TCREUR_Public/050629.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 29, 2005, Vol. 6, No. 127

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Finds Key Partner for Greek Subsidiary


C Z E C H   R E P U B L I C

LETECKE ZAVODY: Aircraft Industries Wins Tender


F R A N C E

RHODIA SA: Police Pay Finance Minister a Visit


G E R M A N Y

AUTOGLAS-PROFI: Glass Manufacturer Breaks down into Bankruptcy
BABCOCK-BORSIG: Decision on EUR542 Mln Claims Out November
CENTRAFLOR DRESDEN: Calls in Administrator from Kuebler
DAIMLERCHRYSLER AG: To Buy Stake in Ballard Power's German Unit
DHC SYSTEME: Creditors Have Until Next Month to File Claims

DUERR AG: Opts Not to Pay Dividend Despite Profit
GHB GESELLSCHAFT: Creditors Meeting Set August
MEDIA TECHNOLOGIES: Software Producer Falls into Bankruptcy
ROSSLER PREMIUM: Kassel Court Appoints Administrator
RUNGIS EXPRESS: Cool Chain Secures Ownership of Company
THUERINGER PHARMAGLAS: Under Bankruptcy Administration


I T A L Y

FIAT AUTO: Increases Stake in Indian Unit


K A Z A K H S T A N

ALLIANCE BANK: Eurobond Assigned Final Rating of 'B+'


R U S S I A

ASINOVSKIY CITY: Undergoes Bankruptcy Supervision Procedure
BIN BANK: Receives Financing from Banca Nazionale
FACTORY OF METAL GOODS: Declared Insolvent
KAMENKA-AGRO-TRANS: Under Bankruptcy Supervision
NYANDOMA-LES-TOP-PROM: Public Auction Set July

OCEAN-MOR-FLOT: Creditors Have Until July 28 to File Claims
OJSC MACHINE-BUILDING: Succumbs to Bankruptcy
PEVEKSKIY: Meat and Milk Enterprise Calls in Insolvency Manager
PORONAYSK-COAL: Declared Insolvent
SARAKTASHSKIY FAIENCE: Bankruptcy Hearing Set July 12
TEXTILSHIK: Ulyanovsk Court Names A. Pimenov Insolvency Manager
YUKOS OIL: Authorities Detain Former Exec of Subsidiary


U K R A I N E

BIK: Temporary Insolvency Manager Takes over Helm
EUROFLEX: Bankruptcy Supervision Starts
KIROVOGRADBUDINVEST: Succumbs to Bankruptcy
NOVOSELITSYA' LIQUOR-VODKA: Appoints Insolvency Manager
OJSC DNIPROENERGO: New Reorganization Plan Rejects Breakup

SEVERODONETSKIJ AGROSPECPOSTACH: Liquidator Moves in
SHEVCHENKIVSKE: Declared Insolvent
SILGOSPTEHNIKA: Court Appoints Temporary Insolvency Manager
SLAVIYA: Kyiv Court Opens Bankruptcy Proceedings
SVERDLOVSL' AUTO 10973: Court Orders Debt Moratorium
SVIT-POSTACH: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ADVENTURE CENTRE: City Council Arranging GBP5 Mln Rescue
AGL LIMITED: Hires PricewaterhouseCoopers as Administrator
AIRCRAFT EQUIPMENT: Business for Sale
AMS NEVE: Hires Administrators from Kroll Limited
BAE SYSTEMS: Fitch Downgrades BAE Systems to 'BBB'

BC GROUP: Shopfitter in Liquidation
BRITANNIA SHELVING: Files for Liquidation
CABURN VACUUM: Names Tenon Recovery Administrator
CONSODATA GROUP: Deadline for Filing Claims August
COUNTRYMAN POWER: Generator Manufacturer Calls in Administrator

EUROTECH INDUSTRIES: Hires Administrator from Till Morris
FEDERAL-MOGUL: Panel Won't Hire Lobbyists Due to Objections
HHT LIMITED: Hires Administrators from Menzies Corporate
NETWORK RAIL: Misfeasance Suit Against Government Takes off
PARAMOUNT PLASTIC: Administrators from Tenon Recovery Move in

PFIZER MEDICAL: Owner Opts to Wind up Firm
PROFILE MEDIA: Barclays Extends Debt Option Until October
READMANS LIMITED: Retail Store Hires Administrator
SENDO LTD.: Motorola, Kroll to Save Firm from Collapse
SLAM CITY: Appoints Mazars Administrator
TERTIO TELECOMS: Final General Meeting Set Mid-July
TORUS SOFTWARE: Administrator from HKM Moves in


                            *********


===========
C Y P R U S
===========


CYPRUS AIRWAYS: Finds Key Partner for Greek Subsidiary
------------------------------------------------------
Troubled national carrier Cyprus Airways (CAIR) has secured a
vital deal for its Greek subsidiary Hellas Jet, Reuters says.

In a statement, CAIR said it struck a deal with another Greek
carrier, Air Miles, that allows the latter to acquire up to 49%
of Hellas.  The agreement includes a call option on Air Miles to
acquire the remaining 51% shares.  CAIR refused to disclose the
value of the deal.  Air Miles is also known as Trans World
Aviation.

Hellas Jet flights have been suspended since May 10.  CAIR has
cited unfavorable market conditions as the reason for the
suspension and the unit's EUR1.5 million monthly losses.  The
Cyprus-based parent had tried to seek buyers for Hellas, but
received unsatisfactory offers.  Recently, it exercised a call
option to purchase the 25% stake held by AEF European Capital
Investment B.V., increasing its ownership to 100% from 75%.
CAIR created Hellas Jet in 2003 to cater to a large number of
passengers expected to attend the 2004 Olympics in Athens.

CAIR has been racking up losses for years and in 2004 it fell
CYP33.5 million in the red.  It attributed the loss to the
liberalization of air transport, high fuel prices and costly
fleet renewal.  In December, it revealed a CYP60 million
financing requirement to meet short-term and long-term needs.
CAIR is now in the middle of a restructuring that mandates,
among others, the axing of several employees.  Last year, it
sent a third of its senior executives home.  The European
Commission approved in May a state-backed loan to boost its
depleted coffers.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com

          TRANS WORLD AVIATION
          15 Mitropoleos Street, 6th floor
          54624 Thessaloniki,
          Makedonia Central
          Phone: +30 2310 244484-6
          Fax: +30 2310 240040
          Mobile: +30 6944-314561
          E-mail: airmiles@spark.net.gr


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


LETECKE ZAVODY: Aircraft Industries Wins Tender
-----------------------------------------------
The lone survivor in the tender for bankrupt aircraft maker
Letecke Zavody Kunovice has sealed the deal, Czech News Agency
says.

Troubled Company Reporter-Europe on June 23, 2005 reported that
only AI, whose majority owner is Pamco Int., has advanced to the
second and last round of the tender because its rival failed to
pay a CZK25 million deposit on time.  As expected, AI hiked its
offer to appease creditors.  Financial details were not
disclosed, but receiver Miroslav Sladek promised to divulge the
final price after the signing of the sale contact.

AI aims to secure a long-term dominant position for Letecke in
the production, repair, modernization and provision of
comprehensive logistics services for its gliders and L410 and
L420 planes.  AI also offered promising programs for the local
aircraft industry.

Included in Letecke's sale is a facility for maintenance and
repairs of planes and an international airport in Kunovice as
well as assets of bankrupt Moravan-Aeroplanes, which bought the
group for CZK200 million in 2001.  Moravan collapsed in June
2004, following a global recession in the aircraft industry.
Letecke employs 470 people.

CONTACT:  LETECKE ZAVODY KUNOVICE
          Na Zahonech 1177
          686 04 Kunovice
          Phone: +420 572 816161
          Fax: +420 572 816163
          E-mail: let@let.cz
          Web site: http://www.let.cz

          PAMCO INT. a.s.
          Na Strzi 28/241
          140 00 Prague 4
          Phone: (420) 241 001 811
          Fax: (420) 241 001 891
          E-mail: info@pamco.cz
          Web site: http://www.pamco.cz


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


RHODIA SA: Police Pay Finance Minister a Visit
----------------------------------------------
French police and a judicial investigator reportedly swooped
down on the offices of the finance ministry and Rhodia S.A.
Monday.

Agence France-Presse associated the raid to the probe into the
accounting irregularities at the company where Finance Minister
Thierry Breton had served as board member.  Mr. Breton was at
the United Nations headquarters in New York for a meeting on
development aid.  It was the head of his private office who
reportedly faced the authorities.

The ministry's press service did not reveal the purpose of the
police visit and whether it was connected to the Rhodia
investigation.  Mr. Breton also refused to comment.

"We cannot comment, conforming to the tradition of not
commenting abroad about what is happening in France," Finance
Ministry spokesman Jerome Paolini said.

The investigation was opened in October following complaints to
the prosecutor.  According to the Financial Times, the AMF,
France's stock market regulator, had found Rhodia to have
improperly reported its financial position between 2000 and
2003.  AMF also found irregularities in the valuation of one of
the company's subsidiaries, deferred tax assets, and financial
disclosures on debt, liquidity, and environmental risks.

Mr. Breton served as chair of Rhodia's audit committee between
April 1998 and September 2002.  The minister, however, earlier
stressed he was not aware of any irregularities at the company,
noting that he even initiated upgrading audit measures at
Rhodia.

He said: "During this period, nothing was brought to my
attention that could have gone against my rigor, ethics or
morality, and if any events happened afterwards, I had no
knowledge of them."

The probe also linked former parent company Rhone-Poulenc, as
Rhodia claimed it had not received enough provisions for
environmental and pension liabilities.  Rhodia has also been
advised to claim money from Rhone-Puolenc, which has since been
under Aventis, and Rhodia's 15% shareholder Sanofi-Aventis.

                            *   *   *

Rhodia is a global specialty chemicals company partnering with
major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets to offer tailor-made solutions combining
original molecules and technologies to respond to customers'
needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.

TCR-Europe reported on May 16 that net sales of Rhodia for the
first quarter stood at EUR1.5 billion, a 9.4% growth on the same
basis (constant structure and exchange rates), reflecting the
significant impact of price increases (9.3%) with an increase of
1.6% in volumes and a transactional exchange rate effect of -
1.5%.  This resulted to operating income of EUR55 million, far
from EUR1 million in the first quarter of 2004.

Meanwhile, net loss for the period came to -EUR72 million
compared with -EUR92 million in the first quarter of 2004.  Net
financial result totaled -EUR115 million, including EUR17
million in non-recurring costs related to the February 2005
refinancing, a EUR31 million unrealized foreign exchange loss
(conversion of U.S. dollar-denominated debt) to be put in
perspective of a EUR64 million unrealized forex gain booked in
2004, primarily in the fourth quarter.  Interest expense (EUR58
million) and securitization costs (EUR6 million) were unchanged
from the prior-year period.

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


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


AUTOGLAS-PROFI: Glass Manufacturer Breaks down into Bankruptcy
--------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against AUTOGLAS-Profi GmbH on June 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 14, 2005 to register their
claims with court-appointed provisional administrator Hubert
Haarbeck.

Creditors and other interested parties are encouraged to attend
the meeting on August 26, 2005, 9:15 a.m. at the district court
of Dresden, Saal D131, 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.

AUTOGLAS-Profi manufactures and installs vehicle glass for use
as windshields, rear windows, and side disks as well as for sun
protection.

CONTACT:  AUTOGLAS-PROFI GmbH
          Reisewitzer Strasse 44 in 01159 Dresden
          Phone: 0351 4213518
          Contact:
          Juergen Esslinger

          Hubert Haarbeck, Administrator
          Anton-Graff-Str. 17, 01309 Dresden


BABCOCK-BORSIG: Decision on EUR542 Mln Claims Out November
----------------------------------------------------------
A decision on Babcock-Borsig AG's EUR542 million claims against
former subsidiary shipyard Howaldtswerke Deutsche Werft AG will
be out by November 25.

According to Lloyd's List Tuesday, the Duesseldorf regional
court is set to settle whether HDW, or its interim owner, U.S.-
based One Equity Partners, has to pay back EUR524 million
(US$637 million).

In 2002, Babcock Borsig sold its 25% stake in HDW to OEP for
EUR524 million, while OEP promised Babcock an amount to reduce
its EUR1.5 billion (US$1.46 billion) debt.  However, Babcock
claimed HDW practically paid for its own acquisition; plus, the
debts shouldered by an illiquid subsidiary, which were later
merged into HDW, were not paid.  Babcock's administrator, who is
trying to secure money for creditors, said the move was illegal
under the German stock corporation law.  Babcock filed for
creditor protection four months following the sale and after its
shares fell more than 90%.

HDW, which is now owned by ThyssenKrupp Marine Systems,
reportedly described the claim as irresponsible and immoral.
The shipyard, which posted annual sales of EUR461 million in
2002, employs 3,435 people and has sold almost 100 submarines
worldwide.

                            *   *   *

TCR-Europe reported in January 4 that Babcock Borsig sold
its Indian boiler-making operations to Austrian Energy &
Environment (AA&E). Babcock Borsig's management and insolvency
administrator said the sale of its Indian unit completes the
disposal of the group's foreign operations.  The proceeds of the
sale will be used to repay creditors.

CONTACT:  BABCOCK BORSIG AG
          Duisburger Str. 375
          46049 Oberhausen
          Phone: +49 (0) 208 833 0
          Fax: +49 (0) 208 833 2519
          Web site: http://www.babcockborsig.de


CENTRAFLOR DRESDEN: Calls in Administrator from Kuebler
-------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against centraflor dresden Blumenhandelsgesellschaft mbH & Co.
KG i.L. on June 9.  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 Hannelore Krueger-Knief.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005 1:45 p.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.

CONTACT:  CENTRAFLOR DRESDEN BLUMENHANDELSGESELLSCHAFT mbH
          & CO. KG i.L.
          Hermannstrasse 6 in 01219 Dresden
          Phone: (0351) 2684045

          Hannelore Krueger-Knief
          Konigstrasse 1, 01097 Dresden
          Phone: (0221) 93 70 50 - 0
          Fax: (0221) 93 70 50 - 50
          E-mail: info@Krueger-Knief.de
          Web site: http://www.krueger-knief.de


DAIMLERCHRYSLER AG: To Buy Stake in Ballard Power's German Unit
---------------------------------------------------------------
Ballard Power Systems Inc. has signed a deal to sell its stake
in its German fuel cell development subsidiary to
DaimlerChrysler AG and Ford Motor Co., two of the world's major
automakers and other partners in the project.

Under the deal announced Thursday, DaimlerChrysler and Ford will
return to Ballard 9 million common shares of the Vancouver
engine fuelling technology company in exchange for Ballard's
50.1% interest in Ballard Power Systems AG, a developer of fuel
cell support systems.

These shares will be cancelled and Ballard said its committed
and outstanding share capital is reduced by 14%, on a fully
diluted basis.

Dennis Campbell, Ballard's president and CEO, said: "It takes a
burden off our backs because of the high cash consumption of the
German operation."

The deal will also reduce Ballard's annual cash consumption by
about US$25 million (EUR20.63 million).  Ballard will also be
reimbursed for net operating expenses incurred between Aug. 1,
2004 and the closing date of the deal, estimated to be worth at
least US$20 million (EUR16.81 million).

The deal is subject to approval by Ballard's shareholders at a
special meeting on Aug. 29.

Campbell added: "When we acquired that business we thought there
would be a broad market for the fuel cell support system.  What
we found out is no automaker wants to buy that support system
from anybody.  They view that as something they have to do."

Ballard will continue to be responsible for the design,
development and manufacture of vehicular fuel cells for its
alliance partners, while DaimlerChrysler and Ford will be
jointly responsible for the design, development and manufacture
of the vehicular fuel cell support system.

Gerhard Schmidt, vice-president of Ford's research and advanced
engineering, said: "This agreement also enables us to develop
and refine our systems engineering in a way that maximizes the
unique attributes of our vehicles and allows us to integrate the
systems knowledge gained from our successful hybrid electric
vehicle development."

Ballard also said it will sign a renewed development with the
automakers once the sale is completed.

Under these new agreements, DaimlerChrysler and Ford have
committed to fund up to US$59 million (EUR48.7 million) for the
development of Ballard's next generation vehicular fuel cell
stack and electric drive system.

Earlier this year, Ballard committed to offering commercially
viable fuel cell technology for hydrogen-powered vehicles by
2010.

Ballard, which has spent hundreds of millions of dollars over
the years trying to develop the zero-emission technology,
released what it calls a "road map" on when its fuel cells will
be ready for wide deployment into the automotive industry.

It dubbed the road map -- which sets targets for how much the
technology will cost and how it will perform -- as "a course to
the post-oil hydrogen future."

Ballard said a 2010 demonstration will show that its technology
has these characteristics: 5,000 hours of lifetime; an ability
to start at -30 degrees C; volumetric power density of 2,500
watts net per litre; and a cost of US$30 (EUR24.76) per net
kilowatt at a volume of 500,000 units.

In trading on the Toronto Stock Exchange on Thursday, Ballard
closed up seven cents to CAD$6.31 (EUR4.22).

                            *   *   *

TCR-Europe reported Monday that by 2008, DaimlerChrysler AG
would be looking at profits of EUR11.2 billion.

According to the German magazine Focus-Money, the company
projects last year's operating profit of EUR5.75 billion to
double in four years.  The figures allegedly come from internal
planning documents obtained by the magazine, Reuters said in a
separate report.  The company has refused to confirm or deny
them.

DaimlerChrysler has predicted operating profit to increase
slightly this year despite a EUR1.2 billion charge to account
for the restructuring of its Smart venture.  This venture has
already cost the group EUR512 million and Daimler said it could
miss annual sales goal of 80,000 units, as sales in the first
quarter only came to 14,500.  The company has recalled 58,000 of
its forTwo models in Germany for possible defects.

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

          BALLARD POWER SYSTEMS INC.
          4343 North Fraser Way
          Burnaby, BC V5J 5J9
          Canada
          Phone: 604.454.0900
          Fax: 604.412.4700
          Web site: http://www.ballard.com


DHC SYSTEME: Creditors Have Until Next Month to File Claims
-----------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against dhc Systeme Andreas Dittmann GmbH on June 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 28, 2005
to register their claims with court-appointed provisional
administrator Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting on August 25, 2005, 10:45 a.m. at the district court
of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer
Strasse 16, 06112 Halle, 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:  DHC SYSTEME ANDREAS DITTMANN GmbH
          Puschkinstrasse 16, 06108 Halle
          Contact:
          Andreas Dittmann, Manager
          Phone: 0345 / 290 84 65
          Fax: 0345 / 290 84 67
          E-mail: info@dhc-systeme.com

          Herbert Feigl, Administrator
          Hansering 1, 06108 Halle
          Phone: 0345/212220
          Fax: 0345/2122222


DUERR AG: Opts Not to Pay Dividend Despite Profit
-------------------------------------------------
About 400 shareholders attended Duerr AG's annual meeting on
June 22 at the Liederhalle Cultural and Congress Center in
Stuttgart.

Although Duerr returned to the black in 2004 with earnings
before taxes of EUR11.8 million, the annual meeting has resolved
not to pay a dividend.  Unappropriated profit is to be used to
further strengthen the company's equity base.

The shareholders discharged the Board of Management and the
Supervisory Board from liability for the past fiscal year with
99.8% and 99.5% of the votes, respectively.  Accounting firm
Ernst & Young AG, Stuttgart, was again appointed as auditor for
fiscal 2005.  A large majority of the shareholders in attendance
also approved the other proposals submitted for resolution by
the Board of Management and the Supervisory Board, such as
authorization to buy back Duerr stock.

Large parts of the Duerr annual meeting were broadcast live on
the Internet.  Documents related to the annual meeting may be
called up at http://www.durr.com.

The Duerr Group is one of the world's leading suppliers of
production systems and of modules and components in the area of
measuring and process systems.  It focuses primarily on the
automotive and aviation industries as well as the mining and
basic materials industries.

                            *   *   *

In June, Standard & Poor's Ratings Services revised its outlook
on Duerr AG to negative from stable, primarily reflecting the
risk deriving from the increasingly challenging environment in
Duerr's major end markets.

CONTACT:  DUERR AG
          Stephan Haas
          Corporate Communications & Investor Relations
          Phone: +49 (0) 711 136-1785
          Fax: +49 (0) 711 136-1034
          E-mail: corpcom@durr.com


GHB GESELLSCHAFT: Creditors Meeting Set August
----------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against GHB Gesellschaft zur Herstellung von Bodensubstraten mbH
on June 15.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
July 25, 2005 to register their claims with court-appointed
provisional administrator Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting on August 8, 2005, 3:00 p.m. at the district court
of Erfurt, Saal 12, Justizzentrum Erfurt, 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.

CONTACT:  GHB GESELLSCHAFT ZUR HERSTELLUNG
          VON BODENSUBSTRATEN mbH
          Contact:
          Hans-Peter Kramer, Manager
          Im Kaliwerk 54a, 06571 Rossleben
          Phone: (03 46 72) 6 20 10
          Fax: 6 20 13
          E-mail: GHB_mbh@t_online.de

          Dieter Rasehorn, Administrator
          Muehlweg 16, 06108 Halle


MEDIA TECHNOLOGIES: Software Producer Falls into Bankruptcy
-----------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Media Technologies GmbH on June 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 22, 2005 to register their
claims with court-appointed provisional administrator Dr.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on August 12, 2005, 8:50 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.

Media Technologies manufactures computer software.  It also
sells computer hardware and maintains homepages and other media
presentations.

CONTACT:  MEDIA TECHNOLOGIES GmbH
          Westfalendamm 241, 44141 Dortmund
          Contact:
          Dana Beerhenke, Manager
          Preinstr. 24, 44265 Dortmund

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


ROSSLER PREMIUM: Kassel Court Appoints Administrator
----------------------------------------------------
The district court of Kassel opened bankruptcy proceedings
against Rossler Premium Cars GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 30, 2005 to register their
claims with court-appointed provisional administrator Dr. Fritz
Westhelle.

Creditors and other interested parties are encouraged to attend
the meeting on July 22, 2005, 10:00 a.m. at Saal 234,
Amtsgericht Kassel, Friedrichsstrasse 32-34, 34117 Kassel 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. 12, 2005, 10:00
a.m. at the same venue.

Visit http://www.roessler-premium-cars.de/Ansprechpartner1.htm
for more information.

CONTACT:  ROSSLER PREMIUM CARS GMBH
          Heiligenroder Str. 27, 34123 Kassel
          Contact:
          Ernst Winfried Rossler

          Dr. Fritz Westhelle, Administrator
          Wilhelmshoher Allee 270, 34131 Kassel
          Phone: 0561/3166311
          Fax: 0561/3166312


RUNGIS EXPRESS: Cool Chain Secures Ownership of Company
-------------------------------------------------------
A new owner will soon take the helm at collapsed exotic food
supplier Rungis Express, Die Welt says.

Logistics firm Cool Chain Group (CCG), backed by a group of
investors led by SpecTra Industriekapital, outbid the wife of
founder George W. Kastner.  Insolvency administrator Andreas
Ringstmeier refused to disclose the sale price, citing an
agreement between the two groups.

Troubled Company Reporter-Europe, on June 21, 2005, said CCG is
not expected to make any major operational changes within
Rungis.  Its international logistics network, however, is
expected to give Rungis flexibility in pricing products.  CCG
plans to change the group's full name, but has yet to make a
decision.  The logistics group reportedly wants to oust Mr.
Kastner from Rungis.

Around ten bidders initially expressed interest in Rungis in
February, but backed out citing lack of transparency in the
group's accounts.  Rungis filed for insolvency in January
following a string of financial problems.  The group's collapse
rendered most of its workers jobless, leaving only 130 personnel
as of May.  Since entering insolvency proceedings, the group is
thought to have cut its debt significantly.

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

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


THUERINGER PHARMAGLAS: Under Bankruptcy Administration
------------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Thueringer Pharmaglas GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 22, 2005 to register their
claims with court-appointed provisional administrator Rolf
Rombach.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 10, 2005, 8:00 a.m. at the district court of
Meiningen, Lindenallee 15, Saal A 0105 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.

Thueringer was founded in 1990.  It has 190 employees, nominal
capital of US$1.3 million, and annual turnover of US$12-15
million, 100% of which is from glass.  Its bank is Bayerische
Hypovereinsbank.

Visit http://www.pharmaglas.defor more information.

CONTACT:  THUERINGER PHARMAGLAS GMBH
          Schwarzburger Str. 86, 98724 Neuhaus
          Phone: +49 3679 79150
          Fax: +49 3679 791550
          E-mail: ThueringerPharmaglas@t-online.de
          Web site: http://www.pharmaglas.de
          Contact:
          Heinz Schmidt, Managing Director
          Klaus Sturm, Sales Manager

          Rolf Rombach, Administrator
          Magdeburger Allee 159, 99086 Erfurt


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


FIAT AUTO: Increases Stake in Indian Unit
-----------------------------------------
Fiat Auto S.p.A. bought an additional 25.17% in Fiat India
(FIPL), increasing its stake to 44.61% for an investment of more
than INR2 billion, reports say.

After the capitalization Fiat Auto, along with Fiat India
Automobiles (FIAL) will together hold a total of 99.83% in FIPL.
The stake of Premier Automobiles will be diluted to 0.17%.

FIPL will used the money to for future investments, to repay its
debt and restructure its dealer network.

Earlier this year, Fiat Auto was able to achieve its objective
of breaking even at the operating level.  Its net financial
position as at the end of 2004, however, remained negative at
-EUR5 billion.

The Group's cash position remains solid (about EUR5.3 billion),
after EUR2.7 billion of bond repayment in 2004.  Net revenues
totaled EUR46.7 billion in 2004, an increase of EUR2.2 billion,
or about 5%, compared with 2003.

At Dec. 31, 2004, the Group's net indebtedness (financial
payables and related accruals and deferrals, net of cash
equivalents and marketable securities) amounted to EUR13.9
billion, or about EUR1.7 billion lower than at the beginning of
the year.

Bonds maturing before the end of 2005 amount to EUR1.9 billion.
An additional EUR1.7 billion will mature in the first half of
2006.

Fiat Auto manufactures automobiles, buses, industrial and
special vehicles, and agricultural tractors.

CONTACT:  FIAT AUTO S.P.A.
          Corso G. Agnelli, 200 - 10135 Torino
          Phone: +39 011 003 11 11
          Fax: +39 011 003 75 91
          Web site: http://www.fiat.com
          Contact:
          H. Demel, C.E.O.


===================
K A Z A K H S T A N
===================


ALLIANCE BANK: Eurobond Assigned Final Rating of 'B+'
-----------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Alliance Bank's
US$150 million (EUR123.72 million) 9.00% issue of medium term
notes, due June 2008, a final Long-term 'B+' rating.

Alliance Bank is rated Long-term 'B+' with a Stable Outlook,
Short-term 'B', Individual 'D', and Support '4'.

At the end of 2004, Alliance Bank was the sixth largest bank in
Kazakhstan with a market share of approximately 4.5% of total
sector assets.

Details of the notes can be found in the statement issued on 8
June, available from the agency's Web site at
http://www.fitchratings.com.

                            *   *   *

Alliance Bank is one of second-tier banks in Kazakhstan and has
been operating at the market of banking services for over 10
years.

According to 2004 year-end financial results, Alliance Bank is
the sixth largest Kazakhstani bank in terms of assets, and ranks
5th by size of shareholder's equity.

As of January 1, 2005 the bank's assets totaled KZT120.1 billion
soaring by 239% since the beginning of last year, ranking
Alliance Bank 6th largest Kazakhstani bank by this measure.  The
Bank's loan portfolio comprised KZT51.3 billion, showing a 66%
growth rate since beginning of 2004.

Deposits have seen a growth of 83% totaling KZT66.2 billion.  As
of January 1, 2005 shareholder's equity of the bank totals
KZT16.3 billion, making Alliance Bank the 5th largest bank up
from 9th position in Kazakhstani banking sector by this measure.

CONTACT:  ALLIANCE BANK
          100a, Furmanov str. 480091
          Almaty, Kazakhstan
          Phone: (+7 3272) 506898
          Fax 506899
          E-mail: info@alb.kz
          Web site: http://www.alb.kz/

          FITCH RATINGS
          Alexei Kechko
          James Watson
          Natasha Page
          Phone: +7 095 956 9901

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


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


ASINOVSKIY CITY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on open joint stock company Asinovskiy
City Dairy.  The case is docketed as A67-4340/04.  Ms. O. Tarima
has been appointed temporary insolvency manager.  Creditors have
until July 28, 2005 to submit their proofs of claim to 634034,
Russia, Tomsk, Kuleva Str. 33.

CONTACT:  ASINOVSKIY CITY DAIRY
          Russia, Tomsk region,
          Asino, Michurina Str. 10

          Ms. O. Tarima
          Temporary Insolvency Manager
          634034, Russia, Tomsk region,
          Kuleva Str. 33


BIN BANK: Receives Financing from Banca Nazionale
-------------------------------------------------
Joint-Stock Bank B.I.N. was granted EUR962,000 in financing by
Banca Nazionale del Lavoro for a period of 5 years this month.

At the end of May Joint-Stock Bank B.I.N. has issued an L/C with
post-financing for 5 years within the Framework Insurance
Programme between Banca Nazionale del Lavoro and Italian Export
Credit Agency SACE for the purchase of Italian printing
equipment.  The amount of L/C amounted to EUR962,000.

                            *   *   *

In April, Fitch Ratings affirmed the ratings of B.I.N. Bank at
Long-term 'CCC+' with Positive Outlook, Short-term 'C',
Individual 'D', Support '5' and National Long-term 'BB-(rus)'.

The Long-term, Short-term, Individual and National Long-term
ratings reflect the high level of concentration of BIN's
business, limited franchise, small size, and significant
operations with other BIN group companies and weak
profitability.  However, they also take into account an absence
of sizeable asset quality problems to date and relatively low
market risk.

The Individual rating affirmation and the Positive Outlook on
the Long-term rating reflect Fitch's expectations that a US$100
million capital injection (equal to around 88% of end-H104
equity) will be forthcoming by end-2005, significantly improving
the bank's already acceptable capitalization ratios.

Improvements in the bank's key weaknesses, such as very high
concentration levels, limited franchise and weak profitability,
could also provide uplift to the ratings.  However, the absence
of a capital injection, coupled with a lack of improvement in
these areas of weakness, could result in downward pressure on
the ratings.

Profitability is weak with sub-inflation returns on equity,
reflecting BIN's relatively low net interest margin and high
cost base.  Concentration by sector (in particular oil and
commercial real estate) and by customer has remained very high,
with the top 20 borrowers accounting for 73% of gross loans, or
around 3.7x equity at end-H104.  The loan book grew a modest 14%
in 2003, with growth accelerating to 20% in H104, mainly due to
lending to new borrowers.

Despite an absence of sizeable asset quality problems to date,
the quality of the majority of borrowers is poor, meaning that
the 4.5% loan loss reserve coverage of the loan portfolio may be
insufficient, particularly taking into account the recent growth
in lending to new borrowers.  Market risk at BIN is mainly
structural, reflecting the low level of securities trading and
minimal proprietary foreign exchange operations.  Structural FX
risk can at times be high.

BIN's funding base comes mainly from customers, with retail
accounting for a high 41% of the latter at end-H104.  However,
the funding base is volatile and concentration is high (top 20
customers accounting for 34% of deposits at end-H104).  During
the Russian banking mini-crisis in the summer of 2004, BIN's
shareholders made additional funding available to the bank,
although Fitch is informed that the bank would have been able to
withstand the strain on its liquidity even without this.
Capital adequacy ratios have decreased since end-2003, although
they were still acceptable at end-H104 (total capital ratio 19%,
the majority of which was Tier 1).

BIN was established in 1993, initially to provide banking
services to other members of the BIN group, which now also
includes assets in the oil and commercial real estate sectors.
The bank is majority-owned by one family (including the bank's
President), which also controls the BIN group.  BIN's lending
operations are currently predominantly with large corporates,
but in 2002 the bank broadened its strategy to encompass the
retail and small- to medium-sized enterprise sectors, although
success has been modest to date, especially in lending.

CONTACT:  BIN BANK
          5a, Grodnenskaia str. 121471 Moscow
          Russian Federation
          Phone: +7 (095) 755-50-60
          Fax: +7 (095) 440-09-75 / 755-50-81
          Telex: 414235 BIN RU
          Teletype: 209192
          SWIFT: BINORUMM
          Web site: http://www.binbank.ru
          E-mail: binbank@binbank.ru


FACTORY OF METAL GOODS: Declared Insolvent
------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Factory Of Metal Goods after finding the
close joint stock company insolvent.  The case is docketed as
A19-10625/02-46-37.  Mr. V. Pulyaevskiy has been appointed
insolvency manager.  Creditors have until July 28, 2005 to
submit their proofs of claim to 664081, Russia, Irkutsk-81, Post
User Box 5604.

CONTACT:  FACTORY OF METAL GOODS
          664040, Russia, Irkutsk region,
          Rozy Lyuksemburg Str. 166A

          Mr. V. Pulyaevskiy
          Insolvency Manager
          664081, Russia, Irkutsk-81,
          Post User Box 5604


KAMENKA-AGRO-TRANS: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision procedure on limited liability company Kamenka-Agro-
Trans.  The case is docketed as A49-2221/05-37B/26.  Ms. Y.
Pimenova has been appointed temporary insolvency manager.  A
hearing will take place on Sept. 15, 2005, 11.00 a.m.

CONTACT:  KAMENKA-AGRO-TRANS
          442200, Russia, Penza region,
          Kamenka, Lomovskaya Str. 2

          Temporary Insolvency Manager
          440061, Russia, Penza region,
          Lunacharskogo Str. 53
          Phone: (841-2) 64-19-73

          The Arbitration Court of Penza region
          440600, Russia, Penza region,
          GSP, Belinskogo Str. 2


NYANDOMA-LES-TOP-PROM: Public Auction Set July
----------------------------------------------
The bidding organizer of open joint stock company Nyandoma-Les-
Top-Prom will sell its property on July 12, 2005, 10:00 a.m.
The public auction will take place at Russia, Arkhangelsk,
Severnoy Dviny Quay, 35, 2nd floor.  Up for sale are different
building constructions, equipment and tenant right on site.
Starting price: RUB8,000,000.

The list of documentary requirements is available at Russia,
Arkhangelsk, Severnoy Dviny Quay, 35, 2nd floor.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to the settlement account
40309810804010000003 at Arkhangelskoye OSB 8637 in Arkhangelsk,
correspondent account 30101810100000000601, BIC 041117601.

CONTACT:  ARKHANLGESK REGIONAL BRANCH OF
          RUSSIAN FEDERAL PROPERTY
          Bidding Organizer
          Russia, Arkhangelsk,
          Severnoy Dviny Quay, 35, 2nd floor
          Phone: 201-712, 201-714, 201-716,
          Fax: 201-713


OCEAN-MOR-FLOT: Creditors Have Until July 28 to File Claims
-----------------------------------------------------------
The Arbitration Court of Kaliningrad region commenced bankruptcy
proceedings against Ocean-Mor-Flot after finding the limited
liability company insolvent.  The case is docketed as A21-
5342/04-S2.  Mr. A. Kasimov has been appointed insolvency
manager.  Creditors have until July 28, 2005 to submit their
proofs of claim to 236005, Russia, Kaliningrad, Inzhenernaya
Str. 2-19.

CONTACT:  OCEAN-MOR-FLOT
          238630, Russia, Kaliningrad region, Polessk,
          Zavodskaya Str. 28 "A", Apartment 55

          Mr. A. Kasimov
          Insolvency Manager
          236005, Russia, Kaliningrad region,
          Inzhenernaya Str. 2-19


OJSC MACHINE-BUILDING: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad region
commenced bankruptcy proceedings against Karl Marks after
finding the machine-building association insolvent.  The case is
docketed as A56-23274/02.  Mr. V. Kozlov has been appointed
insolvency manager.  Creditors have until June 28, 2005 to
submit their proofs of claim to 194044, Russia, St-Petersburg,
Post User Box 666.

CONTACT:  KARL MARKS
          194044, Russia, St-Petersburg,
          B. Sampsonieveskiy Pr. 66

          Mr. V. Kozlov
          Insolvency Manager
          194044, Russia, St-Petersburg,
          Post User Box 666


PEVEKSKIY: Meat and Milk Enterprise Calls in Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Chukotskiy autonomous region has
commenced bankruptcy supervision procedure on municipal
enterprise meat and milk food combine Pevekskiy (TIN 8706000705,
KPP 870601001).  The case is docketed as A80-15/2005-B.  Ms. O.
Komelkova has been appointed temporary insolvency manager.  A
hearing will take place on Nov. 4, 2005, 9:30 a.m.

CONTACT:  PEVEKSKIY
          689400, Russia, Pevek region,
          Naberezhnaya Str.

          Ms. O. Komelkova
          Temporary Insolvency Manager
          689000, Russia, Chukotskiy autonomous region,
          Anadyr, Post User Box 214


PORONAYSK-COAL: Declared Insolvent
----------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Poronaysk-Coal (TIN 6507000471) after
finding the close joint stock company insolvent.  The case is
docketed as A59-1442/99-S12.  Ms. A. Zharikova has been
appointed insolvency manager.

Creditors have until July 28, 2005 to submit their proofs of
claim to:

(a) PORONAYSK-COAL
    Russia, Sakhalin region, Poronaysk,
    Komsomolskaya Str. 11

    Legal address:
    Russia, Poronaysk,
    Molodezhnaya-1 St.

(b) Ms. A. Zharikova
    Insolvency Manager
    693012, Russia, Yuzhno-Sakhalinsk,
    Ukrainskaya Str. 11, Apartment 36

(c) The Arbitration Court of Sakhalin region
    693000, Russia, yuzhno-Sakhalinsk,
    Kommunisticheskiy Pr. 28


SARAKTASHSKIY FAIENCE: Bankruptcy Hearing Set July 12
-----------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on limited liability company
Saraktashskiy Faience.  The case is docketed as A47-4431/05-
14GK.  Mr. B. Denisov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 460014, Russia,
Orenburg, Kashirina Per. 19.  A hearing will take place on July
12, 2005, 10:30 a.m. at the Arbitration Court of Orenburg
region.

CONTACT:  SARAKTASHSKIY FAIENCE
          462100, Russia, Orenburg region,
          Saraktashskiy region, Saraktash

          Mr. B. Denisov
          Temporary Insolvency Manager
          460014, Russia, Orenburg region,
          Kashirina Per. 19


TEXTILSHIK: Ulyanovsk Court Names A. Pimenov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Textilshik (TIN 7301000720) after finding
the open joint stock company insolvent.  The case is docketed as
A72-7932/03-K5-B.  Mr. A. Pimenov has been appointed insolvency
manager.  Creditors have until July 28, 2005 to submit their
proofs of claim to 433408, Russia, Ulyanovsk region,
Cherdaklinskiy region, Gorodishe, Kalinina Str. 139.

CONTACT:  TEXTILSHIK
          433720, Russia, Ulyanovsk region,
          Barysh, Lenina Str. 34

          Mr. A. Pimenov
          Insolvency Manager
          433408, Russia, Ulyanovsk region, Cherdaklinskiy
          region, Gorodishe, Kalinina Str. 139


YUKOS OIL: Authorities Detain Former Exec of Subsidiary
-------------------------------------------------------
It has come to YUKOS Oil Company's attention that Antonio Valdes
Garcia, former general manager of Fargoil, a wholly owned
subsidiary of YUKOS Oil Company, has been detained and is being
interrogated in Moscow by the General Prosecutor's Office of the
Russian Federation.

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

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

Antonio Valdez Garcia, a native Russian, was general manager of
the subsidiary company until 2004.  The Company is anxious for
his health and well-being and remains aware of the tremendous
stress he must be experiencing during his forced incarceration.
(Yukos Bankruptcy News, Issue No. 22; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

                            *   *   *

Yukos is an oil-and-gas company headquartered in Moscow,
Russia.  It filed for chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742).  The case was dismissed in
February 24, 2005.  Zack A. Clement, Esq., C. Mark Baker, Esq.,
Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C.
Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP,
represent the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it listed
$12,276,000,000 in total assets and $30,790,000,000 in total
debt.

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

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


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


BIK: Temporary Insolvency Manager Takes over Helm
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Bik (code EDRPOU 25341952) on April
29, 2005.  The case is docketed as 5/77 B.  Mr. Manzhur
Oleksandr has been appointed temporary insolvency manager.

Creditors had until June 28, 2005 to submit their proofs of
claim to:

(a) BIK
    83023, Ukraine, Donetsk region,
    Labutenko Str. 8

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


EUROFLEX: Bankruptcy Supervision Starts
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC Euroflex (code EDRPOU 30951663).
The case is docketed as 9/14 b-05.  Mr. Gritsaj S. (License
Number AA 719865) has been appointed temporary insolvency
manager.  The company holds account number 26001000362501 at
JSCB Kyiv region, MFO 322498.

CONTACT:  EUROFLEX
          Ukraine, Kyiv region,
          Slavutich, Prombaza, Sanprijmalnik 3

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhilyanska Str. 58 b


KIROVOGRADBUDINVEST: Succumbs to Bankruptcy
-------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on Concern Kirovograd' Building Company
Kirovogradbudinvest (code EDRPOU 31203754) on April 19, 2005.
The case is docketed as 9/59.  Mr. G. Zabolotnij (License Number
AB 216862 of March 22, 2005) has been appointed temporary
insolvency manager.  The company holds account number
2600417000487 at JSCB Pravex-Bank, Kirovograd branch, MFO
323594.

CONTACT:  KIROVOGRADBUDINVEST
          25006, Ukraine, Kirovograd region,
          Ostrovskij Str. 2, Body 2

          Mr. G. Zabolotnij
          Temporary Insolvency Manager
          25006, Ukraine, Kirovograd region,
          Lenin Str. 23

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski str. 29


NOVOSELITSYA' LIQUOR-VODKA: Appoints Insolvency Manager
-------------------------------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
supervision procedure on LLC Novoselitsya' Liquor-Vodka Plant
(code EDRPOU 22855038).  The case is docketed as 5/43/b.  Mr.
Valerij Strelnikov (License Number AA 250380) has been appointed
temporary insolvency manager.  The company holds account number
260031151 at JSPPB Aval, Chernivtsi regional branch.

CONTACT:  NOVOSELITSYA' LIQUOR-VODKA PLANT
          60300, Ukraine, Chernivtsi region,
          Novoselitsya, Gorkij Str. 8

          ECONOMIC COURT OF CHERNIVTSI REGION
          58000, Ukraine, Chernivtsi region,
          O. Kobilyanska Str. 14


OJSC DNIPROENERGO: New Reorganization Plan Rejects Breakup
----------------------------------------------------------
Zaporizhia regional economic court is recommending a new plan
for the financial readjustment of power generating company OJSC
Dniproenergo, according to Interfax.

Serhiy Popov, the readjustment manager of the company, said the
plan will preserve the power generating company as a single
legal entity.  The National Joint Stock Energy Company of
Ukraine (ECU) has approved of the plan, according to Acting
First Vice President of ECU and head of the corporate department
Bohdan Datsyshyn.  ECU holds 76.04% of Dniproenergo.

A previous readjustment plan, which was cancelled by a court in
October 2004, outlines a creation of separate legal entities on
the base of thermoelectric power plants of the company.

Dniproenergo's bankruptcy action was brought on December 12,
2001.  It owes UAH1.39 billion to 65 companies and
organizations.  Its register of creditors was approved by
Zaporizhia region's arbitration court on September 1, 2003.


SEVERODONETSKIJ AGROSPECPOSTACH: Liquidator Moves in
----------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Severodonetskij Agrospecpostach (code EDRPOU
00913226) on after finding the open joint stock company
insolvent.  The case is docketed as 11/37 b.  Mr. Dmitro
Litsoyev (License Number AA 520122) has been appointed
liquidator/insolvency manager.  The company holds account number
2604730830498 at Prominvestbank, Severodonetsk branch, MFO
304535.

CONTACT:  SEVERODONETSKIJ AGROSPECPOSTACH
          93400, Ukraine, Lugansk region,
          Severodonetsk, Gvardijskij Avenue, 2

          Mr. Dmitro Litsoyev
          Liquidator/Insolvency Manager
          91000, Ukraine, Lugansk region,
          Serov Str. 111

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


SHEVCHENKIVSKE: Declared Insolvent
----------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Shevchenkivske (code EDRPOU 30763607) on
April 26, 2005 after finding the limited liability company
insolvent.  The case is docketed as B 26/75/04.  Mr. Volodimir
Glyadchenko has been appointed liquidator/insolvency manager.
The company holds account number 26009134065001 at CJSC CB
Prtivatbank, Vasilkivske branch, MFO 305299.

CONTACT:  SHEVCHENKIVSKE
          52650, Ukraine, Dnipropetrovsk region,
          Vasilkivskij district,
          Shevchenkovo, Grigorij Golodij Str. 3

          Mr. Volodimir Glyadchenko,
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          Kirov Avenue, 96/13

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


SILGOSPTEHNIKA: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on OJSC Silgosptehnika (code EDRPOU
00902323).  The case is docketed as 2/108-B.  Mr. Viktor
Matushak (License Number AA 485213) has been appointed temporary
insolvency manager.  The company holds account number 260073045
at JSPPB Aval, Hmelnitskij regional branch, MFO 315966.

CONTACT:  SILGOSPTEHNIKA
          30600, Ukraine, Hmelnitskij region,
          Teofipol, Lenin Str. 75

          Mr. Viktor Matushak,
          Temporary Insolvency Manager
          20900, Ukraine, Hmelnitskij region,
          G. Skovoroda Str. 14/151

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


SLAVIYA: Kyiv Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Slaviya (code EDRPOU 30437194) after finding
the limited liability company insolvent.  The case is docketed
as 24/361-b.  Mr. Siran Bekirov (License Number AA 419464) has
been appointed liquidator/insolvency manager.

CONTACT:  SLAVIYA
          04080, Ukraine, Kyiv region,
          Novokostyantinivska Str. 8

          Mr. Siran Bekirov
          Liquidator/Insolvency Manager
          04080, Ukraine, Kyiv region,
          Novokostyantinivska str, 8

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


SVERDLOVSL' AUTO 10973: Court Orders Debt Moratorium
----------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Sverdlovsl' Auto Transport
Enterprise 10973 (code EDRPOU 03116022) on March 22, 2005 and
ordered a moratorium on satisfaction of creditors' claims.  The
case is docketed as 20/49 B.  Ms. Marina Ivanova (License Number
AA 719886) has been appointed temporary insolvency manager.  The
company holds account number 260083012205761980 at
Prominvestbank, Sverdlovsk branch, MFO 304472.

CONTACT:  OJSC SVERDLOVSL' AUTO TRANSPORT ENTERPRISE 10973
          94800, Ukraine, Lugansk region,
          Sverdlovsk, Bazovska Str. 1

          Ms. Marina Ivanova
          Temporary Insolvency Manager
          91000, Ukraine, Lugansk region,
          Oboronna Str. 99/5

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


SVIT-POSTACH: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Svit-Postach (code EDRPOU 23956793).
The case is docketed as 6/36-4/19.  Mr. V. Mashevskij (License
Number AB 116211) has been appointed temporary insolvency
manager.  The company holds account numbers 26006301413610/980
and 26006301413610/840 at Prominvestbank, Lviv central branch,
MFO 325633 and account number 260003012279 at OJSC State Savings
Bank of Ukraine, Lviv city branch 6319, MFO 385048.

CONTACT:  SVIT-POSTACH
          Ukraine, Lviv region,
          Promislova Str. 53

          Mr. V. Mashevskij
          Temporary Insolvency Manager
          Ukraine, Lviv region, Lukich Str. 3/1

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


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


ADVENTURE CENTRE: City Council Arranging GBP5 Mln Rescue
--------------------------------------------------------
The City of Edinburgh Council is in talks with banks regarding a
rescue bid for Adventure Center based in Ratho, according to The
Scotsman.  The plan is to borrow GBP5 million to secure the
center before the remaining debts are written off.  The council
will have to find a further GBP3 million to carry out necessary
improvements in the future.  A rescue package will secure around
60 jobs.

Adventure Center has the world's largest indoor climbing wall.
It went into receivership last year just months after it opened.

There are plans to add extra facilities to the center, including
a bistro, children's play area, swimming pool and scuba-diving
training facilities.

In April, HBOS offered to sell the center to the council after
failing to find a private buyer.

Adventure Center offers event space, retail and office
accommodation, leisure club facilities and accommodation for up
to 90 people.  It is Europe's largest indoor climbing center.
It is estimated worth GBP20 million.

CONTACT:  DELOITTE & TOUCHE
          Administrator
          Aberdeen office
          2 Queen's Terrace
          Aberdeen
          United Kingdom
          AB1 1XL
          Phone: +44 (0)1224 625888
          Fax: +44 (0)1224 625025


AGL LIMITED: Hires PricewaterhouseCoopers as Administrator
----------------------------------------------------------
Ian David Green (IP No 9045) and Michael Horrocks (IP No 8026)
have been appointed joint administrators for AGL Limited.  The
appointment was made June 17, 2005.

The company designs, manufactures and installs high technology
systems and machine tools using electro-discharge, electro-
chemical and laser technologies through its subsidiary company.
Its registered office is located at Albemarle House, 1 Albemarle
Street, London W1S 4HA.

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

          PRICEWATERHOUSECOOPERS
          101 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3PW
          Greater Manchester
          Phone: 0161 247 4330
          Fax: 0161 228 3920


AIRCRAFT EQUIPMENT: Business for Sale
-------------------------------------
The Joint Administrative Receivers, Colin Haig and Michael
Gercke, offer for sale the business and assets of Aircraft
Equipment International Limited, a Berkshire-based well
established defense equipment specialist.

The group possesses unique design capability of manufacturing
small- to medium-caliber gun systems and aircraft cannon.
Aircraft Equipment International is also a preferred supplier to
the Ministry of Defense, BAE Systems and governments worldwide.
The company has large stock of spares for U.S. military aircraft
and a substantial order book.  Established 40 years ago, the
group booked over GBP3 million in turnover for 2004.

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

          Samantha Hatch
          Phone: 020 7212 1292
          Fax: 020 7804 5566
          E-mail: samantha.k.hatch@uk.pwc.com

          AIRCRAFT EQUIPMENT INTERNATIONAL LTD.
          1 Kings Ride Park
          Ascot
          Berkshire SL5 8AR
          Phone: +44 (0) 1344 63
          Fax: +44 (0) 1344 63
          E-mail: info@airquip.co.uk


AMS NEVE: Hires Administrators from Kroll Limited
-------------------------------------------------
D. J. Whitehouse and S. Wilson (IP Nos 008699, 008963) have been
appointed joint administrators for AMS Neve Plc.  The
appointment was made June 17, 2005.  Its registered office is
located at AMS Industries Park, Billington Road, Burnley BB11
5UB.

AMS Neve plc designs and manufactures professional audio
equipment for world-class audio facilities.  The company
provides a range of integrated and scalable equipment solutions,
focused on three key applications: Post Production for Film &
Video, Broadcast/Live Production and Music Recording.

Visit http://www.ams-neve.com/for more information.

CONTACT:  AMS NEVE PLC
          Billington Road,
          Burnley, Lancs BB11 5UB
          England
          Phone: +44 (0) 1282 457011

          KROLL MANCHESTER
          1 Oxford Court Bishopsgate Place
          Manchester M2 3WR
          United Kingdom
          Phone: 44 (0) 161 228 6622
          Fax: 44 (0) 161 228 1199
          Web site: http://www.krollworldwide.com


BAE SYSTEMS: Fitch Downgrades BAE Systems to 'BBB'
--------------------------------------------------
Fitch Ratings has downgraded Monday U.K.-based BAE Systems Plc's
Senior Unsecured and Short-term ratings to 'BBB' and 'F3' from
'BBB+' and 'F2', respectively and removed them from Rating Watch
Negative (RWN).  A Stable Outlook has been assigned.
Approximately GBP3.8 billion of debt is affected by this rating
action.

The downgrade reflects BAE's increased net leverage, as
anticipated in Fitch's rating action commentary dated 7 March
2005, following its US$4.2 billion (GBP2.2 billion) acquisition
of U.S.-based United Defense Industries (senior secured bank
facility rated at 'BB+', Outlook Positive), which closed on 24
June 2005.

BAE will finance the acquisition with a combination of debt,
cash and GBP360 million of new equity.  The acquisition price
includes the assumption of UDI's net debt of US$218 million
(GBP115 million).  Fitch believes that BAE's net debt/EBITDA
ratio could reach 1.8x at FYE05 compared to a net cash position
of GBP5 million at FYE04.  The changed financial structure
deviates from BAE's historically modestly leveraged financial
profile, which has served to balance the company's higher-than-
average business risk.

On the other hand, BAE's leading market positions, geographical
diversification with increasing presence in the U.S. defense
market, prime contracting capabilities and substantial order
book, (equivalent to 3.7x FY04 sales) all have a positive impact
on the ratings.  The Stable Outlook reflects Fitch's view that
while cash generation is not expected to be sustainable at the
2004 level, progressive debt reduction can be achieved in the
coming two years.

The ratings were first placed on RWN on 18 November 2004, after
the U.K.'s Serious Fraud Office included BAE in the
investigation for false accounting in relation to defense deals
closed with the Kingdom of Saudi Arabia.  Fitch was concerned
that the allegations, if proven, could undermine BAE's ethical
standing and reputation, in addition to having a medium-term
impact on its sizeable commercial ties with the Kingdom and
potentially also with the U.K. Ministry of Defense.  The ratings
were maintained on RWN on 7 March 2005, following the UDI
acquisition.

While the investigation is still ongoing and may become
protracted, there is an absence of strong signals that the above
concerns could materialize.  The removal of the RWN reflects
this fact as well as a belief that the lower rating level,
triggered by the UDI acquisition, encompasses some of the risk
of the continuing investigation.

BAE has undertaken a number of acquisitions in 2004 and 2005,
spending a total of GBP2.9 billion, of which GBP2.6 billion has
targeted the U.S. market.  The company has also been selling
part of its European activities to raise funds for the
acquisitions.  This includes the sale of 12% of Saab AB, the
Swedish maker of the Gripen fighter jet, and a majority share
(BAE will retain 25%) of its defense communications businesses
and certain avionics activities, including the U.K.-based
airborne radar and electronic warfare business to Italian
Finmeccanica S.p.A. ('BBB'/'F2'/Outlook Stable).

Fitch believes that the UDI transaction is in line with BAE's
stated strategy to continue its growth in the US defense market
through acquisitions.  However, the agency notes that the size
of this acquisition diverges from management's previously stated
objectives to target small- to medium-sized enterprises.

Activities in the U.S. now represent a major revenue generator
for BAE.  Fitch expects that BAE will continue to reduce its
activities in the stagnating European defense market to focus on
its growing operations in the U.S., the largest defense market
in the world.  Additional future sizeable acquisitions and
potential negative effects from the investigation will be
treated as event risk.

BAE is Europe's largest defense equipment company and a 20%
shareholder in aircraft manufacturer Airbus.

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

          FITCH RATINGS
          Elisabetta Zorzi - Milan
          Phone: +39 02 87 90 87213
          Wolfgang Wiehe - London
          Phone: +44 (0)20 7417 4233
          Monica Klingberg Insoll
          Phone: +44 (0) 20 7417 4281
          Web site: http://www.fitchratings.com


BC GROUP: Shopfitter in Liquidation
-----------------------------------
At an Extraordinary General Meeting of BC Group Limited at
Quality Hotel, Gloucester Road, Staverton, Gloucester, on 16
June 2005, extraordinary and ordinary resolutions to wind-up the
company were passed.

Valerie Laura Neave of The Grange, Aston on Carrant, Tewkesbury
GL20 8HL was appointed Liquidator.  BC Group is formerly known
as BC Joinery Limited.  Visit http://bcgroupltd.co.uk/for more
information.

CONTACT:  BC GROUP LIMITED
          35 Windsor Street
          Cheltenham
          Gloucestershire
          GL52 2DG
          Phone: 01242 254343
          Fax: 01242 224412
          Contact:
          B J Cook, Chairman


BRITANNIA SHELVING: Files for Liquidation
-----------------------------------------
At an Extraordinary General Meeting of the members of Britannia
Shelving Limited, at The Clock House, 87 Palnes Lane, Pinner,
Middlesex HA5 3BZ, on 20 June 2005, resolutions to liquidate the
company were passed.

I D Holland of Ian Holland & Co. was appointed liquidator.

Visit http://www.britannia-uk.comfor more information.

CONTACT:  Britannia Shelving Ltd.
          Unit 20-21, Haddenham Business Park
          Haddenham
          Aylesbury
          HP17 8LJ
          Buckinghamshire
          Phone: 01844 292856
          Fax: 01844 292848
          Web site: http://www.britannia-uk.com
          Contact:
          S J Nickson, Director

          IAN HOLLAND & CO.
          The Clock House, 87 Paines


CABURN VACUUM: Names Tenon Recovery Administrator
-------------------------------------------------
T. J. Binyon and S. R. Thomas (IP Nos 9285, 8920) have been
appointed administrators for Caburn Vacuum Science Limited.  The
appointment was made June 16, 2005.  Its registered office is
located at 2nd Floor, Martlet Heights, The Martlets, Burgess
Hill, West Sussex.

Caburn delivers an extensive range of high and ultra-high vacuum
components and a specialist custom engineering service to the
European vacuum science community.  The company has offices in
Germany, France and Italy.  Visit http://www.caburn.co.uk/en/
for more information.

CONTACT:  CABURN VACUUM SCIENCE LIMITED
          1st Floor, Martlet Heights
          The Martlets
          Burgess Hill, West Sussex RH15 9NJ
          United Kingdom
          Phone: +44 (0) 1444 873900
          Fax: +44 (0) 1444 258577
          E-mail: sales@caburn.co.uk

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


CONSODATA GROUP: Deadline for Filing Claims August
--------------------------------------------------
Members of Consodata Group Limited decided on June 9 to wind up
the company.

Andrew Conquest of Grant Thornton UK LLP.  The Liquidator
intends to make a First and Final Distribution to Creditors.
The last date for proving debt against company is on 1 August
2005.  Claims must be sent to Andrew Conquest, of Grant Thornton
UK LLP, Grant Thornton House, Melton Street, Euston Square,
London NW1 2EP.

After 1 August, the Liquidator may make that distribution
without regard to the claim of any person in respect of a debt
not already proved.

This notice refers to Company No. 03830400 which is solvent.
The notice does not refer to other Companies bearing the
Consodata name, which are trading and are not in liquidation.

Consodata Group is a consulting and training services company.
It is a unit of Italian Seat Pagine Gialle S.p.A.  It is
previously known as Consodata Services Limited and IBIS(516)
Limited.

CONTACT:  CONSODATA GROUP LIMITED
          14 Cavendish Place, London W1G 9NU

          GRANT THORNTON UK LLP
          Grant Thornton House
          Melton Street, Euston Square
          London NW1 2EP


COUNTRYMAN POWER: Generator Manufacturer Calls in Administrator
---------------------------------------------------------------
Name of companies:
Countryman Power Limited
G & M Power Plant Limited

Ian David Green (IP No 9045) and Michael Horrocks (IP No 8026)
have been appointed joint administrators for these companies.
The appointment was made June 17, 2005.

Countryman Group specializes in the bespoke design, manufacture,
installation, commissioning and servicing of power generation
systems.

G & M are manufacturers of high quality generating sets for
marine and military applications from 40kva to 2000VA.  It also
provides industrial generator sets for specific civil projects
that require standby and or emergency power generation for
airports, hospitals etc.

Visit http://www.countrymangroup.co.uk/or http://www.gmpp.co.uk
for more information.

CONTACT:  COUNTRYMAN POWER LIMITED
          Magnet House, 31 Anson Road,
          Ipswich, Suffolk, IP5 3RG
          United Kingdom
          Phone: +44 (0) 1473 662777
          Fax: +44 (0) 1473 662776

          G. & M. POWER PLANT LTD.
          Magnet Works
          Whitehouse Road
          Ipswich, IP1 5LX
          Phone: 01473 241000
          Fax: 01473 241001

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

          PRICEWATERHOUSECOOPERS
          101 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3PW
          Greater Manchester
          Phone: 0161 247 4330
          Fax: 0161 228 3920


EUROTECH INDUSTRIES: Hires Administrator from Till Morris
---------------------------------------------------------
Duncan Roderick Morris (IP No 8693) has been appointed
administrator for Eurotech Industries Limited.  The appointment
was made June 17, 2005.

The company casts engineering parts and metal polishers.  It is
located at the West Midlands in UK.  Alan Walker, technical
director and Paul Green, managing director manages Eurotech
Industries.  Visit http://www.eurotech-ind.co.uk/for more
information.

CONTACT:  EUROTECH INDUSTRIES LTD.
          Woden Road West, Bescot Industrial Estate,
          Wednesbury, WS10 7SG, United Kingdom
          Phone: +44 (0) 870 990 7445
          E-mail: info@eurotech-ind.co.uk

          THE TILL MORRIS PARTNERSHIP
          32 Brook Street
          Warwick
          Warwickshire CV34 4BL
          Phone: 01926 497 722
          Fax: 01926 497 733
          E-mail: duncan.morris@tillmorris.co.uk


FEDERAL-MOGUL: Panel Won't Hire Lobbyists Due to Objections
-----------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Federal-Mogul Corporation and its debtor-affiliates' chapter 11
cases withdrew its request to the U.S. Bankruptcy Court for the
District of Delaware for permission to retain The Federalist
Group LLC as its congressional advocates, effective as of May 1,
2005, due to objections from the Official Committee of Asbestos
Property Damage Claimants and the United States Trustee for
Region 3.

The Creditors Committee wanted to hire the Federalist Group for
$40,000 per month to lobby the Debtors' interest in the
"Fairness in Asbestos Injury Resolution Act of 2005" or Senate
Bill No. 525, currently being deliberated in the United States
Senate.

The Federalist Group is a lobbying firm that includes some of
Washington's most respected and skilled former Executive and
Congressional officials and staff.

                         Not Permissible

On behalf of Kelly Beaudin Stapleton, the United States Trustee
for Region 3, Richard L. Schepacarter, Esq., trial attorney of
the United States Department of Justice, told the Court that
hiring lobbyists is not among the permissible actions that may
be undertaken by an official committee under Section 1103(c) of
the Bankruptcy Code.

Mr. Schepacarter said hiring a lobbyist does not constitute:

   (a) consulting with the trustee or debtor concerning the
       administration of the case;

   (b) investigating the acts, conduct, assets, liabilities, and
       financial condition of the debtor, the operation of the
       debtor's business and the desirability of the continuance
       of the business, and any other matter relevant to the
       case or to the formulation of a plan;

   (c) participating in the formulation of a plan, advising
       those represented by the committee of the committee's
       determinations as to any plan formulated, and collecting
       and filing with the court acceptances or rejections of a
       plan; or

   (d) requesting the appointment of a trustee or examiner under
       Section 1104.

The only conceivable authorization for hiring a lobbyist, Mr.
Schepacarter continued, is under Section 1103(c)(5), which
provides that a committee may "perform such other services as
are in the interest of those represented."

"But even subsection 5 does not help [the Creditors' Committee],
however, because that section cannot reasonably be construed in
an infinitely elastic manner to authorize a broad category of
action that was not contemplated by Congress and that would
render absurd the specific enumeration of duties in subsections
(c)(1) through (c)(4)," Mr. Schepacarter contends.

Mr. Schepacarter related that In re Dow Corning Corporation, 199
B.R. 896 (Bankr. E. D. Mich. 1996), aff'd 142 F. 3d 433 (6th
Cir. 1998) (Unpublished Decision) is the only reported opinion
known to the U.S. Trustee regarding the retention of a lobbyist
by an official committee.  In that case, the bankruptcy court
firmly rejected that broad interpretation of Section 1103(c)(5).

                        Not Professionals

The Asbestos Property Damage Committee asserted that The
Federalist Group LLC cannot be retained because lobbyists do not
qualify as "professionals" under Section 328(a) of the
Bankruptcy Code.  The term "professional person," as used in
Section 327 and 328, "is a term of art reserved for those
persons who play an intimate role in the reorganization of the
debtor's estate."

Theodore J. Tacconelli, Esq., at Ferry, Joseph & Pearce, P.A.,
in Wilmington, Delaware, pointed out that In re Johns-Manville
Corp., 60 B.R. 612, 619 (Bankr. S.D.N.Y. 1986), the court held
that due to their "tangential relationship" to the bankruptcy
process and the fact that their role is not to assist the debtor
in carrying out its duties under Chapter 11, lobbyists do not
qualify as professionals under Section 327(a).

"[L]obbying against the FAIR Act and other asbestos related
legislation are beyond the scope of the Creditors Committee's
statutory authority under Section 1103," Mr. Tacconelli said.

Commercial creditors are not prohibited from engaging a
lobbyist.

But since lobbying is an activity "outside and independent" of
the bankruptcy, the Committee is prohibited by statute and case
law from using estate funds to finance those efforts, Mr.
Tacconelli maintained.

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 Nos. 81 & 83; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

                            *   *   *

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


HHT LIMITED: Hires Administrators from Menzies Corporate
--------------------------------------------------------
Jason James Godefroy and Andrew Gordon Stoneman (IP Nos 9097
8728) have been appointed administrators for HHT Limited.  The
appointment was made June 14, 2005.  Its registered office is
located at Heath Road, Darlaston, West Midlands WS10 BLU.

HHT Limited was founded in 1966 and is the largest single site
heat treatment facility in the UK offering processing including
surface treatment, hardening, tempering, case hardening and
induction hardening.  The company's currently turning over circa
GBP4 million per annum and it employs 60 staff.  The company
operates from a freehold offices and factory in Darlaston, West
Midlands.

While the company has historically traded successfully, recent
cash flow difficulties have led to the appointment of Menzies
Corporate Recovery.  HHT Limited is continuing to trade and its
business as usual whilst Jason Godefroy and Andrew Stoneman seek
a purchaser for the business.

Visit http://www.hht.co.ukfor more information.

CONTACT:  HHT LIMITED
          Heath Road
          Darlaston
          West Midlands WS10 8LU
          Phone: 0121 526 4771
          Fax: 0121 526 4153

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


NETWORK RAIL: Misfeasance Suit Against Government Takes off
-----------------------------------------------------------
Former Transport Secretary Stephen Byers has been accused of
knowingly harming the interest of Railtrack plc shareholders on
the first day of a legal battle to get recover investors' money.

Keith Rowley QC, representing the shareholders, said: "Mr. Byers
devised a scheme by which he intended to injured the
shareholders by impairing the value of their financial interest
in the company without paying them compensation and without the
approval of Parliament."

The case, which started Monday, is Britain's largest ever class
action trial.  It was brought by almost 50,000 shareholders of
collapsed rail operator Railtrack against the government.  It
alleges "misfeasance of justice" and a breach of human rights.
The allegation of breach of human rights relates to the
effective confiscation of shareholders' assets, according to
Ananova.  Many of the investors are pensioners with small
shareholdings.

The case being held at the high court of Mr. Justice Lindsay,
seeks to recover GBP157 million.  If it succeeds, a second trial
to determine damages will follow.

Railtrack, now Network Rail, went into administration in 2001
after the government withdrew funding for the company whose
reputation was wrecked by a fatal crash in 2000 at Hatfield.

Mr. Byers, is set to be called in behalf of the government next
month, probably early to mid-July.

Jonathan Sumption is spearheading the government's defense.
Geoffrey Weir is the shareholders' lead claimant.  The investors
are acting together as The Railtrack Private Shareholders Action
Group (RPSAG).

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


PARAMOUNT PLASTIC: Administrators from Tenon Recovery Move in
-------------------------------------------------------------
Simon Robert Thomas and Stanley Donald Burkett-Coltman (IP Nos
8920, 9181) have been appointed administrators for Paramount
Plastic Production Limited.  The appointment was made June 15,
2005.  Its registered office is located at Sherlock House, 73
Baker Street, London W1U 6RD.

Paramount Plastics are one of the most established plastic
injection molding companies in the UK for 50 years.

Visit http://www.paramountplastics.co.uk/for more information.

CONTACT:  PARAMOUNT PLASTIC PRODUCTION LTD.
          Kent House Lane
          Gardner Industrial Estate
          Beckenham BR3 1LB, Kent
          Phone: 020 8778 2201
          Fax: 020 8676 9854

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


PFIZER MEDICAL: Owner Opts to Wind up Firm
------------------------------------------
The sole Member of Pfizer Medical Technology Group decided to
liquidate the company by written Resolutions dated 14 June 2005.

Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT were appointed Joint
Liquidators.

Pfizer Medical is previously Pfizer Hospital Products Limited.
It is a non-trading company.

CONTACT:  PFIZER MEDICAL TECHNOLOGY GROUP LIMITED
          Ramsgate Road, Sandwich, Kent CT13 9NJ

          PRICEWATERHOUSECOOPERS LLP
          Plumtree Court, London EC4A 4HT
          Contact:
          Richard Setchim, Liquidator
          Jonathan Sisson, Liquidator


PROFILE MEDIA: Barclays Extends Debt Option Until October
---------------------------------------------------------
Profile Media Group has reached agreement in principle with
Barclays Bank plc as to an extension until 31 October 2005 of
the option to purchase the Company's debt, as more fully
described in the Company's announcements dated 7 March 2005 and
31 May 2005.

The agreement is expected to be signed before 30 June and as a
consequence the Company intends to make a further announcement
on 30 June 2005 when it will also publish its results for the 18
months ended 31 December 2005.

In March, the Company entered into an agreement with Barclays
Bank PLC whereby:

(a) the final maturity date for the Group's facility has been
    extended from 7 March to 31 May 2005; and

(b) the Bank has granted PMG an option under which, subject
    to certain conditions highlighted below, its obligation to
    repay the principal and interest from 1 January 2005, under
    the facility can be settled in return for payment of
    GBP500,000 to the Bank on or before 31 May 2005 and at the
    same time closing out the Interest Rate Swap (entered into
    by the Company on 25 July 2001) currently at an estimated
    settlement cost of GBP75,000.

If the Option is exercised, the Bank will also be entitled to an
additional payment in respect of the settled debt in the event
that PMG is subject to an offer for its entire issued share
capital which is declared unconditional in all respects, or if
PMG sells, or transfers the whole or a substantial part of its
assets (representing more than 75% of the gross value of the
Company's gross assets), where the net proceeds received by the
shareholders or the Group is in excess of GBP5,000,000 and this
takes place within 24 months after exercise of the Option.

The additional payment will comprise 5% of any excess over
GBP5,000,000 up to GBP10,000,000 and the first GBP500,000 of any
excess above GBP10,000,000.

At the time of entry into the Agreement the Bank unconditionally
agreed to release certain security held by it.

CONTACT:  PROFILE MEDIA GROUP
          5th Floor, Mermaid House
          2 Puddle Dock
          London
          EC4V 3DS
          PMG
          Phone: +44 (020) 7332 2000
          Fax: +44 (020) 7332 2001
          E-mail: info@profilemediagroup.co.uk


READMANS LIMITED: Retail Store Hires Administrator
--------------------------------------------------
R. D. Smailes and S. B. Ryman (IP Nos 8975, 4731) have been
appointed administrator for Readmans Limited.  The appointment
was made June 15, 2005.  Its registered office is located at
Clareville House, 26-27 Oxendon Street, London SW1Y 4EP.

The company started its operation in 1963.  Opened its first
store at Leeds and after 20 years, expanded its business by
opening another outlet at Birkenshaw, Bradford.  The company
wholesales and retails clothing, footwear and leather goods.
Mr. Alfred Readman founded the company.

Visit http://www.readmans.co.ukfor more information.

CONTACT:  READMANS LIMITED
          Alfred House, Spence Lane,
          Holbeck, Leeds LS12 1EF
          Phone: 0113 202 8181
          Fax: 0113 202 8180
          E-mail: headoffice@readmans.co.uk

          ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


SENDO LTD.: Motorola, Kroll to Save Firm from Collapse
------------------------------------------------------
Sendo Ltd. is reportedly in partnership or takeover talks with
three suitors to avoid collapsing amid serious financial
difficulties.

The Sunday Telegraph earlier reported that the U.K. mobile phone
maker had turned to U.S. telecommunications firm Motorola Inc.,
and hired corporate restructuring group Kroll to save it from
administration.

Meanwhile, chief executive Hugh Brogan admitted on Friday that
the company has been negotiating with third parties to stabilize
its struggling operations.  However, he refused to identify
them.

He said: "We are in stormy waters financially and consequently,
we are trying to find solutions."

Sendo, which was founded in August 1999 in Birmingham, controls
1.5% of the global handset market.  In 2004, it posted revenues
of US$420 million (EUR345.39 million), compared with US$120
million (EUR98.66 million) a year earlier.

It currently supplies mobile phones to a number of major U.K.
operators, including Vodafone Group PLC and Virgin Mobile as
well as network operators worldwide, with its offices in the
Americas, Europe, and Asia.  Sendo, however, failed to penetrate
the U.S. market.

Its crisis came after rival handset maker Siemens AG sold its
mobile-phone business to BenQ, and the exit of Alcatel Corp.,
L.M. Ericsson, and Qualcomm Inc., among others.

CONTACT:  SENDO LTD.
          Sendo Base Station
          Hatchford Way
          Birmingham
          B26 3RZ
          United Kingdom
          Phone: +44 (0) 121 251 5000
          Fax: +44 (0) 121 251 5001
          Web site: http://www.sendo.com


SLAM CITY: Appoints Mazars Administrator
----------------------------------------
Martin Dominic Pickard (IP No 6833) has been appointed
administrator for Slam City Skates (Wholesale) Ltd.  The
appointment was made June 17, 2005.  Its registered office is
located at The Atrium, Park Street West, Luton, Bedfordshire LU1
3BE.

Slam City Skates sell a wide range of skateboards as well as
some snowboards in the winter. It also sells related clothing
and accessories and offers delivery service.  Visit
http://www.slamcity.comfor more information.

CONTACT:  SLAM CITY SKATES (WHOLESALE) LTD.
          Rough Trade Shop
          16 Neal's Yard
          London WC2H 9DP
          Phone: 020 7240 0928

          MAZARS
          The Atrium
          Park Street West,
          Luton, Bedfordshire LU1 3BE
          Phone: 01582 700700
          Fax:   01582 700701
          Web site: http://www.mazars.co.uk


TERTIO TELECOMS: Final General Meeting Set Mid-July
---------------------------------------------------
A final general meeting of the members of Tertio Telecoms Group
Limited will be held at the offices of BDO Stoy Hayward LLP, 8
Baker Street, London W1U 3LL, on 15 July 2005, at 10.00 a.m.

The meeting will receive the liquidator's report on the winding-
up.  Any Member entitled to attend and vote at the above-
mentioned Meeting is entitled to appoint a proxy to attend and
vote instead of him, and such proxy need not also be a Member.

Tertio is a U.K.-based provider of OSS software solutions for
telcos.  It was placed under liquidation in December.  Its
liquidators are David Harry Gilbert and Malcolm Cohen of BDO
Stoy Hayward LLP.

CONTACT:  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


TORUS SOFTWARE: Administrator from HKM Moves in
-----------------------------------------------
John Phillip Walter Harlow (IP No 008319) has been appointed
administrator for Torus Software Systems Limited.  The
appointment was made June 17, 2005.  Its registered office is
located at HKM LLP, The Old Mill, 9 Soar Lane, Leicester LE3
5DE.

Torus Software Systems specializes in supplying UK organizations
with solutions to human resource problems.  The company produces
systems to monitor time and attendance of staff as well as
controlling access and allocating time to activities, job
costing, personnel records, holiday, absence and capacity
planning, and smoking breaks.

Visit http://www.timelink.co.uk/for more information.

CONTACT:  TORUS SOFTWARE SYSTEMS LIMITED
          Electron House
          Bridge Street
          Sandiacre
          Notts NG10 5BA
          Phone: 0115 939 1204
          Fax: 0115 939 1201
          E-mail: support@timelink.co.uk

          HKM LLP
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Phone: +44(0) 116 242 5100
          Fax:   +44(0) 116 242 5200
          Insolvency Fax: +44 (0) 116 242 5201
          Web site: http://www.hkm.co.uk


                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
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information, contact Christopher Beard at 240/629-3300.


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