TCREUR_Public/050711.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, July 11, 2005, Vol. 6, No. 135

                            Headlines

F R A N C E

ALSTOM SA: Strengthens Presence in Italy Through Ansaldo
EUROTUNNEL SA: Fitch Downgrades FLF1 Notes to Speculative Grade
RECIF SA: Finuchem Takeover Receives Green Light


G E R M A N Y

CSH HANDEL: Court to Verify Claims Next Month
G+S KUNSTSTOFFTECHNIK: Sold to Indian Auto Parts Maker
KURT LINKE: Creditors' Claims Due August
MASSIVBAU GMBH: Creditors Meeting Set September
MG ROVER: PwC Delivers Good News to Dealers

MWG BIOTECH: Writes down Receivables from U.S., Indian Units
NIGURA METZLER: Hong Kong-based Parent Mulls Bankruptcy Filing
OCR AUTOSERVICE: Proofs of Claim Due Next Week
PLANUNGS-BAU: Under Bankruptcy Administration
SCHLACHTZENTRUM GELSENKIRCHEN: Falls into Bankruptcy


G R E E C E

OLYMPIC AIRLINES: Net Loss Flies Higher


H U N G A R Y

MALEV HUNGARIAN: London Flights Unaffected by Bombings


I T A L Y

IMPREGILO SPA: EUR649 Mln Capital Hike Well-supported
PARMALAT FINANZIARIA: Deloitte to Settle Suits


N E T H E R L A N D S

ROYAL SHELL: Inks Shares Swap Deal With Gazprom


R U S S I A

AKSUBAEVSKIY: Appoints A. Boltakov Insolvency Manager
BAKALINSKIY WOOD-COMBINE: Declared Insolvent
EAST TELEPHONE: Undergoes Bankruptcy Supervision Procedure
EURO-LEASING: Creditors Have Until July 18 to File Claims
GORNOMARIYSKAYA MOVABLE: Under Bankruptcy Supervision

IMPEXBANK: Fitch Assigns Eurobond Final 'B-' Rating
LYTKA-WOOD: Kirov Court Names V. Bobrov Insolvency Manager
MANTUROVSKAYA SEL-KHOZ-TEKHNIKA: Declared Insolvent
MOS-METRO-STROY: Hires Insolvency Manager from Moscow
NEREKHTA-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set July 28
OAO ROSNEFT: Admits Violating Financial Ratios to Buy Yugansk
ROMASHKINSKIY: Succumbs to Bankruptcy


S W E D E N

SAS GROUP: June Passenger Traffic Up


U K R A I N E

BILGOROD-DNISTROVSKIJ: Temporary Insolvency Manager Comes in
CHECHELNIK' ALCOHOL: Under Bankruptcy Supervision
FUDIMPEKS-CHERKASSY: Liquidator Takes over Helm
MRIYA AGROFIRM: Poltava Court Opnes Bankruptcy Proceedings
NALADCHIK: Volodimir Brin Named Liquidator

PARHOMIVTSI: Court Names Temporary Insolvency Manager
ROSOSHA' PAPER: Bankruptcy Shreds Group
SECURITY AGENCY: Succumbs to Insolvency
SHOSTKA AGRO-INDUSTRIAL: Declared Insolvent
TROSTYANETS ALCOHOL: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

ACTIVATE UK: Hires Administrators from Buchanans
AG WHESSOE: General Meeting Set August
ASHTEAD GROUP: Posts GBP16.4 Million Pre-tax Profit
ASHTEAD GROUP: Raising GBP70 Mln to Prepay Convertible Loan Note
ASHTEAD GROUP: Sends out Prospectus on Share Issuance

ASHTEAD GROUP: Moody's Rates Senior Secured Notes (P)B2
ASHTEAD GROUP: Recapitalization Announcement Prompts S&P Review
AUTUMN NOMINEES: Members Pass Winding-up Resolutions
BELMORE HOTEL: Calls in Administrators from PKF
BWSS LIMITED: Voluntarily Files for Liquidation

BWSS LIMITED: Gives Creditors Until July 27 to File Claims
CHRISTIE TYLER: Seven Units Succumb to Receivership
CLOUD NINE: Administrator from Purnells Moves in
CO-AG (U.K.): Meeting of Creditors Set Next Week
CONCRETE LIMITED: Winding-up Report Out Next Month

CROWN QUILTING: Fabric Manufacturer Calls in Administrator
GLOBDUYK (WARRINGTON): Liquidator's Report Out Next Month
GRAPHCAM LIMITED: Final Liquidator's Report Out August 16
HOWE ANDERSON: Neville Adams Limited Appoints Receiver
JMK CONTRACTS: Liquidator Takes over Operations

JOHN GOLD: Hires Milner Boardman & Partners as Administrator
KELDA LIMITED: Final Meeting Set August
KELDA LIMITED: Liquidator's Report Out Next Month
MG ROVER: Two Bidders Want to Transfer Engine Production Abroad
MIDLAND SECURITY: Names P&A Partnership Administrator

MOWLEM PLC: Annual Loss Lower Under IFRS
NORTH WEST: Administrators from Begbies Traynor Step in
OAK TRANSPORT: Hires Administrators from UHY Hacker Young
PINDERS (DEWSBURY): Hires Administrator from Mazars
PORTABLE FLOORMAKERS: Names Poppleton & Appleby Administrator

QUAKEGEM LIMITED: Final Meeting Set August
RAEES CUISINE: Creditors Opt for Liquidation
RANDOM COMPUTING: Hires Administrator
RAVENSCROFT PLASTICS: Revives Operation Under New Name, Owner
REGUS GROUP: Expects First-half Earnings to Rise 7.6%

RENTOKIL INITIAL: Awaits GBP130 Mln Repayment from Ashtead
ROBERT WISEMAN: First-quarter Sales Volume Up 12%
ROYAL MAIL: Reports Improvements in Service
SML REALISATIONS: Hires KPMG Liquidators
SOUTHAMPTON INSTITUTE: E&Y to Deliver Winding-up Report

SPARE PARTS: Shareholders Decide to Liquidate Firm
SPARE PARTS: Creditors Have Until September to File Claims
TAMARA D: Creditors Meeting Set Friday
THE JOINT INSOLVENCY: Appoints KPMG Liquidator
THOMAS ANDERSON: Wood Product Manufacturer Names Administrator

UNIQ PLC: New CEO to Take over Next Month
WEATHERGUARD SYSTEMS: Appoints Liquidator from Tenon Recovery
WOOLWORTHS GROUP: Moody's Confirms Ba1 Rating
WYVERN FURNITURE: Management Buyout Saves 200 Jobs


                            *********


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F R A N C E
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ALSTOM SA: Strengthens Presence in Italy Through Ansaldo
--------------------------------------------------------
Embattled engineering giant Alstom S.A. plans to penetrate the
Italian market through local engineering group Ansaldo, Il Sole
24 Ore says.

Patrick Kron, Alstom's chief executive, expressed interest in
defining and strengthening alliances with Ansaldo, particularly
in the transport business.  Asked if Alstom would acquire a stake
in Ansaldo, Mr. Kron stressed he wished to define proposals for
industrial alliance with the Italian company.  Mr. Kron, however,
added they are amenable to any proposals if Ansaldo's parent
Finmeccanica would open its door to a new investor.

According to Mr. Kron, Alstom and Ansaldo are cooperating in a
consortium to produce the high-speed ETR 500 train.  Both groups
are also working together in the Saturn consortium in developing
Europe's ERTMS signaling system.

Alstom posted EUR15.8 billion in sales in 2004, allowing it to
book EUR550 million in operating income.  The group also slashed
its net losses in half to EUR0.86 billion from EUR1.84 billion.  
The engineering group also cut its net debt to EUR1.4 billion
from EUR3.7 billion.

CONTACT:  ALSTOM S.A.
          3 Avenue Andre Malraux
          92300 Levallois
          France
          Phone: 33 (0) 1 41 49 27 13
          Fax: 33 (0) 1 41 49 79 32 1
          Web site: http://www.alstom.com


EUROTUNNEL SA: Fitch Downgrades FLF1 Notes to Speculative Grade
---------------------------------------------------------------
Fitch Ratings has downgraded the unwrapped notes of the
Eurotunnel S.A.-related debt-repackaging vehicle called Fixed-
Link Finance B.V.

These involve the:

(a) GBP200 million Class A1 notes due 2025 to 'BB+' from 'BBB';

(b) EUR103 million Class A2 notes due 2025 to 'BB+' from 'BBB';

(c) GBP0.05 million Class B1 notes due 2025 to 'B+' from 'BB';

(d) EUR135 million Class B2 notes due 2025 to 'B+' from 'BB';     
    and

(e) EUR142 million Class C2 notes due 2025 to 'B-' ('B minus')
    from 'B+'.

The unwrapped tranches of debt issued by FLF1 remain on Rating
Watch Negative.  FLF1's GBP232 million Class G1 notes due 2025
and EUR365 million Class G2 notes due 2025 (both wrapped by MBIA)
are rated 'AAA'.  Eurotunnel's underlying junior debt (Tier 1,
Tier 2 and Tier 3) forms the collateral for FLF1.

The ratings of the other related debt-repackaging vehicle, Fixed-
Link Finance 2 B.V., remain unchanged.  FLF2 unwrapped GBP120
million Class A notes due 2026 are rated 'BBB-' (BBB minus)
Rating Watch Negative, and the GBP620 million guaranteed notes
due 2027/28 (wrapped by MBIA) are rated 'AAA'.  Eurotunnel's Tier
1A debt forms the collateral for the FLF2 notes.

This rating action is prompted by a review of Eurotunnel's
performance and current stance in negotiating with debt
creditors.  Fitch is also concerned that management has been
distracted from concentrating on operational issues during this
period of change in the company's heavy goods vehicle and car
traffic yield management.  The agency is also awaiting details on
the progress with Project DARE (Deliver Actions to Revitalize
Eurotunnel) initiatives, which seek to largely compensate for the
reduction in railway income in November 2006.

In April 2005, Eurotunnel's shareholder-aligned management stated
GBP2.4 billion-GBP2.8 billion (EUR3.3-EUR4 billion) as its
initial estimate of surviving group debt.  This opening
negotiation stance has been rejected by representative debt
creditors.  Management has highlighted a deadline of October 2005
for agreement, ahead of a shareholder dilution consent deadline.  
Fitch believes that negotiations will take many more months than
this.

Ratings of FLF1 and FLF2 relate to vehicles, which have
repackaged Eurotunnel's debt, and where Fitch's ratings have been
based on the income streams and ultimate value, which the agency
believes would still be available to the repackaged debt
vehicles, assuming that Eurotunnel enters into an overall
restructuring of its debt burden.

FLF1's Class A unwrapped notes rely substantially on Eurotunnel's
Tier 1 and Tier 2 debt for its underlying collateral and income.  
Fitch believes that the amount outstanding under Tier 1 debt will
remain relatively unscathed from Eurotunnel's prospective debt
negotiations due to: the ability to service this level of debt
relative to Eurotunnel's on-going profits; the hierarchy of this
debt in the capital structure; and the voting power of certain
creditors.

Relative to Tier 1 debt, other tranches of debt may be impaired
to different degrees, perhaps due to the vagaries of Eurotunnel's
write-off debt negotiations rather than economic rationale.  
FLF1's Class A notes encompass the underlying (undisclosed)
ratings of Eurotunnel's Tier 1 and Tier 2 debt and, given current
events, derive little benefit from the structuring of FLF1.

FLF1 has cash resources but Fitch believes, assuming a Eurotunnel
debt refinancing by 2007, that this cash will be exhausted on
servicing Class C and Class B interest.  Given the cessation of
enhancing interest rate derivative income by 2009 (if not
before); the implementation of floating rate plus (penal) margins
for FLF1's bond in 2009; the likely lack of additional cash
through principal amortizations from FLF1's holdings of
Eurotunnel's junior debt; and Fitch's understanding that the
vehicle can not be collapsed until senior notes (Class A and
certain wrapped G notes) are not paid interest; the 'natural'
collapse of this bankruptcy remote vehicle could take some time
depending on what underlying collateral survives the Eurotunnel
debt negotiations relative to senior obligations.  In Fitch's
view the tranched liquidity facilities provide minimal credit
enhancement and the initial GBP15 million Guaranteed Investment
Contract provides little uplift for ultimate principal repayment
obligations.  The legal final maturity of the notes is 2025.  
Using the same parameters, the subordinated Class B and Class C
debt have been rated accordingly.

FLF2 is structured as more of a pass-through vehicle with Tier 1A
debt as its underlying collateral.  The vehicle has no separate
liquidity recourses available to it.  Its investment grade rating
reflects the ability to service this level of debt relative to
Eurotunnel's on-going profits; the hierarchy of this debt in the
capital structure; the voting power of certain creditors; that
interest payments on this tranche of debt should continue to be
serviced through various Eurotunnel cash waterfall mechanisms
(end of stabilization period, standstill, etc.) and its bullet
2026-2028 maturities are more conducive to the type of debt
Eurotunnel management needs as part of the debt negotiations.  

Furthermore, Tier 1A debt is only subordinate to some GBP380
million of senior debt.  Indeed, senior plus all Tier 1 debt
totals GBP1.7 billion - well within management's figures.
Furthermore, MBIA, representing Tier 1A's vote as well as FLF1's
junior debt holdings, has every incentive to make sure that this
tranche of debt is not impaired in forthcoming negotiations.

Fitch's update on Eurotunnel called "Eurotunnel and related FLF1
and FLF2 debt vehicles - How Far Underwater Are They?" dated 19
May 2005, is available at http://www.fitchratings.com(under  
Structured Finance/European/Research Highlights).

CONTACT: FITCH RATINGS
         Paul Crawford, Structured Finance
         London
         Phone: +44 20 7862 4136
         John Hatton, Corporate
         London
         Phone: +44 20 7417 4283

         Media Relations
         Julian Dennison, London
         Phone: +44 20 7862 4080


RECIF SA: Finuchem Takeover Receives Green Light
------------------------------------------------
The Toulouse Commercial Court has approved Finuchem's takeover of
loss-making silicon wafer handling equipment maker Recif S.A.,
Les Echos says.

Finuchem, which specializes in robotics equipment for producing
semi-conductors, offered to keep Recif's entire operations and
retain as many jobs as possible.  Finuchem, however, is not
required to acquire Recif's debt.  

By acquiring Recif, Finuchem could generate 50% of its activities
outside the car industry starting next year.  Finuchem's shares
grew by 11.10% in Paris to EUR16.10 following the approval.  

Recif succumbed to administration in April 29, 2005 after booking
EUR10.9 million in net losses for 2004, a twofold increase from
EUR5.3 million a year before.  After failing to fund a much-
needed restructuring, things turned for the worse when one
potential investor backed out from rescue talks, citing a decline
in order backlog.  

Based in Aussonne near Toulouse, the group managed to hike its
turnover by 28% to EUR28.8 million in 2004, but failed to offset
its operating losses, which swelled from EUR7.21 million in 2003
to EUR7.97 million in 2004.

CONTACT:  RECIF S.A.
          ZI du Moulin
          31840 Aussonne
          Phone: 33 (0) 825 83 47 47
          Fax: 33 (0)5 61 85 27 66
          Web site: http://www.recif.com

          GROUPE FINUCHEM
          76, boulevard de la Republique
          92100 Boulogne-Billancourt
          Phone: +33 1 46 10 90 60
          Fax: +33 1 46 10 90 70
          Web site: http://www.finuchem.fr


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G E R M A N Y
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CSH HANDEL: Court to Verify Claims Next Month
---------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against CSH Handel & Softwareberatungs GmbH on June 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 20, 2005 to
register their claims with court-appointed provisional
administrator Jens Wilhelm V.     

Creditors and other interested parties are encouraged to attend
the meeting on August 23, 2005, 11:05 a.m. at the district court
of Saal 226, 2. Obergeschoss, Dienstgebaude, Hamburger Allee 26,
30161 Hannover, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  CSH HANDEL & SOFTWAREBERATUNGS GmbH
          Lange Str. 10, 31515 Wunstorf
          Contact:
          Ulrike Hauptmann, Manager

          Jens Wilhelm V, Administrator
          Oskar-Winter-Str. 8, 30161 Hannover
          Phone: 0511/696846-0
          Fax: 0511/696846-79


G+S KUNSTSTOFFTECHNIK: Sold to Indian Auto Parts Maker
------------------------------------------------------
The insolvency administrator of plastic maker G+S
Kunststofftechnik GmbH has sold the firm to India’s auto
components maker Motherson Sumi Systems Ltd. for EUR2 million,
reports say.  

Motherson bought G+S through its German subsidiary MSSL GmbH.  
Administrators will use part of the money to pay creditors over a
period of three years.  G+S, located near Stuttgart, assembles
plastic injection molding components.  It is a supplier to major
automobile manufacturers in Europe.  It has annual turnover of
EUR9 million.  It will become Motherson's subsidiary following
the acquisition.

CONTACT:  G+S KUNSTSTOFFTECHNIK GMBH
          Osterlangstrasse 60
          73527 Schwabisch Gmuend, Lindach
          Web site: http://www.gs-technik.de/
          Contact:
          Thomas Plocher


KURT LINKE: Creditors' Claims Due August
----------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Kurt Linke Horgerate KG on June 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 2, 2005 to register their
claims with court-appointed provisional administrator Ralph
Buenning.      

Creditors and other interested parties are encouraged to attend
the meeting on August 31, 2005, 8:45 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude, Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  KURT LINKE HORGERATE KG
          Ostfeldstr. 5, 30559 Hannover
          Contact:
          Guenther Dietrich Doege

          Ralph Buenning, Administrator
          Karl-Wiechert-Allee 1c, 30625 Hannover
          Phone: 0511/554706-0
          Fax: 0511/554706-99


MASSIVBAU GMBH: Creditors Meeting Set September
-----------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Massivbau GmbH on June 23.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until August 10, 2005 to register their claims
with court-appointed provisional administrator Michael Schoor.    

Creditors and other interested parties are encouraged to attend
the meeting on September 7, 2005, 11:00 a.m. at the district
court of Leipzig, Saal 056, 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:  MASSIVBAU GmbH
          Oschatzer Weg 22, 04758 Liebschuetzberg
          Contact:
          Horst Hanel, Manager
          Roland Marsch, Manager
          Andreas Schulze, Manager

          Michael Schoor, Administrator
          Schorlemmerstrasse 2, 04155 Leipzig


MG ROVER: PwC Delivers Good News to Dealers
-------------------------------------------
Dealers of MG Rover Deutschland GmbH could pocket a portion of
the proceeds from the sale of some 2,900 new and used cars held
by the firm's administrators.

This came after PricewaterhouseCoopers, according to Auto
Industry, confirmed that MG Rover Export Ltd. is not a higher-
ranking creditor than the German distribution company's dealers.

In April, U.K.-based MG Rover Group Limited collapsed, triggering
a domino effect involving eight European subsidiaries.  These
units, including MG Rover Deutschland GmbH, act as sales centers
between MG Rover U.K. and dealers within each European region,
providing branding, sales and marketing and logistics and
transportation support.

In June, the Duesseldorf court appointed a specialist insolvency
lawyer to look into the affairs of MG Rover Deutschland GmbH.  
Lawyer Horst Peipenburg reportedly handled the insolvency of DAF
Trucks in the 1990s, for which PwC was also appointed
administrator.

CONTACT:  MG ROVER DEUTSCHLAND GmbH
          Moselstrasse 19
          41464 Neuss
          Phone: + 49 (0) 21 31-9 38-0
          Fax: + 49 (0) 21 31-9 38-3 33
          E-mail: info@mgrover.de
          Web site: http://www.mgrover.de


MWG BIOTECH: Writes down Receivables from U.S., Indian Units
------------------------------------------------------------
The Supervisory Board and the Management Board of MWG Biotech AG
(ISIN: DE0007300105) said that more than half of the
shareholders’ equity of MWG Biotech AG’s has been consumed.  The
current evaluation of the business development of the
subsidiaries in the U.S. and India have required additional write-
downs on account receivables from these subsidiaries, which have
had an equity reducing effect.

In general, the implementation of the restructuring measures
initiated continues to be on target.  The Management Board will
immediately call in a General Meeting in accordance with S 92 (1)
AktG (German Stock Corporation Act) to notify the shareholders.  
The date of the General Meeting will be published with the
invitation notification.

                            *   *   *

MWG Biotech finished 2004 with a total group turnover of EUR33.0
million (2003 EUR43.0 million).  The 23.2% reduction was largely
blamed to the decline in turnover of its two business lines
Genomic Diagnosis (microarrays) and Genomic Technology (lab
automation).  This came following an announcement that these
segments would be divested.

The EBITDA (earnings before interest, tax and depreciation)
before restructuring was -EUR8.9 million in 2004 (2003: -EUR3.8
million).  To this the meanwhile divested two business units
Genomic Diagnosis and Genomic Technology contributed -EUR8.9
million.  The core business (Genomic Synthesis and Genomic
Information) delivered a balanced EBITDA.

The number of employees had been reduced from 380 to 285, with
further job cuts set until the end of the second quarter of
2005.  MWG Biotech will most likely employ approximately 165
employees in its three facilities in Ebersberg, Germany, High
Point, North Carolina/USA, and Bangalore, India.

CONTACT:  MWG BIOTECH AG
          Anzinger Strasse 7a
          85560 Ebersberg
          Germany
          Phone: +49 8092 82 890
          Fax: +49 8092 2 10 84
          Web site: http://www.the-mwg.com


NIGURA METZLER: Hong Kong-based Parent Mulls Bankruptcy Filing
--------------------------------------------------------------
NiGuRa Metzler Optik GmbH plans to file for bankruptcy due to
insurmountable debt, its Hong Kong-listed parent Moulin Global
Eyecare Holdings said.

The filing may affect the operations of the equally troubled
Moulin Global, reports say.  The firm is under provisional
liquidation.  Its chairman Ma Bo-kee together with his son, Chief
Executive Cary Ma, have been arrested for allegedly masterminding
a HK$1.6 billion fraud.

Moulin Global went into liquidation on June 23 at the request of
creditors.  It has more than HK$5.33 billion in debt.  The
company has subsidiaries in Europe and the United States.  NiGuRa
Metzler Optik is the leading frames company in the German market
and the second biggest supplier of sunglasses to qualified
opticians.

CONTACT:  NIGURA METZLER OPTIK GMBH
          Heesenstr. 70
          D - 40549 Duesseldorf
          Phone: +49 / 0211 / 30 100 0
          Fax: +49 / 0211 / 30 100 490
          E-mail: info@nigura-metzler.de
          Web site: http://www.nigura-metzler.com/
          Contact:
          Helmut Otto, Executive Manager

            
OCR AUTOSERVICE: Proofs of Claim Due Next Week
----------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against OCR Autoservice GmbH on June 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 15, 2005 to register their
claims with court-appointed provisional administrator Ernest
Pirkl.     

Creditors and other interested parties are encouraged to attend
the meeting on August 5, 2005, 8:50 a.m. at the district court of
Landshut, Sitzungssaal 9/I, 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:  OCR AUTOSERVICE GmbH
          Fuerholzener Str. 16 in 85386 Eching

          Ernest Pirkl, Administrator
          Ottostrasse 9, 85354 Freising
          Phone: 08161/53739-0
          Fax: 08161/53739-1


PLANUNGS-BAU: Under Bankruptcy Administration
---------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Planungs-Bau Partner GmbH on June 24.  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 Erich
Holzemann.      

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 11:00 a.m. at the district
court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund,
II. Etage, Saal 3.201, 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:  PLANUNGS-BAU PARTNER GmbH
          Am Geist 3-4, 59174 Kamen
          Contact:
          Matthias Mengin, Manager
          Hansastr. 33a, 59192 Bergkamen

          Erich Holzemann, Administrator
          Goethestrasse 2, 59065 Hamm
          Phone: 02381/ 92 42 0-0
          Fax: 92 42 020


SCHLACHTZENTRUM GELSENKIRCHEN: Falls into Bankruptcy
----------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Schlachtzentrum Gelsenkirchen Verwaltungsgesellschaft mbH on June
24.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until August 10,
2005 to register their claims with court-appointed provisional
administrator Dr. Johannes Graute.     

Creditors and other interested parties are encouraged to attend
the meeting on August 25, 2005, 1:40 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, 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:  SCHLACHTZENTRUM GELSENKIRCHEN
          VERWALTUNGSGESELLSCHAFT mbH
          Am Schlachthof 4a, 45883 Gelsenkirchen
          Contact:
          Dr. Uwe Tillmann, Manager
          Armin Trinkwalder, Manager
          Obere Gasse 11, 87600 Kaufbeuren

          Dr. Johannes Graute, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Phone: 02 01/10953


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G R E E C E
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OLYMPIC AIRLINES: Net Loss Flies Higher
---------------------------------------
Struggling national carrier Olympic Airlines is in deeper
trouble, after its net loss swelled to EUR87 million in 2004 from
EUR23 million a year before, Reuters says.

Together with last year's deficit, Olympic's EUR110 million in
accumulated losses edges closer to its EUR130 million in equity.  
The government is currently looking for private investors for the
carrier, saying its privatization is its only chance for
survival.  The state wants to dispose of the carrier to reduce
its EUR1.6 billion debt, one of the highest in the euro zone as
percentage of gross domestic product (GDP).

Three potential buyers are competing to acquire the group, with
Greek-American group Olympic Investors-York Capital being the
preferred one.  Press reports identify the other bidders as U.K.
company Klesch and Dutch investment fund Sure Estates.  The state
is currently holding talks with Olympic Investors, but did not
rule accepting additional offers.  The sale also entails
Olympic's subsidiaries in ground handling and aircraft servicing.

Meanwhile, former Olympic workers have filed EUR55 million in
wage claim against the carrier, according to the group's latest
results, prepared using Greek accounting standards.

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

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


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


MALEV HUNGARIAN: London Flights Unaffected by Bombings
------------------------------------------------------
Troubled national carrier Malev Hungarian Airlines would still
have scheduled flights to London, despite Wednesday's suspected
terrorist attack at the capital, Budapest Business Journal says.

Malev said its flights to London would proceed as scheduled, but
advised passengers to inquire through the Internet or phone about
any last minute changes.  

Explosions ripped through the heart of London Thursday,
destroying three subway trains and blasting the roof off a
crowded red double-decker bus.  The blasts left 37 people dead
and 700 wounded.  British Prime Minister Tony Blair blamed Al-
Qaeda for the incident, saying the bombings were designed to
coincide with the opening of the G-8 summit in Scotland.

Malev Hungarian Airlines expects another operating loss for
2005.  It sees a HUF1.8 billion deficit at the operating level
and HUF4.95 billion overall.  In 2004, the carrier booked an
operating loss of HUF4.4 billion (US$$21.9 million) on revenues
of HUF123.8 billion.  It expects to break even next year, partly
as a result of its membership to the oneworld alliance, which
Malev claims will increase its revenues by as much as
HUF8 billion a year and net profit by HUF4 billion.

Since the fall of Communism in the country, the government, which
owns 99.95% of Malev's stake, has tried to sell Malev several
times but failed.  Malev has struggled to increase revenues due
to the proliferation of budget airlines at its Budapest hub that
has pushed prices down and cut into its market share.

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

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


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


IMPREGILO SPA: EUR649 Mln Capital Hike Well-supported
-----------------------------------------------------
Impregilo S.p.A. announced the results of its share capital
increase at the close of the rights offer to shareholders on up
to 324,956,544 ordinary shares, for a value of EUR649,913,088.

The offer, held from June 13, to July 1, 2005, closed
successfully, with shareholders exercising 73,384,345 rights or
99.36% of the total offer, corresponding to 322,891,118 new
ordinary shares for an overall value of EUR645,782,236.

Impregilo also said that, in accordance with previous
undertakings, and in respect of the overall amounts specified
above, Gemina S.p.A. and IGLI S.p.A. had exercised 6,596,870 and
11,366,090 rights respectively, accounting for 8.93% and 15.39%
of the total offer and corresponding to 29,026,228 and 50,010,796
new ordinary shares, for an overall value of EUR58,052,456 and
EUR100,021,592.

At the close, 469,415 rights had not been exercised, accounting
for 0.64% of the total offer and corresponding to 2,065,426 new
ordinary shares, for an overall value of EUR4,130,852.

The unexercised rights will be offered on the Borsa Italian
automated trading system during the July 7, 8, 11, 12 and 13 2005
sessions, through Banca IMI S.p.A.  All the unexercised rights
will be offered at the first session; any rights that are not
placed will be offered at the subsequent sessions.

"The success of the rights issue reflects the market’s interest
in our company and the new business plan," commented Impregilo
S.p.A. Chief Executive Officer Alberto Lina.

"The share capital increase completes our financial re-
organization," Lina added.

"Now the company can launch its strategic program to strengthen
its focus on its Engineering & Construction core business and
reduce invested capital."

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

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it


PARMALAT FINANZIARIA: Deloitte to Settle Suits
----------------------------------------------
Big Four accounting group Deloitte plans to settle part of the
multi-billion suits it is facing for its role in Parmalat
Finanziaria S.p.A.'s collapse, Reuters says.

Deloitte is facing two US$ billion suits: one filed by Parmalat
administrator Enrico Bondi, which auditor Grant Thornton, Bank of
America and Citigroup are also facing; and the other filed by
investor Deminor, which is representing the dairy group's
shareholders and bondholders.

William Parrett, Deloitte's global chief executive, said "If we
could settle the suit to an amount equal to or less than the cost
to defend it, that would be a sensible economic decision."

"We would take that decision," Mr. Parrett added.

Mr. Parrett, however, stressed Deloitte is not responsible for
any fraud that caused Parmalat's collapse in December 2003.  He
said, "We think we'll be proven not to be responsible for the
Parmalat matter.

"We expect to defend ourselves to the fullest, and we expect to
win.

"We didn't perpetrate the fraud; we were a victim of it and we
uncovered it."

Deloitte has asked the New York district court to dismiss Mr.
Bondi's suit.  The court dismissed in June a similar motion to
quash the class action suit, allowing it to proceed.

Investment bank Morgan Stanley became the first institution to
settle its dispute with Parmalat last month, agreeing to pay
EUR155 million.

The bankruptcy court in Parma recently set an August 26 deadline
for Parmalat creditors to vote on the proposed debt-for-equity
swap.  A positive vote would pave the way for Parmalat's
relisting sometime in September or October.  The group's shares
have been absent in the stock market since Parmalat collapsed
under the weight of a EUR14 billion debt.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net

          DELOITTE TOUCHE TOHMATSU
          1633 Broadway
          New York, NY 10019-6754
          Phone: 212-436-2000
          Fax: 212-436-5000
          Web site: http://www.deloitte.com


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


ROYAL SHELL: Inks Shares Swap Deal With Gazprom
-----------------------------------------------
Alexey Miller, Chairman of the Management Committee of OAO
Gazprom, and Jeroen van der Veer, Chief Executive of the Royal
Dutch/Shell Group of Companies, have signed a Memorandum of
Understanding in London regarding a swap of shares in
Zapolyarnoye-Neocomian and Sakhalin-II projects.

The swap is strategically important to both parties.  The
Memorandum of Understanding sets out the high level principles of
a transaction through which Gazprom would acquire up to 25% plus
one share in the Sakhalin II venture, and Shell would acquire a
50% interest in the Zapolyarnoye Neocomian field.  The difference
in value, to be defined by the parties, will be compensated
through a package of cash and other assets to be agreed by the
parties.

Preparation for the execution of the swap will be coordinated by
a steering committee and joint working groups.  The steering
committee will consist, on principles of parity, of
representatives of Gazprom and Shell.  According to the
Memorandum, the parties intend to commence due diligence and
evaluation on their respective assets and finalize the definitive
arrangements for the transaction in 2006.

Alexey Miller, after the signing ceremony said: "In pursuit of
its strategy, Gazprom becomes a player in the LNG sector and
enters new markets.  The document signed [Thurs]day opens the way
for Gazprom to become in the nearest future a large shareholder
of a fast growing project for hydrocarbons development, LNG
production and sale to strategic markets in North America and
Asia-Pacific Region."

Jeroen van der Veer said: "We welcome Gazprom as a great Russian
partner in the Sakhalin II project and are confident Gazprom will
make significant contributions towards maximizing the long term
value of the project.  Joint development of the Zapolyarnoye-
Neocomian field will build on our position in Western Siberia,
where we already have our successful Salym project.  (This) day
strengthens the good relationship between Shell and Gazprom and
is a basis for further cooperation on integrated gas projects
both in Russia and internationally."

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

          OAO GAZPROM
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


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


AKSUBAEVSKIY: Appoints A. Boltakov Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Aksubaevskiy after finding the rope factory
insolvent.  The case is docketed as A65-27991/2004-SG4-26.  Mr.
A. Boltakov has been appointed insolvency manager.  Creditors
have until Aug. 18, 2005 to submit their proofs of claim to
420029, Russia, Tatarstan republic, Kazan, Post User Box 44.

CONTACT:  AKSUBAEVSKIY
          Russia, Tatarstan republic,
          Aksubaevskiy region

          Mr. A. Boltakov
          Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan, Post User Box 44


BAKALINSKIY WOOD-COMBINE: Declared Insolvent
--------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Bakalinskiy Wood-Combine (TIN
0207002710) after finding the municipal enterprise insolvent.  
The case is docketed as A07-40458/04-G-ADM.  Mr. I. Sayfutdinov
has been appointed insolvency manager.  Creditors have until Aug.
18, 2005 to submit their proofs of claim to 450000, Russia,
Bashkortostan republic, Ufa, Post User Box 1174.

CONTACT:  BAKALINSKIY WOOD-COMBINE
          452650, Russia, Bashkortostan republic,
          Bakalinskiy region, Sosnovka, Sosnovaya Str. 10

          Mr. I. Sayfutdinov
          Insolvency Manager
          450000, Russia, Bashkortostan republic,
          Ufa, Post User Box 1174


EAST TELEPHONE: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on close joint stock company
East Telephone (TIN 1831081667).  The case is docketed as A71-
16/2005-G2.  Mr. P. Nizov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to:

(a) EAST TELEPHONE
    Russia, Udmurtiya republic, Izhevsk,
    Votkinskoye Shosse, 14

(b) Temporary Insolvency Manager
    427430, Russia, Udmurtiya republic,
    Votkinsk, Sadovnikova Str. 2
    Phone: 8 (34145) 6-66-71

(c) The Arbitration Court Of Udmurtiya republic
    Russia, Izhevsk, Svobody Str. 139


EURO-LEASING: Creditors Have Until July 18 to File Claims
---------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Euro-Leasing
after finding the close joint stock company insolvent.  The case
is docketed as A56-8044/2005.  Mr. M. Brylev has been appointed
insolvency manager.  Creditors have until July 18, 2005 to submit
their proofs of claim to 191036, Russia, Saint-Petersburg, Post
User Box 44.

CONTACT:  EURO-LEASING
          198260, Russia, Saint-Petersburg,
          Soldata Korzuna Str. 40

          Mr. M. Brylev
          Insolvency Manager
          191036, Russia, Saint-Petersburg,
          Post User Box 44


GORNOMARIYSKAYA MOVABLE: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy supervision procedure on open joint stock company
Gornomariyskaya Movable Mechanized Column.  The case is docketed
as A-38-1431-11/37-05.  Mr. A. Tanerov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 424004, Russia,
Mariy El republic, Yoshkar-Ola, Volkova Str. 60, Office 304.  A
hearing will take place on Aug. 26, 2005.

CONTACT:  GORNOMARIYSKAYA MOVABLE MECHANIZED COLUMN
          425350, Russia, Mariy El republic,
          Koz'modemyansk, Gagarina Str. 40a

          Mr. A. Tanerov
          Temporary Insolvency Manager
          424004, Russia, Mariy El republic, Yoshkar-Ola,
          Volkova Str. 60, Office 304


IMPEXBANK: Fitch Assigns Eurobond Final 'B-' Rating
---------------------------------------------------
Fitch Ratings has assigned Dresdner Bank Aktiengesellschaft's
US$100 million (EUR83.79 million) 9.0% issue of limited recourse
loan participation notes due June 2007 a final Long-term 'B-' (B
minus) rating.  The notes are to be used solely for financing a
loan to Russia's Impexbank (rated Long-term 'B-' (B minus), Short-
term 'B', Individual 'D/E', Support '5', Outlook Stable).

Dresdner will only pay noteholders principal and interest
received from Impex under the loan agreement.  Further details on
the issue can be found in Fitch's announcement dated 15 June 2005
at http://www.fitchratings.com.

Impex was founded in 1993 and its current beneficial owners, two
individuals, obtained control over the bank in 1999.  Since then,
the bank has grown rapidly, and at end-2004 was one of the 30
largest in Russia by total assets, with a network including over
90 full service offices and almost 300 retail outlets.

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

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

          IMPEXBANK
          20/10 Build.1A Novopeschanaya St.,
          Moscow 125252 Russia
          E-mail: international@impexbank.ru
          Web site: http://www.impexbank.ru

          FOR CORPORATE CUSTOMERS:
          Phone/Fax: +7 095 752 5252

          FOR RETAIL CUSTOMERS:
          Phone: +7 095 258 3232

          FOR FINANCIAL INSTITUTIONS:
          Phone: +7 095 258 3219
          Fax: +7 095 248 1370


LYTKA-WOOD: Kirov Court Names V. Bobrov Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on limited liability company Lytka-Wood.  
The case is docketed as A28-35/05-21/20.  Mr. V. Bobrov has been
appointed temporary insolvency manager.

Creditors have until July 18, 2005 to submit their proofs of
claim to 614094, Russia, Perm, Svyazistov Str. 24-64.  A hearing
will take place on Sept. 20, 2005.

CONTACT:  LYTKA-WOOD
          Russia, Kirov region, Afanasyevskiy region,
          Lytka, Shkolnaya Str. 17

          Mr. V. Bobrov
          Temporary Insolvency Manager
          614094, Russia, Perm,
          Svyazistov Str. 24-64


MANTUROVSKAYA SEL-KHOZ-TEKHNIKA: Declared Insolvent
---------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Manturovskaya Sel-Khoz-Tekhnika after finding
the agricultural machinery insolvent.  The case is docketed as
A31-731/2005-18.  Mr. A. Kovalev has been appointed insolvency
manager.  Creditors have until Aug. 18, 2005 to submit their
proofs of claim to 156025, Russia, Kostroma, Rabochij Pr. 48,
Apartment 38.

CONTACT:  MANTUROVSKAYA SEL-KHOZ-TEKHNIKA
          Russia, Kostroma region,
          Manturovo, Sovetskaya Str. 36

          Mr. A. Kovalev
          Insolvency Manager
          156025, Russia, Kostroma region,
           Rabochij Pr. 48, Apartment 38


MOS-METRO-STROY: Hires Insolvency Manager from Moscow
-----------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Mos-Metro-Stroy after finding the building
assembly enterprise insolvent.  The case is docketed as 40-
18984/05-123-34B.  Mr. I. Sarkisyan has been appointed insolvency
manager.  Creditors have until Aug. 18, 2005 to submit their
proofs of claim to 101990, Russia, Moscow, Lubyanskiy Proezd, 5,
Building 1, Room 214.

CONTACT:  MOS-METRO-STROY
          109180, Russia, Moscow region,
          Spasskiy Per. 8

          Mr. I. Sarkisyan
          Insolvency Manager
          101990, Russia, Moscow region,
          Lubyanskiy Proezd, 5, Building 1, Room 214


NEREKHTA-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set July 28
----------------------------------------------------------
The Arbitration Court of Kostroma region has commenced bankruptcy
supervision procedure on open joint stock company Nerekhta-Agro-
Prom-Khimiya (TIN 4419000077).  The case is docketed as A31-
1818/200-18.  Mr. A. Kutsakov has been appointed temporary
insolvency manager.

Creditors have until July 18, 2005 to submit their proofs of
claim to 153045, Russia, Ivanovo, Afanasyeva Str. 31, Apartment
45.  A hearing will take place on July 28, 2005, 9:30 a.m.

CONTACT:  NEREKHTA-AGRO-PROM-KHIMIYA
          157800, Russia, Kostroma region,
          Nerekhta, Druzhby Str. 31

          Mr. A. Kutsakov
          Temporary Insolvency Manager
          153045, Russia, Ivanovo,
          Afanasyeva Str. 31, Apartment 45


OAO ROSNEFT: Admits Violating Financial Ratios to Buy Yugansk
-------------------------------------------------------------
State-owned OAO Rosneft admitted at its 2004 accounts it violated
conditions for existing loans to buy Yuganskneftegaz in December,
according to Kommersant.

Rosneft's report prepared under U.S. GAAP showed total debt
increasing 5.4 times to US$22.65 billion due to the purchase.  
Rosneft was able to buy the former unit of Yukos Oil for US$9.3
billion despite it having no money.  It was provided credit by a
bank, described only as a large Russian state bank acting as
agent for a large foreign bank.

Rosneft said at its report it violated total debt to consolidated
EBITDA ratio, and consolidated total debt to consolidated
tangible net assets ratio.  The long-term portion of the unpaid
debt under the credit agreements for which the conditions were
violated amounts to US$1.66 billion, according to Kommersant.

The notes to the report show Rosneft obtaining short-term credits
totaling US$1.805 billion at 8% per annum from state banks.  To
repair the dent brought by the acquisition, it issued short-term
bills worth US$6.102 billion at a rate of 2.5% per annum.  These
credits and bill loans were refinanced at US$1.165 billion and
US$5.3 billion, respectively, by attracting long-term credits,
the report said.  In addition, it entered into a five-year credit
amounting to US$465 million from a Russian state bank in April
2005.  

Rosneft also obtained US$2 billion in credit from ABN Amro Bank
guaranteed by its subsidiary Krasnodarneftegaz to refinance
existing debt.

Rosneft is now in talks with creditors to obtain relief from
possible liability.  It has not yet reached final agreement with
the banks, but is optimistic it would not be forced to pay the
funds in the near term.  Its auditor OOO Ernst and Young,
however, is not as hopeful.  It suggested the debt should be
classified as short-term.  

In order to mend its balance sheet, Rosneft intends to reclaim
property worth US$3.53 billion from Yukos for oil delivered in
2004 that remained unpaid.

Rosneft's corporate credit and senior unsecured debt ratings are
rated ‘B-‘ negative by S&P.  It reflects Rosneft's tight
liquidity and aggressive strategic and financial policies,
according to the rating agency.  The ratings were on CreditWatch
with negative implications reflecting Rosneft's ongoing
negotiations with creditors over covenant waivers and new
financing, and the elimination of the prospect of a merger with a
higher rated entity.  

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


ROMASHKINSKIY: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Romashkinskiy after finding the open joint
stock company insolvent.  The case is docketed as A65-20241/2004-
SG4-16.  Mr. A. Boltakov has been appointed insolvency manager.  
Creditors have until Aug. 18, 2005 to submit their proofs of
claim to 420029, Russia, Tatarstan republic, Kazan, Post User Box
44.

CONTACT:  ROMASHKINSKIY
          Russia, Tatarstan republic,
          Chistopolskiy region

          Mr. A. Boltakov
          Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan, Post User Box 44


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


SAS GROUP: June Passenger Traffic Up
------------------------------------
Troubled carrier SAS AB posted a 4% hike in June passenger
traffic, Reuters says.

The carrier also saw its load factor rise by 1.8 percentage
points year-on-year to 71.6% of capacity.  SAS, however, kept a
cautious outlook due to overcapacity and intense rivalry in the
air sector.  In May alone, SAS booked a 7% hike in yield, or
revenue per passenger per kilometer.  SAS, however, expects yield
figures for June to remain the same as last year.

Chief Executive Jorgen Lindegaard recently revealed the carrier
might implement another surcharge if oil price remained
consistently above US$60 per barrel.  The group imposed a EUR4 to
EUR6 surcharge earlier this year, notwithstanding the EUR2 fuel
surcharge implemented in September 2004.

The SAS Group, jointly owned by the government of Sweden, Norway
and Denmark, has been muddling for the past years through a slump
in air travel, high fuel prices, overcapacity and intense rivalry
from low cost carriers like Ryanair.  The carrier is currently
implementing a drastic cost-cutting program aimed at returning to
profitability this year, despite facing higher oil prices and a
business drop in Sweden, one of its core markets.

The group is currently facing a SEK30 million fine from the
Norwegian competition authority for abusing its market leader
position.  The regulator has already imposed a SEK20 million fine
against SAS for undercutting competitor's prices on a route.

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


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


BILGOROD-DNISTROVSKIJ: Temporary Insolvency Manager Comes in
------------------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on OJSC Bilgorod-Dnistrovskij Fish Combine
(code EDRPOU 05775119).  The case is docketed as 32/40-05/1682.
Mr. A. Bespalko has been appointed temporary insolvency manager.  
The company holds account number 26001305510014 at
Prominvestbank, Bilgorod-Dnistrovskij branch, MFO 328458.

CONTACT:  BILGOROD-DNISTROVSKIJ FISH COMBINE
          67701, Ukraine, Odessa region,
          Bilgorod-Dnistrovskij, Kishinivska Str. 36

          ECONOMIC COURT OF ODESSA REGION
          65032, Ukraine, Odessa region,
          Shevchenko Avenue, 4


CHECHELNIK' ALCOHOL: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on State Enterprise Chechelnik' Alcohol
Plant (code EDRPOU 05459176) on April 19, 2005.  The case is
docketed as 5/75-05.  Mr. Sergij Adamenko (License Number AA
485222) has been appointed temporary insolvency manager.  The
company holds account number 2600638731 at Oshadbank, Vinnitsya
branch, MFO 302076.

CONTACT:  STATE ENTERPRISE CHECHELNIK' ALCOHOL PLANT
          Ukraine, Vinnitsya region,
          Chechelnik, 50-Richya SRSR Str.

          Mr. Sergij Adamenko
          Temporary Insolvency Manager
          Ukraine, Vinnitsya region,
          Chervonih Kursantiv Str. 8/13

          ECONOMIC COURT OF VINNITSYA REGION
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


FUDIMPEKS-CHERKASSY: Liquidator Takes over Helm
-----------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Fudimpeks-Cherkassy (code EDRPOU 31278678) on
March 1, 2005 after finding the limited liability company
insolvent.  The case is docketed as 10/2840.  Mr. Grigorij
Kovalenko (License Number AA 419224) has been appointed
liquidator/insolvency manager.

CONTACT:  FUDIMPEKS-CHERKASSY
          Ukraine, Cherkassy region,
          Lesi Ukrainka Str.

          Mr. Grigorij Kovalenko
          Liquidator/Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Blagovisna Str. 299/55

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


MRIYA AGROFIRM: Poltava Court Opnes Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Mriya Agrofirm (code EDRPOU 03771962) on May
5, 2005 after finding the limited liability company insolvent.  
The case is docketed as 10/73.  Mr. Igor Avramenko (License
Number AA 719839) has been appointed liquidator/insolvency
manager.  The company holds account number 2600030185 at
Oshadbank, Grebinka branch, MFO 391043.

CONTACT:  MRIYA AGROFIRM
          Ukraine, Poltava region,
          Grebinka district, Sliporid

          Mr. Igor Avramenko
          Liquidator/Insolvency Manager
          36003, Ukraine, Poltava region,
          Nezalezhnosti Square, 1B, room 18
  
          ECONOMIC COURT OF POLTAVA REGION
          36000, Ukraine, Poltava region,
          Zigina Str. 1


NALADCHIK: Volodimir Brin Named Liquidator
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Naladchik (code EDRPOU 32236183) on May 20,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-50/72-05.  Mr. Volodimir Brin has been
appointed liquidator/insolvency manager.

CONTACT:  NALADCHIK
          61139, Ukraine, Harkiv region,
          Kotlova Str. 228/24

          Mr. Volodimir Brin
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Gv. Shironintsiv Str. 73/96

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


PARHOMIVTSI: Court Names Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Agricultural LLC Parhomivtsi (code
EDRPOU 03788810).  The case is docketed as 2/149-B.  Mr.
Volodimir Poberezhnij (License Number AA 668306) has been
appointed temporary insolvency manager.  The company holds
account number 260031498 at JSPPB Aval, Hmelnitskij regional
branch, MFO 315966.

CONTACT:  PARHOMIVTSI
          Ukraine, Hmelnitskij region,
          Hmelnitskij district, Parhomivtsi

          Mr. Volodimir Poberezhnij
          Temporary Insolvency Manager
          Ukraine, Hmelnitskij region,
          Starokostyantinivske Shose Str. 22/64

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


ROSOSHA' PAPER: Bankruptcy Shreds Group
---------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Rososha' Paper Factory (code EDRPOU 00278681)
on May 16, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 228/10-863.  Mr. Vitalij
Bolhovitin (License Number AA 630030) has been appointed
liquidator/insolvency manager.

CONTACT:  ROSOSHA' PAPER FACTORY
          Ukraine, Vinnitsya region,
          Lipovetskij district, Rososha, Kirov Str. 8

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

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


SECURITY AGENCY: Succumbs to Insolvency
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Security Agency (code EDRPOU 31098376) on May
16, 2005 after finding the limited liability company insolvent.  
The case is docketed as 42/53 B.  Ms. Valentina Plushakova
(License Number AA 783003) has been appointed
liquidator/insolvency manager.  The company holds account number
26007051701146 at CB Privatbank, Yuzivske branch of Donetsk
region, MFO 335496.

CONTACT:  SECURITY AGENCY
          83015, Ukraine, Donetsk region,
          Voroshilovskij district, Lubavin Str. 2

          Ms. Valentina Plushakova
          Liquidator/Insolvency Manager
          83054, Ukraine, Donetsk region,
          Politbijtsiv Str. 5/47

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


SHOSTKA AGRO-INDUSTRIAL: Declared Insolvent
-------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Shostka Agro-Industrial (code EDRPOU
30920352) on May 12, 2005 after finding the limited liability
company insolvent.  The case is docketed as 6/147-04.  Mr. Dmitro
Kozin (License Number AA 487785) has been appointed
liquidator/insolvency manager.

CONTACT:  SHOSTKA AGRO-INDUSTRIAL
          41100, Ukraine, Sumi region,
          Shostka, Karl Marks Str. 54

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

          ECONOMIC COURT OF ODESSA REGION
          65032, Ukraine, Odessa region,
          Shevchenko Avenue, 4


TROSTYANETS ALCOHOL: Bankruptcy Supervision Begins
--------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on State Enterprise Trostyanets Alcohol
Plant (code EDRPOU 05459157) on April 5, 2005.  The case is
docketed as 10/67-05.  Mr. Artur Milovan (License Number AB
719877) has been appointed temporary insolvency manager.  The
company holds account number 2600118120004 at JSCB Praveks-bank,
Vinnitsya branch, MFO 302742.

CONTACT:  STATE ENTERPRISE TROSTYANETS ALCOHOL PLANT
          24300, Ukraine, Vinnitsya region,
          Trostyanets, Lenin Str. 14

          Mr. Artur Milovan
          Temporary Insolvency Manager
          21900, Ukraine, Vinnitsya region,
          Frunze Str. 57/71

          ECONOMIC COURT OF VINNITSYA REGION
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


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


ACTIVATE UK: Hires Administrators from Buchanans
------------------------------------------------
Name of company: ACTIVATE UK LIMITED
                 (Company No 3310504)

Nature of Business: Marketing

Address of Registered Office: 226-236 City Road, London EC1V 2TT

Date of Appointment: June 27, 2005

Administrators' Names and Address: Alan Peter Whalley and Peter
Anthony Hall (IP Nos 6588 and 3966), both of Buchanans plc,
Latimer House, 5 Cumberland Place, Southampton SO15 2BH.

                            *   *   *

Activate is a non-traditional marketing agency that connects
brands to the very heart of audiences they want to reach.  
Current clients include Adobe, Electronic Arts, MTV, Nickelodeon,
The Daily Telegraph and UIP.  Visit http://www.activateuk.co.uk
for more information.

CONTACT:  ACTIVATE UK LTD.
          226-236 City Road
          London EC1V 2TT
          Phone: +44 (0) 20 7702 5550
          Fax: +44 (0) 20 7702 5560
          E-mail: contact@activateuk.co.uk

          BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222


AG WHESSOE: General Meeting Set August
--------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a General Meeting of AG Whessoe Limited will be
held at the offices of Fergusson & Co Ltd., Shackleton House,
Falcon Court, Preston Farm, Stockton on Tees TS18 3TS, on 23
August 2005, at 10:00 a.m., for the purpose of having an account
laid before the Meeting showing the manner in which the winding-
up has been conducted and the property of the Company disposed
of, and of hearing any explanation that may be given by the
Liquidator.  A Member entitled to attend and vote at the above
Meeting may appoint a proxy to attend and vote instead of him. A
proxy need not be a Member of the Company.

M E Fergusson, Liquidator

CONTACT:  FERGUSSON & CO LTD.
          Shackleton House, Falcon Court, Preston Farm
          Contact:
          Malcolm Edward Fergusson, Liquidator
          Phone: 01642 669 155
          Fax: 01642 613 535


ASHTEAD GROUP: Posts GBP16.4 Million Pre-tax Profit
---------------------------------------------------
Ashtead Group plc, the equipment rental group serving the U.S.
and U.K. construction, industrial and homeowner markets, has
released its results for the fourth quarter and year ended 30
April 2005.

Highlights

(a) group full year pre-tax profit before goodwill of
GBP25.3        
    million (2004* -- GBP7.6 million);

(b) group full year pre-tax profit of GBP16.4 million (2004 --  
    loss of GBP33.1 million);

(c) group Q4 pre-tax profit before goodwill of GBP4.4 million
    (2004* -- GBP3.1 million);

(d) group Q4 pre-tax profit of GBP2.1 million (2004 -- loss of
    GBP10.0 million);

(e) Sunbelt full year profit** up 48% to US$108.2 million (2004
    -- US$73.3 million);

(f) A-Plant full year profit** nearly trebled to GBP11.7
million    
    (2004 -- GBP4.0 million);

(g) debt further reduced by GBP53.6 million from cash flow
    despite 73% increase in capital expenditure to GBP125.5
    million***; and

(h) proposed capital reorganization announced.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] in 2004, also before exceptional items

[**] Sunbelt's and A-Plant's profit comprises their operating
profit before goodwill amortization and, in 2004, exceptional
items

[***] excluding lease capitalization effects
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Ashtead's chief executive, George Burnett, said: "Strong
performances by all three of our divisions drove a significant
recovery in the Group's full year results.  In the U.S.,
Sunbelt's profits rose 48% on revenues up 15% as it continued to
take market share in improving trading conditions.  In the U.K.,
A-Plant delivered a near trebling of profits and a substantially
improved return on capital.  Technology is now also benefiting
strongly from increased investment in offshore oil exploration
globally with its profits up 26% to GBP3.4 million.

"The capital reorganization announced [Thurs]day will provide,
when finalized, a stable and appropriate long-term platform for
the Group's future development.  It will complete the renewal of
all the Group's debt facilities and extend the average debt
maturity to 7 years.  The Board also expects the reorganization
will enable it to propose to shareholders the resumption of
dividends in respect of the year ending 30 April 2006.

"In the U.S., the key private non-residential construction market
is strong and is forecast to remain so.  In addition, the shift
from ownership to rental continues.  The outlook for Sunbelt
therefore remains encouraging.  Overall, U.K. markets continue to
be stable.  A-Plant's focus remains on improving returns and
growing market share.  Technology should benefit from increased
investment in oil exploration and production.  Accordingly, the
Board anticipates reporting further progress in the coming year."

A copy of these results is available free of charge at
http://bankrupt.com/misc/AshteadGoup(2004).mht

CONTACT:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead
          Surrey KT22 7AP, United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610
          Web site: http://www.ashtead-group.com

          Cob Stenham, Non-executive
Chairman                      
          Phone: 020 7299 5562

          George Burnett, Chief Executive                   
          Ian Robson, Finance Director
          Phone: 01372 362300

          The Maitland Consultancy                
          Brian Hudspith   
          Phone: 020 7379 5151


ASHTEAD GROUP: Raising GBP70 Mln to Prepay Convertible Loan Note
----------------------------------------------------------------
Ashtead proposes to raise approximately GBP70 million, before
expenses, through the Placing and the Open Offer of 73.4 million
New Ordinary Shares at the Issue Price of 95.5 pence per share.  
The Placing and the Open Offer have been fully underwritten by
J.P. Morgan Securities and Evolution.

Background to and reasons for the Placing and the Open Offer

(a) Introduction

During the last 12 months, Ashtead has made significant
progress.  Operationally, the business has performed well, aided
by an improved outlook in the non-residential construction
industry in the U.S. market.  The continuing strength of the U.S.
market and the recent strong performance of A-Plant in
competitive market conditions in the U.K. have been particularly
encouraging.

Financially, cash generation has been strong and the business has
continued to reduce its overall levels of debt and to extend the
maturity of its facilities whilst at the same time lowering its
funding costs.  During 2004, two new facilities were put in
place, which replaced the Company's 2000 Senior Secured Credit
Facility and resulted in a reduction in the average interest rate
and an increase in the maturity profile of the debt:

(1) In April 2004, Ashtead Holdings plc issued GBP120 million in
    principal amount of the Senior Loan Notes.  The funds
    received were used to pre-pay $200 million of the 2000
    Senior Secured Credit Facility.  The Senior Loan Notes bear
    interest at a rate of 12% and are repayable in full on 1 May
    2014; and

(2) In November 2004, the Group completed the syndication of the
    Senior Secured Credit Facility, a new $675 million five-year
    asset-based first priority senior facility, which is
    committed until November 2009.  The proceeds of the Senior
    Secured Credit Facility were used to repay the amounts
    outstanding under the 2000 Senior Secured Credit Facility
    and the accounts receivable securitization, with the balance
    of the facility available to fund future requirements.  
    Since 1 March 2005, interest has been payable at LIBOR plus
    225 basis points.

As at 30 April 2005, net debt was GBP493.2 million.  This
comprised:

     (i) GBP216.0 million under the Senior Secured Credit
         Facility;

    (ii) GBP32.0 million of obligations under finance leases;

   (iii) GBP115.8 million under the Senior Loan Notes;

    (iv) GBP131.3 million under the Convertible Loan Note; and

     (v) GBP0.2 million of other indebtedness; less

    (vi) a cash balance of GBP2.1 million.

As at the same date, total shareholders' funds were GBP126.9
million.

The Convertible Loan Note was issued to a subsidiary of Rentokil
Initial plc by Ashtead in part consideration for the acquisition
of BET USA, Inc. in June 2000.

The Convertible Loan Note is redeemable at par on 31 March 2008
but under the terms of the Senior Secured Credit Facility, must
be refinanced by Ashtead prior to November 2007.

Ashtead has agreed the terms for the grant of an option with
Rentokil Initial plc to repay early the Convertible Loan Note in
its entirety for a total sum of GBP119.5 million plus all
outstanding accrued unpaid interest (assuming that the option is
exercised on or before 15 August 2005).  The Company may not
exercise the option under the Option Agreement if, at any time
after the date of the Option Agreement but prior to the
redemption date, the average of the mid-market closing prices of
an Ashtead ordinary share for a period of ten consecutive days
exceeds 125 pence.  The repayment amount represents a discount of
approximately 11% to the aggregate nominal value of GBP134
million.  The amount of outstanding accrued unpaid interest as at
3 August 2005, being the date on which it is currently
anticipated that the option to repay will be exercised, will be
GBP10.4 million.

If the Convertible Loan Note is not repaid early, on the adoption
of IFRS in the current financial year, an additional non-cash
interest charge of approximately GBP3 million will be included in
the Company's consolidated profit and loss account.  The revised
interest charge equates to the deemed total cost to the Company
of providing the debt element of the Convertible Loan Note as
determined under the provisions of IAS 32.

The terms of the Senior Loan Notes prescribe the circumstances
under which the Company may exercise the option to repay the
Convertible Loan Note.  The Company has elected to use the most
cost-effective of the options available by using debt ranking on
a pari passu basis with the Senior Loan Notes to raise this
finance.  In order to exercise this option (and to take advantage
of the discount), the Company must not exceed a ratio of
consolidated debt to EBITDA of 2.75 times (calculated on a pro
forma basis).

Over the course of the past two years, through cash flow applied
to reduce debt and earnings growth, the Company has de-leveraged
from a consolidated debt to EBITDA ratio of 4.1 times as at 30
April 2003 to a ratio of 2.9 times as at 30 April 2005.  Having
achieved this reduction through trading, the Board has determined
that it is now appropriate to use equity in the form of the
Placing and the Open Offer to achieve the remaining reduction
necessary to allow the Company to take advantage of the early
repayment discount negotiated with Rentokil Initial plc.

Given the requirement to raise equity in order to allow the
Convertible Loan Note to be repaid, the Board has decided to take
the opportunity to exercise the Company's option to redeem up to
35%, being GBP42 million, of the Senior Loan Notes at a
redemption price of 112% of their principal amount, plus the
accrued interest.  This will allow the Company to reduce further
its average cost of borrowing by using the majority of the
proceeds of the Placing and the Open Offer to redeem the maximum
possible amount of outstanding Senior Loan Notes.

(b) Structure of the refinancing

The Board has therefore proposed a refinancing, which includes:

(1) The raising of approximately GBP70 million, before expenses,
    by the issue of 73.4 million New Ordinary Shares at the
    Issue Price of 95.5 pence per New Ordinary Share pursuant to
    the Placing and the Open Offer; and

(2) The raising of $250 million (approximately GBP142 million at
    an exchange rate of $1.7544 as at 6 July 2005 [(being the
    last practicable date prior to the publication of this
    document) or approximately GBP131 million at an exchange
    rate of $1.9099 as at 30 April 2005 (the last balance sheet
    date)], before expenses, by the issue of the New Senior Loan
    Notes, which will be repayable in full in August 2015.  The
    interest rate payable will only be determined once the
    marketing of the New Senior Loan Notes is complete.  Current
    indications are for an interest rate of around 9%.  Once the
    final interest rate has been determined, which is expected
    to be by 22 July 2005, an announcement will be made.

    Both elements of the refinancing are inter-conditional.  The
    Placing and the Open Offer are both underwritten.

(c) Use of proceeds and benefits of the refinancing

The combined proceeds of the Placing and the Open Offer and the
Debt Issue will be used to pre-pay in full the Convertible Loan
Note at a total cost of GBP119.5 million, plus the unpaid accrued
interest (assuming that the option is exercised on or before 15
August 2005), and to redeem GBP42 million in principal amount of
the Senior Loan Notes together with accrued interest and the
premium payable on redemption.  Specifically, the proceeds of the
Placing and the Open Offer will be used to redeem such portion of
the Senior Loan Notes at a total cost of approximately GBP48
million, with the balance being applied to pre-pay the
Convertible Loan Note and to finance the transaction expenses.

Through the refinancing, the Company will be able to:

(a) improve its financial flexibility by satisfying early its
    obligations to repay the Convertible Loan Note, whilst    
    realizing a discount of approximately 11%;

(b) further de-leverage the balance sheet;

(c) further extend the average debt maturity to approximately 7
    years;

(d) avoid the potential dilution to existing shareholders which
    would occur if the Convertible Loan Note were to convert
    into equity;

(e) redeem up to 35% of the Senior Loan Notes which carry
    interest at a rate of 12%;

(f) broaden the investor base; and

(g) facilitate the payment of dividends in the future.

The Directors believe that the stronger capital base created by
the refinancing will provide the Company with significantly
greater flexibility in developing the Group over the coming years.

This refinancing will complete the restructuring of the Group's
capital base, which commenced in April 2004 with the issue of the
Senior Loan Notes.  The revised arrangements provide a secure
long-term capital structure for Ashtead, which will provide
flexibility to the Company going forward and allow the management
to concentrate on the Group's strategic development.

(d) Effects of the refinancing

As a result of: (i) the repayment of the Convertible Loan Note in
full; (ii) the redemption of GBP42 million in principal amount of
the Senior Loan Notes; (iii) the issue of $250 million
(approximately GBP142 million) in principal amount of the New
Senior Loan Notes; and (iv) the raising of GBP66.2 million (net
of expenses) through the Placing and the Open Offer of the New
Ordinary Shares, the Company anticipates that its annual interest
charge under IFRS will be reduced.

Accordingly, taking into account the enlarged share capital, the
Directors expect the refinancing to be only modestly earnings
dilutive.

(e) Dividend policy

Under the terms of the Senior Loan Notes, there are restrictions
on the Company's ability to pay a dividend to its shareholders.  
These include, inter alia, a restriction on the Company's ability
to distribute more than 50% of its adjusted net earnings
(essentially, its profit or loss for the financial year ignoring
any charge or credit for deferred tax).  For this purpose, any
payment of interest on the Convertible Loan Note is treated as a
distribution.  However, interest on the New Senior Loan Notes
being used to finance the repayment of the Convertible Loan Note
will no longer be treated as a distribution.  Accordingly, as a
result of the refinancing, the Company's flexibility to pay
dividends will be significantly improved.  Additionally, the
Company is currently prohibited by its agreement with the holder
of the Convertible Loan Note from paying dividends whilst any
interest remains due on the Convertible Loan Note.  This
restriction will be lifted following the proposed repayment of
the Convertible Loan Note.

Consequently, the Board currently anticipates that it will be
able to propose to shareholders the resumption of dividends in
respect of the year ended April 2006.

Principal terms of the Placing and the Open Offer

The Company is proposing to raise approximately GBP70 million
before expenses (GBP66.2 million net of expenses) through the
issue of 73,350,352 New Ordinary Shares at the Issue Price of
95.5 pence per share.  The issue price represents a discount of
approximately 9.9% to the Closing Price for an Existing Ordinary
Share of 106 pence on 6 July 2005 (being the latest practicable
date prior to this Announcement).

Pursuant to the Placing and Open Offer Agreement, 19.0 million
New Ordinary Shares have been conditionally placed firm at the
Issue Price with institutional and certain other investors
pursuant to the Firm Placing and are not being offered to
shareholders under the Open Offer.  The remainder, being 54.4
million New Ordinary Shares, have been conditionally placed at
the Issue Price with institutional and certain other investors,
but are subject to clawback to satisfy valid applications by
Qualifying Shareholders under the Open Offer.  The Placing and
the Open Offer have been fully underwritten by J.P. Morgan
Securities and Evolution.

Qualifying Shareholders are being given the opportunity under the
Open Offer to subscribe for the New Ordinary Shares at the Issue
Price pro rata to their existing shareholdings on the basis of 1
New Ordinary Share for every 6 Existing Ordinary Shares
registered in their name as at the Record Date and so in
proportion for any other number of Existing Ordinary Shares then
held.

Shareholders should note that the Open Offer is not a 'rights
issue'.

Invitations to apply under the Open Offer are not transferable
unless to satisfy bona fide market claims and the Application
Form is not a document of title and cannot be traded.

Shareholders should be aware that in the Open Offer, unlike in
the case of a rights issue, any New Ordinary Shares not applied
for under the Open Offer will not be sold in the market or placed
for the benefit of shareholders, but will be placed with the
Placees for the benefit of the Company at the Issue Price
pursuant to the terms of the Placing and Open Offer Agreement.

The Placing and the Open Offer are conditional on, inter alia,
(i) Admission occurring no later than 8.00 a.m. on 3 August 2005
or such later time and/or date, being no later than 15 August
2005, as the Company, JPMorgan Cazenove, J.P. Morgan Securities
and Evolution may agree; (ii) the passing of Resolutions 1 and 2
at the Extraordinary General Meeting to be convened on 1 August
2005; and (iii) the Debt Issue becoming unconditional in all
respects subject only to Admission (save where the Company,
JPMorgan Cazenove, J.P. Morgan Securities and Evolution may
otherwise agree).

Further details of the Placing and the Open Offer are set out in
the Prospectus and in the Application Form which are being sent
to Qualifying Shareholders.

Subject to the satisfaction of the conditions of the Placing and
the Open Offer, the New Ordinary Shares to be issued under the
Open Offer will be registered in the names of the Qualifying
Shareholders validly applying for them and issued, as applicable,
either:

(a) in certificated form, with the relevant share certificate
    expected to be dispatched by post, at the applicant's risk,
    by 8 August 2005; or

(b) in CREST, with delivery (to the designated CREST account) of
    the New Ordinary Shares applied for expected to take place
    by 3 August 2005 unless the Company exercises its right to
    issue such New Ordinary Shares in certificated form.

Admission

Application has been made to the U.K. Listing Authority for
admission of the New Ordinary Shares to the Official List and to
the London Stock Exchange for admission of the New Ordinary
Shares to trading on its market for listed securities.  Subject
to the Placing and the Open Offer becoming unconditional in all
respects, it is expected that Admission will become effective and
that dealings in the New Ordinary Shares, fully paid, will
commence by no later than 8.00 a.m. on 3 August 2005.

Reduction of Capital

The following matter, whilst not a condition to the Placing and
the Open Offer, is linked to it and will affect all shareholders
going forward.

The Company's audited accounts for the year ended 30 April 2005
show that the Company has a surplus on its profit and loss
account of approximately GBP2.4 million.  The Company may only
pay dividends out of profits available for distribution, as
determined in accordance with the Companies Act.  It may not,
therefore, pay dividends at a time when it has a deficit on its
profit and loss account.

Accordingly, in order to facilitate the payment of dividends in
the future, it is proposed that: (i) the amount standing to the
credit of the Company's share premium account as at the date of
the Extraordinary General Meeting be cancelled; and (ii) subject
to the Placing and the Open Offer becoming unconditional in all
respects and the New Ordinary Shares being duly issued, the
amount standing to the credit of the Company's share premium
account immediately following the issue of the New Ordinary
Shares be reduced by an amount equal to the share premium in
respect of the New Ordinary Shares which may be credited to the
Company's share premium account.

The Companies Act provides that the cancellation or reduction of
a share premium account requires the passing of a special
resolution by the Company in general meeting and subsequent
confirmation by the Court.  Subject to the passing of the
requisite special resolution, Ashtead will seek the confirmation
of the Court to the Reduction of Capital.  It is not possible to
state with certainty if and when the Court's confirmation will be
obtained, but it is expected that this will be before the end of
October 2005.

Further information concerning the Reduction of Capital is set
out in the Prospectus.

Current Trading and Prospects

Last year's momentum has continued into the current year.  Group
turnover for the two months ended 30 June 2005 was up 12.5% over
the previous year.  Sunbelt's revenues in U.S. dollars rose 17%
in the same period.

The refinancing described above will, when finalized, provide a
stable and appropriate long-term platform for the Group's future
development.  It completes the renewal of all the Group's debt
facilities and extends the average debt maturity to 7 years.  The
Board also expects that the reorganization will enable it to
propose to shareholders the resumption of dividends in respect of
the year ending 30 April 2006.

In the United States, the key private non-residential
construction market is strong and is forecast to remain so.  In
addition, the shift from ownership to rental continues.  The
outlook for Sunbelt therefore remains encouraging.  Overall,
markets in the United Kingdom continue to be stable.  A-Plant's
focus remains on improving returns and growing market share.
Ashtead Technology Rentals should continue to benefit from
increased investment in oil exploration and production.  
Accordingly, the Board anticipates reporting further progress in
the year ending 30 April 2006.

Pro forma Financial Position

As at 30 April 2005, the Group had net assets of GBP126.9 million
and net debt of GBP493.2 million.  After adjusting for the
expected proceeds of GBP66.2 million (net of expenses) from the
Placing and the Open Offer, the pro forma net assets as at
30 April 2005 would be GBP195.2 million and pro forma net
financial indebtedness would be GBP433.4 million.  The pro forma
net financial indebtedness to EBITDA ratio falls from 2.9 to
2.6.  The pro forma is calculated using the historical exchange
rate of $1.9099 to the pound as at 30 April 2005.

Extraordinary General Meeting

An extraordinary general meeting to approve the Resolutions, to
be held at The London Room, City Point, 1 Ropemaker Street,
London, EC2Y 9HT, will be convened on 1 August 2005 at 10.30
a.m.  Further information on the Resolutions (which are to
authorize the directors of the Company to allot and to dis-apply
statutory pre-emption rights in respect of the New Ordinary
Shares (subject to certain conditions) and to complete the
reduction of capital) is set out in the Circular.

Prospectus

It is expected that the Prospectus, setting out full details of
the Placing and the Open Offer and containing further information
on the Company, will be posted to shareholders later today,
accompanied by the Circular and, in the case of Qualifying
Shareholders, by the Application Form.  Application Forms will be
personal to Qualifying Shareholders and may not be transferred
except to satisfy bona fide market claims.

Expected Timetable of Principal Events

Record Date for the Open Offer              the close of
                                         business on 5 July 2005
Latest time and date for splitting
  Application Forms (to satisfy bona fide market
  claims only)                         3:00 p.m. on 26 July 2005
        
Latest time for receipt
  of Application Forms                 3:00 p.m. on 28 July 2005
  and payment in full under the Open Offer

Latest time and date for receipt
  of Forms of Proxy                   10:30 a.m. on 30 July 2005
  for the  Extraordinary General
Meeting                                            
  Extraordinary General Meeting      10:30 a.m. on 1 August 2005

Admission and commencement
  of dealings in New                  8:00 a.m. on 3 August 2005
  Ordinary Shares     

New Ordinary Shares
in uncertificated form expected
to be                               3 August 2005
credited to CREST stock accounts

Definitive share certificates
for New Ordinary Shares in          8 August 2005
certificated form expected
to be dispatched

CONTACT:  ASHTEAD GROUP PLC           
          George Burnett, Chief Executive Officer              
          Ian Robson, Finance Director
          Phone: 1372 362300

          JPMORGAN CAZENOVE
LIMITED                                        
          Phone: 020 7588 2828

          Julian Oakley
          Dermot McKechnie

          EVOLUTION SECURITIES
LIMITED                                      
          (Joint broker, joint bookrunner and joint underwriter)
          Steve Roberts
          Stuart Andrews
          Phone: 020 7071 4300

          THE MAITLAND CONSULTANCY
          Emma Burdett
          Brian
Hudspith                                                          
     
          Phone: 020 7379 5151


ASHTEAD GROUP: Sends out Prospectus on Share Issuance
-----------------------------------------------------
Ashtead Group plc on Tuesday posted a Prospectus, setting out
details of the Placing and the Open Offer, and a Circular to
shareholders convening an Extraordinary General Meeting on 1
August 2005.

Two copies each of the Prospectus and Circular are being
submitted to the Financial Services Authority and will be
available shortly for inspection at the Financial Services
Authority's Document Viewing Facility, which is situated at
Financial Services Authority, 25 The North Colonnade, Canary
Wharf, London, E14 5HS (Phone: 020 7066 1000).

The Prospectus has also been made available to the public
pursuant to section 3.2 of the Prospectus Rules and copies of the
Prospectus will be available from or can be inspected at the
registered office of the Ashtead Group Plc (King's Court, 41-51
Kingston Road, Leatherhead, Surrey, KT22 7AP) and the offices of
Slaughter and May (One Bunhill Row, London EC1Y 8YY).

Definitions used in the Prospectus sent to Shareholders dated 7
July 2005 shall have the same meanings when used in this
announcement, unless the context requires otherwise.

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, FRANCE, JAPAN OR
NEW ZEALAND.

CONTACT:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead
          Surrey KT22 7AP, United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610
          Web site: http://www.ashtead-group.com

          Cob Stenham, Non-executive
Chairman                      
          Phone: 020 7299 5562

          George Burnett, Chief Executive                   
          Ian Robson, Finance Director
          Phone: 01372 362300

          The Maitland Consultancy                
          Brian Hudspith   
          Phone: 020 7379 5151


ASHTEAD GROUP: Moody's Rates Senior Secured Notes (P)B2
-------------------------------------------------------
Moody's Investors Service assigned a (P)B2 rating to the proposed
US$250 million issue of Second Priority Senior Secured Notes due
August 2015 to be issued by Ashtead Holdings Plc.  The proceeds
of the new notes will be used to prepay the unrated existing
Rentokil subordinated convertible loan notes due 2008 of Ashtead
Group Plc.  Concurrently, Moody's has raised the corporate family
rating (formerly know as senior implied rating) of Ashtead Group
Plc to Ba3 from B1 and the rating of the group's first priority
senior secured credit facility at Sunbelt Rentals to Ba3 from (P)
B1.

(a) New Ratings Assigned: Second Priority Senior Secured Notes
    due August 2015 of US$250 million at Ashtead Holdings Plc
    rated (P)B2;

(b) Rating Affirmed: GBP120 million of Second Priority Senior
    Secured Notes due 2014 at Ashtead Holdings Plc rated B2.

(c) Ratings Upgraded:

    (i) Corporate Family Rating at Ashtead Group Plc raised to
        Ba3 from B1; and

   (ii) US$675 million first priority senior secured credit
        facilities at Sunbelt Rentals raised to Ba3 from (P)B1.

(d) Rating to be withdrawn: Issuer Rating of Ashtead Group Plc
    at B3.

The assigned new rating reflects the fact that the proposed new
second priority senior secured notes will rank pari passu with
the existing second priority senior secured notes due 2014 and
will be fully and unconditionally guaranteed on a senior basis by
Ashtead Group Plc and all of the Issuer's direct and indirect
subsidiaries that guarantee the first priority senior secured
credit facility and the 2014 notes.  In addition the new notes
will be secured on a second priority basis by substantially all
of the collateral securing the first priority senior secured
credit facility and the 2014 notes.  The collateral supporting
both notes issues and the first priority senior debt includes
liens over substantially all of the tangible and intangible
property of the borrowers and the guarantors at anytime owned or
acquired.  Other indenture terms, conditions and covenants of the
new notes are largely identical to those of the existing 2014
notes.

The differential of two notches between the first priority senior
secured credit facility rating of Ba3 and those of the second
priority senior secured notes issues of (P) B2 and B2 reflects
the fact that the layer of subordinated debt represented by the
Rentokil convertible loan note will be eliminated and an
increased amount of debt will sit at the second priority level.  
On a drawn debt basis, and taking into account the expected
prepayment of up to GBP42 million of the existing 2014 second
priority notes, in total second priority debt will represent
approximately 47% of group indebtedness.  The drawn debt under
the first priority senior secured credit facility is estimated to
represent circa.  45.5% of group borrowings and hence has not
been notched up above the corporate family rating.

The upgrade of the corporate family rating reflects Moody's
assumption that the proposed refinancing which includes the
group's intention to raise additional equity through a fully
underwritten issue and concurrent new notes issue will be
completed as anticipated.  Should this does not transpire, the
ratings upgrade may be reversed.

The intended use of proceeds of the equity issue is to prepay a
proportion of the existing second priority senior secured notes
due 2014 of Ashtead Holdings Plc, as well as repay certain
drawings under the first priority senior secured credit
facility.  The upgrade also takes into account fundamental
improvements in operating margins and internal cash flow
generation achieved by the group over the past 18 months as well
as the substantial debt repayment of some GBP105 million from
free cash flow over the last two years.

Key positive effects of the proposed transactions, which support
the upgrade include:

(a) The elimination of the near term financing risk represented
    by the 2008 maturity of the Rentokil subordinated
    convertible notes which will be repaid by the issue of the
    new notes;

(b) The anticipated application of equity proceeds of GBP60
    million to repay debt;

(c) The expected completion of the group's long term funding
    structure as a result of the transactions, giving the group
    an average debt maturity of seven years;

(d) The reduction in financial leverage since late 2003 from a
    ratio of Total Debt/EBITDA of 3.8x to a level of 2.6x which
    is expected to be sustainable over the next three years.

The ratings upgrade is also supported by the marked improvement
in operating margins over the past 18 months which has been
achieved through a combination of cost structure rationalization,
underlying market recovery, market price increases and business
mix.  The group's leading market positions, comprehensive, high
quality and well maintained rental fleet, geographical scale and
the high level of customer diversity are also positive issues.

Key rating constraints remain the group's continuing need for
high maintenance and growth capex going forward, in order to
reduce the average age of the rental fleet and improve the
group's competitive position.  As a result, there is little
prospect of further reduction in absolute indebtedness over the
next three years.  The group's exposure to the highly cyclical
rental equipment sectors in both the U.S. and U.K. also
represents significant risk of softer margins and reduced free
cash flow during a downturn.

The stable outlook reflects Moody's expectation that Ashtead is
adequately positioned to trade successfully through the normal
industry cycle.  In respect of near term prospects it is assumed
that the non-residential construction market in the US will
continue to benefit from the current improved growth momentum,
while the UK market is expected to remain relatively stable with
potential demand increases arising from specific large national
construction projects.  However, in the event that the market
trading conditions weaken materially causing margin erosion and
thus a significant reduction in free cash flow generation, the
ratings could face downwards pressure.

Given the limited prospect of absolute debt reduction over the
next three years, as a result of Ashtead's significant levels of
maintenance and growth capital expenditure, upward rating
pressure appears unlikely.

Liquidity remains good with satisfactory availability under the
senior credit facilities of approximately US$141.2 million,
taking into account the $50 million liquidity block.  Mandatory
debt amortization is also not onerous with only GBP1.4 million
repayable per annum over the next four years.  Furthermore, the
group has a flexible growth capex model, which can be scaled back
to provide additional liquidity when necessary.

The (P)B2 rating assigned to the new notes assumes 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.

Registered in the U.K., Ashtead is a leading provider of rental
equipment in the U.K. and the U.S., through it's a-Plant and
Sunbelt subsidiaries.  As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million and
EBITDA of GBP169.7 million.

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

          Susie Maidment, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ASHTEAD GROUP: Recapitalization Announcement Prompts S&P Review
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit and other ratings on U.K.-based equipment rental company
Ashtead Group PLC on CreditWatch with positive implication.  At
the same time, the '1' recovery rating on the group's US$675
million ABL facility is affirmed.  This follows Thursday's
announcement of an intended recapitalization via an equity
placement of about GBP70 million.  In addition, the group is also
seeking to refinance its 2008 Rentokil convertible with new,
US$250 million, 10-year notes.

The increase in equity is conditional upon approval by
shareholders at an Extraordinary General Meeting (EGM) due to be
held on Aug. 1, 2005, and also upon the successful issuance of
the US$250 million notes.  Based on this occurring, Standard &
Poor's expects all ratings to benefit from a one-notch upgrade.  
At this time, Standard & Poor's is expected to assign its 'B'
rating to the proposed notes, which is two notches below the
expected 'BB-' corporate credit rating.

"The CreditWatch placement reflects our belief that Ashtead's
credit risk profile will substantially benefit from the
successful execution of both transactions," said Standard &
Poor's credit analyst Jarrad Oberhardt.  "In particular,
financial leverage will somewhat improve at the same time as
their debt maturity profile is extended. Equally important, this
demonstrates a commitment to a more moderate financial policy
going forward."

Following the proposed equity issue Ashtead's high financial
leverage will moderately improve.  Pro forma lease-adjusted funds
from operations (FFO) to net debt is about 25% (18% for 2004),
and net debt to EBITDA will fall to 3.1x for fiscal 2005, down
from the level of 4.2x at the end of 2004.

The addition of further equity and the refinancing of the 2008
Rentokil convertible further secure the group's funding base.
Refinancing risk is now termed-out to late 2009 at the earliest,
when the ABL facility expires.  The shortest maturity for non-
asset-based debt finance will now be 2014, providing Ashtead with
a solid long-term funding base.

Standard & Poor's also views the proposed recapitalization as a
commitment from management to adhere to a more moderate financial
risk profile.  Accordingly, we expect that fully adjusted net
debt to EBITDA should remain around a range of 3.0x–4.0x going
forward.

The ratings on Ashtead continue to reflect the limited forward
visibility of demand and our expectation that Ashtead will retain
limited free cash flow.  They also factor in the highly cyclical,
fragmented, and fiercely competitive nature of Ashtead markets.
Despite these risks, however, Ashtead has sound market positions
in the U.K. and the U.S. and maintains a diverse customer base.

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:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead, Surrey KT22 7AP
          United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610
          Web site: http://www.ashtead-group.com


AUTUMN NOMINEES: Members Pass Winding-up Resolutions
----------------------------------------------------
At Extraordinary General Meetings of Winter Nominees Limited and
Winter Nominees Limited, duly convened, and held at 24 Conduit
Place, London W2 1EP, on 30 June 2005, the subjoined Special
Resolutions were duly passed:

“That the Companies be wound up voluntarily, and that Ian
Franses, of Ian Franses Associates, 24 Conduit Place, London W2
1EP, be and is hereby appointed Liquidator for the purposes of
such winding-up.”

J J Walker, Chairman

Autumn Nominees is formerly M M & S (2602) Limited.  Winter
Nominees is M M & S (2604) Limited.

CONTACT:  WINTER NOMINEES LIMITED
          24 Conduit Place, London W2 1EP

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


BELMORE HOTEL: Calls in Administrators from PKF
-----------------------------------------------
Name of company: THE BELMORE HOTEL LIMITED
                  (Company No 00825152)

Nature of Business: Hotel with Restaurant

Address of Registered Office: Sovereign House, Queen Street,
Manchester M2 5HR

Date of Appointment: June 29, 2005

Administrators’ Names and Address: Kerry Bailey (IP No 8780) and
Jonathan D. Newell (IP No 6419), both of Sovereign House, Queen
Street, Manchester M2 5HR

                            *   *   *

Originally built in 1875, the Belmore Hotel is the epitome of
classic English elegance situated in a leafy suburb.  It is
superbly located within easy reach of the motorway network,
Manchester Airport and Metrolink tram system.  Visit
http://www.belmorehotel.co.uk/for more information.

CONTACT:  THE BELMORE HOTEL LIMITED
          143 Brooklands Road
          Ringway
          Sale
          Manchester South
          Phone: 0161 9732538
          Fax: 0161 973 2665
          E-mail: belmore_hotel@hotmail.com
          
          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


BWSS LIMITED: Voluntarily Files for Liquidation
-----------------------------------------------
At an Extraordinary General Meeting of Bwss Limited, duly
convened, and held at 3 The Quadrant, Coventry CV1 2DY, on 27
June 2005, the following Special Resolution was duly passed:

“That the Company be wound up voluntarily, and that Gavin
Geoffrey Bates, of BRI Business Recovery and Insolvency, 3 The
Quadrant, Coventry CV1 2DY, be and he is hereby appointed
Liquidator for the purposes of such winding-up.”

R C White, Director

                            *   *   *

BWSS retails automotive fuel.

CONTACT:  BWSS LIMITED
          100-102 St James Road, Northampton NN5 5LF

          BRI BUSINESS RECOVERY AND INSOLVENCY
          3 The Quadrant, Coventry CV1 2DY
          Contact:
          Gavin Geoffrey Bates, Liquidator
          Phone: 024 7663 4884
          Fax: 024 7623 1551
          E-mail: gbates@briuk.co.uk


BWSS LIMITED: Gives Creditors Until July 27 to File Claims
----------------------------------------------------------
Notice is hereby given that the Creditors of BWSS Limited, are
required, on or before 27 July 2005, to send their names and
addresses with particulars of their debt to the undersigned Gavin
Geoffrey Bates of BRI Business Recovery and Insolvency, 3 The
Quadrant, Coventry CV1 2DY, the Liquidator of the said Company,
and, if so required by notice in writing by the said Liquidator,
to prove their debt and claims at such time and place as shall be
specified in such notice, or in default thereof, they will be
excluded from the benefit of any distribution made before such
debt are proved.

G G Bates, Liquidator

CONTACT:  BWSS LIMITED
          100-102 St James Road, Northampton NN5 5LF

          BRI BUSINESS RECOVERY AND INSOLVENCY
          3 The Quadrant, Coventry CV1 2DY
          Contact:
          Gavin Geoffrey Bates, Liquidator
          Phone: 024 7663 4884
          Fax: 024 7623 1551
          E-mail: gbates@briuk.co.uk


CHRISTIE TYLER: Seven Units Succumb to Receivership
---------------------------------------------------
On July 1, 2005, Administrative Receivers from Ernst & Young LLP
were appointed to the companies belonging to the Christie Tyler
Group.

They are Christie Tyler Limited, CT Distribution Limited,
Christie-Tyler South Wales West Division Limited, Deeside
Furniture Limited, Earlybird Furniture Limited, Lebus Furniture
Limited, and Wyvern Furniture Limited.

These companies had for some time struggled in the face of
increasing international competition, and more recently, weaker
retail trading, as U.K. consumer demand has fallen.  Retailers
Allders and Courts have both closed in the past year.

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 various group companies.

Although various businesses have been sold on a solvent basis to
Sofa Brands International Limited, the above companies have been
placed in administrative receivership.  These specialize in the
manufacture of upholstered furniture operating from 5 locations
in the U.K. and employ around 1,600 people in total.

Sofa Brands International Limited has purchased the assets and
order book of Cambria Mobel Limited, whose 400 employees have
also transferred.

One of the joint administrative receivers, Mike Rollings,
said: "We are continuing to trade the various companies on
a 'business as usual' basis while we explore the possibility of a
sale of the businesses and their assets as going concerns.

"During the period of trading, it is our intention to look to
satisfy the existing customer orders that were in hand at the
date of our appointment."

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


CLOUD NINE: Administrator from Purnells Moves in
------------------------------------------------
Name of company: CLOUD NINE LIMITED (t/a Boogie Nights)
                 (Company No 04571270)

Nature of Business: Nightclub

Address of Registered Office: 22 Chepstow Road, Newport, South
Wales NP19 8EA

Date of Appointment: June 30, 2005

Administrator’s Name and Address: Raymond Henry Purnell,
Purnells, St Marks House, 3 Gold Tops, Newport, South Wales NP20
4PG

CONTACT:  PURNELLS
          St Marks House
          3 Gold Tops
          Newport
          Gwent NP 20 4PG
          Phone: 01633 214712
          Fax: 01633 246599
          E-mail: ray@purnells.co.uk


CO-AG (U.K.): Meeting of Creditors Set Next Week
------------------------------------------------
The creditors of Co-Ag (U.K.) Limited will meet on July 18, 2005
at 10:30 a.m.  It will be held at The Castle and Ball Hotel, High
Street, Marlborough, Wiltshire SN8 1LZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to R. F. Simms and F. A. Simms at 39 Station Road,
Lutterworth, Leicestershire LE17 4AP not later than 12:00 noon,
July 15, 2005.

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


CONCRETE LIMITED: Winding-up Report Out Next Month
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Concrete Limited
                        (In Liquidation)

Notice is hereby given in accordance with section 146 of the
Insolvency Act 1986 that the final meeting of creditors of
company will be held on August 1, 2005, 11:00 a.m. at 12 Carden
Place, Aberdeen, AB10 1UR, for the purposes of receiving an
account of the winding-up from the liquidator, together with any
explanation that may be given by him.

The meeting will also consider these resolutions:

(a) To approve the liquidator’s release; and

(b) To authorize the liquidator to dispose of the company’s
    accounting records three months after the final
    meeting.

Michael J. M. Reid, CA, Liquidator
June 23, 2005

CONTACT:  MESTON REID & CO
          12 Carden Place
          Aberdeen AB10 1UR
          E-mail: info@mestonreid.com
          Web site: http://www.meistonreid.com

          Michael James Meston Reid
          E-mail: reidm@mestonreid.com
          Phone: 01224 625554
          Fax: 01224 626089


CROWN QUILTING: Fabric Manufacturer Calls in Administrator
----------------------------------------------------------
Name of company: CROWN QUILTING CO. LIMITED
                 (Company No 02162161)

Nature of Business: Preparation and Spin of Other Textiles

Trade Classification: 1717

Date of Appointment: June 28, 2005

Administrators’ Names and Address: Jonathan Lord and Robert
Cooksey (IP Nos 9041 and 9040), both of Bridgestones, 125-127
Union Street, Oldham, Lancashire OL1 1TE

                            *   *   *

Crown Quilting Co. Ltd. was formed in 1982 and has grown to
become one of U.K.'s major manufacturers and suppliers of quilted
fabrics.  M. Grewal is the company's managing director while G.
Singh is sales and marketing director.  Visit  
http://www.crownquilting.co.uk/for more information.

CONTACT:  CROWN QUILTING CO LTD.
          Crown House
          Marston Road
          Wolverhampton WV2 4NJ
          West Midlands
          Phone: 01902 421314
          Fax: 01902 428683

          BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


GLOBDUYK (WARRINGTON): Liquidator's Report Out Next Month
---------------------------------------------------------
Notice is hereby given, pursuant to section 93 and 94 of the
Insolvency Act 1986 that Annual and Final Meetings of the Members
of Globduyk (Warrington) Limited will be held at the offices of
Budsworth & Co, 454 Chester Road, Old Trafford, Manchester M16
9HD, on 9 August 2005, at 2:00 p.m., for the purpose of showing
how the winding-up has been conducted and the property of the
Company disposed of, and for receiving an account of the winding-
up and any explanation that may be given by the Liquidator.

Any person entitled to attend and vote may appoint a proxy who
need not be a Shareholder.  Proxies to be used at the Meeting
must be lodged no later than 12:00 noon of the business day prior
to the Meeting at the offices of Budsworth & Co, 454 Chester
Road, Old Trafford, Manchester M16 9HD.

B E Budsworth, Liquidator

                            *   *   *

Globduyk is an insurance brokerage services business.

CONTACT:  GLOBDUYK (WARRINGTON) LIMITED
          454 Chester Road, Old Trafford
          Manchester M16 9HD

          BUDSWORTH & CO.
          454 Chester Road, Old Trafford, Manchester M16 9HD
          Contact:
          Beverley Ellice Budsworth, Liquidator
          Phone: 0161 877 2081
          Fax: 0161 877 2091
          E-mail: advice@recoverypros.co.uk


GRAPHCAM LIMITED: Final Liquidator's Report Out August 16
---------------------------------------------------------
Notice is hereby given, in pursuance of section 94 of the
Insolvency Act 1986, that a General Meeting of Graphcam Limited
will be held at Salisbury House, Station Road, Cambridge CB1 2LA,
on 16 August 2005, at 10:00 a.m., for the purpose of having an
account laid before the Members showing the manner in which the
winding-up has been conducted and the property of the Company
disposed of, and of hearing any explanation that may be given by
the Liquidator.

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

S Lettice, Liquidator

                            *   *   *

Graphcam offers computer-related services.

CONTACT:  PETERS ELWORTHY & MOORE
          Salisbury House, Station Road, Cambridge CB1 2LA
          Contact:
          Shay Lettice, Liquidator

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


HOWE ANDERSON: Neville Adams Limited Appoints Receiver
------------------------------------------------------
Name of company: HOWE ANDERSON UNITED CONTRACTORS LIMITED
                 (Reg No 03689203)

Previous Name of Company: H.A.U.C. Limited

Nature of Business: Construction Contractors

Trade Classification: 4521

Date of Appointment of Joint Administrative Receivers: 27 June
2005

Name of Person Appointing the Joint Administrative Receivers:
Neville Adams Limited

Joint Administrative Receivers: Frank Wessely and Peter James
Hughes-Holland (Office Holder Nos 007788 and 001700), both of
Vantis Numerica, 81 Station Road, Marlow, Buckinghamshire SL7 1NS

CONTACT:  VANTIS NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


JMK CONTRACTS: Liquidator Takes over Operations
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF JMK Contracts Limited

I, James Inglis Smith, CA, Suite 412, Baltic Chambers, 50
Wellington Street, Glasgow G2 6HJ, give notice, pursuant to Rule
4.19(4)(b) of the Insolvency (Scotland) Rules 1986, that on June
10, 2005, I was appointed Liquidator of the JMK Contracts
Limited, having their registered office at 176 Bath Street,
Glasgow G2 4HG, by Resolution of the First Meeting of Creditors
in terms of section 138(3) of the Insolvency Act 1986.

A Liquidation Committee was not established.  I do not intend to
summon another Meeting to establish a Liquidation Committee
unless requested to do so by one-tenth, in value, of the
Company’s Creditors in terms of section 142(3) of the Insolvency
Act 1986.

J. I. Smith CA, Liquidator

CONTACT:  SMITH INGLIS & CO.
          Suite 412
          Baltic Chambers
          50 Wellington Street
          Glasgow G2 6HJ

          James Inglis Smith
          Phone: 0141 248 8339
          Fax: 0141 248 8339


JOHN GOLD: Hires Milner Boardman & Partners as Administrator
------------------------------------------------------------
Name of company: JOHN GOLD & SON LIMITED
                 (Company No 04733019)

Nature of Business: Manufacturer of Other General Machinery

Address of Registered Office: Unit 36 Mariner, Lichfield Road
Industrial Estate, Tamworth, Staffordshire B79 7UL

Trade Classification: 2924

Date of Appointment: June 30, 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 WA15 9TG

                            *   *   *

John Gold & Son Limited turns raw brass, steel, stainless steel
and aluminum into complete valves that are fully assembled and
tested.  Visit http://www.john-gold.com/for more information.

CONTACT:  JOHN GOLD & SON LIMITED
          Unit 36, Mariner,
          Lichfield Road Industrial Estate
          Tamworth, Staffordshire B79 7UL
          Phone: 01827 65011
          Fax: 01827 310154
          E-mail: john@john-gold.com

          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


KELDA LIMITED: Final Meeting Set August
---------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final Meeting of the Members of Kelda Limited
will be held at the offices of Robson Laidler LLP, Fernwood
House, Fernwood Road, Jesmond, Newcastle upon Tyne, on 12 August
2005, at 10:00 a.m., to consider, and if thought fit, pass the
following Resolutions, as an Ordinary Resolution, and as an
Extraordinary Resolution respectively:

“That the Liquidator’s statement of account for the period of the
liquidation be approved”, and “that the books, accounts an
documents of the Company and Liquidator be disposed of as the
Liquidator sees fit, subject to any legal requirements governing
the period of retention.”

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him or her.

W Paxton, Liquidator

CONTACT:  ROBSON LAIDLER
          Fernwood House, Fernwood Road
          Jesmond, Newcastle upon Tyne NE2 1TJ
          Contact:
          Phone: 0191 281 8191
          Fax: 0191 281 6279
          Web site: http://www.robson-laidler.co.uk/


KELDA LIMITED: Liquidator's Report Out Next Month
-------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final Meeting of the Members of Kelda Limited
will be held at the offices of Robson Laidler LLP, Fernwood
House, Fernwood Road, Jesmond, Newcastle upon Tyne, on 12 August
2005, at 10:00 a.m., to consider, and if thought fit, pass the
following Resolutions, as an Ordinary Resolution, and as an
Extraordinary Resolution respectively:

“That the Liquidator’s statement of account for the period of the
liquidation be approved,” and “that the books, accounts an
documents of the Company and Liquidator be disposed of as the
Liquidator sees fit, subject to any legal requirements governing
the period of retention.”

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him or her.

W Paxton, Liquidator

CONTACT:  ROBSON LAIDLER
          Fernwood House, Fernwood Road
          Jesmond, Newcastle upon Tyne NE2 1TJ
          Contact:
          Phone: 0191 281 8191
          Fax: 0191 281 6279
          Web site: http://www.robson-laidler.co.uk/


MG ROVER: Two Bidders Want to Transfer Engine Production Abroad
---------------------------------------------------------------
Two bidders of parts of MG Rover Group Limited are thinking of
moving abroad the production of MGTF engines, says Reuters,
quoting a source privy to the talks.

"These are lift-and-shift bids.  They’re not about resumption of
major production at Longbridge.  It brings some finality to the
situation," revealed the source, who refused to name the bidders.

Rover used to manufacture engines for convertible MGTF cars, but
the report only bolsters speculations that revival of Rover
operations at the Longbridge plant is unlikely to happen, a
thought that David James would not be happy about.

Mr. James leads the GBP40 million all-British bid to buy the
MG sports car business and plans to revive the Longbridge plant
by rehiring 500 former MG Rover workers.

On Wednesday, he complained that the government, particularly the
Department of Trade and Industry, sidelined their offer in favor
of foreign consortia.  He stressed that they were
having difficulties in pushing their bid, which could have been
influenced by the government.

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."

A DTI representative, however, brushed aside the claims of
favoritism, while administrator PricewaterhouseCoopers said they
consider all the bids they receive and that they work for the
benefit of creditors.

PwC was expected to conclude the sale of all or part of MG Rover
last week, following the carmaker's collapse in April that left
6,000 people jobless.  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 shortlisted by
PwC include an Iranian investor and TVR sports car 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


MIDLAND SECURITY: Names P&A Partnership Administrator
-----------------------------------------------------
Name of company: MIDLAND SECURITY LEICESTER LIMITED
                 (formerly London Shutters Ltd.)
                 (Company No 05198150)

Nature of Business: Sale of Roller Shutter Security Systems

Address of Registered Office: 93 Queen Street, Sheffield S1 1WF

Date of Appointment: June 27, 2005

Administrators’ Names and Address: Andrew Philip Wood and Philip
Andrew Revill (IP Nos 9148 and 6421), both of The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF

                            *   *   *

Midland Security Leicester Limited formerly traded as London
Shutters Ltd.  The company provides cost-effective security
solutions to the commercial and non-commercial sectors.  Visit
http://www.londonshutters.comfor more information.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


MOWLEM PLC: Annual Loss Lower Under IFRS
----------------------------------------
As a listed company in the European Union, Mowlem plc is required
to report its consolidated accounts under International Financial
Reporting Standards (IFRS) with effect from January 2005.  
Accordingly, the Group will prepare its 2005 interim and annual
financial statements under IFRS.

The Group has completed its initial assessment of the adjustments
required to restate the financial statements from U.K. Generally
Accepted Accounting Principles (U.K. GAAP) to IFRS.  This
assessment has been based on all IFRS and interpretations issued
by the International Accounting Standards Board and its
committees as adopted by the European Union.  

The impact of moving from U.K. GAAP to IFRS is summarized in the
table below.  This information is unaudited and it is possible
that further changes will be required before it is published as
comparative information.  These changes may result from the
issuance of new IFRS guidance, as well as new technical and
commercial interpretations.

GBPmillion              Six months ended         Year ended
                          30 June 2004        31 December 2004
                      As reported    IFRS   As reported    IFRS
                     under UK GAAP         under UK GAAP
                                                              
Turnover                   957        956      2,066       2,049
Profit/(loss)
before taxation            3.9        6.6     (15.3)      (10.9)

Net debt                  53.7       66.8      18.9        27.5
Shareholders' funds      201.0      141.8      187.0       129.8

- - - - - - - - -

The most significant items contributing to the changes reflect:

(a) the inclusion in the balance sheet of employee pension
    liabilities and the recognition in the profit and loss  
    account of a lower charge for employee pension benefits.  
    These adjustments are comparable to those that would be
    required if the Group adopted FRS17 in its U.K. GAAP
    accounts.  Mowlem will adopt the 'corridor method' permitted
    under IAS19;

(b) goodwill no longer being amortized;

(c) dividends not being accrued unless approved by the balance
    sheet date;

(d) deferred tax being recognized on all timing differences;

(e) some of the Group's joint arrangements that were
    proportionately consolidated under U.K. GAAP now being
    equity accounted;

(f) the Group's share of profits of equity accounted joint
    arrangements, including PFI SPVs, being reflected as the
    share of post tax profit rather than the share of operating
    profit, interest and tax under U.K. GAAP; and

(g) the change in treatment of a property lease from operating
    lease to finance lease.

More details on the impact of moving from U.K. GAAP to IFRS is
available on the Group's Web site at http://www.mowlem.com.

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

          Brian O'Neill
          Phone: 020 7405 5251


NORTH WEST: Administrators from Begbies Traynor Step in
-------------------------------------------------------
Name of company: NORTH WEST FRAMING LIMITED
                 (Company No 03791662)

Nature of Business: Picture Frame Manufacture and Retail

Address of Registered Office: c/o Begbies Traynor, 1 Winckley
Court, Chapel Street, Preston PR1 8BU

Date of Appointment: June 30, 2005

Administrators’ Names and Address: David Acland and Steven
Williams (IP Nos 8894 and 8887), both of Begbies Traynor, 1
Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU

                            *   *   *

David Brenkley is the managing director of the company.  Visit
http://www.northwestframing.co.ukfor more information.

CONTACT:  NORTH WEST FRAMING LTD.
          Unit 7
          Crowland Close
          Southport PR9 7RR
          Merseyside
          Phone: 01704 540750
          Fax: 01704 884750

          BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


OAK TRANSPORT: Hires Administrators from UHY Hacker Young
---------------------------------------------------------
Name of company: OAK TRANSPORT PALLETS LIMITED
                 (Company No 04661669)

Nature of Business: Couriers

Trade Classification: Division 6/28 Road Transport

Date of Appointment: June 29, 2005

Administrators’ Names and Address: Andrew Andronikou and Ladislav
Hornan (IP Nos 1253 and 2059), both of UHY Hacker Young, St
Alphage House, 2 Fore Street, London EC2Y 5DH

CONTACT:  OAK TRANSPORT PALLETS LIMITED
          Unit 5 Bluebell Business Estate
          Sheffield Park
          East Sussex TN22 5HQ
  
          UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


PINDERS (DEWSBURY): Hires Administrator from Mazars
---------------------------------------------------
Name of company: PINDERS (DEWSBURY) LIMITED
                 (Company No 04982793)

Nature of Business: Manufacture and Installation of Signs

Address of Registered Office: 9 Moorhead Lane, Shipley, Bradford

Trade Classification: 2524—Manufacture of Other Plastic Products

Date of Appointment: June 29, 2005

Administrators’ Names and Address: Paul Charlton and Timothy Alan
Askham (IP Nos 5838 and 007905), both of Mazars, Mazars House,
Gelderd Road, Gildersome, Leeds

                            *   *   *

Formed in January of this year, Pinder has the reputation for
service and quality, built up over 25 years.  The company offers
sheet metal forming/CNC routing using plastics, foam, wood, MDF,
composites, soft metals, multiple drilling, profiles, lettering.  
Visit http://www.pindersign.co.ukfor more information.

CONTACT:  PINDERS (DEWSBURY) LIMITED
          241 Bradford Road,
          Batley, West Yorkshire
          Phone: 01924 437123
          Fax: 01924 437124
          E-mail: info@pindersign.co.uk

          MAZARS LLP
          Mazars House
          Gelderd Road, Gildersome
          Leeds LS27 7JN
          Phone: 0113 204 9797
          Fax: 0113 387 8760
          Web site: http://www.mazars.co.uk


PORTABLE FLOORMAKERS: Names Poppleton & Appleby Administrator
-------------------------------------------------------------
Name of company: PORTABLE FLOORMAKERS LIMITED
                 (Company No 2764429)

Nature of Business: Temporary Flooring Systems

Address of Registered Office: Redhill Marina, Ratcliffe-on-Soar,
Nottingham NG11 0EB

Date of Appointment: June 30, 2005

Administrators’ Names and Address: M. D. Hardy and M. T. Coyne
(IP Nos 1453 and 6575), both of Poppleton & Appleby, 35 Ludgate
Hill, Birmingham B3 1EH

                            *   *   *

In 1992, Joe Weston-Webb formed Portable Floormakers Limited,
which manufactures a wide range of portable flooring for all uses
including; Florlok dance floors, exhibition floors, laminated
flooring, beach coverings, and roadways.  It also supply other
products for the entertainment and leisure industries including
banqueting chairs and tables, portable bar units and counters,
low price carpeting, folding staging/rostra, trailer sized
forklift trucks and more.  Visit
http://www.portablefloormakers.co.ukfor more information.

CONTACT:  PORTABLE FLOORMAKERS LTD.
          Redhill Marina
          Ratcliffe on Soar
          Nottingham NG11 0EB
          Nottinghamshire
          Phone: 01509 673753
          Fax: 01509 674749

          POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


QUAKEGEM LIMITED: Final Meeting Set August
------------------------------------------
Notice is hereby given that a Final Meeting of the Members of
Quakegem Limited has been summoned by the Liquidator under
section 94 of the Insolvency Act 1986.  The Meeting will be held
at the offices of Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH, on 19 August 2005, at 2:30 p.m., for the
purpose of having a final account laid before them by the
Liquidator, showing the manner in which the winding-up of the
said Company has been conducted, and the property of the Company
disposed of, and of hearing any explanation that may be given by
the Liquidator, and also of determining the manner in which the
books, accounts and documents of the Company shall be disposed of.

M T Coyne, Liquidator

Quakegem's main products are hoop earrings in gold & silver.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk

          QUAKEGEM LTD.
          Sandy Lane
          Titton
          Stourport on Severn
          DY13 9QA
          Hereford and Worcester
          Phone: 01299 877171
          Fax: 01299 827815
          Web site: http://www.quakegem.com


RAEES CUISINE: Creditors Opt for Liquidation
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Raees Cuisine Limited
                        (In Liquidation)

I, Bryan A Jackson, of PKF (U.K.) LLP, 78 Carlton Place, Glasgow
G5 9TH, hereby give notice that I was appointed Liquidator of
Raees Cuisine Limited by a Resolution of a Meeting of Creditors,
duly convened and held in PKF (U.K.) LLP, 78 Carlton Place G5
9TH, under the terms of Section 138 of the Insolvency Act and
Rule 4.12 of the Insolvency (Scotland) Rules 1986, on June 21,
2005.  No Liquidation Committee was formed at this Meeting.

I hereby give notice that, under Rule 4.18 of the Insolvency
(Scotland) Rules 1986, I do not intend to summon a further
Meeting for the purpose of establishing a Liquidation
Committee.   However, under the terms of Section 142(3) of the
Insolvency Act 1986, I am required to call such a Meeting if
requested to do so by one-tenth in value of the Company’s
creditors.

Bryan A. Jackson
June 21, 2005

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

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


RANDOM COMPUTING: Hires Administrator
-------------------------------------
Name of company: RANDOM COMPUTING LIMITED
                 (Company No 02586138)

Nature of Business: Computer Services

Trade Classification: 7,36

Date of Appointment: June 23, 2005

Administrators’ Names and Address: David Frederick Wilson (IP No
703) and Julian Nigel Richard Pitts (IP No 7851), both of Wilson
Pitts, Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 4PQ.

                            *   *   *

Random Computing has been involved in performance computing
systems for more than 15 years, from the earliest CAD
applications through to the evolution of collaborative
processes.  It has worked in almost every market, which utilizes
performance-computing systems.  Specific examples are: automotive
(Nissan, Perkins, Ricardo), aerospace (Dowty, TRW Lucas),
engineering (Caradon Ideal, MSXi, Rolls-Royce), motorsport
(Jaguar Racing) and product design (Kinneir Dufort).  Nigel
Hobden is the company's Chairman, Arni Wookey is the Managing
Director while Lynn Humphreys is the
Financial Controller.  Visit http://www.random.co.uk/for more  
information.

CONTACT:  RANDOM COMPUTING LTD.
          29 Grand Union Centre
          West Row, London W10 5AS
          Phone: +44 (0) 20 8964 3900
          Fax: +44 (0) 20 8964 3994
          E-mail: info@random.co.uk

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


RAVENSCROFT PLASTICS: Revives Operation Under New Name, Owner
-------------------------------------------------------------
Flamstead Holdings Ltd. has reportedly redeemed U.K. extruder
Ravenscroft Plastics Limited out of receivership.

According to PRW, operations at Ravenscroft Plastics' Tewkesbury,
Gloucestershire site will resume under a new company name, HL
Ravenscroft.  The acquisition will result to a combined group
turnover of GBP12 million for Flamstead Holdings, which also owns
Derby-based extruder and injection molder HL Plastics and
toolmaker Tarpey Harris.

Flamstead managing director Roger Hartshorn said: "This
accelerates our trade extrusion expansion by three years and will
lay the foundations for our future ambitions of further
developing our own product lines and manufacturing process."

Ravenscroft Plastics was established in 1958 as a privately owned
company, founded by Ted Ravenscroft and Hedley Bonnes.  Two
decades after, the company moved to a much larger site in
Tewkesbury.  With three factories in close proximity, Ravenscroft
has established a key position in the thermoplastic extrusion
industry.

In 1998, through its innovative approach to product development,
Ravenscroft Plastics developed a new cavity closure system for
the new house build market and then in 2000 Ravenscroft acquired
the manufacturing and distribution rights for a cable management
ducting range of products with the trade name "Betaduct."

Following the development of these ranges, the businesses were
transferred to a newly formed associated companies -- Cavalok
Building Products Limited and Beta Cable Management Systems
Limited -- in May 2004.

CONTACT:  RAVENSCROFT PLASTICS LIMITED
          Green Lane
          Newtown, Tewkesbury
          Gloucestershire GL20 8HD
          Phone: 01684 292 272 or 01684 299 669
          Fax: 01684 299 124
          Web site: http://www.ravenscroft.co.uk


REGUS GROUP: Expects First-half Earnings to Rise 7.6%
-----------------------------------------------------
Regus Group plc, a global provider of office outsourcing, has
issued a trading update for the six months ended 30 June 2005.

All numbers are stated on a pro forma basis including HQ and at
constant rates.  EMEA represents Europe, Middle East and Africa
(excluding the group's U.K. Associate).

Trading in the second quarter has continued in line with the
Board's expectations with good progress in both profit and cash
generation.

Unaudited revenues for the first six months are expected to be
approximately 7.6% up on the first six months of 2004.

In the first six months, Revenue Per Available Workstation
(REVPAW) increased by 9.3% over the same period last year driven
by month-on-month revenue increases.

The Group has seen growth in revenues and enhanced margins across
all three regions.  In particular, EMEA has progressed well by
increasing its revenues while reducing costs.  Organic revenue
growth in the Asia Pacific region has been supplemented by new
center openings in China, India, Japan and Korea in the first
half and the Americas continue to benefit from the acquisition of
HQ.

Commenting on the first six months performance, Chief Executive
Mark Dixon said: "Regus' performance continues to improve in line
with the Board's expectations.  Inquiries remain strong,
demonstrated by our healthy 12-month forward order book, which
was 15.3 % higher at 30 June 2005 than at the same date last year
on a comparable basis.  

"We enter the second half of 2005 well positioned to achieve our
objectives for the full year.  The Group will open new centres in
the second half of the year in Asia Pacific and the Americas,
which are expected to start contributing to the Group next year."

Regus will announce its interim results for the six months ended
30 June 2005 during the week commencing 12 September 2005.

CONTACT:  REGUS GROUP PLC
          3000 Hillswood Dr.
          Chertsey
          Surrey KT16 0RS, United Kingdom
          Phone: +44-1932-895-500
          Fax: +44-1932-895-501
          Web site: http://www.regus.com

          Financial Dynamics
          David Yates
          Richard Mountain
          Phone: +44 20 7269 7291


RENTOKIL INITIAL: Awaits GBP130 Mln Repayment from Ashtead
----------------------------------------------------------
Ashtead Group plc has disclosed details of a proposed
refinancing.  This would include the early repayment of the
GBP134 million unsecured convertible loan note received by
Rentokil Initial plc as partial consideration for the sale of its
U.S. plant services business in June 2000, and which is due for
repayment on 31 March 2008.

If the proposed refinancing is successfully completed prior to 15
August 2005, Rentokil Initial plc would receive an agreed early
repayment sum of GBP130 million, inclusive of all accrued
interest and in addition to the GBP3.5 million interest received
in April 2005.

The board of Rentokil Initial plc believes that early repayment
of the unsecured convertible loan note is in the best interests
of its shareholders given that it would remove the potential risk
of future payment default and eliminate the potential volatility
on future reported financial results under the new
International Financial Reporting Standards, particularly IAS39.

                            *   *   *

The company's restructuring became effective in June and the new
New Rentokil Initial shares were admitted to the Official List
and to trading on the London Stock Exchange's market for listed
securities at that time.  

In May, non-executive chairman Brian McGowan, said: "In trading
terms, the year has started off largely as expected, with a
deterioration in profits compared with the first four months of
2004.  This was due to the full effect of the significant
increases in the investment in sales, marketing, service, I.T.
and H.R., which were progressively fed in from May 2004 as well
as the ongoing challenges of a difficult, price competitive
market place.  These trends are likely to continue into the
second half."

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


ROBERT WISEMAN: First-quarter Sales Volume Up 12%
-------------------------------------------------
At the Annual General Meeting of the Board of Robert Wiseman
Dairies plc Thursday, Chairman Alan Wiseman said: "We are pleased
to report that sales volumes in the first three months of the new
financial year are satisfactory and are 12% ahead of last year's
first quarter.

"As expected, the new business with Tesco started in April and we
have been pleased with sales from our new store allocation.
Likewise, Pure, the new Extended Shelf Life milk for Tesco, was
launched in store and has had a promising start with sales
volumes building nicely in line with our expectations.

"We will continue servicing Wm Morrison until October 2005 as
previously announced, and are finalizing our plans for reducing
costs to mitigate the loss of this contract.

"Our new depot at Northampton is progressing satisfactorily and
is on schedule to be operational by November.  Planning for a new
dairy in South West England continues and discussions with local
authorities regarding planning are ongoing."

                            *   *   *

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

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

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

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


ROYAL MAIL: Reports Improvements in Service
-------------------------------------------
New figures from Royal Mail showed a 5% improvement in the amount
of U.K. mail delivered without loss, damage or substantial delay
during 2004-05 than in the preceding year.  More than 99.93% of
the 22 billion letters collected and delivered by Royal Mail were
last year delivered safely, to the correct address and without
substantial delay.

There was also an 11% rise in the number of inquiries and
complaints to Royal Mail’s customer call centers –- from
1,647,000 in 2003-04 to 1,824,000 last year, when mail services
were disrupted because of massive changes in Royal Mail’s network.

Royal Mail Operations Director Tom Melvin said: “Last year was a
period of massive, but necessary change.  Now we have moved on,
delivering the best quality service in ten years and still
improving.  But we aren’t complacent -– we take every problem and
complaint seriously.  We know we’ve a long way to go and need to
keep improving our service to customers.

“Because we want to improve, we’ve actively encouraged people to
tell us when we do get something wrong, or when a letter goes
astray.  Earlier this year we sent a leaflet to more than 27
million addresses, giving people advice on how to raise problems –
- both directly with Royal Mail and, if issues are not resolved,
with Postwatch.  Changed delivery times inevitably require a
period of adjustment, but it remains the case that fewer than one
letter in 10,000 prompts an inquiry or complaint to Royal Mail.

“However, despite the massive improvements in our overall
standard of service, there is still much more to do.  We will
never be satisfied with even a tiny percentage of customers’ mail
experiencing problems.  Over the course of last year we’ve worked
hard to address the real causes of problems, and have put
concrete, practical plans in place which will deliver the further
improvements in performance that our customers deserve.”

Just over 15 million letters out of 22 billion -– less than
0.07% -– were lost, did not arrive at the correct destination, or
did arrive at the correct address but with such a delay that they
were recorded as “lost.”  This represents an improvement of 45%
on the position three years ago, before Royal Mail’s Renewal Plan
was implemented, and an improvement of 5% over last year.

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


SML REALISATIONS: Hires KPMG Liquidators
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF SML Realisations Limited
                         (In Liquidation)

We, Blair Carnegie Nimmo and Gerard Anthony Friar, Chartered
Accountants, KPMG LLP, 191 West George Street, Glasgow G2 2LJ,
hereby give notice, that by Interlocutor of the Court of Session,
pursuant to section 140(1) of the Insolvency Act 1986, dated May
31, 2005, we were appointed joint liquidators of SML Realisations
Limited, having its registered office at c/o KPMG LLP, 3rd Floor,
191 West George Street, Glasgow G2 2LJ.

A creditors’ committee was established during the administration
proceedings.  Under Rule 4.61 of the Insolvency (Scotland) Rules
1986 the creditors’ committee is deemed to continue as the
liquidation committee.  Accordingly, I do not intend to summon
further meetings of creditors or contributories for the purpose
of establishing a liquidation committee unless one-tenth, in
value, of the creditors require it in terms of section 142(3) of
the Insolvency Act 1986.

Blair Carnegie Nimmo and Gerard Anthony Friar,
Joint Liquidators
June 27, 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


SOUTHAMPTON INSTITUTE: E&Y to Deliver Winding-up Report
-------------------------------------------------------
Notice is hereby given, pursuant to sections 93 and 94 of the
Insolvency Act 1986, that Annual and Final Meetings of the
Members of Southampton Institute Library Services Limited will be
held at 1 More London Place, London SE1 2AF, on Thursday 11
August 2005, at 11:00 a.m. and 11:05 a.m. .respectively, to
receive an account showing how the winding-up of the Company has
been conducted and its property disposed of and to hear any
explanation that may be furnished by the Joint Liquidators.

Any Member entitled to attend and vote is entitled to appoint a
proxy to attend and vote instead of him or her and such a proxy
need not be a Member. If you wish to appoint a proxy, a proxy
form should be lodged with me at Ernst & Young LLP, 1 More London
Place, London SE1 2AF, no later than 12.00 noon on Wednesday 10
August 2005.

P J Brazzill, Joint Liquidator

Southampton Institute is into library and archive services.

CONTACT:  SOUTHAMPTON INSTITUTE LIBRARY SERVICES LIMITED
          Southampton Institute, East Park Terrace,
          Southampton, Hampshire SO14 0YN
          Web site: http://www.solent.ac.uk/

          ERNST & YOUNG LLP
          1 More London Place, London SE1 2AF
          Contact:
          Patrick Joseph Brazzill, Liquidator
          Alan Lovett, Liquidator


SPARE PARTS: Shareholders Decide to Liquidate Firm
--------------------------------------------------
At an Extraordinary Meeting of the Members of Spare Parts
Services Limited, duly convened, and held on 28 June 2005, the
following Resolutions were duly passed as a Special Resolution,
an Ordinary Resolution, as Special Resolutions and as an Ordinary
Resolution respectively:

“That the Company be wound up voluntarily, that Simon Gwinnutt,
of Smith Cooper, be and he is hereby appointed Liquidator for the
purposes of winding-up the Company, that the said Simon Gwinnutt
be and he is hereby authorized to pay all classes of Creditors in
full and all such other matters as described in Part 1 to
Schedule 4 Insolvency Act 1986, and that the said Simon Gwinnutt
be and he is hereby authorized to receive in compensation or part
compensation for the transfer or sale of the assets, shares,
policies or other like interests for distribution among the
Members of the Company, and that the Liquidator’s remuneration
shall be fixed by reference to the time properly given by the
Liquidator and his staff in attending to matters arising in the
winding-up, including those falling outside his statutory duties
undertaken at the request of Members.”

F Castellini

                            *   *   *

Spare Parts is formerly Castellini (U.K.) Limited.  It supplies
and repairs dental equipment.

CONTACT:  SPARE PARTS SERVICES LIMITED
          Wilmot House, St James Court
          Friar Gate, Derby DE1 1BT

          Simon Gwinnutt
          Smith Cooper, Wilmot House
          St. James Court, Friar Gate, Derby
          Web site: http://www.smithcooper.co.uk/


SPARE PARTS: Creditors Have Until September to File Claims
----------------------------------------------------------
Notice is hereby given that I, Simon Gwinnutt, of Smith Cooper,
Wilmot House, St James Court, Friar Gate, Derby DE1 1BT, was
appointed Liquidator by the Members of Spare Parts Services
Limited (formerly Castellini (U.K.) Limited) on 28 June 2005.

The Creditors of the above-named Company, are required, on or
before 30 September 2005, to send their names and addresses and
the particulars of their claims and the names and addresses of
their Solicitors, if any, to Simon Gwinnutt, Smith Cooper, Wilmot
House, St James Court, Friar Gate, Derby DE1 1BT, the Liquidator
of the said Company, and if so required by notice in writing from
the Liquidator, either by their Solicitors or personally, to come
in and prove their debt or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debt are proved.

S Gwinnutt, Liquidator

                            *   *   *

Spare Parts is formerly Castellini (U.K.) Limited.  It supplies
and repairs dental equipment.

CONTACT:  SMITH COOPER
          Wilmot House, St James Court, Friar Gate
          Derby DE1 1BT
          Contact:
          Simon Gwinnutt, Liquidator
          Web site: http://www.smithcooper.co.uk/


TAMARA D: Creditors Meeting Set Friday
--------------------------------------
The creditors of Tamara D Limited (Company No 05170639) will meet
on July 15, 2005 at 11:00 a.m.   It will be held at Mercer &
Hole, 72 London Road, St Albans, Hertfordshire AL1 1NS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Steven Leslie Smith and James Richard Harries,
both of Mercer & Hole, 72 London Road, St Albans, Hertfordshire
AL1 1NS not later than 12:00 noon, July 14, 2005.

CONTACT:  MERCER & HOLE
          Gloucester House
          72 London Road
          St Albans
          Hertfordshire AL1 1NS
          Phone: 01727 869141
          Fax: 01727 869149
          E-mail: stevesmith@mercerhole.co.uk


THE JOINT INSOLVENCY: Appoints KPMG Liquidator
----------------------------------------------
At an Extraordinary General Meeting of The Joint Insolvency
Monitoring Unit Limited, duly convened, and held at 100
Barbirolli Square, Manchester M2 3AB, on 21 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 Stephen
Treharne, of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB, be
and is hereby appointed Liquidator for the purpose of such
winding-up.”

K Ross, 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


THOMAS ANDERSON: Wood Product Manufacturer Names Administrator
--------------------------------------------------------------
Name of company: THOMAS ANDERSON FURNISHINGS LIMITED
                 (Company No 05057200)

Nature of Business: Manufacture of Other Products of Wood

Trade Classification: 2051

Date of Appointment: June 28, 2005

Administrators’ Names and Address: Jonathan Lord (IP No 9041) and
Robert Cooksey (IP No 9040), both of Bridgestones, 125-127 Union
Street, Oldham, Lancashire OL1 1TE

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


UNIQ PLC: New CEO to Take over Next Month
-----------------------------------------
Uniq Plc, the European convenience food group, has appointed
Geoff Eaton as Group Chief Executive with effect from 1 August
2005.

A Chartered Accountant, Mr. Eaton has held a number of senior
positions in general management and corporate development, most
recently as Chief Executive of ISIS Research, the fast-growing
international service business.  

Prior to that he was with Tomkins plc where he served as an
Executive Director at RHM in U.K., as Executive Vice President
with the Gates Corporation in the U.S.A. and as Head of Corporate
Development for the Tomkins group.

Nigel Stapleton, Chairman, said: "Geoff will bring to the Company
highly relevant general management, commercial and corporate
development experience, with a successful track record in
corporate transactions.  His strategic clarity and leadership
qualities will complement the skills of the three Divisional
Managing Directors and the central team in executing successfully
the strategic development of Uniq."

Geoff Eaton, BA Econ (Manchester University), 46, qualified as a
Chartered Accountant with Arthur Andersen in 1983 working in
London and Hong Kong.  He moved to Hill Samuel corporate finance
in 1986 and joined Tomkins plc early in its development in 1988.  
During his time at Tomkins, the group developed sales of GBP300
million to sales of GBP5 billion.

From 1992 to 1995, he was an Executive Director of RHM following
its acquisition by Tomkins when a significant turnaround was
achieved.  In 1996, Mr. Eaton led the team responsible for the
acquisition of Gates Corporation by Tomkins, a global engineering
company headquartered in Denver Colorado and was appointed
Executive Vice President of Gates during which time the company
grew successfully through the acquisitions of Stant Corporation
and Schrader Bridgeport.  

In 1998, Mr. Eaton returned to the U.K. to head up Corporate
Development for Tomkins worldwide to facilitate the refocusing of
the group on engineering and building products following the sale
of RHM.  In 2001, he was appointed CEO of ISIS Research.

Remuneration

Mr. Eaton's remuneration at Uniq includes a base salary of
GBP330,000, cash in lieu of pension of 20% of salary, eligibility
for an annual cash bonus on achievement of pre-agreed targets
with a maximum payout of 120% of salary in a full year for
exceptionally good performance and Performance Incentive Shares
to the value of one times salary subject to performance
conditions.

In addition, he will purchase GBP100,000 worth of Uniq shares and
be awarded Matching Shares on a 2:1 ratio on equivalent terms and
subject to the same performance conditions as under the existing
PIP Matching Scheme approved by shareholders.

CONTACT:  UNIQ PLC
          1 Chalfont Park
          Gerrards Cross
          Buckinghamshire SL9 0UN
          Phone: +44-1753-276-000
          Fax: +44-1753-276-071
          Web site: http://www.uniq.com

          GAINSBOROUGH
          Julian Walker
          Phone: 020 7190 1705


WEATHERGUARD SYSTEMS: Appoints Liquidator from Tenon Recovery
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Weatherguard Systems Ltd.
                        (In Liquidation)

I, Christine Convy, of Tenon Recovery, 44 Victoria Road,
Kirkcaldy KY1 1DH, hereby give notice that on June 29, 2005, I
was appointed Liquidator of Weatherguard Systems Limited by a
Resolution of the First Meeting of Creditors held in terms of
section 138(3) of the Insolvency Act 1986.  No Liquidation
Committee was established.  Accordingly, I hereby give notice
that I do not intend to summon a further Meeting for the purpose
of establishing a Liquidation Committee unless one-tenth, in
value, of the Creditors require it in terms of section 142(3) of
the Insolvency Act 1986.

C. Convy, Liquidator

CONTACT:  TENON RECOVERY
          44 Victoria Road
          Kirkcaldy KY1 1DH
          Phone: 01592 263212
          Fax: 01592 641180
          E-mail: kirkcaldy@tenongroup.com
          Web site: http://www.tenongroup.com


WOOLWORTHS GROUP: Moody's Confirms Ba1 Rating
---------------------------------------------
Moody's Investors Service changed the outlook for Woolworths
Group Plc to negative from stable.  Concurrently, Moody's
confirms Woolworths' issuer rating of Ba1.  This concludes the
review initiated on March 2, 2005.

The negative outlook reflects Moody's opinion that,
notwithstanding the steps taken by management to focus its retail
estate by rationalizing Big W and seeking to dispose MVC, and
their achievements in growing its entertainment wholesale and
publishing division, the group's medium-term prospects remain
difficult to ascertain.  In Moody's view, restoring top line
sales and improving operating profitability at Woolworths' main-
chain represents an ongoing challenge for the group.  

Moody's regards the sales uplift generated from the new format
stores (the 10/10 program) as encouraging, particularly in the
first year, but notes that to date only a small percentage of the
store network has been updated and consequently the impact on
group operating performance has been modest.  The pace of the
group's refit programs will be an important element in
stabilizing overall sales but require management to continue to
balance capital expenditure requirements against operating cash
flows and leverage.

Woolworths' rating continues to reflect the group's reliance on
the Christmas trading period and top line volatility of
entertainment products, which are impacted by release schedules
and popularity of releases.  Whilst Woolworths' on balance sheet
debt is low with only GPB99.6 million of debt on balance sheet as
of FY05, its estate is entirely leasehold, resulting in a high
lease and pension adjusted net leverage of 4.4x.  

Additionally, the group utilizes its GPB250 million revolving
credit facility to meet seasonal working capital movements during
the course of the year, resulting in average debt balances higher
than at yearend.  Woolworths' gross pension deficit amounted to
GBP98 million as of FY05, however Moody's notes the fact the
group is making sizeable cash contributions of GBP16 million per
annum to reduce the deficit over time.

Positively, Woolworths' Ba1 rating continues to be supported by
the group's national retail presence and strong market shares in
a number of retail segments, e.g. toys, confectionery, children's
clothing and homeware.  The rating also positively factors in the
group's fast growing entertainment wholesale and publishing
division i.e. EntertainmentUK (EUK) and 2entertain, its joint
venture with the BBC.  In particular, the rating benefits from
the growth in scale of these businesses as an additional source
of revenues and their increasing contribution to the consolidated
group's cash flows.

The outlook could stabilize if the negative trend in EBIT margins
over the past three years is reversed, if the group can deliver
top-line growth and RCF/net adjusted debt approaching 15%.  
Conversely, ratings could fall if EBIT margins fall below 2%,
RCF/net adjusted debt in the low teens and net adjusted leverage
exceeds 4.5x.

Headquartered in London, U.K., Woolworths Group plc is a major
U.K. retailer.  For the fiscal year ended January 2004, the
company reported net sales of GBP2.8 billion.

CONTACT:  MOODY'S FRANCE S.A. (PARIS)
          Eric de Bodard, Managing Director
          Corporate Finance
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Amanda Neff, VP - Senior Credit Officer
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


WYVERN FURNITURE: Management Buyout Saves 200 Jobs
--------------------------------------------------
Two companies belonging to the Christie Tyler Group were
reportedly bought out of receivership by their management, saving
over 200 jobs in the process.

According to the Birmingham Post, managing director Len Hughes
led the buyout of Wyvern Furniture Limited and its distribution
unit Earlybird Furniture Limited, after parent company Christie
Tyler called in receivers from Ernst & Young last week.

Mr. Hughes, who has been managing Wyvern Furniture for 15 years,
was supported by finance director Keith Williams, design director
Richard Thatcher, and operation and production director Simon
Townsend.

The team, which was said to have doled out an undisclosed seven-
figure sum for the takeover, expressed hope for the firms to
resume operations under the same name, maintaining the employees
at the two factories.  Mr. Hughes was positive about the steady
growth of Wyvern Furniture, which has a turnover of about GBP16
million.

On July 1, the two companies, along with five other Christie
Tyler subsidiaries fell into administrative receivership.  Ernst
& Young, in a statement, disclosed the companies had for some
time struggled amid increasing overseas competition, and more
recently, weaker retail trading, as consumer demand declined in
the U.K.  Some of the businesses of Christie Tyler have been sold
on a solvent basis to Sofa Brands International Limited.

CONTACT:  WYVERN FURNITURE LIMITED
          Units 13 / 15
          Hartlebury Trading Estate
          Hartlebury
          Kidderminster
          Worcestershire
          DY10 4JB
          Phone: 01299 251 100
          Fax: 01299 251 836

          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


                            *********


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-
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Julybien Atadero and Jay Malaga, Editors.

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

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