---

        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

              Friday, July 8, 2005, Vol. 6, No. 134

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Online Sales Up 20%


F I N L A N D

M-REAL CORPORATION: Merging Operations in Sweden to Cut Cost
M-REAL CORPORATION: Second-quarter Loss to Exceed Forecast


F R A N C E

ALSTOM SA: Secures EUR150 Million U.S. Contract
ALSTOM SA: Clinches Another Egyptian Contract


G E R M A N Y

AL KASBAH: Creditors' Claims Due this Month
DAIMLERCHRYSLER AG: Extends Discounts to Canadian Buyers
DAIMLERCHRYSLER AG: Closes Internal Probe on Sales Division
DESYS CTE: Engineering Firm Falls into Bankruptcy
EINRICHTUNGSHAUS OSTHOFF: Under Bankruptcy Administration

FJH AG: Targets Return to Black Next Year
GERLING-KONZERN: S&P Affirms Rating on EUR160 Million Notes
H. HENSEL: Court to Verify Claims November
IESY REPOSITORY: EUR360 Million Notes Rated 'CCC+'
IESY REPOSITORY: Moody's Affirms (P)Caa1 Senior Note Rating

ISOS INFRASTRUKTUR: Proofs of Claim Due Next Month
MOBEL OSTHOFF: Gives Creditors Until August to File Claims
SB-MOBELMARKT: Court to Verify Claims September
YENIDZE IMMOBILIENFONDS: Bankruptcy Court Appoints Administrator


I R E L A N D

JSG FUNDING: To Post Second-quarter Results August 9


I T A L Y

ALITALIA SPA: Chops First-half Deficit by Two-thirds
ALITALIA SPA: Banca Intesa to Underwrite Capital Hike
ALITALIA SPA: Flight Attendants to Strike Anew
ALITALIA SPA: Signs Multi-base Deal with Pilots


M A C E D O N I A

AD EMO: Company Profile


N O R W A Y

PAN FISH: Gevaran Trading Offers to Acquire Remaining Shares


R U S S I A

BELOMORSKAYA BOOM: Assets for Public Auction July 22
B-MURASHINSKAYA: Under Bankruptcy Supervision
BULGARTABAC BELGOROD: Succumbs to Bankruptcy Due to Unpaid Taxes
EAR: Period for Filing of Claims Ends August 18
HYDROLYTIC FACTORY: Under External Management Procedure

KOSTROMSKAYA MECHANIZED: Kostroma Court Names Insolvency Manager
LORD: Hires Insolvency Manager from Moscow
PRAVDINSKAYA: Succumbs to Bankruptcy
ROSBANK FINANCE: Fitch Assigns Eurobond 'B' Final Rating
ROSBANK JSCB: Moody's Rates Debt Issuance Program Ba3

SERGIEV-POSAD-GRAIN-PRODUCT: Declared Insolvent
SHUMERLINSKIY WOOD-COMBINE: Bankruptcy Hearing Set August
TYUSHEVSKIY DISTILLERY: Succumbs to Bankruptcy
YUKOS OIL: Court Orders Return of Sibneft Shares
YUKOS OIL: Court Rules Against Lawyer


S P A I N

CENTRO ASEGURADOR: Seeks to Avert Liquidation


S W E D E N

PREEM HOLDINGS: Rating Upped to 'BB-' on Improved Performance


S W I T Z E R L A N D

SWISS INTERNATIONAL: Lufthansa Takeover Receives Green Light


T U R K E Y

DISBANK A.S.: Fitch Upgrades Ratings to 'BB-'


U N I T E D   K I N G D O M

AFFINITY EXPRESS: Administrators from Milner Boardman Move in
ATHLON SPORTS: In Voluntary Winding-up
A T MOUNTFORD: Hires Rothman Pantall & Co. Administrator
CAFE CIAO: Winding-up Report Out Early August
CHARACTER GROUP: Moves Away from Genoa Club Probe

CHARDWICK INVESTMENTS: Real Estate Firm Liquidates
CHP FURNITURE: In Administrative Receivership
CHRISTIE TYLER: Major Furniture Maker Declares Insolvency
CITY DISCOUNT: Shareholders Pass Winding-up Resolutions
CLASSIC AND SPORTS: HSBC Bank Appoints Kroll Limited Receiver

CLOVER (U.K.): In Administrative Receivership
CLYDESDALE BANK: NAB Remains Committed to Closure Program
COMBS VALLEY: Appoints DTE Leonard Liquidator
CORUS GROUP: Unveils GBP6.8 Mln Investment at Corby Site
ELECTROCONNECT LIMITED: Creditors to Name Liquidator Next Week

ESSLEMONT AND MACINTOSH: Founding Family Sells 132-year-old Biz
EUROSTYLE INTERNATIONAL: Names Administrators from Stoy Hayward
EXLON RESIDENTIAL: PricewaterhouseCoopers to Liquidate Biz
FINESTYLE FURNISHINGS: Hires Wilson Pitts as Administrator
FRESHTIME LIMITED: In Voluntary Liquidation

GEM INTERNATIONAL: Appoints Smith & Williamson Administrator
H S COMPANY: Shareholders Decide to Liquidate Firm
HURLEY ROBERTSON: Appoints Joint Liquidators
IMPACON LIMITED: Shareholders Wind up Firm
JDP MANUFACTURING: Administrators from Rothman Pantall Move in

KEYLODGE LIMITED: Names Antony Batty & Co. Administrator
LAMPS DIRECT: Administrator from Bond Partners Moves in
MAXIMUM IMPORT: Calls First Creditors Meeting
M.C.S. HOMES: Creditors Meeting Set Third Week of July
MG ROVER: Bidder Cries Favoritism Against DTI, Administrators

MINDHOUSE LIMITED: Calls in Administrator from Antony Batty
MOWLEM PLC: Outlook Revised to Negative on Profit Warning
PINPOINT PRECISION: Hires Administrator from Parkin S. Booth
PRIMUS HOLDINGS: Names Rothman Pantall Administrator
SANDWELL AND WEST: Struggles to Reach Breakeven Target

TOPCRAFT CABINET: Administrators from Leonard Curtis Move in
WATERHOUSE (HERTS): Hairdressers Call in Administrator
WTS DISTRIBUTION: Interim Liquidator Calls Meeting


                            *********


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


CYPRUS AIRWAYS: Online Sales Up 20%
-----------------------------------
Online sales of loss-making carrier Cyprus Airways (CAIR)
increased by 20% to EUR7 million this year from EUR5 million in
2004, The Financial Mirror says.

The figures represent CAIR's Online operations from January to
May, when http://www.cyprusairways.comlogged around 17,000
ticket sales, 86% higher than last year's figure of 9,297.
According to CAIR Chief Information Officer Christos Ellinides,
since the Web site's launching in late 2002, ticket sales have
already surpassed the 100,000 mark, making it one of the most
successful e-business sites in the island.

"I expect total ticket sales to range between 35,000 to 40,000
this year," Mr. Ellinides said, adding its chartered flight unit
Eurocypria logged 700 ticket sales for the first five months
since it began selling online this year.  The subsidiary
currently sells only unreserved seats on short notice while CAIR
allows online sales on all flights.

"e-business is still in its infancy in Cyprus, but is expected to
catch up fast once the public understand its many advantages and
appreciate that it is a safe place to transact business," Mr.
Ellinides said.

Heavy U.K. Sales

Most of CAIR's online sales, however, came not from Cyprus, but
from the U.K.  Mr. Ellinides revealed the U.K. accounts for 77%
of its sales.  Cyprus comes next with 9%; France with 3%;
Germany, Switzerland and Italy with 2.5% each; and Greece and
Holland 2% each.

Mr. Ellinides said this is due to the fact that Internet use in
the U.K. is substantially higher than in Cyprus.  He added the
British public "appreciates and trusts the Internet as a means to
do business efficiently and in a secure system."

Mr. Ellinides also attributed high U.K. sales to heavy promotions
of the Web site through Greek radio station LGR and other means,
making London Heathrow-Larnaca the most subscribed route among
online clients.

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


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


M-REAL CORPORATION: Merging Operations in Sweden to Cut Cost
------------------------------------------------------------
M-real Corporation has completed the negotiations with employee
representatives concerning the integration of the Wifsta fine
paper mill in Sweden into the Husum pulp and paper mill.  The aim
of the changes is to achieve total annual cost savings of at
least EUR22 million.  All in all, the reduction of employees will
be 200 by the end of 2006, resulting in an EUR15 million
non-recurring cost item that will burden the second-quarter
result.

                            *   *   *

Headquartered in Espoo, Finland, M-Real is one of Europe's
leading suppliers of paperboard and related services, coated and
uncoated fine paper and coated magazine paper.  In February,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on M-real Corp. to 'BB' from 'BB+'.  The
'B' short-term corporate credit rating on M-real was affirmed.
The outlook is stable.

"The downgrade reflects M-real's continued weaker than expected
operating performance and credit protection measures, which are
not expected to improve materially over the near to medium term,"
said Standard & Poor's credit analyst Alf Stenqvist.

The weak operating cash flows reflect weak paper prices for the
group's main products (primarily fine papers), negative currency
effects, and operating inefficiencies, he said.

CONTACT:  M-REAL CORPORATION
          Hannu Anttila, President and CEO
          Phone: +358 10 469 43 43
          Peter Sandberg
          Executive Vice President, Office Papers
          Phone: +31 610 90 55 32


M-REAL CORPORATION: Second-quarter Loss to Exceed Forecast
----------------------------------------------------------
The strikes, lockouts and other production disturbances due to
the labor dispute in Finland will weaken M-real Oyj's
second-quarter result by an estimated total of EUR70 million, of
which just over EUR20 million is attributable to the
exceptionally large decrease in product inventories.

The collective agreement advisory boards of the Finnish Forest
Industries Federation (FFIF) and the Finnish Paperworkers' Union
reached an agreement on 29 June 2005.  The agreement is subject
to approval by the Executive Committee of FFIF and the National
Council of the Paperworkers' Union.

In accordance with IFRS reporting standards adopted by M-real as
from 1 January 2005, the forward and derivative contracts that
are used to hedge foreign currency and interest rate risk will be
valued at their fair market value at the close of each quarter.
The lowering in the value of hedging instruments, largely owing
to the strengthening of the United States dollar and the lowering
of interest rates, will weaken the second-quarter result by an
estimated EUR35 million.  This valuation loss has no immediate
cash-flow impact.

For the above-mentioned reasons and with the previously announced
EUR15 million non-recurring cost concerning the integration of
the Wifsta and Husum mills in Sweden, M-real estimates that the
second-quarter result will be at a substantially greater loss
than previously forecast.

CONTACT:  M-REAL CORPORATION
          Hannu Anttila, President and CEO
          Phone: +358 10 469 4343
          Juhani Poho, Executive Vice President and CFO
          Phone: +358 10 469 52 83


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


ALSTOM SA: Secures EUR150 Million U.S. Contract
-----------------------------------------------
Alstom S.A., in consortium with Shaw, Stone & Webster, part of
the Shaw Group, Inc., has been awarded a contract by Duke Power
to retrofit the 2 x 1200 MW coal-fired generating units at its
Belews Creek power plant in North Carolina.  The total order
value is estimated at approximately EUR400 million, of which
Alstom's share is EUR150 million.

Alstom's scope of supply includes the design, engineering and
installation of four wet flue gas desulfurization (FGD)
absorbers, designed to reduce as much as 95% of sulphur dioxide
emitted from the plant, significantly improving the quality of
air emissions from the facility.  Shaw, Stone & Webster will
perform the project's engineering, procurement and construction.
The project is scheduled for completion in 2008.

This is the second project awarded to the Shaw, Stone &
Webster/Alstom consortium by Duke Power, as part of an Alliance
Agreement signed in December 2003 to progressively retrofit four
power stations located in North Carolina with FGD systems.  The
retrofit program has a total value of EUR1 billion.  The first
project, Marshall Steam Station, was awarded in December 2003 and
is currently under execution.  It is scheduled for completion in
2007.  Other stations targeted for retrofitting under this
program are Allen and Cliffside Power Stations.

"Alstom is very pleased to have received this second order from
Duke Power and is proud to contribute to its emission reduction
program in North Carolina.  It confirms our position as a leading
provider of clean air solutions," said Philippe Joubert,
President of Alstom Power Turbo-Systems/Power Environment Sector.

Alstom is a global leader in power generation and rail transport
infrastructure.  The Company serves the energy market through its
activities in the field of power generation and the transport
market through its activities in rail and marine.  ALSTOM's
annual sales are around EUR14 billion.  It employs 70,000 people
in over 70 countries worldwide.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          France
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          Press Enquiries
          Anna Newnham
          Phone: +33 1 41 49 34 42
          Fax: +33 1 41 49 27 74
          E-mail: anna.newnham@power.alstom.com

          Project Enquiries
          Paola Tizioni
          Phone: +33 1 41 49 22 80
          Fax: +33 1 41 49 25 30
          E-mail: paola.tizioni@power.alstom.com


ALSTOM SA: Clinches Another Egyptian Contract
---------------------------------------------
An ALSTOM-led consortium has won a EUR42 million contract to
provide a steam turbine generator package for the new 750 MW
Talkha combined cycle power plant in Egypt.

ALSTOM, in consortium with Spanish partner INITEC Energia, will
design, supply and install a 260 MW steam turbine generator and
auxiliaries for East Delta Electricity Production Company
(EDEPC), the company responsible for building and operating the
Talkha power station, and an affiliate of Egyptian Electricity
Holding Company (EEHC).

The contract is the second in a year won by the same
ALSTOM/INITEC consortium for steam turbine generators and
auxiliaries, the first being for Cairo North II combined cycle
power plant in October 2004, also owned by EEHC.  In addition to
these two contracts, ALSTOM also won an order in the country for
four heat recovery steam generators (HRSG's) for the Nubareya
combined cycle power plant in January 2004.  The Talkha project
is part of the EEHC's five-year program (2002-2007) to add 4500
MW to the country's national grid.

Marcel Mueller, Vice-President of ALSTOM's Steam Turbine and
Generator Business, said, "This is a great success for ALSTOM and
our partner INITEC to provide efficient and reliable power for
increased demand in Egypt.  We are looking forward to further
supporting EEHC's strong expansion program."

About Alstom

ALSTOM is a global leader in power generation and rail transport
infrastructure. The Company serves the energy market through its
activities in the field of power generation and the transport
market through its activities in rail and marine.  ALSTOM's
annual sales are around EUR14 billion. It employs 71,000 people
in over 70 countries worldwide.

                            *   *   *

Fitch Ratings recently expressed satisfaction with Alstom's 2004
results, which "showed important progress in its multi-faceted
financial and business rehabilitation strategy."

The rating agency noted that while sizeable pre-tax losses of
EUR0.7 billion and net losses of EUR0.9 billion persisted this
year, these levels were much reduced from EUR1.6 billion and
EUR1.8 billion respectively in 2004, due mainly to lower
restructuring and other costs.  Alstom was also able to cut
substantially its to EUR1.4 billion, thanks to a EUR2 billion
capital increase and EUR0.9 billion gains from disposals.

Fitch Ratings added Alstom remains financially complex and
continues to have sizeable off-balance sheet liabilities, most of
which are bond guarantees.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          Anna Newnham
          Press Enquiries
          Phone: +33 1 41 49 34 42
          Fax: +33 1 41 49 27 74
          E-mail: nna.newnham@power.alstom.com

          Lan Mione
          Project Enquiries
          Phone: +33 1 41 49 20 14
          Fax: +33 1 41 49 37 52
          E-mail: lan.mione@power.alstom.com


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


AL KASBAH: Creditors' Claims Due this Month
-------------------------------------------
The district court of Oldenburg opened bankruptcy proceedings
against AL KASBAH Wohntrauminsel GmbH & Co. KG on June 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 21, 2005 to
register their claims with court-appointed provisional
administrator Dr. Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting on August 11, 2005, 1:40 p.m. at the district court
of Oldenburg, Sitzungssaal, 2. OG, Nebenstelle, Elisabethstrasse
6, 26135 Oldenburg, 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:  AL KASBAH WOHNTRAUMINSEL GmbH & Co. KG,
          Heiligengeiststrasse 16, 26121 Oldenburg
          Contact:
          Imad Irik, Manager
          Lindenhofsgarten 4, 26121 Oldenburg

          Dr. Dirk Rueffert, Administrator
          Donnerschweer Str. 398, 26123 Oldenburg
          Phone: 0441/340770
          Fax: 0441/34077340


DAIMLERCHRYSLER AG: Extends Discounts to Canadian Buyers
--------------------------------------------------------
DaimlerChrysler Canada customers will now benefit from the same
financial savings that its 12,000 employees have, plus up to an
additional US$5,500 (EUR4,614) in dealer discounts on virtually
all 2005 Chrysler, Jeep(R) and Dodge vehicles.

Mike Accavitti, Vice President, Marketing, DaimlerChrysler
Canada, said: "DaimlerChrysler is the first manufacturer in
Canada to bring employee pricing to market.  Our sales are up
through the first half of the year and we aim to keep that
momentum going with more new product launches and best in-class
offers."

DaimlerChrysler Canada June sales are up 12%, driving a
year-to-date increase of 0.3%.  Included in the Employee Pricing
Plus program are leading products such as the Chrysler 300
series, which dominates the luxury full-size car segment with 59%
market share; the Dodge Caravan, which leads the minivan segment
with 38.6% and the Dodge Dakota which leads the mid-size pickup
segment with 23.1% market share.

A national advertising campaign kicks off this week to support
the Employee Pricing Plus program and make customers aware of the
specific vehicle savings available.  The advertising campaign
will include television, radio, print and Internet as well as
local advertising by dealers.

Vehicles excluded from the Employee Pricing Plus program are all
2006 models, Dodge Sprinter and Chrysler 300C SRT8.

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

                            *   *   *

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

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

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

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


DAIMLERCHRYSLER AG: Closes Internal Probe on Sales Division
-----------------------------------------------------------
Stuttgart prosecutors have reportedly linked five more persons to
the alleged anomalies at DaimlerChrysler AG's German sales
division.

According to the Associated Press, a search has also been
launched in Frankfurt, while the German automaker revealed it had
completed its own investigation.  In April, prosecutors said they
were examining 12 people for possible charges of breach of trust,
following tips from anonymous sources.

Tomke Beddies, in behalf of the prosecutors, disclosed the probe
involved former staff at the company's sales and construction
divisions, and that the irregularities were related to building
work on private properties between 2001 and 2003.  While Ms.
Beddies refused to identify any of those involved, the Associated
Press noted the company dropped two executives from the sales
division of its Mercedes venture in February.

Meanwhile, DaimlerChrysler said it will be submitting its
internal audit in the next few days, as it vows to cooperate with
the authorities.

Rival carmaker Volkswagen AG also recently launched an internal
probe amid allegations that a former Skoda board member had taken
bribes from suppliers.  It also called in independent auditors
from KPMG to look into the matter, which could implicate other
executives of the company.  It added it was working with
authorities, led by Brunswick state prosecutor Klaus Ziehe, in
looking into any evidence of improper conduct that could have
affected the company's finances.

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


DESYS CTE: Engineering Firm Falls into Bankruptcy
-------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against DESYS CTE Consulting, Training, Engineering GmbH on June
23.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until August 11,
2005 to register their claims with court-appointed provisional
administrator Dr. Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting on September 2, 2005, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  DESYS CTE CONSULTING, TRAINING, ENGINEERING GmbH
          Potsdamer Str. 192, 33719 Bielefeld
          Contact:
          Volker Heubaum, Manager
          Rasenstr. 3, 33739 Bielefeld
          Ansgar Vogelsang, Manager
          Uhlandstr. 21, 59555 Lippstadt
          Frank Puhlmann-Schmidt, Manager
          Horsastr. 40, 32257 Buende

          Dr. Norbert Westhoff, Administrator
          Adenauerplatz 4, 33602 Bielefeld


EINRICHTUNGSHAUS OSTHOFF: Under Bankruptcy Administration
---------------------------------------------------------
The district court of Paderborn opened bankruptcy proceedings
against Einrichtungshaus Osthoff GmbH & Co. KG on June 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 16, 2005
to register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on September 9, 2005, 11:00 a.m. at the district
court of Paderborn, Hauptstelle, Am Bogen 2-4, 33098 Paderborn,
II. Etage, Saal 216, 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:  EINRICHTUNGSHAUS OSTHOFF GmbH & Co. KG
          Frankfurter Weg 10, 33106 Paderborn
          Contact:
          Wilhelm Osthoff, Manager
          Einhardstr. 9, 33098 Paderborn
          Bernhard Schilling, Manager
          Soester Weg 8, 33129 Delbrueck

          Hans-Peter Burghardt, Administrator
          Bunsenstrasse 3, 32052 Herford
          Phone: (0 52 21) 6930-731
          Fax: 05221/6930691


FJH AG: Targets Return to Black Next Year
-----------------------------------------
Embattled software group FJH AG hopes to post a profit next year,
Handelsballt says.

FJH is currently undergoing financial restructuring after posting
EUR123 million in net loss in 2004, which is twice as high as its
turnover.  Massive transfer of shares recently occurred at the
group to create a stable financial structure.  The group also
named a new finance head and management board chairman.  The
company did not rule out job cuts to adjust with capacity.  FJH
chief Ulrich Korff expressed optimism that a slow but sure
recovery would be achieved next year.

In the first quarter alone FJH posted EUR1 million in profit, a
turnaround from EUR2.3 million in losses in 2004.  The group,
however, saw its turnover drop from EUR19.1 million in 2004 to
EUR13 million this year.  FJH expects to end 2005 with several
million euros in EBIT losses and a drop in turnover from EUR67.7
million to EUR50 million.  The company is currently focusing on
insurance-related software.

The group's troubles began in late 2003, when FJH's management
allegedly "glossed over" its accounts.  The group also blamed the
reluctance of the local insurance sector to invest for its
demise.

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


GERLING-KONZERN: S&P Affirms Rating on EUR160 Million Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
subordinated debt rating on the EUR160 million perpetual
unsecured subordinated fixed- to floating-rate notes issued by
Germany-based life insurer Gerling-Konzern Lebensversicherungs-AG
(GKL; BBB/Stable/--) following receipt of final documentation.

The standard two-notch differential between the counterparty
credit rating on GKL and the subordinated debt rating assigned to
the perpetual notes reflects their subordinated nature and the
interest deferral features.

"The issue will be treated as hybrid equity in our analysis of
GKL's capital adequacy up to the normal tolerance of 15% of total
adjusted capital, based on its long-term nature and the ability
of GKL to defer interest without causing an event of default,"
said Standard & Poor's credit analyst Hiltrud Besgen.

Specifically, the notes constitute direct, subordinated, and
unsecured obligations of the issuer and are undated, although
with an issuer call after 10 years and an interest margin
step-up.  The deferral feature gives management the discretion to
defer payment (on a cumulative basis) if GKL declares no dividend
and if the unconsolidated financial statements of the issuer
according to German GAAP have not shown an annual profit. Debt
leverage and prospective fixed-charge coverage are tolerable at
this rating level.

Initially, the issuer will pay a fixed coupon of 6.75% per year,
commencing on June 30, 2006. From and including June 30, 2015,
the interest rate will convert to a floating rate.  The proceeds
will be used to increase the level of admissible assets ahead of
regulatory changes becoming effective in 2008.  In addition, the
issue will enhance GKL's capitalization and support future
growth.

The ratings on GKL are based on further reduced downside risk due
to its bond-hedging strategy, improved capitalization, resilient
competitive position, and stabilizing operating performance.
These strengths are partly offset by the constrained financial
flexibility (defined as the ability to source capital relative to
capital requirements) of GKL's ultimate parent, Gerling-Konzern
Versicherungs-Beteiligungs-AG (not rated).

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

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


H. HENSEL: Court to Verify Claims November
------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against H. Hensel & C. Mortensen Mantel Kostueme
Kleider GmbH on June 14.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until September 12, 2005 to register their claims with
court-appointed provisional administrator Dr. Christoph
Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on August 3, 2005, 10:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, 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 November 11,
2005, 10:30 a.m. at the same venue.

CONTACT:  H. HENSEL & C. MORTENSEN MANTEL KOSTUEME KLEIDER GmbH,
          Schottmuellerstr. 3,14167 Berlin

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


IESY REPOSITORY: EUR360 Million Notes Rated 'CCC+'
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' long-term
rating to the EUR360 million equivalent (US$429 million) issuance
of senior subordinated notes due 2015 by iesy Repository GmbH, a
cable-TV provider in the German state of Hessen.  The notes will
be issued at the same level as the company's existing EUR215
million notes.

iesy Repository is the parent of German cable-TV operator New
iesy GmbH (iesy; B/Positive/--).  The 'CCC+' rating on the
parent's new issuance is two notches below the corporate credit
rating on iesy, reflecting the level of prior-ranking liabilities
and the unsecured status of the notes.  The issue is guaranteed
by iesy and related entity iesy Hessen GmbH & Co. KG.

The proceeds of the offering will be used to repay amounts
borrowed under a bridge loan facility, which had been used to
finance, in part, the acquisition of Kabelnetz NRW HoldCo GmbH &
Co. KG, which is the parent of ish, the cable provider in the
adjacent state of North Rhine Westphalia.  The total debt of the
consolidated iesy group is EUR1.625 billion following the
acquisition of ish.

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

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


IESY REPOSITORY: Moody's Affirms (P)Caa1 Senior Note Rating
-----------------------------------------------------------
Moody's Investors Service affirmed a provisional rating of
(P)Caa1 to the proposed issuance of senior notes due 2015 by Iesy
Repository GmbH in the euro equivalent amount of EUR360 million.
The company's B2 corporate family rating (formerly referred to as
senior implied rating) and the Caa1 rating on the existing EUR215
million issue of senior notes have been affirmed.  Concurrently,
Moody's has withdrawn the Caa2 senior unsecured issuer rating.
The outlook on all ratings is stable.

Ratings affirmed were:

(a) Corporate family rating: B2;

(b) EUR215 million senior notes due 2015: Caa1; and

(c) EUR360 million senior notes due 2015: (P)Caa1

The Caa2 senior unsecured issuer rating has been withdrawn.

Moody's notes that the proposed amount of the issuance has been
reduced from the original EUR525 million due to the downward
adjustment of the purchase price for the acquisition of a cable
operator Kabelnetz NRW Holdco GmbH (ish) and an additional EUR100
million of senior secured debt to finance the acquisition.  The
proceeds of the proposed issuance will be used to re-finance the
existing bridge facility in the amount of EUR360 million.  The
total amount of senior secured bank debt will be EUR1,050 million
at the close of the transaction (excludes EUR100 million
revolving credit facility).

The proposed senior notes are offered on essentially the same
terms and conditions as the previously contemplated EUR525
million senior note issue rated (P)Caa1.  Moody's also notes that
iesy received regulatory approval for the ish acquisition on June
21, 2005 and closed the transaction on June 24, 2005.  The
assigned ratings assume that there will be no material variations
to the draft legal documentation reviewed by Moody's and that
these agreements are legally valid, binding and enforceable.

Based in Germany, iesy is the largest cable television provider
in the federal region of Hessen.  In Q1 2005, the company
generated approximately EUR33.4 million in revenues with a 47.6%
EBITDA margin and a subscriber base of approx. 1.2 million.

Ish is the largest cable television provider in the federal
region of Northern Westphalia.  In Q1 2005, it generated EUR103.5
million in revenue with a 47.0% EBITDA margin and a subscriber
base of approx. 4.0 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

          Jenya Brown, Associate Analyst
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ISOS INFRASTRUKTUR: Proofs of Claim Due Next Month
--------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against ISOS Infrastruktur Service GmbH on June 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 9, 2005
to register their claims with court-appointed provisional
administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on August 30, 2005, 9:30 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ISOS INFRASTRUKTUR SERVICE GmbH
          Benzstrasse 1, 49504 Lotte
          Contact:
          Claus Michael Sattler, Manager

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Luebbecke
          Phone: 05741-337300
          Fax: +495741337338


MOBEL OSTHOFF: Gives Creditors Until August to File Claims
----------------------------------------------------------
The district court of Paderborn opened bankruptcy proceedings
against Mobel Osthoff GmbH & Co. KG on June 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 16, 2005 to
register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on September 9, 2005, 10:00 a.m. at the district
court of Paderborn, Hauptstelle, Am Bogen 2-4, 33098 Paderborn,
II. Etage, Saal 216, 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:  MOBEL OSTHOFF GmbH & Co. KG
          Frankfurter Weg 12, 33106 Paderborn
          Contact:
          Wilhelm Osthoff, Manager
          Einhardstr. 9, 33098 Paderborn
          Bernhard Schilling, Manager
          Soester Weg 8, 33129 Delbrueck

          Hans-Peter Burghardt, Administrator
          Bunsenstrasse 3, 32052 Herford
          Phone: 05221 6930-731
          Fax: 05221 6930691


SB-MOBELMARKT: Court to Verify Claims September
-----------------------------------------------
The district court of Paderborn opened bankruptcy proceedings
against SB-Mobelmarkt Osthoff GmbH & Co. KG on June 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 16, 2005
to register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on September 9, 2005, 11:30 a.m. at the district
court of Paderborn, Hauptstelle, Am Bogen 2-4, 33098 Paderborn,
II. Etage, Saal 216, 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:  SB-MOBELMARKT OSTHOFF GmbH & Co. KG
          Detmolder Str. 49 - 51, 33100 Paderborn
          Contact:
          Wilhelm Osthoff, Manager
          Einhardstr. 9, 33098 Paderborn
          Bernhard Schilling, Manager
          Soester Weg 8, 33129 Delbrueck

          Hans-Peter Burghardt, Administrator
          Bunsenstrasse 3, 32052 Herford
          Phone: 05221 6930731
          Fax: 05221 6930691


YENIDZE IMMOBILIENFONDS: Bankruptcy Court Appoints Administrator
----------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against YENIDZE IMMOBILIENFONDS GmbH & Co.
WEISSERITZSTRASSE KG on June 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 20, 2005 to register their claims
with court-appointed provisional administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on August 11, 2005, 9:25 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, 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 November 3,
2005, 9:15 a.m. at the same venue.

CONTACT:  YENIDZE IMMOBILIENFONDS GmbH
          & Co. WEISSERITZSTRASSE KG
          Uhlandstrasse 7/8,10623 Berlin
          Contact:
          Peter Blum

          Dr. Petra Hilgers, Administrator
          Goethestr. 85, 10623 Berlin


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


JSG FUNDING: To Post Second-quarter Results August 9
----------------------------------------------------
JSG Funding plc, incorporating Jefferson Smurfit Group, will
release 2005 second quarter earnings on Tuesday, August 9 at 12
p.m. BST (7 a.m. ET).

The Jefferson Smurfit Group management team will discuss second
quarter financial performance with investors on a conference call
scheduled for 3 p.m. BST (10 a.m. ET) on that date.

The purpose of the call is to provide investors and analysts with
an overview of the financial results, a perspective on product
market conditions and progress relative to corporate and
financial objectives.

                            *   *   *

Paper-based packaging group JSG Funding is an intermediate
holding companies of Ireland-based Jefferson Smurfit group.  It
is currently disposing non-core assets to pay down debt and lower
debt servicing costs.  In May, Fitch Ratings affirmed its senior
notes at 'B' and subordinated notes at 'B-'.  It said the ratings
continue to be constrained by JSG's high financial leverage and
moderate cash flow coverage.  The firm's first quarter 2005 free
cash flow was a deficit of EUR33 million due to lower operating
profits year-on-year, and adverse market conditions.  However,
Fitch notes JSG's comfortable liquidity position.  It expects
that trading conditions in Europe will remain challenging.

CONTACT:  JSG FUNDING PLC
          Beech Hill, Clonskeagh
          Dublin, 4, Ireland
          Phone: +353-1-202-7000
          Fax: +353-1-269-4481
          Web site: http://www.smurfit-group.com

          Gary McGann
          Phone: +353 1 202 7000

          Ian Curley
          Phone: +353 1 202 7000


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


ALITALIA SPA: Chops First-half Deficit by Two-thirds
----------------------------------------------------
Things are getting better for struggling airline Alitalia after
it narrowed first-half losses by two-thirds, Reuters says.

The carrier revealed first-half losses dropped from EUR329
million in 2004 to EUR120 million this year, mainly due to the
15% hike in passenger traffic revenues.  The group upped its
half-year passenger traffic revenues from EUR1.509 billion in
2004 to EUR1.735 billion in 2005.  The figures, however, are
unofficial and exclude taxes and extraordinary items.

Alitalia revealed the results after reports came out that chief
executive Giancarlo Cimoli estimated an 18% hike in first-half
revenues during a closed-door meeting with union leaders
Wednesday.  According to union sources, Mr. Cimoli credited the
increase revenue for trimming the carrier's first-half operating
loss by EUR80 million, which is beyond its forecast.  The chief
executive did not reveal the initial forecast for the first six
months of the year.

Alitalia hopes to end its skid through a massive restructuring
that entails the split of its flight and ground services
operations.  The plan received a major boost when the European
Commission approved a EUR1.2 billion capital increase, which
Deutsche Bank and Banca Intesa will underwrite.  The capital hike
would take place between late October and early November.

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

          BANCA INTESA S.p.A.
          Piazza Paolo Ferrari, 10
          20121 Milan
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it

          DEUTSCHE BANK AG
          Taunusanlage 12
          60262 Frankfurt am Main
          Phone: +49-69-910-00
          Fax: +49-69-910-38591
          Web site: http://www.deutsche-bank.de


ALITALIA SPA: Banca Intesa to Underwrite Capital Hike
-----------------------------------------------------
Italy's largest bank, Banca Intesa, will underwrite the
much-needed capital increase of Alitalia, AFX News says.

Alitalia chairman Giancarlo Cimoli, during a meeting with trade
unions, said Banca Intesa finally signed letter of intent to
jointly underwrite the carrier's EUR1.2 billion capital hike with
Deutsche Bank AG, confirming previous media reports.  The
European Commission approved last month the hike, attaching some
conditions.

Alitalia's recapitalization will trim down the government stake
in the carrier from 63% to less than 50%.  This reduction was
part of the state's commitment when it sought the European
Commission's approval of a EUR400 million government-backed
bridging loan.  The regulator gave Italy until October 8 to
complete the privatization.

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

          BANCA INTESA S.p.A.
          Piazza Paolo Ferrari, 10
          20121 Milan
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it

          DEUTSCHE BANK AG
          Taunusanlage 12
          60262 Frankfurt am Main
          Phone: +49-69-910-00
          Fax: +49-69-910-38591
          Web site: http://www.deutsche-bank.de


ALITALIA SPA: Flight Attendants to Strike Anew
----------------------------------------------
Troubled national carrier Alitalia S.p.A. is facing another
strike by flight attendants, Agenzia Giornalistica Italia says.

The cabin crew scheduled a strike on June 11, from 8:00 a.m. to
12:00 noon.  They will air their dissent on Alitalia's continued
breaches of contract.  The attendants claimed the carrier
committed a clear breach of contract when it decided to remove an
area in B767 called "crew bunk," where they rest while on flight.

During the strike, the attendants will not wear their uniforms
and name tags.  Backed by unions FILT CGIL, FIT CISL,
Uiltrasporti, UGL and Anpav, the "alternative strike" will
continue in the next days for 24 hours, spreading to all services
at the group's flight division.  Protest demonstrations will also
be held.

Alitalia's employees have been staging strikes to demand for
better contracts and working conditions.  The strikes have
repeatedly crippled the carrier's international and domestic
flights.

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


ALITALIA SPA: Signs Multi-base Deal with Pilots
-----------------------------------------------
On June 30, 2005, Alitalia signed an agreement with the pilots'
professional associations and trade union organizations,
representing another important step along the path to
reorganization.  The agreement includes setting up a "multi-base"
operating system at Milan Malpensa and Linate, as well as a new
operational base at Venice airport, and will make it possible to
achieve important goals not only in terms of keeping labor costs
down and helping to deal with redundancies, but also ensuring
that pilots are deployed in a way that is more in line with
commercial and network requirements.

In terms of economic recovery, the most important result concerns
finalizing mobility procedures by applying the solidarity
agreement, which involves a reduction of 20 working days for all
flight staff during the two-year period 2005-2006.  This will be
done through a very flexible plan of action which makes it
possible to collocate such days not only during periods of low
operational activity but also on unused standby days.

From the operational point of view, the agreement gives the
go-ahead for the "multi-base" project, which involves stationing
the required personnel at airports in northern Italy, thereby
creating the best conditions for taking advantage of business
opportunities in the area.  Furthermore, details have been
defined and agreed on relating to the timing of the program for
transferring personnel to Milan, gaining a lead on the planned
timetable with an initial temporary transfer.

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


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


AD EMO: Company Profile
-----------------------
NAME: AD EMO OHRID

ADDRESS: 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.emo.com.mk/

TYPE OF BUSINESS: AD EMO 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.  It has presence in
North America, Asia, South America, Africa and Australia.

EXECUTIVES: Ljube Stavreski, Executive Director
            Zdravko Petreski, Assistant Executive Director
                              Commerce

            Nizamedin Dunica, Assistant Executive Director
                              Development and Research

            Krasimir Vasileski, Assistant Executive Director
                                Production

            Kliment Mizo, Assistant Executive Director Legal and
                          Administration

            Krste Stojanoski, Assistant Executive Director
                              Financial

NUMBER OF EMPLOYEES: 2,845

THE TROUBLE: Emo was identified by the government last month as
among the 39 state-owned companies that are loss-making and
heavily indebted.

NUMBER OF OUTSTANDING SHARES: 347,248 ordinary shares, 20,393
                              preferred shares (State Pension
                              Fund)

NUMBER OF SHAREHOLDERS: 2,578 (as at May 31, 2004)

NUMBER OF SHAREHOLDERS WITH OVER 10% OF THE TOTAL SHARES: 2

TOTAL OWNERSHIP OF THE SHAREHOLDERS WITH OVER 10%: 53.25%

MARKET CAPITALIZATION: EUR2,278,483 (as at May 31, 2004)

TRADING CODE: EMO

LAST AVERAGE PRICE: MKD380.00


===========
N O R W A Y
===========


PAN FISH: Gevaran Trading Offers to Acquire Remaining Shares
------------------------------------------------------------
Reference is made to press release sent to the market June 23,
2005 from Gevaran Trading Co. Ltd. announcing the offer to
purchase all remaining shares in Pan Fish A.S.A.

The price offered is NOK1.35 per share and the offer is valid
from July 4 until August 1, 2005.

Pan Fish Board of Directors will, in accordance with the
Norwegian Securities Trading Act, S 4-16, issue a statement on
the offer.  This statement will be issued at least one week prior
to the deadline set in the offer.

                            *   *   *

Headquartered in Stavanger, Pan Fish grows salmon and trout for
export.  It closed its two-year restructuring in May with a
NOK200 million share issue, and the conversion of NOK500 million
of the company's debt into shares.  It reported NOK10.4 Million
operating loss in the first-quarter.

CONTACT:  PAN FISH A.S.A.
          Maskinveien 32,
          P.O. Box 342 Forus
          N-4067 STAVANGER
          Phone: +47 70 11 61 00
          Fax: +47 70 11 61 34
          E-mail: post@panfish.no
          Web site: http://www.panfish.com/

          CEO Atle Eide
          Phone: +47 911 52 977


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


BELOMORSKAYA BOOM: Assets for Public Auction July 22
----------------------------------------------------
The bidding organizer of open joint stock company Belomorskaya
Boom will sell its property on July 22, 2005, 4:00 p.m.  The
public auction will take place at Russia, Arkhangelsk, K. Marksa
Str. 31, Building 1, Office 56.

The assets for sale are:

(a) Lot 1: Different property.  Starting price: RUB13,750,000;

(b) Lot 2: Different property.  Starting price is RUB9,061,000.

Preliminary examination and reception of bids are done daily
until 12:00 noon on or before July 21, 2005.  The list of
documentary requirements is available at Russia, Arkhangelsk, K.
Marksa Str. 31, Building 1, Office 56.

To participate, bidders must deposit an amount equivalent to 5%
of the starting price to the settlement account
40702810789000000122 at branch Arkhangelskiy OJSC PSB,
correspondent account 30101810100000000711, BIC 0471117711.

CONTACT:   LLC STB COMPANY
           Bidding Organizer
           Russia, Arkhangelsk, K. Marksa Str. 31,
           Building 1, Office 56
           Phone: (8182) 628900


B-MURASHINSKAYA: Under Bankruptcy Supervision
---------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
B-Murashinskaya Sel-Khoz-Khimiya.  The case is docketed as
A43-10709/2005, 33-234.  Mr. A. Kirichek has been appointed
temporary insolvency manager.

Creditors have until July 18, 2005 to submit their proofs of
claim to 603000, Russia, Nizhniy Novgorod, Main Post Office, Post
User Box 246.  A hearing will take place on Nov. 1, 2005 at 3:00
p.m. at the Arbitration Court of Nizhniy Novgorod region.

CONTACT:  B-MURASHINSKAYA SEL-KHOZ-KHIMIYA
          Russia, Nizhniy Novgorod region, Bolshoye
          Murashkino, Fabrichnaya Str. 9

          Mr. A. Kirichek
          Temporary Insolvency Manager
          603000, Russia, Nizhniy Novgorod,
          Main Post Office, Post User Box 246


BULGARTABAC BELGOROD: Succumbs to Bankruptcy Due to Unpaid Taxes
----------------------------------------------------------------
Russia-based Bulgartabac Belgorod has been declared bankrupt, the
Bulgarian stock exchange disclosed Monday.

According to Dnevnik a.m., operations of the cigarette maker were
stopped in 2002 as the Russian government launched bankruptcy
proceedings against it for failure to pay taxes.

Bulgartabac Belgorod, which is 77%-owned by Slantse Stara Zagora,
is one of the 12 international units of Bulgaria tobacco giant
Bulgartabac.  All other subsidiaries are also under bankruptcy
proceedings.

Bulgartabac reportedly eyes putting up these overseas units for
auction or sale to foreign investors.  If the strategy fails, the
businesses will be liquidated.

CONTACT:  BULGARTABAC BELGOROD
          92,K.Zaslonova Str.
          Belgorod 308017, RUSSIA
          Phone: +70722/213727
          Fax: +70722/213015


EAR: Period for Filing of Claims Ends August 18
-----------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Ear (TIN 5540005877) after finding the open
joint stock company insolvent.  The case is docketed as K/E-6/05.
Mr. V. Vinogradov has been appointed insolvency manager.
Creditors have until Aug. 18, 2005 to submit their proofs of
claim to 644065, Russia, Omsk region, 50 Let Profsoyuzov Str. 61.

CONTACT:  EAR
          646710, Russia, Omsk region,
          Shebakulinskiy region, Borisovskoye

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


HYDROLYTIC FACTORY: Under External Management Procedure
-------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
external management bankruptcy procedure on open joint stock
company Hydrolytic Factory.  The case is docketed as
A05-24437/04-8.  Mr. Y. Poliychuk has been appointed external
insolvency manager.

CONTACT:  HYDROLYTIC FACTORY
          164840, Russia, Arkhangelsk region,
          Onega, Lenina Pr. 217

          Mr. Y. Poliychuk
          External Insolvency Manager
          164840, Russia, Arkhangelsk region,
          Onega, Lenina Pr. 217


KOSTROMSKAYA MECHANIZED: Kostroma Court Names Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Kostromskaya Mechanized Column #23 after
finding the open joint stock company insolvent.  The case is
docketed as A31-9491/18.  Mr. S. Shulzhenko has been appointed
insolvency manager.  Creditors have until Aug. 18, 2005 to submit
their proofs of claim to 127106, Russia, Moscow, Post User Box
17.

CONTACT:  KOSTROMSKAYA MECHANIZED COLUMN #23
          156009, Russia, Kostroma region,
          Energetikov Str. 3

          Mr. S. Shulzhenko
          Insolvency Manager
          127106, Russia, Moscow region,
          Post User Box 17


LORD: Hires Insolvency Manager from Moscow
------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Lord after finding the trading company
insolvent.  The case is docketed as A40-67868/04-73-69B.  Ms. N.
Gushina has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 107801, Russia, Moscow, Orlikov
Per. 5, Building 1, Room 617.

CONTACT:  LORD
          105043, Russia, Moscow region,
          Pervomayskaya Str. 57

          Ms. N. Gushina
          Insolvency Manager
          107801, Russia, Moscow region,
          Orlikov Per. 5, Building 1, Room 617
          Phone: 493-62-78


PRAVDINSKAYA: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region -
Yugra commenced bankruptcy proceedings against Pravdinskaya after
finding the oil-gas-exploring expedition insolvent.  The case is
docketed as A-75-87-B/03-47-B/04-1407/2005.  Mr. V. Yarkova has
been appointed insolvency manager.

Creditors may submit their proofs of claim to 628520, Russia,
Khanty-Mansiyskiy autonomous region - Yugra, Khanty-Mansiyskiy
region, Gornopravdinsk, Lenina Str. 16 "a".  A hearing will take
place on Nov. 28, 2005.

CONTACT:  PRAVDINSKAYA OIL-GAS-EXPLORING EXPEDITION
          628520, Russia, Khanty-Mansiyskiy autonomous region -
          Yugra, Khanty-Mansiyskiy region, Gornopravdinsk,
          Lenina Str. 16 "a"

          Mr. V. Yarkova
          Insolvency Manager
          628520, Russia, Khanty-Mansiyskiy autonomous region -
          Yugra, Khanty-Mansiyskiy region, Gornopravdinsk,
          Lenina Str. 16 "a"


ROSBANK FINANCE: Fitch Assigns Eurobond 'B' Final Rating
--------------------------------------------------------
Fitch Ratings has assigned Rosbank Finance S.A.'s US$750 million
(EUR629 million) debt issuance program final ratings of Long-term
'B' (for senior notes with maturities in excess of one year) and
Short-term 'B' (for senior notes with maturities of less than one
year).

The notes are unconditionally and irrevocably guaranteed by
Russia's Rosbank, (rated Long-term 'B'/Outlook Stable, Short-term
'B', Individual 'D' and Support '4') and are for financing loans
to Rosbank.  Further details on the structure of the program can
be found in Fitch's announcement on 21 June 2005 (see
http://www.fitchresearch.com). At the same time, Fitch has
assigned a final Long-term 'B' rating to the program's US$150
million (EUR125.85 million) 7.625% Series 1 issuance due July
2007.

Rosbank was founded in 1992 and ranks among the top 10 banks in
Russia by total assets.  It is 96%-owned by Interros, one of
Russia's largest financial industrial groups, with interests in
the metals (Norilsk Nickel), power-machine building and
agricultural industries.  The business of the OVK banking group,
which was purchased by Interros in 2003, is primarily focused on
retail and is currently being transferred to Rosbank.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          James Watson
          Phone: +7 095 956 9901

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


ROSBANK JSCB: Moody's Rates Debt Issuance Program Ba3
-----------------------------------------------------
Moody's Investors Service assigned long- and short-term ratings
of Ba3/Not-Prime to the US$750 million Guaranteed Debt Issuance
Program of Rosbank Finance S.A. (Luxembourg).  The Notes will be
unconditionally and irrevocably guaranteed by JSCB Rosbank
(Russia) and will represent an unsubordinated and unsecured claim
both on the issuing entity and on the guarantor.  The tenor,
which may vary from one month to 30 years, and the price of the
notes will be defined individually for each tranche.  The outlook
for the ratings is stable.

According to Moody's, the Ba3/Not-Prime ratings are based on the
fundamental credit strength of Rosbank and do not incorporate any
potential support from the authorities in case of need.  The
first drawdown of US$150 million has been rated Ba3 in line with
the Program's rating.  Moody's also notes that according to the
terms of the Program Rosbank will have to comply with a number of
covenants such as a negative pledge, a limitation on mergers and
consolidations as well as restrictions on distributions from
subsidiaries.

Rosbank is headquartered in Moscow, Russian Federation, and
reported total assets of US$4.3 billion under IFRS as of December
31, 2004.  It ranked as the seventh largest Russian bank in terms
of total assets at year-end 2004, according to Interfax.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Adel Satel, Managing Director
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE (NEW YORK)
          Dmitry Polyakov, Asst Vice President - Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SERGIEV-POSAD-GRAIN-PRODUCT: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Sergiev-Posad-Grain-Product after finding the
open joint stock company insolvent.  The case is docketed as
A41-K2-25594/04.  Mr. V. Sakhno has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 107078,
Russia, Moscow, Sadovo-Spasskaya Str. 13, Building 2, Office
#300.

CONTACT:  SERGIEV-POSAD-GRAIN-PRODUCT
          Russia, Moscow region, Sergiev Posad,
          Moskovskoye Shosse, 3B

          Mr. V. Sakhno
          Insolvency Manager
          107078, Russia, Moscow region,
          Sadovo-Spasskaya Str. 13, Building 2,
          Office #300


SHUMERLINSKIY WOOD-COMBINE: Bankruptcy Hearing Set August
---------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Shumerlinskiy Wood-Combine.  The case is docketed as
A79-1308/2005.  Mr. A. Petrov has been appointed temporary
insolvency manager.

Creditors have until July 18, 2005 to submit their proofs of
claim to 429120, Russia, Chuvashiya republic, Shumerlya, Lenina
Str. 43.  A hearing will take place on Aug. 19, 2005, 10:30 a.m.

CONTACT:  SHUMERLINSKIY WOOD-COMBINE
          Russia, Chuvashiya republic,
          Shumerlya, Surikova Str. 1

          Mr. A. Petrov
          Temporary Insolvency Manager
          429120, Russia, Chuvashiya republic,
          Shumerlya, Lenina Str. 43


TYUSHEVSKIY DISTILLERY: Succumbs to Bankruptcy
----------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Tyushevskiy Distillery after finding the open
joint stock company insolvent.  The case is docketed as
A50-50887/2004-B.  Ms. N. Davydova has been appointed insolvency
manager.  Creditors have until Aug. 18, 2005 to submit their
proofs of claim to 614007, Russia, Perm, Post User Box 7670.

CONTACT:  TYUSHEVSKIY DISTILLERY
          Russia, Perm region,
          Oktyabrskiy region, Tyush

          Ms. N. Davydova
          Insolvency Manager
          614007, Russia, Perm region,
          Post User Box 7670


YUKOS OIL: Court Orders Return of Sibneft Shares
------------------------------------------------
A court in Russia's Chukotka peninsula (the Russian easternmost
region) has ruled that embattled oil company Yukos Oil must
return a 14.5% block of shares in rival Sibneft to its major
shareholders, a court source said, according to RIA Novosti.

The arbitration court of the Chukotka autonomous region, whose
governor is Sibneft owner Roman Abramovich, upheld the claims of
Nimegan Trading Limited (a minority shareholder in Yukos) to
invalidate an agreement on swapping 72% of Sibneft shares for 26%
of Yukos stock.

In March 2004, the court annulled an additional Yukos stock issue
to pay for 57.7% of Sibneft shares when the companies announced
they were merging.  Major Sibneft shareholders have already
received their shares back.

The court ruling means the owners of Yukos have to return 14.5%
of the company's stock to Sibneft's major shareholders and
receive in return 8.8% of Yukos shares earlier transferred to
Sibneft.

                            *   *   *

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

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

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


YUKOS OIL: Court Rules Against Lawyer
-------------------------------------
The Khamovnichesky District Court on Tuesday found a lawyer of
Yukos Oil guilty of appropriating entrusted funds, laundering
stolen money and helping the firm evade taxes.

The Prosecutor General's Office accused Pavel Ivlev, a partner at
ALM Feldmans, of touching US$2.4 billion of Yukos money,
laundering US$810 million, and aiding the oil company to evade
taxes.

A judge at Basmanny District Court had upheld the prosecutor's
appeal before, but her decision was overruled by a Moscow City
Court judgment.  The latter found that Mr. Ivlev had not been
properly notified about the hearing.  Another judge of the same
court who reviewed the case sent it back to the Khamovnichesky
Court on issue of jurisdiction.  Judge Vera Pilganova said the
office of ALM Feldmans, where Ivlev had allegedly committed
crimes, is in the scope of Khamovnichesky.

Mr. Ivlev was not around when the ruling was announced.  His
lawyer Yury Bagraev told the court Mr. Ivlev and his family
currently live in the United States.  Mr. Bagraev intends to
appeal in the Moscow City Court, according to Kommersant.

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

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


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


CENTRO ASEGURADOR: Seeks to Avert Liquidation
---------------------------------------------
Insurance group Centro Asegurador has filed for court-supervised
administration to prevent its liquidation, Expansion says.

The group owes a total of EUR503 million, large chunk of which
comes from damage compensation claims.  One claimant,
Pirofantasia y Multimedia, gained favor in February from a
Catalonia court to recover around EUR11 million from the group.
The court decision is expected to give other claims a major
boost, setting off a severe financial crisis at Centro.

Centro has filed an appeal against the ruling, saying it only
owes Pirofantasia a maximum of EUR150,000.  A Barcelona court
started hearing the appeal Monday and will issue a verdict after
summer.

Centro's administrator, however, revealed the group only has
EUR473 million in assets, not enough to cover all of its
liabilities.

CONTACT:  CENTRO ASEGURADOR COMPANIA DE SEGUROS Y REASEGUROS
          S.A.
          Urb. Marbella Real
          6 29600 Marbella
          Phone: 34 91 550 96 00
          Fax: 34 91 550 96 58
          E-mail: ca@centro-asegurador.com
          Web site: http://www.centro-asegurador.com

          PIROFANTASIA Y MULTIMEDIA, S.L.
          Medico Ramon Tarazona 3 Bajo
          46015 Valencia
          Phone: +34 963 49 50 48
          Fax: +34 963 48 45 17


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


PREEM HOLDINGS: Rating Upped to 'BB-' on Improved Performance
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Sweden-based independent merchant oil refinery
Preem Holdings AB (Preem) to 'BB-' from 'B+' reflecting the
company's improved financial profile.  The outlook is stable.

At the same time, Standard & Poor's raised its long-term
corporate credit rating on related entity Preem Petroleum AB to
'BB-' from 'B+'.  The outlook is also stable.

"The upgrade follows Preem's strong profitability and cash flow
generation during 2004 and the first quarter of 2005, which has
improved substantially the financial profile of the company,"
said Standard & Poor's credit analyst Per Karlsson.  "The
company's financial profile will be less affected then earlier
anticipated by Preem's heavy investment program in 2004-2006."

Preem's profitability and cash flow generation have been
particularly strong over the past quarters due to high refining
margins, bolstered by a high price spread between sweet and sour
crude oil.  Standard & Poor's is, therefore, confident the
company will better manage its heavy investment then previously
expected.

Standard & Poor's expects Preem to maintain a financial profile
in line with a 'BB-' rating at all times during the construction
phase of the company's Isocracker program (an upgrading unit that
allows for production of more light and profitable products),
which is expected to be in operation from the second quarter of
2006.

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

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


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


SWISS INTERNATIONAL: Lufthansa Takeover Receives Green Light
------------------------------------------------------------
The European Commission and the U.S. competition authorities have
given their approval to the takeover of Swiss International Air
Lines Ltd. by Deutsche Lufthansa AG.  The securing of European
and U.S. anti-trust approval paves the way for Swiss' integration
into the Lufthansa Group.

"This is a partnership for all our customers," says Wolfgang
Mayrhuber, Chairman of the Executive Board and CEO of Lufthansa.
"Lufthansa and Swiss deliver quality mobility to and from Europe.
Following our successful public purchase offer and the plans to
welcome Swiss to Star Alliance, these regulatory approvals mark a
further milestone on our joint journey forward. And in just a few
weeks' time, the customers of our two airlines will be feeling
the first benefits that our partnership will bring."

"The green light from Brussels and Washington gives us the
opportunity to ensure the long-term future of the air transport
connections that are so crucial to Switzerland and its economy,"
adds Christoph Franz, President and CEO of Swiss.  "With
Lufthansa and SWISS, we are seeing the team-up of two globally
reputed airlines with the same strong commitment to superior
service and quality.  Following Tuesday's approval, we can now
offer our customers more destinations, better connections,
integrated frequent flyer programs, greater lounge access and
much more besides."

Its new partnership with Swiss will enable Lufthansa to further
consolidate and develop its position as a leading international
network carrier.  From the start of the 2005/06 winter schedules,
all customers of both airlines will be offered an expanded global
network of products and services.  Members of Miles & More and
Swiss TravelClub will be offered enhanced services and further
benefits over the course of the summer.

The European Commission has agreed certain measures with
Lufthansa and Swiss to ensure adequate market access for possible
new competitors.  These center largely on making landing and
takeoff slots available to other carriers on various European and
intercontinental routes.  U.S. anti-trust approval has been
granted unconditionally.

The Swiss-domiciled AirTrust company will be paying the agreed
purchase price of CHF8.96 per share to minority shareholders who
have tendered their SWISS shares under the recent public purchase
offer within the next ten days.  Parallel to this, Lufthansa will
increase its shareholding in AirTrust from the present 11% to
49%.  Once the current negotiations to secure SWISS' traffic
rights have been successfully concluded and corresponding
agreements have been obtained, Lufthansa will raise its holding
in Swiss to a full 100% (in 2006 at the earliest).

CONTACT:  DEUTSCHE LUFTHANSA AG
          Corporate Communications
          Phone: +49 69 696 51014
          Fax: +49 69 696 95428
          Web site: http://media.lufthansa.com

          SWISS INTERNATIONAL AIR LINES LTD.
          Corporate Communications
          Phone: +41 848 773 773
          Fax: +41 44 564 2127
          E-mail: communications@swiss.com


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


DISBANK A.S.: Fitch Upgrades Ratings to 'BB-'
---------------------------------------------
Fitch Ratings has upgraded Turkey-based Disbank A.S.'s ratings to
Long-term foreign currency 'BB-' (BB minus) from 'B+', Long-term
local currency to 'BB+' from 'B+' and National long-term to
'AA-(AA minus)(tur)' from 'A-(A minus)(tur)'.  The Support rating
has been changed to '3' from '4'.

This follows the announcement from the Belgium-based Fortis Bank
on 4 July 2005 that it has acquired 89.34% of Disbank after
receiving the necessary Turkish regulatory and governmental
approvals.  The bank's other ratings are affirmed at Short-term
'B' and Individual 'D'.  The rating Outlook is Stable.

The Long-term rating upgrades reflect the higher support
prospects for Disbank from its new majority shareholder, Fortis
Bank (Long-term 'AA-(AA minus)', Stable Outlook,
Short-term'F1+' ).  In Fitch's opinion, there is a very high
propensity of support that, should Disbank get into difficulties,
support will be provided by Fortis Bank.  However, the ability of
Fortis Bank to support might be limited in certain circumstances
by the transfer risk associated with Turkey, which therefore
constrains the Support rating at '3'.  Fitch expects Fortis Bank
to combine Disbank's network and market knowledge with its own
strength and expertise in cross-selling, multichannel
distribution and risk management.  This should consequently
improve Disbank's relative credit worthiness within the Turkish
banking system.

As announced in April 2005, Fortis will also make a public offer
for the remaining 10.66% of Disbank's shares.  The details and
timing of the offer will be determined in consultation with the
Turkish market supervisor and other regulatory authorities.

Disbank is an upper medium-sized Turkish bank with 173 branches
throughout Turkey.  It ranks 7th by assets among the 18 domestic
privately owned commercial banks with total unconsolidated assets
of EUR3,916 million and EUR542 million of equity at end-2004.  It
is focusing on increasing its retail banking business while also
providing commercial and corporate banking services.

Fortis Bank is the largest in Belgium, the fourth largest in the
Netherlands, and one of the three banks that dominate the
domestic market in Luxembourg.  Fortis Bank aims to strengthen
its position as a provider of a full range of financial services
in its home market, Benelux, while exploring opportunities
elsewhere in Europe (including new EU accession countries).

CONTACT:  FITCH RATINGS
          Banu Cartmell, London
          Phone: +44 (0)20 7417 4373
          Gulcin Orgun and Turda Ozmen, Istanbul
          Phone: +90 212 279 10 65
          Ed Thompson, New York
          Phone: +1 212 908 0364
          Alain Branchey, Paris
          Phone: +33 1 4429 91 41

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


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


AFFINITY EXPRESS: Administrators from Milner Boardman Move in
-------------------------------------------------------------
Name of company: AFFINITY EXPRESS SOLUTIONS LIMITED
                 (Company No 04412093)

Nature of Business: Business and Management Consultancy. Holding
Companies Including Head Offices

Address of Registered Office: 5 The Forum, Minerva Business Park,
Lynchwood, Peterborough PE2 6FT

Trade Classification: 7414 and 7415

Date of Appointment: June 29, 2005

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

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


ATHLON SPORTS: In Voluntary Winding-up
--------------------------------------
At an Extraordinary General Meeting of Athlon Sports Limited
New Cross Greyhounds Limited White City (Manchester) Greyhounds
Association Limited, duly convened, and held at Elvin House,
Stadium Way, Wembley, Middlesex HA9 0DW, on 23 June 2005, the
following Resolutions were duly passed, as a Special Resolution
and as an Ordinary Resolution respectively:

"That the Company be wound up voluntarily and that Jeremy Simon
Spratt and Finbarr Thomas O'Connell, of KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB, be and are hereby appointed Joint
Liquidators for the purpose of such winding-ups and that any
power conferred on them by the Companies, or by law, be
exercisable by them jointly, or by either of them alone.

D C Bromley, Chairman

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


A T MOUNTFORD: Hires Rothman Pantall & Co. Administrator
--------------------------------------------------------
Name of company: A T MOUNTFORD LIMITED
                 (Company No 02624854)

Nature of Business: Cement/Road Transport

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

Trade Classification: 28

Date of Appointment: June 16, 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

CONTACT:  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


CAFE CIAO: Winding-up Report Out Early August
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Cafe Ciao Limited
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Cafe Ciao
Limited will be held at 1 Royal Terrace, Edinburgh, EH7 5DA, on
August 2, 2005 at 10:00 a.m. for the purposes of receiving the
Liquidator's report on the winding-up and to determine whether
the Liquidator should be released.

K. R. Craig, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com


CHARACTER GROUP: Moves Away from Genoa Club Probe
-------------------------------------------------
The Board has noted recent press comments regarding one of the
Group's directors.

Enrico Preziosi, the Chief Executive Officer and Managing
Director of the Group, is the President of and a major
shareholder in Genoa Football and Cricket Club.  He also has
other substantial business interests, which include the 22.5%
shareholding in the Company held by Giochi Preziosi S.p.A.

The Board of Character Group is aware that an investigation is
being carried out by the Italian football governing body, FIGC,
into certain allegations (of fraud) that have been made involving
the Genoa Club.  Mr. Preziosi has stated repeatedly that the
allegations are without merit and that both he and the Genoa Club
are cooperating fully with the investigation.

Mr. Preziosi, is also the President and major shareholder of
Giochi Preziosi S.p.A., a company with which the Group has a
substantial trading relationship, both as a customer and
supplier.

The Board believes that this matter will have no direct or
indirect effect on the Group or its trading relationship with
Giochi Preziosi S.p.A.

The Company will keep the market and shareholders informed as
appropriate.

                            *   *   *

In April, TCR-Europe reported that Character, the company behind
last Christmas' best-selling toy Robosapien, dipped into the red
in the first half.  According to the Telegraph, the group's
half-year pre-tax profit of GBP2.02 million translated into a
loss of GBP1.93 million.

Executive chairman Richard King said: "Business just dropped off
a precipice in January.  It just turned into a disaster area."

Mr. King attributed the figure to tough market conditions and
price cuts from rival high street retailers like Argos, which
have prevented the group from carrying out any price increases.
The fall of The Gadget Shop, which distributes the robots and the
company's wide range of talking key rings, didn't help either.

CONTACT:  CHARACTER GROUP PLC
          2nd Floor
          86-88 Coombe Road
          New Malden
          Surrey, KT3 4QS
          Registered No: 3033333
          Phone: 44 (0) 20 8949 5898
          Fax: 44 (0) 20 8336 2585
          Web site: http://www.charactergroup.plc.uk


CHARDWICK INVESTMENTS: Real Estate Firm Liquidates
--------------------------------------------------
At an Extraordinary General Meeting of Chardwick Investments
Limited held at 2 Bloomsbury Street, London WC1B 3ST, on 23 June
2005, a Special Resolution was passed:

"That the Company be wound up and that Ian David Holland, of Ian
Holland & Co, The Clock House, 87 Paines Lane, Pinner, Middlesex
HA5 3BZ, be and is hereby appointed Liquidator for the purposes
of such winding-up."

Chairman

CONTACT:  IAN HOLLAND & CO.
          The Clock House
          87 Paines Lane
          Pinner
          Middlesex HA5 3BZ
          Phone: 020 8866 6556
          Fax: 020 8866 7557
          E-mail: idh@ianholland.co.uk


CHP FURNITURE: In Administrative Receivership
---------------------------------------------
Name of company: CHP FURNITURE LIMITED
                 (Reg No 02905348)

Trading Name: Coach House Pine

Previous Name of Company: Coach House Pine Limited

Nature of Business: Pine Furniture Manufacturer

Address of Registered Office: Streeter West, 30-31 Carlton
Business Centre, Station Road, Carlton, Nottingham NG4 3AA

Date of Appointment of Joint Administrative Receivers: June 23,
2005

Name of Person Appointing the Joint Administrative Receivers:
Lloyds TSB Bank Plc

Joint Administrative Receivers: Christopher James Farrington (IP
No 008751), Deloitte & Touche LLP, 1 Woodborough Road, Nottingham
NG1 3FG and Andrew Philip Peters (IP No 004468), Four
Brindleyplace, Birmingham B1 2HZ.

                            *   *   *

Coach House is a trade-only supplier of pine, giftware and
furniture.  Visit http://www.coachhouse.com/for more
information.

CONTACT:  COACH HOUSE
          Altham
          Industrial Estate
          Metcalf Drive, Accrington BB5 5SS
          United Kingdom
          Phone: +44 (0) 1282 682666
          Fax: +44 (0) 1282 682667
          E-mail: info@coachhouse.com

          DELOITTE & TOUCHE LLP
          1 Woodborough Road,
          Nottingham NG1 3FG
          Phone: +44 (0) 115 950 0511
          Fax:   +44 (0) 115 959 0060
          Web site: http://www.deloitte.com

          DELOITTE & TOUCHE LLP
          Four Brindleyplace
          Birmingham B1 2HZ, UNITED KINGDOM
          Phone: +44 (0) 121 632 6000
          Fax: +44 (0) 121 695 5678
          Web site: http://www.deloitte.com


CHRISTIE TYLER: Major Furniture Maker Declares Insolvency
---------------------------------------------------------
Furniture maker Christie Tyler has called in receivers, following
the footstep of Allders and Courts, two of its biggest customers
that shut down within the last year.  The company blames
international competition and the weakness of retail sales in the
U.K., which fell to a record low last month, The Guardian said
early this week.

In a statement, receiver Ernst & Young said: "Shareholders and
lenders had considered various options with management and
concluded that a restructuring through an insolvency process
provided the best opportunity to secure a viable trading
business, with improved prospects for the employees of the
various group companies."  It added the company continues to
trade on a "business as usual" basis while talks to sell its
businesses and assets as a going concern continue.

Some of the assets have already been sold, according to The
Guardian.  Sofa Brands International bought Cambrian Mobel, which
employs 400 people in Pontypridd; while the management of
Ultra Furniture, which employs 233 people in Kingswinford, West
Midlands, took over the business.  Christie Tyler's remaining
factories are in Bridgend, Blackwood, Holywell, Kidderminster and
Scunthorpe.

In 2001, 305 workers lost their jobs when Christie Tyler shut
down three of its six furniture factories in Wales.  Two years
later, 200 jobs at its Carousel Furniture in Cardiff and another
200 at Wyvern Furniture in Ebbw Vale were threatened when the
company announced the transfer of its production to Poland.
Approximately 1,600 employees are hanging in the balance now that
the company has called in receivers.

Icwales on-line ranks Christie Tyler No. 14 among the Top 300
businesses in Wales.  It has a turnover of approximately
GBP330,900,000 and employs 6,000 workers.

CONTACT:  CHRISTIE-TYLER LIMITED
          Abergarw Road
          Brynmenyn, Bridgend
          Mid Glamorgan CF32 9LN
          Phone: 01656 726 200
          Fax: 01656 726 233
          E-mail: bstitfall@christietyler.co.uk


CITY DISCOUNT: Shareholders Pass Winding-up Resolutions
-------------------------------------------------------
At an Extraordinary General Meeting of City Discount Limited,
duly convened, and held at the London Marriott Hotel, Grosvenor
Square, London W1K 6LD, on 27 June 2005, at 4:20 p.m., the
subjoined Resolutions were duly passed, as a Special Resolution
and as Ordinary Resolutions respectively:

"That the Company be wound up voluntarily, that B J Ward, of the
firm of Ward & Co, be and is hereby appointed as Liquidator of
the Company for the purpose of the voluntary winding-up, the
Liquidator be empowered to distribute by cash or in specie, the
Liquidator's remuneration has been agreed at GBP3,000 plus
disbursements and VAT, which can be drawn as appropriate, the
Liquidator's disbursements will consist of advertising and
bonding, power to compromise, on such terms as may be agreed and
to deal with all questions in any way relating to or affecting
the assets or the winding-up of the Company, power to pay
Creditors in full and power to make any compromise or arrangement
with Creditors.
By Order of the Board.

I Mella, Director

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


CLASSIC AND SPORTS: HSBC Bank Appoints Kroll Limited Receiver
-------------------------------------------------------------
Name of company: CLASSIC AND SPORTS CAR CLUB LIMITED
                 (Reg No 4253458)

Trading Name: Dream Driving Days

Nature of Business: 9305-Other Service Activities

Trade Classification: 92

Date of Appointment of Joint Administrative Receivers: June 23,
2005

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank plc

Joint Administrative Receivers: S. C. E. MacKellar and J. M.
Wright (Office Holder Nos 6883 and 9152), both of Kroll, 3rd
Floor, Wellington Plaza, 31 Wellington Street, Leeds LS1 4DL

CONTACT:  KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com


CLOVER (U.K.): In Administrative Receivership
---------------------------------------------
Name of company: CLOVER (U.K.) LIMITED
                 (Reg No 02648819)

Nature of Business: Installation and Maintenance of Refrigeration
and Air-conditioning Systems

Address of Registered Office: 68 Argyle Street, Birkenhead,
Wirral, Merseyside CH41 6AF

Date of Appointment of Joint Administrative Receivers: June 23,
2005

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank plc

Joint Administrative Receivers: Jonathan Newell and Kerry Bailey
(IP Nos 6419 and 8780), both of PKF (UK) LLP, Sovereign House,
Queen Street, Manchester M2 5HR

CONTACT:  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


CLYDESDALE BANK: NAB Remains Committed to Closure Program
---------------------------------------------------------
The owner of Glasgow-based Clydesdale Bank reaffirmed its
commitment to implement an announced closure of its branches,
according to The Herald.  This was after David Thorburn, chief
operating officer at Clydesdale Bank, offered to meet Alan
Wilson, deputy enterprise minister, whose colleagues are opposed
to the program.

"The branch closures are part of a well-thought-out strategy that
has been explained to the market to ensure sustainability and
growth," said a spokeswoman at National Australia Bank's European
headquarters in London.

"There are no plans to change the strategy."

Clydesdable Bank plans to close 60 of its branches in Scotland as
part of a U.K.-wide shakeup.  Its sister company, Yorkshire Bank,
will shut down 40 of its 232 branches.  Clydesdale has a network
of 217 banks.  NAB expects to save GBP117 million by axing 1,700
jobs across both Clydesdale and Yorkshire Bank.

Clydesdale has seen profits tumble, and business banking managers
fleeing to Royal Bank of Scotland for the past 18 months.

In December, the bank announced a 44% drop in profits to GBP90
million.  It slashed interim dividend to NAB and scrapped final
dividend.  Clydesdale's profit has been in decline for the past
three years.  It was performing poorly at a time when rival HBOS
and Royal Bank of Scotland are flourishing.

NAB itself is still trying to recover from an unauthorized
foreign exchange trading scandal that cost it about GBP104
million.

CONTACT:  CLYDESDALE BANK
          Banking Hall
          30 St. Vincent Place
          Glasgow G1 2HL
          Phone: 0141 951 7000
          Web site: http://www.cbonline.co.uk


COMBS VALLEY: Appoints DTE Leonard Liquidator
---------------------------------------------
At an Extraordinary General Meeting of Combs Valley Tankers
Limited, convened, and held at DTE Leonard Curtis, DTE House,
Hollins Mount, Bury BL9 8AT, on 28 June 2005, at 10:30 a.m.,
Special, Ordinary, and Extraordinary Resolutions were passed:

"That the Company be wound up voluntarily, that John Malcolm
Titley, of DTE Leonard Curtis, DTE House, Hollins Mount Lane,
Bury BL9 8AT, be appointed as Liquidator for the purpose of such
winding-up, that the remuneration of the Liquidator be fixed on
the basis of time and expenses properly given by him and his
staff in attending matters arising in connection with the
winding-up and that he be entitled to draw such remuneration
monthly as he sees fit, and that the Liquidator may divide among
the Members of the Company in specie the whole or any part of the
assets of the Company and may, for that purpose, value any assets
and determine how the division shall be carried out as between
the Members."

R Somerset, Chairman

                            *   *   *

Combs Valley transports freight by road.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


CORUS GROUP: Unveils GBP6.8 Mln Investment at Corby Site
--------------------------------------------------------
Corus Group plc revealed Wednesday an investment of GBP6.8
million towards the further development of its modern tube
manufacturing facility for the manufacture of cold drawn steel
tubes in the U.K. at Corby, one of the Company's main U.K.
downstream manufacturing sites.

The investment will involve the re-location of the existing cold
drawn tubes manufacturing base from Broadwell in the West
Midlands to Corus' main tube manufacturing site in Corby by
September 2006.

The investment is aimed at strengthening Corus' U.K. tube
manufacturing base, while the commercial organization will retain
a base in the West Midlands.

Guy Glover, managing director, Corus Tubes, said: "[Wednes]day's
announcement demonstrates the commitment of Corus to retain and
develop its position in the cold drawn tubes market by improving
operational efficiency and customer service."

Contract placement will begin next month, and the installation of
the cold drawn tubes facility at Corby will be complete by August
2006.  This will enable the currently under-utilized Broadwell
site to be developed for alternative commercial uses, releasing
value for Corus.  The re-development of the site is forecast by
the developers to create up to c.1,500 new jobs in the Broadwell
area.

Corus Group plc is one of the world's largest metal producers
with a turnover of over GBP9 billion and major operating
facilities in the U.K., the Netherlands, Germany, France, Norway,
Belgium and Canada.  Corus' four divisions comprising Strip
Products, Long Products, Aluminium and Distribution & Building
Systems provide innovative solutions to the construction,
automotive, rail, general engineering and packaging markets
worldwide.  Corus has over 48,000 employees in over 40 countries
and sales offices and service centers worldwide.

Corus' Cold Drawn Tubes plant at Broadwell produces tubular
components for the automotive, hydraulic and distribution sector.
Typical automotive applications are rocker shafts, camshafts, tie
rods, roll bars and chassis components. Hydraulic sector
components include hoist mast and steering cylinders and
elevators.  Non-circular drawn profiles are supplied for
specialist applications in the aircraft, glass, printing and
synthetic fiber industries.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com

          Annanya Sarin
          Corporate Communications
          Phone: 020 7717 4532

          Simon Collins
          Local Media
          Phone: 01536 403 4801


ELECTROCONNECT LIMITED: Creditors to Name Liquidator Next Week
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Electroconnect Limited
                  (In Compulsory Liquidation)

I, David K Hunter of Campbell Dallas, Sherwood House, 7 Glasgow
Road, Paisley PA1 3QS, hereby give notice that I was appointed
Interim Liquidator of Electroconnect Limited on June 7, 2005, by
Interlocutor of the Sheriff at Kilmarnock.

Notice is hereby given pursuant to Section 138 of the Insolvency
Act 1986, that the first meeting of creditors of the above
company will be held within Sherwood House, 7 Glasgow Road,
Paisley PA1 3QS, on July 15, 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 will be
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 10, 2005.  Proxies may also be lodged with me
at or before the meeting at my office.

David K. Hunter, Interim Liquidator
June 27, 2005

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com

          David Kelso Hunter
          E-mail: david@camdal.com


ESSLEMONT AND MACINTOSH: Founding Family Sells 132-year-old Biz
---------------------------------------------------------------
Aberdeen's famous department store, Esslemont and Macintosh, has
been sold to Owen Owen Ltd. for an undisclosed sum, according to
Aberdeen Evening Express.  The company is one of Scotland's
oldest and well-known department stores.  It has been trading as
an independent business for 132 years.

Esslemont, known locally as E&M's will continue to trade under
the name.  All its 120 staff will transfer to Owens.  The sale is
expected to complete Wednesday next week.  Shareholders of the
company, mainly family members of founders Peter Esslemont and
William Macintosh, will keep the building where the business
moved about 80 years ago.

Pauline Esselmont, great-great-granddaughter of one of the
founders, and chairwoman of E&M's, said the current condition in
the retail sector makes it difficult for independent firms to
survive.

The report said E&M's made huge losses before the sale.  Its
pre-tax losses amounted to GBP239,000 for the 12 months to the
end of January 2004, compared with losses of GBP383,000 in 2003.
The company has yet to publish its accounts.  In 2002, losses
were GBP383,000, down from GBP1.3 million in 2001.

CONTACT:  OWEN OWEN LTD.
          Phone: 44 151 707 4000
          Fax: 44 151 707 1200


EUROSTYLE INTERNATIONAL: Names Administrators from Stoy Hayward
---------------------------------------------------------------
Name of company: EUROSTYLE INTERNATIONAL LIMITED
(Company No 02958318)

Nature of Business: Jewellery Importer

Trade Classification: 15 Other Wholesale

Date of Appointment: June 28, 2005

Administrators' Names and Address: Simon Edward Jex Girling and
Graham David Randall (IP Nos 9283 and 9051), both of BDO Stoy
Hayward LLP, Fourth Floor, One Victoria Street, Bristol BS1 6AA

CONTACT:  EUROSTYLE INTERNATIONAL LIMITED
          Unit 7 Bridgwater Court, Oldmixon Crescent,
          Weston-Super-Mare, Avon BS24 9AY
          Phone: 01934-413296

          BDO STOY HAYWARD LLP
          Fourth Floor,
          One Victoria Street,
          Bristol BS1 6AA
          Web site: http://www.bdo.co.uk


EXLON RESIDENTIAL: PricewaterhouseCoopers to Liquidate Biz
----------------------------------------------------------
At the Extraordinary General Meeting of Exlon Residential
(Didsbury) Limited, Exlon Residential (Newhall Hill) Limited,
Informsmart limited, held on 28 June 2005, these Resolutions were
duly passed, as a Special Resolution and as an Ordinary
Resolution respectively:

"That the Company be wound up voluntarily and that Tim Walsh and
Jonathan Sisson, of PricewaterhouseCoopers LLP, One Kingsway,
Cardiff CF10 3PW, be and are hereby appointed Joint Liquidators
of the Company for the purposes of such winding-up, and any act
required or authorized under any enactment to be done by the
Joint Liquidators is to be done by all or any one or more of the
persons for the time being holding office."

M R Cregeen, Chairman

                            *   *   *

Exlon is formerly Shelfco Limited.  It develops and sells real
estate.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          1 Kingsway
          Cardiff
          CF10 3PW
          Phone: [44] (0) 2920 237000
          Fax: [44] (0) 2920 802400


FINESTYLE FURNISHINGS: Hires Wilson Pitts as Administrator
----------------------------------------------------------
Name of company: FINESTYLE FURNISHINGS LIMITED
                 (Company No 02925588)

Nature of Business: Furniture Retailer

Trade Classification: Division 4, 20

Date of Appointment: June 28, 2005

Administrators' Names and Address: D. F. Wilson and J. N. R.
Pitts (IP Nos 703 and 7851), both of Wilson Pitts, Glendevon
House, Hawthorn Park, Coal Road, Leeds LS14 1PQ

CONTACT:  FINESTYLE FURNISHINGS LTD.
          Skellow Road, Carcroft
          Phone: 1302330003

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


FRESHTIME LIMITED: In Voluntary Liquidation
-------------------------------------------
At an Extraordinary General Meeting of Freshtime Limited, duly
convened, and held at London Marriott Hotel, Grosvenor Square,
London W1K 6LD, on 27 June 2005, at 4:25 p.m., the subjoined
Resolutions were duly passed, as a Special Resolution and as
Ordinary Resolutions respectively:

"That the Company be wound up voluntarily, that B J Ward, of the
firm of Ward & Co, be and is hereby appointed as Liquidator of
the Company for the purpose of the voluntary winding-up, the
Liquidator be empowered to distribute by cash or in specie, the
Liquidator's remuneration has been agreed at GBP3,000 plus
disbursements and VAT, which can be drawn as appropriate, the
Liquidator's disbursements will consist of advertising and
bonding, power to compromise, on such terms as may be agreed and
to deal with all questions in any way relating to or affecting
the assets or the winding-up of the Company, power to pay
Creditors in full and power to make any compromise or arrangement
with Creditors.
By Order of the Board.

I Melia, Director

CONTACT:  WARD & CO.
          Bank House, Shaw Street, Worcester WR1 3DT
          Barry J Ward, Liquidator


GEM INTERNATIONAL: Appoints Smith & Williamson Administrator
------------------------------------------------------------
Name of company: GEM INTERNATIONAL LIMITED
                 (Company No 04972072)

Nature of Business: Specialist Manufacturing

Trade Classification: 11

Date of Appointment: June 28, 2005

Administrators' Names and Address: Anthony Murphy and Roger
Tulloch (IP Nos 8716 and 9174), both of Smith & Williamson
Limited, No 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey
GU1 4RA

                            *   *   *

The company was previously named Le Gem International and was
changed to Gem International in 1999.  Its trading name is
Terinex.  The company is based in Bedford, England and exports to
over 50 countries.  It offers wide range of bakewell baking
parchment, clingfilm, aluminum foil, facial tissues, doyleys and
a range of catering disposable products.  Visit
http://www.terinex.co.uk/for more information.

CONTACT:  GEM INTERNATIONAL LTD.
          Units 6-10 Eastfield Industrial Park, Lewisher Road
          Troon Industrial Estate
          Leicester LE4 9LR
          Leicestershire
          Phone: 0116 233 7272
          Fax: 0116 233 7280

          SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf
          Walnut Tree Close
          Guildford GU1 4RA
          Phone: 01483 407 100
          Fax: 01483 301 232
          Web site: http://www.smith.williamson.co.uk


H S COMPANY: Shareholders Decide to Liquidate Firm
--------------------------------------------------
Passed on 27 June 2005, the Extraordinary Meeting of the Members
of H S Company Limited, duly convened, and held at the offices of
David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane,
London N12 8LY, the following Resolutions were duly passed, as a
Special Resolution and as an Extraordinary Resolution
respectively:

"That the Company be wound up voluntarily and that David Rubin,
of David Rubin & Partners, Pearl Assurance House, 319 Ballards
Lane, London N12 8LY, be and he is hereby appointed Liquidator
for the purposes of such winding-up and that in accordance with
the provisions of the Company's Articles of Association, the
Liquidator be and is hereby authorized to divide among the
Members in specie all or any part of the Company's assets.

D Simmons, Chairman

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


HURLEY ROBERTSON: Appoints Joint Liquidators
--------------------------------------------
At an Extraordinary General Meeting of architect Hurley Robertson
Limited, duly convened, and held at Smith & Williamson Limited,
No 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey GU1 4RA,
on 29 June 2005, at 10:00 a.m., the subjoined Resolution was duly
passed as a Special Resolution:

"That the Company be wound up voluntarily and that Roger Tulloch
(licensed by The Institute of Chartered Accountants in England
and Wales) and Kevin Weir (licensed by The Insolvency
Practitioners Association), both of Smith & Williamson Limited
are hereby appointed Joint Liquidators of the Company for the
purposes of such winding-up."

J Robertson, Chairman

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf, Walnut Tree Close
          Guildford GU1 4RA
          Web site: http://www.smith.williamson.co.uk
          Contact: Roger Tulloch and Kevin Weir, Liquidators


IMPACON LIMITED: Shareholders Wind up Firm
------------------------------------------
At an Extraordinary General Meeting of Impacon Limited (formerly
Ideatic Marketing Projects Limited), duly convened, and held at 5
Park Court, Pyrford Road, West Byfleet, Surrey KT14 6SD, on 29
June 2005, these Resolutions were duly passed, as a Special
Resolution, as an Ordinary Resolution and as an Extraordinary
Resolution respectively:

"That the Company be wound up voluntarily, that Lynn Gibson, of 5
Park Court, Pyrford Road, West Byfleet, Surrey KT14 6SD, be and i
s hereby appointed Liquidator of the Company and that the
Liquidator be authorized to divide and distribute among the
Members in specie or in kind the whole or any part of the assets
of the Company and to determine how any such divisions shall be
carried out as between the Members.

P Georgiou, Chairman

CONTACT:  GIBSON HEWITT & CO
          5 Park Court
          Pyrford Road
          West Byfleet
          Surrey KT14 6SD
          Phone: 01932 336149
          Fax: 01932 336150
          E-mail: robert@gibsonhewitt.co.uk


JDP MANUFACTURING: Administrators from Rothman Pantall Move in
--------------------------------------------------------------
Name of company: JDP MANUFACTURING LIMITED
                 (Company No 04716434)

Nature of Business: Other Manufacture

Trade Classification: 11

Date of Appointment: June 24, 2005

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

                            *   *   *

The company offers telecommunications cabinets, sheet metal and
electro-mechanical products and sub-contract services.  John
Stanway is its managing director.

CONTACT:  JDP MANUFACTURING LIMITED
          7-9 Springwood Drive,
          Braintree, Essex CM7 2YN
          United Kingdom
          Phone: 01376 550000
          E-mail: John@j-d-p.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


KEYLODGE LIMITED: Names Antony Batty & Co. Administrator
--------------------------------------------------------
Name of company: KEYLODGE LIMITED
                 (Company No 02408606)

Nature of Business: Specialized Retail Store

Address of Registered Office: New House, 67-68 Hatton Garden,
London EC1N 8JY

Date of Appointment: June 27, 2005

Administrator's Name and Address: William Antony Batty, (IP No
1049), of Antony Batty & Company, New House, Suite 24, 67-68
Hatton Garden, London EC1N 8JY

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


LAMPS DIRECT: Administrator from Bond Partners Moves in
-------------------------------------------------------
Name of company: LAMPS DIRECT LIMITED
                 (Company No 03939219)

Nature of Business: Wholesale Electric Household Goods

Address of Registered Office: Hallidays, Portland Buildings,
127-129 Portland Street, Manchester, Lancashire M1 4PZ

Date of Appointment: June 20, 2005

Administrator's Name and Address: T. Papanicola, (IP No 005496),
Bond Partners LLP, The Grange, 100 High Street, London N14 6TG.
Visit http://www.lampsdirect.ltd.uk/for more information.

CONTACT:  LAMPS DIRECT
          8, Ellerby Avenue
          Lancashire M27 8LA
          Manchester
          Phone: 0161 727 8166

          BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


MAXIMUM IMPORT: Calls First Creditors Meeting
---------------------------------------------
            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


M.C.S. HOMES: Creditors Meeting Set Third Week of July
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF M.C.S. Homes Limited
                         (In Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG, 191 West
George Street, Glasgow G2 2LJ, hereby give notice, that on June
7, 2005, by Interlocutor of Paisley Sheriff Court, I was
appointed interim liquidator of M.C.S. Homes Limited, having its
registered office at Rannoch Road, Johnstone PA5 0SP.

Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, the first meeting
of creditors will be held within KPMG, 191 West George Street,
Glasgow G2 2LJ, at 2:00 p.m. on July 18, 2005, for the purpose of
choosing a Liquidator.  The meeting may also consider other
resolutions referred to in Rule 4.12 (3).  All creditors are
entitled to attend in person or by proxy and to vote, provided
their claims and proxies, if any, have been submitted at or
before the meeting.

B. C. Nimmo, Interim Liquidator
June 24, 2005

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


MG ROVER: Bidder Cries Favoritism Against DTI, Administrators
-------------------------------------------------------------
The prime mover of the GBP40 million all-British bid to buy the
MG sports car business has complained that the Government
sidelined its offer in favor of foreign consortia.

According to the Telegraph, David James said Wednesday they were
having difficulties in pushing their bid, which could have been
influenced by the Government.  Mr. James leads a group of
Birmingham businessmen offering to revive the Longbridge plant by
rehiring 500 former MG Rover workers.

This came as MG Rover administrator PricewaterhouseCoopers is
expected to conclude the sale of all or part of the group this
week.  The carmaker collapsed in April, leaving 6,000 people
jobless.

Mr. James said: "Our bid stands as a valid British bid backed by
British money to ensure the continuation of production at
Longbridge.  But we are angry that different standards are being
applied to the bids."

He added that he couldn't see any logic in the administrator's
preference, with the support of the Department of Trade and
Industry, towards any bid that doesn't target restarting
operations at Longbridge.  He also expressed concern over a
possible misperception with regard to national interest.

A DTI spokesman, however, brushed aside the claims of favoritism,
saying "it is not for the Government to influence proceedings.
This is a matter for the administrators."

On its part, PwC said: "The administrators consider all the bids
they receive and they work for the benefit of creditors."

Aside from mulling to re-employ former workers, Mr. James said he
was negotiating with other manufacturers to make "niche
brands" at the plant, which could open 1,500 new jobs.

He also expressed enthusiasm to work with Shanghai Automotive
Industry Corporation, which bought the intellectual property
rights of some Rover models and engines last year.

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

MG Rover is facing liquidation to pay up GBP1.8 billion in debt,
but with only GBP85.5 million in assets, it has to find a ready
rescuer.  Potential buyers shorlisted by PwC include an Iranian
investor and TVR sportscar owner Nikolai Smolenski for the entire
MG Rover group.

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

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


MINDHOUSE LIMITED: Calls in Administrator from Antony Batty
-----------------------------------------------------------
Name of company: MINDHOUSE LIMITED
                 (Company No 04345469)

Nature of Business: Software Consultancy & Supply

Address of Registered Office: New House, Suite 24, 67-68 Hatton
Garden, London EC1N 8JY

Date of Appointment: June 20, 2005

Administrator's Name and Address: William Antony Batty (IP No
1049), Antony Batty & Co, New House, Suite 24, 67-68 Hatton
Garden, London EC1N 8JY.

                            *   *   *

Mindhouse are technology enablers for digital television.  It
builds interactivity and commerce through the moving image by
developing, with broadcasters, production companies and platform
providers, enhanced TV and Video-on-Demand applications and
services that are deployable across multiple broadcast platforms.
Its clients are BBC, Channel 4, ITV, Tandberg TV and others.
Steve Scott is the managing director.  Visit
http://www.mindhouse.co.ukfor more information.

CONTACT:  MINDHOUSE LTD.
          21 Store Street
          London WC1E 7DH
          Phone: 0207 580 4955
          Fax: 0207 631 5083

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


MOWLEM PLC: Outlook Revised to Negative on Profit Warning
---------------------------------------------------------
Fitch Ratings has revised the Outlook on U.K.-based Mowlem plc to
Negative from Stable and affirmed its ratings at Senior Unsecured
'BB' and Short-term 'B'.

This rating action follows Tuesday's profit warning by Mowlem
that results for the financial year ending December 2005 would be
significantly below current market expectations, due to an
ongoing review of its accounting practices of profit recognition
and contract valuation.  This announcement follows three previous
profit warnings since June 2004.

The change in Outlook reflects Fitch's concerns that the
GBP20-million profit reduction outlined by management may involve
lower cash flow generation over the remaining term of Mowlem's
affected contracts.  Furthermore, this is only a preliminary
assessment and is subject to the completion of Mowlem's internal
review, which may yet see additional cash or non-cash charges
being required.  The review is expected to be concluded in
September when Mowlem publishes its interim results.

Nevertheless, Fitch takes comfort from the new management's more
prudent approach to profit recognition and greater focus on cash
flow generation.  Furthermore, the agency notes that Mowlem's
business activity and order intake for the first half of 2005
have been slightly ahead of last year's figures and that
restructuring measures in the construction division appear to be
proceeding to plan.  Fitch also notes that the profit warning is
not expected to directly affect the group's existing banking or
bonding facilities.

The ratings continue to be supported by Mowlem's established
market position as a medium-sized construction and support
services group in the U.K.

CONTACT:  FITCH RATINGS
          Alex Herbert, London
          Phone: +44 (0) 20 7417 6334
          E-mail: alex.herbert@fitchratings.com
          Monica Insoll
          Phone: +44 (0) 20 7417 4281
          E-mail: monica.insoll@fitchratings.com

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084


PINPOINT PRECISION: Hires Administrator from Parkin S. Booth
------------------------------------------------------------
Name of company: PINPOINT PRECISION COMPONENTS LIMITED
                 (Company No 4325348)

Nature of Business: Battery Component Manufacturer

Address of Registered Office: Unit 1, Chalon Way Industrial
Estate, St Helens WA10 1AU

Trade Classification: 11

Date of Appointment: June 23, 2005

Administrator's Name and Address: Jonathan R. Booth (IP No 7486),
Parkin S Booth & Co., 44 Old Hall Street, Liverpool L3 9EB

CONTACT:  PINPOINT PRECISION COMPONENTS
          Unit 24, Bold Business Centre
          Bold Lane, St Helens
          Merseyside WA9 4TX
          Phone: 01925227272

          PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


PRIMUS HOLDINGS: Names Rothman Pantall Administrator
----------------------------------------------------
Name of company: PRIMUS HOLDINGS LIMITED
                 (Company No 04575999)

Nature of Business: Other Manufacture

Trade Classification: 11

Date of Appointment: June 24, 2005

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

CONTACT:  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


SANDWELL AND WEST: Struggles to Reach Breakeven Target
------------------------------------------------------
Sandwell and West Birmingham Trust looks like it was having a
hard time achieving its target of breaking even in the next two
years.  It had already overspent early in the year, and has
incurred GBP1 million in debt at the end of May, according to
Evening Mail.  The company has to limit debt to GBP5.1 million
for the year if it hopes to reach its long-term plan.

The company has been dogged by cost overruns as it tries to reach
government-set targets on programs.  They expect to post a
deficit of GBP6 million at the end of the year.  The trust lost
GBP5 million in 2004.

Despite the trouble, the firm remains confident of meeting goals.
It embarked on a cost-cutting program last year that included 300
redundancies.  It has already shut down two hospital wards, and
raised parking fees as part of the plan.

The trust manages cash-strapped City and Sandwell Hospitals.

CONTACT:  SANDWELL AND WEST BIRMINGHAN TRUST
          City Hospital
          Dudley Road
          Birmingham
          West Midlands
          B18 7QH
          Phone: 0121 554 3801
          Web site: http://www.swbh.nhs.uk/


TOPCRAFT CABINET: Administrators from Leonard Curtis Move in
------------------------------------------------------------
Name of company: TOPCRAFT CABINET MAKERS LIMITED
                 (Company No 04931773)

Nature of Business: Manufacture of Timber and Furniture

Address of Registered Office: Building 1, Seamless Drive,
Wednesfield Way, Wednesfield, Wolverhampton WV11 3QN

Date of Appointment: June 24, 2005

Joint Administrators' Names and Address: A. Clifton and A. Poxon
(IP Nos 8766 and 8620), both of DTE Leonard Curtis, of 3rd Floor,
50-52 Newhall Street, Birmingham B3 3QE

CONTACT:  DTE LEONARD CURTIS
          50-52 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Phone: 0121 236 7274
          Fax: 0121 236 7556
          E-mail: AClifton@dte-leonardcurtis.com


WATERHOUSE (HERTS): Hairdressers Call in Administrator
------------------------------------------------------
Name of company: WATERHOUSE (HERTS) LIMITED
                 (Company No 4905548)

Nature of Business: Hairdressers

Address of Registered Office: 2 Mountview Court, 310 Friern
Barnet Lane, Whetstone, London N20 0YZ

Date of Appointment: June 8, 2005

Joint Administrators' Names and Address: Barry David Lewis and
Martin John Atkins (IP Nos 2048 and 9020), both of Harris Lipman,
2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ


WTS DISTRIBUTION: Interim Liquidator Calls Meeting
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF WTS Distribution Services Ltd.
                    (In Compulsory Liquidation)

I, Derek Forsyth of Campbell Dallas, Sherwood House, 7 Glasgow
Road, Paisley PA1 3QS, hereby give notice that I was appointed
Interim Liquidator of WTS Distribution Services Ltd. on June 13,
2005, by Interlocutor of the Sheriff at Falkirk.

Notice is hereby given, pursuant to Section 138 of the Insolvency
Act 1986, that the first meeting of creditors of the above
company will be held at Campbell Dallas, Sherwood House, 7
Glasgow Road, Paisley PA1 3QS, on July 21, 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 will be 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 March 31, 2005.  Proxies may also be lodged with
me at or before the meeting at my office.

Derek Forsyth, Interim Liquidator
June 27, 2005

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com

          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.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 * * *