TCREUR_Public/050630.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

            Thursday, June 30, 2005, Vol. 6, No. 128

                            Headlines

C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: Delisting from Nasdaq


G E R M A N Y

AMTECH ANLAGEN: Krefeld Court Appoints Administrator
ANDREAS SCHENKAT: Creditors' Claims Due August
DAIMLERCHRYSLER AG: Cuts Vehicle Output Due to Labor Strike
HAASE GMBH: Gives Creditors Until Next Week to File Claims
IESY GMBH: Closes ish Merger

IMPROVE IT: Proofs of Claim Due Next Month
ISH GMBH: Merger with Iesy Caps Turnaround
KAH-INFRAROT: Car Paint Manufacturer Falls into Bankruptcy
KUTSCH INDUSTRIE: Construction Firm Collapses into Bankruptcy
NC AUTOMOBILE: Rostock Court Confirms Bankruptcy

STODT & BRAUN: Engineering Firm Under Bankruptcy Administration
VOLKSWAGEN AG: Investigates Skoda Execs
WIESER GMBH: Creditors Meeting Set August


G R E E C E

OLYMPIC AIRLINES: Govt Begins Talks with Olympic Investors


I R E L A N D

JAL GROUP: Safety Shoes Producer Sold to U.S., U.K. Groups


I T A L Y

ALITALIA SPA: Needs EUR343 Million to Pull off Turnaround
PARMALAT FINANZIARIA: Preliminary Injunction Extended to Aug. 16


L U X E M B O U R G

MILLICOM INTERNATIONAL: Extraordinary General Meeting Set July


N E T H E R L A N D S

GETRONICS N.V.: PinkRoccade Shareholders Okay Combination
ROYAL SHELL: Royal Dutch, Shell Transport United at Last
ROYAL SHELL: Reserves Classified Under U.S. SEC Rules


R U S S I A

BESLANSKIY COMBINE: Bankruptcy Hearing Resumes August
BUILDING CORPORATION: Declared Insolvent
CHEBOKSARSKIY MEAT: Chuvashiya Court Names Insolvency Manager
FACTORY OF BUILDING MATERIALS: Declared Insolvent
PETROVSKOYE: Succumbs to Bankruptcy

SEMENOVSKAYA SEL-KHOZ-TEKHNIKA: Under Bankruptcy Supervision
SLAVYANSKIY: Deadline for Proofs of Claim Last Week of July
STARCH-TREACLE: Appoints I. Medvedev Insolvency Manager
STROY-DETAIL: Undergoes Bankruptcy Supervision Procedure
VICTORY: Creditors Have Until July 28 to File Claims


S W E D E N

SKANDIA INSURANCE: Submits Stock Option Scheme to LSE, UKLA


S W I T Z E R L A N D

ABB LTD.: CE Hires Bankruptcy Services as Claims Agent
SWISS INTERNATIONAL: Increases Fuel Surcharge Friday


U K R A I N E

KORIANDR: Court Appoints Temporary Insolvency Manager
MARYANIVSKE: Bankruptcy Supervision Starts
VORSKLA: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ALEXON GROUP: Appoints New Non-executive Director
BRITISH HORSERACING: Fights Right to Pre-race Data in Court
COMPUTACENTER PLC: 2nd Profits Warning Hits Shares
CSW COLDFORM: Barclays Bank Appoints Ernst & Young Receiver
DNICK LIMITED: Creditors Meeting Set Today

DNICK LIMITED: Company Profile
ELITE MEDICAL: Creditors Meeting Set Next Week
EQUITABLE LIFE: Withdraws GBP100 Mln Claim Versus E&Y
EUROPEAN INTERIOR: Creditors Meeting Set Mid-July
GLOMOCO LIMITED: Sets Creditors Meeting July 11

HAXTED MOTOR: Car Dealer Calls Antony Barry & Co. Administrator
KEITH NEWMARK: Hires PricewaterhouseCoopers as Administrator
MERLIN SUNSCREENING: Meeting of Creditors Set July 6
PIONEER NETWORKS: Creditors to Meet July
PORTFOLIO BUILDING: Real Estate Company Under Administration

QXL RICARDO: Polish Unit's Administrator Clarifies Payments
REACTIVE TECHNOLOGIES: Creditors Meeting Set July
SPORTING OPTIONS: Not a Dime for Unsecured Creditors
SUPERTECH CONSULTANCY: Creditors to Meet Next Month
SWAN HUNTER: Warns of Multi-million-pound Overrun Costs


                            *********


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


TELESYSTEM INTERNATIONAL: Delisting from Nasdaq
-----------------------------------------------
Telesystem International Wireless Inc. has received confirmation
from the Nasdaq Stock Market that its common shares may continue
to trade on The Nasdaq National Market through the first
distribution to its shareholders under its plan of arrangement, p
rovided the first distribution occurs within the timeframe
described in TIW's information circular dated April 18, 2005, but
in no event later than September 19, 2005.  The Company will
request voluntary delisting of its common shares from Nasdaq
immediately following the first distribution.

About TIW

TIW operates under a court supervised Plan of Arrangement to
complete the transaction with Vodafone announced on March 15,
proceed with its liquidation, including the implementation of a
claims process and the distribution of net cash to shareholders,
cancel its common shares, and proceed with its final distribution
and be dissolved.  TIW's shares are listed on NASDAQ and on the
Toronto Stock Exchange.

                            *   *   *

Headquartered in Montreal (Quebec), Telesystem International
provides wireless voice, data and short messaging services in
Central and Eastern Europe with over 6.9 million subscribers.  It
operates in Romania through MobiFon S.A. under the brand name
Connex and in the Czech Republic through Oskar Mobil a.s. under
the brand name Oskar.  Its unaudited interim financial statements
for the three months ending March 31, 2005 showed assets of
US$2,851,881,000 and long-term debt of US$1,198,466,000.

On May 20, the Superior Court, District of Montreal, Province of
Quebec issued a final order approving a Plan of Arrangement under
the Canada Business Corporations Act.  The plan envisages its
liquidation and sets the claims bar date on July 8, 2005.  The
Court has appointed KPMG Inc. to monitor and perform the duties
provided in the claims identification process approved by the
Court.  A profile of the company is available at
http://bankrupt.com/misc/Telesystem_Profile.htm

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix, Investors Relations
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca
          Web site: http://www.tiw.ca


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


AMTECH ANLAGEN: Krefeld Court Appoints Administrator
----------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against AMTECH Anlagen- und Maschinentecnik Vertriebs-GmbH on
June 6.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Aug. 30, 2005 to register their claims with court-appointed
provisional administrator Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting on Sept. 6, 2005, 11:05 a.m. at the district court of
Krefeld Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum
214 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 Oct. 18, 2005, 9:15 a.m.
at the same venue.

AMTECH was founded in 1992 in Dreieich, Germany as AMTECH
Anlagen- und Maschinentechnik GmbH.  It produces presses and
heating platen for all press designs.  It also offers engineering
services and supplies components.  AMTECH transferred to Krefeld
in 1994.  Visit http://www.amtech-pmr.com/contact/for more
information.

CONTACT:  AMTECH GMBH
          Parkstrasse 29
          D-47829 Krefeld
          Germany
          P.O. box 111044
          D-47811 Krefeld
          Germany
          Phone: +49 (0) 21 51-94 39 93
          Mobile: +49 (0) 1 72-9 20 49 66
          Fax: +49 (0) 21 51-94 39 98
          E-mail: d.rothland@amtech-gmbh.com
          Web site: http://www.amtech-pmr.com/contact/
          Contact:
          Dieter Rothland, Managing Director

          Peter Houben, Administrator
          Sternstrasse 58, 40479 Duesseldorf
          Phone: 0211/49 144-0
          Fax: +4902114914434


ANDREAS SCHENKAT: Creditors' Claims Due August
----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Andreas Schenkat "Dollhouse" Betriebs GmbH & Co. KG on
June 14.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
August 5, 2005 to register their claims with court-appointed
provisional administrator Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting on September 2, 2005, 10:30 a.m. at the district
court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083
Hamburg, Saal 1, 2. Ebene (Zi. 2.18), at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ANDREAS SCHENKAT DOLLHOUSE BETRIEBS GmbH & Co. KG
          Grosse Freiheit 11
          22767 Hamburg
          Phone: 040 - 31796988
          Fax: 040 - 31796498
          Contact:
          Herbert Espig
          Pilatuspool 7a, 20355 Hamburg

          Michael W. Kuleisa, Administrator
          Speersort 4-6, 20095 Hamburg
          Phone: 040/303010


DAIMLERCHRYSLER AG: Cuts Vehicle Output Due to Labor Strike
-----------------------------------------------------------
DaimlerChrysler AG reportedly halted Monday the production of
Mercedes-Benz C-Class cars and Mitsubishi vans at its plant in
South Africa due to shortage of workers.

Rival carmaker Volkswagen AG, meanwhile, cut vehicle production
at its factory in Uitenhage.  According to Detroit News,
employees joined the one-day national strike called Monday by the
Congress of South African Trade Unions, the country's largest
labor group.  Workers protested the job cuts in the mining and
textile industries, and appealed on the government to solve the
country's unemployment issues.

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


HAASE GMBH: Gives Creditors Until Next Week to File Claims
----------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against HAASE GmbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 4, 2005 to register their claims with
court-appointed provisional administrator Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 4, 2005, 9:20 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

Haase is a packaging company.  Visit http://www.funfood.defor
more information.

CONTACT:  HAASE GMBH
          Raiffeisenstrasse 2
          D-61191 Rosbach v.d.H.
          Germany
          Phone: (+49) 6003/91 809
          Fax.: (+49) 6003 / 78 29
          E-mail: info@funfood.de
          Web site: http://www.funfood.de

          HAASE GmbH
          Walmbergsweg 9, 39112 Magdeburg
          Contact:
          Manfred Haase
          Christian Struck
          Steinstr. 29, 19053 Schwerin

          Klaus Wrede, Administrator
          Lennestrasse 10, 39112 Magdeburg
          Phone: 0391/5973315
          Fax: 0391/5973333


IESY GMBH: Closes ish Merger
----------------------------
Iesy GmbH, the cable operator in Hesse, has completed the
acquisition of ish GmbH in NRW.  The combination of iesy and ish
creates a business with 5.2 million cable customers, 86,750
digital TV subscribers, 25,670 high-speed Internet customers and
9,500 telephone lines.  On a combined basis, iesy and ish have
already modernized approximately 20% of their networks for
high-speed Internet services.

"This is a major step forward in the development of iesy, ish and
our industry.  We operate in the most demographically attractive
regions with a population of 24 million people, generating more
than 30% of Germany's overall GDP," says Parm Sandhu, CEO of
iesy, who will become CEO of the combined business.

"This combination will allow us to better serve our customers.
We will benefit from ish's existing infrastructure, including its
state-of-the-art Network Operation Center in Kerpen, to serve
customers in both regions with new digital products.  We will do
this in close co-operation with our industry partners, including
broadcasters, housing associations and Level 4 operators," adds
Parm Sandhu.

Jim Bonsall, CEO of ish since 2002, said: "With the merger of ish
and iesy the combined company will be a strong competitor.   I am
pleased that a number of the current ish shareholders share this
view and will be shareholders in the combined company."

As a managing director of the leading turnaround and
restructuring firm AlixPartners LLC, Jim Bonsall's mission was to
restore ish to a sound financial footing and position it for
growth.  With this accomplished, he now looks forward to devoting
his attention to working with other clients.

"[Mr. Bonsall] has made an enormous contribution to the success
of ish and to the development of the entire German cable
industry.  On behalf of all my new colleagues we thank him and
wish him well," Parm Sandhu said.

In addition, iesy announced that in conjunction with the
acquisition, it closed EUR920 million of new senior secured
credit facilities (EUR850 million funded term loans, with an
incremental EUR70 million revolving credit facility) and drew
from a EUR360 million bridge loan facility.  Pro forma for the
transaction, the Company has EUR1,625 million total debt and
approximately EUR15 million of cash on hand, representing
approximately EUR1,610 million net debt.

                            *    *    *

In April, Standard & Poor's affirmed the ratings of New iesy GmbH
and resolved its CreditWatch on the company to reflect that the
intended acquisition of Kabelnetz NRW HoldCo GmbH & Co. KG (ish)
is consistent with earlier rating expectations.

"Once completed, the acquisition could lead to an upgrade,
subject to future performance, financial policy, and balance
sheet management," said Standard & Poor's credit analyst Simon
Redmond.

The ratings on both iesy and the combined entity reflect the
highly leveraged capital structure, which is sustainable only
thanks to the stability of iesy's core cable-TV revenues and cash
flows.  Ratings affirmed were iesy's corporate credit rating at
'B', iesy Hessen GmbH & Co. KG's senior secured bank loan rating
on a EUR1.05 billion senior secured credit facility at 'B', and
iesy Repository GmbH's subordinated debt rating at 'CCC+'.  S&P
also assigned its 'CCC+' rating to the proposed EUR525 million
(US$623 million) equivalent subordinated notes maturing in 2015
to be issued by iesy Repository.

CONTACT:  ISH
          Stefan Lennardt
          Corporate Communication
          Phone: +49 221 37792 197
          E-mail: presse@ish.com

          IESY GMBH
          Gary Ferrera
          Chief Financial Officer
          Phone: +49 69 973 24 600
          E-mail: investor.relations@iesy.de


IMPROVE IT: Proofs of Claim Due Next Month
------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Improve IT Aktiengesellschaft on June 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 20, 2005 to
register their claims with court-appointed provisional
administrator Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 9:45 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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.

Established 15 years ago, Improve IT has been providing
IT-related services such as formulation and optimization of
business processes.  Visit http://www.improve.defor more
information.

CONTACT:  IMPROVE IT AKTIENGESELLSCHAFT
          Meisenstr. 96, 33607 Bielefeld
          Contact:
          Guido Kopkow, Manager
          Kammweg 5, 33813 Oerlinghausen
          Phone: 0521/2997-450
          Fax: 0521/2997-4545
          E-mail: info@improve.de

          Klaus Knetter, Administrator
          Otto-Brenner-Str. 186, 33604 Bielefeld


ISH GMBH: Merger with Iesy Caps Turnaround
------------------------------------------
Cable operator ish GmbH has completed its merger with iesy in
Hesse, signaling its successful turnaround after a crisis three
years ago.  The combined business expects to serve 5.2 million
cable customers in Germany.

The transaction was first announced in March and was approved by
ish shareholders in April.  The merger was executed through
iesy's acquisition of the ish operating companies for cash,
funded by iesy's recent refinancing.

Ish narrowly avoided liquidation in 2002 when international
corporate turnaround expert, AlixPartners LLC, took over the
helm.  A case study by AlixPartners found out the company had
over-invested in anticipation for an increase in cable
subscribers that did not materialize.  The firm incurred more
than EUR3 billion in debt, defaulted on bank agreements and ran
out of cash.

To rescue the business, AlixPartners arranged an out-of-court
reduction of ish's trade debt by 33%, secured EUR335 million in
new bank and trade financing, and established an achievable
operating plan.  AlixPartners' managing director Jim Bonsall, who
initially acted as chief restructuring officer, later became
chief executive officer of the company.  Ish's EBITDA improved
40% in 2003.

AlixPartners considers the turnaround two of its highly
successful restructuring work in Europe; the other is JAL Group,
Europe's leading manufacturer of professional safety shoes and
boots.  AlixPartners opened its European offices in London and
Munich in 2003.  It now has 64 professionals and four offices, in
London, Munich, Duesseldorf and Milan.

CONTACT:  ISH GMBH
          Stefan Lennardt
          Corporate Communication
          Phone: +49 221 37792 197
          E-mail: presse@ish.com


KAH-INFRAROT: Car Paint Manufacturer Falls into Bankruptcy
----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against KAH-Infrarot-Anlagen GmbH on June 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 26, 2005 to register their
claims with court-appointed provisional administrator Reinhard
Titz.

Creditors and other interested parties are encouraged to attend
the meeting on August 26, 2005, 10:30 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

KAH-Infrarot-Anlagen produces car paints and provides related
services such as installation, removal and maintenance.

CONTACT:  KAH-INFRAROT-ANLAGEN GmbH
          Holzdamm 28-32, 20099 Hamburg
          Contact:
          Klaus Kragel, Manager
          Axel Harloff, Manager
          Ruediger Frau, Manager

          Reinhard Titz, Administrator
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301226


KUTSCH INDUSTRIE: Construction Firm Collapses into Bankruptcy
-------------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against construction company Kutsch Industrie- und Gewerbebau
GmbH on June 9.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
Aug. 11, 2005 to register their claims with court-appointed
provisional administrator Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting on Sept. 1, 2005, 10:00 a.m. at the district court of
Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  KUTSCH INDUSTRIE- UND GEWERBEBAU GMBH
          Ostlandstr. 15, 46325 Borken
          Contact:
          Stefan Kutsch

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


NC AUTOMOBILE: Rostock Court Confirms Bankruptcy
------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against NC Automobile GmbH on May 31.  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 Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 31, 2005, 11:00 a.m. at the district court of
Rostock, Zochstrasse, 18057 Rostock, Saal 330 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:  NC AUTOMOBILE GMBH
          Claus Brueckner
          Schutower Ringstrasse 9, 18069 Rostock

          Axel Raap, Administrator
          Strandstrasse 92, 18055 Rostock


STODT & BRAUN: Engineering Firm Under Bankruptcy Administration
---------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Stodt & Braun GmbH on June 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 10, 2005 to register their claims
with court-appointed provisional administrator Dirk Stadler.

Creditors and other interested parties are encouraged to attend
the meeting on September 7, 2005, 9:30 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude, Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

For 30 years, Stodt & Braun has been handling mechanical
engineering projects, including machine repair and maintenance,
and assembly.

CONTACT:  STODT & BRAUN GmbH
          Bahnhofstr. 6, 31535 Neustadt
          Phone: 05032 / 89 11 89
          Fax: 05032 / 89 11 88
          E-mail: kontakt@stodt-braun.de
          Web site: http://www.stodt-braun.de
          Contact:
          Sylvia Schwabe

          Dirk Stadler, Administrator
          Luisenstr. 9, 30159 Hannover
          Phone: 0511/36703-110
          Fax: 0511/36703-133


VOLKSWAGEN AG: Investigates Skoda Execs
---------------------------------------
Volkswagen AG has reportedly launched an internal investigation
amid allegations that a former Skoda board member had taken
bribes from suppliers.

German weekly magazine Focus reported Monday that Helmuth
Schuster's exit was related to accusations of corruption.  Mr.
Schuster, who served as head of the Volkswagen project in India,
and was responsible for human resources at the Skoda Auto
Company, resigned on June 15.  Skoda is part of the Volkswagen
group, along with the Bentley and Bugatti brands.

While the company refused to comment on the issue, other
executives of the company are expected to be linked with the
case.  The scandal came just days after Volkswagen announced the
recall of 44,000 Touran models produced in 2004 and 2005 due to
clutch defects that could cause breakdown.  The cost of the
recall is yet to be determined.

Last week, the company revealed it targets more than GBP2.65
billion in savings and efficiency improvements by 2008.  This
came after Chief executive Bernd Pischetsrieder disclosed plans
to save GBP2 billion in 2005 alone to top last year's full-year
operating profit of EUR2.015 billion.

In May, financial magazine Capital reported the company mulls
cutting cost of materials by EUR1 billion next year, as part
of its new scheme aimed at bringing down overall cost by 20%.
This is on top of the ForMotion program, which is said to be on
track to deliver EUR3.1 billion in savings this year.

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

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


WIESER GMBH: Creditors Meeting Set August
-----------------------------------------
The district court of Rottweil opened bankruptcy proceedings
against Wieser GmbH & Co. KG on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Aug. 8, 2005 to register their
claims with court-appointed provisional administrator Michael
Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 29, 2005, 10:00 a.m. at the district court of
Rottweil, -- Aussenstelle --, Kornerstr. 29, EG, Zimmer 0.05 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.

Founded in 1949, Wieser produces and distributes precision-turned
and milled parts, moulds and injected moulds as well as special
machines.  It operates from a production area of 6,000 sq. m.  It
has a subsidiary in France.

CONTACT:  WIESER GMBH & CO. KG
          Bahnhofstr. 14 78570 Muehlheim
          Germany
          Phone: +49 (7463) 995 00
          Contact:
          Konrad Bisser
          Bahnhofstr. 14, 78570 Muhlheim

          Michael Pluta, Administrator
          Albstr. 14, 70597 Stuttgart


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


OLYMPIC AIRLINES: Govt Begins Talks with Olympic Investors
----------------------------------------------------------
The government has entered talks with Greek-American consortium
Olympic Investors regarding the sale of national carrier Olympic
Airlines, the economy ministry announced recently.

Economy Minister Georges Alogoskoufis had earlier said the
government would talk to three of the five original groups eyeing
Olympic Airlines.  He did not name the would-be bidders, but
local papers identified them as U.K. company Klesch, Olympic
Investors and Dutch investment fund Sure Estates.  Recently,
Olympic's main local rival, Aegean Airlines, and the German
holding company Intro announced they had submitted bids for the
company.

The government wants to dispose of the struggling carrier to
reduce public debt.  The transport minister has said a sale is
its only chance of survival.  In 2003, Olympic Airlines booked a
EUR23 million net loss.

CONTACT:  OLYMPIC AIRLINES S.A.
          96 Sygrou Ave.
          11741 Athens
          Phone: +30 1 9267221
          Fax: +30 1 9267858
          E-mail: olyair10@otenet.gr
          Web site: http://www.olympicairlines.com


=============
I R E L A N D
=============


JAL GROUP: Safety Shoes Producer Sold to U.S., U.K. Groups
----------------------------------------------------------
The JAL Group, Europe's leading manufacturer of professional
safety shoes and boots, has been sold to a consortium of
financial investors from the U.S. and U.K.  The consortium
includes some of the world's largest financial institutions,
including Bank of America and Goldman Sachs.

Stefano Aversa, Managing Director of AlixPartners, the turnaround
firm that has been assisting the JAL Group in the reorganization,
said: "Attracting these investors illustrates the huge potential
within the group and marks the beginning of a new and exciting
phase for the JAL Group.  The management will now be able to
better focus on the ongoing operational turnaround, which will
deliver benefits to all of the group's stakeholders.  These
prestigious international investors should provide assurance to
our customers, suppliers and employees."

AlixPartners will continue to assist the company in the re-launch
phase with interim management and advisory roles.

About JAL Group

Headquartered in Milan, the JAL Group designs, manufactures and
markets safety shoes and boots under the brands Jallatte, Auda,
Impact, Lupos, Almar, Princetown, Aimont and Forver.  It is
Europe's largest manufacturer of professional safety footwear,
selling over 10 million pairs of shoes annually to customers
across the world.  It has production sites in France, Italy and a
state-of-the-art facility in Tunisia.  For further information,
visit http://www.jallatte.comand http://www.almarshoes.com.

About Bank of America

Bank of America (NYSE:BAC) is one of the world's leading
financial services companies.  The company's Global Capital
Markets and Investment Banking group (GCIB) provides investment
banking, equity and debt capital raising, research, trading, risk
management, treasury management and financial advisory services.
Through offices in 35 countries, GCIB serves domestic and
international corporations, institutional investors, financial
institutions and government entities.  Many of the bank's
services to corporate and institutional clients are provided
through its U.S. and U.K. subsidiaries, Banc of America
Securities LLC and Banc of America Securities Limited.  For
additional information, visit http://www.bankofamerica.com.

About Goldman Sachs

Goldman Sachs is a leading global investment banking, securities
and investment management firm that provides a wide range of
services worldwide to a substantial and diversified client base
that includes corporations, financial institutions, governments
and high net-worth individuals.  Founded in 1869, it is one of
the oldest and largest investment banking firms.  The firm is
headquartered in New York and maintains offices in London,
Frankfurt, Hong Kong, Tokyo and other major financial centers
around the world.

About AlixPartners

AlixPartners (http://www.alixpartners.com)is internationally
recognized for its hands-on, results-oriented approach to solving
operational and financial challenges for large and middle market
companies globally.  Since 1981, the firm has become the
"industry standard" for performance improvement aimed at
producing bottom-line results quickly and helping clients achieve
a more positive outcome during times of transition.  The firm has
over 350 professionals in its Chicago, Dallas, Detroit,
Dusseldorf, London, Los Angeles, Milan, Munich, New York, and
Tokyo offices.

                            *   *   *

The Jallatte Group belongs to the JAL Group, which combines the
professional footwear production and sales activities of the
Almar and Jallatte groups.  JAL Group has more than 4,300 people
worldwide, including 550 in Europe.  It has three factories and
one tannery in France, one factory in Germany and one production
site in Tunisia.  It has four commercial subsidiaries in Germany,
the U.K., Italy and Spain.  Turnover for 2003 was EUR190 million.
It has commercial and technological partnership with the company
Simon in Japan.

AlixPartners was engaged for a financial and operational
restructuring of JAL after it failed to meet the terms of loan
agreements.  The firm previously experienced a decrease in sales
due to increased competition from Asia.  Its chief executive
officer and its main shareholder, London-based CVC Capital
Partners, has since departed.  AlixPartners' successful early
efforts to stabilize and restructure this Milan-based
organization have attracted investment that will enable JAL to
complete its ongoing turnaround, according to AlixPartners
spokeswoman Suzanne Beckmann.

CONTACT:  ALIXPARTNERS LLC
          Stefano Aversa, Managing Director
          Milan
          Phone: +39 02 360 12000
          E-mail: saversa@alixpartners.com

          David Lovett, Managing Director
          London
          Phone: +44 207 098 7416
          E-mail: dlovett@alixpartners.com


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


ALITALIA SPA: Needs EUR343 Million to Pull off Turnaround
---------------------------------------------------------
Alitalia's restructuring plan will cost EUR343 million between
2005 and 2008, MF says.

The carrier will spend the bulk of that amount, around EUR315
million, to spin off its ground service activities, the paper
said.  The figure was previously pegged at EUR289 million, which
was hiked to accommodate revisions in Alitalia's restructuring
plan.  As part of the plan, state holding Fintecna will inject
EUR216 million into the new services company, AZ Servizi, and
gradually hike its stake to 51% before year-end.

According to MF, the spin-off budget will include EUR193 million
for job cuts and EUR122 million for an expected loss on transfer
of assets at below book value.  A EUR22 million gain on aircraft
sale, however, will offset the cost, MF added.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


PARMALAT FINANZIARIA: Preliminary Injunction Extended to Aug. 16
----------------------------------------------------------------
Judge Drain of the U.S. Bankruptcy Court for the Southern
District of New York adjourns the Bankruptcy Court's
consideration of the Application filed by Gordon I. MacRae and
James Cleaver -- as Joint Provisional Liquidators of Parmalat
Capital Finance Limited, Dairy Holdings Limited, and Food
Holdings Limited -- for preliminary injunction to August 16,
2005, at 10:00 a.m.

In the interim, Judge Drain enjoins and restrains all persons
subject to the jurisdiction of the U.S. Court from commencing or
continuing any action to collect a prepetition debt against the
Finance Companies without obtaining relief from the Court.

Parmalat Finanziaria S.p.A.'s time to answer the Petitions
commencing these ancillary proceedings is extended until
September 13, 2005.

Any objections to the further continuation of the Preliminary
Injunction must be in writing, filed with the U.S. Bankruptcy
Court for the Southern District of New York, and served by
August 12, 2005, at 12:00 p.m.

     Creditors Can Vote on Recovery Plan Starting June 28

Bloomberg News reports that creditors of Parmalat Finanziaria
S.p.A. will vote on the company's plan to swap around EUR20
billion of debt for new shares in the dairy between June 28 and
August 26, 2005.

In an announcement published by Parmalat in major newspapers, the
company disclosed that 50% of the creditors will have to vote
against the plan for it to be rejected.  Creditors who do not
vote will be counted as having approved the swap.

After the swap, Italian Banks, including Capitalia S.p.A., as
well as U.S. lenders Bank of America Corp. and Citigroup Inc.,
will be Parmalat's biggest shareholders.

The company is set to return to stock trading after the
debt-for-equity swap is carried out.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue.  The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices and employs over 36,000 workers in 139 plants
located in 31 countries on six continents.  The Company filed for
chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case
No. 04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein,
Esq., at Weil Gotshal & Manges LLP, represent the Debtors in
their restructuring efforts.  When the U.S. Debtors filed for
bankruptcy protection, they reported more than $200 million in
assets and debt.  (Parmalat Bankruptcy News, Issue No. 56;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Extraordinary General Meeting Set July
--------------------------------------------------------------
Notice is hereby given that in consideration of the quorum
required by the law of 10 August 1915 on commercial companies, as
amended (the Law) and the articles of association of the Company
(the Articles) not having been reached at the Extraordinary
General Meeting of the shareholders of the Company held on 31 May
2005, a subsequent Extraordinary General Meeting of the
shareholders of the Company (the Meeting) will be held on July
20, 2005 at 3:00 p.m. Central European time, at the registered
office of the Company, i.e. at 75, route de Longwy in L-8080
Bertrange (Grand Duchy of Luxembourg) to consider and vote on an
a resolution in accordance with the requirements of article 100
of the law of August 10, 1915 on commercial companies as amended.

There is no quorum of presence requirement for the Meeting.  The
resolution must be adopted by a two-thirds majority of the shares
present or represented at the Meeting.

Participation in the Meeting is reserved to shareholders who give
notice of their intention to attend the Meeting by mail or return
a duly completed proxy form at the following address: Millicom
International Cellular S.A., 75, route de Longwy, L-8080
Bertrange, Luxembourg, attention: Ms. Veronique Mathieu, Phone: +
352 27 759 287, Fax: + 352 27 759 359, so that it shall be
received no later than Friday July 15, 2005, 5:00 p.m. Central
European time.  Proxy forms are available upon request at
Millicom's registered office, at the above address and contact
numbers.

Holders of Swedish Depository Receipts wishing to attend the
meeting or to be represented at the Meeting by proxy have to
request a power of attorney from Fischer Partners Fondkommission
AB, P.O. Box 16027, SE-103-21 Stockholm, Sweden, telephone: + 46
8 463 85 00, and send it duly completed to Millicom's address
indicated above, so that it shall be received no later than
Friday July 15, 2005, 5:00 p.m. Central European time.  Holders
of Swedish Depository Receipts having registered their Swedish
Depository Receipts in the name of a nominee must temporarily
register the Swedish Depository Receipts in their own name in the
records maintained by VPC AB in order to exercise their
shareholders' rights at the Meeting.  Such registration must be
completed no later than Friday July 8, 2005.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The Group's
cellular operations have a combined population under license of
approximately 332 million people.

                            *   *   *

Millicom said earlier in May that the year 2004 was one of the
most successful in Millicom's history.  The Company started
seeing the full benefits of its successful balance sheet
restructuring in the previous two years.  It allowed Millicom to
take better advantage of the low mobile penetration in its
markets and to drive growth by combining higher capital
expenditure with a move to GSM technology in a number of key
markets.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.,
          Luxembourg
          Marc Beuls
          President and Chief Executive Officer
          Phone: +352 27 759 327
          Web site: http://www.millicom.com

          Investor Relations
          Andrew Best
          Phone: +44 20 7321 5022


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


GETRONICS N.V.: PinkRoccade Shareholders Okay Combination
---------------------------------------------------------
The Annual General Meeting of Shareholders of PinkRoccade
approved the legal merger between Getronics and PinkRoccade on
June 24, 2005.

The notarial deed of the legal merger was executed on Monday and
the legal merger between Getronics and PinkRoccade became
effective June 28, 2005.

As of Tuesday, PinkRoccade ceased to exist, its entire assets and
liabilities has now been acquired by Getronics, whilst its
remaining shareholders next to Getronics have become shareholders
of Getronics by operation of law and in accordance with the
merger proposal.

Getronics delivered 13,760,662 ordinary shares (nominal value
EUR0.04 each) to these former holders of ordinary shares
PinkRoccade.  Application has been made to list these shares on
Eurolist by Euronext Amsterdam.

Reverse Split of Getronics Shares

On Tuesday after close of trading, each 7 outstanding shares
(nominal value EUR0.04 each) have been consolidated into 1 share
(nominal value EUR0.28 each).

Listing of and trading in the ordinary shares Getronics (nominal
value EUR0.28 each) on the Eurolist by Euronext Amsterdam started
on June 29, 2005 at 9:00 a.m. CET, under the new ISIN-code
NL0000355915 (securities code: 35591).

Adjustment Conversion Price of Convertible Bonds

As a result of the reverse stock split, Getronics will announce
through an advertisement in the Official Price List of Euronext
Amsterdam and the daily newspaper Het Financieele Dagblad, of an
adjustment to the conversion price of the 5.5% unsubordinated
convertible bonds due 2008 issued by Getronics in October 2003.
Such adjustment will become effective upon issue of the notice.
Getronics announces that the new conversion price of the
Convertible Bonds will be EUR9.73.  The new conversion price will
be adjusted in accordance with Condition 4(b)(1)(A) and
calculated in accordance with Condition 4(b)(2)(A) of the terms
and conditions of the Convertible Bonds.

About Getronics

With some 28,000 employees in over 30 countries and approximate
revenues of EUR3 billion, Getronics is one of the world's leading
providers of vendor independent Information and Communication
Technology (ICT) solutions and services.

Getronics designs, integrates and manages ICT infrastructures and
business solutions for many of the world's largest global and
local companies and organizations, helping them maximize the
value of their information technology investments.  Getronics
headquarters are in Amsterdam, with regional offices in Boston,
Madrid and Singapore.  Getronics' shares are traded on Euronext
Amsterdam (GTN).  For further information about Getronics, visit
http://www.getronics.com.

                            *   *   *

In May, Standard & Poor's Ratings Services revised its outlook on
Getronics to stable from positive.  At the same time, Standard &
Poor's affirmed its 'B+' long-term corporate credit and 'B-'
senior unsecured debt ratings on the group, as well as assigning
its 'B+' rating and '3' recovery rating to Getronics' EUR300
million (US$388 million) senior secured bank loan, indicating
Standard & Poor's expectation of meaningful (50%-80%) recovery of
principal in the event of a default.

"The outlook revision follows our review of the group's business
and financial profiles," said Standard & Poor's credit analyst
Patrice Cochelin.  "We expect Getronics to again generate weak
free cash flow in 2005 after a negative figure in 2004."

An upgrade to the 'BB-' category is consequently unlikely in the
coming months.  Getronics' disappointing revenues in recent
months, coupled with gross margins capped at less than 20%,
attest to fierce competition in the company's main markets.

"Getronics' balance-sheet and liquidity positions are
nevertheless expected to continue to merit a slightly higher
rating," added Mr. Cochelin.

Over the past two months, Getronics completed the acquisition of
Dutch competitor PinkRoccade N.V., refinanced its EUR175 million
credit facility with a new EUR300 million secured facility
(excluding a EUR200 bridge loan), and closed a EUR400 million
equity offering to finance the cash component of the acquisition
and refinance part of its preferred stock.  Pro forma for these
transactions, the company's debt will essentially comprise its
EUR100 million bond maturing in 2008, a new EUR150 million
revolving credit facility due in March 2008, and a EUR75 million
acquisition tranche due in March 2008, which will be reduced by
EUR25 million in March 2006.

The stable outlook reflects our expectation that restructuring
costs will continue to impair Getronics' free cash flow
generation in 2005, albeit without threatening its liquidity
position.  We may change the outlook to positive if Getronics'
free operating cash flow generation improves to a sustainable
positive figure after restructuring costs.  Conversely, if
service revenues continue to fall or liquidity weakens
materially, we may revise our outlook to negative.  Small
acquisitions in the company's core business should be
accommodated within the current rating.

CONTACT:  GETRONICS N.V.
          Rembrandttoren, Amstelphlein 1
          1096 HA Amsterdam, The Netherlands
          Phone: +31-20-586-1412
          Fax: +31-20-586-1568


ROYAL SHELL: Royal Dutch, Shell Transport United at Last
--------------------------------------------------------
On 19 May 2005, the boards of Royal Dutch, Shell Transport and
Royal Dutch Shell plc announced the final proposals for the
recommended unification of Royal Dutch and Shell Transport under
a single parent company, Royal Dutch Shell plc.  In that
announcement it was explained that the implementation of the
Transaction would be subject to the approval of the shareholders
of Royal Dutch and Shell Transport, among other conditions.

The Royal Dutch Shareholders and Shell Transport Shareholders
approved the resolutions relating to the unification of Royal
Dutch and Shell Transport at shareholder meetings on June 28,
2005, as set forth below.

General Meeting of Shareholders of Royal Dutch

The boards of Royal Dutch are pleased to announce that the
Implementation Agreement was approved by an overwhelming majority
of the Royal Dutch Shareholders at the Royal Dutch General
Meeting of Shareholders.

The Court Meeting and the Shell Transport EGM

The board of Shell Transport is pleased to announce that Shell
Transport Shareholders voted by an overwhelming majority to
approve the Scheme of Arrangement to implement the recommended
acquisition of Shell Transport by Royal Dutch Shell plc at the
Court Meeting and the Shell Transport EGM.  Shell Transport
Shareholders also voted to approve the cancellation and repayment
of the Shell Transport Preference Shares and the proposed
amendments to the memorandum and articles of Shell Transport at
the Shell Transport EGM.

Full results of the shareholder meetings will be available in due
course at http://www.shell.com.

Jeroen van der Veer, Chief Executive, said: "We are very pleased
that the companies' shareholders have approved all resolutions
relating to the proposed transaction.  This is an historical step
for the Group and a very important milestone on the way to the
expected completion of the proposed unification under one company
Royal Dutch Shell plc on July 20, 2005.  This shareholder
endorsement of the unification and of the Boards' recommendation
for Royal Dutch shareholders to tender their shares prior to the
expiration of the offer on July 18, 2005 is greatly appreciated."

Timetable

The acceptance period for the offer by Royal Dutch Shell plc for
all ordinary shares of Royal Dutch will expire at 11:00 p.m.
Amsterdam time (5:00 p.m. New York time) on July 18, 2005, unless
extended by a press release in accordance with applicable laws
and regulations.  Under the terms of the Royal Dutch Offer, for
every Royal Dutch ordinary share held in New York registry form
tendered in the Royal Dutch Offer, Royal Dutch Shell plc is
offering one Royal Dutch Shell plc Class A ADR (representing two
Royal Dutch Shell plc Class A Shares) and for every Royal Dutch
ordinary share held in bearer or Hague registry form tendered in
the Royal Dutch Offer, Royal Dutch Shell plc is offering two
Royal Dutch Shell plc Class A ordinary shares.

Royal Dutch shareholders who wish to participate in the Royal
Dutch Offer must ensure that they have tendered their shares no
later 11:00 p.m. Amsterdam time (5:00 p.m. New York time) on July
18, 2005.

An announcement as to whether the Royal Dutch Offer is declared
unconditional, subject to the U.K. High Court sanctioning the
Scheme and the registration of the court order, is expected to be
made on July 19, 2005 at 08:00 a.m. Amsterdam time.  If the Royal
Dutch Offer is declared unconditional, there will subsequently be
a hearing by the High Court to sanction the Scheme.  The Royal
Dutch Offer and the Scheme are then expected to become effective
on July 20, 2005 and trading on the London, Amsterdam and New
York stock exchanges in Royal Dutch Shell plc shares is expected
to begin on this date.

This announcement is made pursuant to article 9b paragraph 1 of
the 1995 Decree on the Supervision of Securities Trade.

                            *   *   *

This article is not for release, publication or distribution in
whole or in part into Italy or Japan.

                            *   *   *

Some investors earlier blamed the group's dual structure for the
overestimation of proved energy reserves by almost 6.0 billion
barrels by the company between January 2004 and February this
year.  The crisis sank investor confidence, and resulted to the
ouster of three top executives, including former chairman Philip
Watts.  The overestimation cost the firm EUR150 million in fines.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


ROYAL SHELL: Reserves Classified Under U.S. SEC Rules
-----------------------------------------------------
At the Annual General Meeting of Royal Dutch Petroleum Company in
The Hague, and at the Annual General Meetings of The Shell
Transport and Trading Company, p.l.c. in London, Tuesday, the
group said: "2004 was a year of extremes.  On the one hand there
was the reserves issue, on the other, our excellent operational
and financial performance.

"We set ourselves three immediate objectives:

(a) to get the reserves issue behind us;

(b) to keep focused on our business; and

(c) to change the structure and culture of Shell.

"We knew these were essential for starting to rebuild our
reputation - particularly with you, our shareholders.  We believe
we have made major progress with all of them and will tell you
why.

Strong and Competitive Performance

"Their focus and commitment helped us to drive forward our
strategy and achieve strong and competitive results.  Net income
for 2004 was a record US$18 billion.  And we generated US$33
billion in cash from operations and divestments.  This reflected
good operational performance as well as high prices and margins.
Our Oil Products business performed particularly well, utilizing
its assets better to capture the benefits of those margins.  We
regained our position in the downstream as the leading earner
among the majors.

"V-Power was launched in the United States and is the
best-selling premium gasoline, reinforcing Shell's position as
the leading U.S. gasoline brand.  And the first Shell station
opened in India, where we were the first foreign company to get a
retail license.

"Gas and Power continued to grow its liquefied natural gas
business.  Sales were up 9% and a new liquefaction train was
commissioned in Australia.  Chemicals had a good year, with
improved asset utilization and higher sales.

"Exploration and Production benefited from high prices with
production -- after divestments -- broadly the same as in 2003.
New fields started production in the U.K., Malaysia, Russia and
the United States.  And there were exploration finds in 11
countries.

"2005 has got off to an excellent start with strong first quarter
financial performance across all the businesses.  There have been
exploration finds in Norway, the U.S., Nigeria, Malaysia and
Australia, among others.  These are encouraging results.  And,
importantly, we have secured new upstream acreage in the U.S.,
Libya, Algeria and Australia.  The Hazira terminal in India has
received its first cargo of LNG. And our retail joint venture
with Sinopec has begun serving motorists in China's Jiangsu
province.  As part of our drive to reshape our portfolio, we have
agreed the sale of Basell and InterGen.

Reserves Categorization

"In February, we reported on the final outcome of the
comprehensive review to ensure that our reserves are properly
categorized under U.S. Securities and Exchange Commission rules.
This came about as a result of the measures we introduced from
last April, including our reinforced audit process and the
retraining of 3,000 staff in the requirements for U.S. SEC
reporting. We settled with the U.S. SEC and FSA in the U.K.  We
still face other possible legal actions.  But since February we
have focused on moving forward.

"The key point is that the oil and gas is still in the ground.
Our producible resources are some five times larger than our SEC
proved volumes.  Our plans for developing these resources
continue to move ahead and we have a strong base on which to
grow.  We are investing around US$12 billion a year -- 80% of our
total investment -- in the upstream, and over the next five years
plan to unlock some 13 billion barrels of those oil and gas
resources.  This investment includes at least US$1.5 billion a
year on an expanded, but more focused, exploration effort, with
the emphasis on making major discoveries.

Turning Strategy into Reality

"This reflects how we are pursuing our strategy of "more upstream
and profitable downstream."  I will focus only on a couple of
examples -- the growth of our industry -- leading LNG business
and what we are doing in China.

"We're currently on track to nearly double our equity LNG
capacity by 2009.  Development of the major Sakhalin 2 project in
Russia is progressing and Sakhalin Energy has been very
successful in obtaining long-term sales contracts.

"This is a massive project facing significant cost and schedule
challenges, which in part reflect similar pressures affecting the
sector worldwide.

"Three more liquefaction trains are being built in Nigeria -- the
first coming on-stream this year -- and another one in
Oman.  We are also planning new LNG export schemes in Qatar,
Nigeria, Australia and Libya.  The Qatargas 4 scheme deepens our
important relationship with Qatar Petroleum, which also involves
Gas to Liquids and plans for a major petrochemical plant."

"We are also developing import capacity in Mexico -- on both the
west and east coasts -- in the United States and in Italy.
Turning to China, where all our businesses are very active.  The
major Nanhai petrochemical plant should be commissioned by the
end of this year.

"Sales of Shell lubricants are also increasing rapidly and we
plan to develop a network of Jiffy Lube outlets with Shanghai
Automotive in this rapidly expanding market.  China aims to make
much more use of natural gas.  The first LNG imports will start
next year from the North West Shelf in Australia, where Shell has
the largest direct and indirect interest.

"We are operators of the Changbei gas field in northwest China in
partnership with PetroChina, and we are building a gas pipeline
system in Hangzhou.

"Shell coal gasification technology is being applied as a way of
using China's main energy resource more efficiently and cleanly.
And Shell Solar is involved in rural electrification.  Realizing
the business opportunities in China -- and in other expanding
Asian economies -- is a vital strategic goal.  We're making good
progress.

Valuing Technology

"Our ability to develop and apply technology -- and to recognize
good ideas by others -- is essential for our competitiveness and
how we contribute to society.

"Shell has been working on Gas to Liquids for more than 30 years,
improving our technology, gaining operational experience and
developing markets.  The superior qualities of GTL fuel reduce
local emissions from existing vehicles and enable the development
of better engines.  GTL base oil helps us to develop better
lubricants, to reduce emissions and improve fuel economy.

"Sales of fuels with GTL components in places like Germany are
good.  Plans for the major Pearl GTL plant in Qatar are
progressing well.  This integrated project involves the
development of gas reserves in Qatar's giant North Field.

"We are working on using this technology to produce high quality
fuel from coal, with the potential for capturing the carbon
dioxide in the process for underground storage.  It could also be
used to make biofuel.  But we are pursuing other possibilities
too, investing in a novel technology for producing advanced
"eco-ethanol" from straw.

Leadership, Accountability and Teamwork

"Turning from what we are doing to how we are doing it.  We
believe that the proposed corporate restructuring is vital for
making your business more straightforward, accountable and
effective.  But we have also been transforming how we work
together within the organization.

"For example, our Oil Products and Chemicals businesses have been
combined in a simpler, global Downstream organization.  This
greatly improves direction, standardization and learning, helping
us to focus our global strengths on serving our customers
everywhere.

"Integrating refining and chemicals manufacturing increases
efficiency and opens new opportunities.  Indeed our capacity to
integrate across our businesses is vital in many other areas,
including oil sands and Gas to Liquids.

"We have also made important changes to ensure that we comply
with regulations and Shell policies.  This includes appointing a
Group Compliance Officer and strengthening the role of the
Finance function.

Pursuing Sustainability

"Our commitment to sustainable development remains central to how
we do business.  Indeed, we see many opportunities in helping to
meet the world's expanding energy needs in an environmentally and
socially responsible manner.  This includes working to develop
economic ways of dealing with carbon dioxide so that the world
can continue using efficient fossil energy safely.

"This goes together with pursuing alternative energy sources and
technologies, such as biofuels, wind, solar and hydrogen.  Last
month, for example, we signed contracts for the first offshore
wind farm in the Netherlands and a further contract for rural
solar in China.  President Bush visited our new hydrogen station
in Washington.  How we manage our operations today is as
important as investing in the future.

"Let me touch on some areas.  The Sakhalin 2 project will open
Russian gas exports to energy-hungry Pacific economies.  But we
still need to ensure that this major undertaking benefits local
communities and safeguards the environment.  Last year Sakhalin
Energy asked the IUCN to convene an independent panel of experts
to assess the risks to endangered whales.  In line with their
report, a planned pipeline is being rerouted.

"In Nigeria, our people continue working -- in very difficult
conditions -- to improve our environmental performance and
strengthen our contribution to Niger Delta communities.  We have
cut the volume of oil spilled within our control by 95% since
2000.  But much more is spilled by sabotage.  However, progress
towards stopping continuous flaring has been slower than
expected, largely as a result of our government majority partner
focusing their funding on other pressing priorities.  We now
expect to end this flaring in 2009.

"At Norco in Louisiana we have invested to cut air emissions and
have established what even our critics acknowledge is credible
air quality monitoring.  At the Durban refinery we had a record
of spills that shouldn't have happened, but now we are going
beyond independent recommendations to ensure pipeline integrity.
And we have scaled down and cleaned up the Pandacan depot in
Manila to the satisfaction of outside experts.

Meeting Shareholder Expectations

"We are transforming the way we do business -- our structure,
governance, organization, processes and culture.  We realize that
our reputation has been damaged, but believe this has motivated
Shell people everywhere to work very hard to deliver good
performance.  We see a new determination throughout Shell to make
sure -- rather than take for granted -- that we are truly
competitive in every aspect of our business: serving customers,
running operations, closing deals, executing projects and
contributing to society.

"We need to do this to meet your expectations as shareholders.
Our performance last year -- in a favorable environment --
allowed us to return significant value to shareholders, in
dividends and through share buyback, as well as investing more
for their future.  But we have much more to do, and to prove. And
we intend to do it."

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


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


BESLANSKIY COMBINE: Bankruptcy Hearing Resumes August
-----------------------------------------------------
The Arbitration Court of Severnaya Osetiya republic - Alaniya has
commenced bankruptcy supervision procedure on state unitary
enterprise Beslanskiy Combine Of Grain Products (TIN 1511002063).
The case is docketed as A61-451/05-11.  Mr. I. Gabuev has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 362040, Russia,
Vladikavkaz, Gorkogo Str. 14, OPS-40, Post User Box 66.  A
hearing will take place on Aug. 29, 2005, 10:00 a.m. located at
Russia, Vladikavkaz, Svobody Square, 4th floor, Assembly Hall 1.

CONTACT:  BESLANSKIY COMBINE OF GRAIN PRODUCTS
          363000, Russia, Severnaya Osetiya republic - Alaniya,
          Pravoberezhnyj region, Beslan, Dzerekhokhova Str. 1

          Mr. I. Gabuev
          Temporary Insolvency Manager
          362040, Russia, Vladikavkaz, Gorkogo Str. 14,
          OPS-40, Post User Box 66


BUILDING CORPORATION: Declared Insolvent
----------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
proceedings against Building Corporation #4 after finding the
open joint stock company insolvent.  The case is docketed as
A67-9338/04.  Mr. Y. Chigarev has been appointed insolvency
manager.  Creditors have until July 28, 2005 to submit their
proofs of claim to Russia, Tomsk, Konnaya Square, 10, office 12.

CONTACT:  BUILDING CORPORATION #4
          Russia, Tomsk region,
          Vitimskaya Str. 1/3

          Mr. Y. Chigarev
          Insolvency Manager
          Russia, Tomsk region,
          Konnaya Square, 10, Office 12


CHEBOKSARSKIY MEAT: Chuvashiya Court Names Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Cheboksarskiy Meat Combine.  The case is docketed as
A79-3374/2005.  Ms. T. Karandaeva has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 429956, Russia,
Chuvashiya republic, Novocheboksarsk, Post User Box 6.  A hearing
will take place on Sept. 9, 2005, 9:30 a.m.

CONTACT:  CHEBOKSARSKIY MEAT COMBINE
          428003, Russia, Chuvashiya republic,
          Cheboksary, Kanashskoye Shosse, 27

          Ms. T. Karandaeva
          Temporary Insolvency Manager
          429956, Russia, Chuvashiya republic,
          Novocheboksarsk, Post User Box 6


FACTORY OF BUILDING MATERIALS: Declared Insolvent
-------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Factory Of Building Materials after finding
the open joint stock company insolvent.  The case is docketed as
A68-2/B-05.  Mr. D. Kutlin has been appointed insolvency manager.
Creditors have until July 28, 2005 to submit their proofs of
claim to Russia, Tula, Arsenalnaya Str. 1D

CONTACT:  FACTORY OF BUILDING MATERIALS
          300016, Russia, Tula region,
          Novotulskaya Str. 1

          Mr. D. Kutlin
          Insolvency Manager
          Russia, Tula region,
          Arsenalnaya Str. 1D


PETROVSKOYE: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Petrovskoye after finding the close joint
stock company insolvent.  The case is docketed as A05-3229/04-28.
Mr. A. Setov has been appointed insolvency manager.  Creditors
have until July 28, 2005 to submit their proofs of claim to
164500, Russia, Arkhangelsk region, Severodvinsk, Portovaya Str.
5, Apartment 36.

CONTACT:  PETROVSKOYE
          164264, Russia, Arkhangelsk region,
          Plesetskiy region, p/o Podvolochye, Tarasovo

          Mr. A. Setov
          Insolvency Manager
          164500, Russia, Arkhangelsk region, Severodvinsk,
          Portovaya Str. 5, Apartment 36


SEMENOVSKAYA SEL-KHOZ-TEKHNIKA: Under Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Semenovskaya Sel-Khoz-Tekhnika.  The case is docketed as
A43-7633/05-33-199.  Mr. S. Ilarionov has been appointed
temporary insolvency manager.  A hearing will take place on Oct.
11, 2005, 1:45 p.m.

CONTACT:  SEMENOVSKAYA SEL-KHOZ-TEKHNIKA
          Russia, Nizhniy Novgorod region, Semenov

          Mr. S. Ilarionov
          Temporary Insolvency Manager
          606520, Russia, Nizhniy Novgorod region,
          Gorodetskiy region, Zavolzhye, Ryleeva Str. 5


SLAVYANSKIY: Deadline for Proofs of Claim Last Week of July
-----------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Slavyanskiy after finding the meat poultry
combine insolvent and bankruptcy proceedings were introduced at
the company.  The case is docketed as A-32-21995/2004-43/163-B.
Mr. I. Yas'ko has been appointed insolvency manager.  Creditors
have until July 28, 2005 to submit their proofs of claim to
350003, Russia, Krasnodar, Post User Box 5357.

CONTACT:  SLAVYANSKIY
          Russia, Krasnodar region, Salvyansk-na-Kubani,
          Vokzalnaya Str. 13

          Mr. I. Yas'ko
          Insolvency Manager
          350003, Russia, Krasnodar region,
          Post User Box 5357


STARCH-TREACLE: Appoints I. Medvedev Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Starch-Treacle after finding the agro-company
insolvent.  The case is docketed as A09-7521/03-2.  Mr. I.
Medvedev has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 241035, Russia, Bryansk,
Stalelliteynaya Str. 20.

CONTACT:  STARCH-TREACLE
          Russia, Bryansk region,
          Klimovo, Zavodskaya Str. 1

          Mr. I. Medvedev
          Insolvency Manager
          241035, Russia, Bryansk region,
          Stalelliteynaya Str. 20


STROY-DETAIL: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on limited liability company Stroy-Detail.
The case is docketed as A50-9179/2005-B.  Mr. A. Barkan has been
appointed temporary insolvency manager.  A hearing will take
place on Oct. 18, 2005, 11:00 a.m.

CONTACT:  STROY-DETAIL
          Russia, Perm region, Chaykovskiy,
          Promyshlennaya Str. 4

          Mr. A. Barkan
          Temporary Insolvency Manager
          Russia, Perm region, Chaykovskiy,
          Promyshlennaya Str. 4


VICTORY: Creditors Have Until July 28 to File Claims
----------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Victory after finding the agro company
insolvent.  The case is docketed as A-32-20614/2004-3 7/161-B.
Mr. S. Shaydarov has been appointed insolvency manager.
Creditors have until July 28, 2005 to submit their proofs of
claim to 353224, Russia, Krasnodar region, Dinskoy region,
Pervorechenskoye, Lenia Str. 221.

CONTACT:  VICTORY
          353224, Russia, Krasnodar region, Dinskoy region,
          Pervorechenskoye, Lenia Str. 221

          Mr. S. Shaydarov
          Insolvency Manager
          353224, Russia, Krasnodar region, Dinskoy region,
          Pervorechenskoye, Lenia Str. 221


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


SKANDIA INSURANCE: Submits Stock Option Scheme to LSE, UKLA
-----------------------------------------------------------
Skandia Insurance Company Ltd.'s extraordinary general meeting in
2002 decided on an employee stock option program, which is
described in detail in Skandia's annual report for 2004.

Skandia has submitted an application to the London Stock Exchange
and the U.K. Listing Authority for the listing of 443,185 Skandia
shares issued in connection with Skandia's employee stock option
program.  The application relates to Skandia shares issued until
and including 1 June 2005.

The new shares do not require any specific registration procedure
at the Stockholm Stock Exchange.  The information provided above
is therefore only of a technical nature.  Further information
about Skandia shares is available on Skandia's Web site at
http://www.skandia.com.

                            *   *   *

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

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

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080

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

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


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


ABB LTD.: CE Hires Bankruptcy Services as Claims Agent
------------------------------------------------------
Combustion Engineering, Inc., asks the U.S. Bankruptcy Court for
the District of Delaware for permission to employ Bankruptcy
Services LLC as claims, noticing, and balloting agent
substituting Trumbull Associates, L.L.C., nunc pro tunc to June
18, 2005.

BSI is a data processing firm that specializes in noticing,
claims processing, and other administrative tasks in chapter 11
cases.

BSI will:

   (a) prepare and serve required notices in the Debtor's
       chapter 11 case, including:

       1. a notice of the claims bar date;

       2. notices of objections to claims;

       3. notice of any hearings on the Modified Disclosure
          Statement and confirmation of the Modified Plan; and

       4. other miscellaneous notices as the Debtor or Court may
          deem necessary or appropriate for an orderly
          administration in the Debtor's case.

   (b) within five business days after the service of a
       particular notice, file with the Clerk's Office a
       certificate or affidavit of service that includes:

       1. a copy of the notice served,

       2. an alphabetical list of persons on whom the notice was
          served, along with their addresses, and

       3. the date and manner of service.

   (c) maintain copies of all proofs of claim and proofs of
       interests filed in the Debtor's case;

   (d) maintain official claims registers in the Debtor's case
       by docketing all proofs of claim and proofs of interest
       in a claims database that includes the following
       information for each claim or interest asserted:

       1. the name and address of the claimant or interest
          holder and any agent thereof, if the proof of claim or
          proof of interest was filed by an agent;

       2. the date the proof of claim or proof of interest was
          received by BSI and or the Court;

       3. the claim number assigned to the proof of claim or
          proof of interest; and

       4. the asserted amount and classification of the claim;

   (e) implement necessary security measures to ensure the
       completeness and integrity of the claims registers;

   (f) transmit to the Clerk's Office a copy of the claims
       registers on a weekly basis, unless requested by the
       Clerk's Office on a more or less frequent basis;

   (g) maintain an up-to-date list for all entities that have
       filed proofs of claim or proofs of interest and make such
       list available upon request to the Clerk's Office or
       party-in-interest;

   (h) maintain and update a Web site containing up-to-date
       information regarding significant events and deadlines in
       the Debtor's case and copies of certain court documents;

   (i) provide access to the public for examination of the
       proofs of claim or proofs of interest filed in the
       Debtor's case without charge during regular business
       hours;

   (j) record all transfers of claims pursuant to Rule 3001(e)
       of the Federal Rules of Bankruptcy and provide notice of
       such transfers, directed to do so by the Court;

   (k) promptly comply with such further conditions and
       requirements as the Clerk's Office or the Court may at
       any time prescribe; and

   (l) mail solicitation packages in connection with the
       Modified Plan and Modified Disclosure Statement, receive
       and maintain copies of all ballots voting in favor of or
       against the Modified Plan, and docket all ballots in a
       balloting database that includes the following
       information for each ballot received:

       1. the name and address of the claimant or interest
          holder and any agent thereof, if the ballot was filed
          by an agent;

       2. the date the ballots was received by BSI;

       3. the claim number assigned to the ballot; and

       4. the asserted amount and classification of the claim of
          the entity that returned the ballot; and

   (m) provide other claims processing, noticing, balloting, and
       related administrative services as may be requested from
       time to time by the Debtor.

Ron Jacobs, the president of Bankruptcy Services LLC, discloses
that BSI's professionals' bill:

      Designation                           Hourly Rate
      -----------                           -----------
      Senior Manager/On-Site Consultant         $225
      Other Senior Consultant                   $185
      Programmer                            $130 - $160
      Associate                                 $135
      Data Entry/Clerical                    $40 -  $60
      Schedule Preparation                      $225

The papers submitted to the Court did not state the reasons for
the substitution of Trumbull as the Debtor's claims agent.

To the best of the Debtors' knowledge, Bankruptcy Services LLC
and the professionals who will work in the engagement:

   (a) do not have connections with the Debtor, their creditors,
       or other party-in-interest, or their attorneys,

   (b) are "disinterested persons" as defined in Section 101(14)
       of the U.S. Bankruptcy Code, as modified by Section
1107(b)
       of the U.S. Bankruptcy Code, and

   (c) do not hold or represent any interest adverse to the
       Debtors' estates.

                      The Chapter 11 Filing

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

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

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

               Combustion Engineering's History

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

                    Bankruptcy Professionals

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

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

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

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

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


SWISS INTERNATIONAL: Increases Fuel Surcharge Friday
----------------------------------------------------
In response to the sharp increase in the price of crude oil and
aviation fuel in recent weeks, Swiss International is raising its
fuel surcharge.  The amount charged rises to CHF53 per leg
(formerly CHF48) for long-haul flights and to CHF20 per leg
(formerly CHF18) for European flights.

This measure applies per leg to all tickets booked or issued in
Switzerland on or after July 1.  The previous policy exists for
all tickets issued up to June 30.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com


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


KORIANDR: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Koriandr (code EDRPOU 22333972).
The case is docketed as 6/61-4/36.  Mr. A. Sibal (License Number
AA 485266) has been appointed temporary insolvency manager.  The
company holds account number 260093008101 at JSB Bank of Regional
Development, Lviv branch, MFO 325224.

CONTACT:  KORIANDR
          Ukraine, Lviv region,
          Teslenko Str. 2

          Mr. A. Sibal,
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Sadova Str. 27/119

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


MARYANIVSKE: Bankruptcy Supervision Starts
------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Maryanivske (code EDRPOU 03734955).
The case is docketed as 5/69-05.  Mr. Sergij Golubenko (License
Number AA 783205 of June 8, 2004) has been appointed temporary
insolvency manager.  The company holds account number
260070110118001 at JSC Ukrinbank, Hmilnik branch, MFO 302333.

CONTACT:  MARYANIVSKE
          22010, Ukraine, Vinnitsya region,
          Hmilnik district, Maryanivka

          Mr. Sergij Golubenko
          Temporary Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmilnik district, Lozna, 1 Travnya Str. 13

          ECONOMIC COURT OF VINNITSYA REGION
          21100, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


VORSKLA: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Agricultural LLC Vorskla (code EDRPOU
30903054) on April 12, 2005.  The case is docketed as 12/35-05.
Mr. Volodimir Pidgornij (License Number AA 719779) has been
appointed temporary insolvency manager.  The company holds
account number 2601301490850 at Prominvestbank, Ohtirka branch,
MFO 337319.

CONTACT:  VORSKLA
          42830, Ukraine, Sumi region,
          Veliko-Pisrivskij district,
          Kirikivka, Lenin Str. 47

          Mr. Volodimir Pidgornij,
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region,
          Psilska Str. 4/9

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


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


ALEXON GROUP: Appoints New Non-executive Director
-------------------------------------------------
John Richard Beale (61) has been appointed to the Board of Alexon
Group plc as a non-executive director with effect from 1 July
2005.

John Beale has considerable retailing and mail order experience.
He is Chief Executive, founder and majority shareholder of
Ardington Jewellery Limited (trading as Pia), a company involved
in the mail order selling of jewelry and gifts.  He is also
non-executive chairman of The Good Book Guide Limited.

Mr. Beale is an Oxford University graduate and has an MBA from
Columbia University, New York.  He was the founder of the Early
Learning Centre in 1973, and was Chief Executive until 1985.
Between 1986 and 2001 he was Chief Executive of Historical
Collections Group plc (trading as Past Times), which entered
administration on 25 April 2001 with a company voluntary
arrangement being entered into on 7 November 2001.

There are no further disclosures required in respect of John
Beale under paragraph 6.F.2 (b) to (g) of the Listing Rules.

Jim Martin, Chairman, said: "We are delighted that John has
agreed to join the Board as a non-executive director.  He is
enormously experienced in retail and I have no doubt that he will
make a valuable contribution to the future development of
Alexon."

                            *   *   *

In April, Alexon warned that the collapse of department store
chain Allders could hit its earnings by GBP3 million in 2005.
The group, which owned 118 concessions in Allders outlets, has
already lost GBP2.2 million from money owed and stock and
fixtures write-downs.

The blow came amid sluggish trading at the group's Bay Trading
Fashion chains, which saw same-store sales slide 1.3% in
the last financial year.  Profits for the year ended 29 January
2005 dropped to GBP26.9 million against GBP29.4 million a year
earlier.  Like-for-like sales in the first nine weeks of the
current financial year were three percent down.

CONTACT:  ALEXON GROUP PLC
          40-48 Guildford Street
          Luton
          Bedfordshire
          England
          LU1 2PB
          Phone: +44 1582 723131
          Fax: +44 1582 399864

          BUCHANAN COMMUNICATIONS
          Richard Darby/Nicola Cronk
          Phone: 020 7466 5000


BRITISH HORSERACING: Fights Right to Pre-race Data in Court
-----------------------------------------------------------
A hearing on British Horseracing Board's appeal to a ruling that
took away its right to selling pre-race data to bookmakers
started on Tuesday in London.

BHB stands to go bust should the court of appeals endorse the
European court of justice's ruling in November that found the
practice illegal.

The Guardian said: "If it is ruled to have no commercial rights
over pre-race data, the BHB will be in the position of a
shopkeeper with no stock, and no prospect of acquiring anything
to sell."

A spokesman for BHB said he is confident of a positive ruling in
the context of the government's plan to abolish the Levy system.

Alan Delmonte said: "The abolition of the Levy has rested on BHB
database rights, and that is how we and the government have
proceeded since 2000."

A judgment is expected next month.


COMPUTACENTER PLC: 2nd Profits Warning Hits Shares
--------------------------------------------------
Shares in Computacenter plc plunged more than 20% Tuesday after
it disclosed a profits warning for the second time this year.

The warning, which stripped almost GBP100 million from the
hardware retailer and IT services firm's value, undermined hopes
of a turnaround and boosted threats of job cuts.

In a statement, Computacenter disclosed that it expects profit
"to be substantially below current market estimates" amid
difficult trading conditions.  It doesn't see the situation
improving for the rest of the year.

A slowdown on sales of equipment earlier caused first quarter
sales to drop 10%, which continued in the second quarter,
according to the company.  The sustained slump is reportedly due
to IT managers' preference for cheaper versions.  Worse, others
are said to have refrained from buying new products.

Computacenter's lower sales figures have cost its rebates from
major supplier Hewlett-Packard, while it dropped its market share
to Dell Direct.

Meanwhile, Chief executive Mike Norris said the market will be
updated next week, which will include restructuring plans for the
company's products venture.

He stressed that Computacenter must be flexible against the
computer market as products become cheaper and suppliers offer
smaller commissions.

Mr. Norris said: "Will that lead to [staff] reductions in the
future?  If we do not get an increase in revenues, yes.  I would
imagine that we would see fewer people working in our products
business than we have today, but that's not the target."

CONTACT:  COMPUTACENTER PLC
          Hatfield Avenue
          Hatfield
          Hertfordshire AL10 9TW, United Kingdom
          Phone: +44-17-0763-1000
          Fax: +44-17-0763-9966
          Web site: http://www.computacenter.co.uk


CSW COLDFORM: Barclays Bank Appoints Ernst & Young Receiver
-----------------------------------------------------------
Barclays Bank Plc appoints David Duggins and Ian Best (Office
Holder Nos 8324, 8631) joint administrative receivers for CSW
Coldform Limited (Reg No 02882283, Trade Classification: 11).
The application was filed June 15, 2005.

Certified to TS 16949 and ISO9001, CSW Coldform Limited supply
precision, cold formed metal components.

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

CONTACT:  CSW COLDFORM LIMITED
          Valley Way
          Market Harborough
          Leicestershire LE16 7PS
          England
          Phone: +44 (0) 1858 410600
          Fax: +44 (0) 1858 466536
          E-mail: sales@coldform.co.uk

          ERNST & YOUNG LLP
          No.1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com


DNICK LIMITED: Creditors Meeting Set Today
------------------------------------------
Creditors of troubled alloy makers DNICK Limited and EU Coin will
meet today to discuss the future of both companies.

After realizing that it has not been possible for both groups to
continue as going concerns, their directors proposed to enter
into Company Voluntary Arrangements (CVA), which would allow
creditors to takes shares in DNICK Holding Plc, a direct
subsidiary of DNICK.

The group's directors believe the CVA would create better
potential return to unsecured creditors, who, in case of the
groups' liquidation, could only expect minimal returns.  EU Coin
has EUR1.5 million in assets available to preferred creditors
while DNICK has none.  DNICK and EU Coin's liabilities amount to
EUR230 million and EUR219.5 million respectively.  To protect the
creditors while preparations the CVA were being made, both groups
entered into administration on April 29, 2005.

The meeting will be held at Dorint Novotel Frankfurt Main Taunus
Zentrum Hotel, Am Main Taunus Zentrum 1, 65843 Sulzbach, Germany.

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

          Simon Robert Thomas, Joint Administrator
          E-mail: simon.thomas@tenongroup.com

          DNICK LIMITED
          75 Cannon Street
          London, EC4N 5BN
          Web site: http://www.dnick.co.uk

          Investor Relations
          Dr. Jan Andresen
          Auf dem Sande 1A
          20457 Hamburg
          Phone: +49-(0)40 41919990
          Fax: +49-(0)40 41919580


DNICK LIMITED: Company Profile
------------------------------
NAME: DNICK Limited

ADDRESS: 75 Cannon Street
         London, EC4N 5BN

WEB SITE: http://www.dnick.co.uk

DATE OF INCORPORATION: October 30, 2003

TYPE OF BUSINESS: Operates subsidiaries involved in metal alloy
                  and coin production.

EXECUTIVES: Edouard Altenhoven, Director

ASSETS: EUR49.1 million (book value)
        EURnil (break-up value)

DEBT: EUR230,276,382

SHAREHOLDER: Edouard Altenhoven (100%), 1,000 shares of GBP1
             each

THIRD PARTY GUARANTEES: Bond guarantee by VDN Vereinigte
                        Deutsche Nickelwerke AG

THE TROUBLE: With nothing to liquidate to settle EUR230 million
in liabilities, DNICK Limited, along with subsidiary EU Coin
Limited, proposed to enter into Company Voluntary Arrangements
(CVA), allowing creditors to takes shares in DNICK Holding Plc, a
direct subsidiary of DNICK.  The CVA is expected to produce
better return to the group's unsecured creditors than placing the
company into liquidation.  To protect the creditors while
preparations the CVA were being made, both groups entered into
administration on April 29, 2005.

CREDITORS: Bondholders                           EUR116,350,000

           ING BANK DEUTSCHLAND
           Bockenheimer Landstrasse 10
           60323 Frankfurt am Main
           Germany                                    5,939,498

           DRESDNER BANK AG
           Juergen-Ponto-Platz 1
           60323 Frankfurt am Main
           Germany                                    6,704,256

           DEUTSCHE BANK AG
           An den Dominikanem 11-27
           50668 Cologne
           Germany                                    1,252,665

           COMMERZBANK AG
           Kaiserplatz
           60323 Frankfurt am Main
           Germany                                    43,129,271

           IKB DEUTSCHE INDUSTRIEKREDITBQNK AG
           Postfach 10, 11, 18
           40002 Dusseldorf
           Germany                                     8,905,375

           PENSIONS-SICHERUNGS-VEREIN
           Berlin-Kolnische-Alee 2-4
           50969 Cologne
           Germany                                     7,157,455

           FINANZAMT DORTMUND-UNNA
           Trakehnerweg 4
           44143 Dortmund
           Germany                                     1,046,500

           HERR MORITZ GERKE
           Niklasstr. 45
           14163 Berlin
           Germany                                     1,300,000

           SAXONIA EUROCOIN GmbH                       3,113,714
           Galvanik und Ronden Erzstr. 5
           09633 Halsbrucke
           Germany

           DNICK INTERCO                               1,569,863
           75 Cannon Street
           London, EC4N 5BN

           GOLDMANN SACHS                             31,141,000
           Messe Turm Friedrich-Ebert-Anlage 49
           60308 Frankfurt am Main
           Germany

           BEAR STEAMS BANK PLC                        2,639,785
           1 Canada Square
           London E14 5AD

           TOTAL LIABILITIES                      EUR230,276,382

JOINT ADMINISTRATORS: S. R. Thomas
                      S. J. Parker

                      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

COURT APPOINTING ADMINISTRATORS: High Court of Justice
                                  Chancery Division
                                  Companies Court

COURT REFERENCE NUMBER: 2771 of 2005


ELITE MEDICAL: Creditors Meeting Set Next Week
----------------------------------------------
The creditors of Elite Medical Services Limited will meet on July
6, 2005 at 12:00 noon.  It will be held at One Great Cumberland
Place, Marble Arch, London W1H 7LW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to One Great Cumberland Place, Marble Arch, London
W1H 7LW not later than 12:00 noon, July 5, 2005.

The company specializes in the placement of locum and permanent
staff into NHS Trusts, Social Services, Pharmaceutical Industries
and numerous private clinics throughout the U.K. in these
disciplines: Social Work, Occupational Therapy, Speech Therapy,
Physiotherapy, Pharmacy, Medical Laboratory Science and
Laboratory Assistants.

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

CONTACT:  ELITE RECRUITMENT
          11 Grosvenor Place
          Belgravia, London SW1X 7JG
          Phone: 020 7235 1900
          Fax: 020 7235 1700
          E-mail: recruit@elitemedical.co.uk

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

EQUITABLE LIFE: Withdraws GBP100 Mln Claim Versus E&Y
-----------------------------------------------------
The Equitable Life Assurance Society has dropped Wednesday its
GBP100 million claim against former auditor Ernst & Young.

According to Accountancy Age, the insurer claims that directors
would have increased surrender penalties on some of its policies,
and that E&Y's negligence had altered the company's financial
position in the late 1990s.

The allegations came on top of Equitable's GBP3.7 billion lawsuit
against E&Y and nine former directors for negligence and breach
of fiduciary duty.

Iain Milligan QC, counsel representing Equitable, said: "In the
light of the debate last Thursday about contractual surrenders,
we have received further advice from our experts, and [we] do not
propose, in the light of that advice, to pursue the application."

While the company did not elaborate on the reason for its
withdrawal, questions raised over the current valuation and how
the potential loss influenced the company's finances might have
prompted the move.

E&Y, in a statement, said: "The last ten weeks in Court have only
reinforced the belief of (our group), and most impartial
observers of the case, that the claim by Equitable Life against
us is totally without merit.

"The fact that four years into this process and nearly half way
through the current proceedings, Equitable has been forced to
attempt to amend its claim for the sixth time, can only be seen
as clutching at straws. More policyholders' money will be poured
down the drain.'

In April, the insurer claimed E&Y failed to advise the company to
reserve a substantial amount in its accounts from 1997-99 to
cover some policyholders' income guarantees, which made them
suffer huge losses.

The case saw a prolonged verbal tussle between the two parties,
with E&Y calling the claim as "unbridled and unashamed
retrospection."

However, last month, Equitable said it was willing to enter into
an out-of-court settlement as Chairman Vanni Treves expressed
surprise and disappointment that the claims had to reach the
court.

This came after Laurence Rabinowitz QC, counsel for six of former
directors, appealed for the company to "give very serious
consideration to its GBP1.7 billion lawsuit against them.

CONTACT:  HE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


EUROPEAN INTERIOR: Creditors Meeting Set Mid-July
-------------------------------------------------
A meeting of creditors of European Interior Technologies Limited
will be held at the offices of Harris Lipman, 2 Mountview Court,
310 Friern Barnet Lane, Whetstone, London N20 0YZ, on 15 July
2005, at 12.00 noon.

Proxies to be used at the Meeting must be lodged with the Company
at its registered office at 2 Mountview Court, 310 Friern Barnet
Lane, Whetstone, London N20 0YZ, not later than 12.00 noon on the
working day before the Meeting.  A list of names and addresses of
the Company's Creditors will be available for inspection at the
registered office between 10.00 a.m. and 4.00 p.m. on 13 July
2005 and 14 July 2005, the two business days before the date of
the Meeting.

By Order of the Board.
M J Blackwood, Director


GLOMOCO LIMITED: Sets Creditors Meeting July 11
-----------------------------------------------
A Meeting of the Creditors of Glomoco Limited will be held at 52
Mount Pleasant, Liverpool L3 5UN, on 11 July 2005, at 11.30 a.m.,
for the purposes mentioned in sections 99 to 101 the Insolvency
Act 1986.

Resolutions to be considered at the Meeting may include a
Resolution specifying the terms on which the Liquidator is to be
remunerated.  The Meeting may receive information about, or be
called upon to approve, the costs of preparing the statement of
affairs and convening the Meeting.

Creditors wishing to vote at the Meeting must lodge their proxy,
together with a full statement of account at the registered
office, c/o PKF (U.K.) LLP, 52 Mount Pleasant, Liverpool L3 5UN,
not later than 12.00 noon on 8 July 2005.  For the purposes of
voting, a secured Creditor is required (unless he surrenders his
security) to lodge at c/o PKF (U.K.) LLP, 52 Mount Pleasant,
Liverpool L3 5UN, before the Meeting, a statement giving
particulars of his security, the date when it was given and the
value at which it is assessed.

Notice is further given that a list of the names and addresses of
the Company's Creditors may be inspected, free of charge, at c/o
PKF (UK) LLP, 52 Mount Pleasant, Liverpool L3 5UN, between 10.00
am and 4.00 p.m. on the two business days preceding the date of
the Meeting stated above.

By Order of the Board.
M R Lunch, Director

                            *   *   *

GloMoCo provides remote tracking and monitoring of plant and
equipment in the construction industry.

CONTACT:  GLOMOCO LIMITED
          1 Millbrook Park, Mill Lane, Rainford, St Helens,
          Merseyside, WA11 8LZ, United Kingdom
          Phone:  +44 (0) 1744 887660
          E-mail: info@glomoco.com
          Web site: http://www.glomoco.com

          PKF (UK) LLP
          52 Mount Pleasant
          Liverpool
          L3 5UN
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com


HAXTED MOTOR: Car Dealer Calls Antony Barry & Co. Administrator
---------------------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for Haxted Motor Company Limited.  The appointment
was made June 14, 2005.  Its registered office is located at New
House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY.

Haxted Motor has been selling brand new or slightly used cars for
30 years.  It is also engaged in maintaining and repairing cars.
Most of the vehicles sold are: Haxted Hyundai, Haxted MG Rover,
Haxted Suzuki, Lindfield Honda and Lindfield MG Rover ranging
from GBP995 to GBP24,995.  Visit
http://www.haxted-motor-group.co.uk/for more information.

CONTACT:  HAXTED MOTOR CO LTD.
          Marlpit Hill
          Edenbridge TN8 6HZ Kent
          Phone: 01732 866202
          Fax: 01732 866853

          ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


KEITH NEWMARK: Hires PricewaterhouseCoopers as Administrator
------------------------------------------------------------
Name of companies:
Keith Newmark Limited
Yorkshire Moulding Limited

David Malcolm Walker and Roger Marsh (IP Nos 3606, 5925) have
been appointed joint administrators for these companies.  The
appointment was made June 17, 2005.  Its registered office is
located at Armytage Road, Brighouse, West Yorkshire HD6 1QF and
Victoria Works, Institute Street, Padiham BB12 8BB.

Keith Newmark was established in 1961.  It was a family business
run by Richard Newmark.  The company manufactures plastic
products like garden pots and containers.

It is located near the motorway network with 90,000 sq. feet
custom built on-site warehousing that enables efficient
computerized order picking.  It has obtained BS EN ISO 9002
certification in 1993.

Yorkshire Moulding is engaged in plastic injection molders
specializing in polycarbonate, manufacturer of technical plastic
moulds, chocolate/confectionery moulds.  It has house design &
tool making facilities, using the latest 3D design software.  The
company also has injection molding presses ranging from 50 to
1500 tons.

Visit http://www.newmarks.co.uk/or
http://www.yorkshire-moulds.co.ukfor more information.

CONTACT:  KEITH NEWMARK LTD.
          Victoria Works,
          Institute Street,
          Padiham, Lancashire,
          England, BB12 8BB
          Phone: +44 (0) 1282 778611
          Fax: +44 (0) 1282 773700
          E-mail: info@newmarks.co.uk

          YORKSHIRE MOULDING LIMITED
          Armytage Rd
          Brighouse
          W. Yorkshire HD6 1QF
          United Kingdom
          Phone: (01484) 401770
          Fax: (01484) 406526

          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


MERLIN SUNSCREENING: Meeting of Creditors Set July 6
----------------------------------------------------
The creditors of Merlin Sunscreening Systems Limited will meet on
July 6, 2005 at 10:00 a.m.  It will be held at BDO Stoy Hayward
LLP, Kings Wharf, 20-30 King Road, Reading, Berkshire RG1 3EX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Kings Wharf, 20-30 King
Road, Reading, Berkshire RG1 3EX not later than 12:00 noon, July
5, 2005.

Merlin is a company of the Reynaers Aluminium Group founded in
1965, as an aluminum construction company in Duffel, Belgium.  It
produces aluminum windows and doors.

Merlin Sunscreening Systems markets a wide range of internal and
external sunscreening solutions to the construction industry.
Merlin are specialists in solar shading, with some 20 years'
experience.

The company focuses on the design, manufacture and installation
of its solar shading systems and specializes in providing bespoke
solutions to meet any exact project requirements.

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

CONTACT:  MERLIN SUNSCREENING SYSTEMS LTD.
          Unit 21, The Metropolitan Centre,
          Derby Rd, Greenford UB6 8UJ
          Phone: (020) 8747 7060
          Fax: (020) 8747 7061
          E-mail: mail.merlin@merlinsunscreening.co.uk

          BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


PIONEER NETWORKS: Creditors to Meet July
----------------------------------------
A meeting of the creditors of Pioneer Networks Limited will be
held at 3 Chapel Court, 42 Holly Walk, Leamington Spa,
Warwickshire CV32 4YS, on 11 July 2005, at 11.00 a.m., for the
purposes mentioned in sections 99, 100 and 101 of the Insolvency
Act 1986.

A list of names and addresses of the Company's Creditors will be
available for inspection, free of charge, at Bottomley and Co, 3
Chapel Court, 42 Holly Walk, Leamington Spa, Warwickshire CV32
4YS, during the two business days preceding the date of the
Meeting.

By Order of the Board
N Orton, Director

                            *   *   *

Pioneer Networks create exhibitions, trade shows and events.  It
has well over 50 years of combined experience in the industry.
Visit http://www.pioneernetworks.co.uk/shows.aspfor more
information.

CONTACT:  PIONEER NETWORKS LTD.
          6a New Street, Warwick
          Warwickshire, UK, CV34 4RX
          Phone: 0870 333 1277, Fax: 0870 333 1288
          Web site: http://www.pioneernetworks.co.uk/shows.asp


PORTFOLIO BUILDING: Real Estate Company Under Administration
------------------------------------------------------------
Anthony Murphy and Robert William Leslie Horton (IP Nos 8716,
8922) have been appointed joint administrators for Portfolio
Building Services Limited.  The appointment was made June 20,
2005.

The company is engaged in investing property acquisition and
management.

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

CONTACT:  SMITH & WILLIAMSON
          No 1 Riding House Street
          London W1A 3AS
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: gdp@smith.williamson.co.uk
          Web site: http://www.smith.williamson.co.uk


QXL RICARDO: Polish Unit's Administrator Clarifies Payments
-----------------------------------------------------------
At the Annual General Meeting of QXL Ricardo plc, all the
ordinary resolutions proposed at the meeting were passed.

However, the two special resolutions that were proposed (to
permit a limited disapplication of the pre-emption rights set out
in Section 89 of the Companies Act 1985 and to authorize the
Company to purchase some of its own shares) were not passed.

The Company has also recently received clarification from the
court-appointed administrator of QXL Poland Sp z o.o. regarding
the payments received by the Company earlier this month and which
were referred to in the Company's announcement on 7 June.

The administrator has confirmed that he had authorized these
payments and that he has authorized the repayment of a further
sum of approximately GBP65,000 (which has subsequently been
received by the Company).  The administrator has also indicated
that he does not currently intend to repay any interest on these
sums or the remaining inter-company balances (which in the
Company's view amount to over GBP700,000).  As previously
announced, the value of these amounts is relatively insignificant
in the context of the value of QXL Poland and repayment of these
amounts is not directly connected to the Company's ongoing claims
that it should be re-registered as the sole shareholder in QXL
Poland.

The Poznan prosecutor's office has also recently announced that
criminal indictments have now been prepared against Arjan Bakker
and Przemyslaw Rogowski in relation to the purported issue of
shares in QXL Poland to NIAA Sp z o.o. in December 2002.  The
prosecutor's office has also been reported as stating that the
value of the alleged crime - based on the value of QXL Poland in
December 2002 as assessed by the independent valuer commissioned
by the prosecutor - was PLN53 million (approximately GBP9
million).

One consequence of this progress in the criminal case is that the
judge in the civil case postponed the hearing set for 22 June in
order to allow her time to review the criminal indictments.  The
Company believes that consideration of this additional evidence
will provide further support for its case and so will ultimately
prove beneficial.  However no revised hearing date has yet been
set and, because of the upcoming holiday season, the Company does
not expect the hearings in the civil case to recommence before
September.

Further developments in the Polish litigation will be announced
at the appropriate time.

CONTACT:  QXL RICARDO PLC
          The Matrix Complex
          91 Peterborough Road
          London SW6 3BU
          Contact:
          Mark Zaleski, Chief Executive Officer
          Robert Dighero, Chief Financial Officer
          Tom Parkinson, Company Secretary
          Phone: +44 (0)20 7384 6310

          Financial Dynamics
          James Melville-Ross
          Juliet Clarke
          Phone: +44 (0)20 7831 3113


REACTIVE TECHNOLOGIES: Creditors Meeting Set July
-------------------------------------------------
A meeting of creditors of Reactive Technologies Limited will be
held at 93 Queen Street, Sheffield S1 1WF, on 6 July 2005, at
11.00 a.m., for the purposes mentioned in sections 99, 100 and
101 of the Insolvency Act 1986.

A list of names and addresses of the company's creditors will be
available for inspection between the hours of 10.00 a.m. and 4.00
p.m., at The P&A Partnership, 93 Queen Street, Sheffield S1 1WF,
on the two business days before the date of the Meeting.

By Order of the Board
P Fretwell, Director

                            *   *   *

Reactive Technologies is into satellite tracking of vehicles in
U.K., the rest of Europe and Middle East.  Visit
http://www.reactivetechnologies.co.ukfor more information.

CONTACT:  REACTIVE TECHNOLOGIES LIMITED
          Unit 11, Whaley Road Zenith Business Park
          275 IHT
          Phone: 08700 638630
          Fax: 01226 286877
          E-mail: info@reactivetechnologies.co.uk
          Contact:
          Mr. R. Swift
          Web site: http://www.reactivetechnologies.co.uk

          THE P&A PARTNERSHIP
          93 Queen Street
          Sheffield
          United Kingdom
          S1 1WF
          Phone: (0114) 275 5033
          Confidential Helpline: 0800 542 3021
          Fax: (0114) 276 8556


SPORTING OPTIONS: Not a Dime for Unsecured Creditors
----------------------------------------------------
Former customers of Sporting Options are to receive GBP3.6
million of the money owed to them by the betting exchange,
according to a report from Europe Intelligence Wire.  They are
the only creditors to recover money from the company, which
collapsed in November.

Founder and managing director Kevin Griffiths will lose the
GBP1.1 million he loaned the company.  Banks will lose
GBP285,000, and the Inland Revenue and HM Customs & Excise will
have to write off GBP280,000.

Sporting Options' other creditors are trade and expense
creditors, including landlords and computer-servicing firms, who
are owed GBP100,000.  Employees are to lose GBP90,000.

The payment to the customers will be made through Betfair very
soon, according to Andrew Duncan, a partner in and
joint-administrator for Menzies Corporate Restructuring.
Betfair, in a move to maintain confidence in the betting exchange
model, wrote off GBP3.9 million as exceptional item in its
accounts.

Mr. Duncan thinks it is unlikely they have to extend the
administration period of the company beyond the 12 months
provided by law.  It will probably only take three or four months
more he said.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          London
          W1W 6DW
          Phone: +44 (0)20 7291 9750


SUPERTECH CONSULTANCY: Creditors to Meet Next Month
---------------------------------------------------
A meeting of creditors of Supertech Consultancy Limited will be
held at the offices of Valentine & Co., 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS, on Wednesday 13 July 2005, at 2.00
p.m., for the purposes provided for in sections 99 and 101 of the
Insolvency Act 1986.

The Resolutions proposed at the Meeting of Creditors may include
a Resolution specifying the terms on which the Liquidator is to
be remunerated.  The Meeting may also receive information about,
or be asked to approve, the costs of preparing the statement of
affairs and convening the Meeting of Creditors.

Notice is further given that a list of the names and addresses of
the Company's Creditors may be inspected at the offices of
Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS, between 10.00 a.m. and 4.00 p.m. on the two business days
preceding the date of the Meeting.

By Order of the Board
L Williams, Director

CONTACT:  SUPERTECH CONSULTANCY LTD.
          Unit 3, Standard Way
          Pennant Park
          Fareham
          PO16 8XU
          Hampshire
          Phone: 01329 826456

          VALENTINE & CO.
          Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentineandco.plus.com/


SWAN HUNTER: Warns of Multi-million-pound Overrun Costs
-------------------------------------------------------
Newcastle shipyard Swan Hunter (Tyneside) Ltd. is again in need
of additional money to build two naval logistics ships after
receiving GBP87 million in government aid seven months before.

Swan Hunter was plunged into controversy after it was revealed
before the election that the government provided the money
without making it clear to the MPS whether the amount has been
settled.

Now, Adam Ingram, the defense minister, admitted that Swan Hunter
was asking for more money to complete a contract for the two
16,000-ton auxiliary ships.  The project now costs GBP235
million, according to The Telegraph.

He said: "Swan Hunter has recently confirmed to the Ministry of
Defence that its costs to complete the landing ship dock
(auxiliary) program are likely to increase."

The source of the trouble is a broken crank shaft, according to
Swan Hunter owner, Jaap Kroese.  As a result the open sea testing
for the ships will be delayed by a few months to November or
December.  Mr. Kroese said the extra delay would add "a few
millions." to the contract cost.

Swan Hunger has been building, repairing, and converting ships at
its Wallsend shipyard on the Tyne river and its Port Clarence
yard on the Tees river since 1860.

CONTACT:  SWAN HUNTER (TYNESIDE) LTD.
          Wallsend
          Newcastle NE28 6EQ, United Kingdom
          Phone: +44-191-295-0295
          Fax: +44-191-262-0374
          Web site: http://www.swanhunter.com/
          Jaap A. Kroese, Chairman
          Jan C. Veldhuizen, Managing Director
          Norman Frederick Brownell, Commercial Director


                            *********


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

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

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