TCREUR_Public/050714.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, July 14, 2005, Vol. 6, No. 138

                            Headlines

A U S T R I A

AUSTRIAN AIRLINES: Increases Fuel Surcharges


F I N L A N D

BENEFON OYJ: Obtains EUR1.25 Million Capital Loan


F R A N C E

ALSTOM SA: Shareholders Approve 40-to-1 Share Consolidation
ALSTOM SA: First-quarter Sales Up 10%
EUROTUNNEL SA: Debt Woes Overshadow Positive Earnings News


G E R M A N Y

B & S: Court to Verify Claims Next Month
DAM DACHBAU: Creditors' Claims Due August
DOMO-RENT: Krefeld Court to Verify Claims November
DON CARLOS: Applies for Bankruptcy Proceedings
ESC SAALE: Creditors Meeting Set September

F.P. AUSBAUGESELLSCHAFT: Under Bankruptcy Administration
GARANT BRANDSCHUTZ: Hanau Court Appoints Interim Administrator
HEIDELBERGCEMENT AG: Spohn Cements Bid
HGB BAUBETREUUNGS: Creditors to Meet September
KARSTADTQUELLE AG: Publishers Rule out Discount

LIEBIG-KOSTER: Falls into Bankruptcy
VOLKSWAGEN AG: Denies Rumored Closure of Brussels Site
WILHELM WEYRICH: Koln Court Appoints Administrator


I T A L Y

ALITALIA SPA: Targets Leading Position in Mediterranean Region
PARMALAT FINANZIARIA: Local Regulator Okays Sale of Brands


N E T H E R L A N D S

ROYAL SHELL: Swapping Shares with Total to up Reichstett Stake


P O L A N D

WIRTUALNA POLSKA: Founder Questions Registration of Domains


R U S S I A

ALROSA-WOOD-PROM: Under Bankruptcy Supervision
BERINGOVSKIY: Bankruptcy Hearing Set September
CHAPLINSKOYE: Declared Insolvent
EXPERIMENTAL TECHNOLOGICAL: Sets Deadline for Proofs of Claim
FLOUR MILL #1: Assets for Public Auction July 20

IMPEXBANK: Loan Notes Receive B1 Rating from Moody's
KARASEVSKOYE: Creditors Have Until August 18 to File Claims
NEW FISH-FACTORY: Deadline for Proofs of Claim August 18
NIVA-KORSAKOVO: Undergoes Bankruptcy Supervision Procedure
OJSC STIROL: Moody's Assigns (P)B3 to Proposed Notes

REPAIR-TECHNICAL ENTERPRISE: Declared Insolvent
SINEK CAPITAL: Moody's Rates Edel's Proposed Notes (P)Ba1
UST-LABINSKIY: Hires Insolvency Manager from Krasnodar
YUKOS OIL: Chinese Unit Files for Liquidation


S P A I N

IZAR: Remaining Yards to be Sold as One, Minister Assures Unions


S W E D E N

CONCORDIA BUS: Extends Consent Solicitation Period


U K R A I N E

ALCHEVSK' AUTO 10915: Oleksandr Mamrukov Named Liquidator
FOOD TTADE: Donetsk Court Opens Bankruptcy Proceedings
KALUSKIJ HARCHOVIK: Insolvency Manager Takes over Helm
KONTENT: Undergoes Bankruptcy Supervision Procedure
NATIONAL ENERGETIC: Bankruptcy Supervision Starts

PLASTPEREROBKA: Court Appoint Insolvency Manager
POBUTSEREVICE: Succumbs to Bankruptcy
SICHNEVIJ SUGAR: Declared Insolvent
TORGSERVICE: Sergij Vasilets to Liquidate Group
VINNIKI' AUTO: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

A1 DEMOLITION: Under Administration
ALCESTER STREET: Members Decide to Wind-up Firm
ART ACCESSORIES: Motorcycle Accessories Maker in Administration
BHP BILLITON: Names Liquidator from Gallagher
BHP BILLITON: In Voluntary Winding-up

BHP BILLITON: Members Opt for Liquidation
BHP PETROLEUM: In Liquidation
BIACC LIMITED: Appoints KPMG Liquidator
BILLITON (BSI): In Voluntary Liquidation
CHRISTY HUNT: Names UHY Hacker Liquidator

COME EAT: Restaurant Operator Falls into Administration
CONTAINED SOLUTIONS: Textile Firm Calls in Administrator
CRANFORD 1062: Members Decide to Liquidate Firm
CRANFORD 1063: In Liquidation
ELYPLAC LIMITED: Investment Firm Winds up

FEDERAL-MOGUL: Claimants Committee Unveils Estimation Findings
HALE ROAD: Liquidator Moves in
HOPECAR LIMITED: Appoints Liquidator
IMCOFORM LIMITED: Members Decide to Wind up Firm
JARVIS PLC: Reveals Details of Restructuring Plan

JOHN LETTERS: Competition Sends Club Maker into Receivership
JOHN WILLIAMS: Liquidator Moves in
MARKS & SPENCER: Like-for-like Sales Down 5.4%
MAX FACTOR: Names PricewaterhouseCoopers Liquidator
MICROEMISSIVE DISPLAYS: Has New Chief Operating Officer

NETWORK RAIL: Spends GBP400 Mln to Upgrade South Wales Operation
NETWORK RAIL: Improves Performance Further
NETWORK RAIL: Selling AU$500 Mln Bonds in Australia
PEDMAH LIMITED: In Voluntary Winding-up
PROCTER & GAMBLE: Appoints PricewaterhouseCoopers Liquidator

PROCTER & GAMBLE: Liquidators Move in
RAILTRACK PLC: Former Transport Secretary Denies any Wrongdoing
RICOSS ENGINEERING: Calls in Liquidator
SNELLING HOUSE: Under Administration
SUSSEX TRACTORS: In Voluntary Liquidation

TAMBRANDS INVESTMENTS: Calls in Liquidator from PwC
T AND F: Electrical Parts Maker Winds up
TELEDU AL: Names Begbies Traynor Liquidator
THE PLAISTOW: Liquidator from Vantis Moves in
TRADITIONAL SEAFOODS: Creditors Meeting Reconvened to July 21

TRIPLEX LLOYD: Liquidator Moves in
TRIPLEX PROPERTIES: Members Decide to Liquidate Firm
UK REALISATIONS: In Voluntary Liquidation
YES CAR: Losses Deepen; Tenfold Increase Seen

* Coventry, Warwickshire Firms Survive Rover Crisis


                            *********


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


AUSTRIAN AIRLINES: Increases Fuel Surcharges
--------------------------------------------
Due to the fact that the purchase price of crude oil and
therefore kerosene has continued to rise in recent months and
appears likely to remain high for the foreseeable future (the
price of kerosene has risen to a maximum figure of up to US$607
per ton), the Austrian Airlines Group has been forced to adjust
its fuel surcharges to levels justifying the current industry and
competitive environment.

From 8 July 2005 onwards, the fuel surcharge for all short-range
and medium-range flights will be raised from its previous level
of EUR7.00 to a new figure of EUR9.00.  The surcharge will rise
from EUR27.00 to EUR37.00 for all long-range flights.  These
surcharges apply to each flight taken.  The increase applies to
all scheduled tickets of the Austrian Airlines Group sold and
issued as of this date.

                            *   *   *

Headquartered in Wien, Austria, Austrian Airlines operates
through three divisions: Scheduled Traffic, Charter Traffic and
Complimentary Services.

                           The Trouble

In May, it reported pre-tax loss of EUR81.0 million compared to
EUR47.6 million during the January to March period of the
previous year.  It said it will not be able to meet annual
forecast to improve on the adjusted EBIT for 2004 of EUR10
million.  The existing framework conditions -- fuel prices and
overcapacity in particular -- led it to expect a negative
adjusted EBIT for the full year of 2005.

CONTACT:  AUSTRIAN AIRLINES AG AUA
          Fontanastrasse 1 Osterreich AT-1107 Wien
          Phone: +43 (0) 5 1766
          Air Transport
          Web site: http://www.aua.com/
          Johannes Davoras
          Johann Jurceka
          Phone: 051766-1231

          Investor Relations
          Dr. Prisca Havranek-Kosicek
          Phone: 051766 - 3642


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


BENEFON OYJ: Obtains EUR1.25 Million Capital Loan
-------------------------------------------------
Benefon Oyj has raised a capital loan of EUR1.25 million in order
to ensure the completion of the planned new product development
program and to secure sufficient components required for such
products as well as for ongoing strategic financing.

The loan is granted by Benecap Limited, a Jersey, Channel
Islands, company and certain third party investors assigned by
it.  The loan carries annual interest at the rate of 8% p.a. and
it will be paid back at the end of 2007, at the latest, subject
to legal limitations pertaining to capital loans.

As a part of the negotiated terms and conditions of the loan, the
Board commits to give 2,500,000 option rights to the lenders.
The options will be given from the package of 39,597,988 options
decided by the extraordinary general meeting of Feb. 26, 2004,
which currently is parked at Octagon Capital Ltd.  The share
exercise price with these options is EUR0.14 per share, and the
exercise period will expire on Jan. 31, 2008.

                            *   *   *

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.

                           The Trouble

It applied for statutory corporate reorganization with the court
of first instance in Turku on April 24, 2003 after failing to
find funding on time.  British Octagon Solutions set the
restructuring program as a condition for its investment of
EUR1.65 million in return for a two-thirds share in the company.
New York investment bank Punk, Ziegel & Company, L.P. assisted
Benefon in exploring a range of financing and strategic
alternatives.  In June, Benefon confirmed it is ending its
reorganization program 3-and-a-half years early.

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


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


ALSTOM SA: Shareholders Approve 40-to-1 Share Consolidation
-----------------------------------------------------------
At the Ordinary and Extraordinary Shareholders' Meeting of Alstom
S.A., all resolutions were approved.  In particular, the board
approved the consolidation of 40 shares into 1 new share as well
as the usual financial authorizations available in a listed
company.  Following this vote, the consolidation of shares will
take place on 3 August 2005, when the new ALSTOM shares are
listed.

Shareholders also ratified the nomination of Mr. Francis Mer as a
director, replacing Mr. George Simpson, who has resigned.

                            *   *   *

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

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

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

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

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

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


ALSTOM SA: First-quarter Sales Up 10%
-------------------------------------
Commenting on ALSTOM's orders and sales, Patrick Kron, Chairman
and Chief Executive Officer, said: "The level of orders for the
first quarter of fiscal year 2005/06 continues to be sound and is
in line with expected commercial activity for the year.

"This performance reflects both an appropriate selectivity on
orders and the registration of a large number of mid-sized
contracts in Power and Transport.  The sales are recovering from
the low point reached in the first part of last year, supported
by the rebound of orders."

IFRS Impact

Orders and sales comply for the first time with International
Financial Reporting Standards (IFRS).  Concerning the restatement
of last year's figures, there was no impact on orders and a
limited one on sales.

Currency & Scope Impacts

The evolution of orders and sales, as reported, between the first
quarters of fiscal year 2004/05 and 2005/06 includes a slight
currency translation effect as well as the disposals of IT
activities in Australia (Corporate and others) and the Valencia
locomotives plant in Spain (Transport).

Orders received for the first quarter of fiscal year 2005/06
remained stable at a good level versus the same period last year,
with an improvement in Power Turbo-Systems / Power
Environment and a slight decrease in Power Service and Transport
which had booked high levels of orders in the first quarter of
last year.  No order has been registered in Marine.  The total
backlog, at around EUR28 billion, was equivalent to 2 years of
sales.

Sales for the first quarter of fiscal year 2005/06 were up 10%
compared with the same period of the previous year.  This
reflected an increase in Power Turbo-Systems / Power Environment
and Transport sales as a result of the rebound of orders last
year, partly offset by a slight decrease in Power Service and
Marine.

Power Turbo-Systems/Power Environment

Order intake, at EUR1.3 billion for the first quarter of fiscal
year 2005/06, was up 7% as compared to the first quarter of last
year.  The main orders received in the first quarter of fiscal
year 2005/06 were for a hydro project in India, a turnkey power
plant in Australia including 3xGT13E2 gas turbines, and an
environmental control system in the U.S.

Sales, at EUR1.2 billion, were up 30% as compared to the low
sales level during the same period of last year.  This increase
reflected the recovery of orders registered last year.

Power Service

Order intake in the first quarter of fiscal year 2005/06, at
EUR884 million, was in line with the average level per quarter
registered last year.  No operation and maintenance (O&M)
contract was recorded during the first quarter of 2005/06,
whereas the first quarter of last year included such long-term
contracts.

Sales, at EUR718 million, decreased by 4% compared to the same
period last year.

Transport

Orders, at EUR1.5 billion in the first quarter of fiscal year
2005/06, remained strong, confirming the company's good position
in the market.

The main orders received included the booking of the locomotives
contract in China, regional trains in France as well as several
maintenance contracts.

In the first quarter of fiscal year 2005/06, sales were at EUR1.3
billion, up 6% as compared to the same period of last fiscal
year.

Marine

No order was received in the first quarter of fiscal year
2005/06.  A letter of intent was signed for two cruise-ships. The
corresponding contract is expected to be booked in the second
quarter of the year, following completion of the related
financing scheme by the customer.

The sales figure at EUR143 million reflected the phasing of
revenue recognition during the period, including the delivery of
the oceanographic vessel "Pourquoi pas?".

Full copy of ALSTOM's 2005 first-quarter results can be viewed
free of charge at http://bankrupt.com/misc/AlstomSA(1q2005).pdf

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

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

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


EUROTUNNEL SA: Debt Woes Overshadow Positive Earnings News
----------------------------------------------------------
Despite posting a 2% earnings growth in the first half of 2005,
Eurotunnel S.A.'s debt of GBP6.4 billion proved to be a far
greater concern for shareholders and creditors.

According to The Guardian, investors are more interested in the
company's plan to refinance the debt, as interest payments
reached GBP298 million in 2004.  Starting January 2007, the
company will also be repaying principal plus interest.

Meanwhile, Chairman Jacques Gounon is expected to announce a
draft restructuring proposal Friday.  He plans to ask creditors
to write off about two-thirds of the debt.  A spokesman said: "We
aim to have a draft plan in place this month to form the basis of
discussions with creditor groups."

Eurotunnel earlier warned that failure to conclude an agreement
with creditors by October could spell bankruptcy.  It is said to
be facing financial adjustments in the next few years, which
could only aggravate its troubles.

At the annual meeting last month, the company said this year
started well and that it was on track to meet or even beat
expectations.  Eurotunnel registered revenues of GBP286 million
for the six months to June, up from GBP263 million in 2004.  It
attributed the good results to the collapse of a berth at the
Calais ferry port, which forced passengers to use the Channel
Tunnel, and the timing of the Easter break.

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
=============


B & S: Court to Verify Claims Next Month
----------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against B & S Automobile GmbH Automobilhandel on June 22.
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 Rene Wolfram.

Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 10:00 a.m. at the district court
of Gifhorn, Saal 118, Amtsgericht Gifhorn, Am Schlossgarten 4,
38518 Gifhorn, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  B & S AUTOMOBILE GmbH AUTOMOBILHANDEL
          Gifhorner Str. 14, 31311 Uetze
          Contact:
          Gerd Bremer, Manager

          Rene Wolfram, Administrator
          Witzlebenstr. 123, 29223 Celle
          Phone: 05141/540890
          Fax: 05141/540891


DAM DACHBAU: Creditors' Claims Due August
-----------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against DAM Dachbau und Abdichtungstechnik GmbH on
June 15.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
August 18, 2005 to register their claims with court-appointed
provisional administrator Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 11:00 a.m. at the district
court of Halle-Saalkreis, Justizzentrum, Thueringer Str. 16,
06112 Halle, 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:  DAM DACHBAU UND ABDICHTUNGSTECHNIK GmbH
          An der Schenke 9 A, 06188 Oppin
          Contact:
          Barbara Hille, Manager

          Stephan Poppe, Administrator
          Universitatsring 6, 06108 Halle
          Phone: 0345/530490
          Fax: 0345/5304926


DOMO-RENT: Krefeld Court to Verify Claims November
--------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against Domo-Rent Immobilien-Management und
Verwaltungsgesellschaft mbH on June 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 15, 2005 to register
their claims with court-appointed provisional administrator
Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 9:00 a.m. at the district
court of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld,
2.Etage, Raum 214, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report on
November 16, 2005, 9:00 a.m. at the district court of Krefeld,
Hauptgebaude, Nordwall 131, 47798 Krefeld, 1. Etage, Raum 131.

CONTACT:  DOMO-RENT IMMOBILIEN-MANAGEMENT
          UND VERWALTUNGSGESELLSCHAFT mbH
          Jakob-von-Danwitz-Platz 1, 47918 Tonisvorst
          Contact:
          Wolfgang Mertens, Manager

          Wilhelm Klaas, Administrator
          Eichendorffstrasse 25, 47800 Krefeld
          Phone: (02151) 80 58 0
          Fax: +4902151805858


DON CARLOS: Applies for Bankruptcy Proceedings
----------------------------------------------
The district court of Hagen opened bankruptcy proceedings against
DON CARLOS GmbH & Co. KG on June 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 3, 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 August 24, 2005, 9:00 a.m. at the district court
of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen,
Etage 2, Raum 283, 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:  DON CARLOS GmbH & Co. KG
          Elberfelder Str. 50-52, 58095 Hagen
          Contact:
          Andrea Fuehrt, Manager

          Dr. Winfrid Andres, Administrator
          Grabenstr. 28, 58095 Hagen
          Phone: 02331/39 76 56
          Fax: +4923313976570


ESC SAALE: Creditors Meeting Set September
------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against ESC Saale-Teufel Halle e.V. on June 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 8, 2005
to register their claims with court-appointed provisional
administrator Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting on September 5, 2005, 10:15 a.m. at the district
court of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer
Strasse 16, 06112 Halle, 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:  ESC SAALE-TEUFEL HALLE e.V.
          Silbertaler Strasse 7-8, 06132 Halle
          Contact:
          Uwe Linkersdorfer, Manager

          Herbert Feigl, Administrator
          Hansering 1, 06108 Halle
          Phone: 0345/212220
          Fax: 0345/2122222


F.P. AUSBAUGESELLSCHAFT: Under Bankruptcy Administration
--------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against F.P. Ausbaugesellschaft mbH on June 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 23, 2005
to register their claims with court-appointed provisional
administrator Tilo Kolb.

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 9:50 a.m. at the district
court of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer
Str. 16, 06112 Halle, 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:  F.P. AUSBAUGESELLSCHAFT mbH
          Glueck-Auf-Strasse 41, 06526 Sangerhausen

          Tilo Kolb, Administrator
          Sternstr. 13, 06108 Halle
          Phone: 0345/5200111
          Fax: 0345/5200066


GARANT BRANDSCHUTZ: Hanau Court Appoints Interim Administrator
--------------------------------------------------------------
The district court of Hanau opened bankruptcy proceedings against
Garant Brandschutz GmbH on June 21.  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 Thorsten Banasiewicz.

Creditors and other interested parties are encouraged to attend
the meeting on August 25, 2005, 9:00 a.m. at the district court
of Hanau, Raum E09, Aussenstelle, Insolvenzgericht,
Engelhardstrasse 21, 63450 Hanau, 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:  GARANT BRANDSCHUTZ GmbH
          Dieselstr. 11, 63456 Hanau
          Contact:
          Dirk Brunner, Manager
          Birkenwaldstr. 2, 74821 Mosbach

          Thorsten Banasiewicz, Administrator
          Wolf-Heidenheim-Str. 12, 60489 Frankfurt am Main
          Phone: 069/713798-30
          Fax: 069/713798-33
          Web site: http://www.kuebler-gbr.de


HEIDELBERGCEMENT AG: Spohn Cements Bid
--------------------------------------
The management and supervisory boards of troubled
HeidelbergCement have accepted the takeover offer of rival Spohn
Cement, Handelsblatt says.

The group's decision came as no surprise since Bernd Scheifele,
HeidelbergCement's head who holds a 30% stake directly and
indirectly at the group, and Adolf Merckle, owner of Spohn
Cement, are close friends.

Spohn Cement will acquire HeidelbergCement for EUR60 per share or
a total of EUR6 billion.  The offer price is 23.7% higher than
HeidelbergCement's average share price in three months prior to
Spohn Cement's bid.  Mr. Merckle intends to independently develop
HeidelbergCement through the takeover.

Based in Heidelberg, Germany, HeildelbergCement booked EUR333
million in net loss in 2004.  The group attributed the loss to
impairment of goodwill for the Western Europe and Northern Europe
regions and Indocement.

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


HGB BAUBETREUUNGS: Creditors to Meet September
----------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against HGB Baubetreuungs- und Verwaltungs GmbH on June 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 23, 2005
to register their claims with court-appointed provisional
administrator Peter Baumgarte.

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 10:15 a.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude
Hamburger Allee 26, 30161 Hannover, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HGB BAUBETREUUNGS- UND VERWALTUNGS GmbH
          Rote Reihe 15, 30169 Hannover
          Contact:
          Florian Menzer, Manager

          Peter Baumgarte, Administrator
          Lange-Hop-Strasse 158, 30539 Hannover
          Phone: 0511/954750
          Fax: 0511/9547599


KARSTADTQUELLE AG: Publishers Rule out Discount
-----------------------------------------------
Publishers have rejected the request by KarstadtQuelle for a
special discount, Handelsblatt says.

In May, KarstadtQuelle asked its suppliers to either pay a
one-off sum or discount their invoices to help its recovery
program.  Publishers Random House and Lubbe declined the request,
citing hardship in the book industry due to the weak German
economy.

However, Jorg Pfuhl, chairman of Random House's management board,
expressed preparedness to aid KarstadtQuelle in other ways to
boost the sale of its books at the latter's department stores.
Mr. Pfuhl suggested implementing better product placement and
higher rotation of books to make Karstadt department stores more
attractive to readers.  The retail giant said books would still
be one of its core activities, adding it would position the
published products more prominently and launch more seasonal
offers.

KarstadtQuelle is currently restructuring, aiming to recover
billions of euros through cost cuts and asset disposals.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com


LIEBIG-KOSTER: Falls into Bankruptcy
------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Liebig-Koster GmbH on June 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 16, 2005 to register their claims
with court-appointed provisional administrator Johannes Franke.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 9:20 a.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude
Hamburger Allee 26, 30161 Hannover, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  LIEBIG-KOSTER GmbH
          Am Wehrberg 29, 30926 Seelze
          Contact:
          Karl Koster, Manager
          Dirk Schulmeister, Manager

          Johannes Franke, Administrator
          Verdener Platz 1, 30419 Hannover
          Phone: 0511/794573
          Fax: 0511/794576


VOLKSWAGEN AG: Denies Rumored Closure of Brussels Site
------------------------------------------------------
Volkswagen AG's chief executive Bernd Pischetsrieder was
reportedly in Belgium to attend a European Union-sponsored
conference on the automobile industry.  This contradicts rumors
that Mr. Pischetsrieder was due to close the carmaker's factory
in Brussels as part of its restructuring program.

Financial Times reported unions at the plant held emergency talks
Monday night.  According to the Associated Foreign Press,
Volkswagen has said that "no decision has been taken yet on a
closure of any plant."  The group also refused to comment
regarding the future of any of its factories.

The Brussels plant employs about 5,700 people and produces the
hatch-back version of the Gold and Audi A3 models.  Shutting down
the site could worsen the Belgian automobile industry's
situation, following a number of setbacks recently.

Earlier, Mr. Pischetsrieder disclosed that company employees may
have misused at least EUR100,000, amid claims of bribery which
saw the exit of personnel chief Peter Hartz.  He 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."

He, however, described as "completely absurd" the allegations
that the management had bribed the works council, while he
stressed that the company has beefed up measures to prevent
corruption.

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


WILHELM WEYRICH: Koln Court Appoints Administrator
--------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Wilhelm Weyrich Tank GmbH on June 27.  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 Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 9:25 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
12. Etage, Raum 1240, 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:  WILHELM WEYRICH TANK GmbH
          Bevingsweg 11, 51109 Koln
          Contact:
          Hans-Juergen Riebschlager, Manager
          Burgstr. 86, 51103 Koln

          Andreas Amelung, Administrator
          Im Mediapark 6 B, 50670 Koln
          Phone: 57437910
          Fax: +4922157437938


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


ALITALIA SPA: Targets Leading Position in Mediterranean Region
--------------------------------------------------------------
Giancarlo Cimoli, chief executive of Alitalia S.p.A., remains
optimistic about the group's recovery, Il Sole 24 Ore says.

Mr. Cimoli said the carrier will make it especially if fuel
prices remain at its current level.  Alitalia, he said, aims to
become the leading carrier in the Mediterranean region where it
has already begun expanding operations.

Alitalia has formally informed stock market regulator CONSOB of
its intention to reschedule its 2007 bond to 2010.  If the plan
goes ahead, the interest yield will increase from 2.9% to 7.5%.

Meanwhile, Alitalia's flight attendants proceeded with their
strike Monday, crippling several flights.  The attendants
protested Alitalia's continued breaches of contract and demanded
better working conditions.  Unions FILT CGIL, FIT CISL,
Uiltrasporti, UGL and Anpav supported the strike.

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


PARMALAT FINANZIARIA: Local Regulator Okays Sale of Brands
----------------------------------------------------------
The local anti-trust authority has ordered insolvent dairy giant
Parmalat Finanziaria S.p.A. to sell its Matese and Torre in
Pietra brands, Agenzia Giornalistica Italia says.

The regulator gave Parmalat one year to find "single or affiliate
buyers," which have experience in milk production and selling.
The buyer should also have the necessary resources to "maintain
and develop the brands."

Parmalat collapsed in December 2003 after exposing a EUR14
billion hole in its accounts, around eight times more than
reported by former management.  The group's fall is considered
one of the largest financial scam in Europe, prompting European
Union lawmakers to tighten auditing regulations and hike scrutiny
of corporate governance.  Parma prosecutors recently revealed a
1997 judicial report, which uncovered Parmalat's risky financial
situation as early as six years before its collapse.

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
=====================


ROYAL SHELL: Swapping Shares with Total to up Reichstett Stake
--------------------------------------------------------------
The Royal Dutch/Shell Group of Companies has signed a Memorandum
of Understanding with Total S.A. relating to a share swap between
two European refineries in France and Italy.

The Memorandum involves Shell exchanging a 20% interest in its
Rome refinery (Raffineria Di Roma, Italy) for Total's 18%
interest in Reichstett Refinery (Compagnie Rhenane de Raffinage,
France).  The share swap would be subject to approval of the
relevant authorities and conditional upon the exercise of
pre-emptive rights by other joint venture partners.

Completion of this transaction would result in Shell's
shareholding in Reichstett Refinery increasing to 83%.

The commercial details of this Memorandum are confidential and
completion of the transaction is expected in 2005.

Rob Routs, Shell Executive Director Downstream, said: "The
transaction is consistent with our strategy of active management,
which aims to create maximum value for customers and
shareholders.  This deal would allow us to consolidate our
investment in the Reichstett site while continuing to grow the
oil products business in Italy having secured supply agreements
with Total to continue to meet the demands of our retail and
commercial fuels customers."

Reichstett refinery has a capacity of 4 million metric tons a
year and is located near the city of Strasbourg, close to the
German border.  Shell's downstream activities in France also
include marketing automotive fuel through a network of around 500
service stations, as well as petroleum products, such as
lubricants, bitumen, aviation fuel, liquefied petroleum gas
(LPG), fuel oil and heating oil.

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

          TOTAL S.A.
          2 place de la Coupole, La Defense 6
          92400 Courbevoie, France
          Phone: +33-1-47-44-58-53
          Fax: +33-1-47-44-58-24
          Web site: http://www.total.com


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


WIRTUALNA POLSKA: Founder Questions Registration of Domains
-----------------------------------------------------------
Leszek Bogdanowicz has gone to the arbitration body of the
National Telecommunication and IT Office to refer the latest
dispute among founders of bankrupt Wirtualna Polska.pl.

Mr. Bogdanowicz, one of the founders, wants the agency to rule
whether the registration of domains in the Internet portal did
not violate his client's rights, according to Warsaw Business
Journal.

"The lawsuit blocks the process of selling Wirtualna Polska's
assets, and in case there is a voting over the possible agreement
between the portal and its creditors it also enables us to
question the validity of the resolutions," said Robert
Kroplewski, Mr. Bogdanowicz's attorney.

A creditors meeting to decide on paying the company's debt, which
now stands at around PLN6.2 million, is set Aug. 2.  The founders
of the firm have been in dispute since 1999.

CONTACT:  WIRTUALNA POLSKA
          Web site: http://www.wp.pl

          TELEKOMUNIKACJA POLSKA
          ul. Twarda 18
          00-105 Warszawa
          Phone: (+48 22) 527 00 00
                          527 00 01
                          527 00 03


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


ALROSA-WOOD-PROM: Under Bankruptcy Supervision
----------------------------------------------
The Arbitration Court of Sakha republic - Yakutiya has commenced
bankruptcy supervision procedure on open joint stock company
Alrosa-Wood-Prom.  The case is docketed as A58-1045/2005.  Mr. A.
Vyaznov has been appointed temporary insolvency manager.

Creditors may send their proofs of claim to:

(a) ALROSA-WOOD-PROM
    678140, Russia, Sakha republic - Yakutiya, Lensk,
    Obyezdnaya Str. 2

(b) Temporary Insolvency Manager
    677007, Russia, Sakha republic - Yakutiya,
    Yakutsk, Krupskoy Str. 35


BERINGOVSKIY: Bankruptcy Hearing Set September
----------------------------------------------
The Arbitration Court of Chukotskiy autonomous region has
commenced bankruptcy supervision procedure on municipal unitary
enterprise Beringovskiy (TIN 8702000020).  The case is docketed
as A80-05/2005-B.  Ms. O. Komelkova has been appointed temporary
insolvency manager.

Creditors have until July 25, 2005 to send their proofs of claim
to 689000, Russia, Chukotskiy autonomous region, Anadyr, Post
User Box 214.  A hearing will take place at Sept. 19, 2005, 4:30
p.m.

CONTACT:  BERINGOVSKIY
          689101, Russia, Chukotskiy autonomous region,
          Beringovskiy region, Beringovskiy,
          Naberezhnaya Str. 28

          Ms. O. Komelkova
          Temporary Insolvency Manager
          689000, Russia, Chukotskiy autonomous region,
          Anadyr, Post User Box 214


CHAPLINSKOYE: Declared Insolvent
--------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Chaplinskoye
after finding the open joint stock company insolvent.  The case
is docketed as A56-8492/05.  Mr. V. Alekseev has been appointed
insolvency manager.  Creditors have until July 18, 2005 to submit
their proofs of claim to 190013, Russia, Saint-Petersburg, Post
User Box 56.

CONTACT:  CHAPLINSKOYE
          187413, Russia, Leningrad region, Volkhovskiy region,
          Administrative building of Kisilnenskoy Volosti

          Mr. V. Alekseev
          Insolvency Manager
          190013, Russia, Saint-Petersburg,
          Post User Box 56


EXPERIMENTAL TECHNOLOGICAL: Sets Deadline for Proofs of Claim
-------------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Experimental Technological Centre after
finding the open joint stock company insolvent.  The case is
docketed as A73-2736/2005-9.  Mr. A. Kasaev has been appointed
insolvency manager.  Creditors have until July 18, 2005 to submit
their proofs of claim to 680011, Russia, Khabarovsk,
Zelenogorskiy Per. 14.

CONTACT:  Mr. A. Kasaev
          Insolvency Manager
          680011, Russia, Khabarovsk region,
          Zelenogorskiy Per. 14


FLOUR MILL #1: Assets for Public Auction July 20
------------------------------------------------
The insolvency manager and bidding organizer of close joint stock
company Flour Mill #1 will sell its property on July 20, 2005,
10:00 a.m. (local time).  The public auction will take place at
Russia, Samara, Karbyuratornaya Str. 1.  The case is docketed as
A55-13073/2004-38.

The assets for sale are:

Lot 1: Building and constructions, substations, warehouses and
       other property.  Starting price: RUB40,050,000;

Lot 2: Buildings and constructions, garages, warehouses and
       other property.  Starting price: RUB7,300,000.

Preliminary examination and reception of bids are done daily from
10:00 a.m. to 12:00 noon (local time) on or before July 14, 2005.
The list of documentary requirements is available at Russia,
Samara, Krupskoy Str. 1, Room 33.

To participate, bidders must deposit an amount equivalent to 19%
of the starting price to the settlement account
40702810300000103965 at OJSC National trading bank, BIC
043678801, correspondent account 30101810600000000801 in
Primorskiy RKTs, Tolyatti, TIN 6317000120.

CONTACT:  FLOUR MILL #1
          Russia, Samara region,
          Karbyuratornaya Str. 1

          Insolvency Manager/Bidding Organizer
          Russia, Samara,
          Krupskoy Str. 1, Room 33
          Phone: (8462) 70-81-53


IMPEXBANK: Loan Notes Receive B1 Rating from Moody's
----------------------------------------------------
Moody's Investors Service has assigned a long-term rating of B1
to the 9.00% US$100 million Loan Participation Notes due on June
29, 2007 issued by Dresdner Bank on a limited recourse basis for
the sole purpose of financing a loan to Impexbank.  The loan
represents a senior unsecured claim on Impexbank. The outlook for
the rating is stable.

According to Moody's, the B1 rating is based on the fundamental
credit strength of Impexbank and does not incorporate any
potential support from the authorities in case of need.

According to Moody's, the notes may become payable in the event
that the bank's rating were to be downgraded following a
reorganization event, such as a merger, accession, division,
separation or transformation).  As one of the financial
covenants, the bank is also obliged to maintain a minimum capital
adequacy ratio of 10% calculated in accordance with BIS
guidelines.  The rating agency notes that, while the likelihood
of any of the above covenants being triggered is relatively low,
such an event could potentially have adverse liquidity
implications for the bank and might exert additional downward
pressure on its ratings.

Impexbank is headquartered in Moscow, Russian Federation, and
reported total assets of US$1.4 billion under IFRS as of December
31, 2004.

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

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


KARASEVSKOYE: Creditors Have Until August 18 to File Claims
-----------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Karasevskoye after finding the close joint
stock company insolvent.  The case is docketed as A45-590/05-4/1.
Mr. R. Bolshakov has been appointed insolvency manager.
Creditors have until Aug. 18, 2005 to submit their proofs of
claim to 630099, Russia, Novosibirsk, Oktyabrskaya Str. 84, Room
10.

CONTACT:  KARASEVSKOYE
          633553, Russia, Novosibirsk region,
          Cherepanovskiy region, Karasevo

          Mr. R. Bolshakov
          Insolvency Manager
          630099, Russia, Novosibirsk region,
          Oktyabrskaya Str. 84, Room 10


NEW FISH-FACTORY: Deadline for Proofs of Claim August 18
--------------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against New Fish-Factory (TIN 2508054289) after
finding the limited liability company insolvent.  The case is
docketed as A59-1422/05-S9.  Mr. Y. Dolin has been appointed
insolvency manager.  Creditors have until Aug. 18, 2005 to submit
their proofs of claim to 693000, Russia, Yuzhno-Sakhalinsk,
Khabarovkska Str. 47, Office 15.

CONTACT:  NEW FISH-FACTORY
          694000, Russia, Sakhalin region,
          Korsakov, Portovaya Str. 2

          Mr. Y. Dolin
          Insolvency Manager
          693000, Russia, Yuzhno-Sakhalinsk,
          Khabarovkska Str. 47, Office 15


NIVA-KORSAKOVO: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on open joint stock company Niva-Korsakovo
(TIN 5712002014).  The case is docketed as A48-11 94/05-17B.  Ms.
O. Zinina has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 302004, Russia,
Orel, 5th Augusta Str. 54, Post User Box 56.  A hearing will take
place on Aug. 23, 2005.

CONTACT:  NIVA-KORSAKOVO
          Russia, Orel region, Korsakovo, Mira Str.

          Ms. O. Zinina
          Temporary Insolvency Manager
          302004, Russia, Orel region,
          5th Augusta Str. 54, Post User Box 56


OJSC STIROL: Moody's Assigns (P)B3 to Proposed Notes
----------------------------------------------------
Moody's Investors Service has assigned a (P)B3 corporate family
rating (previously called senior implied rating) to OJSC Stirol
(Stirol).  Concurrently, Moody's has also assigned a (P)B3 rating
to the proposed offering of US$100 million loan participation
notes issued by UkrChem Capital B.V. for the sole purpose of
financing its 100% participation by UkrChem Capital B.V. in a
loan to Stirol.  Due to limited recourse, the loan participation
notes' rating is based solely on the creditworthiness of Stirol.
This is the first time that Moody's has rated the debt of this
company.  The outlook for the ratings is stable.

Summary Rating Rationale

Moody's (P)B3 corporate family rating reflects:

(a) Stirol's dependence on the exports markets and its potential
    exposure to protectionist trade barriers;

(b) The cyclical nature of the fertilizers business;

(c) The maturity of the fertilizers industry and the resulting
    low growth experienced in the sector;

(d) The company's exposure to volatile energy and natural gas
    prices;

(e) Stirol's reliance on very favourable natural gas prices,
    which provides it with a competitive edge via-a-vis its
    Western competitors;

(f) The threat from low cost producers (from South America and
    India), which have access to cheap raw materials and are
    building new capacity with forecasts of a supply/demand
    imbalance by 2007;

(g) The need for Stirol to modernize its asset base;

(h) The ownership structure with one individual holding a
    majority interest in Stirol and the company's reliance for
    exports on trading entities (Interprofit and Friston)
    closely related to its shareholders;

(i) The economic, political, fiscal and inflationary concerns
    associated with Ukraine (rated B1 stable outlook) with
    prices for fertilizers prescribed by the Ukrainian
    regulatory body; and

(j) The qualification of the company's 2003 and 2004 financial
    statements as a result of limited disclosure about related
    party transactions and the auditors' inability to audit
    physical inventories in 2003.

The ratings, however, recognize

(a) Stirol's leading position in the Ukrainian fertilizers
    business;

(b) Its ability to compete on international markets due to its
    low cost position and its flexibility to follow geographical
    changes in demand patterns;

(c) Its track record of increasing EBITDA margins in spite of
    rising global natural gas prices;

(d) The improved market conditions for Stirol resulting from the
    significant capacity cuts in the U.S.;

(e) The positive long-term demand trend reflecting population
    growth and the improvement in dietary standards;

(f) usage of most of the proceeds from the proposed notes issue
    to revamp its asset base;

(g) Stirol's currently limited debt loads with leverage at 0.1x,
    reaching 1.0x following the proposed notes issue; and

(h) Stirol's strategic location, close to the Togliatti-
    Gorlovka-Odessa pipeline, used to provide ammonia to its
    customers.

The (P)B3 rating for the bonds, at the same level as the
corporate family rating, reflects the limited amount of secured
debt within Stirol's capital structure (c.21% of total debt) and
takes into consideration Moody's expectations that the company
will refinance the majority of its secured loans within the next
six to twelve months.  Failure to reduce the amount of secured
debt below 10% of total debt would likely trigger a notching of
the notes relative to the corporate family rating.

Transaction Overview

Stirol will use the proceeds from the proposed US$100 million
notes to finance:

(a) Its capital investment program (US$100 million over the
    period 2005-2007);

(b) Potential acquisitions in Ukraine and in the CIS; and

(c) Redemption of some secured debt.

The (P)B3 rating on the notes at the same level as the corporate
family rating reflects the fact that whilst the notes are
effectively subordinated to US$28 million of secured debt,
Moody's expects that the company will reduce this amount to less
than 10% of total debt over the next six to twelve months.  The
loan, which underlies the participation notes is an unsecured
obligation of the holding company.

The loan participation notes are subject to various restrictions
and financial covenants, including a minimum equity level of
US$175 million and a limitation regarding additional indebtedness
if the ratio of total debt/EBITDA goes above 2x.  Moody's notes
that as of December 30, 2004, the consolidated equity of the
company was US$201 million.

At year-end 2004, the company had access to cash balances of UAH
52 million (US$10 million) and UAH 344 million (US$65 million) of
bank deposits.  Total amount of secured debt was UAH 75.5 million
(US$15 million) at year-end 2004 and has increased over the
course of the first half of 2005 (when the company's working
capital needs are at a peak) to reach US$28 million.  Following
the proposed notes issue, the company will have access to
significant cash balances which should be sufficient to cover its
operating and capital investment needs.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's
and assume that these agreements are legally valid, binding, and
enforceable.

Rating Outlook

The stable outlook on all ratings reflects Moody's expectation
that Stirol will gradually increase capacity to meet demand for
its fertilizers.  It also considers the favourable near term
pricing outlook for Stirol's nitrogen-based production with
cultivations expected to remain stable for the remainder of 2005.
Low fertilizer inventory levels at the producer level have led to
tight supply conditions, resulting in improved pricing conditions
for most of the group's nitrogen-based products in late 2004 and
early 2005.  Moody's factors moderate acquisitions (c. US$20m)
and sizeable planned capex in its rating in light of the
company's expansion strategy.

The rating could be raised if the company sustainably generates
free cash flows driven by high margins generated from the
efficiency gains derived from its forthcoming capital
investments.  Conversely, the rating could be downgraded if the
company was to pursue an aggressive capex /acquisition policy,
putting pressure on its free cash flow generation.  Failure to
maintain EBIT margins above 10% during a downturn would put
downward pressure on its ratings.  Failure to reduce the amount
of secured debt below 10% of total debt would likely trigger a
widening of the notching.

OJSC Concern Stirol, domiciled in Gorlovka, Ukraine, is a leading
manufacturer of ammonia and its derivatives generating
consolidated revenues of UAH 1,881 million (equivalent to US$376
million) in 2004.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Arnaud Gravier, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          David G.  Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


REPAIR-TECHNICAL ENTERPRISE: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Repair-Technical Enterprise after finding the
limited liability company insolvent.  The case is docketed as
A17-1224/04-14-B.  Mr. I. Borzov has been appointed insolvency
manager.  Creditors have until Aug. 18, 2005 to submit their
proofs of claim to 155813, Russia, Ivanovo region, Kineshma,
Okruzhnaya Str. 4.

CONTACT:  REPAIR-TECHNICAL ENTERPRISE
          155813, Russia, Ivanovo region,
          Kineshma, Okruzhnaya Str. 4

          Mr. I. Borzov
          Insolvency Manager
          155813, Russia, Ivanovo region,
          Kineshma, Okruzhnaya Str. 4


SINEK CAPITAL: Moody's Rates Edel's Proposed Notes (P)Ba1
---------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba1 rating to the
Loan Participation Notes issued by Edel Capital S.A. for the sole
purpose of financing its loan to Sinek Capital S.A., a subsidiary
of OAO Svyazinvestneftekhim (SINEK).  This is the first time that
Moody's has rated the debt of SINEK.  The outlook for the rating
is stable.

Summary Rating Rationale

The rating of the notes reflects the application of Moody's new
rating methodology for government-related issuers (GRIs).  Please
refer to Moody's Rating Methodology entitled "The Application of
Joint Default Analysis to Government-Related Issuers," published
in April 2005, and its accompanying press release.

Please also refer to Moody's Special Comment entitled "Rating
Government-Related Issuers in European Corporate Finance" for a
detailed discussion of the application of the GRI rating
methodology to corporate issuers in Europe.

The baseline credit assessment of SINEK is underpinned by

(a) SINEK's influence over the dividend policy of Tatneft and
    NKNK, its main providers of dividend income;

(b) The large share of interest income it will receive from
    loans made available to some of its portfolio companies;

(c) The potential for SINEK to sell stakes of listed companies
    it has in its portfolio to monetize their value; and

(d) The strong oil price environment and low cost position
    enjoyed by Tatneft.

It also reflects:

(a) The economic environment in which SINEK operates and the
    uncertainty regarding the Russian legal and fiscal
    framework;

(b) The heavy reliance on the oil and petrochemical industries,
    which account for 54% of the Republic's industrial
    production and about 90% of SINEK's dividend income;

(c) The lack of U.S. GAAP audited financial accounts of Tatneft,
    the main cash flow provider; and

(d) The potential for SINEK to raise more debt as it intends to
    finance other projects and investments on behalf of its
    shareholder.

The rating of SINEK reflects the application of Moody's new
rating methodology for government-related issuers supported by
the following inputs:

(a) Baseline credit assessment of 6 (on a scale of 1 to 6, where
    1 represents lowest credit risk);

(b) Ba1 local currency rating of the Republic of Tatarstan;

(c) High dependence; and

(d) High support.

The high dependence reflects the role of SINEK as a quasi
government agency and the influence government has on the
management of the holding and its participations, the
significance of the portfolio companies to the economy of
Tatarstan and the fact that both entities are highly correlated
with oil prices with Tatneft being the largest single taxpayer
for the Republic's budget (30% of the Republic's tax revenues in
2004).  It also reflects the existence of a cross default clause
between SINEK, SINEK Capital and the Republic of Tatarstan.

High support reflects the guarantee provided by the Republic of
Tatarstan, the strategic importance of the holding company to the
state as a financing vehicle, its legal status and its ownership
structure with a 100% state-ownership, and the high
representation of the Republic's top officials at the Board of
Directors (three out of seven, including the Prime Minister of
the Republic).  Furthermore, Moody's notes that the government's
guarantee will be included as a financial obligation in its
budget.

Moody's rating also reflects an adequate level of liquidity
available to SINEK.  EDEL Capital S.A. will have pro forma the
proposed bond issue some US$-denominated cash deposited with the
conversion bank (Dresdner Bank ZAO) equal to six months of
interest payment.  SINEK does not have any bank credit lines.
Its main sources of cash are the interest from the loans it will
make available to certain companies and projects, and the
dividend payment from its investment companies, i.e. mainly
Tatneft.  SINEK's stream of cash flows will benefit from the
interest income generated from the loans entered into with its
affiliates, which Moody's expects to be greater than the interest
expense to be met by EDEL Capital S.A.

SINEK's present debt service requirements only relate to these
notes.  Cash flows will be generated from its dividend income,
which we expect to reach US$29 million in 2005 and also from
interest income.  SINEK's access to cash flows will also be
enhanced by its ability to dispose of non-core stakes and use the
proceeds towards further investments as anticipated from the
potential sale of its stake in Kazanorgsintez which could raise
about US$100 million to be re-invested in industrial projects.
SINEK will also have the ability due to its control over the
dividend policies of its two largest companies to require more
cash from one or the other entity should the need arise.

SINEK's rating outlook remains stable as long as its legal and
ownership status remains unchanged, which is Moody's expectation.

The rating or the outlook could rise if a positive change in the
ratings or outlooks of the Republic of Tatarstan occurs or if
Moody's believes that the level of dependence between the
Republic and SINEK needs to be revised downwards.  Any change in
the dividend policies and/or improving performance of the
underlying portfolio of SINEK could also trigger a positive
review of the outlook or ratings.

The rating or the outlook could be revised downwards if a
negative change in the ratings or outlooks of the Republic of
Tatarstan occurs or if Moody's believes that the level of support
provided by the Republic needs to be revised downwards.

Transaction Overview

The rated loan participation notes will be issued on a limited
recourse basis for the sole purpose of funding a loan in roubles
to SINEK Capital S.A., a wholly owned subsidiary of OAO
Svyazinvestneftekhim.  This loan will be guaranteed (up to RUB13
billion which equates to approximately US$457 million) by the
Republic of Tatarstan (issuer rating of Ba1) and SINEK, wholly
owned by the Republic of Tatarstan.

The (P)Ba1 rating on the notes reflects the fact that the notes
issued by EDEL Capital S.A. will rank pari passu with any other
obligations of the issuer.  The loan between EDEL Capital S.A.
and SINEK Capital is irrevocably and unconditionally guaranteed
by the Republic of Tatarstan subject to a limit of Roubles 13
billion (equivalent to approximately US$457 million or 1.83x the
proposed notes issue).  The rating also reflects the benefit of
the security available to bondholders including rights under the
loan agreement between SINEK Capital S.A. and its parent SINEK,
the guarantee provided by SINEK and from the Republic guarantee.

SINEK was set up in 2003 as a 100% state-owned investment holding
company of the Republic of Tatarstan to hold its industrial
stakes (currently 19 companies), essentially in the sector of oil
production, petrochemicals, power generation and
telecommunications.  The group's four largest investments,
Tatneft, NKNK, Kazanorgsintez and Tatenergo, account for 93% of
SINEK's 2004 expected dividends and 87% of the portfolio
valuation (US$2.1 billion).

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Arnaud Gravier, Asst. Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          David G.  Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


UST-LABINSKIY: Hires Insolvency Manager from Krasnodar
------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Combine Ust-Labinskiy after finding the open
joint stock company insolvent.  The case is docketed as
A-32-10728/2004-1/80-B.  Mr. A. Korovko has been appointed
insolvency manager.  Creditors have until Aug. 18, 2005 to submit
their proofs of claim to Russia, Krasnodar region, Ust-Labinsk,
Zapolotnyannaya Str. 1.

CONTACT:  UST-LABINSKIY
          Russia, Krasnodar region, Ust-Labinsk,
          Zapolotnyannaya Str. 1

          Mr. A. Korovko
          Insolvency Manager
          Russia, Krasnodar region, Ust-Labinsk,
          Zapolotnyannaya Str. 1


YUKOS OIL: Chinese Unit Files for Liquidation
---------------------------------------------
Yukos Oil Company is liquidating its Chinese office due to
financing problems, Interfax-PIA reports.

"Regular contacts with Chinese partners will be carried out by
ZAO Yukos RM (oil and gas trade and transportation board),"
states a press release published on the Company's Web site.

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

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

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


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


IZAR: Remaining Yards to be Sold as One, Minister Assures Unions
----------------------------------------------------------------
Industry minister Jose Montilla quelled concerns that Izar's four
remaining shipyards would be sold separately, Lloyds List says.

Jose Luis Cerezo, director of Naval Sector Management of the
Ministry of Industry, had earlier told an in-house magazine that
the government might sell the yards individually, which would
result in further job cuts at the troubled shipbuilder.  This
irritated Izar's unions, which had received assurances that the
yards in Sestao, Gijon, Seville and Manises would be sold as a
whole under the strength of a rescue deal with the government in
December 2004.

Speaking over state radio, Mr. Montilla reassured the unions that
the government is sticking to the plan to sell Izar's yards as
one.  He also revealed that the state would hire a consultant
later this month to prepare for the sale, which would start in
September.

Meanwhile, defense minister Jose Bono recently signed a contract
to built warships at Navantia's Puerto Real yard, the first ever
at the site.  The Puerto Real yard was previously engaged in
building gas carriers and ferries before being absorbed into
Navantia, a new shipyard group formed out of Izar's six
state-owned military yards.

Izar collapsed in 2004 after the European Commission ordered it
to return to state industrial holding SEPI EUR1.2 billion in
illegal state aid.  Izar had liabilities of more than EUR2.242
billion and assets of EUR537 million last year.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


CONCORDIA BUS: Extends Consent Solicitation Period
--------------------------------------------------
Concordia Bus Nordic AB (publ) (Nordic) said on July 7 it
extended its pending solicitation of consents from holders of its
9.125% Senior Secured Notes due 2009 to (a) certain amendments
and waivers of the terms in the Indenture governing the Secured
Notes and (b) the foregoing of their right to participate in any
change of control offer set out in Section 1015 of the Indenture
occasioned by a possible restructuring of Concordia Bus AB (Bus),
as outlined in the indicative terms publicly announced on 16
March 2005.

Under the extended deadline, all holders of Secured Notes who
submit valid and unrevoked consents prior to 5:00 P.M. London
time on Tuesday, 12 July 2005, will receive the consent fee of
EUR5 per EUR1,000 of the principal amount of Secured Notes for
which they deliver valid and effective consents, subject to the
terms and conditions of the Solicitation.

Holders who have previously delivered consents need not take any
further action in order to receive the consent fee.

Nordic is not amending the Proposed Amendments and Waivers or the
Agreement.

The operating businesses continue to function normally and
continue to provide full bus services to passengers and
customers.

This announcement is not a solicitation of consents with respect
to any securities.  The Solicitation is being made solely by the
Consent Solicitation dated 16 March 2005.

The Tabulation Agent has advised Nordic that as of 6 July 2005
consents for 10.69% aggregate principal amount of the Secured
Notes had been validly submitted and unrevoked.

                            *   *   *

Concordia Bus, headquartered in Goteborg Sweden, operates bus
systems under contracts with public transportation authorities in
Sweden (through Swebus), Norway (through SBC), and Finland
(through Concordia Finland).  It has 9,000 employees, annual
revenue of SEK4,813 million (preliminary full year group profit
and loss ending Feb. 28, 2005), and total net assets of SEK2,852
million.

                           The Trouble

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

View company profile at
http://bankrupt.com/misc/Concordia_Profile.htm

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

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

          GAVIN ANDERSON & COMPANY
          Richard Constant/Candace Carpenter
          Phone: +44(0)207.554.1400


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


ALCHEVSK' AUTO 10915: Oleksandr Mamrukov Named Liquidator
---------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Alchevsk' Auto Transport Enterprise 10915
(code EDRPOU 03113242) on May 13, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 22/14 b.
Mr. Oleksandr Mamrukov (License Number AA 783183) has been
appointed liquidator/insolvency manager.  The company holds
account number 26003301180064 at Prominvestbank, Alchevsk branch,
MFO 304342.

CONTACT:  ALCHEVSK' AUTO TRANSPORT ENTERPRISE 10915
          94200, Ukraine, Lugansk region,
          Alchevsk, Tranzitna Str. 27

          Mr. Oleksandr Mamrukov
          Liquidator/Insolvency Manager
          91000, Ukraine, Lugansk region,
          Cheluskintsiv Str. 143 a/76

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


FOOD TTADE: Donetsk Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against LLC Food Ttade Ltd. (code EDRPOU 25333010) on
April 5, 2005 after finding the limited liability company
insolvent.  The case is docketed as 42/175 B.  Mr. Solovyov
Vyacheslav (License Number AB 216800) has been appointed
liquidator/insolvency manager.

CONTACT:  FOOD TTADE LTD.
          Ukraine, Donetsk region,
          Kramatorsk, Uralska Str. 4-2

          Mr. Solovyov Vyacheslav,
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Kramatorsk, Lenin Str. 19A/318, a/b 1618

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


KALUSKIJ HARCHOVIK: Insolvency Manager Takes over Helm
------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
proceedings against OJSC Kaluskij Harchovik on March 18, 2005
after finding the limited liability company insolvent.  Mr. Popov
Vitalij has been appointed liquidator/insolvency manager.

CONTACT:  KALUSKIJ HARCHOVIK
          Ukraine, Ivano-Frankivsk region,
          Kalush, Pisarska Str. 37

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


KONTENT: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on LLC Kontent (code EDRPOU 24503562).  The
case is docketed as 2-26/7957-2005.  Ms. Viktoriya Sharmonova
(License Number AA 630104) has been appointed temporary
insolvency manager.

CONTACT:  KONTENT
          98100, Ukraine, AR Krym region,
          Feodosiya, Chelnikov Str. 90-48

          Ms. Viktoriya Sharmonova
          Temporary Insolvency Manager
          95048, Ukraine, AR Krym region,
          Simferopol, 2769

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


NATIONAL ENERGETIC: Bankruptcy Supervision Starts
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on JSC National Energetic Company Energy
and Fuel of Ukraine (code EDRPOU 30632949).  The case is docketed
as 15/311-b.  Mr. Yaroslav Didenko (License Number AB 216798 of
March 2, 2005) has been appointed temporary insolvency manager.
The company holds account number 2600629 at JSB Ukrgazbank, MFO
320478.

CONTACT:  NATIONAL ENERGETIC COMPANY ENERGY AND FUEL OF UKRAINE
          03150, Ukraine, Kyiv region,
          Velika Vasilkivska Str. 94

          Mr. Yaroslav Didenko
          Temporary Insolvency Manager
          01133, Ukraine, Kyiv region,
          Arsenalna Str. 15, Office 18

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


PLASTPEREROBKA: Court Appoint Insolvency Manager
------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Plastpererobka (code EDRPOU 24666749) on May
16, 2005 after finding the limited liability company insolvent.
The case is docketed as B-39/37-05.  Mr. S. Orobinskij (License
Number AB 216809) has been appointed liquidator/insolvency
manager.  The company holds account number 26004278094001 at CB
Privatbank, Harkiv branch, MFO 351533.

CONTACT:  PLASTPEREROBKA
          Ukraine, Harkiv region,
          Zalyutinska Str. 4

          Mr. S. Orobinskij
          Liquidator/Insolvency Manager
          61125, Ukraine, Harkiv region,
          Chervonoshkilna Naberezhna Str. 18/129

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


POBUTSEREVICE: Succumbs to Bankruptcy
-------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Production-Commercial LLC Pobutserevice
(code EDRPOU 03060497).  The case is docketed as 5/90-05.  Ms.
Nadya Voznyakevich (License Number AB 216832) has been appointed
temporary insolvency manager.  The company holds account number
26009300215076 at Oshadbank, Zhmerinka branch 2910, MFO 362083.

CONTACT:  POBUTSEREVICE
          23100, Ukraine, Vinnitsya region,
          Zhmerinka

          Ms. Nadya Voznyakevich
          Temporary Insolvency Manager
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 7, Room 1303

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


SICHNEVIJ SUGAR: Declared Insolvent
-----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Sichnevij Sugar Plant (code EDRPOU 00372440)
on May 19, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 197/12 b-01.  Mr. O. Zavora
(License Number AA 216786) has been appointed
liquidator/insolvency manager.  The company holds account number
26003385313721 at JSCB Ukrsocbank, Bila Tserkva branch, MFO
321046.

CONTACT:  SICHNEVIJ SUGAR PLANT
          09183, Ukraine, Kyiv region,
          Bila Tserkva district, Ozerna, Lipki Str. 2

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhilyanska Str. 58 b


TORGSERVICE: Sergij Vasilets to Liquidate Group
-----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Torgservice (code EDRPOU 22592372) on
February 23, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/23-05.  Mr. Sergij Vasilets
(License Number AB 216824) has been appointed
liquidator/insolvency manager.  The company holds account number
260078858 at JSPPB Aval, Sumi regional branch, MFO 337486.

CONTACT:  TORGSERVICE
          Ukraine, Sumi region,
          Lebedin district, Malij Vistorop,
          Ribalko Str. 22

          Mr. Sergij Vasilets,
          Liquidator/Insolvency Manager
          42200, Ukraine, Sumi region,
          Lebedin, Petrenko Str. 44

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


VINNIKI' AUTO: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Vinniki' Auto Transport Enterprise
Agroservice (code EDRPOU 03359902).  Mr. Yevgen Dzhala (License
Number AA 783051) has been appointed temporary insolvency
manager.

CONTACT:  VINNIKI' AUTO TRANSPORT ENTERPRISE AGROSERVICE
          82100, Ukraine, Lviv region,
          Drogobitskij district, Vinniki, Beregova Str. 18

          Mr. Yevgen Dzhala
          Temporary Insolvency Manager
          79000, Ukraine, Lviv region,
          Gospodarska Str. 46/2

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


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


A1 DEMOLITION: Under Administration
-----------------------------------
In the High Court of Justice No. 3761 of 2005

Company Name: A1 Demolition Limited

Company No.: 02624946

Nature of Business: Demolition Company

Trade Classifications: 4521 and 4511

Date of Appointment: 29 June 2005

Administrators' Names and Address: J S French and G Mummery (IP
Nos 003862 and 100898), both of Vantis Redhead French Limited,
43-45 Butts Green Road, Hornchurch, Essex RM11 2JX

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Phone: 01708 458211
          Fax: 01708 442308
          E-mail: jeremy.french@vantisredheadfrench.co.uk

          A1 DEMOLITION LTD.
          Eastways
          Witham
          Essex
          Phone: 01376 515615
          Fax: 01376 515616


ALCESTER STREET: Members Decide to Wind-up Firm
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Alcester
Street Properties Limited, duly convened, and held at St James
Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005,
these Resolutions were duly passed, as an Extraordinary
Resolution and as a Special Resolution respectively:

"That if the Company is wound up the Liquidator may divide among
the Members in specie the whole or any part of the assets of the
Company and may for that purpose, value any assets and determine
how the division shall be carried out as between the Members or
different classes of Members, that the Liquidator may invest the
whole or any part of the assets in Trustees upon such trust's for
the benefit of the Members as he determines, but no Member shall
be compelled to accept any assets upon which there is a
liability, that the Company be wound up voluntarily, and that R E
C Cook, of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT be and is hereby
appointed Liquidator for the purposes of such winding-up."

H W Jackson, Director

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


ART ACCESSORIES: Motorcycle Accessories Maker in Administration
---------------------------------------------------------------
In the Nottingham County Court No. 610 of 2005

Company Name: Art Accessories Limited

Company No.: 05109226

Nature of Business: Manufacturer of Motorcycle Accessories

Address of Registered Office: Wilmot House, St James Court, Friar
Gate, Derby DE1 1BT

Date of Appointment: 1 July 2005

Administrator's Name and Address: Simon Gwinnutt (IP No 8877),
Smith Cooper, Wilmot House, St James Court, Friar Gate, Derby DE1
1BT

CONTACT:  SMITH COOPER
          Wilmot House
          St James Court
          Friar Gate, Derby
          Derbyshire DE1 1BT
          Phone: 01332 332021
          Fax: 01332 290439
          E-mail: smg@smithcooper.co.uk

          ART ACCESSORIES LTD.
          Unit 1, Fairway Court
          Wigwam Lane, Hucknall
          Nottingham
          NG15 7SZ
          Nottinghamshire
          Phone: 0870 077 7701
          Fax: 08700 777702
          Web site: http://www.artexhausts.com
          Contact:
          Chris White, Managing Director


BHP BILLITON: Names Liquidator from Gallagher
---------------------------------------------
At an Extraordinary General Meeting of the Members of BHP
Billiton Finance GB, duly convened, and held at Neathouse Place,
London SW1V 1LH on 30 June 2005, the following Resolutions were
approved, as a Special Resolution and as Ordinary Resolutions
respectively:

"That the Company be wound up voluntarily, that Robert Stephen
Palmer, of Gallagher, PO Box 698, 2nd Floor, Titchfield House,
69-85 Tabernacle Street, London EC2A 4RR, be and is hereby
appointed as Liquidator of the Company for the purpose of the
voluntary winding-up and that the liquidation costs be borne by
the Shareholder."

E A Hobley, Secretary

CONTACT:  GALLAGHER & CO
          PO Box 698
          Titchfield House
          69/85 Tabernacle Street
          London EC2A 4RR
          Phone: 020 7490 7774
          Fax: 020 7490 5354
          E-mail: robert@gallaghers.co.uk


BHP BILLITON: In Voluntary Winding-up
-------------------------------------
At an Extraordinary General Meeting of the Members of BHP
Billiton (RA) Limited, duly convened, and held at Neathouse
Place, London SW1V 1LH on 23 June 2005, these Resolutions were
approved, as a Special Resolution and as Ordinary Resolutions
respectively:

"That the Company be wound up voluntarily, that Robert Stephen
Palmer, of Gallaghers, PO Box 698, 2nd Floor, Titchfield House,
69-85 Tabernacle Street, London EC2A 4RR, be and is hereby
appointed as Liquidator of the Company for the purpose of the
voluntary winding-up and that the liquidation costs be borne by
the sole Shareholder."

E A Hobley, Director

CONTACT:  GALLAGHER & CO
          PO Box 698
          Titchfield House
          69/85 Tabernacle Street
          London EC2A 4RR
          Phone: 020 7490 7774
          Fax: 020 7490 5354
          E-mail: robert@gallaghers.co.uk


BHP BILLITON: Members Opt for Liquidation
-----------------------------------------
At an Extraordinary General Meeting of the Members of BHP
Billiton South African Finance, duly convened, and held at
Neathouse Place, London SW1V 1LH on 30 June 2005, these
Resolutions were approved, as a Special Resolution and as
Ordinary Resolutions respectively:

"That the Company be wound up voluntarily, that Robert Stephen
Palmer, of Gallaghers, PO Box 698, 2nd Floor, Titchfield House,
69-85 Tabernacle Street, London EC2A 4RR, be and is hereby
appointed as Liquidator of the Company for the purpose of the
voluntary winding-up and that the liquidation costs be borne by
the Shareholders."

W B Smith, Director

CONTACT:  GALLAGHER & CO
          PO Box 698
          Titchfield House
          69/85 Tabernacle Street
          London EC2A 4RR
          Phone: 020 7490 7774
          Fax: 020 7490 5354
          E-mail: robert@gallaghers.co.uk


BHP PETROLEUM: In Liquidation
-----------------------------
At an Extraordinary General Meeting of the Members of BHP
Petroleum (U.K.) Limited, duly convened, and held at Neathouse
Place, London SW1V 1LH on 27 June 2005, these Resolutions were
approved, as a Special Resolution and as Ordinary Resolutions
respectively:

"That the Company be wound up voluntarily, that Robert Stephen
Palmer, of Gallaghers, PO Box 698, 2nd Floor, Titchfield House,
69-85 Tabernacle Street, London EC2A 4RR, be and is hereby
appointed as Liquidator of the Company for the purpose of the
voluntary winding-up and that the liquidation costs be borne by
the sole Shareholder."

Z Todorcevski, Director

CONTACT:  GALLAGHER & CO
          PO Box 698
          Titchfield House
          69/85 Tabernacle Street
          London EC2A 4RR
          Phone: 020 7490 7774
          Fax: 020 7490 5354
          E-mail: robert@gallaghers.co.uk

          BHP PETROLEUM (U.K.) LIMITED
          1 Neathouse Place, Victoria, LONDON SW1V 1LH
          Phone: 020-7802-7000


BIACC LIMITED: Appoints KPMG Liquidator
---------------------------------------
At an Extraordinary General Meeting of BIACC Limited, duly
convened, and held at Accord House, Bridge Road East, Welwyn
Garden City, Hertfordshire AL7 1HX, on 23 June 2005, these
Resolutions were passed, as a Special Resolution and as an
Ordinary Resolution respectively:

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

S Stefanou, Chairman

                            *   *   *

BIACC Limited, formerly Birmingham Accord Limited, offers support
services for government.

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


BILLITON (BSI): In Voluntary Liquidation
----------------------------------------
At an Extraordinary General Meeting of the Members of BILLITON
(BSI) Limited, duly convened, and held at Neathouse Place, London
SW1V 1LH, on 23 June 2005, at 5:00 p.m., these Resolutions were
approved, as a Special Resolution and as Ordinary Resolutions
respectively:

"That the Company be wound up voluntarily, that Robert Stephen
Palmer, of the firm Gallaghers, PO Box 698, 2nd Floor, Titchfield
House, 69-85 Tabernacle Street, London EC2A 4RR, be and is hereby
appointed as Liquidator of the Company for the purpose of the
voluntary winding-up, and that the liquidation costs be borne by
the sole Shareholder."

E A Hobley, Director

CONTACT:  GALLAGHER & CO
          PO Box 698
          Titchfield House
          69/85 Tabernacle Street
          London EC2A 4RR
          Phone: 020 7490 7774
          Fax: 020 7490 5354
          E-mail: robert@gallaghers.co.uk


CHRISTY HUNT: Names UHY Hacker Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Members of Christy
Hunt Engineering Limited, duly convened, and held at St James
Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005,
these Resolutions were duly passed, as an Extraordinary
Resolution and as a Special Resolution respectively:

"That if the Company is wound up, the Liquidator may divide among
the Members, in specie, the whole or any part of the assets of
the Company and may for that purpose, value any assets and
determine how the division shall be carried out as between the
Members or different classes of Members.  The Liquidator may
invest the whole or any part of the assets in Trustees upon such
trusts for the benefit of the Members as he determines, but no
Member shall be compelled to accept any assets upon which there
is a liability, and that the Company be wound up voluntarily, and
R E C Cook, of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby
appointed Liquidator for the purposes of such winding-up."

H W Jackson, Director

                            *   *   *

The history of Christy Hunt goes back to 1858 when it was
established as Christy Bros in Chelmsford, Essex to manufacture
size reduction machines for both human food and animal feed.

In 1985 Christy & Norris acquired the business of R Hunt & Co
Ltd. and changed its name to Christy Hunt.  In 2002, the future
of Christy Hunt was secured by its absorption into the Gosling
Group of Ipswich, Suffolk.

Today, the Christy-Turner Group is U.K.'s one-stop shop for size
reduction equipment.  Visit http://www.christy-norris.co.uk/for
more information.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


COME EAT: Restaurant Operator Falls into Administration
-------------------------------------------------------
In the High Court of Justice (Chancery Division)
Manchester District Registry No. 1547 of 2005

Company Name: Come Eat With Me Limited

Company No.: 04975379

Nature of Business: Restaurant and Bars

Trade Classifications: 5530 and 5540

Date of Appointment: 1 July 2005

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

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


CONTAINED SOLUTIONS: Textile Firm Calls in Administrator
--------------------------------------------------------
In the Leeds District Registry No. 883 of 2005

Company Name: Contained Solutions Limited

Company No.: 04947915

Nature of Business: Manufacture for Textile, Apparel and Leather

Address of Registered Office: BWC Business Solutions, 8 Park
Place, Leeds LS1 2RU

Trade Classification: 15

Date of Appointment: 4 July 2005

Joint Administrators' Names and Address: Paul Andrew Whitwam and
David Leighton Cockshott (IP Nos 8346 and 8974), both of BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place
          Leeds
          West Yorkshire LS1 2RU
          Phone: 0113 243 3434
          Fax: 0113 243 5049
          E-mail: bwc@bwc-solutions.com

          CONTAINED SOLUTIONS LTD.
          Wakefield Road
          Brighouse
          West Yorkshire
          United Kingdom
          HD6 1QG
          Web site: http://www.containedsolutions.co.uk/
          Phone: +44 (0) 1484 401331
          Fax: +44 (0) 7092 371919


CRANFORD 1062: Members Decide to Liquidate Firm
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Cranford
1062 Limited, duly convened, and held at St James Building, 79
Oxford Street, Manchester M1 6HT, on 1 July 2005, these
Resolutions were duly passed, as an Extraordinary Resolution and
as a Special Resolution respectively:

"That if the Company is wound up, the Liquidator may divide among
the Members, in specie, the whole or any part of the assets of
the Company and may for that purpose, value any assets and
determine how the division shall be carried out as between the
Members or different classes of Members.  The Liquidator may
invest the whole or any part of the assets in Trustees upon such
trusts for the benefit of the Members as he determines, but no
Member shall be compelled to accept any assets upon which there
is a liability, and that the Company be wound up voluntarily, and
R E C Cook, of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby
appointed Liquidator for the purposes of such winding-up."

H W Jackson, Director

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


CRANFORD 1063: In Liquidation
-----------------------------
At an Extraordinary General Meeting of the Members of Cranford
1063 Limited, duly convened, and held at St James Building, 79
Oxford Street, Manchester M1 6HT, on 1 July 2005, these
Resolutions were duly passed, as an Extraordinary Resolution and
as a Special Resolution respectively:

"That if the Company is wound up, the Liquidator may divide among
the Members, in specie, the whole or any part of the assets of
the Company and may for that purpose, value any assets and
determine how the division shall be carried out as between the
Members or different classes of Members.  The Liquidator may
invest the whole or any part of the assets in Trustees upon such
trusts for the benefit of the Members as he determines, but no
Member shall be compelled to accept any assets upon which there
is a liability, and that the Company be wound up voluntarily, and
R E C Cook, of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby
appointed Liquidator for the purposes of such winding-up."

H W Jackson, Director

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


ELYPLAC LIMITED: Investment Firm Winds up
-----------------------------------------
At an Extraordinary General Meeting of the Members of Elyplac
Limited, duly convened, and held at Neathouse Place, London SW1V
1LH, on 23 June 2005, these Resolutions were approved, as a
Special Resolution and as Ordinary Resolutions respectively:

"That the Company be wound up voluntarily, and that Robert
Stephen Palmer, of Gallaghers, PO Box 698, 2nd Floor, Titchfield
House, 69-85 Tabernacle Street, London EC2A 4RR, be and is hereby
appointed as Liquidator of the Company for the purpose of the
voluntary winding-up, and that the liquidation costs be borne by
the sole Shareholder."

E A Hobley, Director

CONTACT:  GALLAGHER & CO
          PO Box 698
          Titchfield House
          69/85 Tabernacle Street
          London EC2A 4RR
          Phone: 020 7490 7774
          Fax: 020 7490 5354
          E-mail: robert@gallaghers.co.uk

          ELYPLAC LIMITED
          1-3 Strand, London WC2N 5HA
          Phone: 020-7747-3800


FEDERAL-MOGUL: Claimants Committee Unveils Estimation Findings
--------------------------------------------------------------
The Official Committee of Asbestos Personal Injury Claimants and
the Official Representative for Future Asbestos Personal Injury
Claimants presented their proposed findings in connection with
the estimation of the asbestos personal injury claims in the
chapter 11 cases of Federal-Mogul Corporation and its
debtor-affiliates.

An estimate that takes as a major component Turner & Newall's
"budget" is not an estimate of the company's asbestos liability;
it is rather a measure of its financial ability to pay claims,
which is not relevant to an estimate of its aggregate asbestos
liability, Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, tells the Court.  "If lowering the budget could lower
the consequent liability as Dr. [Robin] Cantor apparently
believes, no company's liability would ever exceed its assets and
there would never be a need for the resort to bankruptcy."

In their 60-page Proposed Findings of Fact and Conclusions of
Law, the Official Committee of Asbestos Claimants and Eric D.
Green, as the legal representative for future asbestos-related
personal injury claimants, asserts that the Court should find Dr.
Mark Peterson as a more credible witness than Dr. Cantor.  "His
extensive experience and methodology are more persuasive and his
estimation is likely to be the most accurate.  Moreover, Dr.
Peterson's methodology has been applied and accepted in several
legal proceedings involving debtors that, like T&N, faced many
tens of thousands of asbestos personal injury claims."

Given that mathematical precision is impossible, Mr. Inselbuch
contends that the Court should agree with Dr. Peterson's estimate
of T&N's asbestos liability and should conclude that T&N's
asbestos liability is likely to be $11 billion in the United
States and $400 million in the United Kingdom.

A full-text copy of the Asbestos Claimants Committee and the
Futures Representative's Proposed Findings of Facts and
Conclusions of Law is available at no cost at:

http://bankrupt.com/misc/ACC&FuturesRepFindings&Conclusions.pdf

                     Governing Legal Standard

Section 502(c)(1) of the Bankruptcy Code provides that "[t]here
shall be estimated for purpose of allowance under this section. .
. any contingent or unliquidated claim, the fixing or liquidation
of which, as the case may be, would unduly delay the
administration of the case."

Mr. Inselbuch asserts that the estimation provision allows or
requires the Court to conduct an estimation process for
unliquidated claims for which the conduct of an adjudicatory
allowance process under Section 502(b) would be impractical under
the circumstances or would significantly and unnecessarily delay
the case.

Mr. Inselbuch maintains that the purpose of estimating Federal-
Mogul's asbestos personal injury claims under Section 502(c) of
the Bankruptcy Code, as it is in all asbestos Chapter 11 cases,
is to enable the Court to arrive at a reasonable approximation of
the value of asbestos personal injury claims, so as to allow the
Court to proceed to plan confirmation.

             Estimation Should be Based on T&N's Claims
               Resolution History, Adjusted for Trends

"Estimation is not an exact science," Mr. Inselbuch contends.
"Rather, estimation, by definition, is an approximation and
necessarily involves comparing a known or established quantum of
data to the thing being estimated."

"The only logical 'quantum of data' from which to estimate the
'probable value' of T&N's asbestos liability," Mr. Inselbuch
continues, "is from its extensive history of dealing with similar
asbestos personal injury cases in the tort system, taking into
account past and future trends."  Numerous courts in estimating
mass tort and asbestos claims have relied on estimates that
include trend adjustments to the debtor's pre-petition claims
experience in the state court system, Mr. Inselbuch notes.

In a mass tort case like Federal-Mogul's, with tens of thousands
of pending claims and a need to account for future asbestos
personal injury claims, the only practical course is for
estimation to be based on T&N's extensive claims history adjusted
for historical and future trends, Mr. Inselbuch says.

                   State Law Governs the Validity
                        and Amount of a Claim

Citing Raleigh v. Ill. Dept. of Revenue, 530 U.S. 15, 20 (2000),
Mr. Inselbuch explains that it is a basic principle of bankruptcy
law that, for bankruptcy purposes, state law governs the validity
and amount of a claim.  "In Raleigh, the U.S. Supreme Court held
that creditors' entitlements in bankruptcy arise from the
underlying substantive law creating the debtor's obligation,
subject to any qualifying or contrary provisions of the
Bankruptcy Code."

The Court of Appeals for the Third Circuit in In re Mevertech
Corp., 831 F.2d 410, 417-18 (3d Cir. 1987) also has recognized
that the existence and validity of claims in bankruptcy are
dependent on state law, Mr. Inselbuch notes.  The Third Circuit
made clear that state law is to be followed in claims estimation
proceedings.

                           Court's Task

In estimating personal injury claims under Section 502(c), courts
have attempted to predict how the case would turn out if it was
litigated to conclusion in the forum in which it was pending
prior to bankruptcy, using the best evidence available to it.  To
apply state law in T&N's estimation proceeding, Mr. Inselbuch
says, it follows that the Court must seek to measure the present
and future asbestos personal injury liabilities that T&N would
face under the tort laws of the various states as they actually
exist and as if T&N were not in bankruptcy but still in the state
court tort system.

             T&N's Future Asbestos Injury Liabilities
                      Must Be Discounted Using
                    a "Risk-Free" Rate of Return

Discounting is the process by which courts take into account the
time value of money, Mr. Inselbuch explains.  "Both legal and
financial principles demonstrate that the correct rate to employ
in calculating the net present value of what T&N will have to pay
to resolve its total present and future asbestos personal injury
liabilities is the 'risk-free' discount rate.  A non 'risk-free'
rate is the rate at which a commercial enterprise like T&N could
raise capital -- a rate that implies acceptance of a degree of
risk to creditors that has no place in the estimation
calculation."

In tort cases, courts, including the United States Supreme Court,
favor a discount rate that would be earned on the "best and
safest investments."  Mr. Inselbuch notes that the District Court
has, in a bankruptcy context, explicitly adopted the same
"risk-free" standard and use of the Treasury Bond rate.

According to Mr. Inselbuch, this principle that a "risk-free"
discount rate is the appropriate measure of the present value in
a tort context has been applied to the specific question of
estimation of future asbestos personal injury liabilities under
Section 502(c) in In re Eagle-Picher Indus., 189 BR. 681, 692.

"In adopting a 6 percent discount rate," Mr. Inselbuch says, "the
Eagle-Picher court rejected a [9.5 to 11.5%] rate proffered by an
expert called by other creditors, who based his rate on his view
of where the asbestos liability stood in terms of priority within
the debtor company's capital structure.  The court found this
expert's rate to be 'excessive' and his methodology 'unsound'."

Mr. Inselbuch points out that Dr. Cantor and Dr. Peterson in
Federal-Mogul's case used a risk-free discount rate -- Dr.
Peterson used 5.02% while Dr. Cantor used 5.5%.  "The difference
between the two is not significant."

                      U.K. Courts Will Apply
                U.S. Substantive Law to U.S. Claims

Under Rule 9017 of the Federal Rules of Bankruptcy Procedure,
Rule 44.1 of the Federal Rules of Civil Procedure applies to
cases under the Bankruptcy Code that involves determination of
foreign law.  Rule 44.1 states that "the court, in determining
foreign law, may consider any relevant material or source,
including testimony, whether or not submitted by a party or
admissible under the Federal Rules of Evidence."

Mr. Inselbuch notes that Rule 44.1 gives courts broad authority
to conduct their own research to interpret foreign law, which
allows courts to rely on materials like submissions from the
parties and expert witnesses, as well as material that could be
inadmissible at trial.  Additionally, the Court under Rule 44.1
may analyze the legal questions presented, just as it would
analyze unsettled questions of U.S. law, with -- in the case of
foreign law -- the assistance of expert testimony on the trends
in that law.

To determine which law will govern the valuation of claims in the
Debtors' parallel insolvency proceedings in the United Kingdom,
Mr. Inselbuch contends that the evidence and analyses concerning
the English choice of law principles must be applied to the
claims.  For U.S. asbestos personal injury claims against T&N,
Mr. Inselbuch believes it most likely that the English courts
will ultimately apply U.S. law to determine both T&N's liability
and quantification of damages.

Headquartered in Southfield, Michigan, Federal-Mogul
Corporation-- http://www.federal-mogul.com/-- is one of the
world's largest automotive parts companies with worldwide revenue
of some US$6 billion.  The Company filed for chapter 11
protection on October 1, 2001 (Bankr. Del. Case No. 01-10582).
Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry
Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq.,
at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a US$1.925
billion stockholders' deficit.  At Mar. 31, 2005, Federal-Mogul's
balance sheet showed a US$2.048 billion stockholders' deficit,
compared to a US$1.926 billion deficit at Dec. 31, 2004.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. (Federal-Mogul Bankruptcy News, Issue
No. 86; Bankruptcy Creditors' Service, Inc., 215/945-7000)

CONTACT:  TURNER & NEWALL LIMITED
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN


HALE ROAD: Liquidator Moves in
------------------------------
At an Extraordinary General Meeting of the Members of Hale Road
Safety Limited, duly convened, and held at St James Building, 79
Oxford Street, Manchester M1 6HT, on 1 July 2005, these
Resolutions were duly passed as an Extraordinary Resolution and
as a Special Resolution respectively:

"That if the Company is wound up, the Liquidator may divide among
the Members, in specie, the whole or any part of the assets of
the Company and may for that purpose, value any assets and
determine how the division shall be carried out as between the
Members or different classes of Members.  The Liquidator may
invest the whole or any part of the assets in Trustees upon such
trusts for the benefit of the Members as he determines, but no
Member shall be compelled to accept any assets upon which there
is a liability, and that the Company be wound up voluntarily, and
R E C Cook, of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby
appointed Liquidator for the purposes of such winding-up."

H W Jackson, Director

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


HOPECAR LIMITED: Appoints Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of Hopecar
Limited, duly convened, and held at St James Building, 79 Oxford
Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were
duly passed as an Extraordinary Resolution and as a Special
Resolution respectively:

"That if the Company is wound up, the Liquidator may divide among
the Members, in specie, the whole or any part of the assets of
the Company and may for that purpose, value any assets and
determine how the division shall be carried out as between the
Members or different classes of Members.  The Liquidator may
invest the whole or any part of the assets in Trustees upon such
trusts for the benefit of the Members as he determines, but no
Member shall be compelled to accept any assets upon which there
is a liability, and that the Company be wound up voluntarily, and
R E C Cook, of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby
appointed Liquidator for the purposes of such winding-up."

H W Jackson, Director

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


IMCOFORM LIMITED: Members Decide to Wind up Firm
------------------------------------------------
At an Extraordinary General Meeting of the Members of Imcoform
Limited, duly convened, and held at 7-11 Station Road, Reading,
Berkshire RG1 1LG, on 24 June 2005, at 11:15 a.m., this Special
Resolution was duly passed:

"That the Company be wound up voluntarily, and that David
Smithson, of Haines Watts, Unit 9, Ground Floor, Holbrook Court,
Cumberland Business Centre, Northumberland Road, Portsmouth,
Hampshire PO5 1DS, be and is hereby appointed Liquidator for the
purposes of such winding-up."

I D Simpson, Chairman

                            *   *   *

Imcoform Limited is a general commercial company.


JARVIS PLC: Reveals Details of Restructuring Plan
-------------------------------------------------
Jarvis plc has issued a circular outlining further details of the
Debt for Equity Exchange and Placing and Open Offer that were
announced on 27 May 2005.

The key points of the Restructuring are:

(a) Debt for Equity Exchange.  Debt for Equity Exchange in
    respect of approximately GBP350 million of unsecured
    obligations which on their conversion will represent 95% of
    the Enlarged Ordinary Share Capital, with Existing Warrant
    Holders receiving a further 0.25% of the Enlarged Ordinary
    Share Capital.

    Existing Shareholders who hold 400 or more Existing Ordinary
    Shares as at the Record Date, will retain approximately
    4.75% of the Enlarged Ordinary Share Capital.

    Debt for Equity Exchange will be implemented by 12 August
    2005 through a Scheme of Arrangement under section 425 of
    the Companies Act unless agreement can be reached with the
    relevant creditors to implement it consensually; and

(b) Placing and Open Offer immediately following Debt for Equity
    Exchange.  Placing followed by Open Offer to Qualifying
    Shareholders post the Debt for Equity Exchange, in order for
    these shareholders to participate in the Placing pro rata to
    their post Debt for Equity Exchange shareholdings, to raise
    approximately GBP50 million.

    Open Offer, conditionally underwritten by Deutsche Bank, on
    the basis of 19 Open Offer Shares for every 1 New Ordinary
    Share held post the Debt for Equity Exchange.

    Qualifying Shareholders who do not wish to participate in
    the Open Offer will receive a cash payment under the cash
    out alternative entitlement based on 25% of the Open Offer
    Share subscription price.

An Extraordinary General Meeting has been convened for 9.00 a.m.
on 4 August 2005 at the offices of Slaughter and May, One Bunhill
Row, London EC1Y 8YY, where Shareholders will be asked to
consider and, if thought fit, approve the Resolutions under which
the Debt for Equity Exchange and Placing and Open Offer will be
effected.

Although the Restructuring is subject to various conditions and
approvals, and therefore there can be no certainty that it will
take place, Shareholders are being asked to vote on the
Resolutions in order to ensure that the Restructuring can be
implemented in time to meet the Group's cash flow requirements.

Alan Lovell, Chief Executive, said: "The Restructuring represents
a key step in the Board's strategy of providing the Group with a
capital and funding structure appropriate for its continued
development."
A fully copy of the circular is available free of charge at
http://bankrupt.com/misc/Jarvisplc(Restructuring).htm

CONTACT:  JARVIS PLC
          24 Britton St.
          London
          EC1M 5UA
          United Kingdom
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone: 020 7653 6620


JOHN LETTERS: Competition Sends Club Maker into Receivership
------------------------------------------------------------
Scottish golf club manufacturer John Letters has gone into
receivership, according to The Scotsman.

The firm blamed trading difficulties in a very competitive market
for the decision.  Receivers from Kroll are trying to save the
business and the jobs of 13 employees.

John Letters started as Letters, Logan & Co in 1918 on the north
bank of the River Clyde in Glasgow.  It grew from a tiny workshop
to become one of Scotland's most famous golf club makers in the
1940s and 50s.  The emergence of cheaper products from the Far
East in the 1990s, however, placed the firm in a difficult
situation.  Launching an Internet service to enable customers to
directly order online did not help.

John Letters is famous for its revolutionary Golden Goose putter.

CONTACT:  JOHN LETTERS
          Web site: http://www.johnletters.com/trilogys.html

          KROLL
          10 Fleet Place
          London
          EC4M 7RB
          Phone: 020 7029 5000
          Fax: 020 7029 5001
          Web site: http://www.krollworldwide.com/


JOHN WILLIAMS: Liquidator Moves in
----------------------------------
At an Extraordinary General Meeting of the Members of John
Williams Foundries Limited, duly convened, and held at St James
Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005,
these Resolutions were duly passed as an Extraordinary Resolution
and as a Special Resolution respectively:

"That if the Company is wound up, the Liquidator may divide among
the Members, in specie, the whole or any part of the assets of
the Company and may for that purpose, value any assets and
determine how the division shall be carried out as between the
Members or different classes of Members.  The Liquidator may
invest the whole or any part of the assets in Trustees upon such
trusts for the benefit of the Members as he determines, but no
Member shall be compelled to accept any assets upon which there
is a liability, and that the Company be wound up voluntarily, and
R E C Cook, of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby
appointed Liquidator for the purposes of such winding-up."

H W Jackson, Director

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com

          JOHN WILLIAMS FOUNDRIES LIMITED
          Curran Embankment
          P.O. Box 27
          Town Cardiff
          CF1 1UH
          United Kingdom


MARKS & SPENCER: Like-for-like Sales Down 5.4%
----------------------------------------------
Marks & Spencer Group plc said Wednesday: "U.K. Retail Sales for
the 14 weeks to 9 July 2005 were down 3.1% in total with General
Merchandise down 10.3% and Food up 5.0%.  Within this, Clothing
was down 9.2% and Home down 22.3%. Like for like sales were down
5.4% in total (Q4 04/05: -6.3%) with General Merchandise down
11.2% (Q4 04/05: -9.2%) and Food up 0.7% (Q4 04/05: -3.1%).

"Within General Merchandise, full price sales were down 2.4%.  We
have seen an improving trend in full price sales over the last
three quarters.  This quarter reflects the focus on profitable
sales, improvements in product and the timing of the Summer Sale.

"We continue to focus on offering outstanding value.  In clothing
we have significantly reduced prices year on year to ensure that
our opening price points are highly competitive.  Customer
reaction to the new opening price points has been good and volume
growth substantial.

"Food has performed well.  We have improved product innovation,
service and availability and there has been a positive reaction
to our recent advertising campaign, which highlights our
outstanding quality and value."

Chief Executive Stuart Rose said: "The trading environment
continues to be very tough.  We are pleased with the progress in
Food with its return to like for like sales growth.  In General
Merchandise, the figures reflect the significant change in our
trading stance compared to this time last year when our priority
was to clear overstocks.  This was achieved through deeper
markdowns and extended sale periods.  This boosted sales figures
but impacted profitability.

"Our focus remains full price profitable sales, improving our
financial performance through margin, cost and markdown
management.  We have made good progress.  This has enabled us to
delay the Summer Sale by 18 days.  We go on Sale [today, July 14,
2005] with 40% less stock than last year.

"While the trading environment remains very challenging, better
buying, stock and cost control should enable us to make further
progress."

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


MAX FACTOR: Names PricewaterhouseCoopers Liquidator
---------------------------------------------------
At the Extraordinary General Meeting of Max Factor held on 27
June 2005, these Resolutions were passed as a Special Resolution
and as an Ordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Tim G Walsh
and Jonathan Sisson, of PricewaterhouseCoopers LLP, Cornwall
Court, 19 Cornwall Street, Birmingham B3 2DT, be and are hereby
appointed Joint Liquidators of the Company for the purposes of
such winding-up, and any act required or authorized under any
enactment to be done by the Joint Liquidators is to be done by
all or any one or more of the persons for the time being holding
office."

P Roessler, Chairman

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com

          MAX FACTOR
          Web site: http://www.maxfactor.co.uk/


MICROEMISSIVE DISPLAYS: Has New Chief Operating Officer
-------------------------------------------------------
MicroEmissive Displays plc has appointed William Miller to the
Board as Chief Operating Officer of MicroEmissive Displays with
immediate effect.  As COO of MED, Mr. Miller will oversee
research, product development and manufacturing.

Mr. Miller, 49, brings over 21 years experience in semiconductor
manufacturing and further strengthens the Company's executive
team as it gears up to meet the challenges of high growth
consumer markets such as Digital Still Cameras and Wearable
viewers.

He joins MED from Motorola's U.K. Semiconductor operations where
as Vice President and General Manager he developed and
implemented manufacturing business strategy during a period of
significant change within the company resulting in improved
profitability, reduced infrastructure and cost.

Bill Campbell, Chief Executive of MED, said: "We are delighted
that Mr. Miller is joining us to spearhead MED's product
development and manufacturing.  His experience of running major
semiconductor plants will be enormously valuable to us and
demonstrates our ambition to build MED's global, polymer based
microdisplays business."

As a board member of Motorola U.K. Ltd., reporting to the UK
Chairman, Mr. Miller had broad exposure to and involvement with
all areas of Motorola's businesses and extensive experience in
managing a large P&L within the U.K. and Internationally.

As a member of the European Leadership Team he was primarily
active in defining and implementing regional strategies leading
to impressive business results in a US$1.5-billion sales
organization.  Since the separation of this business and
re-branding as Freescale Semiconductors, he served a dual role,
continuing to lead the U.K. operations, but additionally serving
as Country Head for U.K., Ireland, Netherlands and Spain.

He is currently a director of the National Microelectronics
Institute.

                            *   *   *

In June, Microemissive Displays' co-founder and chief technical
officer Dr. Jeff Wright resigned.

Chief Executive Bill Campbell said his departure, which he
emphasized was reached "by mutual consent," will not affect the
production of its flagship product: the micro-displays, a tiny
screen for use in digital cameras and camcorders built around a
light-emitting polymer.

However, Mr. Wright's exit came following an announcement from
the company that volume production will be delayed by six months.
A senior official at the company revealed that
Mr. Wright had become disillusioned with the company's failure to
develop a sustainable and effective manufacturing process.

In April, the company reported turnover for the year to 31
December 2004 was GBP12,443 (2003: GBP12,321).  Operating costs
in the year increased by GBP1.2 million (37%) to GBP4.4 million
(2003: GBP3.2 million) due to the expansion in MED's operating
activities following the completion during H1 2004 of its pilot
production line.  Costs incurred in the development of the
production process were a significant factor in the increase in
the loss for the year to GBP4.4 million (2003: GBP3.3 million).

CONTACT:  MICROEMISSIVE DISPLAYS PLC
          Scottish Microelectronics Centre
          West Mains Road
          Edinburgh
          EH9 3JF, United Kingdom
          Phone: +44-131-650-7764
          Fax: +44-131-650-7761
          E-mail: info@microemissive.com
          Web site: http://www.microemissive.com


NETWORK RAIL: Spends GBP400 Mln to Upgrade South Wales Operation
----------------------------------------------------------------
Network Rail has awarded contracts as part of a GBP400 million
investment program to renew signaling across South Wales over the
next decade.  This is the first major re-signaling project in the
area for many years and is also the forerunner for similar
large-scale projects in England and Scotland.

The program will be managed directly by Network Rail and carried
out in stages, commencing later in the month with the GBP60
million Port Talbot East Re-Signalling Project - a 22-mile
stretch of line running from Llantrisant to Baglan.  Works are
due for completion by October 2007.

Peter Henderson, Network Rail's Project and Engineering Director,
said: "This investment program is part of Network Rail's drive to
improve the condition of its assets, increasing the reliability
and delivering better services for passengers and the local
communities in South Wales.

"This is a particularly exciting time for the railway in South
Wales, particularly with the recent completion of the new Vale of
Glamorgan line."

Equipment commissioned in the 1960s will be replaced with modern
signaling technology, including new signals, signal structures,
control systems and track circuits.  Level crossings will also be
upgraded across South Wales, as well as improvements to the track
layout.

The Port-Talbot East project will be followed by schemes at
Newport (this will be carried out in two stages), Cardiff and
Port Talbot West over the next ten years.

                            *   *   *

Network Rail will be holding a press event to mark the start of
works in July.  Further details will be available nearer hand the
time.

Network Rail have awarded contracts to these following companies:

(a) Signalling & Telecommunications Design & Construction
    Contract to Atkins Rail,

(b) Civils Design & Construction Contract to Birse Rail,

(c) Electrical & Plant Design & Construction Contract to Amey
    Rail,

(d) Permanent Way Design & Construction Contract to Amey Rail

                            *   *   *

London-based Network Rail, through subsidiary Network Rail
Infrastructure, owns, manages, and maintains 21,000 miles of
track and 40,000 bridges and tunnels in the U.K.  The
not-for-profit company was formed with backing from the U.K.
government in 2002 to acquire the former Railtrack PLC from
insolvent parent company Railtrack Group.

                           The Trouble

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

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


NETWORK RAIL: Improves Performance Further
------------------------------------------
"Network Rail had made a start in improving operational
performance and cost control," commented the Public Accounts
Committee on July 6 as it published its report about the company.

The Committee was reporting on a National Audit Office (NAO)
report, 'Network Rail - making a fresh start', which was
published in May 2004 and followed a Public Accounts Committee
hearing which also took place during that month.

John Armitt, Network Rail's Chief Executive, said: "The report
recognizes the progress the company had made in its first 18
months of ownership of the rail network in improving performance
and getting costs under control.

"Some 14 months later, Network Rail's progress has accelerated.
Train performance has markedly improved, delays have come down
and costs have been cut by hundreds of millions of pounds.  Since
the report, Network Rail has launched its long-term financing
vehicle -- the Debt Issuance Program, which seeks to reduce its
borrowing costs -- and has undertaken other huge initiatives,
such as taking maintenance in-house, which has delivered
performance improvement and reduced costs."

The performance of the company has markedly improved since the
time of the NAO report and the Public Accounts Committee's
hearing:

(a) Network Rail has reduced train delays by 17% from 13.7m
    minutes a year ago to 11.4m;

(b) The moving annual average for train punctuality now stands
    at 84.3% (June '05). A year ago it was 81.2%;

(c) In April, Network Rail reported an operating profit of
    GBP455 million compared to a loss of GBP710 million last
    Year; and

(d) Over 30,000 people now work for the company having taken the
    decision to bring maintenance in-house.  12 months ago
    Network Rail consisted of just 15,000 employees.

John Armitt concluded: "We are dealing with the inefficiencies we
inherited in October 2002.  We have delivered high levels of
sustained investment in the railway, improved train performance,
while reducing costs.  We have set ourselves stringent
performance targets and are in line to meet the challenging
efficiency target set by the independent rail regulator for the
next five years.

"All our people are committed to building on the progress that
has been made, as we continue our work to rebuild and renew
Britain's railway."

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


NETWORK RAIL: Selling AU$500 Mln Bonds in Australia
---------------------------------------------------
Network Rail Ltd. is tapping the Australian capital market to
raise money to refinance existing debt and upgrade U.K.'s
railways.

According to Bloomberg News, the company is issuing AU$500
million (US$373.5 million) worth of five-year bonds in Australia
in the coming days.  The fixed-interest bonds, which will be
priced today, promise a yield that is 8 to 10 basis points above
the swap rate of similar maturity, the financial wire said.

RBC Capital Markets and UBS AG are arranging the sale.  According
to Bloomberg, the five-year swap rate traded at 5.67 percent
Tuesday in Sydney, up from 5.57 percent two weeks ago. The swap
rate is a benchmark used to price corporate debt, Bloomberg
explained.

The bonds, which carry the top AAA ratings from Moody's Investors
Service, Standard & Poor's and Fitch ratings, is part of the loan
program Network Rail announced in September and is backed by the
government.

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


PEDMAH LIMITED: In Voluntary Winding-up
---------------------------------------
At an Extraordinary General Meeting of Pedmah Limited, duly
convened, and held at Harbour Court, Compass Road, North Harbour,
Portsmouth, Hampshire PO6 4ST, on 30 June 2005, at 10:45 a.m.,
these Resolutions were passed as Special Resolutions and as an
Extraordinary Resolution respectively:

"That the Company be wound up voluntarily, that David Smithson,
of Haines Watts, be appointed as Liquidator for the purposes of
such winding-up, that the Liquidator be authorized and
instructed, pursuant to a Members voluntary winding-up of the
Company entered into an agreement with Pedmah Limited in the form
produced to this Meeting and marked "A" and initialed by the
Chairman for the purposes of identification for the transfer of
cash, the business of the Kiln garden centre and the property,
being the Kiln Nursery, Common Road, Harrow HA7 3JF, that if and
to the extent there is any conflict between the Special
Resolutions and the Extraordinary Resolution passed at this
Meeting and the articles of association of the Company, the terms
of the Special Resolutions and the Extraordinary Resolution shall
prevail and the articles of association of the Company shall be
amended accordingly, and that the Liquidator shall have the
powers set out in Schedule 4 of the Insolvency Act 1986."

Chairman


PROCTER & GAMBLE: Appoints PricewaterhouseCoopers Liquidator
------------------------------------------------------------
The following Written Resolutions of the Members of Procter &
Gamble (Cosmetics & Fragrances) Limited held on 27 June 2005,
were passed as a Special Resolution and as an Ordinary Resolution
respectively:

"That the Company be wound up voluntarily, and that Tim Walsh and
Jonathan Sisson, of PricewaterhouseCoopers LLP, Cornwall Court,
19 Cornwall Street, Birmingham B3 2DT, be and are hereby
appointed Joint Liquidators of the Company for the purposes of
such winding-up, and any act required or authorized under any
enactment to be done by the Joint Liquidators is to be done by
all or any one or more of the persons for the time being holding
office."

P Roessler, for and on behalf of the Members

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Donington Court
          Pegasus Business Park,
          Castle Donington, East Midlands DE74 2UZ
          Phone: [44] (1509) 604 000
          Fax:   [44] (1509) 604 010
          Web site: http://www.pwc.com


PROCTER & GAMBLE: Liquidators Move in
-------------------------------------
The following Written Resolutions of the Member of Procter &
Gamble Investments UK held on 27 June 2005, were passed as a
Special Resolution and as an Ordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Tim Walsh and
Jonathan Sisson, of PricewaterhouseCoopers LLP, Cornwall Court,
19 Cornwall Street, Birmingham B3 2DT, be and are hereby
appointed Joint Liquidators of the Company for the purposes of
such winding-up, and any act required or authorized under any
enactment to be done by the Joint Liquidators is to be done by
all or any one or more of the persons for the time being holding
office."

P Roessler, for and on behalf of the Member

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com

          PROCTER & GAMBLE INVESTMENTS UK
          The Heights, Brooklands, Weybridge, Surrey Kt13 0XP
          Phone: 01932-896000


RAILTRACK PLC: Former Transport Secretary Denies any Wrongdoing
---------------------------------------------------------------
Former Railtrack shareholders through counsel, Keith Rowley QC,
finally had a chance to grill the principal respondent of their
GBP160 million class action against the government.

According to The Guardian, former Transport Secretary Stephen
Byers was called to the stand Tuesday to answer allegations that
he had engineered Railtrack's collapse in 2001 to expropriate
company assets without compensating shareholders.

In his testimony, Mr. Byers characterized the allegations as
"without foundation and simply wrong."  He maintained during his
two-and-a-half hour cross examination that he had "put the public
interest first throughout."

Filed by former shareholders numbering about 50,000, the case
accuses the government of deliberately bankrupting the rail
operator.  The case alleges "misfeasance of justice" and breach
of human rights.  It is considered the largest ever class action
in Britain.

"Mr. Byers devised a scheme by which he intended to injured the
shareholders by impairing the value of their financial interest
in the company without paying them compensation and without the
approval of Parliament," declared Mr. Rowley in previous
hearings.

Mr. Byers, in his testimony, said he had decided to put Railtrack
into administration not in pursuit of renationalization but
because by October he had decided that "enough was enough; that
Railtrack was part of the problem with the railway network and
was incapable of providing a solution and that a new approach was
needed."

"We had no intention of expropriating assets of Railtrack Group
or Railtrack or of injuring shareholders -- we were simply
concerned to keep the rail network running and the infrastructure
in place once it became clear Railtrack could not do so itself,"
he declared in court.

Railtrack fell into administration in October 2001, but as early
as June, Mr. Rowley claims, Mr. Byers had already received a
number of briefing papers that negatively portrayed Railtrack.
This allegedly led Mr. Byers to start plotting the demise of the
company.  But Mr. Byers said he would have preferred Railtrack to
solve its own problems and to establish itself without further
recourse to taxpayers' cash.

"Unfortunately it was not able to do this and I had to decide
whether to provide further public funding to permit Railtrack to
limp on or to recognize that Railtrack was a lost cause and to
decide against providing further funding and deal with the
situation that flowed from that decision.  I chose the latter
course," The Guardian quoted him as saying.

Mr. Rowley next pointed to Whitehall e-mails, which he said
suggest that the government through Mr. Byers was already
canvassing options for changing the ownership of Railtrack even
before October.

Some of these e-mails were sent by Treasury adviser, Shriti
Vadera, to government officials working on the rescue plan for
Railtrack, Troubled Company Reporter-Europe earlier reported.
Shareholders believe these e-mails prove that authorities were
trying to plot the firm's collapse during the summer of 2001.
They claim the officials intended to wipe out the company's
equity value and allow the state to take control of the company
at no cost.

Mr. Byers called these conclusions simply wrong.  He said the aim
of the e-mails had been to work with the Treasury to get it to
"buy-in" to any solution, vital to restoring City confidence in
Railtrack.

Mr. Byers cited insolvency when he placed Railtrack into
administration in October 2001.  He said the company would have
debts of GBP700 million by December and GBP1.7 billion by March
2002.  The situation was further exacerbated by the pullout of
government funding due to the company's poor safety record.

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


RICOSS ENGINEERING: Calls in Liquidator
---------------------------------------
At an Extraordinary General Meeting of the Members of Ricoss
Engineering Limited, duly convened, and held at St James
Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005,
these Resolutions were duly passed as an Extraordinary Resolution
and as a Special Resolution respectively:

"That if the Company is wound up, the Liquidator may divide among
the Members, in specie, the whole or any part of the assets of
the Company and may for that purpose, value any assets and
determine how the division shall be carried out as between the
Members or different classes of Members.  The Liquidator may
invest the whole or any part of the assets in Trustees upon such
trusts for the benefit of the Members as he determines, but no
Member shall be compelled to accept any assets upon which there
is a liability, and that the Company be wound up voluntarily, and
R E C Cook, of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby
appointed Liquidator for the purposes of such winding-up."

H W Jackson, Director

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


SNELLING HOUSE: Under Administration
------------------------------------
In the High Court of Justice (Chancery Division)
Birmingham District Registry No. 2647 of 2005

Company Name: Snelling House Limited

Company No.: 03245760

Nature of Business: Residents Property Management

Address of Registered Office: 435 Lichfield Road, Aston,
Birmingham B6 7SS

Trade Classification: Division 7-35 Real Estate

Date of Appointment: 1 July 2005

Administrators' Names and Address: Neil Charles Money and Geoff
Robbins (IP Nos 8900 and 6622), both of CBA, Lichfield Place, 435
Lichfield Road, Aston, Birmingham B6 7SS

CONTACT:  CBA
          435 Lichfield Road
          Aston Birmingham B6 7SS
          Phone: (0121) 326 0880
          Fax: (0121) 328 6456
          E-mail: bham@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


SUSSEX TRACTORS: In Voluntary Liquidation
-----------------------------------------
At an Extraordinary General Meeting of the Shareholders of Sussex
Tractors Limited, duly convened, and held at Unit 7, Swan
Business Centre, Station Road, Hailsham, Sussex BN27 2BY, on 1
July 2005, at 2.00 pm, the following Resolutions were duly
passed, as a Special Resolution and as an Ordinary Resolution
respectively:
"That the Company be wound up voluntarily, and that Robert Day,
of Robert Day and Company, Garfield, Church Lane, Oving,
Aylesbury, Buckinghamshire HP22 4HL, be and he is hereby
appointed Liquidator of the Company for the purpose of the
voluntary winding-up."

M J Campbell, Director

CONTACT:  SUSSEX TRACTORS LTD.
          Squires Farm Industrial Estate, Easons Grn
          Framfield
          Uckfield
          TN22 5RB
          East Sussex
          Phone: 01825 841100
          Web site: http://ww.sussextractors.co.uk


TAMBRANDS INVESTMENTS: Calls in Liquidator from PwC
---------------------------------------------------
At an Extraordinary General Meeting of Tambrands Investments
Limited held on 27 June 2005, these Resolutions were passed, as a
Special Resolution and as an Ordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Tim G Walsh
and Jonathan Sisson, of PricewaterhouseCoopers LLP, Cornwall
Court, 19 Cornwall Street, Birmingham B3 2DT, be and are hereby
appointed Joint Liquidators of the Company for the purposes of
such winding-up, and any act required or authorized under any
enactment to be done by the Joint Liquidators is to be done by
all or any one or more of the persons for the time being holding
office."

Chairman

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


T AND F: Electrical Parts Maker Winds up
----------------------------------------
At an Extraordinary General Meeting of T and F Electronic
Developments Limited, duly convened, and held at 35 Ludgate Hill,
Birmingham B3 1EH, on 30 June 2005, these Resolutions were
passed, as a Special Resolution and as an Ordinary Resolution
respectively:

"That the Company be wound up voluntarily, and that Matthew
Douglas Hardy, of Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH, be and is hereby appointed Liquidator for the
purpose of such winding-up."

N R French, Chairman

T and F is an electrical component manufacturer.

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

          T AND F ELECTRONIC DEVELOPMENTS LTD.
          Speymill House, Willenhall Lane
          Binley
          Coventry
          CV3 2AS
          West Midlands
          Phone: 024 7644 4000
          Fax: 024 7644 4777
          Web site: http://www.tfed.co.uk


TELEDU AL: Names Begbies Traynor Liquidator
-------------------------------------------
We, the undersigned being the only Members of Teledu Al Fresco
Television Limited for the time being entitled to receive notice
of and attend and vote at General Meetings of the Company hereby
pass these Resolutions as Special Resolutions in writing pursuant
to section 381A of the Companies Act 1985, for all purposes as if
the same had been passed at a General Meeting of the Company duly
convened and held:

"That it is desirable to reconstruct the Company and for that
purpose the Company be wound up voluntarily under the provisions
of the Insolvency Act 1986, and that John Davies, of Begbies
Traynor, 4th Floor, Riverside House, Cathedral Road, Cardiff, be
appointed Liquidator for the purpose of such winding-up, and that
a draft agreement which was produced to the Meeting and signed
for the purpose of identification by the Chairman and expressed
to be made between (1) the Company acting by the Liquidator (2)
the Liquidator (3) Cyberchip Limited and (4) Directneed Limited
be approved and that the Liquidator be authorized pursuant to the
Insolvency Act 1986 section 110 and the Articles of Association
of the Company to enter into and carry into effect an agreement
in the form of the above-mentioned draft."

W R Protheroe and E H Protheroe

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


THE PLAISTOW: Liquidator from Vantis Moves in
---------------------------------------------
At an Extraordinary General Meeting of the Members of The
Plaistow Press Ltd., duly convened, and held at 144 High Street,
Epping CM16 4AS, on 1 July 2005, a subjoined Special Resolution
was passed:

"That the Company be wound up voluntarily, and that R L H Knight,
of Vantis Business Recovery, The White Cottage, 19 West Street,
Epsom KT18 7BS, be and is hereby appointed Liquidator of the
Company for the purposes of such winding-up."

W G Ramsey, Chairman

The Plainstow sells books and magazines.

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage,
          19 West Street,
          Epsom, Surrey, KT18 7BS
          Phone: 01372 743816
          Fax: 01372 720940
          E-mail: epsom@vantisplc.com
          Web site: http://www.vantisplc.com


TRADITIONAL SEAFOODS: Creditors Meeting Reconvened to July 21
-------------------------------------------------------------
Notice is hereby given, pursuant to section 48(2) of the
Insolvency Act 1986, that a Meeting of the unsecured Creditors of
Traditional Seafoods Limited has been reconvened due to a
technical irregularity at the offices of Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG, on
21 July 2005, at 10:00 a.m., for the purposes of having laid
before it a copy of the report prepared by the Administrative
Receivers under section 48 of the said Act.

The Meeting may, if it thinks fit, establish a Committee to
exercise the functions conferred on Creditors' Committees by or
under the Act.  Creditors whose claims are wholly secured are not
entitled to attend or be represented at the Meeting.  Other
Creditors are entitled to vote if they have delivered to us at
Milner Boardman & Partners, Century House, Ashley Road, Hale,
Cheshire WA15 9TG, no later than 12:00 noon on the business day
before the Meeting, written details of the debt they claim to be
due to them from the Company, and the claim has been duly
admitted under the provisions of the Rule 3.11 of the Insolvency
Rules 1986, and there has been lodged with us any proxy which the
Creditor intends to be used on his behalf.

Any proxies or proof of debt already submitted in relation to the
section 48 Meeting already held will be accepted unless otherwise
informed.

C Burke, Joint Administrative Receiver

Traditional Seafoods processes and preserves fish products.

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

          ILNER 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


TRIPLEX LLOYD: Liquidator Moves in
----------------------------------
At an Extraordinary General Meeting of the Members of Triplex
Lloyd Automotive Limited, duly convened, and held at St James
Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005,
these Resolutions were duly passed, as an Extraordinary
Resolution and as a Special Resolution respectively:

"That if the Company is wound up the Liquidator may divide among
the Members in specie the whole or any part of the assets of the
Company and may for that purpose value any assets and determine
how the division shall be carried out as between the Members or
different classes of Members.

The Liquidator may invest the whole or any part of the assets in
Trustees upon such trusts for the benefit of the Members as he
determines, but no Member shall be compelled to accept any assets
upon which there is a liability, and that the Company be wound up
voluntarily, and that R E C Cook, of UHY Hacker Young turnaround
and recovery, St James Building, 79 Oxford Street, Manchester M1
6HT, be and is hereby appointed Liquidator for the purposes of
such winding-up."

H W Jackson, Director

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


TRIPLEX PROPERTIES: Members Decide to Liquidate Firm
----------------------------------------------------
At an Extraordinary General Meeting of the Members of Triplex
Properties Limited, duly convened, and held at St James Building,
79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these
Resolutions were duly passed, as an Extraordinary Resolution and
as a Special Resolution respectively:

"That if the Company is wound up the Liquidator may divide among
the Members in specie the whole or any part of the assets of the
Company and may for that purpose value any assets and determine
how the division shall be carried out as between the Members or
different classes of Members.  The Liquidator may invest the
whole or any part of the assets in Trustees upon such trusts for
the benefit of the Members as he determines, but no Member shall
be compelled to accept any assets upon which there is a
liability, and that the Company be wound up voluntarily, and that
R E C Cook, of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby
appointed Liquidator for the purposes of such winding-up."

H W Jackson, Director

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


UK REALISATIONS: In Voluntary Liquidation
-----------------------------------------
At the Extraordinary General Meeting of UK Realisations Limited
held on 1 July 2005, the following Resolutions were passed, as a
Special Resolution and as an Ordinary Resolution respectively:
"That the Company be wound up voluntarily, and that Tim Walsh and
Jonathan Sisson, of PricewaterhouseCoopers LLP, One Kingsway,
Cardiff CF10 3PW, be and are hereby appointed Joint Liquidators
of the Company for the purposes of such winding-up, and any act
required or authorized under any enactment to be done by the
Joint Liquidators is to be done by all or any one or more of the
persons for the time being holding office."

S Aly, Chairman

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Web site: http://www.pwc.com


YES CAR: Losses Deepen; Tenfold Increase Seen
---------------------------------------------
Yes Car Credit, the unit of Provident Financial plc that sells
used cars and loans, expects its annual loss to balloon tenfold
this year, The Telegraph reported yesterday.

Provident Chief Executive Robin Ashton said the unit will end the
year GBP20 million in the red compared to last year when losses
amounted only to GBP2.2 million.  He blames the slump in the sale
of second hand cars and rising bad debt.  He added the
introduction of general insurance regulation had badly hit sales
of insurance products tacked on to sales of used cars and loans.

Although Yes Car is expected to post losses this year, nobody
predicted it would be this severe.  In the first six months, the
company had already lost GBP4.6 million, while sales had fallen
by around a quarter, the report said.

"There has been a lack of consumer confidence in the market in
which we operate in so sales have fallen," Mr. Ashton said.

"At the same time we have put more costs into the business, by
spending more on checking the vehicles we sell.  This has hurt
margins.  We have been busy making changes to strengthen the
management team and making our communication more effective."

Yes Car aggressively advertises its products in the print media
and cable television, according to The Telegraph.  It targets
people that mainstream lenders avoid.

Word of the profit warning sent Provident's shares falling 63p,
or 8-1/2 percent, to 672-1/2p, the paper said.  Mr. Ashton
remains confident the business, which cost the group GBP77
million to operate in 2002, to break even next year.

CONTACT:  PROVIDENT FINANCIAL PLC
          Colonnade, Sunbridge Road,
          Bradford West Yorkshire BD1 2LQ
          Phone: +44 (0)1274 731111
          Web site: http://www.providentfinancial.com/

          YES CAR CREDIT
          Springfield Road, Horsham
          West Sussex RH12 2RG
          Web site: http://www.yescarcredit.net/


* Coventry, Warwickshire Firms Survive Rover Crisis
---------------------------------------------------
Coventry and Warwickshire firms have weathered the initial
effects of MG Rover's collapse, proving their lessened dependency
on the car giant.

This is according to Rescue and insolvency specialist Cranfield
Recovery Ltd. which believes that many local companies have
already diversified.

Managing Director Tony Mitchell earlier expected a barrage of
inquiries from dealers, banks and advisors within days of MG
Rover's decision to stop production at its Longbridge plant.

But it didn't happen, according to Mr. Mitchell.

He said: "There is no doubt that on a wider regional basis, the
closure of Longbridge has been a massive blow both directly and
indirectly."

He added a domino effect was anticipated with the demise of MG
Rover as a great number of local firms have strong links with the
manufacturer.

After the closure of Stadco in Coventry, those close to the
industry were expected to follow suit.

"Fortunately for the economy, that hasn't happened," he said.

However, Mr. Mitchell stressed that this is not to say that
companies were not affected, it just "appears so far that they
have weathered the initial storm."

Founded in 2001, Warwick-based Cranfield Recovery Ltd., employs
10 people and handles all aspects of corporate, business and
personal financial problems.

CONTACT:  CRANFIELD RECOVERY LTD.
          2 Hawkes Drive
          Warwick
          CV34 6LX
          Phone: 01926 450414
          Fax: 01926 831126
          E-mail: office@cranfieldrecovery.com
          Web site: http://www.cranfieldrecovery.com


                            *********


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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