TCREUR_Public/050713.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 13, 2005, Vol. 6, No. 137

                            Headlines

C Z E C H   R E P U B L I C

SKODA KLATOVY: Creditors Pick Golondrina Praha


F R A N C E

EUROTUNNEL SA: First-half Earnings Up 2% Year-on-year


G E R M A N Y

AEG HAUSGERATE: Govt Ministers Fly to Sweden for Rescue Talks
AGFAPHOTO GMBH: Still Without a Clear Rescue Plan
AUDIORENT GMBH: Creditors' Claims Due Next Week
DIRECT PRINTER: Court to Verify Claims Next Month
ESCHENFELDER GMBH: Proofs of Claim Due Later this Month

FUBA PRINTED: Files for Chapter 11 Bankruptcy Protection
GEMINI FILMTHEATER: Creditors Meeting Set September
GETEC INDUSTRIEELEKTRONIK: Falls into Bankruptcy
INFINEON TECHNOLOGIES: Works Council Lauds Technology Shift Plan
MEDIA VISION: Court to Verify Claims September

OLYMPIC FILMTHEATER: Under Bankruptcy Administration
PRESSEBUERO HANSMANN: Court Appoints Dr. Fink Administrator
VOLKSWAGEN AG: Bribery Claims Absurd, Says CEO
WCM GROUP: Sells Stake in Neuhof for Less than EUR10 Mln
ZAPF CREATION: Seals Financing Deal with German Banks


I T A L Y

ALITALIA SPA: Ups Fuel Surcharge by EUR5
MANDARINA DUCK: On Course to Break even this Year
PARMALAT FINANZIARIA: Troubled as early as 1997, Say Prosecutors


N E T H E R L A N D S

LAURUS N.V.: Units' First-half Sales Down 8.8%
ROYAL SHELL: To Pay US$90 Million in Settlement


N O R W A Y

AKER KVAERNER: Closing Pharmaceutical Operations in U.S.


R U S S I A

ARBUZOVSKOYE: Under Bankruptcy Supervision
BRATSKIY: Succumbs to Bankruptcy
DAIRY KARGOPOLSKIY: Hires Insolvency Manager from Arkhangelsk
DAL-SAN-TEKH-MONTAZH: Hires L. Stepanova Insolvency Manager
IBRESINSKIY: Bankruptcy Hearing Set August

MED-PRIBOR: Deadline for Proofs of Claim Set Third Week of July
METROMEDIA INTERNATIONAL: Sale of PeterStar to Close August
NIVA-BOLKHOV: Assets for Public Auction Last Week of July
REPAIR-SERVICE-AUTO: Under Bankruptcy Supervision
STOCKING FACTORY: Creditors Have Until July 18 to File Claims
VETA FURNITURE: Undergoes Bankruptcy Supervision Procedure


S W I T Z E R L A N D

SWISS INTERNATIONAL: First-half Seat Load Factor Increases
SWISS INTERNATIONAL: Suspends Majority of Saab 2000 Pilots


U K R A I N E

BERIZKA: Insolvency Manager Takes over Operations
DEREBCHINSKE: Under Bankruptcy Supervision
FARMAKON: Court Names O. Klimenko Insolvency Manager
GRYAZNYANSKA: Succumbs to Bankruptcy
NOVEL: AR Krym Court Appoints Insolvency Manager

OUR BANK: Liquidator Accused of Squandering Remaining Assets
SIMFEROPOL' PAT: Bankruptcy Supervision Begins
SOLING: Kyiv Court Opens Bankruptcy Proceedings
VASILIVSKIJ AGROS: Declared Insolvent
YAKIMIVKA' BREAD: Insolvency Manager Takes over Helm
YAVIR: Temporary Insolvency Manager Moves in

* 11% of Commercial Banks in Ukraine Broke


U N I T E D   K I N G D O M

A MARSHALL: Under Administrative Receivership
APPLIED TELECOMS: Construction Firm Falls into Administration
BURGINHALL 414: Claims Deadline Expires Later this Month
CALF ENGINEERING: Winding-up Report Out Second Week of August
COLT TELECOM: Corrects Reported Revenue Forecast

COUNTRY SUPPLIES: Calls in Administrator
DEESIDE FURNITURE: Barclays Bank Calls in Receivers
DIGITAL PRINTER: Files for Administrative Receivership
DRAX GROUP: Settles GBP39.3 Million A1, A2, A3 Debt Tranches
DRIVELINE HOLDINGS: Carmaker Falls into Administration

EARLYBIRD FURNITURE: Barclays Bank Requests Receivership
EDGE HALL: Nursing Home Calls in Administrator
EQUITABLE LIFE: E.U. Hearing on EMAG Petition Set September
FLEXISERV LIMITED: Administrator from Tenon Steps in
FOX PRINT: Appoints Administrators

GARDEN COTTAGE: Creditors Meeting Set Next Week
GRANADA WINDOWS: Administrator Takes over Business
GROUP SUPPLIES: Consultancy Firm Calls in Administrator
I-BUS (UK): Administrator Sets Creditors Meeting July 20
INTERNET MARKETING: Files for Administration

LEE DAVIES: Creditors Meeting July 18
MG ROVER: German Dealers May Use Sale Proceeds to Offset Debt
MISYS PLC: Unit Sells 60% Stake in Internet Venture
M L DESIGN: Joint Administrator Takes over Operations
MOWLEM PLC: Company Profile

MULTI HIRE: Creditors Appoint Liquidator
POLONY LTD.: Liquidation Paves Way to Replacement Contractor
PREMIER FOODS: Expects MBM Unit to Struggle Until Next Year
PTV INC.: Defers Dividend Payment on Series A Preferred Stock
ROYAL & SUN ALLIANCE: Fitch Raises Ratings to 'BBB'

TRADITIONAL SEAFOODS: Appoints Joint Receivers
VESSEL TECHNOLOGY: RSM Robson Takes Control of Operations
WHITBY'S OF READING: Cedes Control to Administrator
WHITEHEAD MANN: Appoints New Head of Coaching Business
WISEMAN PUBLICATIONS: Joint Liquidators Take over Helm

WORLDWIDE PACKAGE: Creditors Meeting Set August
WYVERN FURNITURE: Appoints Ernst & Young Receiver
ZONELEVER NETWORK: Promising Scottish IT Business a Bust


                            *********


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


SKODA KLATOVY: Creditors Pick Golondrina Praha
----------------------------------------------
Golondrina Praha is the new owner of bankrupt engineering firm
Skoda Klatovy, Czech News Agency says.

Bankruptcy assets administrator Jan Klima said Golondrina was one
of three bidders that vied for Skoda.  Creditors picked
Golondrina, which is owned by financial group Petro Funds Group
of Companies from the United Arab Emirates, because it offered to
expand the company and secure enough orders.

Founded in 1854 by Leopold Schifauer, Skoda Klatovy manufactures
filters, furnaces, agricultural, and industrial machines for the
Swedish, Italian, and French markets, among others.  Employing
around 247 personnel, Skoda is considered one of the major
employers in the Klatovy district.  Bankrupt engineering firm
Skoda Plzen previously owned the furnace maker, which went bust
in late 2002.

CONTACT:  SKODA KLATOVY s.r.o.
          Domazlicka 15
          339 01 Klatovy
          Phone: +420 376 707 111
          Fax: +420 376 707 707
          Web site: http://www.skodakt.cz

          GOLONDRINA a.s.
          Charkovska 135/24
          Praha 10-Vrsovice 10100


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


EUROTUNNEL SA: First-half Earnings Up 2% Year-on-year
-----------------------------------------------------
Eurotunnel S.A., operator of the Channel Tunnel, has reported
revenue and traffic figures for the first half of 2005.

Operating revenue was GBP268 million in the first half of 2005, a
2% increase on the corresponding period in 2004 at constant
exchange rates.  Revenue from Shuttle Services, Eurotunnel's core
business, increased by 6%.  Railways revenue, including a GBP36
million payment under the Minimum Usage Charge, was stable at
GBP117 million.  Revenue from non-transport activities remains
marginal.

Truck Shuttles

Eurotunnel transported 703,363 trucks in the first half of 2005,
an increase of 9% compared with the first half of 2004.  During
the first quarter of 2005, Eurotunnel benefited from the
operational difficulties at the Port of Calais.

In addition, the increase in traffic reflects the effectiveness
of the new freight strategy.  The average yield per vehicle
transported also increased during the first half of 2005
contributing to an increase in revenue from the truck shuttle
business.

Passenger Shuttles

Eurotunnel transported 951,561 cars in the first half of 2005, an
increase of 1% compared to the first half of 2004.  The
progression recorded in the first quarter of 2005 did not
continue into the second quarter; first quarter traffic benefited
from the operational difficulties at the Port of Calais, and the
fact that Easter fell in the first quarter of 2005.

Eurotunnel also transported 39,831 coaches in the first half of
2005, a 34% increase on the corresponding period in 2004,
although growth slowed in the second quarter for the same reason
as the car traffic.  Coach operators continue to be attracted to
Eurotunnel's speed, frequency and quality of service.

Railways

The Channel Tunnel is also used by rail services not operated by
Eurotunnel: Eurostar for high-speed passenger services on
London-Paris/Brussels, and EWS and SNCF for international rail
freight services.

The number of passengers carried through the Channel Tunnel by
Eurostar increased by 8% in the first half of 2005, confirming
the upward trend following the opening of the first section of
the U.K.'s high-speed line in September 2003.

Rail Freight

The volume of rail freight transported through the Channel Tunnel
fell by 13% to 847,716 tonnes in the first half of 2005.

The level of through-rail traffic using the Channel Tunnel
currently has no impact on Eurotunnel's revenues due to the
Minimum Usage Charge arrangements, which continue until November
2006.

                            *   *   *

Observers believe the company could fall into bankruptcy if
it fails to reach an agreement with creditors by October.  Aside
from a heavy debt load, Eurotunnel is burdened by a decline in
revenue and passenger traffic.  In April, the company admitted
that price wars had negatively hit its annual shuttle revenues.
The figure fell 7% at constant exchange rates to GBP285 million
(EUR425 million).

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


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


AEG HAUSGERATE: Govt Ministers Fly to Sweden for Rescue Talks
-------------------------------------------------------------
The woes plaguing appliance maker AEG Hausgerate have caught the
attention of the government, Die Welt says.

Wolfgang Clement, Germany's minister for economic affairs; and
Hans Spitzner, economic affairs secretary of the German Land of
Bavaria, will reportedly fly to Sweden to meet Hans Straberg,
head of household appliance giant Electrolux.  Messrs Clement and
Spitzner will reportedly negotiate for a possible rescue of AEG's
Nuremberg site, which Electrolux is reportedly planning to close.

TCR Europe reported on June 15, 2005 that the supervisory board
of Electrolux, AEG's Swedish parent, has asked the group to
review the possibility of closing its Nuremberg site, which
employs around 1,750 people.  Apparently hurt by the current
price war in the domestic appliance market, AEG revealed its
Nuremberg site is no longer competitive.

AEG's Nuremberg plant manufactured last year over 1.6 million
appliances, half of which were sold in the local market.  Part of
the world's largest domestic appliance group since 1994, AEG has
been one of the dominant brand names in Germany.  AEG presents
itself across Europe as a top brand for sophisticated,
performance-oriented consumers.

CONTACT:  AEG HAUSGERATE GMBH
          Muggenhofer Strasse 135
          D-90429 Nuremberg
          Phone: (0911) 323-0
          Fax: (0911) 323-1770
          Web site: http://www.aeg-electrolux.co.uk

          AB ELECTROLUX
          St. Goransgatan 143
          Stockholm, Sweden
          Phone: +46-8-738-6000
          Fax: +46-8-656-4478
          Web site: http://www.electrolux.com


AGFAPHOTO GMBH: Still Without a Clear Rescue Plan
-------------------------------------------------
A month-and-half since filing for insolvency AgfaPhoto has yet to
draft a rescue plan, Die Welt says.

AgfaPhoto said it is holding talks with potential investors, who
are carefully reviewing the group's financial situation.  Andreas
Ringstmeier, the group's insolvency administrator, has blamed
management for AgfaPhoto's collapse, hinting that executives may
have engaged in financial fraud.  Seven months ago, he said, the
company only had EUR22 million in cash, but management reported
EUR72 million.

The company filed for insolvency at the district court of
Cologne late May, apparently hurt by the growing popularity of
digital photography.  The court appointed Andreas Ringstmeier
insolvency administrator, who did not discount the possibility
that the company's troubles will spill over to other Agfa
companies.

CONTACT:  AGFAPHOTO GERMANY GMBH
          Im Mediapark 5
          D-50670 Cologne
          Phone: +49 221 98544-3723
          Fax: +49 221 98544-3805
          Web site: http://www.agfaphoto.com

          AGFA-GEVAERT N.V.
          Septestraat 27
          B-2640 Mortsel
          Belgium
          Phone: +32 3 444 2111
          Fax: +32 3 444 7094
          Web site: http://www.agfa.com


AUDIORENT GMBH: Creditors' Claims Due Next Week
-----------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Audiorent GmbH on June 28.  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 Udo Claes-Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting on August 31, 2005, 10:00 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, 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:  AUDIORENT GmbH
          Am Stadion 10, 45659 Recklinghausen
          Contact:
          Peter Wolff, Manager

          Udo Claes-Hellmich, Administrator
          Bahnhofstrasse 46, 45879 Gelsenkirchen
          Phone: (0209) 1 55 34 90
          Fax: (02 09) 177952988


DIRECT PRINTER: Court to Verify Claims Next Month
-------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Direct Printer Service (Deutschland) GmbH on June 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 5, 2005
to register their claims with court-appointed provisional
administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on August 24, 2005, 9:30 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  DIRECT PRINTER SERVICE (DEUTSCHLAND) GmbH
          Schadowstr. 86-88, 40212 Duesseldorf
          Contact:
          Adam Alexander Berkstrom, Manager
          Herrenstr. 7, A-4020 Linz

          Dr. Jorg Nerlich, Administrator
          Louise-Dumont-Str. 25, 40211 Duesseldorf


ESCHENFELDER GMBH: Proofs of Claim Due Later this Month
-------------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Eschenfelder GmbH on June 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 27, 2005 to register their claims with
court-appointed provisional administrator Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting on August 14, 2005, 2:00 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:  ESCHENFELDER GmbH
          Horster Strasse 130, 45968 Gladbeck
          Contact:
          Ralf Brockmann, Manager
          Pfeilstrasse 8, 45879 Gelsenkirchen

          Wolfgang Lorisch, Administrator
          Kurt-Schumacher-Str. 48, 45699 Herten
          Phone: 02366/10820
          Fax: 02366/10 82-82


FUBA PRINTED: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------
FUBA PRINTED CIRCUITS GmbH, Europe's fourth largest producer of
printed circuit boards, has filed a petition for insolvency in
self-administration at the Local Court in Osterode am Harz.

The procedure will allow for a speedy financial restructuring for
the company, while maintaining operations at its Gittelde and
Dresden sites.  Mr. Torsten Gutmann has been named temporary
insolvency administrator.

Under the company's restructuring plan, some 240 jobs will be
affected at the Gittelde site, while 15 workers at Dresden will
be dropped.

Managing Director Andreas Ebeling blames the global break-in of
the market for printed circuit boards as well as overcapacity and
high personnel costs.

In October 2003, Mr. Ebeling and Walter Drach took over the
company via a management buyout from VOGT Electronic AG.  Since
then, according to Mr. Ebeling, they have to accept losses at the
Gittelde plant.

The pair, however, is looking forward to improvements in their
joint venture with a Tunisian enterprise, while they work with
Consultants MPI Management Partner & Investor GmbH to continue
the "supply of reliable products and maintain the company's high
quality standards."

Mr. Drach said: "We are sure that we will reposition and
reestablish the plants without suffering a grain of precision or
punctuality toward the customers."

The managers assured workers of their salaries, while it vows to
cooperate with the Company Councils and the IG Metall regarding
the job cuts and further restructuring measures.

The company, which has been existing for 46 years, earlier set a
turnover of EUR100 million with approximately 900 employees for
the fiscal year 2003/2004.

CONTACT:  FUBA PRINTED CIRCUITS GmbH
          Bahnhofstrasse 3
          37534 Gittelde
          Germany
          Phone: +49 (5327) 880-0
          Fax: +49 (5327) 880-200
          E-mail: infogittelde@fpc.de
          Web site: http://www.fpc.de

          Dresden Site
          Kesselsdorfer Strasse 216
          01169 Dresden
          Germany
          Phone: +49 (351) 4133-0
          Fax: +49 (351) 4133-320
          E-mail: infodresden@fpc.de


GEMINI FILMTHEATER: Creditors Meeting Set September
---------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against GEMINI Filmtheater-Betriebsgesellschaft mbH & Co.
Kommanditgesellschaft on June 29.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 20, 2005 to register their claims
with court-appointed provisional administrator Friedrich Wilhelm
Metzeler.

Creditors and other interested parties are encouraged to attend
the meeting on September 19, 2005, 9:00 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  GEMINI FILMTHEATER-BETRIEBSGESELLSCHAFT mbH
          & CO. KOMMANDITGESELLSCHAFT
          Graf-Adolf-Str. 96, 40210 Duesseldorf
          Contact:
          Volker Riech, Manager

          Friedrich Wilhelm Metzeler, Administrator
          Rheinort 1, 40213 Duesseldorf


GETEC INDUSTRIEELEKTRONIK: Falls into Bankruptcy
------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against GETEC Industrieelektronik-Automation-Gmb on June 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 20, 2005
to register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on September 19, 2005, 10:00 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  GETEC INDUSTRIEELEKTRONIK-AUTOMATION-GmbH
          Hochstadenstr. 11, 41469 Neuss
          Contact:
          Hans Geldmacher, Manager

          Dr. Winfrid Andres, Administrator
          Neuer Zollhof 3, 40221 Duesseldorf


INFINEON TECHNOLOGIES: Works Council Lauds Technology Shift Plan
----------------------------------------------------------------
Semiconductor manufacturer Infineon Technologies earned the
praise of its works council for its plan to avert the closure of
its Munich site, Suddeutsche Zeitung.

Infineon previously planned to close the site because technology
used at the plant has become outdated.  Infineon said back then
it would invest US$2 billion to build factories abroad.  Just
recently, Infineon said it might pursue the adaptation of the
site to 200mm technology.  According to the works council, an
export report commissioned by Infineon says the costs of the
adaptation would be lesser than originally estimated.

The works council also revealed the readiness of Infineon to
agree to concessions, provided that the site would be at par with
the group's other plants in terms of costs.  Infineon declined to
comment on the report, saying it would first review it.

Based in Munich, Germany, Infineon Technologies AG offers
semiconductor and system solutions for the automotive and
industrial sectors, for applications in the wired communications
markets, secure mobile solutions as well as memory products.
With a global presence, Infineon operates in the U.S. from San
Jose, CA, in the Asia-Pacific region from Singapore and in Japan
from Tokyo.  In fiscal year 2004 (ending September), the company
posted sales of EUR7.19 billion with about 35,600 employees
worldwide.  Infineon is listed on the DAX index of the Frankfurt
Stock Exchange and on the New York Stock Exchange (ticker symbol:
IFX).

CONTACT:  INFINEON TECHNOLOGIES AG
          St. Martin Str. 53
          81669 Munich
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com

          Media Relations
          Gunter Gaugler
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com


MEDIA VISION: Court to Verify Claims September
----------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Media Vision GmbH on June 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 22, 2005 to register their claims with
court-appointed provisional administrator Stephan Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 9:30 a.m. at the district
court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund,
II. Etage, Saal 3.201, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MEDIA VISION GmbH
          Frydagstrasse 24, 44536 Luenen
          Contact:
          Guevenc Ekizoglu, Manager
          Menglinghauser Strasse 368, 44227 Dortmund

          Stephan Heinrichsmeyer, Administrator
          Spiekergasse 6-8, 33330 Guetersloh
          Phone: 05241/92 02-0
          Fax: 05241 92 02 22


OLYMPIC FILMTHEATER: Under Bankruptcy Administration
----------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Olympic Filmtheater GmbH on June 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 20, 2005 to register their
claims with court-appointed provisional administrator Friedrich
Wilhelm Metzeler.

Creditors and other interested parties are encouraged to attend
the meeting on September 19, 2005, 9:15 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  OLYMPIC FILMTHEATER GmbH
          c/o UFA-TH. AG
          Graf-Adolf-Str. 96, 40210 Duesseldorf
          Contact:
          Volker Riech, Manager

          Friedrich Wilhelm Metzeler, Administrator
          Rheinort 1, 40213 Duesseldorf


PRESSEBUERO HANSMANN: Court Appoints Dr. Fink Administrator
-----------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Pressebuero Hansmann GmbH on June 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 5, 2005 to register their
claims with court-appointed provisional administrator Dr. Paul
Fink.

Creditors and other interested parties are encouraged to attend
the meeting on August 24, 2005, 9:15 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  PRESSEBUERO HANSMANN GmbH
          Alt Heerdt 22, 40549 Duesseldorf
          Contact:
          Ilona Kruchen, Manager
          Am Eichenkreuz 8, 40667 Meerbusch
          Detlef Brendel, Manager
          Schumannsdieken 25, 40885 Ratingen

          Dr. Paul Fink, Administrator
          Rheinort 1, 40213 Duesseldorf


VOLKSWAGEN AG: Bribery Claims Absurd, Says CEO
----------------------------------------------
Volkswagen AG Chief Executive Bernd Pischetsrieder has disclosed
that company employees may have misused at least EUR100,000.

This came amid claims of bribery at Europe's largest automotive
group, which saw the exit of a management board member Friday.

The company, which has been working with the Brunswick
authorities, also hired consultancy KPMG to conduct an
independent investigation.

Mr. Pischetsrieder said: "We cannot rule out that travel expenses
were not accounted for correctly.  But it looks like the damage
could amount to a six-digit figure."

The chief executive also described as "completely absurd"
allegations that the management had bribed the works council,
while he stressed that the company has beefed-up measures to
prevent corruption.

As to the alleged involvement of human resources chief Peter
Hartz, Mr. Pischetrieder only said that Mr. Hartz stepped down
"to avoid doing further damage to the company."

Volkswagen revealed over the weekend that Peter Hartz has offered
his resignation amid the scandal involving his department.

In a statement released by the company, Mr. Hartz said: "This is
about more than just me.  This is about the reputation of
Volkswagen, for which I feel especially responsible."

Before his exit, Mr. Hartz found himself in the middle of a
criminal investigation involving Helmuth Schuster, the head of
personnel at Volkswagen's Skoda Auto AS division until June 15,
and Klaus-Joachim Gebauer, a former human resources employee.
The two are being probed on suspicion of breach of trust and
possible fraud.

He also faced rumors that trade union members of the carmaker's
works council enjoyed incentives such as trips to Brazil.  These
"luxurious" tours reportedly included wives of senior staff
housed in five-star hotels, and given a considerable amount of
shopping money each.

Amid all these, Mr. Hartz only said it was natural for him to
face the consequences of any slip-ups committed by the people
under his department.

The supervising board of Volkswagen was set to meet Tuesday to
discuss Mr. Hartz' proposed resignation.  However, it is not
certain whether any decision would be taken at the meeting.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax:   +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


WCM GROUP: Sells Stake in Neuhof for Less than EUR10 Mln
--------------------------------------------------------
WCM Beteiligungs- und Grundbesitz-AG has sold its 25% stake in
Neuhof Hafengesellschaft mbH, Hamburg, part of the Other Equity
Holdings division.

The purchase price is under EUR10 million.  The WCM Group
generated book earnings of over EUR2 million with the sale.

In the 2004 financial year, the resolution to sell all holdings
in the Other Equity Holdings was made.  This decision was made in
light of the changed market situation.  As part of the systematic
implementation of the focus on Klockner-Werke AG with the core
Filling and Packaging Technology division (KHS Group), the sale
of the Residential Property area to the Blackstone Group last
year was the beginning of position itself as an international
industrial company.

Further disposals of non-core activities will follow.

                            *   *   *

Headquartered in Frankfurt, Germany, WCM was founded in 1766 as a
textile company, but has since then transformed into a real
estate investment group.  Its fortunes slumped dramatically in
2003 when it reported a EUR861 million-loss after being forced to
write down the value of many of its shareholdings amidst a slump
in stock markets.  It is now trying to pay debt, and sell assets.
Its major goal is to merge with Klockner-Werke and become a
purely holding company with almost exclusive stake in the latter.
Its net financial liabilities in 2004 is approximately EUR0.2
billion.

CONTACT:  WCM GROUP
          Ms. Maren Moisl
          Phone: +49 (0) 69 90026-510
          Fax: +49 (0) 69 90026-110
          E-mail: presse@wcm.de


ZAPF CREATION: Seals Financing Deal with German Banks
-----------------------------------------------------
Zapf Creation AG, Europe's leading manufacturer of play and
functional dolls including accessories, has reached a major
milestone in the implementation of its realignment program.

Led by two renowned German banks, the parties entered into a
structured financing agreement worth EUR112 million per annum
running until the end of 2007.

The signing of the financing agreement put the short- and
medium-term financing structure of Zapf Creation AG for the
period from 2005 to 2007 on a new, strong footing.  It also
marked the fulfillment of the most important short-term measure
included in the company's realignment program.

Previously, Zapf Creation AG was financed primarily through
short-term bank loans. The new financing structure includes
current account credit facilities and additional temporary credit
facilities to cover working capital peaks especially in the third
quarter.

                            *   *   *

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
=========


ALITALIA SPA: Ups Fuel Surcharge by EUR5
----------------------------------------
Troubled Alitalia S.p.A. has hiked its fuel surcharge by EUR5 to
cope with surging oil prices, The Associated Press WorldStream
says.

Effective Monday, Alitalia imposed a surcharge of EUR30 on
domestic and European flights.  Surcharge on intercontinental
flights, however, remained unchanged.  Alitalia would still
impose a surcharge of EUR35 on U.S. and Canadian routes; EUR40 on
Chinese routes; and EUR50 on other intercontinental flights.
Surcharge is double on return fares.  The carrier last increased
fuel surcharge on Feb. 14, 2005.

Crude oil prices recently went past the US$60 per barrel level,
as demand for fuel remained high.  Analysts expressed concern
over the ability of oil producers and refiners to balance supply
and demand, as the latter is expected to rise in the second half
of the year.

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

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

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


MANDARINA DUCK: On Course to Break even this Year
-------------------------------------------------
The effects of a drastic restructuring are beginning to show at
troubled luggage group Mandarina Duck, Il Sole 24 Ore says.

Following EUR3.8 million in losses in 2004, Mandarina aims to
break even this year and post a profit in 2006.  The group also
aims to cut its EUR29 million debt using gains from last year's
capital hike.  For the first-half alone, the group booked 11%
year-on-year increase in consolidated sales to EUR34 million.

Currently, 53% of Mandarina's sales come from Europe,
particularly France, Spain, Italy and the fast-growing German
market.  The group plans to develop markets in the U.S., Hong
Kong, Japan, South Korea and Australia.  The group's recovery
plan entails both cost control and focus on core activities.

Established in 1977, Mandarina Duck manufactures bags, luggage,
wallets and leather accessories.

CONTACT:  MANDARINA DUCK HEADQUARTERS (PLASTIMODA S.p.A.)
          Via Don MInzoni 36
          40057 Cadriano (BO)
          Phone: 0039 051 764411
          Fax: 0039 051 766056
          Web site: http://www.mandarinaduck.com


PARMALAT FINANZIARIA: Troubled as early as 1997, Say Prosecutors
----------------------------------------------------------------
Insolvent food group Parmalat Finanziaria was already on the
brink as early as 1997, an expert study obtained by Dow Jones
Newswires states.

The study, according to Parma prosecutors, uncovered "a web of
corruption" involving bankers and magistrates.  This "web of
corruption" eventually enabled Parmalat founder Calisto Tanzi and
70 other suspects to commit fraud even before the dairy giant
listed on the market in the 1990s.

The Study

In 1993, four parliament members asked the government to probe
possible violations of the law and conflicts of interest stemming
from close links between the dairy giant and top executives at
Parma's two main banks.  Luciano Silingardi, a former Parmalat
board member, was also chairman of Cassa di Risparmio di Parma e
Piacenza from 1987 to 2000, while former Banca Monte chairman
Franco Gorreri was the food group's treasurer from 1987 to 2004.
Both are now under investigation for fraud in connection to
Parmalat's collapse.  Mr. Gorreri is one of the Parmalat 11
sentenced to jail for market rigging.

On Nov. 9, 1995, the Parma prosecutor's office commissioned Mario
Valla to conduct a judicial examination, aimed at detecting
possible violations by Parmalat.  Mr. Valla completed the study
in April 1997 and handed it to the prosecutors on May 12, 1997.
He cleared the dairy giant of possible violations, but warned of
the group's heavy reliance on debt to finance its activities.

In his report, Mr. Valla spotted "widespread imbalances in the
financial structure with a trend to progressively worsen," adding
that debt levels "could impact the solvency of the company."

"One could certainly state that without help from the banking
system and its willingness to continue renewing its credit, the
company would not be able to operate easily," Mr. Valla said in
the report.

On the strength of the study, prosecutors then moved to launch a
probe against Parmalat, but were refused by Judge Adriano Padula
on June 27, 1997.  Since then, the study has been buried in court
archives.  There is no indication that Judge Padula notified
regulators about the report.

Earlier this week, Mr. Valla commented on his 1997 report: "I
arrived at my conclusions by looking at the company's balance
sheet guided by the accounting tools available to me at the time,
using documents that were available to any bank or public
agency."

Mr. Valla said he stressed in his report Parmalat's "high and
upwardly spiraling debt level" and noted that its newly acquired
companies were bleeding with losses despite rising sales.

"I don't recall the details of that decision, and have no
intention of discussing it in any case," Judge Padula said after
being asked for a comment.

According to The Associated Press, Judge Padula decision shows
how hard it was for courts and regulators to notice warnings like
high debt levels that made Parmalat rely much on banks,
increasing the risk of a default.

Last year, police probing Parmalat's collapsed found evidence
that Judge Padula had accepted free trips from a Parmalat travel
unit, according to other official documents obtained by Dow
Jones.  In 1998, Judge Padula acquitted Tanzi and former chief
financial officer Fausto Tonna of charges of false accounting and
illegal currency exportation in relation to Sata, a
Parmalat-owned financial holding.

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

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


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


LAURUS N.V.: Units' First-half Sales Down 8.8%
----------------------------------------------
On Monday, Harry Bruijniks, Chairman of Laurus N.V.'s Group
Management Board, said: "In recent years, the various Laurus
formats have mainly been active in the full-service segment of
the market.

"Strengthening the position in the growing low-price segment is
therefore an important objective of the format renewal.  The move
in this direction is reflected in the conversion of Edah to Edah
Lekker & Laag and the new Lekker & Laag Superstore format that is
being piloted.

"ACNielsen recently published figures showing that the discount
segment in the Dutch food retail market was considerably larger
than had previously been assumed.  This provides further
confirmation that Laurus has taken the right decision in aiming
to achieve a balanced spread of sales spanning the market from
top to bottom.

"With stores already operational in Rotterdam-Hoogvliet and
Doetinchem, the third megastore pilot under the Lekker & Laag
Superstore banner is due to open in Rijswijk on 20 July, and the
Almere store will be opening at the beginning of the fourth
quarter.  The Rotterdam-Hoogvliet and Doetinchem stores are
reporting, compared to the situation prior to conversion, an
increase of sales per square meter with 70%-80%.

"In the light of the favorable sales development, Laurus is
making preparations to include a further two stores in the pilot
scheme.  The results of the pilot will be evaluated in the fourth
quarter, after which a decision will be taken on further rollout.

"Edah Lekker & Laag used the second quarter to implement a number
of refinements to the format in the 62 stores already converted
to Edah Lekker & Laag.  With these refinements Edah Lekker & Laag
realizes considerable better sales than the "regular" Edah
format.  The Edah Lekker & Laag conversion program will
accordingly be continued in the third quarter, during which
around fifteen own stores will be converted.  At least five
affiliated independent retailers, with whom talks are currently
in progress, are also likely to convert to Edah Lekker & Laag.
Under new management the negative like-for-like sales development
at Edah "regular" has been reversed.

"The Refresh Project at Super de Boer is going according to plan.
The stores, which have been refreshed, are realizing better sales
than those not yet converted.  For all formats, the affiliated
independent retailers achieved better sales than own stores.

"Although present sales trends are disappointing, there is an
explanation: the number of stores so far converted is simply not
enough to reverse the effects of the adverse pressures.  Laurus
continues to work determinedly on the group's future, using a
recovery plan that runs until 2008.  The start of construction of
a new distribution center in Waddinxveen, which will take over
the function of three existing sites and is due to be completed
by mid-2006, is further evidence of these efforts."

Highlights of the first-half sales 2005 (weeks 1-24), based on
IFRS:

(a) like-for-like sales of Edah, Konmar and Super de Boer were
    down by 8.8% compared with the first half of 2004;

(b) Edah, Konmar and Super de Boer reported net sales of
    EUR1,434 million (2004: EUR1,596 million); and

(c) total consumer sales for all the Laurus formats combined in
    the first half amounted to EUR1,713 million (2004: EUR1,898
    million).

With effect from 2005, Laurus is using a new method of dividing
the year into quarters (first quarter: weeks 1-12, instead of
weeks 1-16; with the second and third quarters also comprising 12
weeks, followed by a final quarter of 16 weeks).  The new system
results from a change in the reporting period for the half-year
figures (24 weeks instead of 26 weeks) and makes for periods of
equal duration for the first three quarters.  To facilitate
comparison with 2005, the figures for the first half of 2004 have
been restated according to the new division and IFRS
implementation.

The half-year results for 2005 will be published on 2 September
2005.

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD's-Hertogenbosch, The Netherlands
          Phone: +31-73-622-3622
          Fax: +31-73-622-3636
          Web site: http://www.laurus.nl


ROYAL SHELL: To Pay US$90 Million in Settlement
-----------------------------------------------
The Royal Dutch / Shell Group of Companies reported Tuesday that
a settlement has been reached in a class action and related
litigation brought against certain Group companies on behalf of
employees participating in certain United States employee savings
plans that are subject to the Employee Retirement Income
Security Act of 1974 (ERISA).

The class action, which is pending in United States Federal Court
in New Jersey, makes certain ERISA-based claims based upon
Shell's recategorizations of its proved oil and gas reserves.

An order preliminarily approving the proposed settlement has been
entered.  If the settlement is finally approved by the court,
Shell will pay US$90 million (EUR73.95 million)
which - after certain expenses (including court-approved
attorneys' fees) are deducted - will be distributed to eligible
participants in the relevant employee savings plans.  Shell also
has agreed to pay up to US$1 million (EUR0.82 million) of
plaintiffs' counsel's out-of-pocket expenses and the costs of
providing notice to class members.

An allocation plan will be prepared by the lead plaintiffs and
approved by the court.  In addition, as part of the settlement
agreement, Shell has agreed to adopt certain new procedures for
monitoring and training individuals appointed to fiduciary
positions in savings plans that are subject to ERISA.  Of the
proposed settlement amount, US$25 million (EUR20.55 million) is
covered by insurance policies.  The settlement relates to all
ERISA-based claims relating to the reserves recategorizations,
but does not relate to or affect pending securities claims.

Beat Hess, Shell's Legal Director, said: "Shell believes that
this is a good settlement for plan participants and for the
companies.  We are hopeful that the court will approve the
settlement, which represents an important step toward putting
litigation relating to the reserves recategorizations behind
us."

                            *   *   *

Royal Shell had admitted it overstated its proved reserves by
almost 6.0 billion barrels.  It was finned EUR150 million in
total after investigations launched by U.S. and British
regulators.  Shell said in July it had revised the method by
which it calculates reserves to comply with U.S. regulations.
Shell's proved reserves stood at 10.2 billion barrels at the end
of 2004.

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


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


AKER KVAERNER: Closing Pharmaceutical Operations in U.S.
--------------------------------------------------------
Aker Kvaerner Pharmaceuticals, Inc. has decided to wind down
operations at its Bridgewater, New Jersey office.  The decision
was made as a result of the market [condition] for engineering
and construction services in the Pharmaceutical industry in the
U.S. over the last several years.

While the operations in Bridgewater have been unable to book
additional contracts in the United States, the Aker Kvaerner
group will continue to service other parts of the international
pharmaceutical industry from the company's entities based in
Europe.

Aker Kvaerner Pharmaceuticals, Inc. is now communicating with its
customers to assure current contractual obligations are fulfilled
and will retain a task force to complete these projects.  Aker
Kvaerner Plant Services Group, Inc., another member of the Aker
Kvaerner family of companies has future plans to pursue plant
services work in various industries including pharmaceuticals in
New Jersey and the northeast.

Joe West has succeeded John Kurth as General Manager of the
Bridgewater Operations.

"The company wishes to thank its current and former employees as
well as the entire Bridgewater community for their support and
deeply regret that circumstances have made this decision
necessary", says Mr. West.

As a result of the decision, notices have been issued to affected
employees at the New Jersey facility in compliance with the
Worker Adjustment and Retraining Notification Act (WARN).

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.

Oil, Gas, Process & Energy executes technology development,
engineering and construction services for industries as diverse
as Oil & Gas Onshore and Offshore Developments, Chemicals &
Polymers, Pharmaceuticals, Government Services, and Mining &
Metals.  With an annual turnover of US$1.14 billion, Oil, Gas,
Process & Energy (OGPE) business area of Aker Kvaerner employs
more than 5,400 people operating worldwide.

CONTACT:  AKER KVAERNER A.S.A.
          Donna Rougeaux, Communications Manager
          Phone: +1 713-270-2407
          Mobile: +1 832-277-6955
          Web site: http://www.akerkvaerner.com
          Charles White, Chief Legal Counsel
          Phone: +1-713-270-3604


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


ARBUZOVSKOYE: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on close joint stock company Arbuzovskoye.
The case is docketed as A03-3611/05-B.  Mr. S. Tsarev has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 630011, Russia,
Novosibirsk, Post User Box 33.  A hearing will take place on Oct.
26, 2005, 9:30 a.m. at Russia, Barnaul, im.V.I.Lenina Pr. 76.

CONTACT:  ARBUZOVSKOYE
          Russia, Altay region,
          Pavlovskiy region, Arbuzovka St.

          Mr. S. Tsarev
          Temporary Insolvency Manager
          630011, Russia, Novosibirsk,
          Post User Box 33


BRATSKIY: Succumbs to Bankruptcy
--------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Bratskiy (TIN 3805102949) after finding the
factory of building materials insolvent.  The case is docketed as
A19-26517/04-38.  Ms. V. Afanasyeva has been appointed insolvency
manager.  Creditors have until August 18, 2005 to submit their
proofs of claim to 664025, Russia, Irkutsk, Lenina Str. 18,
Office 308.

CONTACT:  BRATSKIY
          665709, Russia, Irkutsk region,
          Bratsk, Edinaya Baza, Post User Box 275

          Ms. V. Afanasyeva
          Insolvency Manager
          664025, Russia, Irkutsk region,
          Lenina Str. 18, Office 308


DAIRY KARGOPOLSKIY: Hires Insolvency Manager from Arkhangelsk
-------------------------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Dairy Kargopolskiy after finding the
municipal enterprise insolvent.  The case is docketed as
A05-24064/04-8.  Ms. N. Karpova has been appointed insolvency
manager.  Creditors have until August 18, 2005 to submit their
proofs of claim to 163061, Russia, Arkhangelsk, K. Marksa Str.
13, Apartment 128.

CONTACT:  DAIRY KARGOPOLSKIY
          161110, Russia, Arkhangelsk region,
          Kargopol, Oktyabrskiy Pr. 112

          Ms. N. Karpova
          Insolvency Manager
          163061, Russia, Arkhangelsk,
          K. Marksa Str. 13, Apartment 128
          Phone/Fax: 65-75-42


DAL-SAN-TEKH-MONTAZH: Hires L. Stepanova Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Dal-San-Tekh-Montazh.  The case is docketed as A73-3785/2005-38.
Ms. L. Stepanova has been appointed temporary insolvency manager.
Creditors have until July 18, 2005 to submit their proofs of
claim to 680028, Russia, Khabarovsk, Serysheva Str. 22, Office
216.

CONTACT:  DAL-SAN-TEKH-MONTAZH
          Russia, Khabarovsk region,
          Serysheva Str. 22, Office 200

          Ms. L. Stepanova
          Temporary Insolvency Manager
          680028, Russia, Khabarovsk region,
          Serysheva Str. 22, Office 216


IBRESINSKIY: Bankruptcy Hearing Set August
------------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Ibresinskiy after finding the ceramics
factory insolvent.  The case is docketed as
A79-10716/04-SK1-10383.  Mr. Y. Paramonov has been appointed
insolvency manager.  Creditors have until August 18, 2005 to
submit their proofs of claim to 428017, Russia, Chuvashiya
republic, Cheboksary, Post Office 17, Post User Box 62.

CONTACT:  Mr. Y. Paramonov
          Insolvency Manager
          428017, Russia, Chuvashiya republic, Cheboksary,
          Post Office 17, Post User Box 62


MED-PRIBOR: Deadline for Proofs of Claim Set Third Week of July
---------------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on close joint stock company Med-Pribor.
The case is docketed as A50-10505/2005-B.  Mr. A. Lushnikov has
been appointed temporary insolvency manager.

Creditors have until July 18, 2005 to submit their proofs of
claim to 617762, Russia, Perm region, Chaykovskiy, Prikamskiy,
Nagornaya Str. 4.  A hearing will take place on Oct. 26, 2005,
11:00 a.m. at Hall #104.

CONTACT:  MED-PRIBOR
          617763, Perm region,
          Chaykovskiy, Mira Pr. 2B

          Mr. A. Lushnikov
          Temporary Insolvency Manager
          617762, Russia, Perm region,
          Chaykovskiy, Prikamskiy, Nagornaya Str. 4


METROMEDIA INTERNATIONAL: Sale of PeterStar to Close August
-----------------------------------------------------------
Metromedia International Group, Inc. said that the parties to the
February 17, 2005 agreement concerning sale of the Company's
interest in PeterStar ZAO have executed an amendment to that
agreement so that it now provides for the closing of the sale on
August 8, 2005.

The amendment to the PeterStar Agreement, which was executed on
July 8, 2005, eliminates a condition precedent to the closing of
the sale that called for a vote by holders of a majority of the
Company's issued and outstanding common stock.  Following a
reexamination of its assets, the Company believes that the
closing condition eliminated with this amendment is not required
as a matter of law and that all remaining conditions precedent to
closing have been or will soon be satisfied.  The sale price of
$215 million set out in the original February 17, 2005 agreement
remains unchanged.

The Company further announced that, in view of the amendment to
the PeterStar Agreement, it will hold an annual stockholders
meeting as soon as practicable following the filing of its 2004
Annual Report on Form 10-K and other quarterly reports with the
United States Securities and Exchange Commission.  As previously
reported by the Company on June 3, 2005, the Company has
undertaken to restate certain prior period financial results in
connection with filing of its 2004 Form 10-K.  This restatement
work is addressing the incorrect consolidation of at least one
intermediate holding company in prior reporting periods,
correction of certain errors in accounting for depreciation at
some of the Company's businesses held for sale, and evaluation of
certain other adjustments to prior year financial results.

The Company has not yet completed this undertaking, and at
present, the Company anticipates that all such restatement
activity and all work connected with the current report of
financial activity for 2004 will be completed within the first
half of August 2005, whereupon the Company will file its 2004
Form 10-K with the U.S. SEC along with all prior period
restatements.

Finally, the Company announced that, in consequence of the
aforementioned events, it will seek to extend the previously
announced waiver of default on its 10 1/2% Senior Notes due 2007
that is currently scheduled to expire on July 15, 2005.  The
waiver was initially granted in view of the Company's failure to
file its 2004 Form 10-K prior to June 3, 2005.  Such filing was
required to cure a default under the indenture governing the
Senior Notes.  In this regard, the Company reaffirmed its
commitment to fully redeem all Senior Notes and pay all then
accrued and unpaid interest promptly following the closing of the
sale of its interest in PeterStar with a portion of the proceeds
therefrom.  The Company cannot provide any assurance that it will
be successful in securing an extension to the existing waiver on
the Senior Notes.

In making these announcements, Mark Hauf, the Company's chairman
and CEO commented: "We entered into the PeterStar Agreement in
February with great enthusiasm.  We believed then as now that the
price we had negotiated yields significant value to our
stockholders.  Furthermore, the sale proceeds will allow full
retirement of the Company's debt and will replenish the Company's
capital reserves to fuel further business development.  We look
forward to consummating the sale, settling our debt and getting
on with future business."

About Metromedia International Group

Through its wholly owned subsidiaries, the Company (PINK SHEETS:
MTRM - Common Stock) and (PINK SHEETS: MTRMP - Preferred Stock)
owns interests in communications businesses in the countries of
Russia and Georgia.  Since the first quarter of 2003, the Company
has focused its principal attentions on the continued development
of its core telephony businesses, and has substantially completed
a program of gradual divestiture of its non-core cable television
and radio broadcast businesses.  The Company's core telephony
businesses include PeterStar, the leading competitive local
exchange carrier in St. Petersburg, Russia, and Magticom, Ltd.,
the leading mobile telephony operator in Tbilisi, Georgia.

CONTACT:  METROMEDIA INTERNATIONAL, INC.
          Headquarters: Charlotte, North Carolina
          Web site: http://www.metromedia-group.com
          Contact:
          Mark Hauf, Chief Executive Officer
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com


NIVA-BOLKHOV: Assets for Public Auction Last Week of July
---------------------------------------------------------
Te insolvency manager and bidding organizer of open joint stock
company Niva-Bolkhov' will sell its property on July 28, 2005,
3:00 p.m. (local time).  The public auction will take on 302010,
Russia, Orel, Aviatsionnaya Str. 5, Office Building of
FPM-Consulting.  Up for sale are building constructions,
transport carrier, machinery and equipment.  Starting price:
RUB9,238,381.

Preliminary examination and reception of bids are done daily from
9:00 to 2:00 p.m. (local time) on or before July 22, 2005.  The
list of documentary requirements is available at 302005, Russia,
Orel region, Bolkhov, Lenina Str. 165.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40702810347000140778 at Orlovskoye OSB #8595, Orel, BIC 045402601
on or before July 22, 2005.

CONTACT:  NIVA-BOLKHOV
          302010, Russia, Orel region,
          Bolkhov, Lenina Str. 45

          Insolvency Manager/Bidding Organizer
          302010, Russia, Orel region,
          Aviatsionnaya Str. 5


REPAIR-SERVICE-AUTO: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on limited liability company
Repair-Service-Auto.  The case is docketed as A55-1942/05-16.
Mr. I. Madzhuga has been appointed temporary insolvency manager.
Creditors have until July 18, 2005 to submit their proofs of
claim to 445007, Russia, Samara region, Tolyatti, Tupikovyj Pr.
4.

CONTACT:  REPAIR-SERVICE-AUTO
          445007, Russia, Samara region,
          Tolyatti, Tupikovyj Pr. 4

          Mr. I. Madzhuga
          Temporary Insolvency Manager
          445007, Russia, Samara region,
          Tolyatti, Tupikovyj Pr. 4


STOCKING FACTORY: Creditors Have Until July 18 to File Claims
-------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on OJSC Stocking Factory.  The case is
docketed as A19-3905/05-49.  Mr. V. Safronov has been appointed
temporary insolvency manager.

Creditors have until July 18, 2005 to submit their proofs of
claim to 664025, Russia, Irkutsk, Post User Box 146.  A hearing
will take place on Sept. 19, 2005, 10:00 a.m.

CONTACT:  STOCKING FACTORY
          Russia, Irkutsk region,
          Cheremkhovo, Vostochnyj Proezd, 1

          Mr. V. Safronov
          Temporary Insolvency Manager
          664025, Russia, Irkutsk region,
          Post User Box 146


VETA FURNITURE: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Veta Furniture.  The case is docketed as A45-8689/05-27/66.  Ms.
Z. Orlova has been appointed temporary insolvency manager.

Creditors have until Aug. 18, 2005 to submit their proofs of
claim to 630501, Russia, Novosibirsk region, Krasnoobsk, Post
User Box 854.  A hearing will take place on Oct. 24, 2005.

CONTACT:  VETA FURNITURE
          630052, Russia, Novosibirsk region,
          Tolmachevskaya Str. 17

          Ms. Z. Orlova
          Temporary Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 854


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


SWISS INTERNATIONAL: First-half Seat Load Factor Increases
----------------------------------------------------------
Swiss International increased its seat load factor for the first
six months of 2005 by 3.5 percentage points, compared to the same
period last year.  Average system-wide seat load factor amounted
to 76.9%.  Seat load factor on intercontinental services was
increased by 4.1 percentage points to 83.2%.  Seat load factor on
Swiss's European network totaled 63.8%, a 3.5-percentage-point
improvement on the prior-year period.  Swiss carried a total of
4.69 million passengers in the first half of 2005, a 2.7%
increase on the same period last year.

System-wide seat load factor for the month of June 2005 amounted
to 81.5%, a 5.0-percentage-point improvement on the same month
last year.  Intercontinental seat load factor for the month was
5.7 percentage points up at 87.2%, while European seat load
factor rose 4.6 percentage points to 70.0%.

June seat load factor on intercontinental services amounted to
87.2%, compared to 81.5% for the same month last year.  Available
seat kilometer (ASK) capacity was 4.4% below prior-year levels;
but revenue passenger kilometer (RPK) traffic was a 2.2%
improvement on June 2004.

Most traffic regions contributed to the increase in
intercontinental seat load factor levels.  North Atlantic
services posted a very high seat load factor of 94.0%, up 2.3
percentage points, while seat load factor on Far East routes rose
7.4 percentage points to 86.9%.  As it had in May, seat load
factor on Middle East services posted a strong increase -- up
18.3 percentage points -- to stand at 79.7%.  The surge in
traffic to and from the region is due partly to a general rise in
demand but also to the withdrawal of a competitor from the
London-Riyadh route, with Swiss benefiting from the resulting
reduction in capacity.  Services to Africa posted a seat load
factor of 75.6%, up 7.4 percentage points.  Seat load factor on
South America services showed a slight 0.8-percentage-point
decline to 83.5%.

June seat load factor on European services amounted to 70.0%, up
4.6 percentage points on its prior-year level.  ASK capacity for
the European network was 2.5% up on June 2004.  The additional
production was more than absorbed, with RPK traffic for the month
posting a far stronger year-on-year increase of 9.8%.

As it had done in previous months, Swiss increased its European
capacity in June 2005 (in year-on-year terms) while reducing its
total number of flights, which was 5.3% below June 2004 levels.
Swiss is tending to use larger aircraft on its European services
in order to compete more effectively, especially against the
low-cost carriers.  In expanding its seat capacity, Swiss is also
strengthening its competitive position at its Zurich Airport hub.

The cargo business of Swiss's Swiss WorldCargo unit reported
positive overall trends for the first half of 2005.  Cargo load
factor (by volume) for the first six months stood at 86.1%, an
increase of 0.2 percentage points on the same period last year.

Key Swiss scheduled services results for the first half of 2005

Total passengers carried                         4 688 119
Total flights performed                             68 981

Available seat-kilometers (million)                 13 014
Revenue passenger-kilometers (million)              10 010

Seat load factor                                      76.9%

For Swiss's full traffic statistics and further comments, visit
http://www.swiss.com.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0)848 773 773
          Fax: +41 (0)61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


SWISS INTERNATIONAL: Suspends Majority of Saab 2000 Pilots
----------------------------------------------------------
Some Swiss Saab 2000 pilots wrote an open letter to the
Management Board and Board of Directors on Friday in which they
sought to make these bodies aware of the difficult situation the
pilots face regarding their future with the company.  In their
letter the pilots raised the issue of problems regarding cockpit
safety.  While Swiss takes the statements made in the letter
seriously, the safety of its Saab 2000 operations out of Basel is
guaranteed at all times.

Following a thorough analysis of various statements made over the
weekend, both internally and to the media, Swiss has decided to
have experts review the flying ability of those pilots who signed
the letter.  As a consequence of this decision, 52 of the
airline's 72 Saab 2000 pilots have been temporarily suspended
from duty with immediate effect.  Following a positive assessment
of their flying skills, these pilots will be re-integrated into
flight operations.

At the same time Swiss is taking disciplinary action against the
pilots involved.  A delegation from the Management Board will
continue to engage in dialogue with these pilots.

Swiss will do its utmost to minimize the impact of this decision
on flight operations.  Where necessary, customers will be
informed as quickly as possible.

Swiss currently operates a fleet of seven Saab 2000 aircraft out
of Basel, for which it employs 72 pilots.  No Saab 2000 aircraft
are used in Zurich or Geneva.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 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
=============


BERIZKA: Insolvency Manager Takes over Operations
-------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Berizka (code EDRPOU 02137507) on March 31,
2005 after finding the limited liability company insolvent.  The
case is docketed as 12/21-05.  Mr. M. Kalyuzhnij (License Number
AA 249716) has been appointed liquidator/insolvency manager.

CONTACT:  BERIZKA
          Ukraine, Sumi region,
          S-Budskij district, Velika Berezivka

          ECONOMIC COURT OF SUMI REGION
          40032, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


DEREBCHINSKE: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on agricultural JSC Derebchinske (code
EDRPOU 00385537) on May 18, 2005.  The case is docketed as
5/81-05.  Mr. Vasilij Glebov (License Number AA 630087) has been
appointed temporary insolvency manager.  The company holds
account number 260095716 at JSPPB Aval, Shargorodske branch, MFO
302247.

CONTACT:  DEREBCHINSKE:
          23352, Ukraine, Vinnitsya region,
          Shargorodskij district, Derebchin

          Mr. Vasilij Glebov
          Temporary Insolvency Manager
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 23

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


FARMAKON: Court Names O. Klimenko Insolvency Manager
----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Farmakon (code EDRPOU 23288363) on May 19,
2005 after finding the limited liability company insolvent.  The
case is docketed as 25/86.  Mr. O. Klimenko (License Number AA
783152) has been appointed liquidator/insolvency manager.

CONTACT:  FARMAKON
          69000, Ukraine, Zaporizhya region,
          Centralnij Boulevard, 21

          Mr. O. Klimenko
          Liquidator/Insolvency Manager
          69002, Ukraine, Zaporizhya region,
          Lenin Avenue, 77, office 95

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


GRYAZNYANSKA: Succumbs to Bankruptcy
------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on LLC Agrofirm Gryaznyanska (code EDRPOU
30880378).  The case is docketed as 12/37-05.  Mr. Pehteryev
Dmitro (License Number AA 779237) has been appointed temporary
insolvency manager.

CONTACT:  GRYAZNYANSKA
          Ukraine, Sumi region,
          Krasnopillya district, Chernechina

          Mr. Pehteryev Dmitro
          Temporary Insolvency Manager
          40022, Ukraine, Sumi region,
          Psilska Str. 4, room 9

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


NOVEL: AR Krym Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Novel (code EDRPOU 24033607) on April 28,
2005 after finding the limited liability company insolvent.  Mr.
V. Nebesnij (License Number AB 216873) has been appointed
liquidator/insolvency manager.  The company holds account number
26007256511001 at CB Privatbank, Simferopol branch, MFO 384436.

CONTACT:  NOVEL
          95000, Ukraine, AR Krym region,
          Simferopol

          Mr. V. Nebesnij
          Liquidator/Insolvency Manager
          97513, Ukraine, AR Krym region,
          Simferopol district, Sofiyivka,
          Parkova Str. 27
          Phone: 8 (050) 496-43-91

          THE ECONOMIC COURT OF AR KRYM REGION
          95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks Str. 18


OUR BANK: Liquidator Accused of Squandering Remaining Assets
------------------------------------------------------------
Depositors of Our Bank (Nash Bank) JSC are demanding the
withdrawal of Oleksandr Volkov as liquidator of the fallen bank.

According to Interfax, Mr. Volkov has been accused of dissipating
the bank's assets to the prejudice of depositors.

"Out of UAH100 million in assets at the liquidator's account,
there is today UAH3.1 million," Ihor Lopatko, chairman of the
organization of Our Bank depositors, told Interfax.

"During the year and a half of the executed work, we consider
this work has been done in vain," he said.  "We are troubled with
the fact that the amicable agreement was signed by liquidator
Volkov and the Armature Plant to write off UAH10 million that
would have helped accumulate liquidity mass for making payments
to depositors."

Armature Plant is one of Our Bank's debtors, according to
Interfax.  Depositors have already gone to court to demand the
annulment of the amicable agreements.  Depositors have long
suspected something is fishy about the deal because Mr. Volkov
has refused to show them a copy of the agreements.

Depositors have asked the National Bank of Ukraine, which
appointed Mr. Volkov 18 months ago, to recall his appointment.
In their letter to NBU Governor Stelmakh recently, the group
cited instances where Mr. Volkov had allegedly failed to execute
his functions demanded by law.

Mr. Volkov, for his part, dismissed the group's claims as
ungrounded, adding the deal with Armature Plant was "necessary to
return at least some money."

According to FirstNews, Nash Bank was established in November
1993.  The central bank took over administration of the bank in
August 19, 2003 through February 19, 2004.  It decided to close
the bank on November 20 after no commercial bank stepped forward
to manage its recovery procedure.

CONTACT:  JSC OUR BANK
          Ukraine, 69006, Zaporizhzhya,
          Zaporizhzhya, 22, Dobrolubova str.
          Phone: 0612137478
          Web site: http://www.ourbank.zp.ua

          NATIONAL BANK OF UKRAINE
          9 Instytutska St., Kyiv 01601
          Tel: (38 044) 253-01-80
          Fax: (38 044) 230-20-33
                        253-77-50
          Teletype: 131018
          Telex: 131251 KIJUX
          Web site: http://www.bank.gov.ua/


SIMFEROPOL' PAT: Bankruptcy Supervision Begins
----------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Simferopol' Pat Weaving Factory
(code EDRPOU 00306578) on May 26, 2005.  The case is docketed as
2-8/8224-2005.  Ms. Svitlana Meteleva (License Number AA 047900)
has been appointed temporary insolvency manager.

CONTACT:  SIMFEROPOL' PAT WEAVING FACTORY
          Ukraine, AR Krym region,
          Simferopol, K. Tsetkin, 13a

          Ms. Svitlana Meteleva
          Temporary Insolvency Manager
          Ukraine, AR Krym region,
          Simferopol, Vishneva Str. 60

          THE ECONOMIC COURT OF AR KRYM REGION
          95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks Str. 18


SOLING: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC SOLING (code EDRPOU 21516630) on May 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as 23/356-b.  Mr. Oleksandr Snizhko (License
Number AA 315460) has been appointed liquidator/insolvency
manager.

CONTACT:  SOLING
          01021, Ukraine, Kyiv region,
          Institutska Str. 25

          Mr. Oleksandr Snizhko
          Liquidator/Insolvency Manager
          03127, Ukraine, Kyiv region,
          40-Richya Zhovtnya Avenue, 126/18, Body 3

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


VASILIVSKIJ AGROS: Declared Insolvent
-------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Vasilivskij Agros (code EDRPOU 05488704) on
May 11, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 25/87.  Mr. Yurij Moiseyev
(License Number AA 419459) has been appointed
liquidator/insolvency manager.  The company holds account number
26001300256 at OJSC Oshadbank, Vasilivka branch 3007, MFO 373094.

CONTACT:  VASILIVSKIJ AGROS
          71600, Ukraine, Zaporizhya region,
          Vasilivka, Moskovska Str. 57

          Mr. Yurij Moiseyev
          Liquidator/Insolvency Manager
          72316, Ukraine, Zaporizhya region,
          Melitopol, Tretij provulok Malugi, 13, a/b 105

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


YAKIMIVKA' BREAD: Insolvency Manager Takes over Helm
----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Yakimivka' Bread Combine (code EDRPOU
25489568) on May 5, 2005 after finding the limited liability
company insolvent.  The case is docketed as 25/85.  Mr. Yurij
Moiseyev (License Number AA 419459) has been appointed
liquidator/insolvency manager.  The company holds account number
260052542 at JSPPB Aval, Zaporizhya regional branch, MFO 313827.

CONTACT:  YAKIMIVKA' BREAD COMBINE
          72500, Ukraine, Zaporizhya region
          Yakimivka, Pushkin Str. 18

          Mr. Yurij Moiseyev
          Liquidator/Insolvency Manager
          72316, Ukraine, Zaporizhya region,
          Melitopol, Tretij provulok Malugi, 13, a/b 105

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


YAVIR: Temporary Insolvency Manager Moves in
--------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Agricultural LLC Yavir (code EDRPOU
00131914) on May 18, 2005.  The case is docketed as B-24/46-05.
Mr. Sorokin Mihajlo (License Number AA 779291) has been appointed
temporary insolvency manager.  The company holds account numbers
26041309750019 at JSCB National credit, Balakliya branch MFO
350705; 260012722 at OJSC Megabank, Harkiv branch MFO 351629;
26009030980000 at JSCIB UkrSibbank, Harkiv regional branch MFO
351641; and 26000001147001 at OJSC CB Nadra, Harkiv regional
branch MFO 351834.

CONTACT:  YAVIR
          64224, Ukraine, Harkiv region,
          Balakliya district, Yavir

          Mr. Sorokin Mihajlo
          Temporary Insolvency Manager
          Ukraine, Harkiv region,
          Dobrolubov Str. 18, room 184

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


* 11% of Commercial Banks in Ukraine Broke
------------------------------------------
At least 21 out of 185 banks in Ukraine's State Register of Banks
are now undergoing liquidation proceedings, says Interfax.

A press release by the National Bank of Ukraine last week stated
that of the 21, 14 are liquidated on orders from the central
bank, while six are being liquidated following arbitration
proceedings.

The NBU also reported that as of July 1, there are 162 commercial
banks operating in Ukraine, 133 of these are joint-stock
companies.  Out of the 133 JSCs, 92 are open-end, which include
two state-owned banks; 41 are close, and 29 are limited-liability
companies.

This year, banks like Eurobank Ltd., CJSC Vneshtorgbank
(Ukraine), Financial Initiative Ltd., and CJSC International
Mortgage Bank have been added to the State Register.

CONTACT:  NATIONAL BANK OF UKRAINE
          9 Instytutska St., Kyiv 01601
          Phone: (38 044) 253-01-80
          Fax: (38 044) 230-20-33, 253-77-50
          Web site: http://www.bank.gov.ua/


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


A MARSHALL: Under Administrative Receivership
---------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No. 4332 of 2005

Name of Company: A Marshall & Sons Limited

Company No.: 02059646

Nature of Business: Manufacturer of Office Equipment

Trade Classification: Div 2-09 Manufacture of Timber and
Furniture

Date of Appointment: 1 July 2005

Joint Administrators' Names and Address: Stephen Robert Cork and
Joanne Elizabeth Milner (IP Nos 8627 and 8761), both of Smith &
Williamson Limited, Bartlett House, 9-12 Basinghall Street,
London EC2V 5NS.

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


APPLIED TELECOMS: Construction Firm Falls into Administration
-------------------------------------------------------------
In the Bristol District Registry No. 24 AA of 2005

Name of Company: Applied Telecoms Engineering Ltd.

Company No.: 04872648

Nature of Business: General Construction and Civil Engineering

Registered Office of Company: Unit 1, Copse Meadow Farm, Copse
Lane, Hayling Island, Hampshire PO11 0QB

Trade Classification: 4521 - General Construction and Civil
Engineering

Date of Appointment: 30 June 2005

Joint Administrators' Names and Address: Stephen John Adshead and
Antony Robert Fanshawe, (IP Nos 008574 and 005944), both of
Fanshawe Lofts, 41 Castle Way, Southampton SO14 2BW

CONTACT:  FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: sa@fanshawe-lofts.co.uk
                  arf@fanshawe-lofts.co.uk


BURGINHALL 414: Claims Deadline Expires Later this Month
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Burginhall 414 Limited

Notice is hereby given that any creditors of Burginhall 414
Limited are required to lodge proofs of their debt or claims,
with full particulars, with the Liquidator, M. D. Rollings, of
Ernst & Young LLP, 1 More London Place, London SE1 2AF, on or
before July 28, 2005, stating their full names, addresses and
descriptions, together with details of any Solicitors acting for
them.  Proofs of debt or claims not lodged by the last date for
proving will be excluded from the benefit of any distribution.

The Liquidator intends that, in the event that any Creditors of
the Company, whose debt have not been paid in the Company Volunta
ry Arrangement of the Company prove their debt by the last date
for proving and are subsequently adjudicated Creditors of the
Company, a First and Final Dividend will be declared within four
months from the last date for proving.

The Liquidator intends to apply to the Court for an Order that
any Creditors who have not proved their debt by the last date for
proving are to be excluded from the benefit of any distribution
made before such debt are proved.

M. D. Rollings, Liquidator
June 30, 2005

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


CALF ENGINEERING: Winding-up Report Out Second Week of August
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Calf Engineering Limited

A Meeting of Creditors of Calf Engineering Limited has been
summoned by the Liquidator under section 146 of the Insolvency
Rules 1986, for the purposes of receiving the Liquidator's final
report of the winding-up and determining whether the Liquidator
should have his release under section 174 of the Insolvency Act
1986.

This Meeting will be held at the offices of Moore Stephens,
Victory House, Admiralty Place, Chatham Maritime, Kent ME4 4QU,
on Tuesday August 9, 2005, at 2:30 p.m.  Forms of proxy must be
lodged with me no later than August 8, 2005, at 12:00 noon, to
vote by proxy at the Meeting, together with a completed proof of
debt form if you have not already lodged one.

S. G. Paterson, Liquidator
July 4, 2005

CONTACT:  MOORE STEPHENS
          Victory House,
          Admiralty Place,
          Chatham Maritime ME4 4QU
          Phone: 01634 895100
          Web site: http://www.moorestephens.co.uk

          Simon Paterson
          E-mail: simon.paterson@moorestephens.com


COLT TELECOM: Corrects Reported Revenue Forecast
------------------------------------------------
COLT Telecom Group plc has noted press coverage of a recent
interview with Wolfgang Essig, Managing Director of COLT Germany,
referring to the 15% sales growth target, which has been set for
that business.

This is an internal target and not a revenue forecast.  Actual
revenue growth in the first half in Germany has been below 5% and
nothing discussed in the interview requires a revision of current
market expectations for either COLT Germany or the COLT group as
a whole.

                            *   *   *

COLT is one of the leading European providers of business
communications.  COLT specializes in providing data, voice and
managed services to midsize and major businesses and wholesale
customers.  It has more than 22,000 customers across all
industry sectors.  COLT owns and operates a 13-country,
20,000-kilometer network that includes metropolitan area networks
in 32 major European cities with direct fiber connections into
10,000
buildings and 12 COLT data centers.

In June, the group signed a three-year managed network
deal with NEC Europe.  Earlier, its first-quarter earnings fell
slightly lower than the consensus forecasts, with registered
revenues of GBP307.1 million against forecast of GBP308.5
million.

CONTACT:  COLT TELECOM GROUP PLC
          Web site: http://www.colt.net

          John Doherty
          Director Corporate Communications
          E-mail: jdoherty@colt.net
          Phone: +44 (0) 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          E-mail: gill.maclean@colt.net
          Phone: +44 (0) 20 7863 5314

          Henny Valder
          COLT
          Phone: + 44 (0) 20 7947 1610
          E-mail: henny.valder@colt.net


COUNTRY SUPPLIES: Calls in Administrator
----------------------------------------
In the Leeds County Court No. 6 of 2005

Company Name: Country Supplies Limited

Company No.: 3780704

Nature of Business: Internet Retail Sales

Registered Office of Company: 36 Clare Road, Halifax HX1 2HX.

Trade Classification: 22

Date of Appointment: 1 July 2005

Administrator's Name and Address: Peter Sargent (IP No 8636),
Sargent & Company Limited, 36 Clare Road, Halifax HX1 2HX

CONTACT:  COUNTRY SUPPLIES LTD.
          Unit 22FF
          Black Dyke Business Park
          Brighouse Road
          Queensbury
          Bradford
          BD13 1QA
          United Kingdom
          Phone: 01274 884400
          (International: +44 1274 884400)
          Fax: 01274 884600
          (International: +44 1274 884600)
          Web site: http://www.countrysupplies.com/

          SARGENT & CO.
          36 Clare Road
          Halifax
          West Yorkshire
          HX1 2HX
          E-mail peter@sargentcompany.com
          Phone: 01422 348448
          Fax: 01422 360748


DEESIDE FURNITURE: Barclays Bank Calls in Receivers
---------------------------------------------------
Company Name: Deeside Furniture Limited

Reg. No.: 01310604

Nature of Business: Manufacturer of Chairs and Seats

Trade Classification: 09

Date of Appointment of Joint Administrative Receivers: 1 July
2005

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

Joint Administrative Receivers: Michael David Rollings, Alan
Robert Bloom and Simon Allport (Office Holder Nos 8107, 6462 and
8763), all of Ernst & Young LLP, 1 More London Place, London SE1
2AF

                            *   *   *

Deeside Furniture Ltd. is a subsidiary of Christie-Tyler Limited,
the largest group of upholstery manufacturers in the U.K.  The
factory was established on the Greenfield Business Park in 1987.
The company's main customer is Marks & Spencer.

CONTACT:  DEESIDE FURNITURE LTD.
          Phone: 01352 714131
          Fax: 01352710959
          Web site: http://www.deeside-furniture.co.uk/

          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


DIGITAL PRINTER: Files for Administrative Receivership
------------------------------------------------------
Company Name: Digital Printer Solutions Limited

Reg. No.: 04638012

Nature of Business: Retailer of Printer Cartridges and Associated
Products

Date of Appointment of Administrative Receiver: 1 July 2005

Name of Person Appointing the Administrative Receiver: SME
Invoice Finance Limited

Administrative Receiver: Paul Boyle (Office Holder No 008897), of
Harrisons, 35 Waters Edge Business Park, Modwen Road, Manchester
M5 3EZ

CONTACT:  HARRISONS
          35 Water Edge Business Park
          Modwen Road
          Greater Manchester
          M5 3EZ
          E-mail johnsallabank@harrisons.uk.com
          Phone: 0161 876 4567
          Fax: 0161 876 4554


DRAX GROUP: Settles GBP39.3 Million A1, A2, A3 Debt Tranches
------------------------------------------------------------
Interest Payments and Debt Service Reserve Accounts Update

Drax Group Limited on June 29 said that, in accordance with the
Facility Agreement dated 22 December 2003, the payment of
interest in full in respect of each of the A1, A2 and A3 debt
tranches totaling GBP39.3 million will be made on 30 June 2005:

(a) A1 GBP14.7 million,

(b) A2 GBP20.3 million,

(c) A3 GBP4.3 million

Also, in accordance with the Facility Agreement, GBP0.2 million
will be applied to fund the A1 Debt Service Reserve Account,
taking the balance on the account to GBP30.7 million.

A1 Debt Principal Prepayment

Drax Group also announces that a prepayment of GBP11.7 million
against the A1 debt principal will be made on 30 June 2005.  This
amount represents the first prepayment of A1 principal to be made
by Drax Group.  Under the terms of the Facility Agreement, the
prepayment will be applied against the principal repayment of
GBP50 million, scheduled to be made on 30 June 2015; the
scheduled principal repayment on that date will now be GBP38.3
million.

Listing of B Notes and B Bonds and Interest on B Debt

Drax Group on June 29 said that the B Notes issued by NoteCo
Limited were successfully listed on the Luxembourg Stock Exchange
on 27 June 2005, and the B Bonds issued by Drax Holdings were
also successfully listed on the Luxembourg Stock Exchange on the
same date.  The listing triggers the first payment of interest on
the B debt.

Payment of interest in full in respect of the six-month period to
30 June 2005 of GBP8.1 million, together with a payment of GBP1.1
million representing interest accrued in the period on B debt
deferred interest, will be made on 30 June 2005.  The listing
also means that amounts held in escrow pending listing (being
GBP8.3 million of the GBP12.0 million being due in respect of
interest for the six month period ended 31 December 2004) shall
be released for distribution to B lenders in payment of deferred
interest on the B debt.

                            *   *   *

Under the Facility Agreement, the B debt comprised a term loan
facility of GBP338,291,000 of which NoteCo had a participation of
GBP100,989,000 (being the initial issued amount of the B
Notes).  On 31 March 2005, following the first distribution of
TXU proceeds, a principal prepayment amounting to GBP204,734,904
was made under the Facility Agreement.  This reduced the
principal outstanding on the B debt under the Facility Agreement
on a pro rata basis to GBP93,685,994 in respect of the B lenders
(other than Noteco) and GBP39,870,102 in the case of NoteCo.

Accrued interest on the B debt to 30 June 2005 totals
GBP42,165,921, comprising GBP8,084,659 of current interest and
GBP34,081,262 of deferred interest.  The interest payments noted
above pay the current interest in full, and reduce the deferred
interest to GBP24,507,850.

                            *   *   *

Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fired power plant in Europe.  Its
primary subsidiary, Drax Power, operates the Drax Power Station
in North Yorkshire England.

Drax Group underwent a financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative
protection; its former project creditors took control of the firm
from owner U.S. energy generator AES.  In December, it secured an
agreement for a GBP348 million claim from TXU.  It received a
first distribution of some GBP214 million at the end of March.
Succeeding payments are expected in 2005 and 2006.  The company
is using its cash to discharge B debt.

Drax Group Limited has appointed Deutsche Bank AG London as lead
adviser and sponsor for the proposed refinancing and listing of
Drax.  It has retained Dresdner Kleinwort Wasserstein Limited as
financial adviser.

CONTACT:  DRAX GROUP LIMITED
          Melanie Wedgbury
          Phone: 01757 618381
          Kelly-Ann French/ Eric Burns

          BUCHANAN COMMUNICATIONS
          Phone: 01943 883990
          Charles Ryland/Ben Willey
          Phone: 020 7466 5000


DRIVELINE HOLDINGS: Carmaker Falls into Administration
------------------------------------------------------
In the High Court of Justice
Leeds District Registry No. 672 of 2005

Company Name: Driveline Holdings Limited

Company No.: 04477374

Nature of Business: Manufacturer of Motor Vehicle and Engine
Parts

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

Date of Appointment: 29 June 2005

Joint Administrators' Names and Address: Philip Andrew Revill and
John Russell (IP Nos 6421 and 5544), both of The P&A Partnership,
93 Queen Street, Sheffield S1 1WF

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


EARLYBIRD FURNITURE: Barclays Bank Requests Receivership
--------------------------------------------------------
Company Name: Earlybird Furniture Limited

Reg. No.: 01689631

Nature of Business: Manufacturer of Chairs and Seats

Trade Classification: 09

Date of Appointment of Joint Administrative Receivers: 1 July
2005

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

Joint Administrative Receivers: Michael David Rollings, Alan
Robert Bloom and David Kenneth Duggins (Office Holder Nos 8107,
6462 and 8324), all of Ernst & Young LLP, 1 More London Place,
London SE1 2AF

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

          EARLYBIRD FURNITURE LIMITED
          Unit 10
          Hartlebury Trading Estate
          Kidderminster
          Worcestershire
          DY10 4JB
          Phone: 01299 251 033
          Fax: 01299 251 036


EDGE HALL: Nursing Home Calls in Administrator
----------------------------------------------
In the High Court of Justice (Chancery Division)
Liverpool District Registry No. 1041 of 2005

Company Name: Edge Hall Limited

Company No.: 4908584

Nature of Business: Nursing Home

Registered Office of Company: 21 Knowsley Road, Southport,
Merseyside PR9 0HN

Trade Classification: 40

Date of Appointment: 1 July 2005

Administrator's Name and Address: Paul J Fleming (IP No 6828),
Parkin S. Booth & Co., 44 Old Hall Street, Liverpool L3 9EB.

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


EQUITABLE LIFE: E.U. Hearing on EMAG Petition Set September
-----------------------------------------------------------
While Equitable's hugely expensive case for compensation from 15
former directors and ex-auditor Ernst & Young must be
preoccupying management, EMAG has called on Equitable's board to
be as helpful as it can to EMAG's petition to the European
Parliament, which seeks to hold the British government to account
for failing to protect citizens.

The Petitions Committee is taking the unusual step of inviting
all involved parties including the U.K. government, the
Parliamentary Ombudsman and the Society to its mid-September
hearing.  EMAG maintains that the British government was in
breach of EC law for more than a decade and has consistently and
scurrilously turned its back on providing remedy or redress.

In an addendum to the Petition, EMAG will emphasize the very
narrow remit of the Parliamentary Ombudsman, excluding as it does
the Conduct of Business half of regulation, and also the recent
refusal by the Financial Ombudsman Service to look at Equitable
complaints, thus closing off another route to remedy that had
been previously been held out by the Treasury.

EMAG's chairman, Tom Lake says: "It's not surprising that the
Equitable feels obliged to deny the evidence that it caused its
policyholders loss, but the least the board can do is to avoid
obstructing the EMAG Petition to Europe.  The remaining
policyholders have been very tolerant of a board which has been
obliged to bring them bad news at every turn but I believe that
they would never forgive a board which scuppered this excellent
avenue to compensation."

CONTACT:  EMAG LTD.
          Paul Braithwaite, General Secretary


FLEXISERV LIMITED: Administrator from Tenon Steps in
----------------------------------------------------
In the Southampton County Court No. 15 of 2005

Company Name: Flexiserv Limited

Company No.: 4356628

Nature of Business: Design, Manufacture and Supply of
Rack-mounted Web Servers

Address of Registered Office: Highfield Court, Tollgate,
Chandlers Ford, Eastleigh, Hampshire SO53 3TZ

Date of Appointment: 28 June 2005

Joint Administrators' Names and Address: Carl Stuart Jackson and
Nigel Fox (IP Nos 8860 and 8891), both of Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ

                            *   *   *

Flexiserv servers are manufactured at an associate company's
facility in Fremont California, USA, with final assembly and
customization both in the USA and Southampton U.K.

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

          FLEXISERV LIMITED
          JPM Building
          Spitfire Quay
          Southampton
          Hants SO19 7GB
          Web site: http://www.flexiserv.com


FOX PRINT: Appoints Administrators
----------------------------------
In the Reading County Court No. 62 of 2005

Company Name: Fox Print Finishers Limited

Company No.: 01712880

Nature of Business: Print Finishing

Address of Registered Office: 4 St Giles Court, Southampton
Street, Reading, Berkshire RG1 2QL

Date of Appointment: 28 June 2005

Joint Administrator's Names and Address: P R Boyle and John
Sallabank (IP Nos 008897 and 008099), both of Harrisons, 4 St
Giles Court, Southampton Street, Reading, Berkshire RG1 2QL

CONTACT:  HARRISONS
          35 Water Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com

          FOX PRINT FINISHERS LIMITED
          Unit 22, Headley Park Ten
          Woodley
          Reading
          RG5 4SW
          Berkshire
          Phone: 0118 969 6372
          Fax: 0118 969 2604
          Contact:
          Paul Whitby, Managing Director


GARDEN COTTAGE: Creditors Meeting Set Next Week
-----------------------------------------------
In the High Court of Justice No. 3061 of 2005

Notice is hereby given by William Jeremy Jonathan Knight, of
Jeremy Knight & Co, 68 Ship Street, Brighton, East Sussex BN1
1AE, that a Meeting of the Creditors of Garden Cottage Foods
Limited, 68 Ship Street, Brighton, East Sussex BN1 1AE, is to be
held at 68 Ship Street, Brighton, East Sussex BN1 1AE, on 20 July
2005, at 11:00 a.m.

The Meeting is an initial Creditors' Meeting under paragraph 49
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.

W J J Knight, Administrator

                            *   *   *

Garden Cottage is into non-specialized wholesale of foods.  It
has 10 employees and sales of US$63.10 million in 2002.

CONTACT:  JEREMY KNIGHT & CO.
          68 Ship Street
          Brighton
          Sussex BN1 1AE
          Phone: 01273 203654
          Fax: 01273 206056
          E-mail: jknight@mistral.co.uk
          Contact:
          William Jeremy Jonathan Knight

          GARDEN COTTAGE FOODS LIMITED
          Phone: 44 1892 771800
          Fax: 44 1892 770077
          Web site: http://www.gardencottagefoods.com
          E-mail: info@gardencottagefoods.com


GRANADA WINDOWS: Administrator Takes over Business
--------------------------------------------------
In the High Court of Justice, Birmingham No. 2551 of 2005

Company Name: Granada Windows Limited

Company No.: 04592174

Nature of Business: Building Installation

Address of Registered Office: Unit 6, White Lund Industrial
Estate, Morecambe, Lancashire LA3 3AY

Date of Appointment: 20 June 2005

Administrator's Name and Address: T Papanicola (IP No 005496),
Bond Partners LLP, The Grange, 100 High Street, London N14 6TG

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


GROUP SUPPLIES: Consultancy Firm Calls in Administrator
-------------------------------------------------------
In the High Court No. 2579 of 2005

Company Name: Group Supplies plc

Company No.: 04098198

Nature of Business: Consultancy and Procurement Services

Address of Registered Office: 1 The Old Yard, Printbox Works,
Lypiatt Street, Cheltenham, Gloucestershire GL50 2UA

Date of Appointment: 27 June 2005

Administrator's Name and Address: T Papanicola (IP No 005496),
Bond Partners LLP, The Grange, 100 High Street, London N14 6TG

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


I-BUS (UK): Administrator Sets Creditors Meeting July 20
--------------------------------------------------------
Notice is hereby given, pursuant to Schedule B1, paragraph 51 of
the Insolvency Act 1986, that General Meetings of Creditors of
I-BUS (UK) Limited will be held at The Reginald Business Centre,
Harts Farm Way, Havant, Hampshire PO9 1HR, on 20 July 2005, at
10:30 a.m., for the purpose of presenting my proposals and
outlining the conduct of the administration to date.

A Creditor entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him or her.  A
proxy need not be a Creditor of the Company.  A proxy for the
Meeting must be lodged at 65 St Edmund's Church Street,
Salisbury, Wiltshire SP1 1EF, no later than 12:00 noon on 19 July
2005.

M F Stevenson, Joint Administrator

CONTACT:  I-BUS
          Unit 6, Chichester
          Business Park
          City Fields Way
          Tangmere, West Sussex, UK
          P020 2LB
          Phone: +44 (0) 1243 756300
          Fax: +44 (0) 1243 756301
          E-mail: contact.uk@ibus.com
          Web site: http://www.ibus.com/


INTERNET MARKETING: Files for Administration
--------------------------------------------
In the High Court, Birmingham No. 2620 of 2005

Company Name: Internet Marketing Management plc

Company No.: 03746264

Nature of Business: Software Consultancy and Supply

Address of Registered Office: 1 The Old Yard, Printbox Works,
Lypiatt Street, Cheltenham, Gloucestershire GL50 2UA

Date of Appointment: 27 June 2005

Administrator's Name and Address: T Papanicola (IP No 005496),
Bond Partners LLP, The Grange, 100 High Street, London N14 6TG

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

          INTERNET MARKETING MANAGEMENT PLC
          1 The Old Yard
          Prinbox Works
          Lypiatt Street
          Cheltenham GL51 2UA
          Phone: 01242 541000
          Fax: 01242 541009
          E-mail: info@eyemm.net
          Web site: http://www.eyemm.net/html/


LEE DAVIES: Creditors Meeting July 18
-------------------------------------
Notice is hereby given, pursuant to section 14 of the Limited
Liability Partnerships Act 2000 and section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Lee Davies LLP will he
held at the offices of Carter Clark, Meridian House, 62 Station
Road, North Chingford, London E4 7BA, on 18 July 2005, at 11:00
a.m., for the purposes provided for in sections 99 and 101 of the
Insolvency Act 1986.

The Resolutions proposed at the Meeting of Creditors may include
a Resolution specifying the terms on which the Liquidator is to
be remunerated.  The Meeting may also receive information about,
or be asked to approve, the costs of preparing the statement of
affairs and convening the Meeting of Creditors.  Notice is
further given that a list of the names and addresses of the
Partnership's Creditors may be inspected at the offices of Carter
Clark, Meridian House, 62 Station Road, North Chingford, London
E4 7BA, between 10:00 a.m. and 4:00 p.m. on the two business days
preceding the date of the Meeting.

By Order of Members
J Taylor, Trustee

CONTACT:  LEE DAVIES LLP
          No 1 Mitre Buildings
          The High
          Harlow
          Essex
          CM20 1DR
          DX Number: 40501
          DX Exchange: HARLOW
          Phone: 01279 441266
          Fax: 01279 444440
          E-mail: mail@leedavies.co.uk
          Web site: http://www.leedavies.co.uk


MG ROVER: German Dealers May Use Sale Proceeds to Offset Debt
-------------------------------------------------------------
MG Rover Deutschland GmbH has reportedly reached an agreement
with dealers.  Under the arrangement, dealers can sell the
vehicles held by administrators of MG Rover's German unit and
offset the proceeds against the amount they are owed.

This came after administrator PricewaterhouseCoopers confirmed
that MG Rover Export Ltd. is not a higher-ranking creditor than
the dealers.  Some 300 new cars and 2,200 used vehicles, most of
which are practically new, are reportedly under the custody of
PwC.

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

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

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


MISYS PLC: Unit Sells 60% Stake in Internet Venture
---------------------------------------------------
Sesame, a wholly owned subsidiary of Misys plc, has sold its 60%
stake in Assureweb Limited, the B2B Internet portal for
transaction of life and pensions business.

The transaction will be executed by Assureweb through a buyback
scheme.  The five existing investing providers (AEGON UK,
Clerical Medical, Friends Provident, Norwich Union and Scottish
Widows) will increase their collective ownership stake in
Assureweb from 40% to 100% and take full operational
responsibility for Assureweb.  Assureweb has gross assets of
approximately GBP12 million.

Sesame will remain committed to the Assureweb platform but
believes that the business has progressed to a stage both
technically and operationally where it should now be taken
forward by the product providers as a portal for the IFA
community.  This necessary change in the ownership structure
allows the product providers to decide how they wish to develop
the Assureweb proposition so that it works most effectively for
intermediaries and thereby achieves effective industry
penetration.

The disposal of Sesame's stake in Assureweb is likely to give
rise to a small accounting loss on disposal.

                            *   *   *

Misys plc has recently acquired regulatory risk management
software firm, Almonde, for EUR15 million.

In June, Chairman Kevin Lomax said: "We are encouraged by our
performance for the full year: the momentum achieved in the first
half has been maintained.  This performance reflects
some improvement in trading conditions but in particular the
benefit of the actions we have taken.  We continue to invest
across our product range and to reposition Misys for growth.  It
has been a year of real progress and this gives us confidence
for the future."

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


M L DESIGN: Joint Administrator Takes over Operations
-----------------------------------------------------
In the High Court of Justice No. 4275 of 2005

Company Name: M L Design Group Limited

Company No.: 01864475

Nature of Business: Chartered Architects

Registered Office of Company: The Clock House, 140 London Road,
Guildford, Surrey GU1 1UW

Date of Appointment: 29 June 2005

Joint Administrators' Names and Addresses: Matthew Richard
Meadley Wild (IP No 009300), of The Clock House, 140 London Road,
Guildford, Surrey GU1 1UW and Geoffrey Lambert Carton-Kelly (IP
No 008602), of 5 Old Bailey, London EC4M 7BA, Partners in the
firm of Baker Tilly

CONTACT:  M L DESIGN GROUP LTD.
          Studio 12 46 The Calls
          Leeds
          West Yorkshire
          Yorkshire & The Humber
          LS2 7EY
          Phone: 01132135656


MOWLEM PLC: Company Profile
---------------------------
NAME:  MOWLEM PLC
       White Lion Court
       Swan Street
       Isleworth
       Middlesex TW7 6RN
       United Kingdom

PHONE: 020 8568 9111

FAX:  020 8847 4802

WEB SITE: http://www.mowlem.com

TYPE OF BUSINESS:  Established in 1822, Mowlem has been providing
construction and support services to public and private sector
customers across a comprehensive range of market sectors.

It offers a full range of construction and support services
options, from major building and infrastructure projects through
to smaller building and civil engineering works; and from Total
Facilities Management through to direct delivery of mechanical &
electrical, cleaning and security services.

Mowlem operates through eight principal business units:

(a) Mowlem Building;

(b) Mowlem Infrastructure;

(c) Mowlem Engineering;

(d) Mowlem International;

(e) Mowlem Managed Services;

(f) Mowlem Asset Services;

(g) Mowlem Environmental Sciences Group; and

(h) Mowlem Projects.

SIC: Construction, Business Services

EXECUTIVES:  Charles Fisher, Non-Executive Chairman

             Simon Vivian, Group Chief Executive

             Paul Mainwaring, Group Finance Director

INVESTOR RELATIONS: investors@mowlem.com

NUMBER OF EMPLOYEES: 25,000+

ANNUAL TURNOVER: GBP2 billion

ASSETS: GBP228.4 million

DEBTS: GBP18.9 million

SHAREHOLDERS' EQUITY: GBP187 million

LATEST FINANCIAL RESULT:
http://bankrupt.com/misc/Mowlemplc(2004).mht.

THE TROUBLE:  Mowlem's business review in February led to the
discovery of a number of accounting issues at its Technical
Services unit.  The errors nearly gave rise to technical breaches
under certain bonding facilities.  The review also resulted to
the split up of its Construction Services operation into three
units.

Recently, the company warned its full year results will be GBP20
million lower than current market expectations due to changes in
approach to profit recognition and contract valuation.  The
announcement follows three previous profit warnings since June
2004.  It prompted Fitch Ratings to revise the outlook on the
company to Negative from Stable.  Senior Unsecured 'BB' and
Short-term 'B' ratings were affirmed.

CREDITORS:  HSBC BANK PLC
            8 Canada Square
            London
            E14 5HQ, United Kingdom
            Phone: +44 (0)20 7991 8888
            Web site: http://www.hsbc.co.uk

            NATIONAL WESTMINSTER BANK PLC
            135 Bishopsgate
            London
            EC2M 3UR, United Kingdom
            Phone: +44-20-7672-1931
            Web site: http://www.natwest.com

            LLOYDS TSB BANK PLC
            Customer Service Centre
            Box 1, BX1 1LT
            Phone: 020 7356 2493
            Web site: http://www.lloydstsb.com

AUDITORS:  KPMG AUDIT PLC
           8 Sailisbury Square
           London
           EC4Y 8BB, United Kingdom
           Phone: +44 (0) 20 7311 1616
           Fax: +44 (0) 20 7311 8171
           Web site: http://www.kpmg.co.uk

           Chartered Accountants
           Registered Auditor

STOCKBROKERS: HOARE GOVETT LIMITED
              250 Bishopsgate
              London
              EC2M 4AA, United Kingdom
              Phone: 020 7678 8300

REGISTRARS:  COMPUTERSHARE INVESTOR SERVICES PLC
             PO Box 82
             The Pavilions
             Bridgwater Road
             Bristol
             BS99 7NH, United Kingdom
             Phone: 0870 702 0000
             Web site: http://www.computershare.com


MULTI HIRE: Creditors Appoint Liquidator
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and


               IN THE MATTER OF Multi Hire Limited
                         (In Liquidation)

In terms of Rule 4.19(4)(b) of the Insolvency (Scotland) Rules,
notice is hereby given that on June 1, 2005, Donald McKinnon, 168
Bath Street, Glasgow G2 4TP was appointed Liquidator of Multi
Hire Limited by a resolution of the first meeting of creditors
held in terms of Section 138(3) of the Insolvency Act 1986.  A
liquidation committee was not established.

Donald McKinnon, Liquidator

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


POLONY LTD.: Liquidation Paves Way to Replacement Contractor
------------------------------------------------------------
Construction of the 91 river homes at St. Julian's Friars will
still be completed even after contractors Polony Ltd. called in
liquidators last week.

According to shropshirestar.com, the company hired to carry out a
GBP10-million riverside housing development in Shopshire,
Shrewsbury fell into liquidation.  Creditors of the firm,
formerly known as Meridian Estates and Developments, are set to
meet Thursday.

Meanwhile, developers Thorston Baker Homes is currently looking
at possible replacement contractors Urban Solutions to continue
work at the three-acre site comprising former garages owned
partly by the Shrewsbury and Atcham Borough Council.

The construction of 91 residential units and 2 retail units at
the site came following a development scheme agreed in the 1990s.

CONTACT:  POLONY LTD.
          c/o Thornton Baker Homes
          The White House
          Lichfield Street
          Tamworth
          B79 7QF
     Phone: +44 (0)1827 53322
     Fax: +44 (0)01827 703070
     E-mail: info@thorntonbakerhomes.co.uk
          Web site: http://www.thorntonbakerhomes.co.uk

          SHREWSBURY & ATCHAM BOROUGH COUNCIL
          The Guildhall,
          Frankwell Quay,
          Shrewsbury,
          Shropshire,
          SY3 8HQ
          Phone: 01743 281 000
          E-mail: general@shrewsbury.gov.uk
          Web site: http://www.shrewsbury.gov.uk/


PREMIER FOODS: Expects MBM Unit to Struggle Until Next Year
-----------------------------------------------------------
Premier Foods plc said Tuesday: "The trading outlook for the year
remains in line with our expectations.  The grocery business
continues to make progress after a slow January and we are
looking forward to an improved second half when a number of our
new products will be launched into the market place.

"The Birds business acquired in February is trading in line with
expectations and the integration continues to progress well.  We
have identified that we will be able to further enhance the
efficiency in our Knighton factory by replacing all the acquired
production lines.  This replacement will take slightly longer to
implement than the transfer of the acquired lines and means that
we will continue using the production facilities at Kraft's
factory in Banbury until the end of the year.

"We are excited by prospects for Quorn and have begun the
development and implementation of our detailed plans for the
business, following the completion of the acquisition on 6 June.

"Trading conditions continue to be difficult at MBM Produce Ltd.
and we do not anticipate seeing any improvement until 2006.

"With regard to Sudan 1 the position remains unchanged from our
previous statements in that we have no material financial
exposure.  Our insurer, through their loss adjuster, is in
discussion with claimants regarding potential settlements.

Premier Foods will be releasing its interim results for the 6
months to 2 July 2005 on 6 September 2005.  Premier Foods will be
hosting a presentation to analysts at 9:00 a.m. on 6 September
2005 at ABN AMRO's offices, 250 Bishopsgate,
London EC2M 4AA.

CONTACT:  PREMIER FOODS PLC
          28 The Green, Kings Norton
          Birmingham
          B38 8SD, United Kingdom
          Phone: +44-1727-815-850
          Fax: +44-1727-815-982
          Web site: http://www.premierfoods.co.uk

          Robert Schofield, Chief Executive
          Paul Thomas, Finance Director
          Gwyn Tyley, Investor Relations Manager
          Phone: +44 (0) 20 7638 9571

          CITIGATE DEWE ROGERSON
          Michael Berkeley
          Sara Batchelor
          Anthony Kennaway
          Phone: 020 7638 9571


PTV INC.: Defers Dividend Payment on Series A Preferred Stock
-------------------------------------------------------------
PTV, Inc. did not pay the semi-annual dividend of $2.50 per share
on the Company's 10% Fixed Coupon Redeemable Preferred Stock,
Series A on its June 30, 2005 scheduled payment date.

The Company has determined that given the existence of certain
contingencies and other costs of operations, that it is
appropriate to defer payment of the dividend.  The Board of
Directors will continue to evaluate the Company's ability and the
appropriateness of paying the accumulated and future dividends
during the remainder of the year.

There is no requirement under the Company's charter to pay any
future dividends on its preferred stock and there is no assurance
that the Company will pay any future dividends.

                        About PTV Inc.

PTV Inc. -- http://www.ptvinc.com/-- is a major new media
company in the U.K.  Its two principal assets in the U.K. are
Premium TV Ltd. and Two Way Media Ltd.  PTV is the leading
football Internet company in the country, hosting and managing
sites for 84 football clubs including Newcastle United and
Rangers.

As a new media company, management plans to exploit new
opportunities to provide entertainment, sports content, fixed
odds betting services and consumer information services over
television, broadband Internet, mobile telephones and other
devices.

On January 27, 2004, the company changed its name from NTL
Europe, Inc. as part of a "going private" transaction.  NTL
Europe, Inc. was created in January 2003 as part of the Plan of
Reorganization of NTL, Inc., NTL Europe held a variety of media
content assets in the U.K. as well as cable, broadband and
telephone equipment businesses in Europea and Asia.

In 2003, management sold assets, negotiated termination of
contracts, restructured certain operating assets and made
distributions to shareholders as part of a strategy to simplify
the company and restructure around its most attractive media
properties.

CONTACT:  PTV INC.
          Trafalgar House
          11 Waterloo Place
          London SW1Y 4 AU
          United Kingdom
          Phone: +44 (0) 20 7930 0003
          Fax: +44 (0) 20 7930 1443


ROYAL & SUN ALLIANCE: Fitch Raises Ratings to 'BBB'
---------------------------------------------------
Fitch Ratings upgraded Thursday the Insurer Financial Strength
rating of Royal & Sun Alliance Insurance PLC to 'BBB+' from 'BBB'
and the Long-term rating to 'BBB' from 'BB+'.  The rating Outlook
is Stable.

In addition, Fitch has upgraded the Long-term ratings for Royal &
Sun Alliance Insurance Group PLC to 'BB+' from 'BB-' (BB minus)
and existing subordinated issues (GBP450 million, US$500 million
and EUR500 million) to 'BBB-' (BBB minus) from 'BB'.  The ratings
on the subordinated debt issues are based principally on a limite
d and subordinated guarantee provided by RSAIP.  The Outlook on
RSAIG is Stable.

The upgrades reflect the progress made by the company, which has
exceeded Fitch's expectations, in reducing business risks,
enhancing the capital base and improving performance.  Partly
offsetting these improvements are continued risks associated with
the run-off of U.S. operations including litigation and reserving
risks, and the agency's belief that capitalization is currently
not supportive of the rating level.  Nonetheless, the ratings are
underpinned by Fitch's expectations that management will continue
to deliver on stated objectives and that capital will become
supportive, in our view, of the rating level over the next 18
months.

The ratings of RSAIG and the subordinated debt issues had
previously been subject to non-standard notching from the
Financial Strength Rating of RSAIP (i.e. standard notching plus
one) due to weak coverage ratios.  Current and prospective
coverage has improved significantly and is expected to be between
7.3x and 6.1x for 2005 and 2006, respectively.  These coverage
ratios are reflective of Fitch's expectations that the group will
post ROEs of 16% and 13% over the same period.

With the major strategic restructurings largely completed, the
group is significantly more focused on markets where it enjoys
scale and competitive advantages, notably in U.K., Danish and
Swedish non-life (75% of net premium written in 2004).  Remaining
sizeable strategic actions involve the impending disposal of the
U.S. non-standard auto business and, over the longer term, a
permanent resolution to the U.S. run-off business.  Fitch expects
the proceeds of the U.S. non-standard auto disposal to be used to
bolster the capital position of the U.S. run-off business.

The company's actions to date have served to enhance the capital
base, although, in our view, not yet to a level which is
supportive of the rating.  In addition, Fitch notes the
restricted fungibility of capital between the U.K. and U.S.
operations.  However, a key consideration in the upgrade is the
reduction in regulatory uncertainty pertaining to the group's
capital position.  Despite the reduction in these risks, Fitch
believes that R&SA retains significant reserving risk (especially
in relation to the U.S.) and litigation risk (e.g. through U.S.
student loans), although this too has moderately diminished
following an agreement reached with one of the plaintiffs.  Fitch
has factored a net cost of GBP150 million in litigation into its
analysis.  Historic exposure to structured products (U.S. CDO
transactions) has diminished significantly (by US$437 million to
US$244 million), with only two contracts currently outstanding,
both of which are fully provisioned.

The agency notes R&SA's indication that current reserving across
the group is at "best estimate" and in some cases above best
estimate, hence the emergence of run-off profits in the first
quarter 2005 results.  Based on its own analysis, Fitch believes
that reserving across the group has improved substantially and is
in line with the levels announced since mid-2003.

Nevertheless Fitch has factored into its analysis the potential
for further reserving actions, of around GBP100 million in the
U.S. during 2005.  Fitch believes that the group will continue to
support the U.S. run-off until a permanent solution is found. A
permanent solution (i.e. a complete sale) could represent a
step-change improvement in credit quality for the group. However,
the scale of credit improvement would depend on how much capital
was left in the group following any sale, since a disposal at net
asset value for a collection of long-tail liabilities (including
asbestos) seems most unlikely. Currently 17% of net assets are
tied up in the US operations.

CONTACT:  FITCH RATINGS
          London, Damir Bettini
          Phone: +44 (0)207 862 4095

          Andrew Murray
          Phone: +44 (0)207 417 4303

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


TRADITIONAL SEAFOODS: Appoints Joint Receivers
----------------------------------------------
Company Name: Traditional Seafoods Limited

Reg. No.: 04604233

Trading Name: Traditional Seafoods

Previous Names of Company: Vitamex Engineering Limited and
Traditional Seafoods (UK) Limited

Nature of Business: Process and Preserve Fish and Products

Trade Classification: 1520

Date of Appointment of Joint Administrative Receivers: 22 June
2005

Name of Person Appointing the Joint Administrative Receivers: Mr.
B I Jaines-White and Damlen Properties Limited

Joint Administrative Receivers: Colin Burke and Gary J Corbett
(Office Holder Nos 8803 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

          TRADITIONAL SEAFOODS
          Web site: http://www.traditionalseafoods.co.uk


VESSEL TECHNOLOGY: RSM Robson Takes Control of Operations
---------------------------------------------------------
In the Birmingham High Court No. 2643 of 2005

Company Name: Vessel Technology Limited

Company No.: 02145064

Nature of Business: Manufacturing of Steel Drums

Registered Office of Company: Brunel House, Third Avenue, The
Pensnett Estate, Kingswinford DY6 7YE

Date of Appointment: 30 June 2005

Joint Administrators' Names and Address: John Neville Whitfield
and Gerald Clifford Smith (IP Nos 9131 and 6335), both of RSM
Robson Rhodes LLP, Centre City Tower, 7 Hill Street, Birmingham
B5 4UU

CONTACT:  RSM ROBSON RHODES LLP
          Centre City Tower,
          7 Hill Street,
          Birmingham B5 4UU
          Web site: http://www.robsonrhodes.co.uk

          VESSEL TECHNOLOGY LTD.
          Brunel House, Third Avenue
          Pensnett Trading Estate
          Kingswinford
          DY6 7XE
          West Midlands
          Phone: 01384 400999
          Fax: 01384 401801
          Web site: http://www.vesseltech.org


WHITBY'S OF READING: Cedes Control to Administrator
---------------------------------------------------
In the Reading County Court No. 63 of 2005

Company Name: Whitby's of Reading Limited

Company No.: 5012222

Nature of Business: Print Finishing

Registered Office of Company: 4 St Giles Court, Southampton
Street, Reading, Berkshire RG1 2QL

Trade Classification: 2751

Date of Appointment: 28 June 2005

Joint Administrators' Names and Address: P Boyle and John
Sallabank (IP Nos 008897 and 008099), both of Harrisons, 4 St
Giles Court, Southampton Street, Reading RG1 2QL

CONTACT:  HARRISONS
          4 St Giles Court
          Southampton Street
          Reading
          Berkshire
          RG1 2QL
          Contact:
          Mr. Paul Robert Boyle
          E-mail paulboyle@harrisons.uk.com
          Phone: 0118 951 0798
          Fax: 0118 939 4409


WHITEHEAD MANN: Appoints New Head of Coaching Business
------------------------------------------------------
Whitehead Mann Group plc has appointed David Sole to lead its
U.K.'s executive development business.

Chris Merry, CEO, said: "This is the perfect time to reenergize
and redirect The Change Partnership, our executive development
business.  Under David's proven leadership, we want an infusion
of new talent to build a team of experienced and dynamic coaches
who will complement and work closely with our search and
assessment businesses.

"We have had considerable interest from people looking to join
The Change Partnership and will shortly be able to announce the
appointment of two new consultants with strong credentials and
experience."

David Sole, Practice Head, Executive Development, said: "We want
the new team to forge deeper relationships with businesses so
that our coaches can get further under the skin of their clients
and offer a service linked directly to business outcomes and
financial performance.

While the focus on one to one development will remain core to the
business, we anticipate an increasing shift towards more team
based interventions and the adoption of a more rigorous process."

Mr. Sole, 43, played international Rugby Union for Scotland for
seven years between 1986 and 1992.  He captained the Scottish
side 25 times, an unbeaten record, and took the side to Grand
Slam victory in the five nations championship in 1990.

He was a member of the victorious British Lions side in 1989
against Australia.  Mr. Sole went on to work for United
Distillers, later renamed Diageo, working in global operations.
On moving back to Scotland, he crossed into executive coaching
immediately joining The Change Partnership in 2000.

Executive Development

Executive development is the practice of developing directors and
other top executives who have been newly placed, promoted or who
are developing in their current roles through one-to-one and team
instruction and mentoring.  Whitehead Mann bought The Change
Partnership in 2001.  It is a strong and well-respected brand and
has worked closely with multinational organizations as well as
smaller domestic businesses.  Coaches are seasoned professionals
who understand through first-hand experience how business works
at the highest levels.  Late last year, The Change Partnership
published its report on "What makes a great Board Chair?"

                            *   *   *

The U.S.-based unit of Whitehead Mann Group Plc -- the sixth
largest executive search firm in the world -- filed a prepackaged
chapter 11 plan of liquidation in the U.S. Bankruptcy Court for
the Southern District of New York on Thurs., Mar. 31, 2005.  This
came after Whitehead Mann warned it is likely to reveal a GBP20
million annual loss.

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

          Chris Merry, Chief Executive
          Phone: +44 (0)20 7290 2000

          Brunswick Group LLP
          James Bradley
          Rupert Young
          Phone: +44 (0)20 7404 5959


WISEMAN PUBLICATIONS: Joint Liquidators Take over Helm
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Wiseman Publications (U.K.) Limited

In accordance with Rule 4.106 of the Insolvency Rules 1986,
notice is hereby given that Kevin John Hellard, of RSM Robson
Rhodes LLP, 186 City Road, London EC1V 2NU, and Kevin Ashley
Goldfarb, of Griffins, Russell Square House, 10-12 Russell
Square, London WC1B 5EH, were appointed Joint Liquidators of
Wiseman Publications (U.K.) Limited by an Order of the Court.

K. J. Hellard, Joint Liquidator
June 29, 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


WORLDWIDE PACKAGE: Creditors Meeting Set August
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Worldwide Package Express Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of Creditors of Worldwide Package
Express Limited will be held at Begbies Traynor, Chiltern House,
24-30 King Street, Watford WD18 0BP, on August 12, 2005, at 10:00
a.m. for the purpose of receiving the final account of the
winding-up.  Creditors wishing to attend the meeting must lodge
their proofs of debt and proxies at the address below, no later
than 12:00 noon a day before the meeting.

P. M. Davis, Joint Liquidator
July 1, 2005

CONTACT:  BEGBIES TRAYNOR
          Chiltern House
          24-30 King Street
          Watford WD18 0BP
          Phone: 01923 812900
          Fax: 01923 812999
          E-mail: watford@begbies-traynor.com
          Web site: http://www.begbies.com


WYVERN FURNITURE: Appoints Ernst & Young Receiver
-------------------------------------------------
Company Name: Wyvern Furniture Limited

Reg. No. 01877310

Nature of Business: Manufacture of Chairs and Seats

Trade Classification: 09

Date of Appointment of Joint Administrative Receivers: 1 July
2005

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

Joint Administrative Receivers: Michael David Rollings, Alan
Robert Bloom and David Kenneth Duggins (Office Holder Nos 8107,
6462 and 8324), all of Ernst & Young LLP, 1 More London Place,
London SE1 2AF

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

          WYVERN FURNITURE LTD.
          Unit 13/15
          Hartlebury Trading Estate
          Kidderminster
          DY10 4JB
          Hereford and Worcester
          Phone: 01299 251100


ZONELEVER NETWORK: Promising Scottish IT Business a Bust
--------------------------------------------------------
Zonelever Network Solutions has elected to file for liquidation
only two years after being cited one of Scotland's most promising
IT company.

According to The Herald, the company has called in David
Rutherford of accountant Cowan & Partners to oversee the
liquidation process.  He plans to sell the company's computer
equipment and intellectual capital to repay debt, which he could
not estimate as of this writing.

Trouble began when the company's contract with Communities
Scotland, an executive agency, expired a year ago.  The contract
was taken on by the agency's own IT services department.  This
triggered a wave of redundancies that proved costly for the
company.

Ironically, Zonelever used to be the IT department of Scottish
Homes, which was subsumed by Communities Scotland in 1997.  A
management buyout led by principal founder Don Cuthbert and
Jacquie Alexander led to the creation of Zonelever.

In the years following the separation, the company initially
earned most of its revenues from the GBP1 million-plus
Communities Scotland contract.  Later it branched out to take on
other clients like the Institute of Chartered Accountants for
Scotland, Investors in People Scotland and the National Trust for
Scotland.  Owing to the company's success, Ms. Alexander was
named in 2003 by Scottish Business Insider magazine as one of the
"rising stars" in the business.

"She was credited for sustaining the business, following the
death of principal founder Don Cuthbert in 2000.  His vision was
to establish Zonelever as a leading IT player," The Herald said.

So far, eight employees have lost their jobs, said Mr.
Rutherford, on top of those made redundant when the company
encountered the first few signs of trouble.

CONTACT:  ZONELEVER NETWORK SOLUTIONS
          Forsyth Business Centre
          93 George Street
          Edinburgh
          EH2 3ES
          Tel: (+44) 0131 225 0300
          Fax: (+44) 0131 225 0440
          E-mail: solutions@zonelever.com
          Web site: http://www.zonelever.com/

          DAVID FORBES RUTHERFORD
          Cowan & Partners
          60 Constitution Street
          EDINBURGH
          LOTHIAN
          EH6 6R
          Tel: 0131 554 0724
          Fax: 0131 553 2267


                            *********


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
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Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$575 per half-year,
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contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *