
for ages of each of the groups to provide an estimate for every
cancer.

As to mesothelioma, Dr. Peterson noted that he could not make a
comparison between Dr. Nicholson's projections and the SEER
counts for lung cancer because lung cancer is caused by other
matters and other toxins than asbestos, primarily smoking.  "So
there will be many more lung cancer deaths in this country than
Nicholson forecasts for that are asbestos-related, but for
mesothelioma the only known cause is asbestos."

Dr. Peterson related that in the recent years, SEER count is a
bit lower but before 1990, the SEER counts were lower for a
series of years compared to Nicholson.  Dr. Peterson noted that
the forecasts for mesothelioma from 1990 through 2001 were
increasing but slowly.

Dr. Peterson used other forecasts, including that made by KPMG
Peat Marwick for the National Gypsum bankruptcy.  KPMG forecast
was made until the year 2050.  To use the KPMG, the trends in the
KPMG forecast extend Nicholson out further for 20 years.
Nicholson's forecast was cut off until 2030.

To project into the future, Dr. Peterson took a calculation of
the propensity to sue and multiplied it by the incidence to
estimate what will be the number of deaths occurring in the
future years.

"Could you describe to the Court how you went about then
projecting the propensity to sue for Turner & Newall for the
future?" Mr. Inselbuch asked.

According to Dr. Peterson, he made two alternative calculations
of the future propensity to sue -- the increasing model and the
no increase model.

Dr. Peterson told the Court that he would not be precisely right
in his forecast.  "Forecasting is a process of error.  So it may
go up faster or slower . . . and, indeed, if we look at what's
happening to other defendants at this point in time in 2003,
2004, other defendants who were in the CCR and left, it suggests
that I've underestimated the rate of increase."  Dr. Peterson
noted that the increase in propensity to sue is more plausible.

Dr. Peterson is confident that his increasing model does not
overestimate T&N's liability and even suggested that he probably
have underestimated T&N's liability.

"How did you go about forecasting other malignant claims?" Mr.
Inselbuch asked.

"It is precisely the same kind of calculation you calculate
propensities to sue.  And we did the same -- and had two
alternative models, increase in propensity to sue we forecast
will occur is one model and the second model is a propensity to
sue will remain unchanged from the levels in [2000 and 2001],"
Dr. Peterson replied.

Using the no increase model, Dr. Peterson suggested that there
would be about 77,000 future claims.

"Having forecast the number of claims, how did you go about
forecasting the value or the obligation to pay those claims that
Turner & Newall would have?" Mr. Inselbuch asked.

Dr. Peterson explained that he used the same values that he used
to estimate the pending claims.  Dr. Peterson said that those
payments would increase with monetary inflation, which he
estimated at 2.5%.  Dr. Peterson said that the real value of
those claims would be the same in 2010 and 2030 as they are in
2002.  Dr. Peterson assumed that future settlements would occur
two years after.  "And so when I discount -- so I essentially
apply inflation to two years past the year it's filed and I
assumed that's when the claim would be paid."

Dr. Peterson told the Court that he got the 2.5% increase for
inflation from the Congressional Budget Office and looked at
what's been the recent inflation over the last 10 and 15 years.

                 Owens Corning's Estimation

Mr. Inselbuch asked Dr. Peterson to comment on Judge Fullam's
Order in Owens Corning's estimation.

   (1) Venue Shopping

Dr. Peterson noted that "venue shopping" was one of the issues
brought up in Owens Corning's estimation.  Dr. Peterson said that
venue shopping was not an issue that was as significant for
Turner & Newall as it might have been for Owens Corning, and with
the exception of one jurisdiction it probably wasn't terribly
important to Owens Corning.  "Judge Fullam specifically
identified three jurisdictions, the State of Mississippi, the
State of Texas, and Southern Illinois being places where there
had been changes in the ability of plaintiffs who are not
residents or didn't work in those jurisdictions to file.  There
have been changes in the venue rules of those three.  The change
in Texas occurred five or six years ago, it was about 1996 I
believe, and so whatever impact that had has already been
reflected in the data for Owens Corning, frankly, and also for
Turner & Newall.  But I've looked at that issue and the primary
effect of the Texas venue statute was to make it more difficult
for claimants who did not -- probably impossible for claimants
who did not either reside in Texas or were not exposed in Texas
to file lawsuits there.  And so it did move some claims.  Well,
in talking with plaintiffs and defendants, what we've seen is
that claims that were otherwise filed in Texas tend to be filed
now in other states.  It was -- the venue was in part used to
deal with problems of statutes of limitations among Alabama and
Georgia claims.  So the claims, it didn't eliminate claims, it
moved them."

Adam Strochak, Esq., at Weil Gotshal & Manges LLP, interrupted
the examination asserting that the expert's analysis on venue
shopping is not contained in his Report.

"Your Honor, an expert provides a report stating his opinions and
the reasons for those opinions," Mr. Inselbuch reasoned.  "In his
testimony, he can answer questions.  He certainly couldn't put in
his report everything he thought about in connection with
formulating his opinion.  It seems to me fair to let the expert
respond to questions that fairly would support or would argue
against the adequacy of his opinion and the adequacy of his
thinking process."

To extent that the questions are directed to help support a
conclusion that's already contained in the reports, Judge
Rodriguez said he will permit that series of questions.

Dr. Peterson continued his discussion on venue shopping.

Dr. Peterson noted that with regard to Texas, some Texas lawyers
who now had fewer cases from out-of-state began to go to other
parts of Texas where they had not very aggressively sought to
represent claims.  "So they ended up bringing more claims into
the litigation and getting higher values because these were now
Texas victims in Texas.  So the net effect of the Texas statute
with regard to venue is, one, it probably didn't have much impact
because cases that were in Texas got transferred elsewhere.  They
may have gotten slightly lower values in other states, it's hard
to tell.  The other impact is that it increased the pressures
within Texas by having more Texas claimants in venues and
jurisdictions that were more threatened, and so probably it was
either a wash or actually increased the liability."

As to Mississippi, Turner & Newall was able to get summary
judgment to dismiss Mississippi cases because the plaintiffs
there weren't able to identify Turner & Newall.

As to Southern Illinois, Dr. Peterson said, it was a euphemism
for Madison County, a particular county in Illinois that's
infamous in asbestos litigation because of the large size of the
verdicts there.  It's a significant jurisdiction and venue issues
there are significant as long as a defendant is very actively
participating in litigation.  "But that wasn't Turner & Newall.
Turner & Newall, to my knowledge, hadn't tried a case in Madison
County, it was not a litigating defendant.  Even in the future I
think it will not be a particular litigating defendant.  In my
estimates of the future liabilities against Turner & Newall, I
did not make any assumption that those payments would go up
because they were now going to be exposed to judgments in Madison
County that they hadn't been before.  So, the summary of that is
that I did consider venue issues, I considered the specific
issues and jurisdictions that Judge Fullam mentioned and they
might -- they would have marginal effects at most."

   (2) Mass screenings

According to Dr. Peterson, he also considered mass screenings in
his estimation.  "It's an issue that I think there is some
uncertainty about, what would be the entrepreneurial activity of
plaintiffs' lawyers using those methods."

"I've taken [mass screenings] into account because my forecasts
of the number of future nonmalignant claims under my increasing
model are essentially less than what they received in the past,
so I think it's probably reflected in the calculations that I do,
but it's an argument that I think has some weight."

   (3) Erroneous X-ray Interpretations by Suspect B Readers

"Despite raising this concern, Judge Fullam went on to say that B
readers have an opportunity to get to a jury, so even though he
may have been offended by them he recognized that these -- this
may not have had a terribly great effect because those B readers
can still get before juries and testify," Dr. Peterson noted.

According to Dr. Peterson, there is a reduction, B readers are
less a feature of the litigation in recent years.  "They've
already been weeded out, they've already been weeded out to some
degree, and that's reflected in the recent data of claims filings
against Turner & Newall."

These doctors, Dr. Peterson said, are used less frequently now
because a plaintiff's lawyer getting a new case in is not going
to send someone for a B read to one of these suspect doctors
because he won't get as much money as if he gets a B read in a
doctor who has more credibility and will provide the opportunity
of getting a larger settlement.

Dr. Peterson added that plaintiffs' lawyers can always use a
different B reader at trial in order to have a stronger case.  In
some cases, x-rays from some doctors are not accepted.

"I agree with Judge Fullam that the litigation system isn't
perfect, that there are things that he doesn't like about it,
things that I don't like about it, but I'm forecasting how the
system operates, not how I think it should operate."

   (4) Overpayment to Unimpaired Claimants

"Overpayment is a difficult concept for me.  There is a market
for these claims and the defendants are sophisticated with regard
to the strength of evidence that is submitted and they pay less
to weaker claims, so I think that's reflected in there," Dr.
Peterson said.

   (5) Group Lawsuits

Dr. Peterson relates that plaintiffs' law firms file on one
complaint a wide range of claims, mesothelioma claims and
unimpaired nonmalignant claims.  The defendant is forced to
settle or enters into settlements in which it settles both
nonmalignant and mesothelioma claims.  "The filing of the
complaint itself doesn't mean they'll be tried together or they
have to be settled together, it's a convenience and efficiency
with regard to being able to file.  It reduces the operating cost
of law firms a bit, that's about its only impact, but it's the
grouping of claims for resolution at trial that have an impact."

Dr. Peterson believes that group settlement is the way to go.
"There is too many to do otherwise."  In the past, T&N was able
to reduce its overall liability by settling the claims by groups.

   (6) Punitive Damages

Dr. Peterson noted that punitive damages were not an issue for
T&N because it wasn't a litigating defendant.  Dr. Peterson said
that punitive damages are rare, and they are unpredictable.
Punitive damages, Dr. Peterson said, have relatively little
impact on the cases in which they arise.  Dr. Peterson believes
that punitive damages would have an impact if a defendant takes
the case to trial and the judge allows punitive damages to get to
a jury.

"So I think it's an unpredictable matter that has effect for a
small number of claims which aren't really relevant here because
this is not a litigating defendant and has, according to the
people that reached the settlement, both plaintiffs and defense
lawyers, had no impact on the settlement.  So, I considered it.
In the end, I think that I don't disagree with Judge Fullam's
opinion, and it's certainly not a relevant consideration here."

                         U.K. Liabilities

Dr. Peterson told the Court that his approach in estimating U.K.
liabilities was the same approach he used in estimating U.S.
liabilities.  There were a couple of changes to reflect the
different litigation circumstance in the U.K. and differences in
the epidemiology between the United States and the U.K.

Dr. Peterson took the data from T&N's database for U.K. claims.
He did similar analyses and compared them with an epidemiological
forecast of future asbestos-related deaths.

Dr. Peterson said that he familiarized himself with the English
litigation system and environment in which T&N operated.  He
spoke with lawyers in the U.K. and made two trips to the U.K. to
learn and to talk about it.

Dr. Peterson related that he made two different complementary
predictions in the U.K., by separating the claims as "shared
liability" and "Turner & Newall liability."  One of the
differences between the United States and the U.K. asbestos
litigation is that T&N is by far the dominant manufacturer of
asbestos products and dominant asbestos defendant in the U.K.,
Dr. Peterson said.  "It's kind of like Manville plus Owens
Corning plus Turner & Newall in this country, it plays a role
that's not, there's no equivalent in the United States."  Dr.
Peterson noted that most of the claims against T&N tend to arise
from among employees.

According to Dr. Peterson, he projected a forecast of the
indemnity for pending claims similar to that approach he made in
the U.S.

In general, Dr. Peterson told the Court that asbestos products'
use and consumption in the U.K. lagged the United States by 10
years or so.  There is no epidemiological model in the United
Kingdom that is similar to the Nicholson model in the United
States, Dr. Peterson said.

Dr. Peterson used the Nicholson epidemiology instead of a
mesothelioma model made recently by a certain U.K. health agency.

Dr. Peterson noted that the method he used was also accepted by
the experts who were working for the U.K. parties of interest as
an appropriate approach and used the method in their own work.

Dr. Peterson noted that there is an increasing number of claims
against T&N and the U.K. as a result of the fact that the
incidence was growing, not because the propensities to sue were
growing.  Dr. Peterson assumed that there would be no increase in
the propensities to sue in the U.K. because:

   * the data were consistent with no increase; and

   * based on his discussions with people in the U.K., there did
     not seem to be an expectation or bases for continuing
     growth and claims in the U.K. as observed in the U.S.

To project the U.K. filings against T&N for the future, Dr.
Peterson used the Nicholson epidemiology lagged by 10 years and
the number of claims filed against T&N over the last five years
to calculate propensities to sue for the two cancer groups:

   * lung cancer and other cancers; and
   * mesothelioma.

Dr. Peterson calculated the propensities to sue.  He forecasted
the future claims by using those same propensities to sue
multiplying them by the epidemiological forecasts of cancer
deaths in future years to derive estimates of how many people
would file claims in the U.K. against T&N for mesothelioma and
lung cancer.  For the non-malignant diseases, Dr. Peterson used
the multiple of the number of non-malignant claims to the cancer
claims historically.

"Did you calculate the indemnity for future claims and, if so,
how did you do that?" Mr. Inselbuch asked.

Dr. Peterson said that he used the same approach that he used in
the United States, taking into account factual differences in the
nature of the litigation thereby disaggregating the claims
between the shared liability and T&N only.

Dr. Peterson said he calculated the present value of both the
pending and future U.K. claims against T&N by increasing them at
2.5% inflation.  Dr. Peterson notes that he came up with a value
for pending and future U.K. claims against T&N for each of the
subgroups and added them together, amounting to GBP229 million.

Dr. Peterson told the Court about two expert reports that
commented on his February 2004 Report -- the EMB Consulting Group
and Tillinghost.  Dr. Peterson said that the two experts
criticized some issues in his report and agreed with his general
principles.

EMB and Tillinghost agreed with Dr. Peterson that in the future,
the number of claims that would be filed against T&N would
increase.  EMB's report was done for the law firm Denton, Wilde &
Papte, and was performed on behalf of the administrators of T&N
Limited.  Tillinghost's report was prepared for the law firm of
Allen & Overy, who is counsel to Alexander Forbes Trustee
Services Limited and T&N Pensions Trustee Limited.

Dr. Peterson believes that his forecast is conservative in many
ways and not aggressive.  He noted that even his increasing model
assumes that T&N would receive fewer claims in all future years
except for 2001 when the claims are annualized.  "It's based on
dollar values that are the lowest calculation that I could
provide the Court based upon each historic experience in looking
at what would be each likely future.  It's the lowest number I
could -- it's a number that's lower than what's typically being
paid by other asbestos defendants who, on an ongoing basis, would
face the lower exposure to damages than would Turner & Newall."

Dr. Peterson assumed that nonmalignant claims would tamp down in
the future.

                        Cross-Examination

Adam Strochak, Esq., at Weil Gotshal & Manges LLP, cross-examined
Dr. Peterson.

Mr. Strochak asked Dr. Peterson whether or not his forecast is a
discounted cash flow forecast.  Mr. Strochak described
"discounted cash flow forecast" as forecasting the cash flow
necessary to pay the claims as if they arose in the tort system
absent a bankruptcy for a certain period.

Dr. Peterson told the Court that the description is fundamentally
correct but he wouldn't label it as that.  Dr. Peterson said cash
flow is a different thing.

Mr. Strochak asked Dr. Peterson about three reports he prepared
for the T&N case -- the November 2004 report, a supplemental
report and a rebuttal report to Dr. Robin Cantor's expert report.

Mr. Strochak told Dr. Peterson that none of those reports provide
any statistical data or analysis demonstrating the accuracy of
Dr. Peterson's forecasts.

Dr. Peterson informed the Court that that there's some discussion
of it in his November 2004 report but clarified that it's not a
statistical analysis, rather a comparison of forecasts and actual
results.  Dr. Peterson noted that the actual numbers are not in
the three reports, only the inferences that he draws from having
made the comparisons and some discussions in the reports.  "But I
have to go back and review the report to know, to recall
specifically what's in there, but certainly there are no numbers
in there with regard to that issue."

Mr. Strochak reminded Dr. Peterson of his testimony that he
derived his forecast values from the scheduled values in the
trust distribution procedures that have been proposed in T&N's
case.

"I wouldn't put it that way. I derived values that I described in
my testimony, I derived a range of values and then I used the
trust distribution values with an adjustment for inflation as a
conservative alternative of it.  But I have a whole derivation of
values in my report and selected to use a number that was more
conservative in derivation," Dr. Peterson told the Court.

In contrast with Owens Corning, Dr. Peterson said that he did not
forecast that the Owens Corning settlement values were going to
increase in the future.  Dr. Peterson noted however that Owens
Corning was subject to "very different kinds of circumstances."

Dr. Peterson explained "there wasn't the change in Owens
Corning's position in the asbestos liability -- asbestos
litigation at the time of its bankruptcy like there was for
[T&N]."  Owens Corning, according to Dr. Peterson, wasn't a
member of the Center for Claims Resolution.

Mr. Strochak pointed out that Owens Corning's participated in the
national settlement program, which was very similar in certain
ways to CCR.

Dr. Peterson informed the Court that although there were some
similarities, there was one major difference -- the NSP was Owens
Corning's program based on its liability as a single defendant.

"It's the best it could do negotiating inventory settlements
given that it was the lone defendant out -- a lone defendant, not
a group, and it was the defendant that everyone was shooting at.

So it had already arrived at the status that Turner & Newall was
on its way to becoming."

According to Dr. Peterson, Owens Corning didn't enjoy all of the
advantages of CCR membership.  "That's one of [the] reasons why
is the values were greater.  So the program is the same, but they
were carried out by very different entities and that has an
extremely important ramifications for the amount of money that,
and the savings that CCR members could achieve."

Dr. Peterson testified on Flexitallic and Ferodo, which were
subsidiaries of Federal-Mogul.  Dr. Peterson noted that
Flexitallic and Ferodo are different from each other and they're
different from T&N.  Dr. Peterson said that Ferodo is a friction
product defendant, and didn't have many claims like most friction
product defendants.  Ferodo, Dr. Peterson said, settled
relatively few claims and its exposures primarily for
mesothelioma and not other diseases.

Flexitallic, on the other hand, had many claims because
Flexitallic's product, a disk type gasket was brightly colored
and brightly labeled and it was ubiquitous and very easily
identified so many people sued Flexitallic, Dr. Peterson related.

"But the product, at least according to Flexitallic and the Hanly
firm, almost never releases asbestos.  So it's a case -- it's a
defendant that got lots of claims because of product
identification but there's a serious causation problem with
regard to the product.  But Flexitallic got lots of claims.
Ferodo didn't get so many.  But neither one of them is a
defendant like any of the others that are on that list.  To have
included them would have been misleading to the Court because
their experiences are just not representative of the kind of past
experience or like the future experience for Turner & Newall."

Dr. Peterson noted that Flexitallic and Ferodo were CCR members.

Dr. Peterson clarified to the Court that he begun his estimation
using the Nicholson method.  As the SEER data seems more
consistent with KPMG, Dr. Peterson moved to using the KPMG model
because it seemed more empirically sound.  But with the 2002
data, Dr. Peterson saw that, in fact, Nicholson was more
empirically sound, so he went back to using the Nicholson method.

Dr. Peterson confirmed that the use of the Nicholson forecast
increases the value of future claims by about 10%.  He indicated
that it is consistent with the sensitivity analyses he made.
"It's in the range typically of seven to 10% difference.

Dr. Peterson also confirmed that that he reported 1.16 million in
forecasted future claims in his increasing model as compared to
1.35 million in the October 2002 forecast.  Dr. Peterson
explained that 200,000 decrease in the number of claims
represents in part the elimination of duplicates.  "I think there
were some other technical issues that resulted in that."  Dr.
Peterson said that the total forecast as of February 2004 for
pending claims is $565 million and the future claims is $5.1
billion, with a grand total of $5,728,000,000 for all pending and
future claims.

Mr. Strochak's cross-examination of Dr. Peterson, and testimony
by the PD Committee's expert, Dr. Robin Cantor, continues this
week.

The parties agreed to submit proposed findings of fact and conclu
sions on law on June 28, 2005.  Closing oral arguments will be on
July 14, 2005, at 10:00 a.m.

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. (Federal-Mogul
Bankruptcy News, Issue No. 80; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


FEDERAL-MOGUL: Asbestos Panel Wants Peterson's Testimony Barred
---------------------------------------------------------------
The Official Committee of Asbestos Property Damage Claimants
appointed in Federal-Mogul Corporation and its debtor-affiliates'
chapter 11 cases asks Judge Rodriquez to bar Mark Peterson, the
consultant retained by the Asbestos Claimants Committee, from
testifying about claim values derived from the trust distribution
procedures.

The PD Committee asserts that estimating claim values from the
TDPs that Dr. Peterson himself concocted is not an accepted, or
even logical, claims estimation methodology.

Dr. Peterson provides opinions that either do not flow from the
data and methodology he proffers or fails to make use of any
methodology or data whatsoever, Theodore J. Tacconelli, Esq., at
Ferry, Joseph & Pearce, P.A., in Wilmington, Delaware, alleges.

Mr. Tacconelli tells the District Court that in the Owens Corning
bankruptcy case Dr. Peterson criticized the methodologies of a
claims estimation expert as "muddled amalgams based sometimes on
values in tort litigation and at other times values that might be
paid by a bankruptcy trust created in [the Owens Corning]
proceedings."  Dr. Peterson's report in the Federal-Mogul case,
however, relies on exactly what he condemned as a "muddled
amalgam" of claim values; he has reached his estimate by using a
portion of T&N Ltd.'s own claims history combined with the TDP
values agreed upon by his own client.

The TDP values are nothing more than the method by which Dr.
Peterson's clients have agreed among themselves, with his own
input, to allocate the value they will receive under the Plan,
Mr. Tacconelli says.

The PD Committee also wants Dr. Peterson barred from testifying
about the alleged impact of a book written by Geoffrey Tweedale
in 2000 on the rate of claims to be filed against T&N and the
value of the claims.

Dr. Peterson speculates that the publication of the Tweedale book
about T&N's corporate conduct with regard to asbestos would have
made the company a bigger target for plaintiffs after 2001.  Mr.
Tacconelli says Dr. Peterson uses this theory as the basis for
justifying his assumptions that there would be more claims
against T&N, and they would be more expensive for the company to
resolve.

However, Dr. Peterson has failed to even review the documents
which the Tweedale book is based on, Mr. Tacconelli maintains.
Dr. Peterson also had no idea how many copies of the book were
actually in print, and had never heard of the book until December
2002 -- more than two years after its publication.  During
deposition, Dr. Peterson admitted that his opinions were formed
during casual conversations on a wide range of topics with
various attorneys and was not based on a rigorous scientific or
technical inquiry.

                     ACC & Futures Rep Object

The PD Committee's request is groundless and should be denied,
the Official Committee of Asbestos Claimants and the Futures
Representative contend.

Kathleen J. Campbell, Esq., at Campbell & Levine, LLC, in
Wilmington, Delaware, reminds Judge Rodriguez that federal courts
around the country, as well as the United States Senate Judiciary
Committee and other institutions with a need to estimate asbestos
personal injury liabilities, have repeatedly recognized Dr.
Peterson as qualified to render an opinion -- using the same
methodological approached he has used in Federal-Mogul's case.

The PD Committees' contention that Dr. Peterson's values are
"derived from" the TDP, is simply wrong, Ms. Campbell says.  The
values Dr. Peterson uses are his best -- conservative -- estimate
of resolution costs had T&N remained in the tort system.

Moreover, Dr. Peterson's understanding of foreseeable influences
on T&N's asbestos liability was not based on mere anecdotal
interviews, the PD Committee suggests.  "The basis of Dr.
Peterson's understanding is his extensive asbestos litigation
experience, coupled with discussions he had with plaintiff and
defense attorneys."

Ms. Campbell insists that Dr. Peterson took into account not only
T&N's own settlement history but also related trends, along with
factors driving those trends, including:

   -- the fact that T&N's mesothelioma settlement averages had
      tripled in the three years preceding bankruptcy;

   -- T&N's loss of protection as a member of the Center for
      Claims Resolution;

   -- the publication of the Tweedale book;

   -- the effect of bankruptcies of other major defendants on
      T&N's liability; and

   -- the historic ratios of mesothelioma settlement averages to
      other types of disease claims for T&N and multiple
      asbestos personal injury defendants.

                          *     *     *

At the hearing on June 15, 2005, Adam P. Strochak, Esq., at Weil
Gotshal & Manges, LLP, in New York, representing the PD
Committee, proposed that the parties proceed with the direct and
the cross-examination of Dr. Peterson and reserve argument on the
Limine Motion until after it's been heard.

"[T]hat way the Court would have a better idea of exactly what we
think is inappropriate to be admitted into evidence," Mr.
Strochak explained.

Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, agreed on
behalf of the Asbestos Claimants Committee and the Futures
Representatives.

"That's fine with us," Mr. Inselbuch said.

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. (Federal-Mogul
Bankruptcy News, Issue No. 83; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


FONE BITZ: Hires Administrators from PricewaterhouseCoopers
-----------------------------------------------------------
Robert William Birchall and Michael Jervis (IP Nos 6623, 8689)
have been appointed administrators for Fone Bitz (SMS) Limited.
The appointment was made June 13, 2005.

The company sells electronic, communication and telecommunication
equipment.  Its registered office is at Price and Company, 30-32
Gildredge Road, Eastbourne, East Sussex BN21 4SH.

CONTACT:  FONE BITZ (SMS) LTD.
          M1 Services Northbound
          Northampton
          Northamptonshire NN6 7YB
          Phone: 01327 315362

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


FRONTIER ESTATES: Sets General Meeting Last Week of July
--------------------------------------------------------
The general meeting of the members of Frontier Estates
(Cathedral) Limited will be on July 28, 2005 at 12:00 noon.  It
will be held at the offices of Tony Freeman & Co, New Maxdov
House, 130 Bury New Road, Prestwich, Manchester M25 0AA.

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
Tony Freeman & Co, New Maxdov House, 130 Bury New Road,
Prestwich, Manchester M25 0AA not later than 12:00 noon, July 27,
2005.

CONTACT:  TONY FREEMAN & COMPANY
          New Maxdov House
          130 Bury New Road
          Manchester
          Greater Manchester M25 0AA
          Phone: 0161 798 4365
          Fax: 0161 798 4364
          E-mail: tony@tonyfreeman.com


GEO C STANSELL: Members to Meet Third Week of July
--------------------------------------------------
The final meeting of the members of Geo C Stansell (Spitalfields)
Limited will be on July 22, 2005 at 10:00 a.m.  It will be held
at Prospect House, 2 Athenaeum Road, London N20 9YU.

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
Smith & Williamson, Prospect House, 2 Athenaeum Road, London N20
9YU not later than 12:00 noon, July 21, 2005.

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


GEORGICA PLC: Proposed GBP60 Million Notes Rated 'CCC+'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to U.K.-based leisure company Georgica
PLC.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'CCC+' senior
secured debt rating to the company's proposed GBP60 million ($110
million) bond issue.

The rating is subject to receipt of final documentation.  "The
ratings on Georgica reflect the company's highly leveraged
financial profile, its potential susceptibility to consumer
confidence, competition from other leisure activities, and high
operational gearing," said Standard & Poor's credit analyst Olli
Rouhiainen.  "These factors are partly mitigated by the company's
leading position in the U.K. cue sports club and bowling center
markets, its steady cash flow generation, and relatively low
cyclicality due to low average spend per customer."

Georgica has a good track record of profitability from its
Riley's brand cue clubs, combined with low maintenance capital
expenditure needs.  The company will need to reach and maintain
lease-adjusted total debt to EBITDA of about 6x by year-end 2006.
With very high leverage, Georgica remains vulnerable to negative
changes in the operating environment and the ratings could be
lowered if the company fails to meet the above leverage target
due to lower profitability stemming, for example, from changes in
consumer spending, increasing costs, or lower-than-expected
returns on refurbishments.

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

          Georgica Plc
          39 King St.
          London EC2V 8DQ,
          United Kingdom
          Phone: +44-20-7600-7900
          Fax: +44-20-7606-3025
          Web site: http://www.cuesports.co.uk


GREYFONT LIMITED: Members Final Meeting Next Month
--------------------------------------------------
The final meeting of the members of Greyfont Limited will be on
July 19, 2005 at 11:15 a.m.  It will be held at the offices of R
W Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1
1JY.

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
R W Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1
1JY not later than 4:00 p.m., July 18, 2005.

CONTACT:  R. W. KEATING & CO.
          2nd Floor
          20 Winmarleigh Street
          Warrington
          Cheshire WA1 1JY
          Phone: 01925 245004
          Fax: 01925 245357
          E-mail: robert@rwkeating.fsnet.co.uk


HARVEY CONTAINER: Creditors to Meet Next Week
---------------------------------------------
The creditors of Harvey Container Company Limited will meet on
July 1, 2005 at 11:00 a.m.  It will be held at Chiltern House,
24-30 King Street, Watford WD18 0BP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor (South) LLP, 32 Cornhill, London
EC3V 3BT not later than 12:00 noon, June 30, 2005.

Harvey Container Co. was established by Len Harvey 50 years ago.
The company recycles used corrugated boxes.  Today, Harvey
Container has approximately 30 workers.  Visit
http://www.harveycontainercoltd.co.ukfor more details.

CONTACT:  HARVEY CONTAINER COMPANY LTD.
          Fountayne House,
          Units 6 & 9,
          2 - 8 Fountayne Road,
          Tottenham, London N15 4QL
          Phone: 020 8 808 9955
          Fax: 020 8 801 0130
          E-mail: harvey@btconnect.com

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


H.R. OWEN: Warns of Full-year Loss
----------------------------------
H.R. Owen plc is expecting a full year loss in 2005 and will not
be issuing dividends until it is "appropriate."

The company disclosed in April that trading had been at a lower
level than expected during the first four months of the year, and
that the group's results would be a loss for the first six
months.

However, in its latest trading statement, H.R. Owen revealed it
has downgraded estimates.  It has also predicted losses for the
whole year, despite a profit forecast for the second half.

Following a strategic review, the company now targets reducing
its debt by disposing of a number of its franchises, and focusing
on fewer key brands and its strong and profitable Specialist
Division.

The restructuring is also aimed at increasing margins,
strengthening the company amid economic cycles, and boosting
shareholder value.

H.R. Owen, which ranked 12 in the Motor Trader Top 200 list of
U.K.'s largest car dealers, started 70 years ago when Captain
Harold Rolfe launched dealerships of Rolls-Royce and Bentley
motor cars.

The company currently operates over 35 franchised automotive
retail sites, representing a wide range of brands.  Majority of
its retail operations are located in and around London, the
southeast and East Anglia.  Its portfolio features four major
manufacturers: DaimlerChrysler, Premier Automotive Group,
Volkswagen Group and BMW as well as its specialist sports car
division, under a broad range of trading names.

In March, H.R. Owen reported turnover increased to GBP687 million
(2003: GBP534 million), attributed to a string of acquisitions
made during 2003.

Pre-tax profit was GBP0.5 million as against a loss of GBP3.3
million a year earlier, while after-tax profit was GBP43,000
(2003: loss of GBP3.1 million) and earnings per share were 0.2
pence (2003: loss of 15.8 pence).

The pre-tax profit before exceptional items and goodwill
amortization amounted to GBP1.2 million (2003: loss of GBP1.7
million), while adjusted earnings per share reached 5.1 pence
(2003: loss of 8.7 pence).

Retained loss for the year dropped to GBP2.3 million from  GBP5.2
million in 2003.

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/HROwen(2004).pdf.

CONTACT:  H.R. OWEN PLC
          Divisional Office
          The Hyde
          Edgware Road
          LONDON
          NW9 6NW
          Phone: 020 8201 4155
                 or 020 8201 4156
          Fax: 020 8201 4150
          Web site: http://www.hrowen.co.uk


INVESCO BUSINESS: Members Final General Meeting Set Next Month
--------------------------------------------------------------
Name of companies:
Invesco Business Services Limited
Invesco Financial Services Limited
Invesco Life Limited

The final general meeting of the members of these companies will
be on July 29, 2005 at 11:30 a.m.  It will be held at 31 Burnaby
Gardens, Chiswick, London W4 3DR.

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:  INVESCO BUSINESS SERVICES LIMITED
          11 Devonshire Square,
          London EC2M 4YR
          Phone: 020-7626-3434

          MAURICE GLOVER
          31 Burnbury Gardens
          Chiswick, London W4 3DR
          Phone: 020 8995 5522
          Fax: 020 8230 6765
          E-mail: maurice.glover@gloverco.com


JB RECRUITMENT: Names DTE Leonard Curtis Administrator
------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been appointed
administrators for JB Recruitment & Management Services Limited.
The appointment was made June 16, 2005.  Its registered office is
located at 15-19 Marsh Parade, Newcastle-under-Lyme,
Staffordshire ST6 1BT.

The company offers recruitment and management services either
long or short-term contract.  Visit http://jbrecruitment.netfor
more details.

CONTACT:  JB RECRUITMENT & MANAGEMENT SERVICES LIMITED
          Robson House, Robson Street,
          Stoke-on-Trent, ST1 4ER
          Phone: 01782 213121
          Fax: 01782 214161

          67 Station Road,
          Atherstone, Warwickshire, CV9 1DB
          Phone: 01782 213121
          Fax: 01827 720581

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


LEOTEL SOFTWARE: Final Members Meeting Set Next Month
-----------------------------------------------------
The final meeting of the members of Leotel Software Limited will
be on July 22, 2005 at 10:30 a.m.  It will be held at Prospect
House, 2 Athenaeum Road, London N20 9YU.

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
Smith & Williamson, Prospect House, 2 Athenaeum Road, London N20
9YU not later than 12:00 noon, July 21, 2005.

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


LOWESTOFT BATTERY: Administrators from Robson Rhodes Move in
------------------------------------------------------------
Geoffrey Paul Rowley and Simon Peter Bower (IP Nos 8919, 8338)
have been appointed administrators for Lowestoft Battery Centre
Limited.  The appointment was made June 13, 2005.

The company sells motor vehicle parts.  Its registered office is
located at Unit 7 Colville Road Works, Colville Road, Oulton
Road, Lowestoft NR33 9QS.

CONTACT:  LOWESTOFT BATTERY CENTRE LTD.
          Unit 7 Colville Road Works
          Colville Road, Oulton Broad
          Lowestoft, Suffolk NR33 9QS
          United Kingdom
          Phone: (01502) 560565
          Fax: (01502) 501548

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


MASTERPAY MANAGEMENT: Appoints PwC Administrator
------------------------------------------------
Name of companies:
Masterpay Management Services Limited
Sherwood Engineering Recruitment Limited
Sherwood Managed Services Limited

Edward Klempka and Stephen Andrew Ellis (IP Nos 5791, 8843) have
been appointed administrators for these companies.  The
appointment was made June 14, 2005.

Masterpay provides personalized accounting, payroll and
administration service for contractors in all kinds of
industries.

Sherwood Engineering offers recruitment of the five divisions of
engineering: Consultancy, Mechanical Engineering, Senior
Appointments, Graduate Plus and Construction and Labor.

Sherwood Managed Services offers broad range of industrial,
commercial and engineering businesses as well as developing a
significant business within the public sector.  It also provides
temporary and permanent placement services.

Visit http://www.sherwoodrecruitment.com/for more information.

CONTACT:  SHERWOOD RECRUITMENT LTD.
          Sherwood House,
          200 Sheffield Road,
          Sheffield S9 1UP

          PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          E-mail: edward.klempka@uk.pwcglobal.com
                  steve.a.ellis@uk.pwcglobal.com
          Web site: http://www.pwcglobal.com


MIDLAND'S ESTATE: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of Midland's Estate Agency Limited will meet on
July 4, 2005 at 2:00 p.m.  It will be held at the offices of
Hazlewoods LLP, Windsor House, Barnett Way, Barnwood, Gloucester
GL4 3RT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Hazlewoods LLP, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT not later than 12:00 noon, July 3,
2005.

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


MOVE YOUR MOBILE: Calls in Administrators from PKF
--------------------------------------------------
Kerry Bailey and Jonathan D. Newell (IP Nos 8780, 6419) have been
appointed administrators for Move Your Mobile Limited.  The
appointment was made June 14, 2005.  Its registered office is
located at Innovation Centre 2, Keele University Science and Bus
Park, Keele, Staffordshire ST5 5NH.

Move Your Mobile covers all telecommunication networks.  It
offers personal account managers to both its private and business
account clients.

Visit http://www.moveyourmobile.co.uk/for more details.

CONTACT:  MOVE YOUR MOBILE LTD.
          Innovation Center 2,
          Keele University Science & Business Park,
          Keele, Staffordshire, ST5 5NH
          Phone: 0870 444 1780
          E-mail: info@moveyourmobile.com

          PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


S & M CAFE: HSBC Appoints BDO Stoy Hayward Receiver
---------------------------------------------------
HSBC Bank Plc appoints David Harry Gilbert and Shay Bannon
(Office Holder Nos 2376/01 and 8777/01) joint administrative
receivers for S & M Cafe (Islington) Limited (Reg No 04405628,
Trade Classification: (c) 49).  The application was filed June
14, 2005.  The company manages series of restaurants.

CONTACT:  S & M CAFE (ISLINGTON) LIMITED
          4-6 Essex Road, Islington
          London, England
          Phone: 020 7359 5361

          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


SOUTHERN CROSS: Faces Winding-up Petition
-----------------------------------------
Metropolitan Trust Services has applied winding-up petition
against property management company Southern Cross, according to
The Financial Times.

The firm claims in its petition that Southern Cross 'is insolvent
and unable to pay its debt.'  It said it is owed GBP1.2 million
and requested for a High Court hearing on June 29.

Several groups of creditors are threatening to launch their own
actions, the report said.

Southern Cross leases top properties in central London.  It set
up Relocate in 2003 to help clients find serviced offices.  It is
not related to the care home operator of the same name.  Accounts
filed in October 2003 showed the company has assets of more than
GBP57 million.

Southern Cross was co-founded by Edward Davenport, the
millionaire entrepreneur, who was sentenced to nine months in
prison for VAT evasion 20 years ago.  He was freed on appeal.

Nick Oliver, head of insolvency at law firm Blake Lapthorne
Linnell, said: "We would like to hear from all creditors of
Southern Cross Group or their advisers."

CONTACT:  BLAKE LAPTHORNE LINNELL
          New Court, 1 Barnes Wallis Road,
          Segensworth, Fareham, PO15 5UA
          Phone: 01489 579 990
          Fax: 01489 579 126
          E-mail: robert.labadie@bllaw.co.uk
          Web site: http://www.bllaw.co.uk


T.A.B.S. TECHNICOM: In Administrative Receivership
--------------------------------------------------
HSBC Bank Plc appoints A. D. Pillmoor and A. D. Allen joint
administrative receivers for T.A.B.S. Technicom (UK) Plc.  The
application was filed June 14, 2005.

T.A.B.S. Technicom (UK) Plc manufactures modular buildings,
jackleg cabins, portable accommodation and relocatable
classrooms.  These products are used in the classrooms, nurseries
and creches, offices, site accommodation, retail units, leisure
facilities and many other uses.

For more details, visit: http://www.tabstechnicom.co.uk/.

CONTACT:  T.A.B.S. TECHNICOM (UK) PLC
          Sutton Fields Industrial Estate
          Kingston upon Hull
          East Yorkshire HU7 0WX
          Phone: 01482 825558
          Fax: 01482 825557
          E-mail: enquiries@tabstechnicom.com

          BAKER TILLY
          Wilberforce Court
          Alfred Gelder Street
          Hull
          East Yorkshire HU1 1YH
          Phone: 01482 327406
          Fax: 01482 326957

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


UNITED BISCUITS: Senior Subordinated Notes Downgraded to 'CCC+'
---------------------------------------------------------------
Fitch Ratings downgraded United Biscuits Finance's senior
subordinated notes to 'CCC+' from 'B-'.  At the same time, the
agency has downgraded Regentrealm Limited -- a subsidiary of
UB -- Senior Unsecured rating to 'B-' from 'B' and its senior
secured debt to 'BB-' from 'BB'.  The Outlook has been changed to
Negative from Stable.

The rating actions follow the publication of very disappointing
results for FY04, with a 13.9% decrease in underlying EBITDA if
the contribution of Jacob's and Triunfo is deducted.  This trend
was not reversed in Q105.  Of particular concern is the limited
cash flow generation, primarily driven by decreasing
like-for-like profit generation from the core U.K. operations.

"This is the second downgrade since the announcement of the
Jacob's acquisition of last summer.  United Biscuits seems to
suffer from a structural inability to improve profit margins
notwithstanding having spent in excess of GBP130 million on
cost-cutting initiatives in the past four years.  Should this
trend continue in 2005, UB may struggle to generate sufficient
cash flow to meet debt repayment obligations in FY06 and FY07,
hence the downgrade and Negative Outlook" says Stefano Podesta,
Director in Fitch's Leverage Finance team in London.

In Fitch's view, UB's decision to expand operations in the
hyper-competitive U.K. market by acquiring Jacob's may not
deliver increased combined profit, as savings from cost synergies
are likely to be offset by continuing pricing pressure from U.K.
retailers.  UB's brands are seemingly unable to command a
sufficient price premium in the current market environment.  It
is only in Southern European markets, primarily Spain and
Portugal, that UB has been able to extract higher margins from
cost synergies.

Although UB prepaid some GBP20 million of senior debt in Q105
using cash available on balance sheet, an increasingly steep
amortization profile starting from FY06 requires a step change in
cash flow generation, which at present, seems very difficult to
achieve.  In the absence of another refinancing and large
disposal or an IPO, investors are reliant on a structural
improvement in the cash flow generation of the business.  Given
the company's track record in this area this seems quite a
challenging task.

CONTACT:  FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0) 20 7417 4316

          Pablo Mazzini
          Phone: +44 (0) 20 7417 3540

          Giulio Lombardi
          Phone: +44 (0) 20 7417 6314

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

          United Biscuits Finance plc
          Hayes Park North, Hayes End Road, Hayes
          London UB4 8EE, United Kingdom
          Phone: +44-20-8234-5000
          Fax: +44-20-8734-5555
          Web site: http://www.unitedbiscuits.co.uk


WESTMOOR LAND: Members Pass Winding-up Resolutions
--------------------------------------------------
At the extraordinary general meeting of the members of Westmoor
Land Plc on June 8, 2005 held at Caxton House, 1 Queen Street,
Mirfield WF14 8AH, the special and extraordinary resolutions to
wind up the company were passed.  Jonathan Paul Philmore of
Philmore & Co, Caxton House, 1 Queen Street, Mirfield WF14 8AH
has been appointed liquidator of the company.

CONTACT:  PHILMORE & CO.
          Caxton House,
          1 Queen Street,
          Mirfield WF14 8AH


WINTERWARM HOLDINGS: Creditors Meeting Set Next Week
----------------------------------------------------
Name of companies:
Winterwarm Holdings Limited
Winterwarm Limited

The unsecured creditors of these companies will meet on June 30,
2005 at 11:00 a.m.  It will be held at The Seminar Room, KPMG
LLP, 2 Cornwall Street, Birmingham B3 2DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL not
later than 12:00 p.m. June 29, 2005.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3000
          Fax: 0121 232 3500


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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