TCREUR_Public/050707.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, July 7, 2005, Vol. 6, No. 133

                            Headlines

B U L G A R I A

CHIMCO AD: Receivers Cut Investor's Access to Facilities


F I N L A N D

BENEFON OYJ: Pays Debt in Line with Exit from Reorganization


G E R M A N Y

AGENDA TEAM: Court to Verify Claims September
AVARRO GMBH: Creditors' Claims Due Next Month
BOHMER-BAUBETREUUNGS: Under Bankruptcy Administration
CLEAN VAC: Creditors Meeting Set August
DIETRICH VERLAGS: Proofs of Claim Due Next Month

HANSA POOL: Court Appoints Dr. Peters Administrator
KT-ELEKTROTRECHNIK: Electronics Firm Falls into Bankruptcy
SAM GERUESTBAU: Gifhorn Court Appoints Administrator
SCHIEDER MOBEL: Debt Securities Get (P)B3 Rating
SCHIEDER MOEBEL: S&P Affirms 'B+' Long-term Credit Rating
ZAPF CREATION: Takes Measures to Stop Fast Profit Decline


H U N G A R Y

MALEV HUNGARIAN: Three Bidders Table Formal Offers


I T A L Y

CIRIO FINANZIARIA: Lorenzo Seeks Ally to Fortify Del Monte Bid
FIAT SPA: Chief Financial Officer to Leave this Month
FIAT SPA: Breaks even at Operating Level in 2004
FIAT SPA: Gives IBM Control of Global Value for 9 Nine Years


M A C E D O N I A

* State Draws List of Loss-making Firms


N E T H E R L A N D S

ROYAL SHELL: Secures Exploration Rights in Australia


R U S S I A

BRYANSKAYA VODKA: Succumbs to Bankruptcy
DEDOVICHESKIY MEAT: Deadline for Proofs of Claim Set July 18
KRASNOLENINSK-OIL-GAS-STROY: Under Bankruptcy Supervision
MOBILE BUILDING: Assets for Public Auction Next Week
PONOMAREVSKOYE BREAD: Period for Filing of Claims Ends July 18

VESHKAYMSKIY ELEVATOR: Hires Insolvency Manager from Ulyanovsk
VOLOKOLAMSKIY WOOD-COMBINE: Appoints Insolvency Manager
WIRING ACCESSORIES: Undergoes Bankruptcy Supervision Procedure
WOOD-PROM-KHOZ PIONEER: Bankruptcy Hearing Set October
YUKOS OIL: Net Loss Deepens; Production Drops
ZELENOKUMSKIY: Court Brings in Insolvency Manager


S P A I N

AVANZIT SA: Inks EUR62.4 Mln Debt Swap Deal for Telson


S W E D E N

CONCORDIA BUS: Delays Presentation of Results


T U R K E Y

TURKIYE SINAI: Moody's Rates Foreign Currency Deposit B2


U N I T E D   K I N G D O M

ABC RECRUITMENT: Files for Voluntary Winding-up
ACANTHA FIREPLACES: Shareholders Pass Resolution to Wind-up Firm
AMESBURY TRANSPORT: Members Decide to Wind up Firm
ATLAS TRANSPORT: Opts for Liquidation
BALMORAL GROUP: Hotel Operator Collapses into Liquidation

BELLTON ENGINEERING: Creditors Appoint Liquidator
CHRISTIE TYLER: Selling Subsidiaries
CNA INSURANCE: Hires Liquidators from PricewaterhouseCoopers
COMMERCIAL SENSE: Finance Brokerage Firm Winds up Business
COSTAIN GROUP: Wins 'Best Overall Safety Provider' Award

DANKA BUSINESS: New CFO to Join Board Next Month
DIORANEWS LIMITED: Hires Liquidator from Ian Franses Associates
DRILL LEISURE: Appoints Begbies Traynor Liquidator
EMPYREAL LIMITED: Meeting of Creditors Set Friday
ENVIRONMENTAL AIR: Liquidators from KPMG Move in

EQUITABLE LIFE: Boss Retracts Comment, Says Sorry to Directors
FENIMOOR HOLDINGS: Names Unity Corporate Recovery Administrator
FKI PLC: Sells Wind Turbine Unit for EUR75,000
FREMA SYSTEMS: Shareholders Opt to Wind up Firm
GLYNTER DEVELOPMENTS: Winding-up Resolutions Passed

GOLDING FASHIONS: Calls in Liquidators
HPI (INC): Falls into Liquidation
IOTA TECHNOLOGY: Hires Administrator from Fisher Partners
LAWSON ALEXANDER: Hires Administrators from Begbies Traynor
MAXIMUM IMPORT: Creditors to Hire Liquidator Third Week of Month

METTRIO LIMITED: Members Pass Winding-up Resolutions
MG ROVER: Car Execs, SAIC in Site Rescue Talks
MOUNTDENE HOTELS: Names Begbies Traynor Liquidator
MOWLEM PLC: Full-year Results Miss Target by GBP20 Million
M P INDUSTRIES: Appoints PricewaterhouseCoopers Administrator

MRK STATIONERS: Creditors Meeting Set Next Week
MULTIPLE CONSTRUCTION: Sets Creditors Meeting Next Week
NETWORK RAIL: Work to Repair Collapsed Tunnel Underway
NEWTON DERBY: Administrators from PwC Move in
NORTH LATCH: Joint Receivers to Present Report Next Week

OVERFINCH LIMITED: Range Rover Supplier Calls in Administrator
OXECRAFT BAR/CAFE: Names Begbies Traynor Liquidator
PARKGATE INVESTMENTS: Members Pass Winding-up Resolutions
PARK ROAD: Appoints Butcher Woods Liquidator
PBI MANAGEMENT: Hires Deloitte & Touche as Liquidator

PINEAPPLE HOLIDAYS: Travel Agency in Liquidation
POLYPACK SCOTLAND: First Creditors Meeting Set Next Week
PREMIER COMMUNICATIONS: Names Poppleton & Appleby Administrator
PRESTON & DUCKWORTH: Administrators from PKF Move in
REILLY CONSTRUCTION: Creditors to Meet Later this Month

R F WINDER: Calls in Administrators from PricewaterhouseCoopers
RPM FASTENERS: Names RSM Robson Rhodes Administrator
SENDO HOLDINGS: Mobile Company Calls in Administrator
SENDO INTERNATIONAL: Hires Administrators from Kroll Limited
SENDO LIMITED: Administrators from Kroll Limited Move in

SENDO TELECOMMUNICATIONS: Hires Kroll Limited as Administrator
UNITED NETWORKS: Creditors Meeting Set Next Week
V ASQUITH: Creditors to Meet Next Week
WM MORRISON: Seeks Talks with Unions to Prevent Strike
WOOLWORTHS GROUP: Profits Lower Under IFRS
ZENITH BUILDING: Members Pass Winding-up Resolution


                            *********


===============
B U L G A R I A
===============


CHIMCO AD: Receivers Cut Investor's Access to Facilities
--------------------------------------------------------
Receivers of Chimco AD have reportedly barred the Bulgarian unit
of Swiss Indagro from entering the plant of the fertilizer maker.

This came as Indagro Bulgaria's general director Andrey
Semerdjiev told PARI Financial Daily that its contract to rent
Chimco's facilities, signed in December, has been cancelled.
Chimco's receivers, Boris Borissov and Andon Rokov, had earlier
warned of the termination as a result of Indagro's failure to pay
the monthly rent of BGN100,000 for three months.  Indagro is
expected to check the site this week.

On July 28, Chimco creditors will discuss the rehabilitation
programs separately proposed by Novo Chimco and Inter RAO
Bulgaria, which controls 38% of the company.  Novo Chimco's plan
will see Chimco's BGN10 million debt to the state repaid upon
termination of its bankruptcy procedure.  The company's debt to
Bulgargas and National Electric Company (NEK), which total BGN151
million, will be reset for 18 years.  In return, Novo Chimco will
be the sole owner of Chimco, while shares of 7,000 small
investors will be cancelled.

Meanwhile, Inter RAO plans to pay all of Chimco's debt plus
interest to the state within three days after cancellation of its
bankruptcy proceedings, while payment of the liabilities to
Bulgargas and NEK will be extended for 10 years.

In April, Chimco AD reported an unaudited net loss of BGN80.951
million, or a fourfold increase from last year's BGN20.713
million.  A huge chunk of this loss was caused by a record-high
depreciation charge amounting to BGN75.064 million.  Despite the
poor results, investors continue to pour in.

CONTACT:  CHIMCO AD
          3037 Vratza, Bulgaria
          Tel: +359-92-61071
          Fax: +359-92-61118
          E-mail: info@chimco.bg


=============
F I N L A N D
=============


BENEFON OYJ: Pays Debt in Line with Exit from Reorganization
------------------------------------------------------------
After the reorganization exit became legally enforceable as
reported on June 20, 2005,the Benefon Oyj has now paid the
remaining reorganization debt and the agreed additional payments
excluding some minor amounts that could not be paid due to
reasons not dependent on the Company, mainly because some
creditor's contact information and account numbers were not
available.  Therefore, the company has performed its obligations
in the advanced reorganization exit.

Benefon Oyj
Tomi Raita, CEO

                            *   *   *

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on April
24, 2003 after failing to find funding on time.  British Octagon
Solutions set the restructuring program as a condition for its
investment of EUR1.65 million in return for a two-thirds share in
the company.  New York investment bank Punk, Ziegel & Company,
L.P. assisted Benefon in exploring a range of financing and
strategic alternatives.

In June, Benefon confirmed it is ending its reorganization
program 3-and-a-half years early.

CONTACT:  BENEFON OYJ
          P.O. Box 84 Meriniitynkatu
          11 FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax: +358-2-733 2633
          Web site: http://www.benefon.com


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


AGENDA TEAM: Court to Verify Claims September
---------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against AGENDA Team LTD. on June 20.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 17, 2005 to register their claims
with court-appointed provisional administrator Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 9:00 a.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude,
Hamburger Allee 26, 30161 Hannover, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  AGENDA TEAM LTD.
          Kalmiaweg 4, 30916 Isernhagen

          Manuel Sack, Administrator
          Theaterstr. 3, 30159 Hannover
          Phone: 0511/36602-0
          Fax: 0511/36602-55


AVARRO GMBH: Creditors' Claims Due Next Month
---------------------------------------------
The district court of Koln opened bankruptcy proceedings against
AVARRO GmbH on June 16.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until August 26, 2005 to register their claims with
court-appointed provisional administrator Heinrich Druegh.

Creditors and other interested parties are encouraged to attend
the meeting on September 27, 2005, 11:05 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
1. Etage, Saal 142, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AVARRO GmbH
          Duerener Str. 231, 50171 Kerpen
          Contact:
          Marcellus Wagner, Manager

          Heinrich Druegh, Administrator
          Bochumer Str. 6, 51145 Koln
          Phone: 02203-977120
          Fax: +4922039771225


BOHMER-BAUBETREUUNGS: Under Bankruptcy Administration
-----------------------------------------------------
The district court of Hof opened bankruptcy proceedings against
Bohmer-Baubetreuungs- u. Verwaltungs GmbH on June 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 23, 2005
to register their claims with court-appointed provisional
administrator Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting on September 13, 2005, 1:00 p.m. at the district
court of Hof, Sitzungssaal 012, -- Erdgeschoss -- Berliner Platz
1, 95030 Hof, 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:  BOHMER-BAUBETREUUNGS- U. VERWALTUNGS GmbH
          Sparnecker Strasse 7 in 95213 Muenchberg

          Joachim Exner, Administrator
          Ludwigstr. 50, 95028 Hof
          Phone: 09281/8331080
          Fax: 09281/9331089


CLEAN VAC: Creditors Meeting Set August
---------------------------------------
The district court of Marburg/Lahn opened bankruptcy proceedings
against Clean Vac International GmbH on June 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 18, 2005 to
register their claims with court-appointed provisional
administrator Hartmut Mitze.

Creditors and other interested parties are encouraged to attend
the meeting on August 18, 2005, 11:15 a.m. at the district court
of Marburg/Lahn, Saal 157, Universitatsstrasse 48, 35037
Marburg/Lahn, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
September 28, 2005, 11:00 a.m. at the same venue.

CONTACT:  CLEAN VAC INTERNATIONAL GmbH
          Schelde-Lahn-Strasse 6B, 35232 Dautphetal
          Contact:
          Klaus Peter Weingartner, Manager
          Jahnstrasse 18, 64853 Otzberg

          Hartmut Mitze, Administrator
          Jahnstrasse 18, 35066 Frankenberg
          Phone: 06451/71919-22
          Fax: 06451/7191921


DIETRICH VERLAGS: Proofs of Claim Due Next Month
------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Dietrich Verlags GmbH on June 24.  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 Joseph Albers.

Creditors and other interested parties are encouraged to attend
the meeting on August 23, 2005, 9:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 291, 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:  DIETRICH VERLAGS GmbH
          Habichtsweg 7, 45894 Gelsenkirchen
          Contact:
          Hans Dietrich, Manager
          Im Duggenbusch 9, 45894 Gelsenkirchen

          Joseph Albers, Administrator
          Von-der-Recke-Str. 5-7, 45879 Gelsenkirchen
          Phone: 0209/179890
          Fax: +492091485096


HANSA POOL: Court Appoints Dr. Peters Administrator
---------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Hansa Pool GmbH & Co. KG on June 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 30, 2005 to register their
claims with court-appointed provisional administrator Dr. Bernd
Peters.

Creditors and other interested parties are encouraged to attend
the meeting on August 18, 2005, 10:00 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
September 22, 2005, 10:00 a.m. at the same venue.

CONTACT:  HANSA POOL GmbH & Co. KG
          bisher Funkschneise 5-7, 28309 Bremen
          c/o Hansa Pool Beteiligungs GmbH
          Contact:
          Sorin Goldstein, Manager
          Walther Zahn, Lindemannstr. 18, 28217 Bremen
          Andreas Beckendorf, Manager
          Worpsweder Str. 51, 27751 Delmenhorst

          Dr. Bernd Peters, Administrator
          Am Wall 146, 28195 Bremen
          Phone: 0421/339750
          Fax: 0421/326693


KT-ELEKTROTRECHNIK: Electronics Firm Falls into Bankruptcy
----------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against KT-Elektrotrechnik GmbH on June 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 22, 2005
to register their claims with court-appointed provisional
administrator Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 8:15 a.m. at the district
court of Monchengladbach, Hohenzollernstr. 157, 41061
Monchengladbach, Erdgeschoss, Sitzungssaal A 14, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  KT-ELEKTROTRECHNIK GmbH
          Alfred-Nobel-Strasse 7, 41515 Grevenbroich
          Contact:
          Thorsten Kuechler, Manager
          Huelserweg 46, 41516 Grevenbroich

          Peter Houben, Administrator
          Sternstrasse 58, 40479 Duesseldorf


SAM GERUESTBAU: Gifhorn Court Appoints Administrator
----------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against S.A.M. Geruestbau GmbH on June 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 18, 2005 to register their
claims with court-appointed provisional administrator Dr. Oliver
Liersch.

Creditors and other interested parties are encouraged to attend
the meeting on September 8, 2005, 9:30 a.m. at the district court
of Gifhorn, Saal 118, Am Schlossgarten 4, 38518 Gifhorn, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  S.A.M. GERUESTBAU GmbH
          Ellen-Richards-Str. 10, 38268 Lengede
          Contact:
          Eric Bohme, Manager
          Heerstr. 3, 38159 Vechelde

          Dr. Oliver Liersch, Administrator
          Karl-Wiechert-Allee 1c, 30625 Hannover


SCHIEDER MOBEL: Debt Securities Get (P)B3 Rating
------------------------------------------------
Moody's Investors Service assigned a provisional (P)B1 corporate
family rating (previously known as senior implied rating) to
Schieder Mobel Holding GmbH (Schieder) Moody's also assigned a
provisional (P)B3 rating to the company's proposed issuance of
EUR145.0 million senior subordinated notes, which will be mainly
used to refinance existing indebtedness.  As part of the proposed
transaction, Schieder has completed a syndicated revolving credit
facility of EUR150.0 million (undrawn at closing).  These
facilities, which are not rated by Moody's, will be chiefly used
to finance the company's strategy to build production capacity in
Russia and China.  The ratings thus reflect the growing
proportion of revenues, which will be derived from developing
markets.

These ratings assigned were:

(a) Corporate family rating of (P)B1; and

(b) EUR145 million senior subordinated notes due 2012 rated
    (P)B3

The outlook for all ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the transaction
and associated documentation, Moody's will endeavor to assign
definitive rating to the securities.  A definitive rating may
differ from a provisional rating.

The (P)B1 corporate family rating reflects:

(a) The company's leading market positions in the production and
    distribution of furniture in Central and Eastern Europe;

(b) Its broad product offering, ranging from case goods, sofas
    and beds to tables and chairs -- a key differentiating
    factor from many of Schieder's competitors;

(c) The cost benefit deriving from a production base that is
    largely located in low-cost countries (namely Poland and
    Romania); and

(d) Schieder's ability to absorb raw material price volatility
    through price list adjustments for new product launches and
    fixed price mechanisms for certain large production items.

However, the ratings also reflect:

(a) Schieder's exposure to unfavorable macroeconomic
    conditions, particularly in Germany, combined with the
    cyclical nature of the furniture industry;

(b) Material execution risk and a significant degree of
    uncertainty associated with the company's expansion strategy
    to build production capacity in Russia and China;

(c) Its highly leveraged capital structure adjusted for leases,
    factoring facility and the profit participation certificates
    even before any drawings under the new revolving credit
    facilities, and;

(d) the potential for significant working capital volatility
    following the likely expansion of Schieder's own retail
    distribution network in certain Eastern European countries
    and its intention to reduce trade payables to generate
    operating margin improvements.

Schieder is a leading player in the upper-mid to low price market
segments of furniture production and distribution.  In
particular, the company retains a number one position in Germany,
Austria and Switzerland, with market shares estimated by the
company at around 9.6%, 5.6% and 15.4% of the relevant markets,
respectively.  Although none of the company's customers
represents more than 5% of Schieder's sales, Moody's acknowledges
that this does not take into account the fact that the majority
of German furniture retailers are members of purchasing
associations that typically sign framework agreements with the
manufacturers that also state price and other sale conditions.
In the last financial year, 74.3% of the company's sales in
Germany and Austria were to members of such associations.

The company's long-term competitive strategy is based on the
maintenance of low production costs.  In particular, Schieder
benefits from:

(a) Low labor costs, given that the majority of its
    manufacturing plants are located in Poland and Romania
    (according to management, 86.4% of net sales in 2004 related
    to products manufactured outside Western Europe); and

(b) The proximity of its production plants to the raw material
    suppliers, effectively reducing transportation costs.  While
    Moody's views positively the cost benefits related to the
    current production model, it notes that this competitive
    advantage will be progressively eroded as all major Western
    European manufacturers continue to shift production capacity
    to low-cost countries.

Schieder has so far proven its ability to absorb much of the
volatility in raw material prices through adjustments of its list
price of new products given that it launches an average of more
than 300 new items each year.  More recently, the company has
also managed to maintain its operating profit, notwithstanding a
declining top-line result, through a significant reduction in
SG&A expenses to EUR174.4 million for the 2004/05 financial year
from EUR192.1 million in the previous year, mainly reflecting
lower foreign currency losses and bad debt write-offs.

However, Schieder's top line remains exposed not only to the
discretionary and procrastinatory nature of household spending on
furniture but also to the higher degree of volatility affecting
the furniture industry compared to the economic cycle.  Schieder
is highly exposed to the ongoing decline in furniture sales in
its domestic market as Germany continues to represent
approximately 60% of the company's net sales.  In addition,
Moody's believes that the sales decline recently experienced by
the German furniture industry may represent a long-term
adjustment of its per-capita expenditures for residential
furniture.

The (P)B1 corporate family rating additionally reflects a
material degree of execution risk associated with the company's
announced strategy to build production capacity in Russia and
China, mainly aimed at exploiting expectations of a rapid growth
in demand in the local markets; related investments of more than
EUR60 million over the next three to four years will be funded
through drawings under the new revolving credit facilities and
the increase in operating cash flow generation expected by
management.  While Moody's regards the proposed expansion
strategy as offering a long-term opportunity in addition to the
benefit that it may afford the company in avoiding import duties
in the Russian market, the associated execution risk is
significant.  In particular, Schieder's intention to enter the
Chinese market (although initially limited to the Shanghai area)
may expose the company to an aggressive market environment where
its focus on its German design may not be sufficient to enable it
to succeed.

In addition, the company intends to progressively grow its own
retail network in certain Eastern European countries (notably
Croatia and Poland) at an additional investment of approximately
EUR13 million over the next three years.  In Moody's opinion, the
retail network expansion, together with management's intention to
improve operating margins through higher discounts on raw
material purchasing, are likely to produce additional future
working capital requirements.

The company's leverage is high, with adjusted total debt/EBITDAR
just above 5x as of March 2005 following the adjustments of
Schieder's on-balance-sheet debt for 8x operating leases, EUR30
million profit participation certificates and EUR48 million
factoring arrangements.  Moody's expects current leverage to
increase further as the company starts its drawings under the new
revolving credit facilities.  The liquidity profile is
satisfactory considering pro-forma for proposed refinancing, (i)
EUR32.7 million cash available on balance sheet as of March 2005
and (iii) the availability at closing under the new EUR150
million bank facilities.  However, Moody's cautions that part of
this liquidity may be used to pay any inheritance tax liabilities
(up to EUR8.0 million according to the limitations defined under
the indenture) that may arise in the future.

The outlook for all ratings is stable, reflecting Moody's
expectations that the company will manage its availability under
the new financing arrangements conservatively and will withdraw
in a timely manner from any investments that fail to guarantee a
sufficient level of comfort in terms of return.  Should the
company's adjusted total leverage increase above 6x, together
with limited or no operating profit improvements, the (P)B1
senior implied rating could experience downward pressure.

Conversely, any reduction in financial leverage associated with a
sustainable improvement in operating cash flow generation
measured by an Adjusted RCF/Net Adjusted Debt of around 20% could
place upward pressure on the ratings.

Transaction Overview

The proposed senior subordinated notes will be issued by Schieder
Mobel Holding GmbH, the ultimate holding company, and will
benefit from a senior subordinated guarantee of certain of the
company's operating subsidiaries that are also guarantors under
the new EUR150.0 million senior credit agreement.  As of March
31, 2005, the company and the guarantors collectively represented
approximately 62% of the total assets and 83% of the consolidated
EBITDA.  The net proceeds of the proposed senior notes together
with EUR29.7 million liquidity raised through the profit
participation certificates issued in March 2005 will be used to
refinance existing debt amounting to EUR145.2 million and reduce
bills of exchange by EUR21.1 million; EUR6.0 million of cash
available on balance sheet will be used to pay fees and expenses
related to the proposed transaction.

The proposed notes will be sold in a privately negotiated
transaction without registration under the United States
Securities Act of 1933 under circumstances reasonably designed to
preclude a distribution thereof in violation of the Act.  The
issuance will be designed to permit resale under Rule 144A.

Structural Considerations

The (P)B3 rating assigned to the senior subordinated notes
reflects the relative ranking of the note-holders in the proposed
capital structure, with the notes being contractually
subordinated to the new EUR150.0 million senior credit
facilities, which will be progressively used to fund the
company's expansion strategy.  Moody's also acknowledges that the
proposed notes will be structurally subordinated to all existing
and future indebtedness raised at the level of the non-guarantors
and, to some extent, to the trade payables at the level of the
operating subsidiaries.  Moody's also notes with caution the risk
associated with the enforceability of the cross-border guarantees
given that the company's fixed assets are largely domiciled
outside Germany.

While Moody's anticipates that the notes, together with the new
revolving credit facility, will be the main components of the
company's capital structure going forward, it acknowledges that
the senior credit agreement and the indenture will restrict the
company's ability to raise additional indebtedness.

While funds up-streamed to the shareholders are subject to the
restricted payment test, Moody's notes that the company may pay
dividends to the Demuth family through minority stakes that the
family directly owns in a number of operating subsidiaries.  As
these payments are subject to the agreements in place under
limited liabilities partnerships in the legal form of GmbH & CO
KG, Moody's anticipates the likelihood of certain payments being
made to the shareholders in the event these operating
subsidiaries upstream their cash flow to the holding company.
However, the company has stated their intention to purchase
certain of the minority participations of Mr. Demuth through
EUR9.2 million subordinated shareholder loans, which will be
amortized as permitted under the restricted payment test.  The
shareholder loans will be not drawn at closing.

Company Summary

Headquartered in Herford, Germany, Schieder is one of the leading
furniture designers and manufacturers in Europe with
market-leading positions in Austria, Germany and Switzerland.
For last financial year ended March 31, 2005, under German GAAP
the company reported consolidated sales of EUR904.8 million and
operating profit of EUR40.3 million.  At the same date, the
company's total debt amounts to EUR186.2 million pro-forma for
the proposed transaction, including subordinated mezzanine debt
of EUR29.7 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G.  Staples
          Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Francesco Sebastiani
          Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SCHIEDER MOEBEL: S&P Affirms 'B+' Long-term Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Germany-based furniture manufacturer
Schieder Moebel Holding GmbH (Schieder).  The outlook is
negative.

At the same time, Standard & Poor's assigned a 'B-' senior
subordinated debt rating to Schieder's proposed EUR145 million
bond, which is guaranteed by its most important operating
subsidiaries.  The two-notch differential reflects the
contractual subordination of the notes to higher priority debt,
primarily the senior syndicated loan, despite benefiting from
senior subordinated guarantees from Schieder's material
subsidiaries.  The rating is subject to receipt of final
satisfactory bond documentation.

"The ratings on Schieder reflect its exposure to its shrinking
home market in Germany, its low margins in an international
context, and the company's aggressive financial risk profile,"
said Standard & Poor's credit analyst Olaf Tolke.  "The ratings
are supported by Schieder's broad product diversification and
increasing internationalization."

Total financial debt was EUR208 million (US$252 million),
including the mezzanine of EUR29.7 million, in the fiscal year
ended March 31, 2005.  With sales of EUR905 million in fiscal
2005, Schieder ranks among the largest European furniture
manufacturers, representing a market share of 1% in this very
fragmented market.

The European furniture market is mature and partly exposed to
fashion risk and discretionary purchasing decisions. Furthermore,
the industry is facing strong competition from Eastern European
and Asian producers.  Schieder's home market, Germany, which
accounted for 62% of group sales in fiscal 2005, therefore
experienced declines in furniture consumption of 2% in 2004,
after 13% in 2002, and 10% in 2003.

"The negative outlook is based on our view that the group's
expansion over the next few years is likely to translate into
significantly negative free operating cash flow," said Mr. Tolke.
To maintain the rating level, Schieder must maintain FFO to net
debt (both lease-adjusted) of at least 15% on a sustainable
basis.

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 on:
media_europe@standardandpoors.com.

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


ZAPF CREATION: Takes Measures to Stop Fast Profit Decline
---------------------------------------------------------
Struggling doll-maker Zapf Creation is imposing an extensive
restructuring program to protect its fast-fading profit,
Suddeutsche Zeitung says.

Management board chairman Thomas Eichhorn revealed Zapf plans to
make cheaper dolls targeting the U.S. market as well as
restructure its sales structure in the area.  The group also
plans to cut 135 of its 435 jobs and convert its Italian and
Czech units into pure sales companies.  According to Mr.
Eichhorn, Zapf has to shed around EUR4 million to finance its
restructuring, which after its implementation would help the
group save around EUR17 million.

Zapf also admitted management errors over the past two years,
which caused its turnover and profit to fall by 25% and 75%
respectively.  The group also admitted it had neglected its doll
making business, its core activity.  Zapf, however, remains the
leader in the functional doll markets in Germany and the U.K.

                            *   *   *

Headquartered in Roedental, Germany, Zapf Creation AG markets
branded play concepts including dolls and a wide range of
accessories that are developed with great attention to quality,
design and play value.  The company's most popular brands are
Baby Born, Baby Annabell and Chou Chou.  The company has 493
employees at 9 locations worldwide and reported sales of EUR173.8
million in 2004.  For the first quarter of 2005, Zapf booked a
net loss of around EUR5.9 million, more than three times its
deficit for the same period in 2004.  The group will post its
first-half results on July 27, 2005.

CONTACT:  ZAPF CREATION AG
          Monchrodener Strasse 13
          96472 Rodental
          Phone: +49-95-63-725-0
          Fax: +49-95-63-725-116
          Web site: http://www.zapf-creation.com


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


MALEV HUNGARIAN: Three Bidders Table Formal Offers
--------------------------------------------------
Three bidders submitted formal offers to acquire troubled
national carrier Malev Hungarian Airlines, Reuters says.

State privatization agency APV revealed Tuesday that talks would
immediately start.  APV spokesman Peter Oravecz said, "This is
not simply a selection of the best bid, this involves a very
detailed evaluation and negotiations with the [prospective]
investors."  He added the privatization agency hopes to pick a
winner after a month.

The latest attempt to sell the carrier started in April after a
previous tender failed in March due to unacceptable offers.
Around 14 investors expressed interest in the carrier, but only
six were considered as serious bidders, which include Krasair,
Argus Capital, Air Europe, Euroinvest, Aviation Solution and an
unidentified Portuguese group.  Out of this group, only Krasair
and Aviation Solution filed formal bids, with Russian airline
alliance Airbridge Cargo as the third bidder.

Airline analysts commented APV has been having a problem in
selling Malev due to its high debt, accumulated operating losses
and an inefficient workforce.

                            *   *   *

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

Malev recently signed a memorandum of understanding with
oneworld, which sets its full membership by the summer of 2006.
This alliance, Malev claims, will increase its revenues by as
much as HUF8 billion a year and net profit by HUF4 billion.  The
carrier also struck a vital deal with Budapest Airport in
anticipation of a successful sale.

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

CONTACT:  MALEV HUNGARIAN AIRLINES
          Konyves Kalman korut 12-14,
          H-1097 Budapest
          Phone: +36 1 235 3100
          Fax: +36 1 235-3255
          E-mail: malev@malev.hu
          Web site: http://www.malev.hu

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

          AIRBDRIDGE CARGO
          119048, Usacheva Str. 35A
          Moscow, Russia
          Phone: + 7 095 7862613
          Fax: + 7 095 7556851
          E-mail: info@airbridgecargo.com
          Web site: http://www.airbridgecargo.com


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


CIRIO FINANZIARIA: Lorenzo Seeks Ally to Fortify Del Monte Bid
--------------------------------------------------------------
The Filipino shareholder of Del Monte Pacific has stepped up
efforts to strengthen its bid for Cirio Finanziaria's 40% stake
in the fruit producer, Dow Jones Newswires says.

The Lorenzo family, which holds a 22% stake in Del Monte through
Macondray & Co, is currently holding talks with a Singaporean
financial group to raise around US$250 million to acquire Cirio's
stake.  Del Monte managing director Martin Lorenzo said Thursday,
"The money we would be needing is quite large, so we need to
bring in a strategic partner."

Mr. Lorenzo expressed optimism a deal would be made within 60
days between his family and the Singaporean group.

Cirio has been asking between US$150 million to EUR250 million
for its stake, which had cause several interested buyers to back
off.  Still in contention is Asian food and beverage giant San
Miguel Corporation, which renewed its bid following a request
from Del Monte.  Earlier, a US$180 million deal between Cirio and
Lucio Tan-led Basic Holdings fizzled out because the latter had
wanted to buy the stake gradually.

Del Monte Pacific is the world's largest pineapple producer.
Its integrated pineapple growing and processing facility has an
estimated market capitalization of about US$425 million.  It is
10% owned by the Singapore government; the remaining 30% share by
the public.  Listed in Singapore, the company owns the Del Monte
trademark in the Philippines and the brand rights for the India
subcontinent territories.

Cirio Finanziaria, the canned tomatoes and fruit producer, has
been selling assets to pay creditor.  It was forced into
liquidation after defaulting on EUR1 billion bonds and investors
rejected a restructuring plan.

CONTACT:  CIRIO DEL MONTE ITALIA S.P.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it

          MACONDRAY & CO., INC.
          2263 Pasong Tamo Extension,
          Makati City
          Philippines


          SAN MIGUEL CORPORATION
          40 San Miguel Ave.
          Mandaluyong, Metro Manila 1550
          Philippines
          Phone: +63-2-632-3000
          Fax: +63-2-632-3099
          Web site: http://www.sanmiguel.com.ph


FIAT SPA: Chief Financial Officer to Leave this Month
-----------------------------------------------------
Luigi Gubitosi, currently Chief Financial Officer of Fiat S.p.A.
has announced his intention to leave the Group at the end of July
2005.

Sergio Marchionne, Fiat Chief Executive Officer said: "Mr.
Gubitosi has been a valuable contributor to the development of
our Group over nearly 20 years and he will be missed.  We
understand his decision given the great opportunity he has been
offered and his desire to relocate close to his family.  We thank
him for his input and dedication to Fiat, especially in the
recent efforts at providing a solid financial structure to the
group, and wish him all the best in his future endeavors"

The responsibility for the finance function will be allocated to
Maurizio Francescatti for Corporate Finance and Alessandro Baldi
for Group Controlling and Planning until a finance succession
plan is announced within the next few weeks.

                            *   *   *

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR34.2 billion
generated for the 9-month period as at 30 September 2004.  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.  The outlook
remained negative on lingering uncertainties regarding the
turnaround of the group's automotive activities (it recently
completed the restructuring of Fiat Auto).  The division has
reported 12 straight quarterly losses.

The firm's share price has fallen by more than 85% over the past
five years.  Fiat's creditors include Banca Intesa, Banca Monte
dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia,
Sanpaolo IMI, and UniCredito Italiano.

CONTACT:  FIAT S.P.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


FIAT SPA: Breaks even at Operating Level in 2004
------------------------------------------------
Speech by Sergio Marchionne, CEO
Fiat Historical Center
June 23, 2005

Good morning ladies and gentlemen.

As the Chairman has already told you, I am going to illustrate
the results achieved by the Group in 2004 and in the first
quarter of this year.  I will conclude my presentation with a
brief summary of the objectives that we are working towards.
Notwithstanding a whole series of extraordinary events during the
year, from the death of Umberto Agnelli to the complete
replacement of its top management, the Fiat Group made major
progress towards recovery in 2004.

FY 2004 Highlights:

(a) 2004 group objectives achieved,

(b) GM put issue resolved,

(c) Leadership & organizational changes,

(d) Significant extraordinary charges, particularly Fiat Auto,

(e) Solid year-end cash position at EUR5.3 billion,

(f) Last year of net loss for the Group

In fact, we achieved all our goals, first and foremost the
objective of reaching breakeven in terms of Group operating
income, with an improvement of over EUR700 million with respect
to 2003.

We also reduced the operating cash outflow of the Company, which,
net of receivables sold, shrank from EURR2.8 billion to EUR700
million.  Our businesses have steadily improved their
performances: in fact, we reached breakeven after eight
consecutive quarters of improvement in operating performance.
Net loss narrowed by EUR400 million to EUR1.5 billion,
notwithstanding EUR1.6 billion of lower extraordinary gains.

We had to bear large extraordinary charges, in particular at Fiat
Auto.  As you know, we successfully resolved the General Motors
issue in February of this year.  Fiat won recognition of the
value of its put option by collecting EUR1.55 billion, recovered
complete control of Fiat Auto, and regained its strategic
flexibility.

Last but not least, the reorganization of Fiat Auto was
completed.  In fact, we have given the Company a leaner and more
efficient structure and new executive managers, while
simultaneously realizing an essential cultural change.

Fiat S.p.A. made its own contribution by starting a streamlining
of its organization, which had a significant impact in the first
months of 2005, to encourage accountability, fast decision-making
processes, and more effective interaction with the Sectors.

After reimbursing EUR2.7 billion in bonds, the Group had a solid
year-end cash position of EUR5.3 billion, and its financial
flexibility further improved after the GM settlement.

Generally speaking we can say that 2004 was the last year of net
loss for the Group.

Full copy of the statement, including tables is available free of
charge at http://bankrupt.com/misc/Fiat_StatementFY04.pdf

CONTACT:  FIAT S.P.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


FIAT SPA: Gives IBM Control of Global Value for 9 Nine Years
------------------------------------------------------------
IBM and Fiat Group announced on June 30 an information technology
agreement worth almost EUR200 million a year for 9 years.  Under
the agreement, IBM will manage key areas of Fiat Group's IT
activities and business process transformation projects and will
assume full control of Global Value, the equal joint venture
founded by FIAT Business Solutions and IBM Italia in 2001.

The new agreement will assure Fiat of the governance of its IT
activities, as it benefits from the innovative use of state of
the art technology and specialist consulting from IBM, and
resulting in operational flexibility, cost reductions and
improved efficiencies.

IBM will transform Fiat's current IT infrastructure, through
hardware consolidation and optimization, implementing an on
demand environment.  The Turin Integrated Delivery Centre will be
able to run standardized operations with benefits in terms of
costs and efficiency.

Fiat will have direct access to IBM's global experience and also
will benefit from IBM's expertise on best practices and solutions
for the automotive industry developed by IBM's research
laboratories and International Automotive Competence Centres.

About Fiat

Founded in 1899, Fiat is an industrial enterprise focused on the
automotive sector, serving customers in more than 190 countries
around the world with an annual turnover of about EUR47 billion.
With some 160,000 employees in 121 R&D centers and 180 plants
worldwide, the Fiat Group is a global leader in the production of
passenger cars, agricultural and construction equipment,
industrial vehicles, production systems and automotive
components.

The automotive activities account for 82% of total sales.  The
Automobile Sector, led by Fiat Auto, markets automobiles under
the Fiat, Lancia and Alfa Romeo brands and light commercial
vehicles under the Fiat brand.  Ferrari and Maserati are also
part of the Fiat Group.  They produce luxury sports cars that
excel for their exclusive characteristics, technology and
performance.

The Agricultural and Construction Equipment Sector, which is led
by CNH, is active in the field of tractors and agricultural
equipment through the Case IH, New Holland and Steyr brands and
in the construction equipment business through the Case, New
Holland and Kobelco brands.

Iveco is the lead company of the Commercial Vehicles Sector,
which markets complete lines of commercial vehicles (Iveco and
Seddon Atkinsons brands), busses (Iveco and Irisbus brands) and
firefighting vehicles (Carniva, Iveco and Magirus brands).
For more information visit http://www.fiatgroup.com;Phone: +
39.011.00.63.088; E-mail: mediarelations@fiatgroup.com.

About IBM Global Services

IBM Global Services is the world's largest information technology
services and consulting provider.  Some 190,000 professionals in
more than 160 countries help clients integrate information
technology with business value -- from the business
transformation and industry expertise of IBM Business Consulting
Services to hosting, infrastructure, technology design and
training services.  IBM Global Services delivers integrated,
flexible and resilient processes across companies and through
business partners, enabling clients to save money and transform
their businesses to be more competitive.  For more information,
visit http://www.ibm.com/services.

CONTACT:  International media:
          Arlene Wainstein
          Phone: 33 (0) 141 88 6664
          Mobile: 33 (0) 672 759574

          Italian media:
          Alessandro Ferrari
          E-mail: alessandro_ferrari@it.ibm.com
          Phone: +39 02 59624690
          Mobile: +39 348 4554535
          Lucia Cerrina
          E-mail: lucia_cerrina@it.ibm.com
          Phone: +39 02 59626063
          Mobile: +39 335 7208601


=================
M A C E D O N I A
=================


* State Draws List of Loss-making Firms
---------------------------------------
The government has identified 39 state-owed companies that are
loss-making, Seeurope.net reported citing A1 TV station.  The
list includes chemical company AD Ohis, electrical equipment
manufacturer AD EMO, textile maker Oteks AD Ohrid, and the
cigarette plant in Prilep.

The cabinet has ordered management of these companies to find
ways to address the problem.  It is also preparing an action plan
to help them solve their financial troubles.  The state is either
majority owners or holds 100% of the capital of these companies.
The firms are heavily indebted.  They have outstanding
contributions, taxes and payables to public enterprises.

Organic chemical industry Ohis is a joint-stock open-type company
located in Skopje, the capital of the Republic of Macedonia.

EMO Ohrid was established in 1972 and for the last 30 years has
been a leading Macedonian manufacturer and supplier of
electro-mechanical components and systems, with design,
manufacturing and installation capability.

Oteks AD is a textile and garments firm in Ohrid.  It was founded
in 1968.

Tutunski Kombinat AD Prilep has been producing cigarette since
the early 20th century.

CONTACT:  AD OHIS
          Ul. "Prvomajska" bb, 1000 SKOPJE
          P. O. Box 555
          Republic of Macedonia
          Telephone exchange: (389 2) 2728 729
          General Manager
          Phone: (389 2) 2728 202
          Fax: (389 2) 2700 583
          E-mail: ohint1@mt.net.mk

          EMO OHRID
          P.O. Box 118
          6000 Ohrid, Macedonia
          Phone: +389.46.204600
          Fax: +389.46.265887
          E-mail: emo@emo.com.mk
          Web site: http://www.oteks.com.mk

          TUTUNSKI KOMBINAT AD PRILEP
          Marksova 101, 7500 Prilep
          R. Makedonija
          Web site: http://www.tkprilep.com.mk/eng/

          OTEKS AD OHRID
          7 Noemvri No.181, Ohrid
          Web site: http://www.otex.com.mk


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


ROYAL SHELL: Secures Exploration Rights in Australia
----------------------------------------------------
Shell Development Australia has been awarded exploration rights
to four deepwater blocks in the Carnarvon Basin offshore Western
Australia, in which Shell will have a 50% interest.  Chevron will
be the operator of all four permits.

The permit areas, WA-364-P, WA-365-P, WA-366-P & WA-367-P, are
located on the Exmouth Plateau, 160 to 480 kilometers northwest
of the Western Australian coastline.  The Plateau is the
deep-water frontier of the Carnarvon basin, Australia's premier
petroleum basin, which includes the North West Shelf and Greater
Gorgon resources.

Chairman of the Shell Companies in Australia, Tim Warren, said:
"Shell is delighted to have secured this acreage.  Australia is
an important part of Shell's regional and global growth ambitions
for gas.  Shell is a global leader in LNG and a long-term player
in Australia.  We are keen to add more integrated gas to our
portfolio and are looking to discover more gas around the LNG
hubs where we already have a presence, such as in Gorgon, Browse,
Sunrise and the Timor Sea.

"We believe these two technically strong and successful companies
form an ideal partnership to unlock the potential of the area.
The planned 3D seismic and drilling program will exploit the
comprehensive deepwater gas experience that the two companies can
bring to bear."

                            *   *   *

Last week, the Royal Dutch/Shell Group of Companies reported that
the U.S. Department of Justice has issued a public release
announcing the conclusion of the probe on the recategorizations
of Shell's proved oil and gas reserves.

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

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

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


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


BRYANSKAYA VODKA: Succumbs to Bankruptcy
----------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Bryanskaya Vodka after finding the trading
house insolvent.  The case is docketed as A09-4831/04-27.  Mr. V.
Ivanov has been appointed insolvency manager.  Creditors have
until July 28, 2005 to submit their proofs of claim to 248009,
Russia, Kaluga, Post User Box 409.

CONTACT:  BRYANSKAYA VODKA
          421050, Russia, Bryansk region,
          Gorkogo Str. 15

          Mr. V. Ivanov
          Insolvency Manager
          248009, Russia, Kaluga,
          Post User Box 409


DEDOVICHESKIY MEAT: Deadline for Proofs of Claim Set July 18
------------------------------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
supervision procedure on limited liability company Dedovicheskiy
Meat Combine (TIN 6004002507).  The case is docketed as
A52/7780/2004/4.  Mr. Y. Yakovlev has been appointed temporary
insolvency manager.  Creditors have until July 18, 2005 to submit
their proofs of claim to 180020, Russia, Pskov, Alekhina Str. 1,
Apartment 144.

CONTACT:  DEDOVICHESKIY MEAT COMBINE
          Russia, Pskov region, Dedovichi,
          Zavodskaya Str. 3

          Mr. Y. Yakovlev
          Temporary Insolvency Manager
          180020, Russia, Pskov region,
          Alekhina Str. 1, Apartment 144


KRASNOLENINSK-OIL-GAS-STROY: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on close joint stock
company Krasnoleninsk-Oil-Gas-Stroy.  The case is docketed as
A75-33082005.  Mr. V. Vinogradov has been appointed temporary
insolvency manager.

Creditors have until July 18, 2005 to submit their proofs of
claim to 644065, Russia, Omsk, 50 Let Profsoyuzov Str. 61.  A
hearing will take place on July 11, 2005, 9:45 a.m.

CONTACT:  KRASNOLENINSK-OIL-GAS-STROY
          628183, Russia, Nyagan,
          Sibirskaya Str. 26

          Mr. V. Vinogradov
          Temporary Insolvency Manager
          644065, Russia, Omsk,
          50 Let Profsoyuzov Str. 61


MOBILE BUILDING: Assets for Public Auction Next Week
----------------------------------------------------
The insolvency manager and bidding organizer of open joints tock
company Mobile Building Assembly Corporation on July 11, 2005,
2:00 p.m. (local time).  The public auction will take place at
Russia, Tyumen region, Khanty-Mansiyskiy autonomous region,
Nefteyugansk, 8th location, 16, Office 64.  Up for sale is a
property complex.  Starting price: RUB3,550,000.

The preliminary examination and reception of bids are done until
12:00 noon on or before July 8, 2005.  The list of documentary
requirements is available at 628309, Russia, Tyumen region,
Khanty-Mansiyskiy autonomous region, Nefteyugansk, 8th location,
16, Office 64.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810100000000679, correspondent account 30101810900000000771
in PF Zapsibcombank OJSC Nefteyugansk, BIC 047173771.

CONTACT:  MOBILE BUILDING ASSEMBLY CORPORATION
          628309, Russia, Tyumen region, Khanty-Mansiyskiy
          autonomous region, Nefteyugansk, 8th location, 16,
          Office 64

          Mr. S. Golyarskiy
          Insolvency Manager/Bidding Organizer
          628309, Russia, Tyumen region, Khanty-Mansiyskiy
          autonomous region, Nefteyugansk, 8th location, 16,
          Office 64
          Phone/Fax: 8(3461) 27-25-65


PONOMAREVSKOYE BREAD: Period for Filing of Claims Ends July 18
--------------------------------------------------------------
The Arbitration Court of Orenburg region has commenced bankruptcy
supervision procedure on state enterprise Ponomarevskoye Bread
Receiving Enterprise.  The case is docketed as
A47-2864/2005-14GK.  Mr. A. Chirkizov has been appointed
temporary insolvency manager.

Creditors have until July 18, 2005 to submit their proofs of
claim to 460001, Russia, Orenburg, Post User Box 3167.  A hearing
will take place on Sept. 9, 2005, 11:00 a.m. at the Arbitration
Court of Orenburg region located at Russia, Orenburg, 9th January
Str. 64.

CONTACT:  PONOMAREVSKOYE BREAD RECEIVING ENTERPRISE
          461780, Russia, Orenburg region,
          Ponomarevka, Kuybysheva Str. 72

          Mr. A. Chirkizov
          Temporary Insolvency Manager
          460001, Russia, Orenburg region,
          Post User Box 3167


VESHKAYMSKIY ELEVATOR: Hires Insolvency Manager from Ulyanovsk
--------------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Eshkaymskiy Elevator after finding the open
joint stock company insolvent.  The case is docketed as
A72-8822/04-17/29-b.  Mr. A. Fadeev has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 432071,
Russia, Ulyanovsk, Federatsii Str. 105, Office 14.

CONTACT:  VESHKAYMSKIY ELEVATOR
          433200, Russia,
          Ulyanovsk region, Veshkayma

          Mr. A. Fadeev
          Insolvency Manager
          432071, Russia, Ulyanovsk region,
          Federatsii Str. 105, Office 14


VOLOKOLAMSKIY WOOD-COMBINE: Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company Volokolamskiy
Wood-Combine.  The case is docketed as A41-K2-7040.  Mr. P. Nizov
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 170000, Russia,
Tver, Post User Box 121.  A hearing will take place on Sept. 14,
2005, 10:00 a.m.

CONTACT:  VOLOKOLAMSKIY WOOD-COMBINE
          Russia, Moscow region, Volokolamsk,
          N-Soldatskaya Str. 27

          Mr. P. Nizov
          Temporary Insolvency Manager
          170000, Russia, Tver, Post User Box 121

          The Arbitration Court of Moscow region
          107996, Russia, Moscow region,
          Akademika Sakharova Pr. GSP-6


WIRING ACCESSORIES: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on open joint stock company Wiring
Accessories.  The case is docketed as A50-7632/2005B.  Mr. N.
Izmaylov has been appointed temporary insolvency manager.

Creditors have until August 18, 2005 to submit their proofs of
claim to 617010, Russia, Perm region, Ilyinskiy region, Chermoz,
Zavodskaya Str. 1.  A hearing will take place on Sept. 20, 2005,
10:00 a.m. at Hall #104.

CONTACT:  WIRING ACCESSORIES
          617010, Russia, Perm region, Ilyinskiy region,
          Chermoz, Zavodskaya Str. 1

          Mr. N. Izmaylov
          Temporary Insolvency Manager
          617010, Russia, Perm region, Ilyinskiy region,
          Chermoz, Zavodskaya Str. 1


WOOD-PROM-KHOZ PIONEER: Bankruptcy Hearing Set October
------------------------------------------------------
The Arbitration Court of Vladimir region has commenced bankruptcy
supervision procedure on Wood-Prom-Khoz Pioneer.  The case is
docketed as A11-2610/2005-K1-41B.  Mr. G. Aristov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 600024, Russia,
Vladimir, Univesitetskaya Str. 6.  A hearing will take place on
Oct. 11, 2005, 11:30 p.m.

CONTACT:  WOOD-PROM-KHOZ PIONEER
          Russia, Vladimir region,
          Sudogorskiy region, Muromtsevo

          Mr. G. Aristov
          Temporary Insolvency Manager
          600024, Russia, Vladimir,
          Univesitetskaya Str. 6
          Phone/Fax: 8(0922) 34-06-78


YUKOS OIL: Net Loss Deepens; Production Drops
---------------------------------------------
Troubled fuel giant Yukos Oil doubled its first-quarter net loss
from RUB2.404 billion in 2004 to RUB4.864 billion this year,
Analytical Information Agency says.

The group also suffered a big drop in first-quarter revenues,
from RUB1.45 billion to just RUB665 million this year.  Yukos
also saw its first-quarter net debt swell by RUB57.5 billion to
RUB299.02 billion.

Yukos also saw a huge drop in oil production, producing only
13.464 million tons for the first half of 2005 against 42.511
million tons for the same period last year.  In June alone, Yukos
produced only 1.914 million tons of oil, compared to 7.065
million tons a year ago.  The fuel giant also booked a big drop
in first-half oil export via the Transneft system, delivering
only 678,000 tons this year, against 18.042 million tons in 2004.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com


ZELENOKUMSKIY: Court Brings in Insolvency Manager
-------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on open joint stock company
Zelenokumskiy.  The case is docketed as A63-81/2005-S5.  Mr. V.
Orlov has been appointed temporary insolvency manager.  Creditors
may submit their proofs of claim to 355000, Russia, Stavropol,
Lermontova Str. 343, Office 4.

CONTACT:  ZELENOKUMSKIY
          Russia, Stavropol region,
          Zelenokumsk

          Mr. V. Orlov
          Temporary Insolvency Manager
          355000, Russia, Stavropol region,
          Lermontova Str. 343, Office 4
          Phone: 37-16-93


=========
S P A I N
=========


AVANZIT SA: Inks EUR62.4 Mln Debt Swap Deal for Telson
------------------------------------------------------
Troubled telecom group Avanzit SA struck a vital debt-for-equity
swap deal with creditors of Telson Audiovisuales SLU, AFX News
says.

Avanzit will go about with the EUR62.4 million swap by issuing
31.2 million shares at EUR2 per share, with a nominal value of
EUR1.  Once the swap is complete, Avanzit will propose a capital
increase to satisfy EUR73 million of its own debt.

The group filed for receivership in 2002 after failing to reach a
restructuring deal with creditors.  It emerged last year from
receivership through a debt-for-equity restructuring.  The group
expects a turnaround this year, aiming to post EUR6.5 million in
pre-tax profit.

CONTACT:  AVANZIT S.A.
          C/Alcala 518
          28027 Madrid
          Phone: +34 91 754 67 00
          Fax: +34 91 754 67 24
          E-mail: info.avanzit@avanzit.com
          Web site: http://www.avanzit.com


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


CONCORDIA BUS: Delays Presentation of Results
---------------------------------------------
Concordia Bus postponed the presentation of its fourth-quarter
results for 2005 and full year result as promised on June 30.  It
said then it will set a new date within a week.  It has not made
any announcement on the matter since then.

                            The Trouble

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

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

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

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

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


===========
T U R K E Y
===========


TURKIYE SINAI: Moody's Rates Foreign Currency Deposit B2
--------------------------------------------------------
Moody's Investors Service assigned a D+ Financial Strength Rating
(FSR) and B2/N-P Foreign Currency Deposit Ratings to Turkiye
Sinai Kalkinma Bankasi A.S. (TSKB).  The outlook on the B2 Long
Term Foreign Currency Deposit Rating has a positive outlook, in
line with the country ceiling in Turkey, while the outlook on the
FSR is stable.  Moody's adds that the B2/N-P ratings are
constrained by the ceiling for such deposits in Turkey.

Moody's notes that TSKB's D+ FSR is supported by a
well-established development banking franchise, which generates a
stable, albeit relatively low level of core income.  Significant
revenues from its Turkish government securities portfolio and to
a smaller extent from its investment banking and brokerage
activities, supplement the bank's overall earning capacity.

Moody's, said that the rating is also upheld by TSKB's relatively
low exposure to market and liquidity risk, its acceptable asset
quality and its high level of free capital.  The ratings agency
takes into account the bank's stable long-term foreign currency
funding, supplied by multilateral agencies and guaranteed by the
Turkish government.  It also notes that the bank's assets and
liabilities have well-matched currency and pricing profiles,
minimizing interest rate and liquidity risks.

Moody's adds that the D+ FSR is constrained by the moderate level
of credit risk inherent in the Turkish operating environment and
also by TSKB's high reliance on income from Turkish government
securities.

Moody's notes that compared to other Turkish commercial banks
rated at the D+ level, TSKB's franchise is less diversified and
does not have a presence in those banking businesses that will
benefit most from the continuing improvements in Turkey's
economic environment.  As such, TSKB's FSR has little upside at
the D+ level.  On the contrary, if there be a material
deterioration in the Turkish economic environment or if
competition in the bank's core long-term finance business leads
to a significant decline in earning power, then there will be
downward pressure on the FSR.

Referring to the bank's foreign currency deposit ratings, Moody's
states that there is a high likelihood that TSKB will be
supported by its major shareholder, Turkiye Is Bankasi (B2/NP/D),
in an emergency situation.  The ratings agency believes that
given its good liquidity position and large size relative to
TSKB, Isbank has the capacity to assist its subsidiary.  The
availability of such support is nevertheless not factored into
the rating, which is constrained by the country ceiling for
foreign currency deposits in Turkey.

TSKB is headquartered in Istanbul and at the end of 2004 had
total assets of US$1.712 billion.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Mardig Haladjian
          General Manager
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          George Chrysaphinis
          Asst Vice President - Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


ABC RECRUITMENT: Files for Voluntary Winding-up
-----------------------------------------------
At an Extraordinary General Meeting of the Members of ABC
Recruitment Consultants Limited, duly convened, and held at 2
Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ, on 28 June 2005, at 11:45 a.m., the following Extraordinary
Resolution was duly passed:

"That the Company cannot, by reason of its liabilities, continue
its business, and it is advisable to wind up the Company, and
accordingly that the Company be wound up voluntarily, and that
Freddy Khalastchi, of Harris Lipman, 2 Mountview Court, 310
Friern Barnet Lane, Whetstone, London N20 0YZ, is hereby
appointed Liquidator of the Company for the purposes of the
voluntary winding-up."

At the subsequent Meeting of Creditors held at the same place on
the same day the voluntary liquidation was confirmed by the
Creditors and the appointment of Freddy Khalastchi, of Harris
Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
London N20 0YZ, as Liquidator was ratified.

A A Yillah, Chairman

CONTACT:  ABC RECRUITMENT CONSULTANTS LTD.
          Unit WS, N0002 Basement, Westminster
          Business Square, 1-45 Durham Street,
          London SE11 5JH
          Phone: 020 7820 8135
          Fax: 020 7793 8309
          E-mail: info@abcrecruitment.com
          Web site: http://www.abcrecruitments.com/

          HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


ACANTHA FIREPLACES: Shareholders Pass Resolution to Wind-up Firm
----------------------------------------------------------------
At an Extraordinary General Meeting of Acantha Fireplaces
Limited, duly convened, and held at Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, on 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
Richard Frank Simms, of Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, be hereby appointed
Liquidator for the purposes of such winding-up."

S Sohrabkhani, Company Secretary

                            *   *   *

In 1996, Acantha Fireplaces launched contemporary ranges of
fireplaces in the U.K.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com

          ACANTHA LIFESTYLE LTD.
          32-34 Park Royal Road
          London, NW10 7LN, England
          Phone: +44 (0) 20 8453 1537
          Fax: +44 (0) 20 8453 1538
          Web site: http://www.acanthalifestyle.com


AMESBURY TRANSPORT: Members Decide to Wind up Firm
--------------------------------------------------
At the extraordinary general meeting of the members of Amesbury
Transport Limited (Company No 00456340) on June 27, 2005 held at
International Press Centre, 76 Shoe Lane, London EC4A 3JB, the
special resolution to wind up the company was passed.  John
Anthony Dickinson and Steven Leslie Smith both of Mercer & Hole,
International Press Centre, 76 Shoe Lane, London EC4A 3JB have
been appointed joint liquidators of the company.

The company is engaged in freight transport and storage.

CONTACT:  AMESBURY TRANSPORT LIMITED
          The Croft, 7 Crofton Close,
          Chertsey, Surrey KT16 0LR
          Phone: 01980590106

          MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


ATLAS TRANSPORT: Opts for Liquidation
-------------------------------------
At the extraordinary general meeting of the members of Atlas
Transport & Shipping Company Limited (Company No 00188416) on
June 27, 2005 held at International Press Centre, 76 Shoe Lane,
London EC4A 3JB, the special resolution to wind up the company
was passed.  John Anthony Dickinson and Steven Leslie Smith both
of Mercer & Hole, International Press Centre, 76 Shoe Lane,
London EC4A 3JB have been appointed joint liquidators of the
company.

CONTACT:  MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


BALMORAL GROUP: Hotel Operator Collapses into Liquidation
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of Balmoral
Group of Hotels Limited, duly convened, and held at the offices
of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF, on
Tuesday 28 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 that
David Moore and Donald Bailey of Begbies Traynor, No 1 Old Hall
Street, Liverpool L3 9HF, be and are hereby appointed Joint
Liquidators for the purposes of such winding-up."

J A Brave, Director

                            *   *   *

The company formerly traded as Balmoral Hotel (Tunbridge Wells)
Limited.

CONTACT:  BEGBIES TRAYNOR LTD.
          1 Old Hall Street
          Liverpool
          L3 9HF
          Phone: 01512274010


BELLTON ENGINEERING: Creditors Appoint Liquidator
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Bellton Engineering Services Limited
                           (In Liquidation)

I, Annette Menzies, French Duncan, 375 West George Street,
Glasgow G2 4LW hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986, that on June 23, 2005 I was
appointed Liquidator of Bellton Engineering Services Limited by
resolution of the first meeting of creditors.

A Liquidation committee was not established at this meeting.

Annette Menzies, Liquidator
June 23, 2005

CONTACT:  FRENCH DUNCAN
          375 West George Street
          Glasgow G2 4LH
          Phone: 0141 221 2984
          Fax: 0141 221 2980
          E-mail: enquiries@frenchduncan.co.uk
          Web site: http://www.frenchduncan.co.uk


CHRISTIE TYLER: Selling Subsidiaries
------------------------------------
Mr. D. Rollings, A. R. Bloom and A. M. Hudson, joint
administrative receivers of Christie-Tyler Limited, offer for
sale as going concerns these subsidiary undertakings:

(a) Christie Tyler South Wales West Division Limited (CSTSWW)

    (i) Supplies product to a range of retailers;

   (ii) Based in Bridgend, South Wales;

  (iii) 478 employees; and

   (iv) Turnover of around GBP49 million in last financial year.

(b) CT Distribution Limited

    (i) Provides distribution services to CTSWW;

   (ii) Based in Gwent, South Wales;

  (iii) 37 employees; and

   (iv) Turnover of around GBP3 million in last financial year.

(c) Deeside Furniture Limited

    (i) Supplies specialist product solely to major department
        store customer;

   (ii) Based in Flintshire, North Wales;

  (iii) 348 employees; and

   (iv) Turnover of around GBP29 million in last financial year.

(d) Lebus Furniture Limited

    (i) Supplies value range product to retailers;

   (ii) based in Scunthorpe, North Lincolnshire;

  (iii) 367 employees; and

   (iv) Turnover of around GBP27 million in last financial year.

(e) Wyvern Furniture Limited

    (i) Supplies product predominantly to mail order retailers;

   (ii) Based in Kidderminster, Worcestershire;

  (iii) 176 employees; and

   (iv) Turnover of around GBP17 million in last financial year.

(f) Earlybird Furniture Limited

     (i) Provides distribution service to Wyvern,

    (ii) Based in Kidderminster, Worcestershire;

   (iii) 56 employees; and

    (iv) Turnover of around GBP3 million in last financial year.

Interested parties are invited to purchase the businesses, either
whole or in their constituent parts.  Interested parties' ability
to execute a transaction in a limited timescale will be key to
concluding a deal.  The principal activities of the companies are
the manufacture and distribution of upholstered furniture,
predominantly servicing the U.K. market.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax: +44 [0] 20 7951 1345
          Web site: http://www.ey.com

          Andrew Morrison
          Phone: +44 (0)20 7951 9989
          Fax: +44 (0)20 7951 9998
          E-mail: amorrison@uk.ey.com

          Simon Kirkhope
          Phone: +44 (0)20 7951 9830
          Fax: +44 (0)20 7951 9998
          E-mail: skirkhope@uk.ey.com


CNA INSURANCE: Hires Liquidators from PricewaterhouseCoopers
------------------------------------------------------------
Name of companies:
CNA Insurance Company (Europe) Limited
The Continental Insurance Holdings (Europe) Limited

At the extraordinary general meeting of these companies on June
22, 2005, the special and ordinary resolutions to wind up the
company were passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the companies.

D K Davies, Chairman

                            *   *   *

The Continental Insurance Holdings (Europe) Limited and CNA
Insurance Company (Europe) Limited are holding companies.

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


COMMERCIAL SENSE: Finance Brokerage Firm Winds up Business
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of Commercial
Sense Financial Limited, duly convened, and held at The MacDonald
Partnership Plc, 28th Floor, Tower 42, 25 Old Broad Street,
London EC2N 1HQ, on 29 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
Douglas MacDonald, be and he is hereby appointed Liquidator for
the purposes of such winding-up."

D J Salmon, Director

                            *   *   *

Commercial Sense Financial Ltd. is an independent commercial
finance brokerage.

CONTACT:  COMMERCIAL SENSE FINANCIAL LTD.
          22 High Street, Purley, Surrey CR8 4AA
          Contact:
          David Salmon
          E-mail: dsalmon@cs-financial.co.uk
          Web site: http://www.cs-financial.co.uk
          Phone: 020 8660 6633
                 07831 384039
                 020 8660 6699


COSTAIN GROUP: Wins 'Best Overall Safety Provider' Award
--------------------------------------------------------
Costain Group plc was one of the top performers at the recent
Yorkshire Water Partner Awards Dinner.

In the Category "Best Overall Safety Provider," Costain was
"Highly Commended" as part of the "Joint Construction Safety
Forum."  The award was presented by Richard Ackroyd Yorkshire
Water, Regulation & Investment Unit Director.

In the Category "Individual Safety Contribution," Costain site
manager Dan Powrie at the Barlby Project, was the winner for,
among other things, achieving the first ever 100% safety audit at
a Yorkshire Water site.

The Costain Project at Withernsea won the "Best Capital Project"
award, which was presented by Allison Bainbridge, Yorkshire Water
Finance Director.

Costain Northern's Bill Lomas said: "An award from the client
underlines the quality of your performance and we are delighted
with this recent success.  Our team has worked extremely hard and
the client's recognition of those efforts is a significant morale
boost."

                            *   *   *

The Costain Group is responsible for the provision of a
significant proportion of Yorkshire Water's Asset Management
Period 4 (AMP4) works following on from the success of the AMP 3
framework contract.

It collapsed under heavy debt in the mid-1990s after venturing
into U.S. mining.  Costain is still trying to recover, with its
first dividend in years expected this year or the next.  Its core
U.K. business reported a GBP10.5 million profit last year after
plunging into a GBP5 million loss in 2000.  The company has moved
into management of water utilities from civil engineering.

In April, the board of Costain passed a special resolution to
reduce the share capital of the company and cancel premium
account.  In May, Fitch gave it a senior unsecured rating of 'B'
and short-term rating of 'B'.  The Outlook is Stable.

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

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

          COLLEGE HILL
          Mark Garraway
          Matthew Gregorowski
          Phone: 020 7457 2020


DANKA BUSINESS: New CFO to Join Board Next Month
------------------------------------------------
Danka Business Systems PLC, an independent global provider of
office imaging systems and services, has said that Edward K.
Quibell will join the company as Chief Financial Officer on
August 1, 2005.

He joins Danka from Manhattan Associates, Inc., a global leader
in supply chain solutions, where he has held positions as Chief
Financial Officer, and Senior Vice President M&A and Business
Process Improvement.

Mr. Quibell, a veteran of the services and software industries,
brings a broad background of financial and operational experience
to Danka.  He has had an extensive career in both senior
financial and senior operational positions working with
established, as well as start-up companies in the U.S., Europe
and Australia, including First Data Corporation, CoreNet Services
Inc., NCR Information Imaging, and the RTZ Corporation.

Todd Mavis, Danka's Chief Executive Officer, said: "I am very
excited to have Ed join Danka.  We were looking for someone with
demonstrated CFO leadership skills, relevant knowledge of
compliance requirements and extensive international experience.
Ed meets all of these objectives.  I am particularly enthusiastic
about Ed's operational background in the services and software
areas since these are both growth opportunities for Danka."

                            *   *   *

Danka Business Systems plc recently entered into an agreement to
sell the shares of its Canadian business unit, Danka Canada Inc.,
to Pitney Bowes of Canada, Ltd., a subsidiary of Pitney Bowes
Inc., for a purchase price of US$14 million (EUR11.76 million) in
cash.

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

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

          Donald Thurman
          Investor Relations
          Phone: 001 770 280 3990

          Paul Dumond
          Company Secretary
          Phone: 020 7605 0154

          Weber Shandwick Square Mile
          Mike Kirk
          Helen Thomas


DIORANEWS LIMITED: Hires Liquidator from Ian Franses Associates
---------------------------------------------------------------
At the general meeting of the holders of Dioranews Limited, the
special resolution to wind up the company was passed.  Ian
Franses of Ian Franses Associates, Conduit House, 25 Conduit
Place, London W1 1EP has been appointed liquidator of the
company.

                            *   *   *

The company offers Internet services.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


DRILL LEISURE: Appoints Begbies Traynor Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of Drill Leisure Limited,
duly convened, and held at The Old Exchange, 234 Southchurch
Road, Southend-on-Sea, Essex SS1 2EG, 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
Lloyd Biscoe, of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, be and he is
hereby appointed Liquidator for the purposes of such winding-up."

C Siddle

                            *   *   *

Drill Leisure trades under the name The Drill.  Its previous name
is Emerson Industrial Property Maintenance Limited.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


EMPYREAL LIMITED: Meeting of Creditors Set Friday
-------------------------------------------------
The creditors of Empyreal Limited (Company No 04397485) will meet
on July 8, 2005 at 10:45 a.m.  It will be held at Wilson Pitts,
Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy form must be submitted together with written debt
claims to Wilson Pitts, Glendevon House, Hawthorn Park, Coal
Road, Leeds LS14 1PQ not later than 12:00 noon, July 7, 2005.

CONTACT:  EMPYREAL LTD.
          Amadeus House, Lidgett Lane,
          Garforth, Leeds LS25 1EQ
          Phone: 0113 287 5445
          Fax: 0113 287 2293

          WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


ENVIRONMENTAL AIR: Liquidators from KPMG Move in
------------------------------------------------
At the general meeting of Environmental Air Filtration Limited,
the special and ordinary resolutions to wind up the company were
passed.  David John Crawshaw and Richard John Hill of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD have been
appointed joint liquidators of the company.

CONTACT:  ENVIRONMENTAL AIR FILTRATION LTD.
          George Street
          Birmingham B3 1QQ
          West Midlands
          Phone: 0121 214 1450

          KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


EQUITABLE LIFE: Boss Retracts Comment, Says Sorry to Directors
--------------------------------------------------------------
Equitable Life Chairman Vanni Treves has apologized to 15 former
directors of the company for implying fraud was "central" to its
GBP3.7 billion claim against them and former auditor Ernst &
Young.

At the company's annual general meeting in May, Mr. Treves said:
"The question as to whether or not there was fraud or any other
misfeasance on the part of our predecessors in the past is
central to the litigation."

Robert Miles QC, according to The Guardian, told the court
Tuesday that Mr. Treves takes back his comment and apologizes to
the director defendants, particularly Peter Martin, for having
made it.  Mr. Miles serves as counsel for the insurer's
solicitors Herbert Smith.

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


FENIMOOR HOLDINGS: Names Unity Corporate Recovery Administrator
---------------------------------------------------------------
Name of company: FENIMOOR HOLDINGS LTD. (Company No 03486070)

Nature of Business: Holding Company

Address of Registered Office: Clive House, Clive Street, Bolton,
Lancashire BL1 1ET

Trade Classification: 7487-Other Business Activities

Date of Appointment: June 27, 2005

Administrators' Names and Address: Matthew Colin Bowker and Ian
Nigel Millington (IP Nos 8106 and 8270), both of Unity Corporate
Recovery and Insolvency, Clive House, Clive Street, Bolton,
Lancashire BL1 1ET

CONTACT:  FENIMOOR HOLDINGS LTD.
          City Wharf
          New Bailey Street
          Manchester M3 5ER

          UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


FKI PLC: Sells Wind Turbine Unit for EUR75,000
----------------------------------------------
FKI plc has completed the sale of DeWind GmbH to EU Energy
Shriram Ltd. for EUR75,000.

DeWind made operating losses of EUR12.6 million on sales of
EUR48.3 million in the year to March 2005.  The net asset value
transferred will be EUR32.5 million.

Under the terms of the agreement, EU Energy will assume the
potential liabilities associated with the contractual performance
of the business.  It is anticipated that the total cost of
withdrawal from wind turbine activities will be within figures
provided in previous guidance.

Paul Heiden, FKI Chief Executive, said: "In November 2004, we
announced our intention to withdraw from the wind turbine
business.  Over the following weeks we received several
expressions of interest, which led to our announcement in
February 2005 that we were in talks to dispose of the business to
EU Energy.

"We are very pleased to have agreed terms for this transaction.
Importantly, it will preserve jobs at DeWind and allow our senior
management to focus on continuing activities."

                            *   *   *

FKI completed in June the sale of certain Certex distribution
companies operating in Norway, Sweden, Denmark, Germany, Russia,
Finland and the Baltic States to ABT Allsafe AB, a subsidiary of
Axel Johnson International AB, for the sum of EUR23.6 million in
cash.

The sale of Certex Europe is another step in the delivery of
FKI's strategy of maximizing value by concentrating on key
businesses and continues FKI's withdrawal from its non-core
Certex distribution activities.  Proceeds of the sale will be
used to reduce debt.

The company earlier reported full-year loss after tax amounted to
GBP79.9 million (2004 restated: loss of GBP20.9 million) and
basic loss per share was 13.7p (2004 restated: basic loss per
share 3.6p).  Adjusted earnings per share, calculated by
excluding exceptional items and goodwill amortization, were 9.0p
(2004 restated: 8.6p).

Net debt at 31 March 2005 of GBP350.7 million represented a
decrease of GBP26.4 million from 30 September 2004 but a
marginal increase of GBP1.6 million from 31 March 2004.

Cash flow was negatively impacted by approximately GBP15.0
million due to the effect of higher steel prices resulting in an
increase in working capital, the cash outflow of the wind
turbine business of GBP25.0 million and GBP12.2 million spent on
closure costs previously identified in the 2004 Strategic
Review.

CONTACT:  FKI PLC
          Falcon Works
          P.O. Box 7713
          Meadow Lane
          Loughborough
          Leicestershire LE11 1ZF
          Phone: +44 (0) 20 7832 0000
          Fax: +44 (0) 20 7832 0001
          Web site: http://www.fki.co.uk

          Simon Webber
          Business Development Director
          Phone: 020 7832 0000

          James Olley
          Brunswick
          Phone: 020 7404 5959


FREMA SYSTEMS: Shareholders Opt to Wind up Firm
-----------------------------------------------
At an Extraordinary General Meeting of Frema Systems Limited,
duly convened, and held at Trinity House, Heather Park Drive,
Wembley, Middlesex HA0 1SU, on 29 June 2005, at 10:00 a.m., 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."

O Badu-Nkansah, Chairman

CONTACT:  Nimish Chandrakant Patel, Liquidator
          Kranefields, Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU


GLYNTER DEVELOPMENTS: Winding-up Resolutions Passed
---------------------------------------------------
At the extraordinary general meeting of the members of Glynter
Developments Limited on June 23, 2005 held at 475 Hackney Road,
London E2 9ED, the special and ordinary resolutions to wind up
the company were passed.  Laurence G. Factor of the firm of
Newman & Partners Insolvency & Recovery Services Limited, Lynwood
House, 373-375 Station Road, Harrow, Middlesex HA1 2AW has been
appointed liquidator of the company.

CONTACT:  NEWMAN & PARTNERS
          Lynwood House
          373/375 Station Road
          Harrow, Middlesex HA1 2AW
          Phone: 8357 2727
          Fax: 020 7357 2027


GOLDING FASHIONS: Calls in Liquidators
--------------------------------------
At an Extraordinary General Meeting of the Members of Golding
Fashions (Leicester) Limited, duly convened, and held at Business
Link, Charnwood Court, 5B New Walk, Leicester LE7 6TE, on 24 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
Kenneth Webster Marland and John Neil Harrison, be and are hereby
appointed Joint Liquidators for the purposes of such winding-up."

N Soomra, Director

CONTACT:  HARRISONS
          Kenneth Webster Marland, Liquidator
          John Neil Harrison,
          Springfield House, Springfield Business Park
          Springfield Road, Grantham NG31 7BG
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


HPI (INC): Falls into Liquidation
---------------------------------
At an Extraordinary General Meeting of the Members of HPI (Inc.)
Ltd., duly convened, and held at Mountview Court, 1148 High Road,
Whetstone, London N20 0RA, 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
Elizabeth Arakapiotis, be and she is hereby appointed Liquidator
for the purposes of such winding-up."

A El-Ghazoini, Director

                            *   *   *

HPI installs bathroom fixtures and accessories.

CONTACT:  HPI (INC.) LTD.
          Mountview Court, 1148 High Road
          Whetstone, London N20 0RA

          CONTACT:  KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


IOTA TECHNOLOGY: Hires Administrator from Fisher Partners
---------------------------------------------------------
Name of company: IOTA TECHNOLOGY LIMITED
                 (Company No 03033955)

Nature of Business: Microchip Programmers

Address of Registered Office: Treviot House, 186-192 High Road,
Ilford, Essex IG1 1LR

Date of Appointment: June 29, 2005

Administrator's Name and Address: Stephen M. Katz (IP No 8681),
Fisher Partners, Acre House, 11-15 William Road, London NW1 3ER.

                            *   *   *

Iota Technology Ltd. was established in 1995.  The company is
based at Welwyn Garden City.  It offers the latest programming
and reeling equipment to its customers in U.K. and throughout
Europe.  They also export programmed devices to the Far East and
U.S.A.  Tess Selmes is the company's managing director while
Graham Woodgate is the sales and marketing director.  Visit
http://www.iota-tech.co.uk/for more information.

CONTACT:  Iota Technology Ltd.
          72 Haslemere Industrial Estate
          Welwyn Garden City AL7 1BD
          Hertfordshire
          Phone: 01707 373772
          Fax: 01707 373778
          E-mail: sales@iota-tech.co.uk

          FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


LAWSON ALEXANDER: Hires Administrators from Begbies Traynor
-----------------------------------------------------------
Name of company: LAWSON ALEXANDER BLANK LIMITED
                 (Company No 02131220)

Nature of Business: Business and Management Consultancy

Trade Classification: 37

Date of Appointment: June 24, 2005

Administrators' Names and Address: D. Bailey and G. N. Lee (IP
Nos 006739 and 009204), both of Begbies Traynor, Elliot House,
151 Deansgate, Manchester M3 3BP

                            *   *   *

Lawson Alexander Blank Limited offers high level strategic
planning, board level advisory services, strong corporate finance
advice by being pro-active in all transactions and supported by
specialist tax advice, due diligence on behalf of banks,
financial institutions and potential purchasers, change
management and culture change management, financial and
management reporting and international market entry into the
U.S.A. and Ireland.  Visit http://www.lab.co.uk/lawson.htmlfor
more information.

CONTACT:  LAWSON ALEXANDER BLANK LIMITED
          Camellia House
          76 Water Lane
          Wilmslow, Cheshire SK9 5BB
          England
          Phone: +44 (0) 1625 547100
          Fax: +44 (0) 1625 547109

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


MAXIMUM IMPORT: Creditors to Hire Liquidator Third Week of Month
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF MAXIMUM IMPORT COMPANY LIMITED
                         (In Liquidation)

I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow G2 2LW, hereby give notice that I
was appointed Interim Liquidator of Maximum Import Company
Limited on June 17, 2005 by interlocutor of the Sheriff at
Glasgow.

Notice is also given pursuant to Section 138 of the Insolvency
Act 1986 and Rule 4.12 of The Insolvency (Scotland) Rules 1986,
as amended by The Insolvency (Scotland) Amendment Rules 1987,
that the first meeting of creditors of the company will be held
within Kintyre House, 209 West George Street, Glasgow G2 2LW on
July 20, 2005 at 10:00 a.m. for the purpose of choosing a
Liquidator and determining whether to establish a liquidation
committee.  A resolution at the meeting is passed if a majority
of those voting have voted in favor of it.

A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting purposes
in whole or in part.  For the purpose of formulating claims,
creditors should note that the date of commencement of the
liquidation is May 24, 2005.  Proxies may also be lodged with me
on or before the meeting at my office.

Graham H. Martin, Interim Liquidator
June 21, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          Phone: [44] (0) 131 5242233
          Fax: [44] (0) 131 2604008
          Web site: http://www.pwc.com

          Graham Hunter Martin
          E-mail: graham.h.martin@uk.pwc.com
          Phone: 0141 248 2644
          Fax: 0141 242 7480


METTRIO LIMITED: Members Pass Winding-up Resolutions
----------------------------------------------------
At the extraordinary general meeting of the members of Mettrio
Limited (Company No 04311087) on June 23, 2005 held at 25
Copperfield Street, London SE1 0EN, the subjoined special and
ordinary resolutions to wind up the company were passed.  S. R.
Thomas and S. J. Parker of Tenon Recovery, Sherlock House, 73
Baker Street, London W1U 6RD have been appointed joint
liquidators of the company.

                            *   *   *

The company offers other computer related services.

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


MG ROVER: Car Execs, SAIC in Site Rescue Talks
----------------------------------------------
A trio composed of two former carmaker executives and a union
head are in talks with MG Rover's former partner over a possible
rescue of the Longbridge site, Times Online says.

Martin Leach, former head of Ford European operations, and Ed
Sabisky, former finance director of General Motors' U.K. arm, met
with Shanghai Automotive Industry Corporation (SAIC) executives
Tuesday night to discuss a new plan.  The duo is backed by T&G
union, headed by secretary general Tony Woodley.  Mr. Woodley
also went to Shanghai last month with a similar purpose.

Mr. Leach and Mr. Sabisky have been visiting SAIC in the past
several weeks, repeatedly revising the plan.   The two began to
draft the plan soon after the joint venture talks between SAIC
and MG Rover fizzled out, sending home around 6,100 employees.
The duo keeps the government updated of the plan's progress, as
ministers are likely to support any scheme to revive MG Rover.

Renewed Production

Mr. Leach and Mr. Sabisky is proposing to establish MG Rover's
Longbridge plant as base for research, engineering and production
of new car models, including the MG TF sports car.  They believe
the "industrial logic" that drove the failed talks between MG
Rover and SAIC still applies.  They also believe a deal with SAIC
is not far behind, since solvency and pension deficit problems at
the carmaker have already been solved.

According to the plan, SAIC would have to pour in over GBP100
million, but has the option not to directly employ around 2,000
workers needed for the site, which would eventually become a
semi-independent company.  The new plan, which entails a smaller
investment than the previous one, is hoped to lead to substantial
production.

SAIC confirmed the talks but declined to comment on the matter.
A source familiar with the talks, however, revealed SAIC is
taking Mr. Leach and Mr. Sabisky "extremely seriously."

SAIC has expressed its interest to administrator
PricewaterhouseCoopers to acquire MG Rover's Powertrain engine
operation and some research and development equipment.  SAIC
currently owns intellectual property rights to MG 25 and 75
models and two types of engine.  PwC will review all serious bids
for MG Rover or its parts until October, when funds for
maintaining the Longbridge site run out.

                            *   *   *

MG Rover, which once employed around 6,000 employees, 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.  PwC
is currently looking buyers for the group, but may face
difficulties due to some intellectual rights disputes with other
car companies like SAIC and Qvale Automotive.  PwC has short
listed an Iranian investor and TVR sportscar owner Nikolai
Smolenski for the entire MG Rover group while three potential
buyers will try to outbid one another for MG Rover alone.

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

          Shanghai Automotive Industry Corporation (Group)
          489 Wei Hai Rd.
          Shanghai, 200041, China
          Phone: +86-21-2201-1888
          Fax: +86-21-2201-1777
          Web site: http://www.saicgroup.com


MOUNTDENE HOTELS: Names Begbies Traynor Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of the Members of Mountdene
Hotels Limited, duly convened, and held at the offices of Begbies
Traynor, No 1 Old Hall Street, Liverpool L3 9HF, on Tuesday 28
June 2005, an 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 that
David Moore and Donald Bailey, of Begbies Traynor, No 1 Old Hall
Street, Liverpool L3 9HF, be and are hereby appointed Joint
Liquidators for the purpose of such winding-up."

J A Brave, Director

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


MOWLEM PLC: Full-year Results Miss Target by GBP20 Million
----------------------------------------------------------
Mowlem plc has issued a pre-close statement ahead of the
announcement of the Group's Interim Results in September 2005.

Business activity and order intake in the first half of 2005 has
been slightly ahead of last year.  The Group's order book
therefore remains at similar levels to the 2004 yearend and
contains the same high proportion of contracts offering visible
longer-term revenues, repeat business, negotiated work and
partnership-based contracts.

The company has made good progress in the restructuring of its
U.K. Construction Services business and the associated cost
reduction program is now largely complete, with the Construction
Services headcount having been reduced and annualized savings of
GBP5 million achieved.  The total cost of the restructuring is
expected to be GBP6 million, the majority of which will be
reflected in its first half results.

In joint venture, the company reached financial close on three
PFI projects in the first half: Redcar and Cleveland Schools
(GBP238 million); Barnsley Schools (GBP175 million); and the
Leeds Swarcliffe Social Housing scheme (GBP265 million).  It also
made further progress on the Allenby Connaught PFI, the GBP5
billion joint venture project for the Ministry of Defense, which
is expected to achieve financial close later this year.

The Group expects to report little or no net debt as at 30 June
2005.

As previously disclosed, Mowlem is reviewing its approach to
profit recognition and contract valuation.  This review is a
major undertaking on which the Board expects to have made
substantial progress by September 2005 and a full update will be
provided with the announcement of the 2005 H1 results.

A preliminary assessment of this review has caused the company to
revise its expectations for the full year reflecting a more
prudent recognition of profit on trading, and on that basis it
now expects the outcome for the full year to be around GBP20
million lower than current market expectations.  This reduction
relates to a range of contracts across the Group with around two
thirds of the impact in the U.K. and Australian construction
activities.

                            *   *   *

In March, Fitch Ratings affirmed Mowlem plc's Senior Unsecured
'BB' and Short-term 'B' ratings and removed them from Rating
Watch Negative.  A Stable Outlook has been assigned.

This rating action followed recent steps taken by Chief
Executive Simon Vivian to strengthen internal risk
management structures and processes together with a more prudent
approach to profit recognition and a greater focus on cash
generation.  Additionally, the agency considers important
Mowlem's confirmation that sufficient bonding facilities remain
available, that potential breaches have been resolved and that
the FY04 audited accounts will receive an unqualified audit
opinion.  Fitch further noted the absence of negative surprises
in the recently published FY04 preliminary financial statements.

CONTACT:  MOWLEM PLC
          White Lion Court, Swan St., Isleworth
          London
          TW7 6RN, United Kingdom
          Phone: +44-20-8568-9111
          Fax: +44-20-8847-4802
          Web site: http://www.mowlem.com

          Brian O'Neill
          Phone: 020 7405 5251


M P INDUSTRIES: Appoints PricewaterhouseCoopers Administrator
-------------------------------------------------------------
Name of company: M P INDUSTRIES LIMITED
                 (Company No 03467365)

Nature of Business: Specialist Electrical Power Engineering
Company

Address of Registered Office: Albermale House, 1 Albermale
Street, London W1S 4HA

Date of Appointment: June 24, 2005

Joint Administrators' Names and Addresses: Ian David Green (IP No
9045), PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP and Michael Horrocks (IP No 8026),
PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower Mosley
Street, Manchester M2 3PW

                            *   *   *

MP Industries was formed in 1998.  It is an independent
engineering group both through acquisition and organic
development of new areas of operation.  The company has power
engineering division and machine tool division.

Visit http://www.winder.co.uk/html/mpi2.htmlfor more
information.

CONTACT:  MP INDUSTRIES LIMITED
          3rd Floor,
          1 Albemarle Street,
          London W1X 3HF
          Phone: +44 (0) 20 7529 7812
          Fax: +44 (0) 20 7529 7813
          E-mail: info@macleod-philips.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

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


MRK STATIONERS: Creditors Meeting Set Next Week
-----------------------------------------------
The creditors of MRK Stationers And Printers Limited (Company No
4425419) will meet on July 12, 2005 at 10:00 a.m.  It will be
held at PKF (UK) LLP, Pannell House, 159 Charles Street,
Leicester LE1 1LD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PKF (UK) LLP, Pannell House, 159 Charles Street,
Leicester LE1 1LD not later than 12:00 noon, July 11, 2005.

                            *   *   *

MRK Stationers and Printers Ltd. is based in Charlwood, Surrey.
Founder and owner Mark Raymond Kendry established the company in
October 1989.  It supplies all types of office products ranging
from copy paper, envelopes, pens, storage and rubber stamps and
all types of computer consumables and office furniture.

Visit http://mrk-uk.us/for more information.

CONTACT:  M R K STATIONERS & PRINTERS LTD.
          Unit 3, Ifield Road,
          Betchworth Works,
          Charlwood, Horley, RH6 0DX
          Phone: 01293 863355
          Fax: 01293 863329
          E-mail: sales@mrk-uk.us

          PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Phone: 0117 906 4000
          Fax: 0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


MULTIPLE CONSTRUCTION: Sets Creditors Meeting Next Week
-------------------------------------------------------
The creditors of Multiple Construction Limited (Company No
04125360) will meet on July 14, 2005 at 11:30 a.m.  It will be
held at Pridie Brewster, 29-31 Greville Street, London EC1N 8RB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Hasan Mirza of Pridie Brewster, 29-31 Greville
Street, London EC1N 8RB not later than 12:00 noon, July 13, 2005.

                            *   *   *

The company is engaged in labor supply to construction industry.

CONTACT:  MULTIPLE CONSTRUCTION LIMITED
          The Nova Building
          Herschel Street
          Slough Berkshire SL1 1XS

          PRIDIE BREWSTER
          Carolyn House
          29-31 Greville Street
          London EC1N 8RB
          Phone: 020 7831 8821
          Fax: 020 7404 3069
          E-mail: hmirza@london.pridie-brewster.com


NETWORK RAIL: Work to Repair Collapsed Tunnel Underway
------------------------------------------------------
Following the collapse of the 'Tesco tunnel' at Gerrards Cross on
Thursday, Network Rail and Chiltern Railways continue to work
with Tesco and its contractor to reopen the railway as quickly as
possible.

Update from the site:

(a) Work to remove some 5,000 tons of spoil started over the
    weekend and will continue night and day until completed,

(b) It will be towards the end of the week until it is possible
    to make a firm estimate about when train services will
    resume,

(c) At this point, we still believe it will be a number of weeks
    before the line reopens

(d) Chiltern Railways has made every effort to provide
    alternative services for its passengers and details can be
    found on its Web site (http://www.chilternrailways.co.uk)or
    by calling National Rail Enquiries on 08457 48 49 50.

Speaking about the efforts to restore services, Network Rail
Director of Operations & Customer Services Robin Gisby, said:
"Tesco and its contractors are undertaking the clear-up operation
and Network Rail and Chiltern Railways are keeping a strong
presence at the site to oversee the operation.  We are satisfied
that they are doing everything they can to clear the site and get
the railway reopened as quickly as possible."

                            *   *   *
Background Information

At 19:34 on Thursday 30 June, the driver of the 17:40
Stratford-upon-Avon to London Marylebone (Chiltern Trains
service), making its regular station stop at Gerrards Cross,
reported that part of the 'Tesco Tunnel' appeared to have
collapsed.

No one was injured in the incident and no trains were involved.

The tunnel is of recent 'cut and cover' construction, being built
on behalf of Tesco to facilitate the erection of a new superstore
above the two track Chiltern line that runs from London
Marylebone to Beaconsfield, Banbury and Birmingham.

Engineers from Network Rail and Tesco's construction company were
quickly on site and reported that approximately 30 m. of the 320
m. concrete tunnel had collapsed onto the track around 80 m. from
the south entrance.  Several thousand tons of spoil, up to six
meters deep has fallen onto the railway.

Network Rail, supported by Tesco and its engineers, has launched
a full investigation into the causes of the tunnel collapse.

                            *   *   *

Railtrack, now Network Rail, went into administration in 2001
after the government withdrew funding for the company whose
reputation was wrecked by a fatal crash in 2000 at Hatfield.  Its
shareholders are suing the government for "misfeasance of
justice" and a breach of human rights to recover GBP157 million.

The case is being held at the high court of Mr. Justice Lindsay.
Jonathan Sumption is spearheading the government's defense.
Geoffrey Weir is the shareholders' lead claimant.  Keith Rowley
QC is the shareholders' barrister.  The investors are acting
together as The Railtrack Private Shareholders Action Group
(RPSAG).

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


NEWTON DERBY: Administrators from PwC Move in
---------------------------------------------
Name of company: NEWTON DERBY LIMITED (Company No 00234206)
                 (In the process of being changed to Rewalt No3
                 Limited)

Nature of Business: Manufacture of Electrical Equipment and
Electronic Instruments

Address of Registered Office: Belgrave Works, Town Street,
Stanningley, Pudsey, West Yorkshire LS28 6ES

Date of Appointment: June 24, 2005

Joint Administrators' Names and Addresses: Ian David Green (IP No
9045), PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP and Michael Horrocks (IP No 8026),
PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower Mosley
Street, Manchester M2 3PW

                            *   *   *

Founded in 1899, Newton Derby has been a long-term supplier of
high quality products to the UK MOD and to an extensive worldwide
commercial client base.  It produces products like generators,
excitation, converters, PMG etc.  Visit
http://www.newtonderby.co.ukfor more information.

CONTACT:  NEWTON DERBY LIMITED
          Alfreton Road
          Derby DE21 4AG
          UK
          Phone: +44 (0) 1332 347676
          Fax: +44 (0) 1332 294529
          E-mail: sales@newtonderby.co.uk

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

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


NORTH LATCH: Joint Receivers to Present Report Next Week
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF North Latch Developments Limited
                         (In Receivership)

Notice is hereby given, pursuant to section 67(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the
above-named Company will be held at Level 10, City House,
Overgate Centre, Dundee DD1 1UQ, on July 11, 2005, at 11:30 a.m.
for the purpose of having laid before it the Joint Receivers'
report.  Pursuant to section 68(1) of the said Act, the Meeting
may, if it thinks fit, establish a Creditors' Committee to
exercise the functions conferred on Creditors' Committees by or
under the Act


Creditors are entitled to attend in person or alternatively by
proxy.  A Creditor may vote only if his claim has been submitted
to me and that claim has been accepted in whole or in part.  A
Resolution will be passed only if a majority of those voting in
person or by proxy vote in favor.  Proxies and claims must be
lodged with me at or before the Meeting.

J. M. Hall, Joint Receiver

CONTACT:  HAINES WATTS (DUNDEE INSOLVENCY)
          Level 10, City House
          Overgate Centre
          Marketgait
          Dundee DD1 1UQ
          Phone: 01382 220663
          Fax: 01382 22066
          Web site: http://www.hwca.com


OVERFINCH LIMITED: Range Rover Supplier Calls in Administrator
--------------------------------------------------------------
Name of company: OVERFINCH LIMITED (Company No 03064254)

Nature of Business: Manufacture of Motor Vehicles

Address of Registered Office: Sundial House, 98 High Street,
Horsell, Woking, Surrey GU21 4SU

Trade Classification: 07

Date of Appointment: June 24, 2005

Administrators' Names and Address: R D Smailes and S B Ryman (IP
Nos 8975 and 4731), both of Rothman Pantall & Co, Clareville
House, 26-27 Oxendon Street, London SW1Y 4EP

                            *   *   *

Overfinch originated in 1975 under the name Schuler.  Schuler
Presses Ltd. was the U.K. division of a German vehicle press
manufacturer and the founder of Overfinch was their Managing
Director.  It was through this association that Schuler was able
to develop an extensive range of products for the original Range
Rover to such an extent that in 1985 the founder of this Company
formed Overfinch.  Visit http://www.overfinch.comfor more
information.

CONTACT:  OVERFINCH BESPOKE VEHICLES
          Unit 8 Farnham Trading Estate
          Farnham, Surrey GU9 9NQ
          United Kingdom
          Phone: +44 (0) 1252 731950
          Fax: +44 (0) 1252 731951
          E-mail: info@overfinch.com

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


OXECRAFT BAR/CAFE: Names Begbies Traynor Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of Oxecraft Bar/Cafe Limited,
duly convened, and held at The Old Exchange, 234 Southchurch
Road, Southend-on-Sea, Essex SS1 2EG, 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
Lloyd Biscoe, of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, be and he is
hereby appointed Liquidator for the purposes of such winding-up."

E Siddle

                            *   *   *

Oxecraft trades under the name The Cricketers.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


PARKGATE INVESTMENTS: Members Pass Winding-up Resolutions
---------------------------------------------------------
At the extraordinary general meeting of the members of Parkgate
Investments Limited held at 9 Eliot Place, London SE3 0QL, the
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Nicholas John Miller and Ian Robert of
Kingston Smith & Partners LLP, Devonshire House, 60 Goswell Road,
London EC1M 7AD have been appointed joint liquidators of the
company.

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


PARK ROAD: Appoints Butcher Woods Liquidator
--------------------------------------------
At the extraordinary general meeting of Park Road 1995 Limited
(Company No 3053871) on June 27, 2005 held at 2308 Coventry Road,
Birmingham B26 3JZ, the special and ordinary resolutions to wind
up the company were passed.  Roderick Graham Butcher of Butcher
Woods, 79 Caroline Street, Birmingham B3 1UP has been appointed
liquidator of the company.

                            *   *   *

The company is a real estate property developer.

CONTACT:  BUTCHER WOODS
          79 Caroline Street,
          Birmingham B3 1U


PBI MANAGEMENT: Hires Deloitte & Touche as Liquidator
-----------------------------------------------------
At the general meeting of PBI Management Limited, the special and
ordinary resolutions to wind up the company were passed.  J. R.
D. Smith and N. J. Dargan of PO Box 810, Athene Place, 66 Shoe
Lane, London EC4A 3WA have been appointed joint liquidators of
the company.

                            *   *   *

The company was previously named BH Matheson Investment
Management Limited, BDO Matheson Investment Management Limited,
Binder Hamlyn Investment Management.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


PINEAPPLE HOLIDAYS: Travel Agency in Liquidation
------------------------------------------------
At an Extraordinary General Meeting of the Members of Pineapple
Holidays Limited, duly convened, and held at 67 Butts Green Road,
Hornchurch, Essex RM11 2JS, on 22 June 2005, Resolutions were
duly passed, as an Extraordinary Resolution and as Ordinary
Resolutions 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, that Paul
Atkinson and G Mummery, be and are hereby appointed Joint
Liquidators for the purposes of such winding-up, and that the
Joint Liquidators may act independently and in doing so those
acts are joint and several on the Joint Liquidators."

R Fielder, Director

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road, Hornchurch, Essex RM11 2JX
          Contact:
          P Atkinson and G Mummery

          PINEAPPLE HOLIDAYS LTD.
          43-45 Butts Green Road, Hornchurch, Essex RM11 2JX


POLYPACK SCOTLAND: First Creditors Meeting Set Next Week
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Polypack (Scotland) Limited
                        (In Liquidation)

I, Keith V. Anderson of Scott & Paterson, Chartered Accountants,
Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh hereby give
notice, pursuant to Rule 4.18 of The Insolvency (Scotland) Rules
1986, I was appointed interim liquidator of Polypack (Scotland)
Limited by Interlocutor of Court of Session on June 2, 2005.

Notice is hereby given, pursuant to Section 138(4) of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, that the first meeting of creditors of the company
will be held at Bruntsfield Hotel, 69 Bruntsfield Place,
Edinburgh, on July 11, 2005 at 11:00 a.m. for the purpose of
choosing a liquidator and considering the other resolutions
specified in Rule 4.12(3) of the aforementioned Rules.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below.  A resolution
will be passed when a majority of those voting have been voted in
favor of it.  For the purpose of formulating claims, creditors
should note that the date of commencement of the Liquidation is
May 11, 2005.

Keith V Anderson, Interim Liquidator
June 20, 2005

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk

          Keith Veitch Anderson
          E-mail: Keith.Anderson@scottandpaterson.co.uk
          Phone: 0131 248 2638
          Fax: 0131 248 2608


PREMIER COMMUNICATIONS: Names Poppleton & Appleby Administrator
---------------------------------------------------------------
Name of company: PREMIER COMMUNICATIONS INTERNATIONAL LIMITED
                 (Company No 3774299)

Nature of Business: Telecommunications

Address of Registered Office: 2nd Floor, Centre Wing, Elstree
Business Centre, Elstree Way, Borehamwood, Hertfordshire WD6 1RX

Date of Appointment: June 21, 2005

Administrator's Name and Address: M. S. E. Solomons (IP No 9043),
Gable House, 239 Regents Park Road, London N3 3LF

                            *   *   *

PCi (Premier Communications International) was established in
1999.  The company initially targeted the growing calling card
market within the U.K. and Europe and has now diversified into
both wholesale and business services.  Headquartered in London
the company has key operational locations in TeleHouse, Sri
Lanka, Gibraltar and Portugal.  PCi's network reaches across
Europe, Asia and America.

Visit http://www.pcitele.comfor more information.

CONTACT:  PREMIER COMMUNICATIONS INTERNATIONAL
          Elstree Business Centre
          Elstree Way, Borehamwood
          Hertfordshire, United Kingdom WD6 1RX
          Phone: +44 (0) 20 7094 1000
          E-mail: info@pcitele.com

          SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


PRESTON & DUCKWORTH: Administrators from PKF Move in
----------------------------------------------------
Name of company: PRESTON & DUCKWORTH LIMITED
                 (Company No 00889910)

Nature of Business: The retail of jewellery

Address of Registered Office: 2 Deansgate, Bolton BL1 1BT

Trade Classification: 52484

Date of Appointment: June 23, 2005

Administrators' Names and Address: K. F. Bailey and J. D. Newell
(IP Nos 8780 and 6419), both of PKF (UK) LLP, Sovereign House,
Queen Street, Manchester M2 5HR

                            *   *   *

Mr. James Preston founded Duckworth in 1869.  It has outlets
located at Bolton, Bury St. Edmunds, Guildford, Ipswich, Windsor,
York.

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

CONTACT:  PRESTON & DUCKWORTH LIMITED
          129 Fulham Road
          London SW3 6RT
          Phone: 020 7581 3239
          Fax: 020 7584 6497

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


REILLY CONSTRUCTION: Creditors to Meet Later this Month
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Reilly Construction Group Limited
                        (In Liquidation)

I, Robert Caven, of Grant Thornton U.K. LLP, 95 Bothwell Street,
Glasgow G2 7JZ, give notice that I was appointed interim
liquidator of Reilly Construction Group Limited by Interlocutor
of the Sheriff of South Strathclyde, Dumfries & Galloway at
Airdrie on 13 June 2005.

Notice is hereby given that, in terms of section 138(4) of the
Insolvency Act 1986, a meeting of creditors of the company will
be held at 95 Bothwell Street, Glasgow G2 7JZ, on July 20, 2005,
11:00 a.m. for the purposes of choosing a liquidator and of
determining whether to establish a liquidation committee as
specified in sections 138(3) and 142(1) of the said Act.

A list of names and addresses of the company's creditors will be
available for inspection, free of charge, at the offices below,
two days prior to the meeting.

All creditors are entitled to attend in person or by proxy, and a
resolution will be passed by a majority of those voting.
Creditors may vote whose claims and proxies have been submitted
and accepted at the meeting or lodged beforehand at my office.
For the purpose of formulating claims, creditors should note that
the date of liquidation is April 22, 2005.

Robert Caven, Interim Liquidator
June 15, 2005

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk


R F WINDER: Calls in Administrators from PricewaterhouseCoopers
---------------------------------------------------------------
Name of company: R F WINDER ELECTRICAL LIMITED
                 (Company No 01927245)
                 (In the process of being changed to Rewalt No2
                 Limited)

Nature of Business: Manufacture, Refurbish and Repair of
Electrical Power Distribution Equipment

Address of Registered Office: Belgrave Works, Town Street,
Stanningley, Pudsey, West Yorkshire LS28 6ES

Date of Appointment: June 24, 2005

Joint Administrators' Names and Addresses: Ian David Green (IP No
9045), PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP and Michael Horrocks (IP No 8026),
PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower Mosley
Street, Manchester M2 3PW

                            *   *   *

Winder Electrical was established in 1889 and has traded
continuously to date.  It specializes in the design, test, build,
deployment and management of power systems from distribution
transformers and switchgear for offices and factories to
large-scale transformer installations for major blue-chip
companies.  Today's customers include: water, electric and gas
utilities, power generation and mining companies both in the U.K.
and overseas.  Winder Electrical is a member of the MP Industries
Group of Company.

Visit http://www.winder.co.uk/html/for more information.

CONTACT:  RF WINDER ELECTRICAL LTD.
          Belgrave Works, Town Street
          Stanningley, Leeds LS28 6ES
          Phone: 0113 255 5666
          Fax: 0113 257 2206
          E-mail: sales@winder.co.uk

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

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


RPM FASTENERS: Names RSM Robson Rhodes Administrator
----------------------------------------------------
Name of company: RPM FASTENERS LIMITED
                 (Company No 02607923)

Nature of Business: Manufacturing

Address of Registered Office: Block E, Bay 3, Stourbridge
Industrial Estate, Mill Race Lane, Stourbridge, West Midlands DY8
1JN

Date of Appointment: June 27, 2005

Administrators' Names and Address: John Neville Whitfield and
David Michael Riley (IP Nos 9131 and 8950), both of RSM Robson
Rhodes LLP, Centre City Tower, 7 Hill Street, Birmingham B5 4UU

                            *   *   *

RPM Fasteners Limited is the leading manufacturer of high
integrity special bolting and precision special fasteners in the
West Midlands, United Kingdom for over 12 years.  It produces
wide range of materials in carbon and alloy steels, stainless
steels, nickel based super alloys, non-ferrous, duplex and other
advanced materials.  R. P. McQuade is its managing director while
Derek Ward is the sales director.

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

CONTACT:  RPM FASTENERS LTD.
          Stourbridge Industrial Estate,
          Mill Race Lane
          Stourbridge DY8 1JN
          West Midlands
          Phone: 01384 441414
          Fax: 01384 447990


SENDO HOLDINGS: Mobile Company Calls in Administrator
-----------------------------------------------------
Name of company: SENDO HOLDINGS PLC
                 (Company No 04035460)

Nature of Business: Supplies Mobile Phones to Network Operators

Address of Registered Office: Sendo Base Station, Hatchford Way,
Birmingham B26 3RZ

Date of Appointment: June 29, 2005

Administrators' Names and Address: Alastair Paul Beveridge and
Simon Jonathon Appell (IP Nos 008991 and 009305), both of Kroll,
10 Fleet Place, London EC4M 7RB

                            *   *   *

Sendo was founded in August 1999.  It supplies mobile phones to
Network Operators around the world.  Expanded its headquarters in
Birmingham, U.K., to establish offices in the Americas, Europe,
and Asia to support this growth.

Visit http://www.sendo.com/Sendofor more information.

CONTACT:  SENDO LTD.
          Sendo Base Station
          Hatchford Way
          Birmingham
          B26 3RZ
          United Kingdom
          Phone: +44 (0) 121 251 5000
          Fax: +44 (0) 121 251 5001

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


SENDO INTERNATIONAL: Hires Administrators from Kroll Limited
------------------------------------------------------------
Name of company: SENDO INTERNATIONAL LIMITED
                 (Company No FC022925)

Nature of Business: Supplies Mobile Phones to Network Operators

Address of Registered Office: 4th Floor, Harbour Centre, PO Box
613, George Town, Grand Cayman, Cayman Islands

Date of Appointment: June 29, 2005

Administrators' Names and Address: Alastair Paul Beveridge and
Simon Jonathon Appell (IP Nos 008991 and 009305), both of Kroll,
10 Fleet Place, London EC4M 7RB

                            *   *   *

Sendo was founded in August 1999.  It supplies mobile phones to
Network Operators around the world.  Expanded its headquarters in
Birmingham, U.K., to establish offices in the Americas, Europe,
and Asia to support this growth.

Visit http://www.sendo.com/Sendofor more information.

CONTACT:  SENDO LTD.
          Sendo Base Station
          Hatchford Way
          Birmingham
          B26 3RZ
          United Kingdom
          Phone: +44 (0) 121 251 5000
          Fax: +44 (0) 121 251 5001

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


SENDO LIMITED: Administrators from Kroll Limited Move in
--------------------------------------------------------
Name of company: SENDO LIMITED
                 (Company No 03718220)

Nature of Business: Supplies Mobile Phones to Network Operators

Address of Registered Office: Sendo Base Station, Hatchford Way,
Birmingham B26 3RZ

Date of Appointment: June 29, 2005

Administrators' Names and Address: Alastair Paul Beveridge and
Simon Jonathon Appell (IP Nos 008991 and 009305), both of Kroll,
10 Fleet Place, London EC4M 7RB

                            *   *   *

Sendo was founded in August 1999.  It supplies mobile phones to
Network Operators around the world.  Expanded its headquarters in
Birmingham, UK, to establish offices in the Americas, Europe, and
Asia to support this growth.

Visit http://www.sendo.com/Sendofor more information.

CONTACT:  SENDO LTD.
          Sendo Base Station
          Hatchford Way
          Birmingham
          B26 3RZ
          United Kingdom
          Phone: +44 (0) 121 251 5000
          Fax: +44 (0) 121 251 5001

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


SENDO TELECOMMUNICATIONS: Hires Kroll Limited as Administrator
--------------------------------------------------------------
Name of company: SENDO TELECOMMUNICATIONS LIMITED
                 (Company No 04348064)

Nature of Business: Supplies Mobile Phones to Network Operators

Address of Registered Office: Sendo Base Station, Hatchford Way,
Birmingham B26 3RZ

Date of Appointment: June 29, 2005

Administrators' Names and Address: Alastair Paul Beveridge and
Simon Jonathon Appell (IP Nos 008991 and 009305), both of Kroll,
10 Fleet Place, London EC4M 7RB

                            *   *   *

Sendo was founded in August 1999.  It supplies mobile phones to
Network Operators around the world.  Expanded its headquarters in
Birmingham, UK, to establish offices in the Americas, Europe, and
Asia to support this growth.

Visit http://www.sendo.com/Sendofor more information.

CONTACT:  SENDO LTD.
          Sendo Base Station
          Hatchford Way
          Birmingham
          B26 3RZ
          United Kingdom
          Phone: +44 (0) 121 251 5000
          Fax: +44 (0) 121 251 5001

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


UNITED NETWORKS: Creditors Meeting Set Next Week
------------------------------------------------
The general meeting of the unsecured creditors of United Networks
Limited will meet on July 12, 2005 at 10:00 a.m.  It will be held
at BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than 12:00 noon, July 11, 2005.

                            *   *   *

On April 14, 2005 QI Ltd. acquires United Networks Ltd., the
multinational company headquartered in Hong Kong formally
announced its acquisition of United Networks Ltd.  QiComm
supplies telecommunications infrastructure.

Visit http://www.unitednetworks.co.uk/and http://www.qicomm.com/
for more information.

CONTACT:  UNITED NETWORKS LIMITED
          Network House, 15 High Street,
          Hampton, Middlesex TW12 1NB
          Phone: 02086355555

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


V ASQUITH: Creditors to Meet Next Week
--------------------------------------
The creditors of V Asquith Building & Construction Services
Limited will meet on July 15, 2005 at 3:00 p.m.  It will be held
at The Europarc Innovation Centre, Innovation Way, Grimsby, North
East Lincolnshire.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to C. H. Ranby-Gorwood of CRG Insolvency and
Financial Recovery, Alexandra Dock Business Centre, Fisherman's
Wharf, Grimsby DN31 1UL not later than 12:00 noon, July 14, 2005.

The company is engaged in general construction and civil
engineering.

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


WM MORRISON: Seeks Talks with Unions to Prevent Strike
------------------------------------------------------
Wm Morrison Supermarkets plc reportedly eyes negotiations with
labor unions this week to ward off threats of a strike.

The Independent said Sunday that the Transport & General Workers
Union (TGWU) and the GMB union have warned of taking action if
Morrison fails to answer their demands, which include the
introduction of national bargaining.

A strike could affect deliveries at the company's supermarkets,
which is perhaps the last thing Morrison would like to be facing
right now.  The company has already issued five profit warnings
in just over a year amid difficulties in integrating Safeway, the
US$3 billion business it acquired last year.

According to The Independent, a representative from the company
said Morrison has to complete the integration of Safeway before
it allows national bargaining.

He added: "We are ready to meet the unions.  But we are going
through massive changes at the moment.  Most of the issues we are
dealing with are local, so we are not able to deal with the
unions on a national basis."

In its latest profit warning, Morrison said it had no idea how
much profit it would make.  As early as six months ago, analysts
had penciled in a surplus of more than GBP600 million, but the
figure could now be as little as GBP50 million, according to the
Scotsman.

Following its acquisition of Safeway, Morrison stocks have fallen
from its lofty peak of 256 pence in April 2004 to the opening
price of 180 pence last month, a whopping GBP2 billion drop in
market capitalization.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk


WOOLWORTHS GROUP: Profits Lower Under IFRS
------------------------------------------
Woolworths Group plc has released its unaudited financial results
for the year to 29 January 2005 prepared under International
Financial Reporting Standards (IFRS) as part of the process for
the adoption of IFRS as its primary accounting basis for the year
ending 28 January 2006.

The key changes to Woolworths' reported financial information as
at 29 January 2005 under IFRS are:

(a) recognition of all employee benefit related obligations,
    principally pensions and share based payments;

(b) recognition of lease incentives received over the entire
    term of the lease rather than up to the first market rent
    review;

(c) amortization of goodwill credited back to the income
    statement, partly replaced by amortization arising on
    intangible assets following the reclassification of
    intangible assets from goodwill;

(d) gain arising on the formation of its music and video
    publishing joint venture (2entertain Limited) now included
    within the income statement and adjusted by re-crediting of
    the amortization of goodwill on acquisitions; and

(e) recognition of deferred tax liabilities on temporary
    differences.

For the year ended 29 January 2005, the impact on profits from
the adoption of IFRS is a reduction in profit before tax,
exceptional costs and goodwill amortization of GBP7.2 million
from GBP73.1 million to GBP65.9 million.  Profit after tax falls
from GBP2.2 million to GBP0.4 million.  Net assets are reduced by
GBP71.8 million from GBP457.3 million to GBP385.5 million at 1
February 2004 and by GBP95.8 million from GBP464.8 million to
GBP369.0 million at 29 January 2005.

IFRS will apply for the first time in the Woolworths financial
statements for the year ending 28 January 2006.  Accordingly,
financial results for the six month period ending 30 July 2005
will be prepared and reported under IFRS.

None of the adjustments arising from IFRS relate to cash, and
therefore there is no impact on reported cash flows.

Woolworths intends to issue its pre-close trading update on 25
July 2005.

A full copy of the financial impacts of the IFRS adoption is
available free of charge at
http://bankrupt.com/misc/WoolworthsGroup(IFRS).htm

                            *   *   *

At the Woolworths Group plc Annual General Meeting held last
month, Chairman Gerald Corbett said: "Current trading has
remained difficult and the outlook for consumer spending on the
High Street remains poor.  In the 18 weeks to 4 June 2005,
Woolworths Mainchain like-for-like sales decreased by 4.4%.

"Excluding Entertainment (music, video, games and books), which
suffered a comparatively poor release schedule, like-for-like
sales decreased by 0.3 per cent.  Overall, the Woolworths gross
margin was slightly down on last year.  Action has been taken on
costs to limit the impact of negative sales and margin on
profitability and space allocation in store has been changed to
support product groups with higher profit densities."

CONTACT:  WOOLWORTHS GROUP PLC
          Woolworth House, 242-246 Marylebone Rd.
          London
          NW1 6JL, United Kingdom
          Phone: +44-20-7262-1222
          Fax: +44-20-7706-5416
          Web site: http://www.woolworthsgroupplc.com

          Tulchan Group
          Kate Inverarity
          Phone: 020 7353 4200
          Celia Gordon-Shute
          Phone: 020 7353 4200


ZENITH BUILDING: Members Pass Winding-up Resolution
---------------------------------------------------
At the extraordinary general meeting of the members of Zenith
Building Limited on June 24, 2005 held at 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire, the subjoined
special resolution to wind up the company was passed.  James
Richard Tickell and Carl Derek Faulds of Portland Business &
Financial Solutions, 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire have been appointed joint
liquidators of the company.

CONTACT:  ZENITH BUILDING LIMITED
          4 Rye Close
          Chandler's Ford
          Eastleigh, Hampshire SO53 4HB
          United Kingdom
          Phone: (023) 8027 5300

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *