TCREUR_Public/050712.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, July 12, 2005, Vol. 6, No. 136

                            Headlines

B U L G A R I A

CHIMCO AD: Auditor Questions Accounting of Depreciation Costs
MOBILTEL AD: Telekom Austria Takeover Good for Ratings, Says S&P


C Z E C H   R E P U B L I C

CONNEXION VOYAGES: It's the End of the Road for Tour Operator


G E R M A N Y

CELANESE CORPORATION: Sells Emulsion Powders Biz for US$25.5 Mln
DIREKTPROM GMBH: Court to Verify Claims September
EMPRISE MANAGEMENT: Assumes Majority Stake at PIKOS
FARBE UND TECHNIK: Under Bankruptcy Administration
FJH AG: First-quarter Profits Reach EUR1 Million

FRANZ KREUZER: Creditors' Claims Due Next Week
HHB GMBH: Court Appoints Dr. Wazlawik Administrator
KELLERMANN BAU: Proofs of Claim Due August
LKK BAU: Creditors Meeting Set September
PLAYHAUS GMBH: Essen Court Appoints Administrator

WELLPAC MOBELWERKE: MBG Acquires Loss-making Kitchen Maker
WOLFGANG VATH: Falls into Bankruptcy
ZAPF CREATION: Supervisory Board Chairman Quits


I T A L Y

TISCALI SPA: Finance Unit Repays Outstanding Bonds


N E T H E R L A N D S

LYCOS EUROPE: EUR3.8 Mln Restructuring Costs to Hit Q2 Results


N O R W A Y

AKER KVAERNER: Moves Headquarters to Save on Rent


P O L A N D

CENTRAL EUROPEAN: EUR310 Million Notes Rated 'B-'


R U S S I A

AUTO-GAS: Creditors' Claims Due Later this Month
BELOVO-INVEST-SERVICE: External Insolvency Manager Steps in
BRYANSK-RYB-KHOZ: Succumbs to Insolvency
COM-BUSINESS: Court Names E. Semenova Insolvency Manager
INZH-DOR-STROY: Bankruptcy Hearing Resumes Mid-September

IVANOVO-LADA: Gives Creditors Until Next Month to File Claims
KHOLM-ZHIRKI-AGRO-TEKH-SERVICE: Declared Insolvent
LENINSK-KUZNETSKIY: Bankruptcy Proceedings Begin
NYAGAN-LES-STROY-SERVICE: Under Bankruptcy Supervision
SARAPUL-MILK: Claims Deadline Expires Later this Month


S W I T Z E R L A N D

BARRY CALLEBAUT: Intensifies Shakeup at Consumer Products Europe
BARRY CALLEBAUT: Ratings Affirmed on Restructuring Announcement
SWISS INTERNATIONAL: Saab Flights Safe Contrary to Pilots' Claim


U K R A I N E

EKRAN: Insolvency Manager Takes over Operations
ELEKTROTEHNIKA: Succumbs to Insolvency
ELIT-CENTRE: Kyiv Court Names Andrij Fomenko Liquidator
FORTEX-TRADE: Goes Bust
NJSC NAFTOGAZ: Assigned B1 Corporate Family Rating

PALIVNA SPILKA: Under Bankruptcy Supervision
POBUT: Lugansk Court Appoints Temporary Insolvency Manager
PROPANGAZSERVICE: Bankruptcy Supervision Begins
UMANSKE: Liquidator Takes over Helm
UNIKOM-AGRO: Oleksandr Suprunov to Liquidate Company
TROYANDA: Zaporizhya Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ABBEY CARS: Creditors Decide to Wind up Taxi Operator
ACORDIS UK: Initial Meeting of Creditors Set this Month
ARC RISK: Security Unit's Clients Swell to 750,000
CHESTER PROPERTIES: Members Decide to Wind up Firm
CITYPHONE INTERNATIONAL: Liquidator Calls Creditors Meeting

DA INTERIORS: Creditors to Meet Next Month
DAWSON ROAD: Winding-up Resolutions Passed
DUFFIN LIMITED: In Voluntary Liquidation
GLOBAL BRANDS: Calls in Administrators
HORTON & ARLIDGE: Winding-up Resolutions Passed

IMPAC LIMITED: Winding-up Report Out Next Month
KAWASAKI MOTORS: Appoints Ernst & Young Liquidator
KEENE & CO.: Members Call in Liquidators
K.W. PRODUCTS: Members Appoint Liquidators
MARKS & SPENCER: Analysts Predict Lower Sales, Profit

MATRIX (NOTTINGHAM): Bibby Factors Calls in Receiver
MG ROVER: SAIC Torpedoes Another Rescue Deal
MG ROVER: SAIC Head to Visit U.K.
MISYS PLC: Buys Software Firm Almonde for EUR15 Million
M.Y. AYLESHAM: In Voluntary Liquidation

NETWORK RAIL: Directors' Bonus Scheme Hit; Chairman Cries Foul
NORTH LONDON: Liquidator to Present Final Report August
PHONE DIRECT: To Hold Creditors Meeting Later this Month
PRINCIPAL NURSING: Under Administration
QUESTOR FINANCIAL: Creditors Meeting Set August

ROXSPUR MANAGEMENT: Creditors Meeting Set Next Week
THERMAL ENGINEERING: Calls in Administrators from Deloitte
THERMAL ENGINEERING: Business for Sale
THOMAS BUSHILL: Members Appoint Liquidator
THYME RESTAURANT: In Receivership or Not?

TILESMART LIMITED: Succumbs to Administration
TTG EUROPE: Creditors Meeting Set Next Week
UP MEX: Administrators from Kroll Move in
VIBRATION ENGINEERING: Under Administration
WM MORRISON: Sir Ken's Successor Known Soon
WORKPLACE LIMITED: Shareholders Opt for Liquidation

* Large Companies with Insolvent Balance Sheets


                            *********


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


CHIMCO AD: Auditor Questions Accounting of Depreciation Costs
-------------------------------------------------------------
Chimco AD's auditor has raised suspicions over the company's
depreciation charges, which jacked up its annual loss fourfold.

The auditor said the Bulgarian fertilizer maker should not
record depreciation costs of BGN75.064 million and its assets
should not be amortized since it did not post sales income or
gain economic benefits from them in 2004.  According to PARI
Daily, the auditor also questioned the company's assets, noting
it does not have enough evidence to prove their existence and
assess their value.

The depreciation cost raised the company's losses to BGN80.951
million.  In previous years, Chimco's losses averaged between
BGN15 million and BGN20 million.

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

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

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


MOBILTEL AD: Telekom Austria Takeover Good for Ratings, Says S&P
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating on Bulgaria-based mobile
telecommunications operator Mobiltel AD and its 'BB+' senior
secured debt rating on related entity Mobiltel Finance B.V. on
CreditWatch with positive implications pending the completion of
the purchase of Mobiltel by Austria-based integrated telecoms
operator Telekom Austria AG (TA; BBB+/Stable/A-2).

"The CreditWatch placement follows TA's exercising of its option
to purchase 100% of Mobiltel's share capital in mid-July 2005,"
said Standard & Poor's credit analyst Michael O'Brien.
"Standard & Poor's believes that the change in Mobiltel's
ownership will enhance the credit quality of the company,
depending on the terms of any financial or operational support
TA might provide when the transaction is completed."

TA's intentions regarding the financing arrangements currently
in place at Mobiltel, however, have yet to be confirmed.  If TA
were to keep some or all of the debt in place, the effect on the
credit ratings on Mobiltel would be dependent on a number of
items.  Principally it would depend on the amount of remaining
debt as well as the strategic or financial support we would
estimate to be provided by TA.

"The effect on the ratings will be determined by Standard &
Poor's, and the CreditWatch placement resolved, as soon as is
practical after the debt structure is evident and the
transaction closes," added Mr. O'Brien.  "A rating equalization
with TA is possible, but not assured, and would depend upon the
support that the Austrian company would effectively provide to
Mobiltel in its role as 100% owner of the company."

Standard & Poor's notes that the new ownership structure is not
considered by Mobiltel to represent a change of control under
the terms of the company's notes, which would have given rise to
a redemption option for noteholders and the need to refinance
the notes.

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

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


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


CONNEXION VOYAGES: It's the End of the Road for Tour Operator
-------------------------------------------------------------
Travel agency Connexion Voyages is bankrupt, according to Czech
News Agency.

The group's 100 clients, who have already paid for their package
tours, can recover their money through insurer Ceska Pojistovna.
The insurer has already assured the return of three clients, who
are currently on tour abroad.

According to the report, Connexion's collapse is the first for
this year for a local tour operator.  Between five to six tour
operators went bust in 2004.  Connexion Voyages sells package
tours to France, Andorra, Cyprus and Greece from their offices
in Prague, Versailles and Nice, France.  The group also sells
airline tickets.  Gabriel Chatzizivas and Vera Chatzizivasova
jointly own connexion Voyages.

CONTACT:  CONNEXION VOYAGES
          Pasaz J. Grossmanna
          Politickych veznu 14/915
          110 00 Praha 1
          Phone: 224 236 902
          Fax: 224 236 901
          E-mail: prague@connexion-voyages.com
          Web site: http://www.connexion-voyages.com

          CESKA POJISTOVNA a.s.
          Ulice Spalena 16
          PSC 110 00
          Obec Praha 1
          E-mail: cpas@cspoj.cz
          Web site: http://www.cpoj.cz


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


CELANESE CORPORATION: Sells Emulsion Powders Biz for US$25.5 Mln
----------------------------------------------------------------
Celanese Corporation signed an agreement to sell its emulsion
powders business to National Starch and Chemical Company (NSC)
and to Elotex AG, both subsidiaries of Imperial Chemical
Industries PLC (ICI) for US$25.5 million.  Closing of the
transaction is subject to regulatory review and approval.

The divestment is in line with Celanese's strategy of focusing
on those core businesses in which it holds leading market and
technology positions.

The Celanese emulsion powders business recorded net sales of
US$40 million (EUR32 million) in 2004 and has about 50
employees, all based in Germany.  Re-dispersible emulsion
powders are used in the building and construction industry,
primarily for ceramic tile adhesives and surface coatings.

Celanese Corporation (NYSE:CE) is an integrated global producer
of value-added industrial chemicals based in Dallas, Texas.  The
Company has four major businesses: Chemicals Products, Technical
Polymers Ticona, Acetate Products and Performance Products.
Celanese has production plants in 12 countries in North America,
Europe and Asia. In 2004, Celanese Corporation and its
predecessor had combined net sales of $5.1 billion.  The
presentation of combined net sales of Celanese Corporation with
its predecessor is not in accordance with U.S. GAAP. For more
information on Celanese Corporation including a reconciliation
of the combined net sales, please visit http://www.celanese.com.

                            *   *   *

In January, Standard & Poor's Ratings Services assigned its 'B+'
rating and its recovery rating of '3' to US$2.8 billion of
senior secured credit facilities of Dallas, Texas-based chemical
producer BCP Crystal U.S. Holdings Corp., a subsidiary of
Celanese Corp.  The outlook is revised to positive from
negative.

Standard & Poor's also affirmed its 'B+' corporate credit
ratings on BCP Crystal U.S. Holdings and its Germany-based
subsidiary, Celanese AG.  In addition, Standard & Poor's
affirmed its 'B+' corporate credit and senior unsecured debt
ratings on Acetex Corp., which is being acquired by Celanese
Corp., and revised the outlook to positive from negative.

The outlook revision reflects the potential that improving
earnings, debt reduction, and Celanese Corp.'s financial
policies would enable debt leverage measures to gradually
strengthen to more-than-satisfactory levels within the next few
years.  The 'B+' and the '3' recovery rating indicate that
lenders of the senior secured credit facilities can expect a
meaningful (50%-80%) recovery of principal in the event of
default.

Celanese Corporation is the new name for Blackstone Crystal
Holdings Capital Partners (Cayman) IV Ltd. (the controlling
legal entity of Celanese subsequent to the successful takeover
of Celanese AG by Blackstone).

Celanese Corp. is headquartered in Dallas, Texas, and is the
parent company of Celanese's North American operations and
Celanese AG.  Celanese AG is the holding company for Celanese's
European operations and most of its Asian activities.

Celanese's corporate credit is rated 'B+' by Standard & Poor's.

CONTACT:  CELANESE CORPORATION
          Media Relations
          USA Europe
          Jeanne Cullers
          Phone: +1 972 443 4824
          Telefax: +1 972 443 8611
          E-mail: JECullers@celanese.com
          or
          Media Relations
          Michael Kraft
          Phone: +49 69 30514072
          Telefax: +49 69305 36787
          E-mail: M.Kraft@celanese.com
          or
          Investor Relations
          Mark Oberle
          Phone: +1 972 443 4464
          Telefax: +1 972 443 8519
          E-mail: Mark.Oberle@celanese.com


DIREKTPROM GMBH: Court to Verify Claims September
-------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Direktprom GmbH on June 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 29, 2005 to register their claims with
court-appointed provisional administrator Dr. Tobias Schulze.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 9:30 a.m. at the district
court of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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:  DIREKTPROM GmbH
          Contact:
          Andreas Weisske, Manager
          Rostocker Strasse 28, 18069 Lambrechtshagen

          Dr. Tobias Schulze, Administrator
          Am Campus 1-11, 18182 Bentwisch


EMPRISE MANAGEMENT: Assumes Majority Stake at PIKOS
---------------------------------------------------
Hamburg-based EMPRISE Management Consulting AG has acquired an
80% share in Bonn-based PIKOS GmbH.  Both parties agreed not to
disclose the purchase price.

PIKOS GmbH specializes in the development and sale of software
solutions for process optimization.  The acquisition by EMPRISE
also includes the Bonapart software, which is a competitor of
IDS Scheer's Aris software, among others.

Since its market launch 13 years ago, Bonapart has been
installed at more than 480 customers in 32 countries including
IBM Global Financing, Porsche, Siemens, Schering, Deutsche Post,
Sony Europe and the U.S. Army.

Kurt Wiener will remain CEO of PIKOS after the company's
integration into the EMPRISE Group.  The Bonn-based company
expects to generate licensing revenues in excess of EUR1 million
in 2005.

EMPRISE and PIKOS have been collaborating in process
optimization projects since July 2004.

Joachim Regenbogen, CEO of EMPRISE AG, said: "PIKOS is a perfect
match for us.  The acquisition enables us to combine our
industry and consulting expertise for process optimization with
the software provided by PIKOS.  The company also contributes a
large international customer base to the EMPRISE Group.

"In the future, we will generate income from "Bonapart" licenses
and from the services which PIKOS previously outsourced to
external consultants.  Furthermore, with the acquisition of
PIKOS, EMPRISE becomes the second largest tool-provider of
business process analysis."

Kurt Wiener, CEO of PIKOS GmbH, said: "We benefit in all
respects from becoming a part of the EMPRISE Group.  For one, it
improves our market leverage.  In addition, EMPRISE also
provides marketing and accounting support.  At the same time, we
will continue to operate as an independent company in the
market."

                            *   *   *

Emprise Management's first quarter sales fell to EUR5.6 million
(previous year: EUR5.8 million) due to seasonal influences.
Earnings before interest, taxes, depreciation and goodwill
amortization (EBITDA) fell to EUR53,000 (previous year:
EUR95,000).  The net loss for the period fell to EUR142,000
(previous year: EUR255,000), bringing accumulated losses to
EUR7,333,000.

EMPRISE's latest financial report is available free of charge at
http://bankrupt.com/misc/EmpriseManagement(Q12005).pdf

CONTACT:  EMPRISE MANAGEMENT CONSULTING AG
          Humboldtstr. 62
          22083 Hamburg
          Deutschland
          Phone: +49 (40) 27072 134
          Fax: +49 (40) 27072 139
          Web site: http://www.emprise.de
          Contact:
          Tobias Erfurth
          E-mail: ir@emprise.de


FARBE UND TECHNIK: Under Bankruptcy Administration
--------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Farbe und Technik Malerbetriebs GmbH on June 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 30, 2005
to register their claims with court-appointed provisional
administrator Dr. Hans von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting on September 8, 2005, 9:20 a.m. at the district
court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  FARBE UND TECHNIK MALERBETRIEBS GmbH
          Brudermuehlstr. 6 in 81371 Muenchen

          Dr. Hans von Gleichenstein, Administrator
          Rottmannstr. 11a, 80333 Muenchen
          Phone: 089/5427300


FJH AG: First-quarter Profits Reach EUR1 Million
------------------------------------------------
The Prime Standard-listed consulting and software firm, FJH AG,
has released its preliminary figures for the first quarter of
2005.

The company posted revenues of around EUR13 million (Q1 2004:
EUR19.1 million), while profits stand at around EUR1 million (Q1
2004: EUR-3.2 million).  HEUBECK AG, which was deconsolidated
during the first quarter of 2005, was no longer included in the
results.  Several special items also flowed into the figures,
particularly the dissolving of reserves from the previous year.
Initial positive effects of the initiated restructuring are
already evident.

To further finance its restructuring, the company disclosed
several corporate actions in June.  In the first stage, an
investor-guaranteed convertible bond in the amount of EUR7.9
million was issued, and a capital increase was carried out in
the amount of EUR1.7 million under the exclusion of subscription
rights.

The convertible bond was oversubscribed and the capital increase
was also fully subscribed.  The Baader Wertpapier Handelsbank AG
was commissioned with the execution and placement of the two
corporate actions.

The funds from the convertible bond and the funds from the
capital increase will flow to the company during this week.
In a second stage, a further capital increase will be carried
out during the course of the year.  With this, the company will
ensure a continuous flow of capital, further strengthen the
capital base for restructuring the company and improve the
equity capital endowment.

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


FRANZ KREUZER: Creditors' Claims Due Next Week
----------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Franz Kreuzer Kaminbau GmbH on June 15.  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 Simona Fix.

Creditors and other interested parties are encouraged to attend
the meeting on September 9, 2005, 8:40 a.m. at the district
court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  FRANZ KREUZER KAMINBAU GmbH
          Willstatterstr. 19 in 80999 Muenchen

          Simona Fix, Administrator
          Lindwurmstr. 25, 80337 Muenchen
          Phone: 089/55968820
          Fax: 089/55968855


HHB GMBH: Court Appoints Dr. Wazlawik Administrator
---------------------------------------------------
The district court of Passau opened bankruptcy proceedings
against HHB GmbH & Co. Silver Lake City KG on June 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 1, 2005
to register their claims with court-appointed provisional
administrator Dr. Thomas Wazlawik.

Creditors and other interested parties are encouraged to attend
the meeting on August 22, 2005, 11:00 a.m. at the district court
of Passau, Sitzungssaal, Zi.Nr. 12/EG, Schustergasse 4, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report on September 26, 2005,
11:00 a.m. at the same venue.

CONTACT:  HHB GmbH & CO. SILVER LAKE CITY KG
          Neuburger Str. 73 in 94032 Passau

          Dr. Thomas Wazlawik, Administrator
          Luragogasse 5, 94032 Passau
          Phone: 0851/490548-0
          Fax: 0851/490548-9


KELLERMANN BAU: Proofs of Claim Due August
------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Kellermann Bau GmbH on June 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 8, 2005 to register their
claims with court-appointed provisional administrator Dr. Kurt
Bruder.

Creditors and other interested parties are encouraged to attend
the meeting on August 2, 2005, 9:40 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 101, at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report on September 7, 2005, 9:20
a.m. at the same venue.

CONTACT:  KELLERMANN BAU GmbH
          Zeppelinstr. 15 in 85748 Garching

          Dr. Kurt Bruder, Administrator
          Herzog-Wilhelm-Str. 17, 80331 Muenchen
          Phone: 089/236858-0
          Fax: 089/2603440


LKK BAU: Creditors Meeting Set September
----------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against LKK Bau GmbH Landschafts-, Kabel- und Kanalbau on June
15.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until August 1,
2005 to register their claims with court-appointed provisional
administrator Barbara Beutler.

Creditors and other interested parties are encouraged to attend
the meeting on September 7, 2005, 9:30 a.m. at the district
court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  LKK BAU GmbH LANDSCHAFTS-, KABEL- UND KANALBAU,
          Zunftstrasse 17 h in 85540 Haar

          Barbara Beutler, Administrator
          Schwanthalerstr. 32, 80336 Muenchen


PLAYHAUS GMBH: Essen Court Appoints Administrator
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Playhaus GmbH 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, 2:15 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:  PLAYHAUS GmbH
          Rellinghauser Strasse 165, 45128 Essen
          Contact:
          Rolf Nierfeld, Manager

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


WELLPAC MOBELWERKE: MBG Acquires Loss-making Kitchen Maker
----------------------------------------------------------
Wellpac Mobelwerke, maker of self-assembly kitchen, now has a
new owner following its sale to MBG Mittelstandsbeteiligungs-
und Beratungsgesellschaft, Borsen Zeitung says.

Wellpac booked EUR18.4 million in losses in 2004, forcing its
parent, Alno AG, to cut a deal with MBG, which invests in
medium-sized companies.  The deal was backdated to July 1, 2005.

Alno acquired Wellpac in late 2003 as part of its takeover of
rival Casawell Service.  Alno considers Wellpac as part of its
non-core activities.

Hiddenhausen-based Wellpac Mobelwerke GmbH is one of the
remaining local self-assembly kitchen manufacturers.  The group
offers an all-round range of kitchens, from add-on to high
quality fitted kitchens in boxes.

CONTACT:  WELLPAC MOBELWERKE GMBH
          Industriestrasse 77
          32120 Hiddenhausen
          Phone: 05223-165700

          ALNO AG
          Heiligenbergerstrasse 47
          88630 Pfullendorf
          Phone: + 49 (0) 75 52/21-3316
          Fax: + 49 (0) 7552/21-3400
          E-mail: marion.eisenblaetter@alno.de
          Web site: http://www.alno.de

          MB MITTELSTANDSBETEILIGUNGS- UND BERATUNGSGES mbH
          Chemnitzer Str. 81
          09599 Freiberg


WOLFGANG VATH: Falls into Bankruptcy
------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Wolfgang Vath GmbH on June 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 19, 2005 to register their
claims with court-appointed provisional administrator Dr.
Alexander Hopfner.

Creditors and other interested parties are encouraged to attend
the meeting on August 30, 2005, 9:00 a.m. at the district court
of Darmstadt, Zimmer 4, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  WOLFGANG VATH GmbH
          Bismarckstr. 14A, 64653 Lorsch
          Contact:
          Wolfgang Otto Vath, Manager

          Dr. Alexander Hopfner, Administrator
          Darmstadter Str. 43, 64646 Heppenheim
          Phone: 06252/6739988
          Fax: 06252/6739989


ZAPF CREATION: Supervisory Board Chairman Quits
-----------------------------------------------
The supervisory board chairman of troubled doll-maker Zapf
creation has resigned, Borsen Zeitung says.

The resignation of Dietmar Scheiter is effective August 5, 2005.
He leaves the company after joining it in March 1999.  Mr.
Scheiter, who also serves as chairman of local office supply
group Triumph-Adler, was recently given another five years to
continue at his post.  Zapf declined to reveal further
information on Mr. Scheiter's resignation but denied the action
was part of the group's current restructuring.

Due to replace Mr. Scheiter is Martin Gruschka, managing
director at the local arm of U.S. private equity group
Springwater Capital.

Zapf Creation is currently implementing an extensive
restructuring program to protect its fast-fading profit.  Zapf
plans to make cheaper dolls targeting the U.S. market as well as
restructure its sales structure in the area.  The group also
plans to cut 135 of its 435 jobs and convert its Italian and
Czech units into pure sales companies.  According to management
board chairman Thomas Eichhorn, Zapf has to shed around EUR4
million to finance the restructuring, which after its
implementation would help the group save EUR17 million.

                            *   *   *

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

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


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


TISCALI SPA: Finance Unit Repays Outstanding Bonds
--------------------------------------------------
Tiscali S.p.A. said its subsidiary Tiscali Finance S.A. has
reimbursed the outstanding bonds due Thursday for a nominal
value of EUR250 million and interests of c.EUR3.5 million.

                            *   *   *

Headquartered in Cagliari, Italy, Internet provider Tiscali
counts more than 7 million subscribers, of which more than 1.5
million are broadband users.  It has been selling non-core
assets to raise money to cover a EUR250 million bond maturing
this July.  As of March 31, the group had financial resources of
EUR180.2 million, and net debt of EUR381.7 million.  Pre-tax
loss in the first-quarter is EUR17.9 million.  Its senior
unsecured debt is rated 'CCC+' by Fitch.  Its short-term rating
is at 'B'.  Tiscali Finance S.A.'s EUR250 million guaranteed
floating-rate notes due in July 2005 and its EUR209.5 million
guaranteed equity-linked bonds due in September 2006 are rated
'CCC+'.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


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


LYCOS EUROPE: EUR3.8 Mln Restructuring Costs to Hit Q2 Results
--------------------------------------------------------------
LYCOS Europe N.V. has carried out the core measures of its cost-
optimization program revealed at the end of 2004 in the second
quarter of 2005, i.e. one quarter earlier than planned.

The plan is to save around EUR30 million per year through the
cost-optimization program, thus laying the foundation for a
balanced financial performance in the full financial year 2006.
Contrary to the original plan, the restructuring charges for the
second quarter 2005 will increase from around EUR1.5 million to
around EUR3.8 million as a result of the successful
implementation of core measures brought forward from the third
to the second quarter of 2005, such as the centralization of
product units.  This will result in a reduction of the EBITDA
for this period.  The overall restructuring expenditure in the
year 2005 remains unaffected by this.

LYCOS Europe N.V. will be publishing the complete report on the
second quarter 2005 and on the first six months of the current
financial year on 26 July 2005.

                            *   *   *

Based on net results, LYCOS Europe expects to achieve breakeven
for the full year 2006.  Accelerated growth in the main revenue
drivers of paid services & shopping as well as Internet access
coming along with a cost optimization program starting in 2005
forms the basis of this objective target.

CONTACT:  LYCOS EUROPE N.V.
          Richard Holkade 36
          2033 PZ Haarlem
          Niederlande
          Web site: http://www.lycos-europe.com

          Sandra Steltenkamp
          Manager, Investor Relations
          Phone: +49-(0) 5241-80-71053
          Fax: +49-(0) 5241-80-671101
          E-mail: sandra.steltenkamp@lycos-europe.com


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


AKER KVAERNER: Moves Headquarters to Save on Rent
-------------------------------------------------
Aker Kvaerner A.S.A. has signed an agreement to lease offices in
the planned 'Aker House' at Fornebu in the municipality of
Baerum, where all companies in the Aker Group will now have
their headquarters.  Aker Kvaerner reduces the annual rent
expenditures by NOK12 million, equivalent to 15%, by moving into
new offices by the end of 2007.

"We see both practical advantages and opportunities for being
more efficient when bringing our technology departments and our
many projects closer together -- in addition to the direct
savings on rent expenditures," says President & CEO Inge K.
Hansen in Aker Kvaerner.

Aker Kvaerner's businesses and projects are spread in three
different buildings in the Oslo area.

Aker Kvaerner is a world leader in a number of high-tech
markets, such as development and design of advanced subsea
solutions, and process equipment for production of oil and gas,
as well as marine operations.  Other parts of the business offer
solutions to oil companies all over the world for offshore
platforms operating in deep water, or in the arctic with icy and
harsh conditions.  In the engineering and construction sector,
Aker Kvaerner is present in a limited number of highly
specialized industries and technologies.

"We will get modern and efficient facilities for engineering and
support functions at Fornebu.  We are looking forward to move to
our new headquarters.  Together with the employees, we will
prepare well in order to utilize this process and our new
facilities to become an even better supplier for our customers,"
says Mr. Hansen.

The agreement is a 12-year lease with an option to renew the
contract.  The contract partner is a fully owned subsidiary of
Aker A.S.A., which will own and build the 'Aker House'.

"It has been important for us that our headquarters provides
effectiveness and flexibility to our project organization, and
at the same time use the opportunity to reduce our office costs.
The rent is competitive to other possibilities we have
considered," says Inge K. Hansen.

AKER KVAERNER A.S.A., through its subsidiaries and affiliates,
is a leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner comprises several industries,
including Oil & Gas, Refining & Chemicals, Mining & Metals,
Pharmaceuticals & Biotechnology, Power Generation and Pulp &
Paper.  The Aker Kvaerner group is organized into two principal
business streams, namely Oil & Gas and E&C, each consisting of a
number of separate legal entities.  Aker Kvaerner is used as the
common brand/trademark for most of these entities.  The parent
company in the group is Aker Kvaerner A.S.A.  Aker Kvaerner has
aggregated annual revenues of approximately NOK35.6 billion and
employs approximately 22,000 people in more than 30 countries.
Visit http://www.akerkvaerner.comfor more information.

                            *   *   *

Aker Kvaerner Oil & Gas Group A.S.'s senior implied rating is
placed at Ba3 by Moody's.  The 2nd priority lien notes due 2011
of Aker Kvaerner A.S. is rated Ba3.

CONTACT:  AKER KVAERNER A.S.A.
          Stein Inge Liasjo, VP Group Communications
          Phone: +47 67 51 30 94
          Mobile: +47 464 02 353

          Investor relations:
          Lasse Torkildsen, Vice President
          Group Comms
          Phone: +47 67 51 30 39


===========
P O L A N D
===========


CENTRAL EUROPEAN: EUR310 Million Notes Rated 'B-'
-------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B' long-
term corporate credit rating to Central European Distribution
Corporation (CEDC), a leading distributor of alcoholic beverages
in Poland.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B-' long-term
debt rating to the proposed EUR310 million (US$373 million)
senior secured notes due 2012 to be issued by U.S.-based holding
company CEDC.  Proceeds from the notes will be used to fund the
cash portion of the acquisition of 100% of Bols, Poland's third-
largest vodka producer, and to partially fund the acquisition of
a 61% stake in Bialystok, Poland's second-largest vodka
producer.  The issue is guaranteed by certain of CEDC's
principal operating subsidiaries on a senior secured basis.  It
will, however, become structurally subordinated upon completion
of the pending acquisitions.

All ratings are subject to satisfactory final bond documentation
and to the successful completion of the proposed financing.

"The corporate credit rating reflects CEDC's acquisitive growth
strategy and forecast high leverage upon completion of at least
one of the two pending acquisitions," said Standard & Poor's
credit analyst Benedetta Rospigliosi.

It also reflects the group's participation in the highly
competitive and fragmented--but consolidating--Polish alcoholic-
beverage distribution industry; exposure to the mature vodka
market, given the group's limited geographic and product
diversity; the risk of losing distribution contracts; and the
challenges of integrating new businesses.

These negative rating factors are partially mitigated by the
group's already established nationwide distribution network in
Poland and enhanced cash flow generation following CEDC's
vertical integration into vodka production.

"We expect CEDC to be able to generate positive discretionary
cash flows following the completion of either one or both of the
proposed transactions," said Ms. Rospigliosi.  "This should lead
to a gradual reduction of acquisition debt under both
scenarios."

Standard & Poor's also believes that a forecast deterioration in
CEDC's financial profile from the success of both acquisitions
would offset the resulting enhanced business risk profile, thus
leaving the rating unchanged at the current level upon
completion of the second acquisition.

"Importantly, the stable outlook also assumes the successful
placement of the proposed notes to fund at least the Bols
acquisition," added Ms. Rospigliosi.  "Conversely, given the
lower credit quality of CEDC's existing distribution business,
the rating could be lowered if neither acquisition takes place."

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

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


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


AUTO-GAS: Creditors' Claims Due Later this Month
------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Auto-Gas (TIN 3842001610) after finding the
open joint stock company insolvent.  The case is docketed as
A19-11228/05-29.  Mr. V. Vologzhin has been appointed insolvency
manager.  Creditors have until July 25, 2005 to submit their
proofs of claim to 664025, Russia, Irkutsk region, Stepana
Razaina Str. 23, Post User Box 3311.  A hearing will take place
on May 25, 2006, 11:50 a.m.

CONTACT:  AUTO-GAS
          666703, Russia, Irkutsk region,
          Ust-Udinskiy region, Ust-Uda,
          Komsomolskaya Str. 19.

          Mr. V. Vologzhin
          Insolvency Manager
          664025, Russia, Irkutsk region,
          Stepana Razaina Str. 23,
          Post User Box 3311


BELOVO-INVEST-SERVICE: External Insolvency Manager Steps in
-----------------------------------------------------------
The Arbitration Court of Kemerovo region commenced external
management bankruptcy procedure on CJSC Belovo-Invest-Service.
The case is docketed as A27-29385/2004-4.  Mr. V. Naydanov has
been appointed external insolvency manager.  A hearing will take
place on Dec. 1, 2005 at 10:00 a.m.

CONTACT:  BELOVO-INVEST-SERVICE
          652600, Russia, Belovo,
          Voloshinoy Str. 30a

          Mr. V. Naydanov
          External Insolvency Manager
          650099, Russia, Kemerovo region,
          Ostrovskogo Str. 34, Office 406


BRYANSK-RYB-KHOZ: Succumbs to Insolvency
----------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Bryansk-Ryb-Khoz after finding the open
joint stock company insolvent.  The case is docketed as A 09-
18712/04-2.  Mr. A. Terekhov has been appointed insolvency
manager.  Creditors have until August 25, 2005 to submit their
proofs of claim to 241035, Russia, Bryansk, Ulyanova Str. 14,
office 14.

CONTACT:  BRYANSK-RYB-KHOZ
          242020, Russia, Bryansk region,
          Suponevo, Komsomolskiy Per. 5-b

          Mr. A. Terekhov
          Insolvency Manager
          241035, Russia, Bryansk region,
          Ulyanova Str. 14, Office 14


COM-BUSINESS: Court Names E. Semenova Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Com-Business (TIN 7707272210, OGRN 1027700310153) after
finding the limited liability company insolvent.  The case is
docketed as A40-10836/05-101-45B.  Ms. E. Semenova has been
appointed insolvency manager.   Creditors have until August 25,
2005 to submit their proofs of claim to 123298, Russia, Moscow,
Marshala Malinovskogo Str. 6, Building 1.

CONTACT:  COM-BUSINESS
          103030, Russia, Moscow,
          Sushevskaya Str. 21-23, Building 1ABV

          Ms. E. Semenova
          Insolvency Manager
          123298, Russia, Moscow,
          Marshala Malinovskogo Str. 6, Building 1
          Phone/Fax: 943-22-39
                     943-89-33


INZH-DOR-STROY: Bankruptcy Hearing Resumes Mid-September
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy supervision procedure on CJSC Inzh-Dor-Stroy.  The
case is docketed as A43-5969/05-24-168.  Mr. V. Vilkov has been
appointed temporary insolvency manager.  Creditors are required
to submit their proofs of claim to 603001, Russia, Nizhniy
Novgorod region, Torgovaya Str. 14.  A hearing will take place
on Sept. 13, 2005.

CONTACT:  INZH-DOR-STROY
          Russia, Nizhniy Novgorod region,
          Perevoz

          Mr. V. Vilkov
          Temporary Insolvency Manager
          603001, Russia, Nizhniy Novgorod region,
          Torgovaya Str. 14


IVANOVO-LADA: Gives Creditors Until Next Month to File Claims
-------------------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Ivanovo-Lada (TIN 3702000215) after finding
the open joint stock company insolvent.  The case is docketed as
A17-1225/04B.  Mr. A. Popov has been appointed insolvency
manager.  Creditors have until August 25, 2005 to submit their
proofs of claim to 153002, Russia, Ivanovo region, Zhideleva
Str. 21, Room 209.

CONTACT:  IVANOVO-LADA
          153032, Russia, Ivanovo region,
          Stankostroiteley Str. 43

          Mr. A. Popov
          Insolvency Manager
          153002, Russia, Ivanovo region,
          Zhideleva Str. 21, Room 209

          The Arbitration Court of Ivanovo region
          153022, Russia, Ivanovo region,
          B. Khmelnitskogo Str. 59B


KHOLM-ZHIRKI-AGRO-TEKH-SERVICE: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Kholm-Zhirki-Agro-Tekh-Service after finding
the open joint stock company insolvent.  The case is docketed as
A62-595-N/2004.  Mr. M. Rusalev has been appointed insolvency
manager.  Creditors have until August 25, 2005 to submit their
proofs of claim to Russia, Vyazma, Post User Box 31.

CONTACT:  KHOLM-ZHIRKI-AGRO-TEKH-SERVICE
          Russia, Smolensk region,
          Kholm-Zhirki, Pushkina Str. 14

          Mr. M. Rusalev
          Insolvency Manager
          Russia, Vyazma, Post User Box 31


LENINSK-KUZNETSKIY: Bankruptcy Proceedings Begin
------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Leninsk-Kuznetskiy Cold-Store Combine after
finding the open joint stock company insolvent.  The case is
docketed as A27-4571/2004-4.  Mr. R. Bikinin has been appointed
insolvency manager.  Creditors have until August 25, 2005 to
submit their proofs of claim to Russia, Leninsk-Kuznetskiy,
Kirova Pr. 34A-26.

CONTACT:  LENINSK-KUZNETSKIY COLD-STORE COMBINE
          Russia, Kemerovo region,
          Leninsk-Kuznetskiy

          Mr. R. Bikinin
          Insolvency Manager
          Russia, Leninsk-Kuznetskiy,
          Kirova Pr. 34A-26


NYAGAN-LES-STROY-SERVICE: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region of
Tyumen commenced bankruptcy supervision procedure on LLC Nyagan-
Les-Stroy-Service.  The case is docketed as A75-4123/2005.  Ms.
N. Golodkova has been appointed temporary insolvency manager.
Creditors have until July 25, 2005 to submit their proofs of
claim to 628186, Khanty-Mansiyskiy autonomous region, Tyumen,
Nyagan, Stroitelnaya Str. 30.

CONTACT:  NYAGAN-LES -STROY-SERVICE
          628186, Khanty-Mansiyskiy autonomous region,
          Tyumen, Nyagan,
          Stroitelnaya Str. 30

          Ms. N. Golodkova
          Temporary Insolvency Manager
          628186, Khanty-Mansiyskiy autonomous region,
          Tyumen region, Nyagan,
          Stroitelnaya Str. 30


SARAPUL-MILK: Claims Deadline Expires Later this Month
------------------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Sarapul-Milk after finding the close joint
stock company insolvent.  The case is docketed as A71-34/2005-
G21.  Mr. A. Belykh has been appointed insolvency manager.
Creditors have until July 25, 2005 to submit their proofs of
claim to 426035, Russia, Udmurtiya republic, Izhevsk, Post User
Box 4405.

CONTACT:  SARAPUL-MILK
          Russia, Udmurtiya republic,
          Sarapul, Azina Str. 181

          Mr. A. Belykh
          Insolvency Manager
          426035, Russia, Udmurtiya republic,
          Izhevsk, Post User Box 4405


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


BARRY CALLEBAUT: Intensifies Shakeup at Consumer Products Europe
----------------------------------------------------------------
Highlights of results for first nine months of fiscal year
2004/05

(a) Barry Callebaut recorded a strong 3rd quarter in its
    businesses with industrial and artisanal customers,

(b) Sales volume up 4%;

(c) Sales revenue at CHF3,023.5 million, down 2.5% as a result
    of lower cocoa bean prices and negative currency effects;

(d) EBITA up 2% to CHF197.3 million;

(e) Net profit (PAT) up 29% to CHF101.8 million, partly due to
    changes in accounting standards; on a like-for-like basis
    increase of 7%, in local currencies up 10%;

(f) In view of difficult market conditions in Germany,
    restructuring in Consumer Products Europe to be intensified,
    entailing a restructuring provision of CHF49 million in cash
    and write-offs of CHF45 million, both to be charged to the
    accounts in the 4th quarter; and

(g) EUR740 million Revolving Credit Facility committed by major
    relationship banks.

Barry Callebaut AG, the world's leading manufacturer of high-
quality cocoa and chocolate products, announced Friday its
results for the nine-month period of fiscal year 2004/05 ended
May 31, 2005.  Chocolate is a seasonal business and the third
quarter is usually the slowest period for Barry Callebaut.

Sales volumes went up 4%, of which two-thirds were organic
growth. Sales revenue declined by 2.5% as a reflection of lower
cocoa bean prices and adverse currency effects.  Operating
profit before amortization (EBITA) increased by 2% to CHF197.3
million.  Net profit (PAT) jumped by 29% to CHF101.8 million,
partly due to a change in IFRS accounting standards.  On a like-
for-like basis the increase was a strong 7%, in constant
currency terms the increase was 10%.

Patrick De Maeseneire, CEO of Barry Callebaut, said: "We are
pleased that our traditional businesses with industrial and
artisanal customers continue to do very well in a highly
competitive environment.  They have contributed over-
proportionately to the Group's operating profit.  Our European
consumer business, on the other hand, is still suffering from
difficult market conditions, an unfavorable business mix and
price pressure.  This situation, together with the opportunity
to realize additional cost savings, led us to intensify the
current restructuring program in Germany.  The goal is to make
our consumer business the cost leader and to prepare it for
profitable growth as of 2006/07, especially in Customer Label
Solutions."

Overview of business performance in the first nine months of
fiscal year 2004/05:

Sales volumes grew 4% to 790,134 tons, up from 758,401 tons.
Approximately two-thirds of this increase was organic growth;
the rest was attributable to the first-time consolidation of AM
Foods, acquired in September 2004.

Sales revenue decreased by 2.5% to CHF3,024 million in the
period ended May 31, 2005, down from CHF3,101 million in the
same prior-year period.  This decrease was mostly the result of
lower underlying cocoa bean prices and a negative currency
effect, partly compensated by a strong volume increase and the
impact of the first-time consolidation of AM Foods.

Operating profit before amortization (EBITA) was CHF197.3
million or 2% above the CHF193.6 million in the same prior-year
period.  The higher contributions from the Cocoa, Food
Manufacturers, Gourmet & Specialties and Consumer Products North
America business units were almost offset by the disappointing
result from the Consumer Products Europe business unit.  This
unit was heavily impacted by an amount of more than CHF20
million due to the renewed sharp increase in the hazelnut price.
Financial cost, net decreased by 12% to CHF60.9 million compared
to CHF69.1 million in the previous year.  This decrease was
attributable to reduced interest rates and average debt compared
to the equivalent prior-year period as well as to some minor
one-time effects.

Taxes increased to CHF25.0 million from CHF21.1 million due to
the higher pretax profit whereas the average group tax rate
slightly decreased from 21% to 20% compared with the same prior-
year period.

Net profit (PAT) for the period under review increased by 29% to
CHF101.8 million from CHF78.8 million in the previous year,
primarily due to lower financial cost and the absence of
goodwill amortization in line with a change in the IFRS
accounting standards.  On a comparable basis, PAT increased by
7%.

Shareholders' equity increased by 8% to CHF866.7 million as of
May 31, 2005, compared to CHF800.9 million at the end of the
previous fiscal year on August 31, 2004.

Development of business segments in the first nine months of
fiscal year 2004/05:

              Industrial Business Segment

The Industrial business segment focuses on selling cocoa and
chocolate products to industrial processors and consumer goods
manufacturers worldwide.

Sales volumes amounted to 512,072 tons, an organic volume growth
of 6% compared to the 484,434 tons in the same prior-year
period.

Cocoa products sold to third-party customers grew by 7% to
100,298 tons (93,838 for the same prior-year period), mainly due
to increased liquor and powder sales.

Sales revenue recorded in the Gourmet & Specialties business
unit increased by 3% to CHF427 million, up from CHF414 million,
helped by the acquisition of AM Foods.  While the Gourmet
division saw organic growth of 5%, the Consumer Africa division
experienced a strong decline caused by the difficult political
and economic environment, mainly in Ivory Coast and Cameroon,
respectively.  The Beverages division increased sales revenue
due to the acquisition of AM Foods.  In total, sales revenue in
the Gourmet & Specialties business unit decreased by 6%
organically.

Sales revenue in the Consumer Products business units decreased
by 8% to CHF974 million compared to CHF1,059 million in the
prior year period.  In both the European and the North American
business unit, the main factors contributing to this decrease
were negative currency impacts, a decrease in volumes and an
adverse product mix which in North America was specifically
impacted by decreasing sales volumes and margins in the fruit
snack business.

Sales volumes in the Food Manufacturers business unit were
411,774 tons, up 5% from 390,596 tons.  Volume growth was
particularly strong in Eastern Europe, the U.K., and Asia-
Pacific.

Sales revenue recorded in the Industrial business segment was
stable at CHF1,623 million compared to CHF1,627 million in the
same prior-year period.

In the Cocoa business unit the higher volumes were more than
offset by the lower underlying cocoa bean prices, negative
currency effects and the lower sales prices for powder.  Thus,
sales revenue for the Cocoa business unit decreased by 8% to
CHF373 million, down from CHF403 million.

The Food Manufacturers business unit managed to increase sales
revenue by 2% to CHF1,250 million from CHF1,224 million in the
previous year, despite lower cocoa bean prices and unfavorable
exchange rates.  Organic sales revenue growth, excluding foreign
exchange as well as cocoa and other raw material price change
effects, was approximately 8%.

           Food Service/Retail Business Segment

The Food Service/Retail business segment serves a broad range of
customers, from local craftsmen to global retailers.

Sales revenue declined by 5% to CHF1,401 million, down from
CHF1,473 million.

Restructuring Intensified in Consumer Products Europe

Against the backdrop of the weak development of the German and
other Western European economies and in order to realize
additional cost savings, the Board of Directors of Barry
Callebaut AG has decided to intensify the current restructuring
program in the Consumer Products Europe business unit.

The primary focus is on bringing the European consumer business
onto the same SAP platform that is successfully in operation at
the Group's other European chocolate businesses.  This will
allow the integration of the Consumer Products Europe business
unit's key processes and functions into the Barry Callebaut
Group with the goal of achieving the envisaged cost leadership
in the Group's consumer business.  This can now be done faster
because Stollwerck is a wholly owned subsidiary of Barry
Callebaut after the squeeze-out of the minority shareholders.

The head office of Consumer Products Europe with the key
functions in sales, marketing and administration will remain in
Cologne, Germany.  The business unit will continue to focus on
Customer Label Solutions, the Sarotti brand for innovations and
co-manufacturing services for branded consumer goods companies
and other third parties, such as Genuport, the new distribution
partner for the Gubor business.

As part of the Group's continuous program to drive efficiency,
some measures will also be completed in the 4th quarter in the
Consumer North America business unit as well as in the African
operation.

A restructuring provision of CHF49 million will be set aside to
cover the cash expenses related to measures already initiated or
upcoming, including costs for logistics improvements, systems
optimizations and employee severance payments.  In Europe, the
majority of people affected have already been notified.  For any
additional measures -- once determined -- consultation with the
respective social partners will be initiated without delay.  The
plan does not foresee any factory closures.

In addition, some fixed assets (such as buildings and idle
machines) and some current assets (such as packaging material
and various small raw material positions) will be partly/fully
impaired in the total amount of CHF45 million.

The total restructuring amount of CHF94 million will be charged
to the current year's accounts.  The cash-out related to the
restructuring expenses will be fully financed from internal
resources.  The cost savings and improvements in the gross
margin as a result of the restructuring program are expected to
reach between CHF40 to 50 million in year three and recurring
thereafter.  Barry Callebaut is convinced that these cost
savings, together with the comprehensive growth plan that is
ready for implementation, will turn Consumer Products Europe
into a profitable business in fiscal year 2005/06 and make it
fit for growth as of fiscal year 2006/07.

EUR 740 Million Revolving Credit Facility Committed by Major
Relationship Banks

Barry Callebaut entered into a syndicated EUR740 million
Revolving Credit Facility committed by the major relationship
banks.  The facility is split into three parts: a Revolving
Credit Facility of EUR 325 million with a tenor of +1 +1 +5
years, a Revolving Committed Facility of EUR250 million with a
tenor of +1 +1 +3 years as back-up for the Commercial Paper
program, and finally a Revolving Facility of EUR165 million with
a tenor of +1 +1 +5 years as back-up line to refinance the High
Yield Bond callable as from March 2007 onwards.  This will allow
Barry Callebaut primarily to call and refinance the expensive
High Yield Bond at substantially reduced costs.  The conditions
of the new facility are more favorable and flexible compared to
the existing facility initially signed in March 2003, and
reflect Barry Callebaut's improving financial standing.  The
facility will substantially extend the maturity profile and
increase the liquidity.  The facility will be opened to further
syndication over the next few weeks.

Outlook

With regard to full fiscal year 2004/05 CEO Patrick De
Maeseneire said: "Sales volumes contracted in June were good.
However, August is always the decisive month for our 4th
quarter: Production for Halloween and Christmas will be starting
up, and the ice-cream business will be in full swing, leading to
additional demand if the weather is hot and, thus, to a strong
fourth quarter.

"Based on our current assumptions, we believe that the result
from operations, prior to restructuring costs, will meet market
expectations for the full fiscal year 2004/05."

Based on the expectation of a continued strong operational
performance in the businesses with industrial and artisanal
customers for the full fiscal year, the Board of Directors
intends to propose keeping the total amount of dividends/capital
repayment for 2004/05 unchanged from the previous year,
deviating from the company's usual dividend policy of
distributing an annual dividend in the amount of 35% of the
company's consolidated annual net profit.

With annual sales of more than CHF4 billion for fiscal year
2003/04, Zurich-based Barry Callebaut is the world's leading
manufacturer of high-quality cocoa, chocolate and confectionery
products -- from the cocoa bean to the finished product on the
store shelf.  Barry Callebaut operates more than 30 production
facilities in 22 countries and employs more than 8,000 people.
The company serves the entire food industry, from food
manufacturers to professional users of chocolate (such as
chocolatiers, pastry chefs or bakers), to global retailers.  It
also provides a comprehensive range of services in the fields of
product development, processing, training and marketing.
Fiscal year 2004/05 will close on August 31, 2005.  Results for
fiscal year 2004/05 will be published on November 10, 2005
(press conference and analysts' conference).

Financial calendar for the remainder of fiscal year 2004/05:

Annual results 2004/05: November 10, 2005

Full copy of the results is available free of charge at
http://bankrupt.com/misc/BarryCallebaut(9Mo_0405).pdf

CONTACT:  BARRY CALLEBAUT AG
          P.O. Box 8021 Zurich Switzerland
          Phone: +41 43 204 04 04
          Fax: +41 43 204 04 00

          Web site: http://www.barry-callebaut.com
          For investors and financial analysts:
          Dieter A. Enkelmann, CFO
          Phone: +41 43 204 04 20
          Fax: +41 43 204 04 00
          E-mail: dieter_enkelmann@barry-callebaut.com

          Gaby Tschofen
          Phone: +41 43 204 04 60
          Fax: +41 43 204 04 00
          E-mail: gaby_tschofen@barry-callebaut.com


BARRY CALLEBAUT: Ratings Affirmed on Restructuring Announcement
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit ratings on Switzerland-based cocoa and
chocolate products supplier Barry Callebaut AG and its Belgian
subsidiary Barry Callebaut Services N.V.  The outlook remains
stable.

At the same time, Standard & Poor's assigned its 'BB+' long-term
senior unsecured bank loan rating to Barry Callebaut's proposed
EUR740 million credit facility, which is currently fully
repayable in 2010.

"The affirmation follows an announcement by Barry Callebaut that
it will initiate a restructuring in its Consumer Products Europe
division, which is currently underperforming largely due to the
continuing difficult retailing market in Germany," said Standard
& Poor's credit analyst Sunita Kara.

"Although the group's credit-protection measures are expected to
deteriorate over the near term due to the cash cost of the
restructuring, the affirmation is based on the assumption that
the group will successfully realize its targeted cost savings in
a timely manner and will restore its financial profile within
the next 15 months."

Should the group fail to execute its plans in a timely manner
and the financial profile remain below the level that is
consistent with the ratings, Standard & Poor's would consider
changing the outlook to negative.  In addition, there is no
scope for debt-financed acquisitions under the ratings given the
group's need to restore and maintain its financial profile.

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

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


SWISS INTERNATIONAL: Saab Flights Safe Contrary to Pilots' Claim
----------------------------------------------------------------
Part of the SWISS Saab 2000 pilot corps drew attention on Friday
in an open letter addressed to the Board of Directors and
Management Board to the difficult situation regarding their
future with the company.  The pilots concerned also suggest in
their letter that such difficulties may lead to cockpit safety
problems.

In terms of possible safety problems, SWISS wishes to emphasize
that its Saab 2000 flight operations are functioning smoothly.
The flights on which this aircraft type is deployed -- all of
which are to and from Basel -- are being operated normally and
safely.  This is confirmed, among other things, by SWISS'
regular evaluations of the corresponding flight data.

Every pilot is obliged to check their physical and mental
condition before commencing flight duties and, if necessary, to
decline to commence such flight duties in good time.  SWISS'
pilots can also seek and request support at any time.  SWISS
regards its Saab 2000 flight operations as safe; but it will
continue to monitor the situation with all due attention and
care.

The SWISS Management Board also wishes to point out that the
issues specified in the open letter have already been addressed
at several events, which have been organized for such purposes.
Not all the questions raised on these issues can be conclusively
answered at present, since the new detailed fleet plan and the
company's future production volume have not yet been finalized.
In addition, the new terms and conditions of employment -- which
will have a major impact on the size of pilot corps required -
have not yet been defined.

SWISS is still willing to continue negotiations on a new
Collective Labour Agreement with the pilots' union, the Swiss
Pilots Association.

SWISS currently operates a fleet of seven Saab 2000 aircraft
from Basel, for which it maintains a corps of 72 pilots.  Of
these, 52 pilots have signed the open letter to the SWISS Board
of Directors and Management Board.

CONTACT:  SWISS
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


EKRAN: Insolvency Manager Takes over Operations
-----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Ekran (code EDRPOU 24601939) on April 27,
2005 after finding the close joint stock company insolvent.  The
case is docketed as B 26/72/04.  Mr. S. Ryabchij (License Number
AB 116178) has been appointed liquidator/insolvency manager.

CONTACT:  EKRAN
          Ukraine, Dnipropetrovsk region,
          Dnipropetrovsk district, Teplichna Str. 15

          Mr. S. Ryabchij
          Liquidator/Insolvency Manager
          49700, Ukraine, Dnipropetrovsk region,
          Panikahi Str. 2

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


ELEKTROTEHNIKA: Succumbs to Insolvency
--------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Elektrotehnika (code EDRPOU 215114) on May
4, 2005 after finding the limited liability company insolvent.
The case is docketed as 5/439.  Ms. Milena Kostina (License
Number AA 783216) has been appointed liquidator/insolvency
manager.  The company holds account number 260033014304700 at
Prominvestbank, Zaporizhya branch, MFO 326331.

CONTACT:  ELEKTROTEHNIKA
          54028, Ukraine, Mikolaiv region,
          Novozavodska Str. 19

          Ms. Milena Kostina
          Liquidator/Insolvency Manager
          54015, Ukraine, Mikolaiv region,
          Buzkij Boulevard, 1/32

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


ELIT-CENTRE: Kyiv Court Names Andrij Fomenko Liquidator
-------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Elit-Centre (code EDRPOU 31216061) on March
22, 2005 after finding the limited liability company insolvent.
The case is docketed as 15/97-b.  Mr. Andrij Fomenko (License
Number AA 779220) has been appointed liquidator/insolvency
manager.  The company holds account number 26001017971 at Credit
Bank Ukraine, MFO 325365.

CONTACT:  ELIT-CENTRE
          Ukraine, Kyiv region,
          Marina Raskova Str. 10

          Mr. Andrij Fomenko,
          Liquidator/Insolvency Manager
          03150, Ukraine, Kyiv region, a/b 481

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


FORTEX-TRADE: Goes Bust
-----------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Fortex-Trade (code EDRPOU 30629805) on March
4, 2005 after finding the limited liability company insolvent.
The case is docketed as 10/2854.  Ms. Olena Borejko (License
Number AA 779203) has been appointed liquidator/insolvency
manager.

CONTACT:  FORTEX-TRADE
          Ukraine, Cherkassy region,
          Dahnivska Str. 50

          Ms. Olena Borejko
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy region,
          Homenko Str. 22/63

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


NJSC NAFTOGAZ: Assigned B1 Corporate Family Rating
--------------------------------------------------
Moody's Investors Service published the results of an
examination of corporate sector ratings in Europe, the Middle
East and Africa in light of the introduction of its new rating
methodology for government-related issuers (GRIs).  Included in
this announcement were upgrades to the long-term Issuer Ratings
or Corporate Family Ratings of nine issuers such that these
ratings pierced their respective countries' foreign-currency
ceilings.  Where Moody's also rates debt instruments of these
issuers, the debt ratings were upgraded accordingly.

Under Moody's rating methodology for piercing the country
ceiling, however, only bonds issued under foreign law may be
rated higher than the sovereign foreign currency ceiling.  As
such, while individual debt instruments may be allowed to
"pierce" the ceiling, Issuer Ratings should remain constrained
at the level of the sovereign foreign currency ceiling.

In each of the nine cases detailed below, Moody's has corrected
the Foreign Currency Issuer Ratings or Corporate Family Ratings
such that they remain constrained by the relevant sovereign
foreign currency ceilings.  Where debt instruments are publicly
rated, Moody's has affirmed the ratings assigned to the debt
instruments.

Importantly, where Moody's has only assigned Issuer Ratings or
Corporate Family Ratings, any future senior unsecured
obligations of these issuers sold under foreign law would remain
eligible to pierce the sovereign foreign currency ceilings and
would be rated at the rating level and rating outlook previously
indicated by the Issuer Ratings or Corporate Family Ratings (all
things being equal).

For a detailed discussion of our rating methodology for GRIs,
please refer to the Rating Methodology entitled "The Application
of Joint Default Analysis to Government Related Issuers" (April
2005), as well as the Special Comment entitled "Rating
Government-Related Issuers in European Corporate Finance", and
its accompanying Addendum (June 2005).

Below is a detailed list of the corrections, new ratings
assigned and affirmations effected by Moody's:

NJSC Naftogaz of Ukraine:

(a) Corporate Family rating corrected from Ba2/stable to
    B1/stable; and

(b) US$500 million in senior unsecured loan participation notes
    due 2009 affirmed at Ba2/stable.

Kazakhstan Electricity Grid Operating Company (Kegoc):

(a) Local Currency Long-Term Issuer Rating assigned
    Baa1/positive; and

(b) Foreign Currency Long-Term Issuer Rating corrected from
    Baa2/positive to Baa3/positive.

Intergas Central Asia:

(a) Corporate Family Rating corrected from Baa2/stable to
    Baa3/positive;

(b) Foreign Currency Long-Term Issuer Rating corrected from
    Baa2/stable to Baa3/positive; and

(c) US$250 million global bonds due 2011, issued by Intergas
    Finance B.V., affirmed at Baa2/stable.

JSC KazTransOil:

(a) Corporate Family Rating corrected from Baa2/stable to
    Baa3/positive; and

(b) US$150 million global notes due 2006 affirmed at
    Baa2/stable.

Kazakhstan Temir Zholy (KZT): Foreign Currency Long-Term Issuer
    Rating corrected from Baa1/positive to Baa3/positive

OJSC Gazprom:

(a) Foreign Currency Long-Term Issuer Rating corrected from
    Baa2/positive to Baa3/positive; and

(b) Senior unsecured loan participation notes affirmed at
    Baa2/positive.

Russian Railways: Foreign Currency Long-Term Issuer Rating
    corrected from Baa2/stable to Baa3/positive

OAO AK Transneft:

(a) Foreign Currency Long-Term Issuer Rating corrected from
    Baa1/positive to Baa3/positive; and

(b) Local Currency Long-Term Issuer Rating affirmed at
    Baa1/positive

Telkom SA Limited:

(a) Local Currency Long-Term Issuer Rating A3/stable assigned;
    and

(b) Foreign Currency Long-Term Issuer Rating corrected from
    A3/stable to Baa1/stable

CONTACT:  MOODY'S DEUTSCHLAND GMBH (FRANKFURT)
          Michael West, Managing Director
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Stuart Lawton, Managing Director
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


PALIVNA SPILKA: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Palivna Spilka (code EDRPOU
31171885).  The case is docketed as 15/335-b.  Mr. S. Dyachenko
(License Number AB 216945) has been appointed temporary
insolvency manager.  The company holds account number
26006301168 at JSCB Zoloti Vorota, Kyiv region branch, MFO
300238.

CONTACT:  PALIVNA SPILKA
          Ukraine, Kyiv region,
          Pilipinskij Lane, 4

          Mr. S. Dyachenko
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 103

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


POBUT: Lugansk Court Appoints Temporary Insolvency Manager
----------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Pobut (code EDRPOU 03052523) on
April 18, 2005.  The case is docketed as 19/55 b.  Ms. Mariya
Sidorenko (License Number AA 783072) has been appointed
temporary insolvency manager.  The company holds account number
26001556971941 at JSCB Ukrsocbank, Lugansk branch, MFO 304018.

CONTACT:  POBUT
          93100, Ukraine, Lugansk region,
          Lisichansk, Krasnogvardijska Str. 33

          Ms. Mariya Sidorenko
          Temporary Insolvency Manager

          91024, Ukraine, Lugansk region,
          Chernigivska Str. 12

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square, 3a


PROPANGAZSERVICE: Bankruptcy Supervision Begins
-----------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on Propangazservice (code EDRPOU
31946277).  The case is docketed as 14/137.  Mr. Anton Hanenko
(License Number AB 116228) has been appointed temporary
insolvency manager.  The company holds account number
26000446582001 at CB Privatbank, Mikolaiv branch, MFO 326610.

CONTACT:  PROPANGAZSERVICE
          54050, Ukraine, Mikolaiv region,
          Olshantsiv Str. 301

          Mr. Anton Hanenko,
          Temporary Insolvency Manager
          54010, Ukraine, Mikolaiv region,
          6 Poperechna Str. 32/2

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


UMANSKE: Liquidator Takes over Helm
-----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Umanske (code EDRPOU 00695723) on May 19,
2005 after finding the close joint stock company insolvent.  The
case is docketed as 27/7 B.  Mr. Sergij Skachko (License Number
AA 250225) has been appointed liquidator/insolvency manager.

CONTACT:  UMANSKE
          Ukraine, Donetsk region,
          Ysinuvatskij district, Umanske, Batuli Str. 44a

          Mr. Sergij Skachko
          Liquidator/Insolvency Manager
          83003, Ukraine, Donetsk region,
          Illicha Avenue, 91

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


UNIKOM-AGRO: Oleksandr Suprunov to Liquidate Company
----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Unikom-Agro (code EDRPOU 30600084) on May
16, 2005 after finding the limited liability company insolvent.
The case is docketed as B26/30/05.  Mr. Oleksandr Suprunov has
been appointed liquidator/insolvency manager.  The company holds
account number 26000302172103 at Prominvestbank,
Dniprodzerzhinsk branch, MFO 305501.

CONTACT:  UNIKOM-AGRO
          52300, Ukraine, Dnipropetrovsk region,
          Krinichanskij district,
          Chervonij Yar, Miru Str. 15

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


TROYANDA: Zaporizhya Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Troyanda (code EDRPOU 30000738) on May 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as 19/94(05).  Mr. Radion Kravchenko (License
Number AA 783025) has been appointed liquidator/insolvency
manager.  The company holds account number 26007410335001 at
JSPB Ukraina, Yakimivske branch, MFO 313366.

CONTACT:  Mr. Radion Kravchenko
          Liquidator/Insolvency Manager
          71500, Ukraine, Zaporizhya region,
          Energodar, a/b 42, Skifska Str. 18/17

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


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


ABBEY CARS: Creditors Decide to Wind up Taxi Operator
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of Abbey Cars
(Southern) Limited, duly convened, and held at Highfield Court,
Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ, on 27
June 2005, these Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Carl Stuart Jackson and Tina Yearsley, of Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ, be and they are hereby appointed Joint Liquidators for
the purposes of such winding-up."

L Flint, Chairman

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


ACORDIS UK: Initial Meeting of Creditors Set this Month
-------------------------------------------------------
Notice is hereby given by Trevor Nigel Birch and Ian Brown, of
Deloitte & Touche LLP, 1 City Square, Leeds, West Yorkshire LS1
2AL, and Neville Barry Kahn, Deloitte & Touche LLP, Athene
Place, 66 Shoe Lane, London EC4A 3TR, that a Meeting of
Creditors of Acordis UK Limited (Company No 00149921), 1 City
Square, Leeds LS1 2AL, is to be held at Castle Park Conference
Centre, Armthorpe Road, Doncaster DN2 5QB, on 21 July 2005, at
11:00 a.m.

The Meeting is an initial Creditors' Meeting under paragraph 51
of Schedule B1 to the Insolvency Act 1986.  A proxy form should
be completed and returned to me by the date of the Meeting if
you cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.38 at the Meeting you must give to
me, not later than 12:00 noon on the business day before the day
fixed for the Meeting, details in writing of your claim.

Joint Administrators

                            *   *   *

Acordis manufacture synthetic fibers.

CONTACT:  ACORDIS UK LTD.
          PO Box 24
          Great Coates
          Grimsby
          Humberside
          Phone: 01472 241241
          Fax: 01472 244564
          Web site: http://www.acordis.com

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


ARC RISK: Security Unit's Clients Swell to 750,000
--------------------------------------------------
Since the financial yearend, ARC Risk Management Group Plc has
continued making good progress across the business, notably
through red24, the core division, which provides global security
services.

red24 has taken a major step forward via a number of key
agreements, which were alluded to in the Chairman's statement in
June.

The firm earlier revealed that HSBC Bank plc, an existing client
of red24, has included two levels of red24 service within its
package of benefits to customers of its U.K. based Plus and
Premier accounts.  Plus account holders will receive identity
fraud protection through red24's ID Imposter service, while the
HSBC Premier customers receive the full benefits of both ID
Imposter and red24 membership.

Through this and other agreements, the past year has seen red24
increase its customer base ten-fold to a respectable 750,000.

In addition, World Nomads, the travel insurance provider to the
Lonely Planet Guides, has started actively marketing red24 as
part of its services and the Group will announce developments in
the near future.

An intensive program of product development and cost-cutting
implemented at Group level has led to a revival of productivity
and through the three operating divisions, the Group has
established a sound platform for long term customer growth.

ARC looks forward with confidence to making further progress in
the year ahead.

                            *   *   *

In June, ARC Risk Management Group plc noted an increase in full
year loss despite the rise in its sales.  In the full year to
March, the company registered pretax loss of GBP1.153 million
from GBP925,246 a year earlier, while sales jumped to GBP1.122
million from GBP971,427 in 2004.

CONTACT:  ARC RISK MANAGEMENT GROUP PLC
          73 Watling St., 4th Fl.
          London
          EC4M 9BL, United Kingdom
          Phone: +44-207-332-5600
          Fax: +44-207-236-3918
          Web site: http://www.arcrisk.com


CHESTER PROPERTIES: Members Decide to Wind up Firm
--------------------------------------------------
At an Extraordinary General Meeting of Chester Properties
(Horsepack) Limited, Chester Properties (Kirkgate) Limited,
Chester Properties (Blantyre) No. 2 Limited, duly convened, and
held at Knowle Hill Park, Fairmile Lane, Cobham, Surrey KT11
2PD, on 1 June 2005, these Resolutions were duly passed:

"That the Companies be wound up voluntarily, and that Alan H
Tomlinson, of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL, be and is hereby appointed Liquidator of the
Companies for the purposes of such winding-up, and that the
Liquidator be and is hereby authorized to distribute all or part
of the assets of the Companies in specie to the Shareholders in
such proportions as they mutually agree, and that the Liquidator
be authorized under the provisions of section 165(2) to exercise
the powers laid down in Schedule 4, Part 1 of the Insolvency Act
1986."

                          *   *   *

Chester Properties is formerly Focusstock Limited.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


CITYPHONE INTERNATIONAL: Liquidator Calls Creditors Meeting
-----------------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No. 3035 of 2005

Notice is hereby given by Stephen Cork and Joanne Milner, of
Smith & Williamson Limited, of Bartlett House, 9-12 Basinghall
Street, London EC2V 5NS, that the Meeting of the Creditors of
Cityphone International Limited (Company No 03931079) are to be
held at the offices of Smith & Williamson Limited, of Bartlett
House, 9-12 Basinghall Street, London EC2V 5NS, on 19 July 2005,
at 10:30 a.m., 12.00 noon, 12:30 p.m., 2:00 p.m. and 2:30 p.m.
respectively.

The Meetings are initial Creditors' Meetings under paragraph 51
of Schedule B1 to the Insolvency Act 1986.  A proxy form should
be completed and returned to me by the date of the Meeting if
you cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.22 at the Meetings you must give
to me, not later than 12:00 noon on the business day before the
day fixed for the Meetings, details in writing of your claim.

J Milner, Joint Administrator

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


DA INTERIORS: Creditors to Meet Next Month
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Da Interiors (Southern) Ltd.

Notice is hereby given, in pursuance of section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of Da
Interiors (Southern) Ltd. will be held at the offices of Baker
Tilly, International House, Queens Road, Brighton, East Sussex
BN1 3XE, on August 9, 2005, at 10:30 a.m. for the purpose of
having an account laid before them showing the manner in which
the winding-up has been conducted and the property of the
Company disposed of, and hearing any explanation that may be
given by the Liquidator.

S. A. Maund, Liquidator
June 29, 2005

CONTACT:  BAKER TILLY
          International House
          Queens Road
          Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          E-mail: jonathan.ericson@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


DAWSON ROAD: Winding-up Resolutions Passed
------------------------------------------
At an Extraordinary General Meeting of Dawson Road Limited, duly
convened, and held at 4-5 Arlington Street, London SW1A 1RA, on
4 July 2004, at 11:00 a.m., the subjoined Resolution was duly
passed as a Special Resolution:

"That the Company be wound up voluntarily, and that Anthony
Cliff Spicer and Henry Anthony Shinners, both of Smith &
Williamson, are hereby appointed Joint Liquidators of the
Company for the purposes of such winding-up."

R Swift, Chairman

                            *   *   *

Dawson was previously Seckloe 211 Limited.  It is into property
investment.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


DUFFIN LIMITED: In Voluntary Liquidation
----------------------------------------
We the undersigned, being the Member of Duffin Limited for the
time being having a right to attend and vote at General
Meetings, hereby pass the following Resolutions in accordance
with section 381A of the Companies Act 1985, as inserted by
section 113 of the Companies Act 1989, as a Special Resolution
and as an Ordinary Resolution respectively:

"That the Companies be wound up voluntarily, and that J R D
Smith and N J Dargan, of Athene Place, 66 Shoe Lane, London EC4A
3BQ, be and are hereby appointed Joint Liquidators of the
Companies."

Shareholder

                            *   *   *

Duffin Limited is previously Bantel Limited, Duffin Containers
(Holdings) Limited and Brendongate Limited.

CONTACT:  DELOITTE & TOUCHE
          180 Strand
          London
          WC2R 1BL
          DX: DX 599LDE
          Mr. James Robert Drummond Smith
          E-mail jamie.smith@deloitte.co.uk

          Mr. Nicholas James Dargan
          E-mail: nick.dargan@deloitte.co.uk
          Phone: 020 7438 3000
          Fax: 020 7583 8517

          DUFFIN LIMITED
          Windlebrook House, Guildford Road
          Bagshot, Surrey GU19 5NG


GLOBAL BRANDS: Calls in Administrators
--------------------------------------
Name of Company: Global Brands Limited (also known as Soccer
                 Inc. Limited)

Company No.: FC019087

Nature of Business: Sports Equipment and Services

Trade Classification: 39

Date of Appointment: 28 June 2005

Administrators' Names and Address: Malcolm Peter Fillmore and
Ranjit Bajjon (IP Nos 6525 and 8756), both of Atherton Bailey
LLP, 3-4 The Courtyard, East Park, Crawley, West Sussex RH10
6AG.


HORTON & ARLIDGE: Winding-up Resolutions Passed
-----------------------------------------------
We the undersigned, being the Member of Horton & Arlidge Limited
for the time being having a right to attend and vote at General
Meetings, hereby pass the following Resolutions in accordance
with section 381A of the Companies Act 1985, as inserted by
section 113 of the Companies Act 1989, as a Special Resolution
and as an Ordinary Resolution respectively:

"That the Companies be wound up voluntarily, and that J R D
Smith and N J Dargan, of Athene Place, 66 Shoe Lane, London EC4A
3BQ, be and are hereby appointed Joint Liquidators of the
Companies."

Shareholder

CONTACT:  DELOITTE & TOUCHE
          180 Strand
          London
          WC2R 1BL
          DX: DX 599LDE
          Mr. James Robert Drummond Smith
          E-mail jamie.smith@deloitte.co.uk

          Mr. Nicholas James Dargan
          E-mail: nick.dargan@deloitte.co.uk
          Phone: 020 7438 3000
          Fax: 020 7583 8517


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

                               and

                  IN THE MATTER OF Impac Limited

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Meeting of the Creditors of Impac
Limited will be held at RSM Robson Rhodes LLP, 186 City Road,
London EC1V 2NU, on August 9, 2005, at 11:00 a.m. for the
purpose of receiving the Liquidators' report of the winding-up
and determining whether the Liquidators should be released under
section 174 of the Insolvency Act 1986.

A Creditor entitled to attend and vote at the may appoint a
proxy to attend and vote in his place.  It is not necessary for
the proxy to be a creditor.  Proxy forms must be returned to RSM
Robson Rhodes LLP, 186 City Road, London EC1V 2NU, by not later
than 12:00 noon on August 8, 2005.

K. J. Hellard and G. P. Rowley, Joint Liquidators
July 1, 2005

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.rsmi.co.uk


KAWASAKI MOTORS: Appoints Ernst & Young Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of Kawasaki Motors (U.K.)
Limited, duly convened, and held at Dukes Meadow, Millboard
Road, Bourne End, Buckinghamshire SL8 5XF, on 23 June 2005, the
following Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that Alan Lovett
and Patrick Joseph Brazill of Ernst & Young LLP, 1 More London
Place, London SE1 2AF, be and they are hereby appointed Joint
Liquidators for the purposes of such winding-up and any power
conferred on them by law or by this Resolution may be exercised
and any act required or authorized under any enactment to be
done by them may be done by them jointly or by each alone."

Y Sanjo, Director

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

          KAWASAKI MOTORS EUROPE N.V.
          UK Branch
          1 Dukes Meadow
          Millboard Rd
          Bourne End
          Bucks
          SL8 5XF
          Phone: 01628 856600
          Fax: 01628 856796
          Web site: http://www.kawasaki.co.uk/


KEENE & CO.: Members Call in Liquidators
----------------------------------------
We the undersigned, being the Member of Keene & Co. Limited for
the time being having a right to attend and vote at General
Meetings, hereby pass the following Resolutions in accordance
with section 381A of the Companies Act 1985, as inserted by
section 113 of the Companies Act 1989, as a Special Resolution
and as an Ordinary Resolution respectively:

"That the Companies be wound up voluntarily, and that J R D
Smith and N J Dargan, of Athene Place, 66 Shoe Lane, London EC4A
3BQ, be and are hereby appointed Joint Liquidators of the
Companies."

Shareholder

CONTACT:  DELOITTE & TOUCHE
          180 Strand
          London
          WC2R 1BL
          DX: DX 599LDE
          Mr. James Robert Drummond Smith
          E-mail jamie.smith@deloitte.co.uk

          Mr. Nicholas James Dargan
          E-mail: nick.dargan@deloitte.co.uk
          Phone: 020 7438 3000
          Fax: 020 7583 8517


K.W. PRODUCTS: Members Appoint Liquidators
------------------------------------------
We the undersigned, being the Member of K.W. Products Limited
for the time being having a right to attend and vote at General
Meetings, hereby pass the following Resolutions in accordance
with section 381A of the Companies Act 1985, as inserted by
section 113 of the Companies Act 1989, as a Special Resolution
and as an Ordinary Resolution respectively:

"That the Companies be wound up voluntarily, and that J R D
Smith and N J Dargan, of Athene Place, 66 Shoe Lane, London EC4A
3BQ, be and are hereby appointed Joint Liquidators of the
Companies."

Shareholder

CONTACT:  DELOITTE & TOUCHE
          180 Strand
          London
          WC2R 1BL
          DX: DX 599LDE
          Mr. James Robert Drummond Smith
          E-mail jamie.smith@deloitte.co.uk

          Mr. Nicholas James Dargan
          E-mail: nick.dargan@deloitte.co.uk
          Phone: 020 7438 3000
          Fax: 020 7583 8517


MARKS & SPENCER: Analysts Predict Lower Sales, Profit
-----------------------------------------------------
Marks & Spencer Group plc is expected to reveal a 5%-9% drop in
sales during the first quarter, says The Guardian.

The company is set to announce results for the first three
months of the year at its annual general meeting on Wednesday.

Sales of clothing are thought to be down by as much as 7% due to
stiff competition and weak consumer demand.  However, positive
results from its food business could offset the declining
figures, which is attributed to M&S' aggressive advertising
campaign.

According to the Scotsman, Chief Executive Stuart Rose is also
expected to disclose the group's profit margins have remained
relatively stable, after he cut stock commitments by 35%.

Meanwhile, analysts have slashed profit forecasts for M&S to
GBP665 million from GBP880 million last autumn, says This Is
Money.

One analyst said: "There's nothing in there that looks as though
things are going to pick up.  The retail market has got worse
too, so that's not going to help either."

The report will come exactly a year after Mr. Rose and Chairman
Paul Myners fought off a GBP9.1 billion (400 pence a share) bid
from Philip Green, the owner of Arcadia and Bhs.

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

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

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


MATRIX (NOTTINGHAM): Bibby Factors Calls in Receiver
----------------------------------------------------
Name of Company: Matrix (Nottingham) Limited

Reg. No.: 04258156

Trading Name: 247 Staff

Nature of Business: Recruitment Consultants

Registered Office of Company: 110 Station Parade, Harrogate,
North Yorkshire HG1 1HQ

Date of Appointment of Administrative Receivers: 3 June 2005

Name of Person Appointing the Administrative Receivers: Bibby
Factors Leicester Limited

Administrative Receiver: Andrew Timothy Clay, (IP No 9164) of
Andrew Michaels & Co Ltd., Concept House, Brooke Street,
Cleckheaton BD19 3RY

CONTACT:  MATRIX (NOTTINGHAM) LIMITED
          c/o Walker Assoc Accts, Royal House, Harrogate, North
          Phone: 0115-988-1203


MG ROVER: SAIC Torpedoes Another Rescue Deal
--------------------------------------------
A British-led rescue of MG Rover fizzled out as quickly as it
came about, The Telegraph revealed yesterday.

David James, a 67-year-old company doctor who previously led the
rescue of the Millennium Dome, met with MG Rover's
administrators Saturday morning, raising hopes that a British
entrepreneur would inherit the company.  But by Sunday
afternoon, the deal was off.

Just like in previous talks, Shanghai Automotive Industry
Corporation (SAIC), which Mr. James invited to be his partner in
the deal, walked out of the negotiating table.  Mr. James had
offered to pay GBP40 million through his Project Kimber
consortium to restart production of the MG two-seater roadster
and the Rover 25 and 75 models at the Longbridge site.  The deal
would have saved 500 of the 6,000 jobs at the plant.

Under the same deal, SAIC would have also paid between GBP10
million and GBP20 million for the Powertrain engine and
transmission plant at Longbridge and provided engines for the MG
and Rover cars.  SAIC refused to say why it dropped the deal
anew.

"[It] is understood that there were significant 'sticking
points' between the two sides, which could not be resolved," The
Telegraph said.

SAIC is the same Chinese carmaker that abandoned rescue talks
with the government three months ago.  Back then the sticking
point was a loan package that the government was offering for
the ailing carmaker.

Mr. James, for his part, lamented the apparent double standards
being used by the government. "Our bid stands as a valid British
bid backed by British money to ensure the continuation of
production at Longbridge.  But we are angry that different
standards are being applied to the bids," he told The Telegraph.

But while SAIC is out, another Chinese maker is in.  According
to the report, administrator PwC apparently prefers the bid by
Nanjing Auto and Nick Stephenson, one of the original Phoenix
Four who bought Rover for GBP10 from BMW five years ago.

The problem is rumors are rife that this group plans to move
production away from Longbridge to China.  Rover executives
close to Nanjing deny this, noting the Chinese bidder, in fact,
wants to restart production of a range of models at Longbridge,
including the MG sports cars and Rover 75.

"It also plans to assemble small cars at Longbridge from parts
made in China, making it the first Chinese company with an
assembly line in the U.K.," The Telegraph says.

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


MG ROVER: SAIC Head to Visit U.K.
---------------------------------
The head of Shanghai Automotive Industry Corporation will
reportedly be in the United Kingdom this week to pursue
negotiations that could save carmaker MG Rover.

According to Ananova, SAIC's president Chen Hong will meet
Martin Leach, former head of Ford European operations who is
leading a bid to restart production at Rover's Longbridge plant.

In April, SAIC walked away from talks with the Government about
a rescue package for MG Rover, sending the latter into
administration.  The Chinese firm, however, is said to be still
interested in a deal as talks with Mr. Leach and Ed Sabisky,
former finance director of General Motors' U.K. unit, develop.

Mr. Leach and Mr. Sabisky are proposing to use the plant as base
for research, engineering and production of new car models,
including the MG TF sports car.  They are optimistic about
concluding an agreement with SAIC, as Rover's solvency and
pension deficit problems have been settled already.

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

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

          SHANGHAI AUTOMOTIVE INDUSTRY CORPORATION
          489 Wei Hai Rd.
          Shanghai, 200041, China
          Phone: +86-21-2201-1888
          Fax: +86-21-2201-1777
          Web site: http://www.saicgroup.com


MISYS PLC: Buys Software Firm Almonde for EUR15 Million
-------------------------------------------------------
Misys plc has acquired regulatory risk management software firm,
Almonde, for EUR15 million.

The acquisition will bring together Almonde's market leading
asset and liability management (ALM) and regulatory compliance
solutions (Basel II, IAS and FTP) with Misys Banking Systems'
existing Risk solutions for limits management, market,
operational and credit risk, collateral management,
securitization and economic capital as well as its core banking,
trading and back-office platforms used by 1400+ clients
worldwide.

Broadening the Misys risk management offering from banks'
trading book operations to incorporate the banking book
activities will enable Misys customers to have a clear view of
their full risk and profitability profile including the
correlation effects, at both the global and transactional levels
across the organization.

The combined expertise of Almonde and Misys will bring together
the leading forces in risk management technology to enable banks
and corporate customers to manage their risks across the whole
organization for Basel II or IAS compliance, risk exposure
around ALM, or improving profitability around funds transfer
pricing.

Misys and Almonde have been working together closely for the
past year and had already formed a strategic partnership to
provide financial institutions with comprehensive Basel II and
ALM solutions.  This was the next logical step in building on
the close partnership, according to Michel van Leeuwen, CEO,
Risk Management, Misys Banking Systems.

He said: "The complementary nature of our two businesses and the
success we have already achieved together with customers such as
BCEN Eurobank and SAIB meant that combining our businesses was a
natural step to take.  The combined technology strength,
knowledge and infrastructure around risk and regulatory
compliance, positions Misys at the forefront of the risk
management industry.  Demand from our customers for a more wide-
ranging set of risk solutions has been growing and Almonde's
experience enhances Misys Banking Systems ability to address
this critical and often urgent need.

"Over the next 12 months, we will see huge changes in the risk
management market.  This acquisition enables us to provide
financial institutions with a sound platform to focus on
regulatory compliance and, when required, manage their economic
capital concerns effectively."

Shawn Convery, co-founder of Almonde, said: "Banks and corporate
customers will now be able to buy a truly complete risk
solution, with our technology and expertise integrated into
Misys broad portfolio of banking systems.  Almonde has earned
widespread acclaim within the risk community for the
sophistication of its analytics, multi-dimensional analysis and
flexible and robust architecture, winning Risk Magazine's
Software Product of the Year in 2003.

"We are delighted to be joining forces with the best in the risk
management business.  We look forward to providing banks with
both regulatory and best practice risk management solutions so
that they are better equipped to calculate their exposure to
risks across the whole organization. "

Ivan Martin, CEO, Misys Banking Systems, said: "This acquisition
is a significant development for risk management in the
international banking market and is an example of our company
strategy of organic growth complemented by product and market
enhancing acquisitions."

CONTACT:  MISYS PLC
          Burleigh House, Chapel Oak, Salford Priors,
          Evesham, WR11 8SP, United Kingdom
          Phone: 44 (0)1386 871373
                 44 (0)1386 871045
          Web site: http://www.misys.com
          E-mail: group.secretariat@misys.co.uk

          Angela D. Jenkins
          Healthcare Systems
          Phone: (303) 364-9957
          E-mail: angela.jenkins@misyshealthcare.com

          Susan Cottam
          Group Communications Director
          Phone: +44 (0) 20 7368 2305
          Mobile: +44 (0) 7957 807 721

          Andrew Farmer
          Head of Investor Relations
          Phone: +44 (0) 20 7368 2307
          Mobile: +44 (0) 7909 895 094

          Caroline Hardiman
          Press Relations Manager
          Misys General Insurance
          Phone: + 44 (0)1905 754455
          E-mail: caroline.hardiman@mfs.misys.co.uk


M.Y. AYLESHAM: In Voluntary Liquidation
---------------------------------------
We the undersigned, being the Member of M.Y. Aylesham Limited
for the time being having a right to attend and vote at General
Meetings, hereby pass the following Resolutions in accordance
with section 381A of the Companies Act 1985, as inserted by
section 113 of the Companies Act 1989, as a Special Resolution
and as an Ordinary Resolution respectively:

"That the Companies be wound up voluntarily, and that J R D
Smith and N J Dargan, of Athene Place, 66 Shoe Lane, London EC4A
3BQ, be and are hereby appointed Joint Liquidators of the
Companies."

Shareholder

CONTACT:  DELOITTE & TOUCHE
          180 Strand
          London
          WC2R 1BL
          DX: DX 599LDE
          Mr. James Robert Drummond Smith
          E-mail jamie.smith@deloitte.co.uk

          Mr. Nicholas James Dargan
          E-mail: nick.dargan@deloitte.co.uk
          Phone: 020 7438 3000
          Fax: 020 7583 8517


NETWORK RAIL: Directors' Bonus Scheme Hit; Chairman Cries Foul
--------------------------------------------------------------
Two public members of Network Rail have decided to air their
gripes to the media after the board excluded their resolution to
reform the directors' bonus scheme from the AGM agenda.

Philip Davis, chairman of the Network Rail member steering group
and a West Midlands councilor; and Lord Berkeley, chairman of
the Rail Freight Group, want their resolution tackled in the
June 20 meeting.  They believe the directors' bonus scheme
should be scrapped in the light of the company's poor
performance.

The rail regulator recently criticized the company for its
failure to manage track and timetables properly.  The bonus
scheme entitles some directors as much as GBP250,000 in spite of
this.

Chairman Ian McAllister, in a letter sent to all members,
lamented the decision to involve the media on the matter.
"Given the open and ongoing dialogue between us, I am
disappointed to see that two members have felt it necessary to
take directly to the media an issue without discussion with us
previously."

"The rejection by Network Rail of the proposed resolution was
due to it not being valid in law," he said.  "If the company had
agreed to its inclusion, it would have acted contrary to its
duty to ensure that only valid requisitioned resolutions are
presented to the [annual meeting]."

Network Rail has 114 public members, who have powers similar to
those of shareholders in quoted companies.  Sought for comment,
Lord Berkeley told The Times: "This is classic bullying by a
monopoly industry.  It demonstrates that the corporate
governance of Network Rail is unsatisfactory."

"I really think that now things are going better [on the
railway] now is the time to talk through issues like this and
finally get it right," he said.  "Network Rail is not behaving
like a private-sector company.  It is totally risk-averse.  They
set the ground rules and they need to be challenged."

Mr. Davis, for his part, said: "The issue is not contact with
the press.  The bonuses had already become a public issue. When
some members then called for a review of the bonus scheme
performance targets, this motion was removed from the annual
meeting agenda despite differing legal advice.  Network Rail is
funded by the taxpayer and the members' role is surely to
monitor the company."

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


NORTH LONDON: Liquidator to Present Final Report August
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF North London Recycling Limited

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Meeting of the Creditors of North
London Recycling Limited will be held at RSM Robson Rhodes, 186
City Road, London EC1V 2NU, on August 2, 2005, at 2:00 p.m. for
the purpose of receiving the Liquidator's report of the winding-
up and determining whether the Liquidator should be released
under section 174 of the Insolvency Act 1986.

A Creditor entitled to attend and vote at the Meeting may
appoint a proxy to attend and vote in his place.  it is not
necessary for the proxy to be a creditor.  Proxy forms must be
returned to RSM Robson Rhodes LLP, 186 City Road, London EC1V
2NU, by no later than 12:00 noon on August 1, 2005.

K. J. Hellard, Liquidator
June 28, 2005

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.rsmi.co.uk


PHONE DIRECT: To Hold Creditors Meeting Later this Month
--------------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No. 3036 of 2005

PHONE DIRECT LIMITED

(Company No. 03573449)

In the High Court of Justice (Chancery Division)
Companies Court No. 3033 of 2005

PHONE DIRECT INTERNATIONAL LIMITED

(Company No. 03934917)

In the High Court of Justice (Chancery Division)
Companies Court No. 3039 of 2005

PHONE DIRECT HOLDINGS LIMITED

(Company No. 04182588)

Notice is hereby given by Stephen Cork and Joanne Milner, of
Smith & Williamson Limited, of Bartlett House, 9-12 Basinghall
Street, London EC2V 5NS, that Meetings of the Creditors of the
companies are to be held at the offices of Smith & Williamson
Limited, of Bartlett House, 9-12 Basinghall Street, London EC2V
5NS, on 19 July 2005, at 10:30 a.m., 12:00 noon, 12:30 p.m.,
2:00 p.m. and 2:30 p.m. respectively.

The Meetings are initial Creditors' Meetings under paragraph 51
of Schedule B1 to the Insolvency Act 1986.  A proxy form should
be completed and returned to me by the date of the Meeting if
you cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.22 at the Meetings you must give
to me, not later than 12:00 noon on the business day before the
day fixed for the Meetings, details in writing of your claim.

J Milner, Joint Administrator

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


PRINCIPAL NURSING: Under Administration
---------------------------------------
Name of Company: Principal Nursing & Care Agency Limited

Company No: 04710178

Nature of Business: Medical Practice Activities

Address of Registered Office: Parker O'Regan Tann & Co, Bangor
Business Centre, Gwynedd LL57 1LJ

Trade Classification: 8512

Date of Appointment: 1 July 2005

Administrators Names and Address: Colin Burke and Gary J Corbett
(IP Nos 9297 and 9018), both of Milner Boardman & Partners,
Century House, Ashley Road, Hale, Cheshire WA15 9TG.

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

          PRINCIPAL NURSING & CARE AGENCY LTD.
          Trinity House 1
          High St
          Menai Bridge
          Gwynedd
          Phone: 01248 717651


QUESTOR FINANCIAL: Creditors Meeting Set August
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Questor Financial Services Limited

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Meeting of the Creditors of Questor
Financial Services Limited will be held at KPMG, 100 Temple
Street, Bristol BS1 6AG, on August 9, 2005, at 10:00 a.m. for
the purposes of receiving the report of the Liquidator of the
winding-up.

R. J. Hill, Liquidator
June 30, 2005

CONTACT:  KPMG LLP
          100 Temple Street
          Bristol BS1 6AG
          Phone: (0117) 905 4000
          Fax: (0117) 905 4001
          Web site: http://www.kpmg.co.uk


ROXSPUR MANAGEMENT: Creditors Meeting Set Next Week
---------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court. No 3155 of 2005

Notice is hereby given by Stephen Cork and Joanne Milner, of
Smith & Williamson Limited, Bartlett House, 9-12 Basinghall
Street, London EC2V 5NS, that a Meeting of Creditors of Roxspur
Management Services Limited (Company No 02767969), is to be held
at the offices of Smith & Williamson Limited, Bartlett House, 9-
12 Basinghall Street, London EC2V 5NS, on 19 July 2005, at 11:30
a.m.

The Meeting is an initial Creditors' Meeting under paragraph 51
of Schedule B1 to the Insolvency Act 1986.  A proxy form should
be completed and returned to me by the date of the Meeting if
you cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.22 at the Meeting you must give to
me, not later than 12:00 noon on the business day before the day
fixed for the Meeting, details in writing of your claim.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


THERMAL ENGINEERING: Calls in Administrators from Deloitte
----------------------------------------------------------
In the Leeds District Registry No. 703 of 2005

Name of Company: Thermal Engineering International Limited

Company No.: 00929417

Nature of Business: Manufacture of Industrial Components
Relating to Steam Plant and Power Generation

Address of Registered Office: 1 City Square, Leeds LS1 2AL

Date of Appointment: 1 July 2005

Administrator's Names and Address: Trevor Nigel Birch, Ian Brown
and Adrian Peter Berry (IP Nos 001034, 007236 and 008601), all
of Deloitte & Touche LLP, 1 City Square, Leeds LS1 2AL.

CONTACT:  DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942

          THERMAL ENGINEERING INTERNATIONAL LTD.
          Calder Vale Road
          Wakefield
          WF1 5YZ
          West Yorkshire
          Phone: 01924 780000
          Fax: 01924 387320
          Web site: http://www.teigreens.com


THERMAL ENGINEERING: Business for Sale
--------------------------------------
The Joint Administrators, Ian Brown, Trevor Birch and Adrian
Berry, offer for sale the business and assets of Thermal
Engineering International Limited.

Established more than a hundred years ago, Thermal Engineering
International Limited provides a range of industrial components
relating to steam, plant and power generation, including
economizers, condensers and other heat exchange products

Features:

(a) Substantial work in progress and order book;

(b) Leasehold property located in Wakefield;

(c) Blue chip customer base situated in the U.K. and overseas;
    and

(d) Dedicated and skilled workforce.

CONTACT:  THERMAL ENGINEERING INTERNATIONAL LIMITED
          PO Box 80
          Wakefield
          West Yorkshire WF1 5YS
          Phone: (01924) 780000
          Fax: (01924) 201901
          Web site: http://www.tei.co.uk

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

          Steve Richards
          Phone: 0113 292 1505
          E-mail: steverichards@deloitte.co.uk


THOMAS BUSHILL: Members Appoint Liquidator
------------------------------------------
We the undersigned, being the Member of Thomas Bushill & Sons
Limited for the time being having a right to attend and vote at
General Meetings, hereby pass the following Resolutions in
accordance with section 381A of the Companies Act 1985, as
inserted by section 113 of the Companies Act 1989, as a Special
Resolution and as an Ordinary Resolution respectively:

"That the Companies be wound up voluntarily, and that J R D
Smith and N J Dargan, of Athene Place, 66 Shoe Lane, London EC4A
3BQ, be and are hereby appointed Joint Liquidators of the
Companies."

Shareholder

CONTACT:  DELOITTE & TOUCHE
          180 Strand
          London
          WC2R 1BL
          DX: DX 599LDE
          Mr. James Robert Drummond Smith
          E-mail jamie.smith@deloitte.co.uk

          Mr. Nicholas James Dargan
          E-mail: nick.dargan@deloitte.co.uk
          Phone: 020 7438 3000
          Fax: 020 7583 8517


THYME RESTAURANT: In Receivership or Not?
-----------------------------------------
The lessor of Thyme Restaurant insists the closure of the diner
is only temporary.

A spokeswoman for The Hospital, a retail and arts center located
at Covent Garden, said the restaurant is only refurbishing and
not closing for good.

"Adam [Byatt] and Adam [Oates] used to rent the first-floor
space from the Hospital group, but they will now join the
company and we'll launch a new concept together," a July 7
CatererSearch report quoted her as saying.

She added the two chef-proprietors would retain direction of the
food at the new operation.  They were both unavailable for
comment, according to the CatererSearch.

An insider, however, said the restaurant has, in fact, filed for
receivership.  If true, the receivership comes less than a year
after it relocated from Clapham, south London.

CONTACT:  THYME RESTAURANTS LIMITED
          La Station Crescent
          Westcombe Park
          Blackheath
          London SE3 7EQ

          THE HOSPITAL
          24 Endell Street
          Covent Garden
          WC2H 9HQ
          Phone: 0207 170 9200


TILESMART LIMITED: Succumbs to Administration
---------------------------------------------
In the High Court of Justice No 4282 of 2005

Names of Company: Tilesmart Limited

Company No.: 5023560

Nature of Business: Retail Sale of Tiles

Trade Classification: 22

Date of Appointment: 29 June 2005

Joint Administrators' Names and Address: Nicholas John Miller
and Ian Robert (IP Nos 007899 and 008706), of Kingston Smith and
Partners LLP, Devonshire House, 60 Goswell Road, London EC1M 7AD


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


TTG EUROPE: Creditors Meeting Set Next Week
-------------------------------------------
Notice is hereby given by Stephen Cork and Joanne Milner, of
Smith & Williamson Limited, of Bartlett House, 9-12 Basinghall
Street, London EC2V 5NS, that the Meeting of the Creditors of
TTG Europe Plc (Company No. 01665606) are to be held at the
offices of Smith & Williamson Limited, of Bartlett House, 9-12
Basinghall Street, London EC2V 5NS, on 19 July 2005, at 10:30
a.m., 12.00 noon, 12:30 p.m., 2:00 p.m. and 2:30 p.m.
respectively.

The Meetings are initial Creditors' Meetings under paragraph 51
of Schedule B1 to the Insolvency Act 1986.  A proxy form should
be completed and returned to me by the date of the Meeting if
you cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.22 at the Meetings you must give
to me, not later than 12:00 noon on the business day before the
day fixed for the Meetings, details in writing of your claim.

J Milner, Joint Administrator

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk

          TTG EUROPE PLC
          Unit 1 Clifton Court
          Corner Hall
          Hemel
          Hempstead
          United Kingdom
          HP3 9XY
          Phone: +44 1442 244 444
          Fax: +44 1442 244 445
          Web site: http://www.ttg-europe.com


UP MEX: Administrators from Kroll Move in
-----------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 25AA of 2005

Company Name: UP MEX LIMITED

Company No.: 04898629

Nature of Business: Manufacturing of Mechanisms for Office
Furniture

Address of Registered Office: Bishopsgate, Manchester M2 3WR

Date of Appointment: 4 July 2005

Administrators' Names and Addresses: Fraser J Gray (IP No 8905)
of Kroll, Afton House, 26 West Nile Street, Glasgow G1 2PF and C
Peter Holder (IP No 9093) of Kroll, 3rd Floor, Wellington Plaza,
31 Wellington Street, Leeds LS1 4DL

CONTACT:  KROLL GLASGOW
          Afton House 26 West Nile Street
          Glasgow, Scotland G1 2PF
          United Kingdom
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com

          UP MEX LTD.
          22 Roman Way
          Ribbleton
          Preston
          PR2 5BB
          Lancashire
          Phone: 01772 664500
          Fax: 01772 654501
          Web site: http://www.upmex.co.uk


VIBRATION ENGINEERING: Under Administration
-------------------------------------------
In the Eastbourne County Court No 13 of 2005

Name of Company: Vibration Engineering Services Limited

Company No.: 03546626

Nature of Business: The Refurbishment and Maintenance of
Vibration Testing Equipment

Address of Registered Office: Unit 5, Redward Business Park,
Hammonds Way, Eastbourne, East Sussex BN23 6PW

Date of Appointment: 1 July 2005

Administrator's Name and Address: Christopher Charles Garwood
(IP No 5829), of Cornfield Law LLP, 47 Cornfield Road,
Eastbourne, East Sussex BN21 4QN

                            *   *   *

V-Mech Engineering Ltd., formerly Vibration Engineering Services
Ltd., is an independent service organization specializing in the
repair and maintenance on all makes of vibration equipment.  It
operates in a 2000 sq. ft. factory unit in Eastbourne.

CONTACT:  V-MECH ENGINEERING
          Unit 5, Redward Business Park, Hammonds Drive
          Eastbourne East Sussex BN23 6PW UK
          Phone: +44 (O) 1323 736500
          Fax: +44 (O) 1323 736900
          Web site: http://www.vesltd.co.uk/


WM MORRISON: Sir Ken's Successor Known Soon
-------------------------------------------
An update on the progress of the search for Sir Ken Morrison's
replacement is expected in the coming days, The Guardian said
yesterday.

Sir Ken had promised at the general meeting in May to leave the
company next year after presiding the integration of Safeway plc
into the group.  Acquired for US$3 billion last year, Safeway
has been blamed for Wm Morrison's five consecutive profits
warning since last year.

Late last month, the group appointed three new non-executive
directors recommended by Deputy Chairman David Jones, who
declared in May that the company needed outside help.  He is
also leading the search for Sir Ken's replacement.  According to
The Guardian, Mr. Jones is also looking for two more non-
executive directors to complete the board shakeup.

The Safeway purchase raised Morrison's store count to about 550
supermarkets from just 125.  The group offers a variety of food
and nonfood items (including cars), most notably through its
Market Street specialty departments, a Hoovers dossier states.
About 100 of these stores have gas stations.  The group
considers Northern England its bailiwick, but it also operates
in several southern counties ruled by much larger competitors.
Sir Ken owns 38% of the company.

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


WORKPLACE LIMITED: Shareholders Opt for Liquidation
---------------------------------------------------
At an Extraordinary General Meeting of the Members of Workplace
Limited, duly convened, and held at 4 St Giles Court,
Southampton Street, Reading RG1 2QL, on 29 June 2005, this
Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that P R Boyle,
of Harrisons, 4 St Giles Court, Southampton Street, Reading RG1
2QL, be and is hereby appointed Liquidator for the purposes of
winding-up the Company."

J O'Brien, Chairman

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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