TCREUR_Public/050706.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 6, 2005, Vol. 6, No. 132

                            Headlines

C Z E C H   R E P U B L I C

AERO VODOCHODY: Supervisory Board Appoint New Chairman
CZECH AIRLINE: Potential Financiers of Airbus Purchase Cut to 4
JULIUS MEINL: Selling Loss-making Supermarket Business


F R A N C E

VIVENDI UNIVERSAL: Local Attorney Files Unprecedented Class Suit


G E R M A N Y

DAIMLERCHRYSLER AG: Canada June Sales Jump 12%
IPR FORSCHUNGS: Court Appoints Dr. Ampferl Administrator
KARSTADTQUELLE AG: Turnover Drop Decelerates
KARSTADTQUELLE AG: Turns Attention to Mail order Unit
PHOENIX KAPITALDIENST: Bankruptcy Proceedings Start

PRODOMO-HAUS: Creditors' Claim Due Next Week
RESAHA BAUKONZEPTE: Proofs of Claim Due This Month
RH-TEC: Court to Verify Claims Next Month
SALBERSGOLF GMBH: Aachen Court Opens Bankruptcy Proceedings
SCHNEIDER GARTEN: Falls into Bankruptcy
VITAROLL GMBH: Creditors Meeting Set August
WOLFRAM HEINRICH: Under Bankruptcy Administration


G R E E C E

OLYMPIC AIRLINES: State Remains Open for Bids


I T A L Y

FIAT SPA: Sets up Body to Review Governance
IMPREGILO SPA: Eyes Eastern European Latin American Markets
ITALTRACTOR ITM: Rating Up to 'CCC' on Improved Performance


L U X E M B O U R G

THIEL LOGISTIK: Downgrade Likely on Uncertain Management


N E T H E R L A N D S

ROYAL NUMICO: Completes Restructuring of European Baby Food Biz

* Bankruptcies, Unemployment in Netherlands Swell in 1st Half


R U S S I A

AMURSKIY DOROZHNIK: Succumbs to Bankruptcy
CORPORATION OF MECHANIZATION #1: Under Bankruptcy Supervision
FERTILITY: Hires Insolvency Manager from Stavropol
KAUZHSKIY: Bankruptcy Hearing Set August
KHANDYGSKIY: Declared Insolvent

NORTH-WEST-OIL-PRODUCT E: Succumbs to Bankruptcy
RAMON'-AGRO-TRANS: Creditors Have Until July 28 to File Claims
RYBINSKOYE: Appoints V. Goldin Insolvency Manager
SPASSKIY: Under Bankruptcy Supervision
STEPNOY: Undergoes Bankruptcy Supervision Procedure


S W E D E N

SAS GROUP: Faces SEK30 Million Fine for Bullying Rival


S W I T Z E R L A N D

ABB LTD.: 20 Banks Grant US$2 Billion Credit Facility


U K R A I N E

ASPEKT: Liquidator Takes over Operations
CHERKASIGOLOVPOSTACH: Declared Insolvent
NOVOSERGIYIVSKE: Mikolaiv Court Appoints Insolvency Manager
OZIRYANSKE: Files for Bankruptcy
ZORYA: Insolvency Manager Takes over Operations


U N I T E D   K I N G D O M

ALBION DESIGN: Opts for Voluntary Winding-up
ALLIED DOMECQ: Sale to Pernod Receives U.S. Clearance
AMBER CHINA: Ceramic Maker Decides to Call in Liquidators
ANVIL MASTER: Creditors Appoint Tenon Recovery Liquidator
BIRDS (UK): Collapses into Liquidation

BRITANNIA PROPERTY: Appoints Poppleton & Appleby Liquidator
BROOKWOOD MOTOR: Falls into Liquidation
CHARTERHOUSE PRESS: Members Decide to Wind up Business
CHESTER SWEETS: Shareholders Okay Firm's Liquidation
CJ DEVELOPMENT: Liquidators from KMPG Take over Helm

COLIN WRIGHT: Shareholders Opt to Liquidate Company
COMTEC DIGITAL: Calls in Liquidator
DOWNUNDER WEAR: Kylie Minogue Underwear Retailer Goes Bust
EASYNET GROUP: Internet Network Links 4,000 U.K. Schools
EASYNET GROUP: U.K. Online Unit Attracts 10,000 New Customers

EQUITABLE LIFE: E.U. Hearing on Pensioners' Claims Set September
EURODIS ELECTRON: Confirms Advanced Talks With Possible Buyer
EXCELLENT PROPERTY: Creditors Meeting Set Tomorrow
FURNITURE DESIGNS: Unlikely To Pay Debt, Says Liquidators
MARKS & SPENCER: Annual General Meeting Set Next Week

MARKS & SPENCER: Karen Millen Co-founder Buys GBP28 Mln Stake
MG ROVER: Bidder Eyes Signing up Former Workers at Longbridge
NEVIS TECHNOLOGY: Winding-up Report Out Weekend
NORTHERN FOODS: Finance Director Assumes Post September
PK FOODS: Gives Creditors Until December to File Claims

PROFILE MEDIA: Eyes Further Reduced Losses by September
ROSEHALL ENGINEERING: Liquidator to Meet Creditors this Week
SFI GROUP: Closure of 26 Sites Leaves 332 Jobless
SFI GROUP: Robert Tchenguiz Buys Two-thirds of Operations
WHITEHEAD MANN: Allots New Shares Under Employee Offer Scheme


                            *********


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


AERO VODOCHODY: Supervisory Board Appoint New Chairman
------------------------------------------------------
Troubled aircraft maker Aero Vodochody is retaining most of its
2004 profits to cover for previous losses, Czech News Agency
says.

Shareholders approved the proposal Wednesday to use CZK280
million (EUR9.34 million) of the EUR295 million (EUR9.84 million)
profit last year to drop previous losses from the books.

Investors also named Milos Kebrdle and Petr Goldmann to the
supervisory board, replacing Jindrich Ploch and Jaromir Hejda,
according to Aero spokesman Vitezslav Kulich.  The supervisory
board then appointed Mr. Kebrdle chairman, replacing resigned
Vaclav Srba, a former deputy industry and trade minister.

The government is currently looking for a private investor for
Aero, with the aim of saving the plane maker from bankruptcy.
The state took over Boeing's share in October 2004 after
expressing dissatisfaction over the latter's inability to secure
enough orders for Aero.  It then attempted to restructure the
firm by writing off debt, but the European Commission thwarted
the plan saying it was tantamount to state aid.

CONTACT:  AERO VODOCHODY
          250 70 Odolena Voda
          Phone: +420 25576 1111
          Fax: +420 25576 2111 or +420 25576 5999
          Web site: http://www.aero.cz


CZECH AIRLINE: Potential Financiers of Airbus Purchase Cut to 4
---------------------------------------------------------------
National air carrier Czech Airlines has shortlisted four bidders
to finance its purchase of 12 Airbus 320s, spokeswoman Jitka
Novotna told CTK.

The would-be backers are Citibank and the consortia of Komercni
banka and Societe Generale, ING and brokerage company Calyon,
CSOB and BNP Paribas, and Natexis.

The transaction is worth CZK10-12.5 billion.  CSA is seeking the
highest possible financing for the purchase, if possible close to
100% of the expected price.  It wants the maximum interest at
10%, to be repaid over 12-15 years.  The funding must be
available by February next year when the first planes will be
delivered.  Three planes will arrive in 2006, five in 2007, and
four in 2008.  CSA's order is for six 126-seater Airbus 320s and
six 135-seater A319s.  The purchase will bring to 60 its current
fleet of 50 planes by 2008.

The results of tender is expected to come out end of July or
beginning of August.  A contract could be signed at the end of
September or beginning of October, said Ms. Novotna.

CSA recently reported an audited net profit of CZK324.2 million
in 2004.  Using the International Financial Reporting Standards
(IFRS), the profit came to US$22.9 million.  Last year CSA said
it aims to return to black with profits of around US$20 million.

CONTACT:  CESKE AEROLINIE A.S.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax:   +42 224 81 04 26
          Web site: http://www.csa.cz


JULIUS MEINL: Selling Loss-making Supermarket Business
------------------------------------------------------
Retail chain Julius Meinl is disposing of its loss-making
supermarkets, raising speculation the group is withdrawing from
the local market, Mlada fronta Dnes (MfD) says.

Julius is selling 28 of its 88 outlets, after transferring them
to an arm in 2004.  Only 17 local shops have remained in
operations.  According to a source familiar with the matter,
Julius is now in talks with rival Ahold over the sale of 60 local
outlets.  Both groups just need the go-signal from the anti-trust
office to proceed with the sale.

Reacting to the MfD report, Ahold spokeswoman Katerina Cerna
said, "Our company does not comment on market speculations."

"Your speculations about a potential sale of Julius Meinl are
incorrect and misleading," MfD quoted Julius as saying.

Julius' accumulated losses in the Czech Republic have now
exceeded its share capital.  In 2003, it suffered a CZK500
million (EUR16.7 million) loss.

According to MfD, Julius' pullout from the local market is
evidenced by the cancellation of its bonus program for clients.
But the daily said, even if Julius gives up its supermarket
operations, it will remain in the country because its owners are
big players in the real estate market.  Aside from supermarkets,
the group also owns more than a hundred shops and shopping
centers.

Julius Meinl a.s. is a subsidiary of Austrian Julius Meinl
International, a recognized retailer in Central and Eastern
Europe.

CONTACT:  JULIUS MEINL a.s.
          U Libenskeho Pivovaru 63
          180 00 Prague 8
          Phone: (+420) 2 83 088 200
          Fax: (+420) 2 83 088 206
          E-mail: sekretariat@julius-meinl.cz
          Web site: http://www.julius-meinl.cz


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


VIVENDI UNIVERSAL: Local Attorney Files Unprecedented Class Suit
----------------------------------------------------------------
French attorney Frederik-Karel Canoy launched a class action
lawsuit to recover losses, which small French shareholders
incurred when telecoms and media group Vivendi Universal nearly
collapsed in 2002, The Reuters News Agency reports.

Though Vivendi may be willing to pay EUR2 billion, APPAC, an
association representing small shareholders said it was not aware
of any figures and wanted the lawsuit withdrawn, according to Mr.
Canoy.

Launched last week, the class action is the first of its kind in
France.  Mr. Canoy told Reuters that a Web site is seeking to
attract more small shareholders who suffered losses between
January 1999 and April 2005.  "On losses of more than EUR100
billion, compensation of EUR2 billion is proposed to us," he told
France Info radio.

Mr. Canoy told Reuters that the amount being offered by Vivendi
was "a drop in the ocean" and "an insult and affront to small
shareholders."

However, APPAC President Didier Cornardeau told Reuters that he
had no knowledge of any such offer and said that the class action
would not help small shareholders. "APPAC is against this
procedure and wants it withdrawn," he said.

In a press statement released by Mr. Canoy recently, he said
Vivendi had painted an optimistic and reassuring picture of its
accounts in the past, which had subsequently proven misleading.
He goes on to say, "Between 1999 until April 2005, Vivendi
Universal's shareholders were seriously misled by the firm's
financial communication."

He also pointed out that Vivendi is currently facing a class
action in the United States, where there is a long precedent of
this legal practice, which claims to lower the cost of tackling
major litigation for individual shareholders, particularly small
ones. "Until now, no one has had the courage to do this" in
France, Mr. Canoy told Reuters.  He adds, "But why can the
Americans do certain things and not the French?"

According to the Web site, which laid out the details of those
who could take part in the class action, the lawyer would demand
up to EUR160 per share for losses suffered.

A source close to the matter told Reuters that Vivendi was
expected to meet representatives of small shareholders, from a
group called APPAC, to discuss possible compensation for losses
suffered by past sharp declines in the price of Vivendi shares.
Though a Vivendi spokesman could not confirm the date and
declined to comment on the nature of the discussions, he did tell
Reuters, CEO "Jean-Bernard Levy wanted to meet all shareholders'
associations and it is in this framework that there will be a
meeting with APPAC."

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations, Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          Or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


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


DAIMLERCHRYSLER AG: Canada June Sales Jump 12%
----------------------------------------------
DaimlerChrysler Canada Inc. reported Monday a total of 27,170
units sold in June, including 7,982 cars and 19,188 trucks.

Car sales increased 28.1% from 6,233 units last year and truck
sales are up 6.5% from June 2004 sales of 18,018 units.
Compared to June 2004 sales of 24,251, sales for the month are up
12%.  Calendar-year-to-date sales totaled 115,770 units, up 0.3%
compared to the first six months of last year, including sales of
30,524 cars and 85,246 trucks.

The Jeep(R) brand set a new all-time monthly sales record with a
total of 3,500 sales, up 0.2% over the November 1997 record and
up 40.6% over last June.  Jeep Liberty set a monthly record with
sales of 2,103 units, up 66.6% over last June, and Jeep Grand
Cherokee sales are up 33.5% with 813 units.

Canadian-built vehicles continued to prove their popularity in
June: The Windsor-built Chrysler Pacifica set a new June record
with sales of 581 units, up 13% over last June's 514 units.  The
Chrysler 300 and 300C maintain their sales momentum with 2,124
units sold, up 54.6% over last year, Dodge Magnum sold 610 units
and the new Dodge Charger has started to make an impact in the
market with sales of 422 units.

Mark Norman, President & CEO, DaimlerChrysler Canada, said: "Our
June results, and six month year-to-date performance, validate
DaimlerChrysler's marketing strategy, which is to keep momentum
with hot new products like Jeep Grand Cherokee, leverage
innovative features such as Diesel and HEMI(R) powertrains and
support value-pricing on products such as Jeep Liberty with
advertising that focuses on our strongest asset: the products
themselves.

"The second half of the year will see continued assertiveness
from DaimlerChrysler and our dealers, in both new product
launches and best-in-class offers."

Visit http://www.media.daimlerchrysler.cafor more information.

                            *   *   *

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.

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

          DAIMLERCHRYSLER CANADA INC.
          Communications Department
          Stuart Schorr
          Phone: (519) 973-2253
          Kristina Paetsch
          Phone: (519) 561-9571


IPR FORSCHUNGS: Court Appoints Dr. Ampferl Administrator
--------------------------------------------------------
The district court of Amberg opened bankruptcy proceedings
against IPR Forschungs- und Entwicklungs GmbH on June 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 25, 2005
to register their claims with court-appointed provisional
administrator Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting on September 12, 2005, 10:15 a.m. at the district
court of Amberg, Baustadelgasse 1, Sitzungssaal V, 1. Stock,
Zimmer 115, 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:  IPR FORSCHUNGS- UND ENTWICKLUNGS GmbH
          Schlossberg 1 in 92543 Guteneck

          Dr. Hubert Ampferl, Administrator
          Stahlstrasse 17, 90411 Nuernberg
          Phone: 0911/951285-0
          Fax: 0911/951285-10


KARSTADTQUELLE AG: Turnover Drop Decelerates
--------------------------------------------
Turnover decline at KarstadtQuelle's department stores has
reportedly slowed down for the first half of 2005, Financial
Times Deutschland says.

Sources familiar with the matter revealed that, for the period up
to June 15, 2005, turnover dropped only by 5.8% compared to the
same period in 2004.  First-quarter turnover also posted only a
6.8% drop compared to the first three months of 2004.

This should be good news for the struggling retail giant, which
has blamed it troubles to sluggish local demand for consumer
products.  Due to this, the group was forced to undergo massive
restructuring, which entails disposal of non-core assets as well
as 75 of smaller department stores.  The group is now shifting
its restructuring focus on the mail order division.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com


KARSTADTQUELLE AG: Turns Attention to Mail order Unit
-----------------------------------------------------
Restructuring at KarstadtQuelle AG has taken another turn,
heading this time towards its mail order subsidiary Quelle,
Suddeutsche Zeitung says.

Chief executive Thomas Middelhoff reportedly tasked finance head
Harald Pinger to outline a plan of action for Quelle.
KarstadtQuelle is planning to sharpen the Quelle brand's profile
and expand its mail-order activities through offering some
product ranges at certain times in special catalogues.  For the
first time in its 78-year history, Quelle will publish this month
two main catalogues, one for fashion and another for technology
and household goods.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com


PHOENIX KAPITALDIENST: Bankruptcy Proceedings Start
---------------------------------------------------
Bankruptcy proceedings have been launched against troubled
brokerage Phoenix Kapitaldienst, The Associated Press says.

The group's troubles started in March, when financial regulator
BaFin opened a probe against Phoenix for the collapse of its
EUR800,000 fund, leaving around 30,000 investors scurrying for
their money.  Insolvency administrator Frank Schmitt, of local
law firm Schultze & Braun, has so far traced EUR200 million in
various accounts in Germany and Scandinavia.  Hearings will start
early October, Mr. Schmitt revealed.

Frankfurt prosecutors recently initiated legal action against two
Phoenix directors, accusing them of defrauding investors between
July 2004 and January 2005.  Prosecutors revealed only a fifth of
EUR123 million of investor money reached brokers in London for
investment.

CONTACT:  PHOENIX KAPITALDIENST GMBH
          Vilbeler Strasse 29
          Arcadia-Haus
          D-60313 Frankfurt am Main
          Phone: +49-69-28 02 66
                        30 03 600
          Fax: +49 - 69 - 29 01 80
                          28 41 75
          E-mail: phxkap@phoenix-ffm.de
          Web site: http://www.phoenix-ffm.de

          SCHULTZE & BRAUN RECHTSANWALTSGESELLSCHAFT FUER
          INSOLVENZVERWALTUNG MBH
          Olof-Palme-Strasse 13
          60439 Frankfurt
          Phone: +49 69 / 50986-0
          Fax: +49 69 / 50986-110
          Web site: http://www.schubra.de


PRODOMO-HAUS: Creditors' Claim Due Next Week
--------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against Prodomo-Haus GmbH on June 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 13, 2005 to register their claims with
court-appointed provisional administrator Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 11:00 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:  PRODOMO-HAUS GmbH
          Am Waldchen 10, 31311 Uetze
          Contact:
          Thorsten Burghardt, Manager

          Torsten Gutmann, Administrator
          Zum blauen See 5, 31275 Lehrte
          Phone: 05132/82680
          Fax: 05132/8268-96


RESAHA BAUKONZEPTE: Proofs of Claim Due This Month
--------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against ReSaHa Baukonzepte GmbH 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 Michael
Bohlander.

Creditors and other interested parties are encouraged to attend
the meeting on August 29, 2005, 11:30 a.m. at the district court
of Mannheim, 68149 Mannheim, Schloss, Westfluegel (Bismarckstr.
14), 1. Stockwerk/Raum 232, 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:  RESAHA BAUKONZEPTE GmbH
          Contact:
          Hans Andes, Manager
          Bluecherstr. 6, 69469 Weinheim

          Michael Bohlander, Administrator
          Goethestr. 8, 68161 Mannheim
          Phone: 0621/401717-0


RH-TEC: Court to Verify Claims Next Month
-----------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against rh-tec GmbH on June 3.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 27, 2005 to register their claims with
court-appointed provisional administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 11:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  RH-TEC GmbH
          Grosser Heidkamp 8, 32549 Bad Oeynhausen
          Contact:
          Monika Rohrmann, Manager
          Eidinghausener Str. 36 a, 32549 Bad Oeynhausen
          Jorg Hokamp, Manager
          Eidinghausener Str. 54, 32549 Bad Oeynhausen

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


SALBERSGOLF GMBH: Aachen Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against SALBERsGOLF GmbH & Co. KG on June 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 8, 2005 to register their
claims with court-appointed provisional administrator Jens
Olinger.

Creditors and other interested parties are encouraged to attend
the meeting on September 6, 2005, 10:25 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, 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:  SALBERSGOLF GmbH & Co. KG
          Theater Str. 76, 52062 Aachen,
          c/o Salber Holding GmbH
          Oppenhoffallee 158, 52066 Aachen
          Contact:
          Armin Salber
          Oppenhoffallee 108, 52066 Aachen

          Jens Olinger, Administrator
          Eupener Strasse 181, 52066 Aachen
          Phone: 0241/6052800
          Fax: 0241/6052799


SCHNEIDER GARTEN: Falls into Bankruptcy
---------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Schneider Garten- und Landschaftsbau GmbH on June 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 3, 2005
to register their claims with court-appointed provisional
administrator Markus Lehmkuehler.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 10:05 a.m. at the district
court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn,
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:  SCHNEIDER GARTEN- UND LANDSCHAFTSBAU GmbH
          Bonner Weg 30, 53347 Alfter
          Contact:
          Heinz Theodor Schneider, Manager
          von Guericke Allee 6, 53125 Bonn

          Markus Lehmkuehler, Administrator
          Wilhelmstr. 40, 53111 Bonn
          Phone: 0228/92 66 60
          Fax: 92 66 699


VITAROLL GMBH: Creditors Meeting Set August
-------------------------------------------
The district court of Mainz opened bankruptcy proceedings against
Vitaroll GmbH on June 15.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until July 31, 2005 to register their claims with
court-appointed provisional administrator Hans-W. Goetsch.

Creditors and other interested parties are encouraged to attend
the meeting on August 22, 2005, 11:00 a.m. at the district court
of Mainz, Saal 75, Gebaude B, Ernst-Ludwig-Strasse 7, 55116
Mainz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will 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:  VITAROLL GmbH
          In der Bein 8, 55270 Zornheim
          Contact:
          Wilfried Volkhard Manthey
          Hostergasse 5, 55270 Zornheim

          Hans-W. Goetsch, Administrator
          Libellenweg 4, 55128 Mainz
          Phone: 06131/3337960
          Fax: 06131/3337961


WOLFRAM HEINRICH: Under Bankruptcy Administration
-------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Wolfram Heinrich Wilhelm Prinz zu
Lowenstein-Wertheim-Freudenberg on June 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 4, 2005 to register their
claims with court-appointed provisional administrator Bernd
Lichtenstern.

Creditors and other interested parties are encouraged to attend
the meeting on July 26, 2005, 9:20 a.m. at the district court of
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:  WOLFRAM HEINRICH WILHELM PRINZ
          ZU LOWENSTEIN-WERTHEIM-FREUDENBERG
          Untergasse 46, 86934 Reichling

          Bernd Lichtenstern, Administrator
          Hauptplatz 155 II, 86899 Landsberg


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


OLYMPIC AIRLINES: State Remains Open for Bids
---------------------------------------------
The government will still entertain other bidders for troubled
national carrier Olympic Airlines, Reuters says.

Transport Minister Michael Liapis said Thursday that though the
government is in the final phase of talks with three potential
buyers, it would still accept offers for the loss-making airline.
Mr. Liapis said, "No company has been excluded and in the coming
weeks we should have some specific result."

The Finance Ministry revealed last week that the state is holding
negotiation with Greek-American consortium Olympic Investors-York
Capital.  The two other bidders remained unknown, but local
papers identified them as U.K. company Klesch, Olympic Investors
and Dutch investment fund Sure Estates.

The state is trying to dispose of the struggling carrier to
reduce public debt, saying that a sale is its only chance of
survival.  In 2003, Olympic Airlines booked a EUR23 million in
net loss.

Olympic Airlines was created in 2004 by the previous Socialist
government after failing to find buyers for the nearly bankrupt
Olympic Airways, which had been racking up an estimated debt of
more than US$133 million a year.

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


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


FIAT SPA: Sets up Body to Review Governance
-------------------------------------------
Gian Maria Gros-Pietro, Virgilio Marrone, Vittorio Mincato and
Mario Zibetti, the four Directors newly appointed by the
Stockholders Meeting, for the first time attended the Fiat Board
of Directors meeting which was held after the Stockholders
Meeting under the chairmanship of Luca Cordero di Montezemolo.

The Board determined that these Directors meet the independence
requirements: Angelo Benessia, Flavio Cotti, Luca Garavoglia,
Gian Maria Gros-Pietro, Hermann-Josef Lamberti, Vittorio Mincato,
Pasquale Pistorio and Mario Zibetti.

As of June 23, the Fiat Board of Directors is comprised of
fifteen members, the majority of whom are independent.  As part
of the review of the Group corporate governance, the Board
resolved to establish a Strategic Committee charged with the task
of assisting it in drawing up the strategic plans of the Company
and the Group.

The Strategic Committee is comprised of:

Luca Cordero di Montezemolo Chairman
John Elkann
Sergio Marchionne
Vittorio Mincato
Pasquale Pistorio

Finally, the Board of Directors made some changes in the
composition of the Nominating and Compensation Committee and the
Internal Control Committee, which are:

Nominating and Compensation Committee:
John Elkann Chairman
Flavio Cotti
Luca Garavoglia
Gian Maria Gros-Pietro
Daniel John Winteler

Internal Control Committee:
Mario Zibetti Chairman
Angelo Benessia
Hermann-Josef Lamberti

                            *   *   *

Headquartered in Turin, Fiat is an industrial group focused on
cars, CNH Global agricultural and construction equipment, and
Iveco commercial vehicles.  It also operates insurance and
publishing subsidiaries.  The founding Agnelli family owns about
30% of the Company.

The company is planning to convert into equity EUR3 billion of
mandatory convertible loan, due in September 2005.  S&P says the
conversion is very favorable for Fiat's credit quality.  It will
wipe out EUR3 billion of financial debt at the industrial level
and materially decreases the group's interest burden.  It retains
its BB-/Negative/B ratings and outlook on Fiat after the
confirmation of the debt into equity.  The outlook remained
negative on lingering uncertainties regarding the turnaround of
the group's automotive activities.  Fiat Auto has reported 12
straight quarterly losses.

The firm's share price has fallen by more than 85% over the past
five years.

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


IMPREGILO SPA: Eyes Eastern European Latin American Markets
-----------------------------------------------------------
Troubled builder Impregilo S.p.A. plans to penetrate the
construction market in Eastern Europe and Latin America, AFX News
says.

In an interview with Milano Finanza, chief executive Alberto Lina
revealed the group had been invited to participate in bids for
construction projects in Ukraine and Bulgaria.  Mr. Lina also
denied market rumors that that Impregilo is planning to convert
saving shares into ordinary shares.

Impregilo shareholders last month expressed interest to a EUR650
million capital hike, which is vital to the group's
restructuring.  The capital hike received a major boost after
reaching an agreement with banks to underwrite its capital hike.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it


ITALTRACTOR ITM: Rating Up to 'CCC' on Improved Performance
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Italy-based machinery component maker
Italtractor ITM S.p.A. to 'CCC' from 'CCC-', following the
completion of a bank refinancing and confirmation of improved
operating performance in 2004.  The rating was removed from
CreditWatch with developing implications, where it was placed on
June 14, 2004.  The outlook is negative.

At the same time, Standard & Poor's affirmed its rating on
Italtractor's EUR100 million (US$119 million) notes due Jan. 22,
2008, at 'CC'.  This rating was also removed from CreditWatch
with developing implications.  The notes, issued by Italtractor's
Luxembourg-based subsidiary Italtractor ITM S.A., are irrevocably
and unconditionally guaranteed by Italtractor, but rank behind
secured bank financing.

The rating action chiefly results from:

(a) Italtractor's banks have reached agreement to refinance
    existing debt and inject new funds into the company.  The
    total amount raised through the new plan is about EUR82
    million.  This agreement gives a measure of stability to the
    financial structure in the short to medium term.

(b) Italtractor's financial results for 2004, approved last
    week, revealed that the company had improved its
    performance, with revenues up sharply to EUR314 million and
    EBITDA up to EUR37 million from EUR6 million in 2003.

This level of performance under the new financial structure
allows Italtractor to meet interest payments and other financial
obligations.  As a result, a 'CCC' rating is now appropriate.

Despite the improvement, Italtractor's credit position remains
precarious and would be threatened by a market downturn.  At the
end of 2004, the company's total adjusted financial debt
(including pension liabilities and operating leases) exceeded
EUR270 million, net debt to EBITDA approached 7x, and EBITDA
interest coverage was below 2x.  Free cash generation is likely
to be negative, at least in the short term.

Supporting rating factors include the group's position as one of
the world's few specialists in undercarriage components and
systems.  In addition, the group enjoys a fair geographical
spread and a balanced mix between the original equipment and
aftermarket segments.  The industry is highly cyclical, however,
and a downturn could threaten Italtractor's survival given its
current financial profile.

"Risks arise from Italtractor's weak financial structure.  Given
the high cyclicality of the undercarriage market, we believe that
it will be difficult for the company to survive future downturns
without changing its capital structure," said Standard & Poor's
credit analyst Barbara Castellano.  "Although 2005 is expected to
be a satisfactory trading year for the company, ratings could be
lowered if the market turns down or Italtractor does not continue
its improvement."

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
          CorporateFinanceEurope@standardandpoors.com


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


THIEL LOGISTIK: Downgrade Likely on Uncertain Management
--------------------------------------------------------
Standard & Poor's Ratings Services placed all ratings including
its B+ corporate credit rating on Luxembourg-based Logistics
Services provider, Thiel Logistik AG, on CreditWatch with
negative implications.  This follows the announced departure of
the company's CFO, Mr. Loffler, who is the second senior
executive to quit the company, following the recent departure of
CEO, Dr. Eierhoff.  As such, the company is presently without a
permanent CEO or CFO.

"The CreditWatch placement reflects the substantial management
uncertainty that currently exists at Thiel," said Standard &
Poor's credit analyst Jarrad Oberhardt.  "It also reflects our
wider concerns concerning uncertainty with respect to the
company's strategic direction and focus on operational discipline
that remains essential to the company's prospects."

The uncertainty surrounding senior management changes and
corporate direction has come at a crucial time in the evolution
of the company's prospects.  Following a period of financial
difficulty, the company had achieved somewhat of a turnaround
over the course of 2004 under both Dr. Eierhoff and Mr. Loffler.

Earlier this year, the company had revised down their 2005 growth
expectations in the wake of continuing weak performance in auto
logistics, weaker-than-expected economic activity in the German
market, and specific operational issues within the Furniture
division.  However, performance was still expected to be
comparable with that achieved in 2004.

"Although the negative revisions were not unexpected, Standard &
Poor's believes the risk of further underperformance
substantially increases while a state of management flux
continues," said Mr. Oberhardt.  "As such, we are now concerned
that Thiel has the potential to backslide against the turnaround
achieved during 2004."

Standard & Poor's expects to resolve the CreditWatch following
the clarification of senior management changes, corporate
strategy, and the company's commitment to operational discipline.
The ratings could be lowered should we believe it likely that
these factors will negatively impact the company's financial
performance or future prospects.  This might include a change in
financial policy or attitude to risk.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found on 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 & POOR'S
          GROUP E-MAIL ADDRESS
          InsuranceInteractive_Europe@standardandpoors.com


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


ROYAL NUMICO: Completes Restructuring of European Baby Food Biz
---------------------------------------------------------------
Royal Numico N.V. has now successfully closed all of the eight
plants that formed part of the company's Baby Food manufacturing
rationalization plan in Europe.

It closed the last two plants that formed part of project Focus,
the plan to optimize the company's Baby Food manufacturing base
in Europe.  The plant in Friedrichsdorf (Germany) was closed in
May, followed by the plant in Wells (U.K.), which was closed last
week.  All of the plant closures have been executed according to
plan without any form of disruption and within the envisaged
timetable.  The majority of related employees have already found
alternative forms of employment.

The closure of these two plants will result in an incremental
(one-off) cost of EUR2.5 million in the second quarter of 2005
compared to the first quarter of 2005.

Project Focus is aimed at the optimization and simplification of
the company's Baby Food manufacturing platform in Europe.  The
project was launched in July 2003 and will generate cumulative
annualized cost savings of EUR35 million in 2006.

Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition and brings products to the market under the brand names
Nutricia, Milupa and Cow & Gate, among others.  The company
serves customers in over 100 countries and employs approximately
11,000 people (see also: http://www.numico.com).

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 20 456 9077

          Investor Relations
          Phone: +31 20 456 9003


* Bankruptcies, Unemployment in Netherlands Swell in 1st Half
-------------------------------------------------------------
The number of companies going bankrupt in the Netherlands has
reportedly increased by 10% for the first six months of 2005.

Dutch news agency ANP revealed 5,018 businesses collapsed in the
first half of the year, which left, according to credit
management agency Graydon, some 60,000 people jobless.

As reported by Xinhua Monday, a study also shows a 10% rise
(7,790) in the number of individuals and firms under
sole-proprietorship that have carried out debt restructuring so
far this year.

The trend would continue throughout the rest of 2005, according
to Graydon, with additional bankruptcies and cases of debt
restructuring numbering to about 5,000 and 8,700, respectively.

The situation is said to be adversely affecting the retail sector
amid an ongoing supermarket price war.  However, major national
banks such as Rabobank, ING and ABN Amro have been employing
measures to protect Dutch firms from the negative trend, says
finance newspaper Het Financieele Dagblad.

Visit http://www.graydon.nl/and http://www.anp.nl/for more
information.


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


AMURSKIY DOROZHNIK: Succumbs to Bankruptcy
------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Amurskiy Dorozhnik (TIN 2801015731) after
finding the open joint stock company insolvent.  The case is
docketed as A04-784/05-6/97 B.  Mr. M. Miroshnichenko has been
appointed insolvency manager.  Creditors have until July 28, 2005
to submit their proofs of claim to 675011, Russia, Blagoveshensk,
Krasnoarmeyskaya Str. 165-15.

CONTACT:  AMURSKIY DOROZHNIK
          Russia, Amur region,
          Blagoveshensk, Nagornaya Str. 1

          Mr. M. Miroshnichenko
          Insolvency Manager
          675011, Russia, Blagoveshensk,
          Krasnoarmeyskaya Str. 165-15


CORPORATION OF MECHANIZATION #1: Under Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Corporation Of Mechanization #1.  The case is docketed as
A73-3154/2005-39.  Mr. V. Biryukov has been appointed temporary
insolvency manager.  Creditors have until July 28, 2005 to submit
their proofs of claim to 680000, Russia, Khabarovsk, Main Post
Office 1/17.

CONTACT:  CORPORATION OF MECHANIZATION #1
          681005, Russia, Komsomolsk-na-Amure,
          Engelsa Str. 21

          Mr. V. Biryukov
          Temporary Insolvency Manager
          680000, Russia, Khabarovsk region,
          Main Post Office 1/17


FERTILITY: Hires Insolvency Manager from Stavropol
--------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on open joint stock company
Fertility.  The case is docketed as A63-90/2005-S5.  Mr. A.
Bervinov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Stavropol,
Lenina Str. 431.

CONTACT:  FERTILITY
          356631, Russia, Ipatovo,
          Pervomayskaya Str. 2a

          Mr. A. Bervinov
          Temporary Insolvency Manager
          Russia, Stavropol region,
          Lenina Str. 431
          Phone: (8652) 95-00-36


KAUZHSKIY: Bankruptcy Hearing Set August
----------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
supervision procedure on close joint stock company Kauzhskiy
Factory Of Wines.  The case is docketed as A23-651/05B-7-15.  Mr.
L. Skripkin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) KAUZHSKIY
    Russia, Kaluga region, Severnyj

(b) Temporary Insolvency Manager
    248600, Russia, Kaluga region,
    Plekhanova Str. 84, Apartment 10

(c) The Arbitration Court Of Kaluga region
    Russia, Kaluga region,
    Staryj Torg Square, 4

A hearing will take place on Aug. 22, 2005, 10:30 a.m. located at
Russia, Kaluga region, Staryj Torg Square, 4.


KHANDYGSKIY: Declared Insolvent
-------------------------------
The Arbitration Court of Sakha republic- Yakutiya commenced
bankruptcy proceedings against Khandygskiy after finding the
river port insolvent.  The case is docketed as A58-2366/04.  Ms.
A. Polishenko has been appointed insolvency manager.  Creditors
have until July 28, 2005 to submit their proofs of claim.

CONTACT:  KHANDYGSKIY
          678720, Russia, Sakha republic- Yakutiya,
          Khandyga, Naberezhnaya Str. 50

          Ms. A. Polishenko
          Insolvency Manager
          677000, Russia, Sakha republic- Yakutiya,
          Yakutsk, Korolenko Str. 28, Office 65

          The Arbitration Court of Sakha republic- Yakutiya:
          677000, Russia, Sakha republic- Yakutiya,
          Yakutsk, Kurashova Str. 28


NORTH-WEST-OIL-PRODUCT E: Succumbs to Bankruptcy
------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against North-West-Oil-Product E after finding the
limited liability company insolvent.  The case is docketed as
A04-9483/04-7/430 B.  Mr. M. Praskov has been appointed
insolvency manager.  Creditors have until July 28, 2005 to submit
their proofs of claim to Russia, Blagoveshensk, Shevchenko Str.
7, Room 2.

CONTACT:  NORTH-WEST-OIL-PRODUCT E
          Russia, Amur region,
          Erofey Pavlovich

          Mr. M. Praskov
          Insolvency Manager
          Russia, Blagoveshensk,
          Shevchenko Str. 7, Room 2


RAMON'-AGRO-TRANS: Creditors Have Until July 28 to File Claims
--------------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Ramon'-Agro-Trans after finding the open
joint stock company insolvent.  The case is docketed as
A14-17558-2004/92-20b.  Mr. V. Lobanov has been appointed
insolvency manager.  Creditors have until July 28, 2005 to submit
their proofs of claim to 394018, Russia, Voronezh, Kirova Str. 9,
Office 30.

CONTACT:  RAMON'-AGRO-TRANS
          Russia, Voronezh region, Ramonskiy region,
          Novozhivotinnoye, Mekhanizatorov Str. 27

          Mr. V. Lobanov
          Insolvency Manager
          394018, Russia, Voronezh region,
          Kirova Str. 9, Office 30


RYBINSKOYE: Appoints V. Goldin Insolvency Manager
-------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on close joint stock company Rybinskoye.
The case is docketed as A14-3223/2005/20/16b.  Mr. V. Goldin has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 394000, Russia,
Voronezh, Main Post Office, Post User Box 227.  A hearing will
take place on Aug. 16, 2005, 11:00 a.m. at the Arbitration Court
of Voronezh region located at Russia, Voronezhm Srednemoskovskaya
Str. 77, Room 302.

CONTACT:  RYBINSKOYE
          Russia, Voronezh region,
          Ostrogozhskiy region, Rybnoye

          Mr. V. Goldin
          Temporary Insolvency Manager
          394000, Russia, Voronezh region,
          Main Post Office, Post User Box 227


SPASSKIY: Under Bankruptcy Supervision
--------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on open joint stock company Spasskiy.  The
case is docketed as A-70-3697/3-2005.  Mr. A. Fillipov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Tyumen
region, Samartseva Str. 34a-58.  A hearing will take place on
Aug. 9, 2005.

CONTACT:  SPASSKIY
          Russia, Tyumen region,
          Lenina Str. 57

          Mr. A. Fillipov
          Temporary Insolvency Manager
          Russia, Tyumen region,
          Samartseva Str. 34a-58


STEPNOY: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on open joint stock company Stepnoy.  The
case is docketed as A27-10515/2005-4.  Mr. A. Aleshin has been
appointed temporary insolvency manager.  A hearing will take
place on Oct. 24, 2005, 11:00 a.m. (local time) located at
650099, Russia, Kemerovo region, Krasnaya Str. 8, Room 108.

CONTACT:  STEPNOY
          652380, Russia, Kemerovo region,
          Promyshlennyj region, Pyanovo

          Mr. A. Aleshin
          Temporary Insolvency Manager
          650070, Russia, Kemerovo region,
          Post User Box 2254
          Phone: (3842) 58-37-48


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


SAS GROUP: Faces SEK30 Million Fine for Bullying Rival
------------------------------------------------------
The Norwegian unit of troubled carrier SAS AB faces another fine
from the local competition authority, Reuters says.

The regulator accused SAS of abusing "its dominant position
through predatory behavior on the Oslo-Aalesund domestic air
route."

The watchdog said that SAS Braathens had charged unfair prices on
the route, aimed at forcing rival Norwegian Air Shuttle out of
the market.  It added, "The Norwegian Competition Authority has
found that while Norwegian (Air Shuttle) was present in the
market, SAS Braathens was charging fares that were far from
covering their cost of operation on the route."

Norwegian Air Shuttle made flights to Aalesund from August 19,
2003 to October 10, 2004.  SAS Braathens' abuse of its market
leader position, however, became illegal only on May 31, 2005,
when the Competition Act took effect, the regulator said.  The
competition authority considers imposing a fine of up to SEK30
million against SAS Braathens.  The carrier said it would review
the regulator's warning and fight in the court if necessary.

The Norwegian competition authority upheld last month its SEK20
million fine against the SAS Braathens for undercutting Coast
Air's prices on Olso-Haugesund route.  SAS Braathens protested
the penalty, but the competition authority remained firm on its
ruling.  The watchdog, however, had not found unfair behavior on
11 other routes.

CONTACT:  SAS AB
          Frosundaviks Alle 1, Solna
          S-195 87 Stockholm, Sweden
          Phone: +46-8-797-00-00
          Fax: +46-8-797-16-03
          Web site: http://www.scandinavian.net


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


ABB LTD.: 20 Banks Grant US$2 Billion Credit Facility
-----------------------------------------------------
ABB Ltd. has signed a US$2-billion (EUR1.68 billion), five-year
revolving credit facility agreement with a group of 20 banks.

The unsecured facility replaces the US$1-billion (EUR0.84
billion) credit facility that was due to expire in November 2006.
The new credit facility, based on terms typically found in the
investment-grade syndicated loan market, was oversubscribed by
approximately 60%.  The funds will be used for general corporate
purposes.

Michel Demare, ABB's chief financial officer, said: "This new
agreement gives us greater financial flexibility at terms and
conditions that reflect our return to strong financial health.

"I'm also encouraged by the positive support from our partner
banks for the new facility.  It reflects the re-established
confidence that the financial community has in our operational
performance and the future of ABB."

The previous US$1-billion credit facility was signed in November,
2003 and was part of the company's capital strengthening program
that included a $2.5-billion (EUR2.1 billion) rights issue and a
EUR650-million bond.

The new credit facility carries a margin of 62.5 basis points per
year (linked to a ratings grid).  The commitment fee is 35% of
the margin.

The syndicate consists of Barclays Capital, Bayerische Hypo- und
Vereinsbank AG, BNP Paribas, Citigroup Global Markets Limited,
Commerzbank AG, Credit Suisse, Deutsche Bank AG, Dresdner
Kleinwort Wasserstein, HSBC Bank plc, Nordea Bank AB,
Skandinaviska Enskilda Banken AB and Svenska Handelsbanken AB as
Mandated Lead Arrangers.  Arrangers are ABN AMRO Bank N.V., Banco
Bilbao Vizcaya Argentaria S.A., Bank of America N.A., DNB Nor
Bank A.S.A., ING Luxembourg S.A., KBC Bank N.V. and UBS.  The
Co-Arranger is Banca Intesa S.p.A.

ABB Ltd. provides power and automation technologies that enable
utility and industry customers to improve performance while
lowering environmental impact.  The ABB Group of companies
operates in more than 100 countries and employs about 102,000
people.

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

          ABB Corporate Communications
          Zurich
          Wolfram Eberhardt, Thomas Schmidt
          Phone: +41 43 317 6568
          Fax: +41 43 317 7958
          E-mail: media.relations@ch.abb.com

          Investor Relations
          Switzerland
          Phone: +41 43 317 3804
          Sweden
          Phone: +46 21 325 719
          USA
          Phone: +1 203 750 7743
          E-mail: investor.relations@ch.abb.com


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


ASPEKT: Liquidator Takes over Operations
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against CJSC ASPEKT (code EDRPOU 02772221) on May 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as 5/120 B.  Mr. V. Bilozyor (License Number AA
047680) has been appointed liquidator/insolvency manager.  The
company holds account number 26002301528988 at Prominvestbank,
Makiyivka branch.

CONTACT:  ASPEKT
          Ukraine, Donetsk region,
          Makiyivka, Lenin Str. 5/120 B

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


CHERKASIGOLOVPOSTACH: Declared Insolvent
----------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against OJSC Cherkasigolovpostach (code EDRPOU
04542809) after finding the open joint stock company insolvent.
The case is docketed as 08/1888.  Mr. Oleksandr Demchuk (License
Number AA 047780) has been appointed liquidator/insolvency
manager.  The company holds account number 26007301785271 at
Prominvestbank, Cherkassy region branch, MFO 354091.

CONTACT:  CHERKASIGOLOVPOSTACH
          18036, Ukraine, Cherkassy region,
          Pasterivska Str. 102/1

          Mr. Oleksandr Demchuk,
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy region,
          Pasterivska Str. 102/1, office 4

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue, 307


NOVOSERGIYIVSKE: Mikolaiv Court Appoints Insolvency Manager
-----------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Novosergiyivske on April 26, 2005 after
finding the limited liability company insolvent.  The case is
docketed as 10/67.  Mr. Chobanov Nizami Abbas Ogli has been
appointed liquidator/insolvency manager.

CONTACT:  NOVOSERGIYIVSKE
          56134, Ukraine, Mikolaiv region,
          Bashtanskij district, Novosergiyivka

          Mr. Chobanov Nizami Abbas Ogli
          Liquidator/Insolvency Manager
          56134, Ukraine, Mikolaiv region,
          Bashtanskij district, Novosergiyivka

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


OZIRYANSKE: Files for Bankruptcy
--------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Oziryanske (code EDRPOU 03792786) on March
14, 2005 after finding the private agricultural enterprise
insolvent.  The case is docketed as 01/1265.  Mr. Prihodko
Anatolij has been appointed liquidator/insolvency manager.  The
company holds account number 26002915090810 at SCB Ukrsocbank,
Cherkassy branch, MFO 354013.

CONTACT:  OZIRYANSKE
          Ukraine, Cherkassy region,
          Zvenigorodskij district, Ozirna

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


ZORYA: Insolvency Manager Takes over Operations
-----------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Zorya after finding the limited liability
company insolvent.  The case is docketed as 5/355-04.  Mr.
Vitalij Bolhovitin (License Number AA 630030) has been appointed
liquidator/insolvency manager.

CONTACT:  ZORYA
          Ukraine, Vinnitsya region,
          Illinetskij district, Pavlivka

          Mr. Vitalij Bolhovitin
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmelnitske Shose, 2a/602

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


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


ALBION DESIGN: Opts for Voluntary Winding-up
--------------------------------------------
At an Extraordinary General Meeting of the Members of Albion
Design Of Cambridge Limited, duly convened and held at Salisbury
House, Station Road, Cambridge CB1 2LA, on 23 June 2005, the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Shay Lettice, be and he is hereby appointed Liquidator for the
purposes of such winding-up."

R D H Brown, Chairman

                            *   *   *

Albion Design makes spiral staircases.  Visit
http://www.albionspirals.co.uk/for more information.

CONTACT:  PETERS ELWORTHY & MOORE
          Salisbury House
          Station Road
          Cambridge
          Cambridgeshire CB1 2LA
          Phone: 01223 362333
          Fax: 01223 461424
          E-mail: slettice@pem.co.uk


ALLIED DOMECQ: Sale to Pernod Receives U.S. Clearance
-----------------------------------------------------
The U.S. Federal Trade Commission and Department of Justice have
granted Pernod Ricard clearance to acquire Allied Domecq plc.
The clearance is subject to the implementation of the Framework
Agreement with Fortune Brands, Inc.

The agencies also granted early clearance of the sale to Fortune
Brands, Inc. of the majority of the brands provided for under the
Framework Agreement, while the Federal Trade Commission continues
its review related to the Canadian Club and Maker's Mark brands.

Pernod Ricard would continue to hold those brands on a temporary
basis.  This U.S. clearance follows the clearance received from
the European Commission on 24 June and the approval of Pernod
Ricard's shareholders to increase the share capital of the
Company at the extraordinary general meeting held June 30.  The
acquisition remains subject to the approval of the antitrust
authorities in Canada as well as the approval of Allied Domecq's
shareholders.

"We welcome this clearance," said Patrick Ricard, Chairman and
CEO of Pernod Ricard.

"We now look forward to the outcome of the Allied Domecq
shareholder meetings on Monday and believe that we remain firmly
on track for meeting the proposed timetable with completion
occurring by the end of July."

                            *   *   *

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

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

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

                            *   *   *

Not for release, publication or distribution, in whole or in
part, in or into or from, Australia, Canada or Japan

CONTACT:  PERNOD RICARD
          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


AMBER CHINA: Ceramic Maker Decides to Call in Liquidators
---------------------------------------------------------
At an Extraordinary General Meeting of Amber China Limited, duly
convened and held at the offices of Walletts Insolvency Services,
Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF,
on 21 June 2005, this Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of the Company that
this Company cannot, by reason of its liabilities, continue its
business, and that it is desirable that the same should be wound
up, and that the Company be wound up accordingly, and that
Michael Francis McCarthy, of Walletts Insolvency Services, 2-6
Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF,
be and is hereby appointed the Liquidator of the Company for the
purposes of such winding-up."

P Gant, Chairman

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place, Hanley,
          Stoke on Trent, Staffordshire ST1 3AF
          Phone: (01782) 212326
          Fax: (01782) 212326


ANVIL MASTER: Creditors Appoint Tenon Recovery Liquidator
---------------------------------------------------------
At an Extraordinary General Meeting of Anvil Master Locksmiths
Limited, duly convened and held at Tenon House, Ferryboat Lane,
Sunderland SR5 3JN, on Tuesday 21 June 2005, the subjoined
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Ian William Kings, of Tenon Recovery, Tenon House, Ferryboat
Lane, Sunderland SR5 3JN, be and is hereby appointed Liquidator
for the purposes of such winding-up."

At a subsequent Meeting of Creditors, duly convened, pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Ian W Kings was confirmed.

P Price, Chairman

                            *   *   *

Anvil Master makes locks and hinges.

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


BIRDS (UK): Collapses into Liquidation
--------------------------------------
At an Extraordinary General Meeting of Birds (UK) Ltd., duly
convened and held at 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES, on 27 June 2005, this Extraordinary
Resolution was duly passed:

"That it has been proved to the satisfaction of the Company that
this Company cannot, by reason of its liabilities, continue its
business, and that it is desirable that the same should be wound
up, and that the Company be wound up accordingly, and that Helen
Timothe Phillips, of 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES, be and she is hereby appointed the
Liquidator of the Company for the purposes of such winding-up."

M O'Donnell, Director

                            *   *   *

Birds (UK) repairs motor vehicles.

CONTACT:  Helen Phillips, Liquidator
          21-23 Station Road, Gerrards Cross
          Buckinghamshire SL9 8ES


BRITANNIA PROPERTY: Appoints Poppleton & Appleby Liquidator
-----------------------------------------------------------
At an Extraordinary General Meeting of Britannia Property Care
Limited, duly convened and held at 32 High Street, Manchester M4
1QD, on 27 June 2005, the subjoined Extraordinary Resolution was
duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Stephen Lord and Stephen James Wainwright, of Poppleton &
Appleby, 32 High Street, Manchester M4 1QD, be and are hereby
appointed Liquidators for the purposes of such winding-up."

T Barraclough, Director

                            *   *   *

Britannia Property is into general construction and civil
engineering.

CONTACT:  POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


BROOKWOOD MOTOR: Falls into Liquidation
---------------------------------------
At an Extraordinary General Meeting of the Members of Brookwood
Motor Company, duly convened, and held at 6C Church Street,
Reading RG1 2SB, on 27 June 2005, these Resolutions were duly
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Peter Bridger be and he is hereby appointed Liquidator for the
purposes of such winding-up."

R Waite, Chairman

                            *   *   *

Brookwood Motor is into garage repair.  Visit
http://brookwoodmc.co.uk/profile.htmfor more information.

CONTACT:  Peter Bridger, Liquidator
          Bridgers, 6C Church Street, Reading RG1 2SB

          BROOKWOOD MOTOR COMPANY
          8 Brook way
          Hambridge Lane,
          Newbury,
          Berks,
          RG14 5PE
          Phone: 01635 582347
          Fax: 01635 582347
          Web site: http://brookwoodmc.co.uk/profile.htm


CHARTERHOUSE PRESS: Members Decide to Wind up Business
------------------------------------------------------
At an Extraordinary General Meeting of Charterhouse Press
Limited, duly convened, and held at Baker Tilly, 1st Floor, 5 Old
Bailey, London EC4M 7AF, on 21 June 2005, these Resolutions were
duly passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the Company,
and accordingly that the Company be wound up voluntarily and that
Karl Christopher Holmes and Matthew Richard Meadly Wild of Baker
Tilly, 1st Floor, 5 Old Bailey, London EC4M 7AF, be and are
hereby appointed Joint Liquidators for the purposes of such
winding-up, and that the Joint Liquidators are to act
independently unless they decide otherwise."

C Walker, Chairman


CHESTER SWEETS: Shareholders Okay Firm's Liquidation
----------------------------------------------------
At an Extraordinary Meeting of the Members of Chester Sweets
Limited, duly convened, and held at the offices of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY, on 23 June 2005, this Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Asher Miller, of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

S Goldstein, Chairman

                            *   *   *

Chester Sweets retails confectioneries.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


CJ DEVELOPMENT: Liquidators from KMPG Take over Helm
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF CJ Development Company Limited
                        (In Liquidation)

We, Neil A. Armour, CA and Blair C. Nimmo, CA, KPMG, 37 Albyn
Place, Aberdeen AB10 1JB, give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that on June 15, 2005 we
were appointed Joint Liquidators of CJ Development Company
Limited by resolution of the first meeting of creditors.

A Liquidation Committee was not established.  Accordingly I give
notice that I do not intend to summon a further meeting for the
purposes of establishing a Liquidation Committee unless one-tenth
of the creditors require me to do so in terms of section 142(3)
of the Insolvency Act 1986.

Neil A. Armour, Joint Liquidator

CONTACT:  KPMG LLP
          37 Albyn Place
          Aberdeen AB10 1JB
          Phone: (01224) 591000
          Fax: (01224) 590909
          Web site: http://www.kpmg.co.uk


COLIN WRIGHT: Shareholders Opt to Liquidate Company
---------------------------------------------------
At an Extraordinary General Meeting of Colin Wright Design
Consultants Limited (t/a Colin Wright Bespoke), duly convened,
and held at the offices of Elwell Watchorn & Saxton LLP, 109 Swan
Street, Sileby, Leicestershire LE12 7NN, on 27 June 2005, a
subjoined Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
David John Watchorn, of Elwell Watchorn & Saxton LLP, 109 Swan
Street, Sileby, Leicestershire LE12 7NN, be and is hereby
appointed Liquidator for the purposes of such winding-up."

C Wright, Director

                            *   *   *

Colin Wright is a kitchen design consultant.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


COMTEC DIGITAL: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of Comtec
Digital Limited, duly convened, and held at Trafalgar House,
Grenville Place, London NW7 3SA, on 23 June 2005, the following
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Jeffrey Mark Brenner, of B & C Associates, Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA, is hereby appointed
Liquidator for the purposes of such winding-up."

P R Hardcastle, Director

                            *   *   *

Comtec Digital designs and manufactures electronic equipment.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


DOWNUNDER WEAR: Kylie Minogue Underwear Retailer Goes Bust
----------------------------------------------------------
Downunder Wear, the U.K. distributor of the Australian underwear
brand, Bonds, has filed for liquidation due to falling sales.

According to Times U.K. Saturday, the company, which also
distributes Kylie Minogue's Love Kylie brand, called in
liquidators after sales fell to GBP1.8 million in 2004 from
GBP2.4 million the year earlier.

Brand director Sean Turpin also blamed the liquidation to the
loss of accounts with Selfridges and House of Fraser for both
Love Kylie and Bonds for this autumn, the paper said.

While liquidator Valentine & Co refused to comment, a major
stockist said: "Sales have been dropping off.  Kylie modeled for
the brand in the first few seasons but then she no longer wanted
to.  The brand really needed to stand on its own feet."

Despite the closure, Holeproof & Pacific Brands, the listed
Australian company that owns the Love Kylie and Bonds brands,
will continue to distribute the brands directly in the U.K. until
a new partner is found.

"This decision is not connected in any way to the viability of
the Love Kylie brand, which will continue to be sold in the U.K.,
as well as maintaining wholesale accounts across Australia, New
Zealand and France," Holeproof said.

CONTACT:  DOWNUNDER WEAR
          39 Beak Street
          London W1F 9SA
          Phone: 0207 851 0355
          E-mail: info@downunderwear.co.uk

          VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Tel: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


EASYNET GROUP: Internet Network Links 4,000 U.K. Schools
--------------------------------------------------------
Easynet Group Plc, the Pan-European broadband networking company,
has been named supplier of next-generation broadband services to
the E2BN network, which includes 11 Local Authorities and covers
nearly 3,000 schools in a GBP4 million, 5-year contract.

Schools within the E2BN network will communicate with each other
across Easynet's IP (Internet Protocol) 21st century network, and
link to the National Education Network so they can collaborate
and share teaching and learning expertise and experience.

David Rowe, Chief Executive Officer, Easynet, said: "Easynet is
one of the key providers of broadband for schools in the U.K.,
and we are working to help meet government targets ahead of
schedule.  The Internet provides a wealth of information and
exciting new learning opportunities, and we are pleased to help
bring this to life."

The East of England contract builds on Easynet's good performance
in the Education sector.  It is the latest of several major
Education contracts for Easynet over the past 18 months, taking
the total number of U.K. schools connected by Easynet to around
4000.  These include schools managed by Reading and Slough
Borough Councils, Surrey County Council and substantial activity
in the North East of England connecting major LEAs (Local
Education Authorities) in the region.

About E2BN

E2BN is the Regional Broadband Consortium (RBC) for the East of
England, covering schools within Norfolk, Peterborough,
Cambridgeshire, Suffolk, Bedfordshire, Milton Keynes, Luton,
Essex, Hertfordshire, Southend on Sea and Thurrock.

There are ten Regional Broadband Consortia across the country.
These consortia are groups of LEAs and are key players in the
procurement of Internet services, broadband infrastructure and
content for LEAs and schools in their regions.  The RBCs
expertise means that they are able to provide advice, support and
resources to help schools optimize their use of the broadband
network with access to large amounts of free content, lesson
plans and projects.  They also have a role in linking together to
form the National Education Network and promote the development
of content for broadband networks.

At March 2005, 76% of schools had broadband connectivity -- 99%
of secondary and 73% of primary schools -- and all schools will
be connected by 2006.

Visit http://broadband.ngfl.gov.uk/for more information.

Easynet is a pan-European data networks provider with operations
in eight European countries.  Established in 1994, Easynet owns
and operates one of Europe's most advanced broadband network
infrastructures.  In December 2004, Easynet provided the first
viable alternative to BT Wholesale when it launched LLUStream,
offering wholesale access to its Local Loop Unbundled (LLU)
network.

CONTACT:  EASYNET GROUP PLC
          44-46 Whitfield St.
          London
          W1P 5RF, United Kingdom
          Phone: +44-20-7900-4700
          Fax: +44-20-7900-4701
          Web site: http://www.easynet.com

          David Rowe, Chief Executive Officer
          Will Gardiner, Chief Financial Officer
          Anne Perry, Press Office
          Phone: 0800 053 4004


EASYNET GROUP: U.K. Online Unit Attracts 10,000 New Customers
-------------------------------------------------------------
Following on from Ofcom's positive support of local loop
unbundling in the U.K., Easynet Group plc revealed plans to
extend its local loop business by:

(a) extending its LLU footprint by up to an additional 100
    exchanges (c.350 in total), reaching 5.8 million homes and
    850,000 businesses in the U.K.;

(b) investing further in the infrastructure required to serve
    the wholesale market; and

(c) expanding its direct consumer business through U.K. Online.

Chief executive David Rowe said: "We are pleased with the
progress that Ofcom is making in supporting the local loop market
in the U.K.  We have also seen strong progress in our own plans
to develop our consumer broadband proposition, UK Online, and our
wholesale broadband proposition, LLUStream.  To support these
initiatives we are investing additional funds (capital and
operating expenditure) in order to significantly enhance
capability in these areas to cater for expected additional
demand.  This will allow us to leverage our existing network and
local loop infrastructure, with rapid payback, and provide an
additional source of growth and profits for the company."

Investing in Mass Market Infrastructure

During 2005 the company is investing in additional capacity and
capability to service the rapid increase in consumer broadband
customers, both through its indirect, LLUStream, and direct, UK
Online, channels.  This includes automated systems to work
seamlessly with BT, as well as additional network and
provisioning resources.

Local Loop Expansion in the U.K.

Easynet will extend its local loop footprint by up to 100
exchanges during the next 12 months giving it coverage of up to
350 exchanges covering approximately 5.8 million homes and
850,000 U.K. businesses.  The additional exchange roll out will
be based on visibility provided by pre registrations from UK
Online and wholesale customer demand.  This extension will also
support the Company's current leased line replacement and VPN
services.

Wholesale Services

The Company is encouraged with its progress in the wholesale
arena, having already signed up several ISP's including Freedom
to Surf, Spitfire Communications, E7Even, and EFH Broadband.  It
expects full commissioning during Q3.  It is expected that new
customers will be earnings enhancing once connected.  Demand for
the service is strong.

UK Online

UK Online is the company's own brand broadband consumer service,
which was launched during April 2005.  The initial growth has
been encouraging with approximately 10,000 new customers achieved
by mid-June 2005.  UK Online utilizes Easynet's local loop
infrastructure, which provides a low cost route to market as well
as a strong platform to develop unique market propositions.  The
market for Broadband is growing fast and new next generation
services are expected to further stimulate the market.  The
company is expecting to offer speeds of up to 24Mb in the second
half of the year.  Investment in UK Online includes additional
marketing, customer support, and initial customer set up.

Trading Update

The company's corporate business continues to perform to plan.
Further to our last update, we have secured significant new
additional customers in the first half of the year, including,
Paperchase, Telson, TM Lewin, Vitelsa, Peverel, Crawford & Co,
and Kellogg's Italia.  These customers are utilizing Easynet's
network and hosting services to connect multiple locations across
a fully resilient IP infrastructure.

The company was cash flow positive in the second quarter of 2005.

Keith Todd, Chairman, Easynet Group Plc, said: "The recent Ofcom
announcements support our earlier decisions to invest in LLU and
have given us the confidence to extend our local loop footprint
and increase our investment in supplying consumer services both
directly through UK Online and indirectly through our wholesale
offering.

The board have taken the decision to invest further this year in
order to capitalize on our early-mover advantage in LLU in the UK
and as a result enhance returns for shareholders over the medium
and long term.  The investment will reduce our expected 2005
EBITDA profitability to similar levels achieved in 2004, but we
expect the payback to be quick as we now anticipate reaching PBT
profitability in 2006, our next full financial year.  Our cash
position remains strong allowing us to undertake the new
investment."

About Easynet Group Plc

Easynet is a leading pan-European Broadband networking company,
providing customers across Europe with innovative, IP-based wide
area networking solutions.

Easynet is focused on providing IP solutions that enable
organizations to enhance their own profitability.  The Easynet
European network covers ten countries, allowing companies to
connect all their European sites to a high quality, secure and
reliable IP VPN service with class of service, essential to the
deployment of Voice over IP (VoIP).
Easynet Group Plc is listed on the London Stock Exchange.
About UK online

UK Online, established in 1994, is a leading Consumer ISP that
provides high speed, reliable broadband and dial-up Internet
access across the U.K.  The ISP is known for its customer focus,
with four out of five of its customers recommending the service
to family and friends.  Its U.K.-based customer service center
offers 24-hour support to novices and experienced users alike.

UK Online is the official ISP to Team GB, the U.K.'s Olympic team
and demonstrated its support for the team in Athens in summer
2004.  This support will continue throughout the Winter Olympics
in Turin in 2006.

All UK Online Internet accounts have access to free
spam-filtering and parental controls.  For further information
about the company or any Internet access packages, please visit
http://www.ukonline.net

CONTACT:  EASYNET GROUP PLC
          44-46 Whitfield St.
          London
          W1P 5RF, United Kingdom
          Phone: +44-20-7900-4700
          Fax: +44-20-7900-4701
          Web site: http://www.easynet.com

          David Rowe, Chief Executive Officer
          Will Gardiner, Chief Financial Officer
          Anne Perry, Press Office
          Phone: 0800 053 4004


EQUITABLE LIFE: E.U. Hearing on Pensioners' Claims Set September
----------------------------------------------------------------
The European Parliament committee hearing on the claims of
Equitable Life policyholders has been set for September 12.

This came almost a year after Emag, the Equitable Members' Action
Group, filed a petition asking the body to initiate legal actions
against the U.K. government for failing to protect European
citizens enmeshed in the insurer's near-collapse.

According to The Guardian, Emag chairman Tom Lake and general
secretary Paul Braithwaite will appear at the hearing in behalf
of policyholders, while the petitions committee has decided to
invite representatives from the insurer, and the U.K. government.

In December, Paul Braithwaite said: "Despite Gordon Brown's fine
words about honoring promises and his patronizing, superior
stance towards Europe, the Equitable saga shows that when
stress-tested U.K. regulators failed to protect policyholders.

"European directives require redress when regulation fails.  No
remedy after four years proves there's no political will to honor
the obligations imposed by directives."

Implemented about four years ago, the GBP4,000 million cuts in
policy values affected more than one million investors at
Equitable.  Consequently, 50,000 annuitants across Europe are
living with income reduced by a third and the unenviable prospect
of being locked into declining annuities for the foreseeable
future.

In May, with-profits annuitants were said to have been informed
of a maximum of 20% reduction in their income, which is valid
only to basic guaranteed annuity.  Now, as some or all of the
benefits added to the annuity would reportedly drop, the
pensioners could lose more than a fifth of their earnings.

Emag maintains that for years the British government has allowed
financial institutions to take advantage of the single market for
U.K. insurers to sell all around Europe, on the basis of the
legal rights of policyholders under U.K. law.

But they violated E.C. directives with their 'light touch'
regulation.  There has been systemic regulatory failure, which
has left Equitable's policyholders in the dark and in the lurch,
the group added.

                            *   *   *

Last week, Equitable Life dropped its GBP100 million claim
against former auditor Ernst & Young.  According to Accountancy
Age, the insurer claims that directors would have increased
surrender penalties on some of its policies, and that E&Y's
negligence had altered the company's financial position in the
late 1990s.

The allegations came on top of Equitable's GBP3.7 billion lawsuit
against E&Y and nine former directors for negligence and breach
of fiduciary duty.  In April, the insurer claimed E&Y failed to
advise the company to reserve a substantial amount in its
accounts from 1997-99 to cover some policyholders' income
guarantees, which made them suffer huge losses.

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

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


EURODIS ELECTRON: Confirms Advanced Talks With Possible Buyer
-------------------------------------------------------------
Eurodis Electron plc has admitted it is in advanced talks with a
potential, yet undisclosed buyer, said Electronics Weekly.

Last month, Eurodis told the stock exchange it has already
provided due diligence information to the prospective bidder,
which is said to be a rival electronics distributor.

EETimes UK earlier reported Abacus and Acal as the likely buyers,
noting that both have investment from Unicorn Asset
management, which also owns 12.9% of Eurodis and is said to be "a
long-term advocate of consolidation."

However, Abacus Group has reportedly denied having any interest
in Eurodis, which prompted analysts to insert Arrow as one of the
potential bidders.  Analysts have also noted the current takeover
trend as companies target increased sales through acquisition.

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

CONTACT:  EURODIS ELECTRON PLC
          Electron House, 43 London Rd.
          Reigate
          Surrey RH2 9PW, United Kingdom
          Phone: +44-1737-242-464
          Fax: +44-1737-229-600
          Web site: http://www.eurodis.com


EXCELLENT PROPERTY: Creditors Meeting Set Tomorrow
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Excellent Property Holdings Limited
                       (In Liquidation)

Notice is hereby given that Kenneth W. Pattullo of Begbies
Traynor, 4th Floor, 78 St Vincent Street, Glasgow G2 5UB, was
appointed Interim Liquidator of Excellent Property Holdings
Limited by interlocutor pronounced in Glasgow Sheriff Court on
April 28, 2005.

Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, notice is hereby
given that the first meeting of creditors of the company will be
held in the offices of Begbies Traynor, 4th Floor, 78 St Vincent
Street, Glasgow G2 5UB, on July 7, 2005 at 3:00 p.m. for the
purpose of choosing a liquidator who may either be the Interim
Liquidator or any other person qualified to act as liquidator.
The meeting may also consider other resolutions referred to in
Rulse 4.12(3).

To be entitled to vote at the meeting, creditors must have lodged
their claims with me at the meeting or at the address below prior
to the meeting.  Voting may either be in person by the creditor,
or in form of proxy.  To be valid, the proxy must be lodged with
me at the meeting or at the undernoted address prior to the
meeting.  A resolution at the meeting is passed if a majority of
those voting vote in favor of it.

Your attention is also drawn to rules 4.15 - 4.17 and 7 of the
Insolvency (Scotland) Rules 1986.

Kenneth W. Pattullo, Interim Liquidator
June 21, 2005

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: glasgow@begbies-traynor.com
          Web site: http://www.begbies.com

          Kenneth Wilson Pattullo
          E-mail: ken.pattullo@begbies-traynor.com


FURNITURE DESIGNS: Unlikely To Pay Debt, Says Liquidators
---------------------------------------------------------
Essex-based Furniture Designs would be very unlikely to pay the
GBP88,000 it owes its creditors.

This is according to Liquidators Berg, Kaprow and Lewis in
London, which officially wound the company up at a creditor's
meeting on June 15.

Meanwhile, Cabinet Maker said Friday that the company was silent
about its troubles, which irked customers, particularly those who
frequently contacted Furniture Designs for their orders.

One customer, Gwyn Young, of Eastwood in Essex, said she began to
suspect the company was having difficulties after it missed
several delivery dates.  In May, she reportedly paid the company
in advance GBP550 for a G Plan dining table and chairs worth
GBP1,700.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane
          London
          N3 1XW
          Phone: 020 8922 9121
          Fax: 020 8922 9223

          Essex Office
          615 London Road
          Westcliff-on-Sea
          Essex
          SS0 9PE
          E-mail: post@bergkaprowlewis.co.uk
          Web site: http://www.bergkaprowlewis.co.uk


MARKS & SPENCER: Annual General Meeting Set Next Week
-----------------------------------------------------
The Annual General Meeting of the Board of Marks & Spencer Group
plc will be held at 2 p.m. on Wednesday, 13 July 2005 at the
International Convention Centre, Broad Street, Birmingham.

The company advises those who can't attend in person to listen to
a live audio phone-in by calling +44 (0)20 7162 0180 and quoting
'Marks & Spencer AGM'.  Calls will be charged at national rate.
Alternatively there will be a live Web cast on Wednesday 13 July.

                            *   *   *

Marks & Spencer Group plc has disposed of its Lifestore project
to Denmark-based Ilva for GBP35 million (EUR51.8 million).  The
venture's 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.

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


MARKS & SPENCER: Karen Millen Co-founder Buys GBP28 Mln Stake
-------------------------------------------------------------
The co-founder of a rival fashion chain has bought a 0.5% stake
in Marks & Spencer, just-style.com reported on July 1.

Kevin Stanford, who established Karen Millen in 1981, paid
GBP28.8 million for the stake, according to the company.  The
transaction was disclosed in one of the 212 notices that M&S
issued following speculation that investment group Baugur was
buying up M&S shares.

The company is scheduled to update investors of its first-quarter
trading on July 13.  Very little improvement is expected from its
flagging clothing division.

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


MG ROVER: Bidder Eyes Signing up Former Workers at Longbridge
-------------------------------------------------------------
A consortium of Birmingham businessmen reportedly mulls reviving
production at the Longbridge plant by rehiring 500 former MG
Rover workers.

According to the Telegraph Saturday, the group led by David James
has presented administrator PricewaterhouseCoopers with a GBP40
million bid to buy the MG sports car business.

This is good news to the West Midlands, which saw the loss of
over 6,000 jobs as MG Rover collapsed in April after a GBP200
million tie up with Chinese firm Shanghai Automotive Industry
Corporation failed to materialize.

Mr. James noted the bid called "Project Kimber" was fully funded;
however, he refused to elaborate on it.

He said: "The money is on the table.  We are proposing to buy the
assets and return production to Longbridge for the MG.  Ours is a
British-backed bid for jobs in Britain."

Aside from re-employing former workers, Mr. James added he is
currently negotiating with other manufacturers to make "niche
brands" at the plant, which could open 1,500 new jobs.

Alchemy Partners was said to have been contacted about the
proposal.  Alchemy chairman Jon Moulton confirmed the company has
been in "contact with some elements of this group but we are not
funding it."

Mr. James also expressed enthusiasm to work with Shanghai
Automotive Industry Corporation, which bought the intellectual
property rights of some Rover models and engines last year. SAIC
has already acquired the rights to mass-produce the Rover 25 and
Rover 75 cars.

If the offer materializes, Mr. James will serve as chairman of
the business, controlling 5% of it, while a group of motor
industry executives would manage it.

MG Rover is facing liquidation to pay up GBP1.8 billion in debt,
but with only GBP85.5 million in assets, it has to find a ready
rescuer.

Potential buyers shorlisted by PwC include an Iranian investor
and TVR sportscar owner Nikolai Smolenski for the entire MG Rover
group.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

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


NEVIS TECHNOLOGY: Winding-up Report Out Weekend
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Nevis Technology Limited

Notice is hereby given, pursuant to section 106 of the Insolvency
Act 1986, that the Final Meetings of Members and Creditors of
Nevis Technology Limited will be held within the offices of PKF
(UK) LLP, Accountants & business advisers, 78 Carlton Place,
Glasgow G5 9TH on August 9, 2005 at 11:30 a.m. and 12:00 noon
respectively, in order that I may present my final account of the
winding-up of the Company.

The Meetings will also consider:

(a) A resolution to approve my discharge from the position as
    Liquidator of Nevis Technology Limited; and

(b) A resolution to authorize me to dispose of both my own and
    the Company's books and records three months from the date
    of my release as Liquidator.

All members and creditors whose claims have been accepted are
entitled to attend, in person or by proxy, and a Resolution will
be passed by a majority of those voting in favor of it.
Attendance at these Meetings is not mandatory; and, to be valid
for voting purposes, the form of proxy must be lodged with me at
PKF (UK) LLP, Accountants & business advisers, 78 Carlton Place,
Glasgow G5 9TH, before or at the Meeting.

Bryan Jackson, Liquidator
June 23, 2005

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 429 5900
          Fax: 0141 429 5901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk

          Bryan Alan Jackson
          E-mail: bryan.jackson@uk.pkf.com


NORTHERN FOODS: Finance Director Assumes Post September
-------------------------------------------------------
Further to the announcement on 26 May 2005 of Jez Maiden's
appointment as Finance Director, Northern Foods plc confirmed
that Mr. Maiden will join the Company on 5 September 2005.

Jez Maiden (44) is currently Group Finance Director of British
Vita plc, a position he has held since 2002.  Prior to that, he
was Director of Finance of Britannia Building Society and Group
Finance Director of Hickson International plc.

In May, the company also disclosed David Nish will join the board
this month as a non-executive director and Chairman of the Audit
Committee.  He is Executive Director, Infrastructure of Scottish
Power plc, and was prior to that, Group Finance Director, a
position that he held since 1999.

                            *   *   *

Leeds-based Northern Foods plc is one of the U.K.'s leading food
producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

The company aims to be the "supplier of choice to U.K. and Irish
retailers in added value convenience foods" and produces a wide
range of own-label and branded products, including ready meals,
chilled pastries, sweet snacks and frozen pizza and pastry
products.

The company also enjoys leading brand positions in frozen deep
pan and premium pizzas, premium biscuits, vegetable grills and
pork pies with Goodfella's, Fox's, Dalepak and Pork Farms
Bowyers.

Northern Foods began restructuring and refocusing its business
in Autumn 2003.  It appointed Chief Executive, Pat O'Driscoll, at
the end of March 2004.  In the last 12 months, it launched a
comprehensive strategic review of the business, established a
new management team, and simplified its business structure and
factory reorganization.

CONTACT:  NORTHERN FOODS PLC
          2180 Century Way, Thorpe Park
          Leeds
          LS15 8ZB, United Kingdom
          Phone: +44-113-390-0110
          Fax: +44-113-390-0211
          Web site: http://www.northern-foods.co.uk


PK FOODS: Gives Creditors Until December to File Claims
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF PK Foods Limited
                      (In Liquidation)

I, Ian William Wright of Haines Watts, James Miller House, 98
West George Street, Glasgow G2 1PJ, hereby give notice pursuant
to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that I was
appointed Liquidator of PK Foods Limited by Resolution of the
First Meeting of Creditors held on June 20, 2005.  A Liquidation
Committee was not established.

Accordingly, I hereby give notice that I do not intend to summon
a further Meeting for the purpose of establishing a Liquidation
Committee unless one-tenth in value of the Creditors require me
to do so in terms of section 142(3) of the Insolvency Act 1986.
All Creditors who have not already done so are required to lodge
their claims with me on or before December 29, 2005.

I. W. Wright, Liquidator
June 20, 2005

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com

          Ian William Wright
          E-mail: iwright@hwca.com


PROFILE MEDIA: Eyes Further Reduced Losses by September
-------------------------------------------------------
Profile Media Group plc, now exclusively U.K.-based, recorded
revenues of not less than of GBP3.2 million (unaudited), (2004:
GBP2.9 million (adjusted)), for the six months to the 30th June
2005 and expects to announce reduced losses with its interim
results, which will be announced no later than Friday 16th
September 2005.

As at the end of June 2005, the Company had forward contracted
advertising orders of GBP1.2 million.  In accordance with the
Company's accounting policy, these orders will not be recognized
as revenue until the advertisements have been published.

The Company is in discussion with its advisers to raise
additional equity funding to exercise the previously announced
option granted by its bankers, Barclays Bank PLC, resolve other
debt issues and to provide the Company with additional working
capital to fund future trading.

                            *   *   *

Profile Media Group has sold its U.S. subsidiary Profile Pursuit
Inc. to Healthspring Communications LLC for GBP584,795.  Profile
Media is now free of PPI's banking facilities involving
guarantees of GBP1 million and a GBP208,000 rent deposit.  The
group has resolved to focus on its U.K. operations.  It formed
Profile Pursuit in 1993 to offer a range of innovative
publishing solutions in the U.S. and U.K.

Profile Media recently posted turnover for continuing businesses
of GBP11.3 million (GBP8.0 million 12 months ended 30 June 2003);
and losses on continuing businesses before exceptional costs,
amortization of goodwill, interest and tax of GBP3.8 million
(GBP5.2 million 12 months ended 30 June 2003).  Net debt was
reduced to GBP3.8 million (GBP27.2 million as at 30 June 2003).

David Ellingham, Chairman & Chief Executive, said: "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."

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

          Press Inquiries
          Martin Chard, Finance Director
          Phone: 020 7332 2000


ROSEHALL ENGINEERING: Liquidator to Meet Creditors this Week
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF ROSEHALL ENGINEERING LIMITED
                         (In Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate
Recovery, 191 West George Street, Glasgow G2 2LJ, hereby give
notice, that on June 21, 2005, I was appointed interim Liquidator
of Rosehall Engineering Limited by Interlocutor of the Sheriff of
Hamilton.

Pursuant to section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, the First Meeting
of Creditors will be held within KPMG, 191 West George Street,
Glasgow G2 2LJ, on July 7, 2005, at 11:00 a.m. for the purpose of
choosing a Liquidator.  The Meeting may also consider other
Resolutions referred to in Rule 4.12(3).  All Creditors are
entitled to attend in person or by proxy and to vote, provided
their claims and proxies, if any, have been submitted at or
before the Meeting.

B. C. Nimmo, Interim Liquidator
June 16, 2005

CONTACT:  KPMG LLP
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


SFI GROUP: Closure of 26 Sites Leaves 332 Jobless
-------------------------------------------------
Following an immediate review of the business, administrators of
SFI Group Ltd. have now closed 26 sites with the loss of 332
jobs.

The administrators will continue to trade the remaining 26 sites
while they continue their discussions with interested parties to
find a buyer for these sites.

David Chubb, joint administrator and director at
PricewaterhouseCoopers, said: "Following a review of the
business, we have regrettably had to announce the closure of 26
sites with the loss of 332 jobs across the country.  Our review
identified that there was no significant value to be realized
from trading these sites.

"While continuing to trade from the remaining sites, we have
already had more than 100 inquiries from parties interested in
acquiring both the closed and continuing sites."

                            *   *   *

David Chubb, Mike Jervis and David Hargrave of
PricewaterhouseCoopers were appointed Joint Administrators of
SFI Group Limited on June 23, 2005.

The Group employs 2,900 people and operates 150 pubs and bars
across the U.K. under the trading names: Slug and Lettuce, Bar
Med, Havana, and the Litten Tree.

SFI Group Plc implemented a financial restructuring on May 28,
2004 in relation to its recovery program.  The group's
restructuring reduced its existing banking facilities of
GBP152.9 million to GBP80 million, with the balance converted
into equity.  SFI Group posted GBP25.8 million in post-tax loss
in 2004, an improvement from GBP98.3 million in losses in 2003.
The group said in its Web site, "At this stage, it is too early
to tell whether there will be a recovery to shareholders."

In January, the firm appointed Kroll Corporate Finance to conduct
a review of its options, including a sale.

CONTACT:  SFI GROUP PLC
          SFI House
          165 Church Street East
          Woking
          Surrey GU21 6HJ
          Phone: 01483 227900
          Fax: 01483 227903
          Web site: http://www.sfigroup.co.uk

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

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

          Caroline Feltham, Advisory PR Senior Manager
          Phone:020 7212 3097
          Mobile:07841 783907


SFI GROUP: Robert Tchenguiz Buys Two-thirds of Operations
---------------------------------------------------------
Property tycoon Robert Tchenguiz has bought 98 of SFI Group's 150
chain of pubs, according to a report from Europe Intelligence
Wire.  Mr. Tchenguiz is believed to have spent GBP80 million to
acquire the bars and the group's main office.

About 2,000 of those who worked for the pubs will be transferred
to Mr. Tchenguiz's Laurel Pub Company business.  The acquisition
brings the number of pubs under Laurel to 400 throughout Britain.
800 jobs remain at risk at SFI, which employs 2,900 people.

SFI Group was delisted from the stock exchange in April 2003
after the discovery of a GBP20 million hole in its accounts.  In
January, the firm appointed Kroll Corporate Finance to conduct a
review of its options, including a sale.  Its remaining 52 pubs
were placed under administration of PricewaterhouseCoopers on
Thursday.  PwC is continuing to trade the business while seeking
buyers.

CONTACT:  SFI GROUP PLC
          SFI House
          165 Church Street East
          Woking
          Surrey GU21 6HJ
          Phone: 01483 227900
          Fax: 01483 227903
          Web site: http://www.sfigroup.co.uk

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

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

          Caroline Feltham, Advisory PR Senior Manager
          Phone:020 7212 3097
          Mobile:07841 783907


WHITEHEAD MANN: Allots New Shares Under Employee Offer Scheme
-------------------------------------------------------------
Whitehead Mann Group Plc has issued and allotted 565,502 new
ordinary shares of 5 pence each pursuant to applications made
under the Company's employee offer.

Details of the Employee Offer were set out in the prospectus that
was posted to shareholders on 30 March 2005 in connection with
the Company's placing and open offer announced on that date.  The
Employee Offer was approved by shareholders at the Company's EGM
on 22 April 2005.

Application has been made to the London Stock Exchange for the
admission of these new ordinary shares fully paid, ranking pari
passu with the existing ordinary shares of 5p each to trading on
the Alternative Investment Market.  Trading in the new Ordinary
Shares was expected to commence Tuesday.

Chris Merry, Chief Executive Officer, said: "One of the key
elements of our strategic plan is to better align the interests
of employees and shareholders.  Following the Employee Offer,
more than 75% of the Company's consultants are now shareholders
in Whitehead Mann, which means that we have taken an important
step forward in achieving this objective."

                             *   *   *

Last month, Sir Colin Southgate, Chairman, said: "Following a
period of considerable change and restructuring, we are making
progress with implementing our Strategic Plan to take the
business forward.  Although there are considerable challenges
ahead in delivering this plan, the Board now looks forward to a
more stable future for the Group.  We have reviewed our business,
formulated a new strategy to build on our proven strengths, and
are improving our operations to secure our position as the firm
that leading organizations can rely upon to resolve their
leadership challenges.

"Group turnover for the year to 31 March 2005, from continuing
operations, was GBP47.2 million (2004: GBP55.0 million).
Operating profit from continuing operations before exceptionals
was GBP2.0 million (2004: GBP9.1 million).  Exceptional
operating costs of GBP9.1 million resulted in an operating loss
after exceptionals for the year of GBP9.0 million (2004:
operating profit GBP4.8 million)."

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com

          Chris Merry, Chief Executive
          Phone: +44 (0)20 7290 2000
          Brunswick Group LLP
          James Bradley
          Rupert Young
          Phone: +44 (0)20 7404 5959


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

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

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

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