TCREUR_Public/050705.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

             Tuesday, July 5, 2005, Vol. 6, No. 131

                            Headlines

B E L A R U S

BELAGROPROMBANK: In Talks with German Export Financier


C Y P R U S

CYPRUS AIRWAYS: Mulls Outsourcing, Split of Airline Operations


F R A N C E

LBC HOLDINGS: Company Profile


G E R M A N Y

ALBERT ABELA: Gives Creditors Until September to File Claims
ANDRE DESSELMANN: Proofs of Claim Deadline August 12
BEHNISCH HEMMER: Sets Creditors Meeting September 14
BRETNUETZ BAU: Court Appoints Dr. Liersch Administrator
DAIMLERCHRYSLER AG: June U.S. Sales Up 5%

EDITH UND PETER: Hameln Court to Verify Claims August
EWB GMBH: Koln Court Appoints Dr. Sinz Administrator
FD WOLFEWICZ: Under Bankruptcy Administration
FJH AG: Ex-Chairman, Board Member Reduce Stakes
FRESENIUS AG: Moody's Downgrades EUR300 Mln Senior Notes to Ba2

FRESENIUS MEDICAL: Moody's Cuts Ratings to Ba2/B1
LIGNUM TISCHLEREI: Gives Creditors Until July 29 to Prove Claims
MARBERT HOLDING: Financial Results Back in Black
M-TECH TECHNOLOGIE: Full-year Net Loss Up Sixfold
VOLKSWAGEN AG: Works Council Head Resigns Amid Bribery Scandal


L I T H U A N I A

MAZEIKIU NAFTA: Fitch Assigns Short-term Rating of 'B'


L U X E M B O U R G

THIEL LOGISTIK: Chief Financial Officer to Leave this Month


N E T H E R L A N D S

ROYAL SHELL: U.S. Justice Closes Reserves Probe


R U S S I A

AEROFLOT: Names Ivanov Victor Petrovich Chairman
AMUR-PORT: Succumbs to Bankruptcy
AUTO-TRANSPORT ENTERPRISE#12M: Under Bankruptcy Supervision
DAL-ELECTRO-NET-STROY: Appoints M. Parlov Insolvency Manager
GAZPROMBANK: Outlook Changed to Stable; 'B+/B' Ratings Affirmed

KHANTY-MANSIYSK: Counterparty Credit Rating Upgraded to 'B+'
LENINOGORSKIY: Declared Insolvent
MICROOM: Succumbs to Bankruptcy
PETROL: Deadline for Proofs of Claim August 24
PROMTARA: Bankruptcy Hearing Set September

SURGUTNEFTEGASBANK: Counterparty Credit Rating Affirmed at 'C'
TETKINSKIY COMBINE: Hires Insolvency Manager from Kursk
VOZROZHDENIYE: Undergoes Bankruptcy Supervision Procedure
VYZOKOGORSKAYA MTS: Creditors Have Until July 28 to File Claims
YUKOS OIL: Court Upholds Appeal in Yuganskneftegaz Lawsuit
YUKOS OIL: Russia Pursues Assets Overseas


U K R A I N E

CONSULTING CENTRE: Declared Insolvent
DNIPROGAZBUD: Insolvency Manager Comes in
DUNAYEVETSKE: Succumbs to Insolvency
EXTRUDER: Liquidator Takes over Operations
NAFTOSERVICE: Dmitro Kozin to Liquidate Group

SERPANTIN: Dnipropetrovsk Court Opens Bankruptcy Proceedings
SHOSTKA ENTERPRISE: Bankruptcy Proceedings Start
STOZHARI-SERVICE: Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

ALLIED DOMECQ: Pernod Ricard Shareholders Approve Takeover
ALLIED DOMECQ: Shareholders Accept Pernod Ricard Offer
ALLIED DOMECQ: Chairman's Statement at Court Meeting
ALPHA AIR: Final Members Meeting Set Mid-August
ASPIRE COMPANY: Liquidator from Moore Stephens Moves in

BARLOW VENTILATION: Creditors Meeting Set Thursday
BCPH LIMITED: Creditors Meeting Set Later this Month
BOOTS GROUP: Nears Deal with Reit Asset Management
CASIMIR LTD.: CCTV Supplier Calls in Administrator
CHESHIRE PORTFOLIO: Names Deloitte & Touche Administrator

CLARKES (RADIO): Liquidator to Present Report August
CONTROLRUN LIMITED: Files for Liquidation
CONTROLRUN LIMITED: Creditors' Claims Due this Month
COSTAIN GROUP: Forward Order Book Stands at GBP1.6 Billion
DANKA BUSINESS: Sells Canadian Unit for US$14 million

DEREK HOLDEN: Files for Liquidation
DEREK HOLDEN: Proofs of Claim Due Next Month
FLEXOCONNECT LIMITED: Deadline for Creditors' Claims August 15
H HARTLEY: Liquidator's Report Out July
JOHN HESSENTHALER: Appoints Administrator from Ensors

MARCONI CORPORATION: Earnings per Share Up Under IFRS
MARKS & SPENCER: Pockets GBP35 Mln for Sale of Lifestore Sites
OAKSIDE LOGISTICS: Administrators from Harrisons Move in
PETERHOUSE HOLDINGS: Berg Kaprow to Deliver Winding-up Report
PHILLIPS-JAMES ENGINEERING: Names Taylor Rowlands Administrator

PROFILE MEDIA: Reports Losses of GBP3.8 Million
PST INTERNATIONAL: In Liquidation After Seven Years of Business
ROBERT WISEMAN: Appoints Two New Executive Directors
ROSEC LIMITED: Liquidator to Deliver Report Mid-August
SEMOON LIMITED: To Hold Final Creditors Meeting this Month

SGM ELECTRICAL: Appoints Administrator from Ward & Co.
S P HOLDINGS: Hires Administrators from PKF
UK PROTECT: Names Administrators from Robson Rhodes
VTL LIMITED: Administrators from Milner Boardman Move in
W & M BENDRIEN: Liquidator to Present Report Next Month

* Large Companies with Insolvent Balance Sheets


                            *********


=============
B E L A R U S
=============


BELAGROPROMBANK: In Talks with German Export Financier
------------------------------------------------------
Belagroprombank PJSC said in a short statement on its Web site
on June 24 it is in negotiation with AKA Ausfuhrkredit-
Gesellschaft mbH (Germany).  AKA is an international and multi-
national private company that offers medium- and long-term
export financing.

A basic agreement dated May 2005 -- available at
http://www.akabank.de-- cites Belagroprombank as borrower in
relation to medium- and long-term financing of German exports of
capital goods to Belarussian buyers.

The bank also said it signed Loan Agreement with the Hungarian
Export-Import Bank Ltd. for financing the twist-canned green
peas investment project of OAO Turov.  It also said it attracted
long-term credit resources from Italy.

                            *   *   *

In December, Fitch Ratings assigned Belagroprombank ratings of
Long-term 'CCC+'; Short-term 'C'; Individual 'D/E'; and Support
'5'.  The Outlook for the Long-term rating was Stable.

The Long-term, Short-term and Individual ratings reflect BAB's
high level of concentration on the volatile agro-industrial
sector in one of Europe's least economically developed
countries.  Profitability is also weak, reflecting the bank's
sizeable cost base and a high level of state-directed lending,
where margins are capped by the government and are well below
the rate of inflation.  The ratings also considered the risks
associated with BAB's recent rapid loan growth.

However, Fitch noted that BAB's capital is adequate, even
adjusting for fixed assets and long-term lending on the balance
sheet.  Its retail deposit base is also well developed and
market risk is limited.

CONTACT:  AKA AUSFUHRKREDIT-GESELLSCHAFT MBH
          Phone: 49 69 29 89 1 00
          Fax: 49 69 29 89 1 200
          Web site: http://www.akabank.de
          E-mail: info@akabank.de

          BELAGROPROMBANK PJSC
          24, Olshevskogo str.
          220073, Minsk, Republic of Belarus
          Phone: +375 17 228-5003
          Fax: +375 17 228-5319
          Telex: 252514 APBRB BY
          Teletype: 252113
          S. W. I. F. T.: BAPBBY2X
          E-mail: info@belapb.by


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


CYPRUS AIRWAYS: Mulls Outsourcing, Split of Airline Operations
--------------------------------------------------------------
Loss-making national carrier Cyprus Airways (CAIR) is
considering operating two separate airlines and outsourcing its
workforce, Reuters says.

At a shareholders meeting in Nicosia Wednesday, chairman Lazaros
Savvides said the group's board is currently reviewing all
restructuring options particularly outsourcing, which "cannot be
carried out in a viable manner by the company itself."  The
Cyprus Airways Group currently maintains two flight operations:
Cyprus Airways Limited for scheduled flights and Eurocypria for
charter flights.

The group has remained mum on its restructuring plan, which
might also include layoffs.  CAIR has until September to outline
recovery measures before submitting it to the government, which
controls 69.7% of the carrier, and to the European Commission,
Mr. Savvides said.  CAIR plans to finance its restructuring
through a state-backed EUR51 million loan, which the Commission
recently approved.  CAIR has been racking up losses for years
and in 2004 it fell CYP33.5 million in the red.  It attributed
the loss to the liberalization of air transport, high fuel
prices and costly fleet renewal.

Mr. Savvides, meanwhile, retracted earlier savings forecast of
around US$42.1 million: "The accumulated savings -- taking into
account the compromises we had to make for the plan to be
approved -- were not at the level required to put Cyprus Airways
back on a profitable path."

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


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


LBC HOLDINGS: Company Profile
-----------------------------
NAME: LBC Holdings LLC

ADDRESS: 5 ter, rue du Dome
         75116 Paris
         France

TEL: +33 (1) 44 34 15 00

FAX: +33 (1) 44 34 15 01

E-MAIL: investors@lbc-net.com

WEB SITE: http://www.lbc-net.com

TYPE OF BUSINESS: LBC is a global operator of tank storage
terminals offering 2.2 million cubic meters of tank storage
capacity to the market.  Headquartered in Paris, France the
company operates 12 storage terminals in Europe and U.S.A.  LBC
specializes in the storage of petrochemical and other chemical
products, with major operations in the petrochemicals ports of
Antwerp, Rotterdam Le Havre, Marseille and Houston.

EXECUTIVE: Niels Von Hombracht, Chief Executive Officer

SALES: EUR77,473,000 (8-month period ended Dec. 31, 2004)

TOTAL CURRENT ASSETS: EUR63,199,000 (3 months Ended March 31,
                                     2005)
TOTAL ASSETS: EUR308,271,000 (3 months Ended March 31,
                              2005)

CURRENT LIABILITIES: EUR234,849,000 (3 months Ended March 31,
                                     2005)
TOTAL LIABILITIES: EUR245,653,000 (3 months Ended March 31,
                                   2005)

NET DEBT, INCLUDING AMOUNTS PAYABLE WITHIN ONE YEAR:

                                             Dec. 31,  March 31,
                                               2004      2005
                                             (EUR 000) (EUR 000)
Other Credit Facilities                       8,643     8,940
Senior Credit Facility                       44,468    45,757
11% Senior Subordinated Notes               133,000   133,000
Accrued interest                              2,640     5,838
Gross debt                                  188,751   193,535
Marketable Securities                           884     2,114
Cash and Cash Equivalents                     8,946    11,170
Net debt                                    178,921   180,251

THE TROUBLE:  As of December 31, 2004, the company was in breach
of one of its Senior Facility Agreement Financial Covenants:
Based on Pro forma full year results the ratio consolidated cash
flow over Total debt Service was 0.95 instead of a required
minimum of 1.0.  This breach, per the Senior Facility Agreement,
constitutes an event of default and may create a situation of
cross default on other credit agreements.  The company obtained
a waiver on this technical covenant breach on May 17, 2005.

Auditor, KPMG Audit, said the breach indicates the existence of
a material uncertainty, which could affect the ability of the
group to continue as a going concern.

CREDIT RATING: Long-term corporate credit rating at 'B'; Outlook
Negative

SHAREHOLDER: One Equity Partners

INTERESTS HELD:

LBC Acquisition Corp Inc.
1209 Orange Street -
Wilmington
Delaware 19801 - USA                 100%

LBC Houston LP
11666 Port Road - Seabrook
Texas 77 586 - USA                   100%

LBC Finance SARL
23 avenue de la Porte Neuve
2227 LUXEMBOURG                      100%

LBC Luxembourg SARL
23 avenue de la Porte Neuve
2227 LUXEMBOURG                      100%

LBC Luxembourg Holding S.C.A.
23 avenue de la Porte Neuve
2227 LUXEMBOURG                      100%

LBC Belgium BVBA
Bredestraat 4
2000 Antwerpen - BELGIUM             100%

FinanciEre GTS S.A.
Haven 275 - Leon Bonnetweg 28
2030 Anvers - BELGIUM                100%

LBC Antwerpen S.A.
Haven 275 - Leon Bonnetweg 28
2030 Anvers - BELGIUM                100%

LBC Rotterdam B.V.
Oude Maasweg 4 - PO BOX
5000 - 3197 Botlek -
NETHERLANDS                          100%

LBC France Holding S.A.S.
5 ter rue du Dome
75 116 Paris - FRANCE                100%

LBC France S.A.S.
5 ter rue du Dome
75 116 Paris - FRANCE                100%

LBC S.A.
5 ter rue du Dome
75 116 Paris - FRANCE                100%

LBC Sotrasol S.A.
5 ter rue du Dome
75 116 Paris - FRANCE                99.8979%

Sogestrol S.A.S.
Route de la Chimie
76 700 Gonfrville L'Orcher-
FRANCE 49,9489 Proportionate

LBC Nantes S.A.
103, quai Emile Cormerais
44 800 St Herblain - FRANCE          99.8888%

LBC Marseille-Fos S.A.S.
Route du Port Petrolier
13117 Lavera - FRANCE                99.9955%

Terliq S.A.
El Poligono El Fangal, Valle de
Escombreras - 30350 Cartagena
- SPAIN                              78.1438%

Terquisa S.A.
Calle Santa Cruz de Marcenado
31 - Madrid - SPAIN                  56.2876%

LBC Tanquipor S.A.R.L.
Parque Industrial do Barreiro
2830 BARREIRO - PORTUGAL             71.1111%

CHDR                                 30%

AUDITOR: KPMG AUDIT
         1, cours Valmy
         92923 Paris La Defense Cedex
         France
         Phone: +33 (0)1 55 68 68 68
         Web site: http://www.kpmg.fr


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


ALBERT ABELA: Gives Creditors Until September to File Claims
------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Albert Abela & Co. GmbH on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 7,
2005 to register their claims with court-appointed provisional
administrator Frank Schmitt.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 9:25 a.m. at the district court
of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20,
60313 Frankfurt am Main, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ALBERT ABELA & Co. GmbH
          Flughafen Terminal 1, Zimmer Nr. 201/6095
          60549 Frankfurt am Main

          Frank Schmitt, Administrator
          Olof-Palme-Strasse 13, 60439 Frankfurt/Main
          Phone: 069/509860
          Fax: 069/50986110


ANDRE DESSELMANN: Proofs of Claim Deadline August 12
----------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Andre Desselmann Chemie GmbH on June 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 12, 2005 to
register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 2:20 p.m. at the district
court of Potsdam, Nebenstelle Lindenstrasse 6, Saal 004, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  ANDRE DESSELMANN CHEMIE GMBH
          Verlangerte Bahnhofstrasse 1, 14727 Doberitz

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Strasse 48, 10785 Berlin


BEHNISCH HEMMER: Sets Creditors Meeting September 14
----------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Behnisch & Hemmer GmbH & Co. KG on June 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 2, 2005
to register their claims with court-appointed provisional
administrator Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 10:45 a.m. at the district
court of Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten
Einlass 1, 86150 Augsburg, 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:  BEHNISCH & HEMMER GmbH & Co. KG
          Bozener Str. 14, 86165 Augsburg
          Contact:
          Peter Behnisch, Manager
          Juergen Hemmer, Manager
          Christoph Bock, Manager

          Knut Thomas Hofheinz, Administrator
          Spicherer Str. 26, 86157 Augsburg


BRETNUETZ BAU: Court Appoints Dr. Liersch Administrator
-------------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against Bretnuetz Bau GmbH on June 16.  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 Dr. Oliver
Liersch.

Creditors and other interested parties are encouraged to attend
the meeting on August 26, 2005, 9:30 a.m. at the district court
of Gifhorn, Saal 118, Am Schlossgarten 4, 38518 Gifhorn, 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:  BRETNUETZ BAU GmbH
          Schierenbalken 5, 38531 Rotgesbuettel
          Contact:
          Heiko Bretnuetz, Manager

          Dr. Oliver Liersch, Administrator
          Karl-Wiechert-Allee 1 c, 30625 Hannover
          Phone: 0511/554706-0
          Fax: 0511/554706-99


DAIMLERCHRYSLER AG: June U.S. Sales Up 5%
-----------------------------------------
DaimlerChrysler AG reported Friday total group sales of 238,274
passenger vehicles in the U.S. for June 2005, a 5% increase
compared to June 2004.

Chrysler Group, which consists of the Chrysler, Jeep(R) and
Dodge brands, posted sales of 220,032 vehicles in the U.S., an
increase of five percent.  Adjusted for one more selling day in
June 2005 compared to June 2004, sales rose one percent.

After launching a record nine new models in 2004, the Chrysler
Group is launching several new models in 2005, including the
all-new 2006 Jeep Commander.  In June, the company started
shipping to dealers the all-new 2006 Dodge Charger, which has
received enthusiastic feedback from the media and great
anticipation among consumers.

Mercedes-Benz USA (MBUSA) posted sales of 18,242, a four percent
increase compared to the same month last year and the best June
sales in its history.  In June, the all-new 2006 M-Class, built
in Vance, Alabama, continued its strong momentum in the market.
Later this year, the R-Class, which represents a new segment
Mercedes calls the Sports Tourer segment, will be available at
dealerships.  These models will further expand MBUSA's position
as offering the widest product portfolio in the luxury vehicle
market and the company expects yet another record year.

Detailed vehicle sales information for MBUSA and Chrysler Group
was released on June 29.  June 2005 had 26 selling days while
June 2004 had 25 selling days.

Additional information is available at
http://www.media.daimlerchrysler.com

                            *   *   *

By 2008, DaimlerChrysler AG would be looking at profits of
EUR11.2 billion, Focus-Money reported recently.  According to
the German magazine, the company projects last year's operating
profit of EUR5.75 billion to double in four years.  The figures
allegedly come from internal planning documents obtained by the
magazine, Reuters said in a separate report.  The company has
refused to confirm or deny them.

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

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com
          Contact:
          Han Tjan
          Phone: +1-212-909-9063

          Mercedes-Benz USA
          Donna Boland
          Phone: +1-201-573-6893

          Chrysler Group
          Kevin McCormick
          Phone: +1-248-512-6218


EDITH UND PETER: Hameln Court to Verify Claims August
-----------------------------------------------------
The district court of Hameln opened bankruptcy proceedings
against Edith und Peter Spiegel Baugeschaft GbR on June 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 18, 2005
to register their claims with court-appointed provisional
administrator Johannes Franke.

Creditors and other interested parties are encouraged to attend
the meeting on August 4, 2005, 10:15 a.m. at the district court
of Hameln, Saal 106, Zehnthof 1, 31785 Hameln, 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:  EDITH UND PETER SPIEGEL BAUGESCHAFT GbR
          Morgensternstrasse 15, 31787 Hameln
          Contact:
          Edith and Peter Spiegel, Managers
          Buchenweg 8, 31787 Hameln

          Johannes Franke, Administrator
          Verdener Platz 1, 30419 Hannover
          Phone: 0511/794573
          Fax: 0511/794576


EWB GMBH: Koln Court Appoints Dr. Sinz Administrator
----------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
EWB GmbH on June 3.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until August 12, 2005 to register their claims with court-
appointed provisional administrator Dr. Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting on September 2, 2005, 9:00 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  EWB GmbH
          Wezelostr. 35, 50765 Koln
          Contact:
          Erdal Oztuerk, Manager
          Idmon Esin, Manager
          Am Hetzepesch 13, 50769 Koln

          Dr. Ralf Sinz, Administrator
          Zeughausstr. 28 - 38, 50667 Koln
          Phone: 9 21 22 23
          Fax: +492219212221


FD WOLFEWICZ: Under Bankruptcy Administration
---------------------------------------------
The district court of Koln opened bankruptcy proceedings against
F.D. Wolfewicz GmbH on June 20.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 1, 2005 to register their claims
with court-appointed provisional administrator Dr. Henning
Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting on September 22, 2005, 9:15 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
1. Etage, Saal 142, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  F.D.WOLFEWICZ GmbH
          Industriestr. 6, 51709 Marienheide
          Contact:
          Franz Dieter Wolfewicz, Manager
          Im Hahn 9, 51647 Gummersbach

          Dr. Henning Dohrmann, Administrator
          Moltkestr. 12, 51643 Gummersbach
          Phone: 02261/9279-0
          Fax: +49226192799


FJH AG: Ex-Chairman, Board Member Reduce Stakes
-----------------------------------------------
Troubled software group FJH AG took another step toward
recovery, Borsen Zeitung says.  Board member Michael Junker and
former chairman Manfred Feilmeier have transferred 1.3 million
shares free of charge to Munich-based private investor and IPO
adviser Karl-Friedrich Kalmund, allowing him to become the
group's largest individual shareholder with a 15.8% stake.

The transfer cuts Mr. Junker and Mr. Feilmeier's stakes to 15.4%
and 12.3% respectively.  Prior to this, FJH's former and current
board members also transferred 350,000 shares to other unnamed
private investors.

The transfers are part of FJH's restructuring and refinancing
program aimed at turning the business around by 2006.  The
group's troubles began in late 2003, when FJH's management
allegedly "glossed over" its accounts.  Subsequently, FJH saw
turnover and orders drop and twice cancelled the presentation of
its 2004 results.  The group finally published the 2004 accounts
last month, detailing a EUR123 million operating loss.

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


FRESENIUS AG: Moody's Downgrades EUR300 Mln Senior Notes to Ba2
---------------------------------------------------------------
Moody's Investors Service lowered ratings of Fresenius AG as a
result of the announced debt-funded acquisition of Renal Care
Group, Inc. by Fresenius' subsidiary, Fresenius Medical Care AG.
This concludes Moody's review initiated on May 4, 2005.

Fresenius is a holding company whose major assets are
investments in group companies and inter-company financing
arrangements.  The group is organized into three business
divisions:

(a) FME including RCG (71% of FY04 sales);

(b) Fresenius Kabi (18% of FY04 sales); and

(c) Fresenius ProServe (10% of FY04 sales).

Moody's ratings reflect the high reliance of Fresenius on
distributions from FME, which is its largest subsidiary and
accounted for approximately 73% of FY04 consolidated operating
cash flow.  As a result of its acquisition of RCG, FME's
leverage profile will increase materially, thereby increasing
the leverage profile of Fresenius.  Moody's expects Fresenius'
pro forma FY05 lease adjusted leverage to be close to 5.0x
compared to 3.7x in FY04.

Fresenius' ratings continue to be supported by the group's
global scale and strong market shares commanded by each of its
operating subsidiaries and diversification of its revenue
streams through its other two principal subsidiaries, Kabi and
ProServe.  Kabi is the leader in infusion and nutrition therapy
in Europe with strong market positions in certain emerging
markets such as China.  Kabi has delivered solid profitability
improvements over the past three years, providing further
support to the Fresenius corporate family rating.  Moody's
expects the relative weighting of Kabi in Fresenius' portfolio
to increase over the medium term.  ProServe is still
transitioning through a turnaround phase, however losses at the
division have been stemmed from a low point in 2003.

As of March 31, 2005 Fresenius had EUR2.8 billion of total debt
outstanding, of which approximately EUR1 billion was located at
the parent company level.  All debt at the parent, including the
rated EUR300 million senior notes, ranks pari-passu and as a
consequence the senior notes have not been notched down from the
corporate family rating.  The senior notes benefit from senior
unsecured guarantees from Kabi and ProServe but not FME.

The stable outlook incorporates Moody's view that ProServe's
turnaround will continue such that the division's operating cash
flows should strengthen in FY05.  Fresenius is expected to
continue to make bolt-on acquisitions totaling EUR100 million to
EUR150 million per annum.

Fresenius' ratings are closely aligned to that of FME and
therefore will be impacted by the progress of the RCG
integration as well as developments at ProServe and Kabi.
Ratings could rise if lease adjusted leverage falls below 4.0x,
adjusted RCF/net adjusted debt returns to the high teens and
ProServe demonstrates a sustainable cash contribution to the
group.

Fresenius' metrics are considered strained for the rating
category but prospectively factor expected de-leveraging.
Ratings could fall if leverage does not fall to c. 4.5x in FY06
and if adjusted RCF/net adjusted debt falls below 11% indicating
that integration has not proceeded as planned, heightened
pricing pressure across either of the three divisions or
operational performance issues at Kabi or ProServe.

These ratings have been affected:

(a) Corporate family rating (previously called Senior Implied
    Rating) downgraded to Ba2 from Ba1,

(b) EUR300 million of senior notes downgraded to Ba2 from Ba1,

(c) Issuer rating withdrawn

Fresenius AG is a global health care company with products and
services for dialysis (through Fresenius Medical Care),
international healthcare services and facilities management
(Fresenius ProServe) and nutrition and infusion therapies
(Fresenius Kabi).  For the fiscal year ended 31 December 2004,
Fresenius AG generated consolidated sales of EUR7,271 million.

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


FRESENIUS MEDICAL: Moody's Cuts Ratings to Ba2/B1
-------------------------------------------------
Moody's Investors Service downgraded ratings of Fresenius
Medical Care AG as a result of the company's planned debt-funded
acquisition of Renal Care Group.  Concurrently, Moody's assigned
a Ba2 rating to FME's new Euro 5 billion senior credit facility
put in place to finance the transaction.  This concludes the
review initiated on 4 May 2005.

Moody's ratings reflect the agency's assumption that FME's
proposed acquisition of RCG will be completed as expected and
considers the enlarged company's ability to service its
significantly higher debt burden as a result of the transaction
as well as integration risks resulting from the acquisition.

Consideration for RCG is c. US$3.5 billion for the equity plus
the assumption of c. US$500 million of RCG debt, which
represents an acquisition multiple of approximately 12.8x RCG
EBITDA of US$312 million.  RCG's debt will be repaid upon
transaction close.  FME is funding the transaction through a new
US$5 billion senior credit facility, and as a result
substantially increases its leverage profile.

Pro forma for the acquisition, FME's FY05 lease adjusted
leverage is expected to be greater than 5.0x compared with 3.9x
as of FY04 and is considered aggressive by Moody's.  However,
the Ba2 rating reflects the agency's expectation that the
company's solid cash flow generation should enable it to de-
leverage over the next 12 to 18 months from the FY05 peak to
levels more consistent with a Ba2 rating.

FME's ratings continue to reflect risks from the company's pure-
play focus on the dialysis market albeit ameliorated by: its
position as a provider of both products and services; high
proportion of Epogen related revenues; the company's exposure to
regulatory changes; government investigations; and epricing
pressure from governments and healthcare organizations
worldwide.

FME's Trust Preferred securities and subordinated securities
have been downgraded by two notches from Ba2 to B1 to reflect
their structural subordination in the capital structure and
position relative to the senior credit facility, which has
increased from US$1.2billion to US$5 billion.

Positively, the ratings are supported by: FME's strong cash flow
generation underpinned by the recurring nature of its revenues;
global market leadership; its position as a vertically
integrated product and service provider; geographic
diversification of its revenues; and continued favorable
industry growth trends.

Further, the ratings are supported by: the strategic nature of
the RCG acquisition; benefits from increased scale; and the
assumption that the combination will yield material margin
uplift over the medium term.

Separately, FME announced the transformation of its corporate
structure from an AG to a Kgaa and converting its preference
shares into ordinary shares.  The conversion of FME's shares
into one class of equity simplifies its equity structure,
however, the fact that through this structure, FME could issue
equity in the future without jeopardizing the ability of
Fresenius AG to consolidate and control FME, signals the
potential for future equity-financed acquisitions.

The stable outlook incorporates Moody's view of the stability of
the dialysis market and favorable demographic demand drivers.
Moody's expects FME to continue to make small, bolt-on
acquisitions in the range of US$100 million to US$150 million in
total per annum over the medium term, but notes that any further
large acquisitions may negatively impact the rating.  Further,
the company, in line with its peers in the ESRD market, remains
exposed to potential government investigations, however, the
stable outlook reflects Moody's view that the company has put
robust compliance policies and procedures in place to safeguard
against potential violations.

Ratings could rise if lease adjusted leverage falls below 4.0x,
adjusted RCF/net adjusted debt returns to pre-transaction levels
of more than 17% and the acquisition demonstrates material
uplift to FME's operating margins beyond its standalone FY04
EBIT margin of 13.7%.

The Ba2 rating is based on the premise that leverage will fall
from the peak in FY05.  However, ratings could fall should
leverage not fall to c. 4.5x by the end of FY06 and if adjusted
RCF/net adjusted debt falls below 11% indicating that
integration has not proceeded as planned or the impact of
heightened pricing pressure.

The ratings of RCG remain under review until the acquisition by
FME is completed and RCG's debt is repaid, at which time RCG's
standalone ratings will be withdrawn.

Completion of the acquisition will be subject to RCG's
shareholders' approval and expiration of the waiting period
under the Hart-Scott Rodino Antitrust Improvements Act.
Completion of the preference share conversion and legal
transformation will require FME board approval later this year.

Fresenius Medical Care AG:

(a) Corporate Family Rating (previously called Senior Implied
     Rating) downgraded to Ba2 from Ba1,

(b) US$5 billion senior credit facilities rated Ba2,

(c) Issuer rating withdrawn

FMC Trust Finance S.a.r.l.:

(a) US$225 million senior subordinated notes due 2011 downgraded
    to B1 from Ba2,

(b) US$450 million subordinated notes due 2008 downgraded to B1
    from Ba2

Fresenius Medical Care Capital Trust II: US$450 million Trust
Preferred Securities due 2008 downgraded to B1 from Ba2,

Fresenius Medical Care Capital Trust III: DM 300 million Trust
Preferred Securities due 2008 downgraded to B1 from Ba2

Fresenius Medical Care Capital Trust IV: US$ 225 million Trust
Preferred Securities due 2011 downgraded to B1 from Ba2

Fresenius Medical Care Capital Trust V: Euro 300 million Trust
Preferred Securities due 2011 downgraded to B1 from Ba2

Please also see Moody's related press release on Fresenius AG
dated 30 June 2005.

Fresenius Medical Care AG is the world's leading provider of
dialysis products and services.  For the fiscal year ended 31
December 2004, Fresenius Medical Care AG generated net revenues
of US$ 6,228 million.

Renal Care Group, Inc. is a specialized dialysis services
company that provides care to patients with kidney disease.
Renal Care Group serves over 30,400 patients at more than 425
owned outpatient dialysis facilities, in addition to providing
acute dialysis services at more than 210 hospitals.  Renal Care
Group reported revenues of approximately $1.3 billion for the
year ended December 31, 2004

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


LIGNUM TISCHLEREI: Gives Creditors Until July 29 to Prove Claims
----------------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against LIGNUM Tischlerei GmbH on June 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 29, 2005 to register their
claims with court-appointed provisional administrator Bert
Buske.

Creditors and other interested parties are encouraged to attend
the meeting on August 31, 2005, 9:20 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal
004, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  LIGNUM TISCHLEREI GmbH
          Jagerstrasse 39, 14467 Potsdam
          Contact:
          Michael Heinroth, Manager

          Bert Buske, Administrator
          Alt Nowawes 67, 14482 Potsdam


MARBERT HOLDING: Financial Results Back in Black
------------------------------------------------
Cosmetics and textiles group Marbert Holding ended 2004 with a
EUR16.8 million post-tax profit, a turnaround from EUR22.3
million in losses the year before, Borsen Zeitung says.

Thanks to around EUR26.5 million in book profits, the group
offset around EUR10 million in operating loss.  The group's
textiles unit also managed to cut EBIT loss from EUR5.5 million
in 2003 to EUR3.3 million last year.  Together, Marbert's
cosmetics and textiles divisions brought EUR3.8 million in
profits in 2004, a reversal from EUR8.6 million in losses in
2003.

Auditors Ernst & Young warned last year that Marbert was facing
liquidity problems due to EUR7.9 million in negative equity.
The group, however, overcame this through selling its Marbert
brand, bringing its equity back to positive at EUR8.9 million.
In approving Marbert's 2004 results, Ernst & Young commented
that, though the group has yet to drive away effects of previous
trading difficulties, it should be able to meet financial
obligations out of cash flow.

CONTACT:  MARBERT Holding AG
          Bonner Strasse 155
          D-40589 Dusseldorf, Germany
          Phone: +49 (0) 211 79 53 - 0
          E-mail: info@marbert.de
          Web site: http://marbertdb.de/deutsch/startnav.htm


M-TECH TECHNOLOGIE: Full-year Net Loss Up Sixfold
-------------------------------------------------
Traffic guidance systems developer, M-Tech Technologie AG,
continues to rack up losses, ending financial year 2004/2005
with a EUR10.4 million net loss, Borsen Zeitung says.

The group's latest figures were almost six times higher than its
2003/2004 loss of EUR1.8 million.  M-Tech blamed its large
deficit mainly to EUR7.5 million in one-off costs.  M-Tech
turnover remained at EUR82.4 million.  Due to its losses, group
equity ratio dropped from 87% in 2003/2004 to 66% in 2004/2005.
M-Tech's parent also booked EUR14.3 million in losses due to
EUR11.7 million in exceptional costs.

M-Tech develops, manufactures, distributes and maintains
components, equipment, installations and systems for road
traffic information collection.  The group employs 644 workers.

CONTACT:  M-TECH TECHNOLOGIE- UND BETEILIGUNGS AG
          Robert-Bosch-Strasse 41
          D - 73770 Denkendorf
          Phone: +49 (0)711 / 34550-100
          Fax +49 (0)711 / 34550-199
          E-mail: info@mtech-ag.com
          Web site: http://www.mtech-ag.com


VOLKSWAGEN AG: Works Council Head Resigns Amid Bribery Scandal
--------------------------------------------------------------
Volkswagen AG is calling in independent auditors from KPMG to
look at claims of bribery at the company.

According to Reuters Friday, Chief Executive Bernd
Pischetsrieder said the company has contacted KPMG to "review
independently all that has happened."

German weekly magazine Focus earlier linked the exit of former
executive Helmuth Schuster to accusations that he had taken
bribes from suppliers.  Mr. Schuster, who resigned last month,
served as head of the Volkswagen project in India and was
responsible for human resources at the Skoda Auto Company.

Volkswagen AG has also launched an investigation following the
allegations that could also implicate other executives.  It said
it was working with authorities, led by Brunswick state
prosecutor Klaus Ziehe, in probing into any evidence of improper
conduct that could have affected the company's finances.

Mr. Ziehe disclosed it had received complaints of fraud and
betrayal of confidence against Volkswagen's two employees, but
the company refused to divulge details of the case.  As this
developed, Volkswagen's chief employee representative, Klaus
Volkert, reportedly stepped down Thursday as head of the group's
works council.  However, Mr. Volkert brushed aside rumors
associating him to the scandal, as other executives noted age as
the reason for his exit.  He headed the council for 15 years.

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


=================
L I T H U A N I A
=================


MAZEIKIU NAFTA: Fitch Assigns Short-term Rating of 'B'
------------------------------------------------------
Fitch Ratings has assigned Mazeikiu Nafta AB, the largest oil
company in the Baltic States, Senior Unsecured 'B+' and Short-
term 'B' ratings.  The rating Outlook is Stable.

The ratings reflect MN's improving utilization rates of the
Mazeikiai refinery, stable market position in the Baltic States
and increasing export sales to western Europe and the U.S., as
well as steady profit contribution from the crude oil and
product transportation segment.  On the other hand, they factor
in the volatile profits and cash flows of MN's refining business
(driven by the company's high sensitivity to crack margins),
relatively high refining costs, crude oil supply risk and low
financial flexibility due to increased levels of restricted
cash.

The ratings also take into account the current difficult
financial position of Yukos Oil Company, the majority
shareholder who was forced to suspend crude oil supply to MN
under a long-term contract in February 2005 following the
Russian government auction of its main production unit.  Fitch
notes that the Yukos crisis has had a negative impact on MN
operations including increased crude oil supply risk and
materially increased levels of restricted cash required by MN's
lending banks as collateral for letters of credit issued to
crude oil suppliers.  The company has been able to secure crude
oil supplies for 2005 by signing new annual contracts with a
number of oil traders using resources of Russian upstream
companies.

Fitch will closely monitor the Yukos situation given significant
related-party transactions between MN and the majority
shareholder, including sales to Western Europe and the U.S.
conducted through a sales commissioner related to Yukos group
(some 60% of total sales).  Yukos is contemplating disposal of
its 53.7% stake in MN, for which a number of oil and gas
companies, including Russian majors, expressed interest.  It
remains to be seen if the Russian government, which is seeking
to collect unpaid taxes from Yukos, will be able to interfere
with a potential disposal of the Yukos' stake in MN.  If
sustained, the uncertainty over MN's ownership may affect the
company's strategy implementation and operations, which is
likely to put pressure on the ratings.

Implicit support of the Lithuanian government is incorporated in
the ratings, given government guarantees in place for virtually
all MN's bank debt and cross default clauses in the main bank
facilities.  Additionally, the government is the largest
creditor of the company (working capital loan of US$289 million)
and a significant shareholder (40.7% stake).  MN is a leading
taxpayer in Lithuania and remains strategically important to the
country's economy.

The ratings take into account MN's improved financial results
mainly on the back of robust refining margins in 2004 and Q105,
and growing throughput.  Stronger profitability and cash flows
coupled with stable levels of gross debt saw an improvement in
the company's credit ratios.  Fitch expects that MN should
remain profitable in 2005-2006, given that refining margins are
likely to remain high in the medium term.

Fitch deems MN's capital expenditure for 2005-2008 as
aggressive, which is likely to result in material negative net
free cash flow during this period.  Nevertheless, if
successfully implemented it has a potential to lower the
company's sensitivity to crack margins. The planned investments
include non-discretionary capital expenditure of US$146 million
to meet EU stricter clean fuels requirements by January 2009.

CONTACT:  FITCH RATINGS
          Web site: http://www.fitchratings.com
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 338 62 86

          Alex Clelland (Media Relations/London)
          Phone: +44 20 7862 4084


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


THIEL LOGISTIK: Chief Financial Officer to Leave this Month
-----------------------------------------------------------
The Board of Directors of Thiel Logistik AG has decided to
terminate the appointment of Martin Loffler as member of the
Executive Board (CFO) of Thiel Logistik AG effective May 31,
2006.  Mr. Loffler has exercised the possibility provided under
Luxembourg law to terminate his contract of employment effective
July 31, 2005.  He will leave Thiel on this date.

Commencing Aug. 1, 2005, Dr. Antonius Wagner, member of the
Board of Directors of Thiel Logistik AG, will assume
responsibility for the former duties of Martin Loffler until a
new CFO joins the company.

The Board of Directors has extended the appointment of Stefan
Delacher as a member of the Executive Board of Thiel Logistik AG
until September 2010.  Mr. Delacher is responsible on the
Executive Board for the Thiel Group's logistics operations.

The Board of Directors thanks Mr. Loffler for the work he has
performed, and wishes him much success for his future career.

Thiel Logistik AG of Grevenmacher, Luxembourg, develops complete
logistics and service solutions as an external partner for
industry and commerce.  In 2004, the Thiel Group achieved sales
of EUR1.7 billion and currently employs approximately 9,000
people in 44 countries.  With more than 446 locations on all
continents, Thiel Logistik operates in the major European
markets and in every important procurement and sales market
worldwide.

The Group's business segments are Industry Solutions, Air &
Ocean with its focus on air and sea freight, and Regional
Logistics Services, whose areas of operation extend from Germany
and the Benelux countries via Austria and Switzerland to the
countries of Central and Eastern Europe.  The Industry Solutions
comprise Thiel Automotive, Thiel FashionLifestyle, Thiel Media
and Thiel Furniture.  Thiel Logistik AG ranks among the market
leaders in its business segments.  Thiel Logistik AG is listed
on the Prime Standard of the German Stock Exchange.  The
principle shareholder is DELTON AG, Bad Homburg, Germany, with
50.26% of the share capital.

                            *   *   *

After a period net result of -EUR0.1 million in 2004, the Thiel
Group stated a net result of -EUR1.3 million for the first
quarter of fiscal year 2005.

After a deduction of the minority interest of EUR0.7 million
remains a negative result attributable to the shareholders of
the company of -EUR2.0 million.  Full copy of Thiel Logistics'
first quarter results is available at
http://bankrupt.com/misc/Thiel(1Q2005).pdf

In April, Moody's Investors Service changed the outlook for all
ratings of Thiel Logistik to Negative following a profits
warning and the announced departure of the CEO Klaus Eierhoff
with effect from 30 June 2005.  These ratings are assigned as
definitive ratings, however, recognizing the company's strong
cash position to weather the current one-time expenses, good
market positions and strong core business mix:

(a) Senior Implied Rating of B1,

(b) Guaranteed Senior Subordinated Notes due 2012 Rating of B3,

(c) Unsecured Issuer Rating of Caa1

CONTACT:  THIEL LOGISTIK AG
          Hans Dettmar
          Head of Corporate Communication
          Phone: 00352/719690-1360
          Fax: 00352/719690-1359
          E-mail: ir-info@thiel-logistik.com

          Tino Fritsch
          Head of Media Relations
          Phone: 00352/719690-1353
          Fax: 00352/719690-1359
          E-mail: presse-kontakt@thiel-logistik.com


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


ROYAL SHELL: U.S. Justice Closes Reserves Probe
-----------------------------------------------
The Royal Dutch/Shell Group of Companies reported Thursday that
the United States Department of Justice issued a public release
on 29 June announcing the conclusion of the investigation of the
recategorizations of Shell's proved oil and gas reserves.

The announcement, made by the U.S. Attorney for the Southern
District of New York, David N Kelley, said that the Department
would not take any further action against Shell.

Jeroen van der Veer, Shell's Chief Executive, said: "Shell
appreciates United States Attorney Kelley's decision.  The
conclusion of this investigation is a most important step toward
putting the matter of the reserves recategorizations behind us."

                            *   *   *

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


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


AEROFLOT: Names Ivanov Victor Petrovich Chairman
------------------------------------------------
Aeroflot-Russian Airlines Board of Directors has elected Ivanov
Victor Petrovich, President's Advisor, as Chairman.

State-owned Aeroflot-Russian Airlines (RTS: AFLT) was
established in 1923.  It has 90 airlines in its fleet,
controlling 11% of home and 39% of international market of air
carriages of Russia.  Its net income was RUB6,330.143 (US$219
million) in 2004.

Air Transport World, dubbed the 'The Magazine of Airline
Management', ranks it among the 25 top airline companies in the
world.  Its headquarters is in Moscow in Sheremetyevo Airport.
Visit http://www.aeroflot.ruor http://www.aeroflotbonus.rufor
more information.

                            *   *   *
Rising fuel cost continues to eat up Aeroflot's finances,
doubling the national carrier's first-quarter net loss, Reuters
said last month.  Despite posting a hike in revenues from
RUB9.986 billion to RUB11.085 billion, Aeroflot's first-quarter
deficit continued to swell.  For the first quarter of the year,
Aeroflot saw its net loss to double from RUB422 million to
RUB875 million.  The figures were prepared according to Russian
Accounting Standards (RAS).

CONTACT:  AEROFLOT - RUSSIAN AIRLINES JSC
          Leningradsky Prospect 37, Bldg. 9
          125167 Moscow, Russia
          Phone: +7-095-155-6643
          Fax: +7-095-155-6647
          Web site: http://www.aeroflot.ru


AMUR-PORT: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Amur-Port after finding the open joint stock
company insolvent.  The case is docketed as A73-92/2005-9.  Mr.
O. Syskov has been appointed insolvency manager.  Creditors have
until July 28, 2005 to submit their proofs of claim to 680000,
Russia, Khabarovsk, Zaparina Str. 67-7.

CONTACT:  AMUR-PORT
          681006, Russia, Khabarovsk region,
          Komsomolsk-na-Amure, Naberezhnaya Str. 7

          Mr. O. Syskov
          Insolvency Manager
          680000, Russia, Khabarovsk region,
          Zaparina Str. 67-7


AUTO-TRANSPORT ENTERPRISE#12M: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on limited liability company
Auto-Transport Enterprise#12M.  The case is docketed as A65-
3265/2005-SG4-21.  Mr. L. Peshkov has been appointed temporary
insolvency manager.

Creditors have until July 28, 2005 to submit their proofs of
claim to 423802, Russia, Tatarstan republic, Naberezhnye Chelny,
BSI, Post User Box 210.  A hearing will take place on July 21,
2005, 9:50 a.m.

CONTACT:  AUTO-TRANSPORT ENTERPRISE#12M
          423897, Russia, Tatarstan republic,
          Tukaevskiy region, Melekes, S/Sovet, Room 16

          Mr. L. Peshkov
          Temporary Insolvency Manager
          423802, Russia, Tatarstan republic,
          Naberezhnye Chelny, BSI, Post User Box 210


DAL-ELECTRO-NET-STROY: Appoints M. Parlov Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Dal-Electro-Net-Stroy after finding the open
joint stock company insolvent.  The case is docketed as A73-
8966/2003-40/36.  Mr. M. Pavlov has been appointed insolvency
manager.  Creditors have until July 28, 2005 to submit their
proofs of claim to 680038, Russia, Khabarovsk, Post User Box
55/10.

CONTACT:  DAL-ELECTRO-NET-STROY
          680000, Russia, Khabarovsk region,
          Shevchenko Str. 28

          Mr. M. Pavlov
          Insolvency Manager
          680038, Russia, Khabarovsk region,
          Post User Box 55/10


GAZPROMBANK: Outlook Changed to Stable; 'B+/B' Ratings Affirmed
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook to stable
from developing on Russia-based Gazprombank (Joint-Stock Bank of
Gas Industry).  At the same time, the long-term 'B+' and short-
term 'B' counterparty credit ratings, and the Russia national
scale 'ruA+' ratings on the bank were affirmed.

"The rating action reflects the stable outlook on its parent,
OAO Gazprom (BB-/Stable/--), and bank's increasingly important
role in implementing the development strategy of its parent
group, the world's largest gas producer," Standard & Poor's
credit analyst Irina Penkina.

The ratings on Gazprombank are supported by the bank's strategic
importance to Gazprom group, adequate capitalization and good
liquidity.  The ratings remain constrained by the bank's
significant exposure to the Gazprom group and its weak earnings
structure, as well as the risks associated with operating in the
risky environment prevailing in the Russian Federation (foreign
currency BBB-/Stable/A-3; local currency BBB/Stable/A-3).

The stable outlook mirrors the outlook on Gazprombank's parent,
Gazprom, and reflects Standard & Poor's expectation that Gazprom
will retain control over the bank and will continue to support
it in case of need.  "Improvements in Gazprom's
creditworthiness, further diversification of Gazprombank's
clientele, and improving sustainable earnings and capitalization
are key to any future improvements in Gazprombank's credit
quality," said Ms. Penkina.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          GROUP E-MAIL ADDRESS
          FIG_Europe@standardandpoors.com


KHANTY-MANSIYSK: Counterparty Credit Rating Upgraded to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia-based Bank of Khanty-
Mansiysk (JSC) (BKM) to 'B+' from 'B-'.  At the same time, the
short-term counterparty credit rating on the bank was raised to
'B' from 'C', and Russian national scale rating raised to 'ruA'
from 'ruBBB'.  The outlook is stable.

"The ratings upgrade reflects the strengthening ties between BKM
and its principal owner, the regional government of Khanty-
Mansiysk Autonomous Okrug (KMAO or the Okrug; foreign currency
BB/Stable/--), the bank's strong liquidity position, and its
good potential to strengthen its commercial franchise in its
home region," said Standard & Poor's credit analyst Eugene
Tarzimanov.

The ratings are constrained by the bank's low capitalization,
volatile and concentrated funding base, weak sustainable
earnings, and high cost base.

"The stable outlook reflects Standard & Poor's expectation that
the relationship between BKM and the Okrug remains strong and
that the bank receives the necessary support and commitment to
service the Okrug's financial requirements," said Mr.
Tarzimanov.  This support also enables the bank to grow
organically in line with its business strategy, while
maintaining an adequate level of liquid assets and capital with
respect to its funding and risk asset profiles.  "Standard &
Poor's would consider raising the ratings if the bank were to
improve the quality and diversification of funding, materially
increase capital, and demonstrate an ability to generate
sustainable profits," said Mr. Tarzimanov.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          FIG_Europe@standardandpoors.com


LENINOGORSKIY: Declared Insolvent
---------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Leninogorskiy after finding the mechanical
plant insolvent.  The case is docketed as A65-6942/2005-SG4-35.
Mr. M. Salikhzyanov has been appointed insolvency manager.

CONTACT:  LENINOGORSKIY
          423250, Russia, Tatarstan republic,
          Leninogorsk, Promyshlennaya Str. 1

          Mr. M. Salikhzyanov
          Insolvency Manager
          420061, Russia, Tatarstan republic,
          Kazan, Post User Box 15


MICROOM: Succumbs to Bankruptcy
-------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Microom (TIN 2629008907) after finding the
close joint stock company insolvent.  The case is docketed as
A63-13/2005-S5.  Mr. I. Sova has been appointed insolvency
manager.  Creditors have until July 28, 2005 to submit their
proofs of claim to 357600, Russia, Stavropol, Essentuki,
Ermolova Str. 123.

CONTACT:  MICROOM
          357340, Russia, Stavropol region,
          Lermontov, Komsomolskaya Str. 13

          Mr. I. Sova
          Insolvency Manager
          357600, Russia, Stavropol,
          Essentuki, Ermolova Str. 123
          Phone: (87934) 2-99-76,
          Fax: 2-99-74


PETROL: Deadline for Proofs of Claim August 24
----------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Petrol after finding the limited
liability company insolvent.  The case is docketed as A07-
3566/04.  Mr. S. Konovalov has been appointed insolvency
manager.  Creditors have until August 24, 2005 to submit their
proofs of claim to 453128, Russia, Bashkortostan republic,
Sterlitamak, Post User Box 19.

CONTACT:  Mr. S. Konovalov
          Insolvency Manager
          453128, Russia, Bashkortostan republic,
          Sterlitamak, Post User Box 19


PROMTARA: Bankruptcy Hearing Set September
------------------------------------------
The Arbitration Court of Lipetsk region has commenced bankruptcy
supervision procedure on open joint stock company Promtara.  The
case is docketed as A36-1015/2005.  Mr. Y. Feliksov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 398020, Russia,
Lipetsk, Orlovskaya Str. 1.  A hearing will take place on Sept.
29, 2005, 10:00 a.m.

CONTACT:  PROMTARA
          398037, Russia, Lipetsk region,
          Zheleznyakova Str. 8a

          Mr. Y. Feliksov
          Temporary Insolvency Manager
          398020, Russia, Lipetsk region,
          Orlovskaya Str. 1


SURGUTNEFTEGASBANK: Counterparty Credit Rating Affirmed at 'C'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia-based Surgutneftegasbank
(SNGB) to 'B' from 'B-'.  At the same time, Standard & Poor's
affirmed its 'C' short-term counterparty credit rating on SNGB.
The outlook is stable.

"The upgrade reflects the bank's low risk profile, prudent
liquidity management, and a high proportion of liquid assets on
its balance sheet," said Standard & Poor's credit analyst Eugene
Tarzimanov.  The ratings are also supported by the continuing
close relationship between the bank and its parent,
Surgutneftegas (SNG; not rated), one of the five largest
vertically integrated oil companies in Russia.

Constraining rating factors include weak profitability, high
concentrations in lending exposures and liabilities, and low
capitalization.

Both SNGB and its parent are incorporated in the City of Surgut
(foreign currency B/Positive/--, Russia national scale rating
'ruA') in Western Siberia, the largest oil-producing region in
Russia.  SNGB's risk profile and operating performance depend to
a large extent on a continuous flow of business and funds from
SNG.  At May 1, 2005, SNG accounted for 46% of SNGB's deposit
base.  Most of these deposits have been placed by SNGB in short-
term interbank deposits with mostly high-investment-grade
international banks, as well as with Russian bank
counterparties.

The stable outlook reflects Standard & Poor's expectation that
SNGB will maintain its close relationship with SNG; in
particular, regarding the provision of capital to support SNGB's
independent commercial banking activities.  Although SNGB
considers these activities to be a means to improving
profitability, they raise the bank's risk profile, and, in
particular, subject the bank to higher asset quality risks in
the future.

"The ratings on SNGB could be raised if the bank receives a
material capital increase and improves its core profitability,"
said Mr. Tarzimanov.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          FIG_Europe@standardandpoors.com


TETKINSKIY COMBINE: Hires Insolvency Manager from Kursk
-------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Tetkinskiy Combine Of Grain Products (TIN
4603002213) after finding the open joint stock company
insolvent.  The case is docketed as A35-1271/03 g.  Mr. Y.
Kulikov has been appointed insolvency manager.  Creditors have
until July 28, 2005 to submit their proofs of claim to 307490,
Russia, Kursk region, Glushkovskiy region, Tetkino, Bocharnikova
Str. 40.

CONTACT:  TETKINSKIY COMBINE OF GRAIN PRODUCTS
          307490, Russia, Kursk region, Glushkovskiy region,
          Tetkino, Bocharnikova Str. 40

          Mr. Y. Kulikov
          Insolvency Manager
          307490, Russia, Kursk region, Glushkovskiy region,
          Tetkino, Bocharnikova Str. 40


VOZROZHDENIYE: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on limited liability company Vozrozhdeniye
(TIN 6812005130).  The case is docketed as A64-1851/05-21.  Mr.
K. Zhiltsov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Tambov
region, Staroyuryevo, Kooperativnaya Str. 3.  A hearing will
take place on Aug. 31, 2005, 10:00 a.m.

CONTACT:  VOZROZHDENIYE
          Russia, Tambov region,
          Staroyuryevo, Kooperativnaya Str. 3

          Mr. K. Zhiltsov
          Temporary Insolvency Manager
          Russia, Tambov region,
          Staroyuryevo, Kooperativnaya Str. 3


VYZOKOGORSKAYA MTS: Creditors Have Until July 28 to File Claims
---------------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Vyzokogorskaya MTS after finding the open
joint stock company insolvent.  The case is docketed as A65-
25081/2004-SG4-27.  Mr. E. Grabalin has been appointed
insolvency manager.  Creditors have until July 28, 2005 to
submit their proofs of claim to 422610, Russia, Tatarstan
republic, Laishevo, Lebedevoy Str. 32, Room 11.

CONTACT:  Mr. E. Grabalin
          Insolvency Manager
          422610, Russia, Tatarstan republic,
          Laishevo, Lebedevoy Str. 32, Room 11
          Phone: 8 (84378) 2-19-35


YUKOS OIL: Court Upholds Appeal in Yuganskneftegaz Lawsuit
----------------------------------------------------------
The Moscow Arbitration Court has suspended proceedings of the
compensation suit brought by Yuganskneftegaz against its former
parent Yukos Oil, on June 29, according to Kommersant.

The suspension is in response to an appeal made by Yukos saying
the hearing of appeals lodged by the former unit on a case
seeking to invalidate the recovery of back taxes from the firm
is still underway.

Yuganskneftegaz is demanding RUB141.17 billion in compensation
for losses sustained while Yukos battled tax claims that
resulted to the unit being auctioned in December.  It previously
sought to recover RUB62.4 billion for crude delivered in 2004
that was not paid by Yukos.  Early in May, the Moscow Court
sustained the suit.  It claimed victory in Tyumen Region weeks
ago when the arbitration court upheld its case vs. Yukos'
Energotrade to collect more than RUB6 billion in settlement for
crude delivered in 2004.

Yuganskneftegaz has brought around US$13 billion suit against
Yukos.

                            *   *   *

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

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

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


YUKOS OIL: Russia Pursues Assets Overseas
-----------------------------------------
The Justice Ministry has asked Netherlands and Lithuania to ban
Yukos Oil's operations in the countries in a continued effort to
extract back tax payment from the firm.

According to the Ministry, Yukos is not actively paying its
debt.  Yukos had paid just RUB290,000 (US$10,140) over the past
two months, leaving US$2 billion (EUR1.65 billion) still to be
collected, it said.

A Yukos spokesman is cited in BusinessWeek online saying the
US$2 billion refers to unpaid tax claims that had been upheld by
a court decision.  US$13 billion (EUR10.75 billion) remains
outstanding of the original US$27.5 billion (EUR22.74 billion)
back tax claims.

Nemira Pumprickaite, a spokeswoman for Prime Minister Algirdas
Brazauskas in Lithuania, however, said they had not yet received
any communication from Russia regarding the matter.  This
disputes earlier report the country had already agreed to freeze
Yukos' assets.

A Yukos subsidiary, Yukos Finance, currently holds a 53.7% stake
in Mazeikiu Nafta, and the Lithuanian government owns 40.66% of
the shares.  Both are trying to sell their stakes.  Parties
interested in the assets are Russian oil company Lukoil, its
strategic partner ConocoPhillips, natural gas monopoly Gazprom
and BP's Russian subsidiary TNK-BP.

Yukos' only assets in Holland are a company that holds the
Mazeikiu stake, a Yukos spokesman was reported saying by
Interfax.

Yukos' main unit was sold by the government in December to a
little-known firm OOO Baikalfinansgroup for US$9.35 billion
(RUR260.75 billion).  The disposal was aimed at extracting
payment for the tax bill.

It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  But the case was dismissed in February
24, 2005.  Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn
H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton,
Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP,
represent the Debtor in its restructuring efforts.

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

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


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


CONSULTING CENTRE: Declared Insolvent
-------------------------------------
The Economic Court of Kyiv declared Consulting Centre
Professional (code EDRPOU 3018783) on April 21, 2005 after
finding the company insolvent.  The case is docketed as 15/339-
b.  Mr. Koveza Andrij has been appointed liquidator/insolvency
manager.

CONTACT:  CONSULTING CENTRE PROFESSIONAL
          01025, Ukraine, Kyiv region,
          Velika Zhitomirska Str. 19-B

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


DNIPROGAZBUD: Insolvency Manager Comes in
-----------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dniprogazbud (code EDRPOU 03335646) on April
19, 2005 after finding the joint stock company insolvent.  The
case is docketed as B 26/29/05.  Mr. O. Zosimenko (License
Number AA 779112) has been appointed liquidator/insolvency
manager.  The company holds account number 2600330130200 at
Prominvestbank, Dnipropetrovsk branch, MFO 305437.

CONTACT:  DNIPROGAZBUD
          49016, Ukraine, Dnipropetrovsk region,
          Motorna Str. 2

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


DUNAYEVETSKE: Succumbs to Insolvency
------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Dunayevetske (code EDRPOU 03568770) on May
12, 2005 after finding the open joint stock company insolvent.
The case is docketed as 3/148-B.  Mr. Oleg Sinishin (License
Number AA 484194) has been appointed liquidator/insolvency
manager.  The company holds account number 260023451 at
JSPPB Aval, Hmelnitskij regional branch.

CONTACT:  DUNAYEVETSKE
          Ukraine, Hmelnitskij region,
          Dunayevetskij district, Makiv

          Mr. Oleg Sinishin
          Liquidator/Insolvency Manager

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


EXTRUDER: Liquidator Takes over Operations
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Extruder (code EDRPOU 24676593) on May 17,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-19/104-04.  Ms. Irina Majdanova (License
Number AA 630036) has been appointed liquidator/insolvency
manager.

CONTACT:  EXTRUDER
          Ukraine, Harkiv region,
          Visokogirna Str. 2-A

          Ms. Irina Majdanova
          Liquidator/Insolvency Manager
          61004, Ukraine, Harkiv region,
          Primakov Str. 46

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th Entrance


NAFTOSERVICE: Dmitro Kozin to Liquidate Group
---------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Naftoservice (code EDRPOU 06710263) on May
12, 2005 after finding the limited liability company insolvent.
Mr. Dmitro Kozin (License Number AA 487785 of April 22, 2005)
has been appointed liquidator/insolvency manager.

CONTACT:  NAFTOSERVICE
          42000, Ukraine, Sumi region,
          Romni, Uritskij Str. 51/507

          Mr. Dmitro Kozin
          Liquidator/Insolvency Manager
          40034, Ukraine, Sumi region,
          Internatsionalistiv Str. 63 A/36

          ECONOMIC COURT OF SUMI REGION
          40011, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


SERPANTIN: Dnipropetrovsk Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Serpantin (code EDRPOU 31647170) on May 19,
2005 after finding the limited liability company insolvent.  The
case is docketed as 24/97/05.  Mr. Yevgen Shevtsov (License
Number AB 216778) has been appointed liquidator/insolvency
manager.  The company holds account number 26004002802001 at
OJSC CB Prichornomorya, Dnipropetrovsk branch, MFO 306759.

CONTACT:  SERPANTIN
          49100, Ukraine, Dnipropetrovsk region,
          Mandrikivska Str. 276/4

          Mr. Yevgen Shevtsov
          Liquidator/Insolvency Manager
          49069, Ukraine, Dnipropetrovsk region, a/b 3925

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


SHOSTKA ENTERPRISE: Bankruptcy Proceedings Start
------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Shostka Enterprise' Agrotechservice (code
EDRPOU 00907119) on May 12, 2005 after finding the limited
liability company insolvent.  The case is docketed as 6/148-04.
Mr. Dmitro Kozin (License Number AA 487785) has been appointed
liquidator/insolvency manager.

CONTACT:  SHOSTKA ENTERPRISE' AGROTECHSERVICE
          41100, Ukraine, Sumi region,
          Shostka district, Klishki, Radyanska Str. 1

          Mr. Dmitro Kozin,
          Liquidator/Insolvency Manager
          40034, Ukraine, Sumi region,
          Internatsionalistiv Str. 63 A/36

          ECONOMIC COURT OF SUMI REGION
          40011, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


STOZHARI-SERVICE: Court Appoints Insolvency Manager
---------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Stozhari-Service (code EDRPOU 32477699) on
May 11, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/97-8/73.  Mr. Andrij
Kolisnik (License Number AB 116300) has been appointed
liquidator/insolvency manager.

CONTACT:  STOZHARI-SERVICE
          80381, Ukraine, Lviv region,
          Zhovkivskij district, Dublyani, Lvivska Str. 1

          Mr. Andrij Kolisnik
          Liquidator/Insolvency Manager
          79017, Ukraine, Lviv region,
          Tarnavskij Str. 104 b/54

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


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


ALLIED DOMECQ: Pernod Ricard Shareholders Approve Takeover
----------------------------------------------------------
The Extraordinary General Meeting of shareholders of Pernod
Ricard, under the chairmanship of Patrick Ricard at the CNIT in
La Defense, Paris, on June 30, has granted the Board of
Directors conditional authorization to increase the share
capital of the Group thereby enabling the acquisition of the
Allied Domecq company.

The acquisition is to be effected by way of a Scheme of
Arrangement, a procedure under English law, which, if approved
by the Allied Domecq shareholders, guarantees the transfer of
100% of the shares of the acquired company.

Subject to the sole condition of the Scheme of Arrangement
becoming effective, the share capital of Pernod Ricard will be
increased by a maximum EUR54,870,000 through the issue of a
maximum of 17,700,000 Pernod Ricard shares.

Within this framework, Allied Domecq shareholders will receive
545 pence in cash and 0.0158 new Pernod Ricard shares for each
Allied Domecq share.

The acquisition is subject to the approval of:

(a) the U.S. and Canadian competition authorities, and

(b) the Meeting of shareholders of Allied Domecq before the High
    Court of Justice in England and Wales and the Extraordinary
    General Meeting of shareholders of Allied Domecq set Monday,
    4 July 2005.

Commenting on these developments, Patrick Ricard has issued the
following statement: "I am pleased with the confidence expressed
by our shareholders, who, in giving their approval to the
increase in share capital of Pernod Ricard, will thus enable us
to achieve this friendly takeover of Allied Domecq.  This major
acquisition will make Pernod Ricard the world's second largest
Wine and Spirits Group."

                            *   *   *

In June, Standard & Poor's Ratings Services is maintaining its
'BBB+' long-term and 'A-2' short-term corporate credit ratings
on U.K.-based wines and spirits group Allied Domecq PLC on
CreditWatch with negative implications, where they were placed
on April 21, 2005, following the board's recommendation to
accept a takeover offer by Pernod Ricard S.A. (not rated).
Details of the financing of the proposed transaction and of some
subsequent disposals have been made public by both parties.

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

CONTACT:  PERNOD RICARD S.A.
          12, Place Des Etats-Unis
          75783 Paris Cedex 16, France
          Phone: 33 (0)1 41 00 40 95
          Fax: 33 (0)1 41 00 40 85 - R.C.S.
          Paris B 582 041 943

          Francisco de la Vega
          Communications VP
          Phone: +33 (0)1 41 00 40 96
          Patrick de BORREDON
          Investor Relations VP
          Phone: +33 (0)1 41 00 41 71
          Florence TARON
          Press Relations Manager
          Phone: +33 (0)1 41 00 40 88
          Web site: http://www.pernod-ricard.com

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


ALLIED DOMECQ: Shareholders Accept Pernod Ricard Offer
------------------------------------------------------
Allied Domecq PLC announced that, at a Court Meeting and an
Extraordinary General Meeting of Allied Domecq shareholders held
earlier on July 4, 2005 to approve the recommended acquisition
(the Acquisition) of Allied Domecq by Pernod Ricard S.A. (Pernod
Ricard) to be effected by way of Scheme of Arrangement (the
Scheme), all the resolutions proposed received the support of
shareholders.

At the Court Meeting, a majority in number of Allied Domecq
shareholders who voted (either by person or by proxy),
representing over 75% by value of the votes cast, voted in favor
of the resolution to approve the Scheme.  The resolution was
accordingly passed. At the Extraordinary General Meeting, the
resolution to approve the Scheme and provide for its
implementation was also passed by the requisite majority.

The votes cast for each resolution were as follows:

COURT MEETING

Resolution to approve the Scheme:

FOR     99.80%                            AGAINST    0.20%

EXTRAORDINARY GENERAL MEETING

Special Resolution to approve the Scheme and provide for its
implementation:

FOR     99.83%                            AGAINST    0.17%

Completion of the Acquisition remains subject to the
satisfaction or, if permitted, waiver of the conditions to the
Acquisition as set out in the Scheme document dated 25 May 2005
and sent to Allied Domecq shareholders, including, inter alia,
the approval of anti-trust authorities in Canada and the
sanction of the Scheme by the High Court. It is expected that
the Scheme will become effective on 26 July 2005.

Copies of the resolutions passed at the Allied Domecq Court
Meeting and EGM, have been submitted to the Financial Services
Authority (FSA) and will shortly be available for inspection by
the public at the FSA's Document Viewing Facility which is
situated at: Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS (Phone: +44 (0)20 7676
1000) during normal business hours on any weekday (except public
holidays).

Terms used in this announcement shall have the same meanings as
set out in the Scheme document dated 25 May 2005.

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN OR INTO OR FROM AUSTRALIA, CANADA OR JAPAN

CONTACT:  ALLIED DOMECQ
          Media enquiries:
          Stephen Whitehead
          Director of Group Corporate Affairs
          Phone: +44(0) 20 7009 3927
          Mobile: +44 (0) 7880 783 532

          CARDEW GROUP
          Anthony Cardew
          Phone: + 44 (0) 20 7930 0777
          Mobile: +44 (0) 7770 720 389

          Investor enquiries:
          Peter Durman
          Director of Investor Relations
          Phone: +44 (0) 117 978 5753
          Mobile: +44 (0) 7771 974 817


ALLIED DOMECQ: Chairman's Statement at Court Meeting
----------------------------------------------------
Speaking to shareholders at the Court Meeting and Extraordinary
General Meeting of Allied Domecq PLC on July 4, to approve the
Scheme of Arrangement, through which it is proposed that the
recommended Offer by Pernod Ricard (the Offer) will be effected,
Chairman Sir Gerry Robinson said:

"On 21 April 2005 the Board of Allied Domecq announced that it
had reached an agreement on the terms of a recommended Offer by
Pernod Ricard to acquire the entire share capital of Allied
Domecq.  It is intended that the Offer be implemented by way of
a Scheme of Arrangement under section 425 of the Companies Act.

"Under the basic terms of the Offer, Allied Domecq shareholders
will receive 545 pence in cash and 0.0158 of a New Pernod Ricard
Share for every Allied Domecq Share.

"Consolidation has been a focus for speculation and comment in
the wines and spirits sector for several years.  Over the past
five years Allied Domecq has delivered high levels of organic
growth in a buoyant spirits sector.  However, more recently,
while the Group has continued to outperform and has delivered
consistently strong earnings growth, this has been achieved
against much more difficult trading conditions in many markets.

"In these increasingly challenging market conditions, your Board
considers that the need for further consolidation in the
distilled spirits industry has become increasingly apparent.

"The recommended Offer from Pernod Ricard provides Allied Domecq
Shareholders with the ability to crystallize the value that has
been achieved and the possibility of continuing to participate
in the future success of Allied Domecq's brands within an
enlarged Pernod Ricard business.

"On 13 May 2005 Allied Domecq announced that it had received an
indicative proposal regarding a potential Offer by a Consortium
consisting of Constellation Brands Inc, Brown-Forman
Corporation, Lion Capital and Blackstone Group (the Consortium).
Your Board continued to work with and to discuss this indicative
proposal with the Consortium to ascertain whether the proposal
was capable of translating into a firm offer for Allied Domecq.
However, on 17 June 2005, the Consortium issued an announcement
confirming that after careful consideration following due
diligence it had decided not to pursue an offer for Allied
Domecq."

A further announcement containing the results of the Court
Meeting and the Extraordinary General Meeting will be made in
due course.

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN OR INTO OR FROM AUSTRALIA, CANADA OR JAPAN.

CONTACT:  ALLIED DOMECQ
          Media enquiries:
          Stephen Whitehead
          Director of Group Corporate Affairs
          Phone: +44(0) 20 7009 3927
          Mobile: +44 (0) 7880 783 532

          CARDEW GROUP
          Anthony Cardew
          Phone: + 44 (0) 20 7930 0777
          Mobile: +44 (0) 7770 720 389

          Investor enquiries:
          Peter Durman
          Director of Investor Relations
          Phone: +44 (0) 117 978 5753
          Mobile: +44 (0) 7771 974 817


ALPHA AIR: Final Members Meeting Set Mid-August
-----------------------------------------------
Alpha Air Distribution Limited
Ascot Mitchell Cotts Limited
Ascot Refrigeration Limited
Chirotech Limited
Cotts & Company Limited
Kti Chemicals Limited
The African Maganese Company Limited
Ucex (U.K.) Limited

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that the Final Meetings of Members of these Companies
will be held at the offices of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT, on 15
August 2005, commencing at 10:00 a.m. and thereafter at 15
minute intervals, for the purpose of having accounts laid before
the Members showing how each winding-up has been conducted and
the property of each Company disposed of, and hearing any
explanation that may be given by the Liquidator.

A Member entitled to attend and vote at the Meetings may appoint
a proxy, who need not be a Member, to attend and vote instead of
him or her.

T Walsh, Joint Liquidator

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


ASPIRE COMPANY: Liquidator from Moore Stephens Moves in
-------------------------------------------------------
At the extraordinary general meeting of Aspire Company (Burford)
Limited on June 14, 2005 held at Stone House, Corve Street,
Ludlow, Shropshire SY8 1DG, the special and ordinary resolutions
to wind up the company were passed.  Nigel Price of Moore
Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB has been appointed liquidator of the
company.

CONTACT:  ASPIRE COMPANY (BURFORD) LIMITED
          Burford, Tenbury Wells,
          Tenbury Wells, Worcestershire WR15 8HE
          Phone: 01584811789

          MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


BARLOW VENTILATION: Creditors Meeting Set Thursday
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Barlow Ventilation Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a meeting of the creditors of Barlow Ventilation
Limited will be held within Cowan & Partners C A, 60
Constitution Street, Leith on July 7, 2005 at 11:00 a.m., for
the purposes mentioned in Sections 99, 100 and 101 of the said
Act.

A list of the names and addresses of the company's creditors may
be inspected, free of charge, at the offices of Cowan &
Partners, 60 Constitution Street, Leith, Edinburgh two days
prior to the Meeting.

By Order of the Board,
Arthur Barlow, Director
June 24, 2005.

                            *   *   *

Barlow Ventilation manufactures air-conditioning units and
equipment.

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk


BCPH LIMITED: Creditors Meeting Set Later this Month
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF BCPH Limited

A Meeting of Creditors of the BCPH Limited has been summoned by
the Liquidator under section 146 of the Insolvency Act 1986, for
the purpose of receiving the report of the Liquidator of the
winding-up and determining whether the Liquidator should have
release under section 174 of the Insolvency Act 1986.

The Meeting will be held at 8 Salisbury Square, London EC4Y 8BB,
on July 29, 2005, at 10:30 a.m.  A proxy form must be lodged
with me, together with a completed proof of debt form if you
have not already lodged one, not later than 12 noon on July 28,
2005, to entitle you to vote by proxy at the Meeting.

A. J. McMahon, Liquidator
June 27, 2005.

CONTACT:  KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


BOOTS GROUP: Nears Deal with Reit Asset Management
--------------------------------------------------
Boots Group plc is close to signing a sale and leaseback
agreement with Reit Asset Management, involving 300 of its
stores, The Scotsman on Sunday said.

The retailer will reportedly use the proceeds, estimated
anywhere between GBP250 million and GPB350 million, to fund a 3-
year turnaround scheme that include a revamp of its IT systems,
reduction of prices and extension of opening hours.

Meanwhile, the company is expected to open its doors to bidders
next week for the GBP1.2 billion sale of its healthcare products
venture, Boots Healthcare International.  Boots put the unit on
the block in March to concentrate on its U.K. operations.
Goldman Sachs, which is handling the sale, aims to conclude a
deal by first quarter of 2006.

GlaxoSmithKline plc is reportedly eyeing BHI, which owns the
Clearasil skin products, Nurofen painkillers and Strepsils
lozenges.  Kohlberg Kravis Roberts is also said to be looking at
the business, which posted operating profit of GBP85 million on
sales of GBP520 million in the year ended March 31, 2004.
According to The Scotman, other potential buyers include over-
the-counter drugs manufacturers Johnson & Johnson and Bayer as
well as Novartis, Procter & Gamble and Reckitt Benckiser.

In May, the company revealed its major arm, Boots The Chemist,
showed no significant improvements, as big supermarket groups
continued to penetrate the pharmaceutical trade.  The unit,
which currently operates through 1,400 drugstores, is carrying
out price reductions and restructuring its supply chain.  Same-
store sales, which dropped 0.9% in April, is expected to grow by
only about 2%, while operating costs are predicted to increase
by 6%, with gross margin staying flat.

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Notttingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com


CASIMIR LTD.: CCTV Supplier Calls in Administrator
--------------------------------------------------
Name of companies: CASIMIR LTD. (Company No 04867395)
                   VL (UK) REALISATIONS LTD.
                   (formerly Visionlink (UK) Ltd.)
                   (Company No 01652613)

Nature of Business: Suppliers of CCTV Equipment

Trade Classification: 15

Date of Appointment: April 6, 2005

Administrators' Names and Address: Nick O'Reilly and Simon Glynn
(IP Nos 8309 and 9159), both of Vantis Numerica, 66 Wigmore
Street, London W1U 2HQ.

                            *   *   *

VisionLink are one of the largest independent trade distributors
of Closed Circuit Television (CCTV) products in the U.K.  Visit
http://www.visionlink-uk.com/for more information.

CONTACT:  VISION LINK (UK) LTD.
          Knights Way
          Battlefield Enterprise Park
          Shrewsbury, Shropshire SY1 3AB
          Phone: 01743 440 500
          Fax: 01743 440 700

          VANTIS NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


CHESHIRE PORTFOLIO: Names Deloitte & Touche Administrator
---------------------------------------------------------
Name of company: CHESHIRE PORTFOLIO INVESTMENTS LIMITED
                 (Company No 03908032)

Nature of Business: Property Development Company

Address of Registered Office: 55 Queen Street, Newmarket,
Suffolk CB8 8EX

Date of Appointment: June 20, 2005

Administrators' Names and Address: William Kenneth Dawson and
Debbie Marie Young (IP Nos 008266 and 0001470), both of Deloitte
& Touche LLP, 201 Deansgate, Manchester M60 2AT.

CONTACT:  DELOITTE & TOUCHE
          PO Box 500
          201 Deansgate
          Manchester
          Greater Manchester M60 2AT
          Phone: 0161 832 3555
          Fax: 0161 829 3806
          E-mail: bill.dawson@deloitte.co.uk


CLARKES (RADIO): Liquidator to Present Report August
----------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Meeting of the Members of Clarkes (Radio)
Limited will be held at the offices of Begbies Traynor, No 1 Old
Hall Street, Liverpool L3 9HF, on Thursday 4 August 2005, at
10:15 a.m., to receive an account of the Liquidator showing how
the winding-up of the Company has been conducted and its
property disposed of, and to hear any explanations that may be
furnished by the Liquidator.

D Moore, Liquidator

                            *   *   *

Clarkes is into retailing and servicing of domestic electrical
goods and rental of television and radios.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009


CONTROLRUN LIMITED: Files for Liquidation
-----------------------------------------
Controlrun Limited
Bramley Motors (Surrey) Limited
Supermart (Milton Keynes) Limited

At an Extraordinary General Meeting of the Members of the
Companies, duly convened, and held at Carina Sunrise Parkway,
Linford Woods, Milton Keynes, Buckinghamshire MK14 6PN, on 24
June 2005, these Resolutions were passed, as a Special
Resolution and as an Ordinary Resolution respectively:

"That the Companies be wound up voluntarily, and that Martin
Dominic Pickard, be and is hereby appointed Liquidator for the
purposes of such winding-ups."

D Davis, Chairman

                            *   *   *

Controlrun and Bramley Motors are into letting of properties.
Supermart is a retailer of automotive fuel.

CONTACT:  MAZARS LLP
          The Atrium, Park Street West, Luton LU1
          3BE
          Contact:
          Martin Dominic Pickard, Liquidator


CONTROLRUN LIMITED: Creditors' Claims Due this Month
----------------------------------------------------
Controlrun Limited
Supermart (Milton Keynes) Limited
Bramley Motors (Surrey) Limited

Notice is hereby given that the Creditors of the Companies,
which are being voluntarily wound up, are required, on or before
28 July 2005, to send in their full forenames and surnames,
their addresses and descriptions, full particulars of their debt
or claims, and the names and addresses of their Solicitors (if
any), to the undersigned, Martin Dominic Pickard, of The Atrium,
Park Street West, Luton, Bedfordshire LU1 3BE, the Liquidator of
the said Companies, and, if so required by notice in writing
from the said Liquidator, are, personally or by their
Solicitors, to come in and prove their debt or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution.

M D Pickard, Liquidator


COSTAIN GROUP: Forward Order Book Stands at GBP1.6 Billion
----------------------------------------------------------
Ahead of the announcement, on Wednesday 31 August 2005, of
interim results for the six months ended 30 June 2005, Costain
Group plc issued Friday a trading update.

Since the Annual General Meeting, when the Group confirmed that
it had made a strong start to 2005, the forward order book has
been further boosted by the award of a significant oil and gas
contract in Iran and the securing of major AMP4 contracts with
United Utilities, Southern Water and Bristol Water.  The forward
order book currently stands at a record GBP1.6 billion.

In addition, preferred bidder status has also been achieved on
over GBP700 million of major roads schemes and a GBP100 million
framework agreement in the nuclear sector.

Due to the usual delay during a General Election period in
releasing central Government funds for major highway
infrastructure projects, and the extended nature of negotiations
during the transition phase from AMP3 to AMP4, the results for
the first half, which will be prepared in accordance with
International Financial Reporting Standards, will not reflect
the full extent of the new contract awards.  With these revenues
being deferred into the second half, the outlook for the year
remains in-line with the Board's expectations.

For comparative purposes, the Group will publish, on 17 August,
a restatement of its 2004 interim and full-year accounts under
IFRS and it will hold a conference call for analysts and
investors that 8:00 a.m.

Stuart Doughty, Chief Executive, said: "I am delighted with the
substantial contract wins during the first half.  This
undoubtedly reflects the progress we have made over the last few
years in rebuilding the Costain brand and establishing a
reputation for excellence.  The transition to partnering with
our clients and focusing on long-term framework agreements has
given the Group an outstanding visibility and quality of
earnings which we will report on in greater detail in August."

                            *   *   *

TCR-Europe reported on May 21 that the Companies Court has
approved the reduction of share capital and cancellation of
share premium account in the company.  Each shareholder now
holds the same number of shares and each holding will bear the
same relationship to the total issued share capital and market
capitalization of the company as does a shareholder's current
shareholding.  The only difference will be that the nominal
value of the ordinary shares will now be 5 pence.

Also last month, Fitch Ratings affirmed Costain's ratings at
Senior Unsecured 'B' and Short-term 'B'.  The Outlook is Stable.

The ratings reflect Costain's established market position in the
U.K. engineering and construction sector, and the progress
management have made in adopting a more risk-averse business
model.  Furthermore, the group's growing forward order book of
GBP1.5 billion (as at Q105) provides a good platform for further
growth underpinned by continued favorable market conditions in
public and private sectors.  Nevertheless, Costain remains small
compared to often larger peers and is active in cyclical and
competitive markets, even if this is partly offset by longer
term contracts.

The ratings also reflect Costain's still weak financial profile
evident in low -- albeit improved -- profitability, negative
operational cash flow, a reliance on profits from joint ventures
in overseas property development, together with a continued
sizeable net pension liability.  An important support factor for
the rating remains a continued net cash position, which at FYE04
was GBP45.2 million (excluding GBP18.9 million of restricted
cash included in JVs), which partly covered the growing pension
deficit of GBP69.2 million.  On a pension adjusted basis, net
debt to EBITDA was acceptable albeit higher at 1.6x (FY03:
1.2x).  Gross borrowings remained minimal.  Fitch notes that the
company intends to resume dividend payments from 2006 and is
currently reviewing the balance between the requirements of its
pension scheme and the company's obligations.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444

          COLLEGE HILL
          Mark Garraway
          Matthew Gregorowski
          Phone: 020 7457 2020


DANKA BUSINESS: Sells Canadian Unit for US$14 million
-----------------------------------------------------
Danka Business Systems PLC, an independent global provider of
office imaging systems and services, has entered into an
agreement to sell the shares of its Canadian business unit,
Danka Canada Inc., to Pitney Bowes of Canada, Ltd., a subsidiary
of Pitney Bowes Inc., for a purchase price of US$14 million
(EUR11.76 million) in cash.

The purchase price is subject to a 10% holdback for a period of
up to one year for potential contingencies related to the
transaction.  The proceeds of the transaction will be used for
working capital purposes.

Todd Mavis, Danka's Chief Executive Officer, said: "We are very
pleased to have reached this agreement with a company of Pitney
Bowes' stature and reputation.  This transaction is an example
of the progress we are making on our strategy of exiting markets
where we have not achieved sufficient scale.  While we have
worked hard and made progress in certain areas of the Canadian
business, we have not been able to reach profitability and we
feel our efforts and resources are best directed to our core
businesses.  I believe the business unit is now well positioned
for success, and when combined with Pitney Bowes' existing
operation in Canada, presents the potential for synergies and
profitability, as well as great opportunities for our employees
and customers there."

Danka Canada, headquartered in Toronto, provides imaging systems
and services, including copiers and multi-functional peripheral
devices and related services to customers in major Canadian
markets.  During the fiscal year ended on March 31, 2005, the
subsidiary's revenues were US$35.9 million, balance sheet gross
assets were US$17.3 million, and it experienced a net loss of
US$7.7 million, which included US$2.7 million in restructuring
expense.

                            *   *   *

For the full year, Danka reported turnover of GBP668.2 million
and operating losses of GBP22.8 million excluding exceptional
items.  Danka's fourth quarter turnover was GBP158.6 million and
operating losses were GBP27.1 million excluding exceptional
items.  The results include a GBP9.4 million provision for U.S.
trade debtors in the fourth quarter.  Including the exceptional
restructuring charges of GBP5.1 million and GBP4.0 million, the
Group reported operating losses of GBP27.9 million for the full
year and GBP31.0 million for the fourth quarter respectively.

CONTACT:  DANKA BUSINESS SYSTEMS PLC
          1230 Arlington Business Park
          Theale
          West Berkshire RG7 4TX, United Kingdom
          Phone: +44-118-903-2163
          Web site: http://www.danka.com

          Donald Thurman
          Investor Relations
          Phone: 001 770 280 3990

          Paul Dumond
          Company Secretary
          Phone: 020 7605 0154

          Weber Shandwick Square Mile
          Mike Kirk
          Helen Thomas


DEREK HOLDEN: Files for Liquidation
-----------------------------------
We the undersigned being all the Members for the time being
entitled to receive notice of and to attend and vote at General
Meetings of Derek Holden Group Ltd., hereby unanimously pass
these Resolutions and agree that such Resolutions for all
purposes shall be as valid and effective as if the same had been
passed at a General Meeting of the Company, duly convened and
held.

It is resolved that:

(1) the 4,706 existing issued A Shares of GBP1 each in the
    capital of the Company be redesignated as 2,353 A1 Shares of
    GBP1 each and 2,353 A2 Shares of GBP1 each, and the 18,824 B
    Shares of GBP1 each in the capital of the Company be
    redesignated as 9,412 B1 Shares of GBP1 each and 9,412 B2
    Shares of GBP1 each, so that the shares held by each
    Shareholder will be as shown in columns (d), (e) and (f) of
    Schedule 1 of the S110 Insolvency Act Agreement referred to
    below, such shares having the rights set out in the new
    Articles of Association of the Company be adopted, pursuant
    to the Resolution 2 below;

(2) the Articles of Association in the form annexed hereto be
    adopted as the new Articles of Association of the Company;

(3) the Company be wound up voluntarily under the provisions of
    the Act, and that Stewart Trevor Bennett, of 35 Ballards
    Lane, London N3 1XW, be appointed Liquidator for the purpose
    of such winding-up; and

(4) the Liquidator be authorized, pursuant to the Insolvency Act
    1986, section 110, to enter into and carry into effect an
    agreement between the Company, the Shareholders, the
    Liquidator and Derek Holden Properties Ltd. and MBH
    Properties Ltd. in the form and to the effect of the draft
    agreement hereto.

Signed in counterparts by all of the Members entitled to vote.

D G Holden and the Trustees of the D G Holden Discretionary
Settlement.

CONTACT:  DEREK HOLDEN GROUP LTD.
          Blandings, Loudwater Drive, Loudwater, Rickmansworth,
          Hertfordshire WD3 4HJ

          BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk
          Contact:
          Stewart Trevor Bennett


DEREK HOLDEN: Proofs of Claim Due Next Month
--------------------------------------------
Notice is hereby given that the Creditors of Derek Holden Group
Limited Company are required, on or before 26 August 2005, to
send in their names and addresses with particulars of their debt
or claims, and the names and addresses of their Solicitors (if
any), to the undersigned, S T Bennett, of 35 Ballards Lane,
Finchley, London N3 1XW, the Liquidator of the said Company,
and, if so required by notice in writing from the said
Liquidator, are, by their Solicitors or personally, to come in
and prove their said debt or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debt are proved.

S T Bennett, Liquidator


FLEXOCONNECT LIMITED: Deadline for Creditors' Claims August 15
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Flexoconnect Limited

                      Laser Stencils Limited

                               and

                    Prestwick Multitech Limited

Notice is hereby given that the liquidator intends to make a
first and final distribution to creditors of Flexoconnect
Limited, Laser Stencils Limited and Prestwick Multitech Limited
and that the last date for proving debt against the above-named
companies, which is being voluntarily wound up, is August 15,
2005, by which date claims must be sent to the undersigned,
Samantha Keen of Grant Thornton U.K. LLP, 31 Carlton Crescent,
Southampton, Hampshire SO15 2EW, the liquidator of the
companies.

After August 15, 2005, the liquidator may make that distribution
without regard to the claim of any person in respect of a debt
not already proved.

Samantha Keen, Liquidator
June 15, 2005

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


H HARTLEY: Liquidator's Report Out July
---------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a General Meeting of H Hartley & Co (Leeds)
Limited will be held at Baker Tilly, 2 Whitehall Quay, Leeds LS1
4HG, on 25 July 2005, at 2:00 p.m., for the purpose of having an
account laid before the Meeting showing the manner in which the
winding-up has been conducted and the property of the Company
disposed of, and of hearing any explanation that may be given by
the Joint Liquidators.

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him. A proxy need
not be a Member of the Company.

R H Barker, Joint Liquidator

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


JOHN HESSENTHALER: Appoints Administrator from Ensors
-----------------------------------------------------
Name of company: JOHN HESSENTHALER CONCERT PRODUCTIONS LIMITED
                 (Company No 05110415)

Nature of Business: Entertainment Activities

Trade Classification: 9234

Date of Appointment: June 20, 2005

Administrator's Name and Address: Steven Law (IP No 008727),
Ensors, Cardinal House, 46 St Nicholas Street, Ipswich IP1 1TT.

CONTACT:  JOHN HESSENTHALER CONCERT PRODUCTIONS LIMITED
          6 Constable Court, Barn Street,
          Sudbury, Suffolk CO10 9RB (Map)
          Phone: 01787247838

          ENSORS
          Cardinal House
          46 St Nicholas Street
          Ipswich, Suffolk IP1 1TT
          Phone: 01473 220022
          Fax: 01473 220033
          Web site: http://www.ensors.co.uk


MARCONI CORPORATION: Earnings per Share Up Under IFRS
-----------------------------------------------------
Marconi Corporation plc issued Thursday restated IFRS financial
statements for the year ended 31 March 2005 and opening balance
sheet at 1 April 2004, along with reconciliations from U.K. GAAP
to IFRS.

Marconi is preparing for the adoption of International Financial
Reporting Standards as its primary accounting basis, following
the adoption of Regulation No. 1606/2002 by the European
Parliament on 19 July 2002.  The Group currently prepares its
primary financial statements under U.K. Generally Accepted
Accounting Practice.

IFRS will apply for the first time in the Group's Annual Report
and Accounts for the year ended 31 March 2006.  Consequently,
the Group's financial results for the quarter ended 30 June 2005
and all subsequent quarters will be prepared under IFRS.  The
Group's date of transition to IFRS is 1 April 2004, this being
the start of the earliest period of comparative information.

To demonstrate how the Group's reported performance and
financial position have been affected by the change to IFRS, a
document has been published on its Web site that sets out the
restatement of financial information previously published under
U.K. GAAP.

The financial information has been prepared in accordance with
current IFRS, which is subject to ongoing amendment by the
International Accounting Standards Board and subsequent
endorsement by the European Commission.  As a result,
information contained within this document will be updated for
any subsequent amendment to IFRS or for any new standards as
they are put into place.

The format of the Group's primary financial statements is
presented substantially in accordance with IAS 1, Presentation
of Financial Statements.  However, this format and presentation
may require modification should further guidance be issued and
as practice develops.

As noted in its press release of 8 March 2005, the overall
impact of IFRS implementation on Marconi's group operating loss
is limited, with the change mainly attributable to the cessation
of goodwill amortization, which was previously recorded as a
GBP91 million charge under U.K. GAAP in the year ended 31
March 2005.

Under IFRS, earnings per share for the year ended 31 March 2005
were 58.2p (U.K. GAAP: 10.3p).  Eliminating items considered to
be non-recurring items from the IFRS results leads to an
underlying adjusted earnings per share of 8.8p for the year
ended 31 March 2005 (U.K. GAAP: 8.8p).

The net asset value on the balance sheet increased to GBP501
million (U.K. GAAP: GBP405 million) mainly due to an increase in
intangible assets, resulting from the cessation of goodwill
amortization and the capitalization of development costs.

Marconi will provide quarterly comparative numbers for the year
ended 31 March 2005 in conjunction with the release of its FY06
first quarter results, which is scheduled for 3 August 2005.

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.

The company is listed on the London Stock Exchange under the
symbol MONI and on NASDAQ under the ticker MRCIY.  Additional
information about Marconi Corporation can be found at
http://www.marconi.com.

                            *   *   *

Last month, Marconi Corporation won a contract from Cable &
Wireless to supply infrastructure for its access transmission
network.

The frame contract for a multi-service provisioning platform
(MSPP) will run for an initial period of five years.  Marconi
will supply a range of transport services for Cable and
Wireless, including access and customer-located solutions.

Following BT's exclusion of the company as preferred supplier
for its 21CN project, Marconi expects a reduction in BT
revenues from equipment sales and associated services in the
order of GBP50 million in FY06 compared to FY05.  It has also
laid out a new organizational structure, which could leave 800
people jobless.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          Press Enquiries
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Karen Keyes
          Phone: 0207 306 1345
          E-mail: karen.keyes@marconi.com


MARKS & SPENCER: Pockets GBP35 Mln for Sale of Lifestore Sites
--------------------------------------------------------------
Marks & Spencer Group plc has disposed of its Lifestore project
to Denmark-based Ilva for GBP35 million (EUR51.8 million).

According to Breaking News Sunday, furniture retailer Ilva
acquired M&S' Lifestore sites in Gateshead and Thurrock in its
aim to penetrate U.K. and compete with Ikea.

The Gateshead store, which cost GBP14 million to develop, closed
earlier this year, while sites at Thurrock and Kingston were
never opened, as the company fought off a GBP9 billion takeover
approach by Philip Green.

Following the move, M&S reported homeware sales dropped 21% in
May, while pre-tax profits for the year to April fell 19% to
GBP618.5 million (EUR915 million).

Chief Executive Stuart Rose described the group's latest
results as disappointing, warning that tough economic conditions
and intensifying high street competition meant its outlook
remained challenging.

Last month, quoting a person familiar to the matter, Reuters
revealed the group has brushed aside reports of an Icelandic
investor building up a stake in the company.  The mystery buyer
has reportedly bought at least 3% of M&S stake for GBP170
million (EUR255.3 million).

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


OAKSIDE LOGISTICS: Administrators from Harrisons Move in
--------------------------------------------------------
Name of company: OAKSIDE LOGISTICS LIMITED (Company No 04748691)

Trading Name: CCR

Nature of Business: Waste Management

Address of Registered Office: 1 Saint Pauls Road, Bristol BS8
1LZ

Date of Appointment: June 22, 2005

Joint Administrators' Names and Address: P. R. Boyle and J. C.
Sallabank (IP Nos 008897 and 008099), both of Harrisons, 4 St
Giles Court, Southampton Street, Reading RG1 2QL.

                            *   *   *

Oakside logistics is the U.K. Licensee company of CCR Logistics
Systems AG, a company founded in Germany in 1991 and focused
initially on the provision of total waste management solutions
for the automotive market.  It offers conventional waste
management.

Visit http://www.ccr-oakside.com/for more information.

CONTACT:  CCR CENTER,
          Cromhall Quarry,
          Wotton-under-Edge,
          Gloucestershire, GL12 8AA
          Phone: (01454) 262 932
          Fax: (01454) 262 939
          E-mail: info@ccr-oakside.com

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


PETERHOUSE HOLDINGS: Berg Kaprow to Deliver Winding-up Report
-------------------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final Meeting of Peterhouse Holdings Limited
will be held at 4 Shakespeare Road, London N3 1XE, on 8 August
2005, at 10.00 a.m., to receive an account showing how the
winding-up of the Company has been conducted and its property
disposed of, and to hear any explanation that may be furnished
by the Liquidator, and to pass a Resolution as to the disposal
of the books, accounts and documents of the Company.

Notice of this Meeting is purely formal and it is summoned in
compliance with the said section of the Insolvency Act 1986.

S T Bennett, Liquidator

                            *   *   *

Peterhouse is an investment company.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


PHILLIPS-JAMES ENGINEERING: Names Taylor Rowlands Administrator
---------------------------------------------------------------
Name of company: PHILLIPS-JAMES ENGINEERING (NORTH EAST) LIMITED
                 (Company No 1303699)

Nature of Business: Engineering

Address of Registered Office: Unit 4, Stella Gill Industrial
Trading Estate, Pelton Fell, Chester le Street DH2 2RG

Date of Appointment: June 22, 2005

Administrator's Name and Address: J. Harvey Madden (IP No
007858), Taylor Rowlands, 8 High Street, Yarm, Stockton-on-Tees
TS15 9AE

Formed in 1968, James Engineering, also known as Phillips James
Engineering (North East) Limited is one of the areas longest
established precision sheet metal companies.  The company is
located at Stella Gill Industrial Estate and managed by Mr. John
Skinner.

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

CONTACT:  JAMES ENGINEERING,
          PHILLIPS JAMES ENGINEERING (NORTH EAST) LIMITED
          Unit 4 Stella Gill Industrial Estate,
          Pelton Fell, Chester le Street,
          Co Durham, DH2 2RG
          Phone: 0191 388 3230
          Fax: 0191 387 1236
          E-mail: pjameseng@aol.com

          TAYLOR ROWLANDS
          8 High Street
          Yarm
          Cleveland TS15 9AE
          Phone: 01642 790790
          Fax: 01642 785588
          E-mail: harvey@taylorrowlands.co.uk


PROFILE MEDIA: Reports Losses of GBP3.8 Million
-----------------------------------------------
Highlights:

(a) turnover for continuing businesses GBP11.3 million (GBP8.0
    million 12 months ended 30 June 2003);

(b) loss on continuing businesses before exceptional costs,
    amortization of goodwill, interest and tax GBP3.8 million
    (GBP5.2 million 12 months ended 30 June 2003);

(c) amortization charge and impairment GBP8.5 million (GBP6.7
    million 12 months ended 30 June 2003);

(d) loss before tax GBP12.9 million (GBP14.7 million 12 months
    ended 30 June 2003);

(e) net debt reduced to GBP3.8 million (GBP27.2 million as at 30
    June 2003);

(f) fulfilment division disposed in 2003;

(g) U.S. operations sold in 2005;

(h) bank facility and option extended to 31 October 2005;

(i) company will announce fund raising plans shortly; and

(j) previously announced financial restructuring completed.

David Ellingham, Chairman & Chief Executive, said: "The eighteen
months ended 31 December 2004 has been a period of intense
activity for Profile Media.  The business as it stands today is
significantly different from the one described in the last
Chairman's statement.

"During the period we have exited from several business sectors,
some after the period end, achieved a major reduction in the
Group's indebtedness and progressed the turnaround required in
our operating units to restore profitability and cash flow
generation.  We have delivered almost all of the objectives
defined in the restructuring process outlined nearly two years
ago.  The details of these achievements are described in the
following pages.

"While results have improved and we see further improvements in
the new year to date, operating results are still far from
acceptable.  The Board has made strong progress in putting the
Group on a more stable footing, but, given the uncertainty
surrounding the Group during this period the auditors have been
unable to sign off the accounts as a going concern.  Details of
the auditors opinion is set out below.

"The next stage of the process is to resolve the ongoing funding
requirements of the Group.  The additional funding will enable
operational improvements.

"Simplification of the Group structure will follow resulting in
improvements in our systems and processes.   We will endeavor to
address the continuing exposure of the business to fluctuations
in advertising budgets.

"With the ongoing support of our bank we have an opportunity to
resolve the financial hangover arising from the losses of the
recent past.  The Directors of the company will be presenting
and implementing their plans to resolve this over the coming
months.

"Meanwhile, the business continues to strive to deliver
profitable projects, using its skills in producing high quality
publications across the life-style, sports and business to
business sectors to attract advertising and production revenues.
It continues to push for cost reductions in project and overhead
costs by searching out the most effective suppliers, negotiating
the best terms possible and by eliminating unnecessary costs.

"Against these immediately controllable factors we also face a
difficult market place in which to operate where revenue
generating activities bring the risk of variable project sales
against fixed direct costs.  The Board is working to control
this risk through establishing new business models and the
negotiation of contracts that reduce our exposure.

Financial Results

"The change in our yearend previously announced has resulted in
this report covering an eighteen month period.  As both an
extended period and one covering several business cycles, this
makes direct comparison against the previous results complex.

"Turnover for the period for the continuing businesses was
GBP11.3 million producing losses before amortization,
exceptional items interest and tax of GBP3.8 million.  This
includes turnover of GBP2.7 million and losses of GBP1.3 million
from our U.S. operations, which although disposed in June 2005
are shown, in accordance with FRS3, under continuing operations.

"We have again reviewed the carrying value of our business and
further reduced goodwill by GBP7.3 million on top of the normal
amortization charge of GBP1.2 million.  These charges are both
non-cash items.

"The sale of Marketlink Marketing Communications Limited and
Woodgate Fulfilment Limited in October 2003 produced a profit of
GBP1.2 million after costs.

"Loss per share after the financial restructuring was 4.1p
compared to 14.35p in the previous period.

"In their report on the accounts for the 18 month period ended
31 December 2004, the auditors have referred to a limitation on
the scope of their work due to a lack of evidence to demonstrate
the availability of additional funding to meet future trading
and working capital requirements.  Because of the possible
effect of this limitation as to the appropriateness of the going
concern basis for the preparation of accounts for the period
ended 31 December 2004 the auditors have been unable to form an
opinion as to whether these accounts give a true and fair view
of the state of the group and company's affairs at that date or
of the group's loss for the period then ended.

"In view of the continuing losses and the consequent
deterioration of the financial position of the Group, the
Directors have been in negotiations with the Company's bankers
and other major creditors to implement a strategy to secure a
significant reduction in the level of indebtedness.  The
Directors believe that exercise of the option agreement
announced on 7 March 2005, as amended by its subsequent
extensions, together with other agreements would achieve this
objective.

"The Company is now in negotiations to raise sufficient funds to
exercise the option, to provide sufficient working capital to
operate within its agreed limits and to fund new projects as
they arise.  The Directors will present their plans on this
matter shortly.

"The Directors have prepared and considered detailed trading and
cash flow forecasts for the period to 31 December 2006 on the
assumption that the negotiations referred to above will be
successfully concluded prior to the scheduled expiry of the bank
option at the end of October 2005.

"While the Directors cannot predict the future trading and
funding requirements of the Group with certainty, they consider
that the actions being taken above, if successfully concluded,
will provide sufficient finance to enable the Group to meet its
liabilities as they fall due.  The Directors are therefore of
the opinion that it is appropriate for the financial statements
to be prepared on a going concern basis.  The financial
statements do not include any adjustments that might result from
the Directors' forecasts not being met, from proposals being
rejected by shareholders at a forthcoming EGM or from the
Company being unable to comply with the agreements currently in
place with its bankers and other creditors.

Our People

"As in previous years I would like to take this opportunity to
express our gratitude to all our employees and managers who
continue, with dedication and determination, to be the Group's
most important resource.  In difficult conditions, our personnel
continue to work extremely hard to win new projects, build
brands, and deliver results and demonstrate a level of
commitment and spirit from which all stakeholders will benefit.

"I would also like to take this opportunity to thank our former
Chairman, John Webber, for his support to the business during
his tenure, and particularly during the last few difficult
years.

"Following John's departure it is clear that we must strengthen
the Board in order to continue and further the progress that has
been made.  We are actively exploring new appointments.

Future Prospects

"We are emerging from a difficult period with a stronger
operating business concentrated solely in the U.K.  We continue
to suffer from the effects of previous year losses and are
working to establish the business on a solid financial base on
which to benefit from the operating improvements.  Growth
opportunities exist in the markets in which we operate.  We must
ensure that the business is positioned to take advantage of
them.  We look forward to demonstrating our progress over the
coming months."

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/ProfileMedia(H22004).mht.

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


PST INTERNATIONAL: In Liquidation After Seven Years of Business
---------------------------------------------------------------
PST International Limited is in liquidation a year after
creditors filed a petition for compulsory winding-up.

The group, which was founded in 1997 with issued capital of
GBP3.7 million, engaged in the distribution of manufacturers'
surplus stock in the field of consumer electronics and high
technology equipment.

It posted turnover of over GBP200 million and pre-tax profit of
GBP1.5 million in 2002, while total liabilities reached GBP5
million that year.  Its creditors include Barclays Bank plc and
Baltic Assets S.A.

ICC Credit, one of U.K.'s credit reference agencies which
reported PST's liquidation, identified the office machinery
sector as among the industries prone to severe financial
difficulties, with one in five firms struggling to meet
financial obligations.

Matthew Debbage, Head of Product and Marketing at ICC Credit,
said: "These results highlight the need for firms trading in the
office machinery sector in particular to adopt adequate credit
checking at the account opening stage, and monitor for adverse
events thereafter."

CONTACT:  PST INTERNATIONAL LIMITED
          Sherlock House, 73 Baker Street
          London, W1U 6RD

          Major Shareholders:

          Citco Bank & Trust Company Ltd.
          Corporte Centre,
          West Bay Road,
          PO Box 3110

          Howard Strowman
          Doanee, Fishery Road
          Maidenhead,
          Berkshire,
          SL6 1UN

          AWD TRUSTEES LIMITED
          Chalfont Court,
          Hill Avenue,
          Amersham,
          HP6 5BB


ROBERT WISEMAN: Appoints Two New Executive Directors
----------------------------------------------------
Robert Wiseman Dairies PLC confirmed Friday the appointment of
David Dobbins and Martyn Mulcahy to the Board as executive
Directors.  Both Mr. Dobbins and Mr. Mulcahy are currently, and
will continue as, directors of the Group's operational company,
Robert Wiseman & Sons Limited.

Mr. Dobbins, 47, is Commercial Director of Robert Wiseman & Sons
Limited and has been with the Group since 1982.

Mr. Mulcahy, 48, is Operations Director of Robert Wiseman & Sons
Limited and joined the Group in 1995.

Chairman Alan Wiseman said: "The Board is delighted that David
and Martyn are joining our PLC Board.  They will bring a wealth
of commercial and operational knowledge that will enrich the
performance of the Board."

Other than the above there is no information, which would
require disclosure under paragraphs 6.F.2 (b) to 6.F.2 (g) of
the Listing Rules.

                            *   *   *

Last month, Robert Wiseman Dairies was expected to reveal a
15% fall in 2004 profits, which is believed to be mainly caused
by the loss of a contract with Asda.

Robert Wiseman had a year of costly bidding wars with rivals
Dairy Crest, and Arla, who had consistently complained to the
competition watchdog about the group's dominance.

The firm also lost a deal with Morrison last year.  It won new
contracts from Tesco and Sainsbury, but the six-month dry spell
is believed to have reduced its milk production to about 1.2
billion liters from 1.35 billion last year, according to the
report.  The worst result of the setback was the loss of all
businesses of its Scottish market.  Robert Wiseman is reportedly
mulling job cuts at the operation.

CONTACT:  ROBERT WISEMAN DAIRIES LTD.
          Cairn Place
          Nerston Industrial Estate
          East Kilbride, G74 4NQ
          Strathclyde
          Phone: 01355 247777
          Fax: 01355 228181
          Web site: http://www.wiseman-dairies.co.uk


ROSEC LIMITED: Liquidator to Deliver Report Mid-August
------------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final General Meeting of Rosec Limited will be
held at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL, on 16
August 2005, at 11.00 a.m., for the purposes of receiving an
account showing the manner in which the winding-up has been
conducted and the property of the Company disposed of, and of
hearing any explanation which may be given by the Joint
Liquidators.

Proxy forms if applicable, must be lodged at KPMG LLP, 2
Cornwall Street, Birmingham B3 2DL, fax +44 (0) 121 335 2501, by
no later than 4.00 p.m. on Monday 15 August 2005.

M J Orton, Joint Liquidator


SEMOON LIMITED: To Hold Final Creditors Meeting this Month
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Semoon Limited

Notice is hereby given that the Final Meetings of Creditors of
Semoon Limited will be held at the offices of Grant Thornton
U.K. LLP, Lees House, 21 Dyke Road, Brighton, East Sussex BN1
3GD, on July 27, 2005, at 11:00 a.m. to receive the Liquidators'
report of the winding-up and to determine whether the
Liquidators should have their release.

A Creditor entitled to attend and vote at the Meeting may
appoint a proxy to attend and vote in his place.  Proxy forms
must be returned to the offices of Grant Thornton U.K. LLP, Lees
House, 21 Dyke Road, Brighton, East Sussex BN1 3GD, by no later
than 12:00 noon on July 26, 2005.

A. Conquest, Joint Liquidator
June 22, 2005

CONTACT:  GRANT THORNTON U.K. LLP
          Lees House
          21 Dyke Road
          Brighton BN1 3GD
          Phone: 0870 381 7001
          Fax: 0870 747 6605
          Web site: http://www.grant-thornton.co.uk


SGM ELECTRICAL: Appoints Administrator from Ward & Co.
------------------------------------------------------
Name of company: SGM ELECTRICAL LIMITED (Company No 03363335)

Nature of Business: Installation Electrical Wiring etc.

Address of Registered Office: Bank House, Shaw Street, Worcester
WR1 3DT

Trade Classification: 4531

Date of Appointment: June 22, 2005

Administrator's Name and Address: Barry J. Ward (IP No 002700),
Ward & Co, Bank House, Shaw Street, Worcester WR1 3DT

CONTACT:  S G M ELECTRICAL
          Bolters Clo
          Bromyard
          Winslow HR7 4LR
          Phone: 01885 488689

          WARD & CO.
          Bank House
          Shaw Street
          Worcester
          Worcestershire WR1 3DT
          Phone: 01905 25000
          Fax: 01905 26555
          E-mail: aws@ward-co.co.uk


S P HOLDINGS: Hires Administrators from PKF
-------------------------------------------
Name of company: S P HOLDINGS PLC (Company No 04092581)

Nature of Business: The Holding Company for a Group Engaged in
the Provision of Marketing, Financial, Business and Professional
Services

Address of Registered Office: 3-5 Rathbone Place, London W1T 1HJ

Date of Appointment: June 22, 2005

Administrators' Names and Address: B. J. Hamblin and S. P.
Holgate (IP Nos 2085 and 7991), both of Farringdon Place, 20
Farringdon Road, London EC1M 3AP.

                            *   *   *

SP Holdings PLC is a below-the-line marketing services group
listed on the London Stock Exchange.  It provides a range of
specialist services to the retail, sports, entertainment and
leisure sectors.  The company helps clients generate new revenue
streams through the development and extension of their brands
and commercial activities.  They have offices in London,
Manchester, Lausanne, Bahrain and Atlanta.

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

CONTACT:  SP HOLDINGS PLC
          3-5 Rathbone Place,
          London W1T 1HJ
          Phone: +44 (0) 207 182 7600
          Fax: +44 (0) 207 631 1076
          E-mail: info@spholdings.co.uk

          PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


UK PROTECT: Names Administrators from Robson Rhodes
---------------------------------------------------
Name of company: UK PROTECT LIMITED (Company No 04125101)

Nature of Business: Life Insurance/Reinsurance

Address of Registered Office: RSM Robson Rhodes LLP, St George
House, 40 Great George Street, Leeds LS1 3DQ

Date of Appointment: June 24, 2005

Joint Administrators' Names and Addresses: Charles William
Anthony Escott (IP No 8913), of RSM Robson Rhodes LLP, St George
House, 40 Great George Street, Leeds LS1 3DQ, and Gerald
Clifford Smith (IP No 6335), of RSM Robson Rhodes LLP, Centre
City Tower, 7 Hill Street, Birmingham B5 4UU.

CONTACT:  RSM ROBSON RHODES LLP
          St George House,
          40 Great George Street,
          Leeds LS1 3DQ
          Web site: http://www.robsonrhodes.co.uk

          RSM ROBSON RHODES LLP
          Centre City Tower,
          7 Hill Street,
          Birmingham B5 4UU
          Web site: http://www.robsonrhodes.co.uk


VTL LIMITED: Administrators from Milner Boardman Move in
--------------------------------------------------------
Name of company: VTL LIMITED (Company No 04056592)

Nature of Business: Manufacture of Other Furniture

Address of Registered Office: Charles Madan Works, Atlantic
Street, Broadheath, Altrincham, Cheshire WA4 5DA

Trade Classification: 3614

Date of Appointment: June 24, 2005

Administrators' Names and Address: Colin Burke and Gary J.
Corbett (IP Nos 8803 and 9018), both of Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire

CONTACT:  VTL LIMITED
          Unit 1
          Union Street
          Sutton-In-Ashfield
          Nottinghamshire NG17 5EL
          United Kingdom
          Phone: (01623) 441722

          MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


W & M BENDRIEN: Liquidator to Present Report Next Month
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF W & M Bendrien Limited

A Final Meeting of Creditors of W & M Bendrien Limited has been
summoned under section 146 of the Insolvency Act 1986, for the
purpose of receiving the Liquidator's report of his
administration of the liquidation, approving the Liquidator's
receipts and payments account, granting the Liquidator's release
and any other business, including matters provided by section
331(2) of the Insolvency Act 1986.

The Meeting will be held at Deloitte & Touche, 1 City Square,
Leeds LS1 2AL, on August 10, 2005, at 10:30 a.m.  A Creditor
entitled to attend and vote may appoint a proxy to attend and
vote on his or her behalf.  A proxy need not be a Creditor of
the Debtor.  A proxy form, if to be used, must be lodged with me
at 1 City Square, Leeds, West Yorkshire LS1 2AL, not later than
12:00 noon on the business day before the Meeting.

A. M. Martin, Liquidator
June 20, 2005

CONTACT:  DELOITTE & TOUCHE LLP
          1 City Square
          Leeds LS1 2AL
          Phone: +44 (0) 113 243 9021
          Fax: +44 (0) 113 244 5580
          Web site: http://www.deloitte.com


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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