TCREUR_Public/050715.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

             Friday, July 15, 2005, Vol. 6, No. 139

                            Headlines

A U S T R I A

VA TECHNOLOGIE: Siemens Takeover Gets E.U. Clearance


B U L G A R I A

STOMANA AD: Steelmaker Bows to Bankruptcy


C Z E C H   R E P U B L I C

VITKOVICE STEEL: Evraz Bags Government Stake


F R A N C E

EUROTUNNEL SA: Keeps Restructuring Proposals Under Wraps


G E R M A N Y

ADVANTAGE GMBH: Essen Court to Verify Claims Next Month
ALPIN-SERVICE: Provisional Administrator Takes over Helm
ASD AUTO: First Creditors Meeting Set August 17
ASTRIS GRUNDSTUECKSVERWALTUNG: Falls into Bankruptcy
CREATIVE ARTISTS: Creditors' Claims Due August

HAMALAND BAU: Proofs of Claim Deadline August 4
HELENE GASTRONOMIEBETRIEBS: Under Bankruptcy Administration
IM INTERNATIONALMEDIA: To Appoint New Supervisory Board Members
MZK MEDIENZENTRUM: Koln Court Appoints Interim Administrator
ZAWIDZKI-WEIDINGER: Creditors Meeting Set August
ZIMMEREI SAWALL: Court Names Dr. Karsten Forster Administrator


I T A L Y

ALITALIA SPA: Talks with Cabin Crew Start
CIRIO FINANZIARIA: Prosecutors Dropping Case vs. Bankers


K Y R G Y Z S T A N

FIRMA NAZAR: Creditors Have Until August to File Claims
MERCANT: Claims Deadline Expires August 27
ROSSTROI: Sets Proofs of Claim Deadline
SUPPLY AND TRADE: Deadline for Filing Claims August 29
ZOVETSNAB: Bankruptcy Supervision Procedure Ends


N E T H E R L A N D S

KAPPA BEHEER: Fitch Downgrades Senior Subordinated Notes to 'B-'


P O L A N D

POLSKIE LINIE: Five-month Loss Below Market Forecast
STER-PROJEKT: Registers Newly Merged ABG Ster-Projekt S.A. Group
SWARZEDZ MARKET: Parent Offers Creditors Shares to Wrap up Rehab


R O M A N I A

MTS LEASING: German Parent Denies Declaring Bankruptcy


R U S S I A

ALEKSINSKIY FACTORY: Tula Court Opens Bankruptcy Proceedings
AUTO COLUMN 1806: Bankruptcy Hearing Resumes October 3
CHUCHKOVO-AGRO-PROM-SERVICE: Under Bankruptcy Supervision
DISTILLERY EXTRA: Bankruptcy Supervision Starts
ICB: Fitch Gives Proposed Eurobond Low-B Rating

KRASNOKUTSKAYA ROAD-BUILDING: Reaches Cul-de-sac
KUZNETSKIY BRIDGE: Succumbs to Bankruptcy
MAMONTOVSKOYE AUTO-TRANSPORT: Proofs of Claim Deadline Set
MEAT-PROM UST-ILIMSKIY: Insolvency Manager Takes over Helm
PAUSTOVSKAYA SPINNING-WEAVING-MILL: Court Hearing Set October
SERGIEVSKOYE: Court Appoints Insolvency Manager
YUKOS OIL: LUKoil Prexy Admits Coveting Mazeikiu Nafta


S P A I N

AUNA OPERADORES: One Bid Higher than Asking Price


U K R A I N E

BLAGODATNE: Crashes into Bankruptcy
DORSERVICE: Liquidator Takes over Operations
DROGOBICH AUTO 14607: Bankruptcy Supervision Begins
EAST TRADE: Under Bankruptcy Supervision
GLUHIV ENTERPRISE: Declared Insolvent

HVT-UKRAINE: Bankruptcy Supervision Starts
IMPULS-TEKOM: Court Appoints Insolvency Manager
PIVDENNIJ BUG: Temporary Insolvency Manager Comes in
SHANA-TRANS: Names Andrij Bondar Liquidator
STAVIVSKE: Kyiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ADBURY PARK: Creditors to Receive Final Report
ADM RIDGESIDE: Calls in Administrators from RSM Robson
AL DOWNLOADING: Under Administration
ASH MECHANICAL: Last Day for Filing Claims August 31
AURORA LAW: Appoints Administrators

BATH KEY: Final Report Out September
BLAZE B2B: Holds Final Meeting Next Month
BRITISH AMERICAN: Closure Notice Angers Workers Union
BRITISH AMERICAN: To Carry out Talks on Closure Plans
BROADBENT STANLEY: Appoints Kroll Administrator

CENTRAL CONTRACTORS: Creditors Meeting Set Today
CENTRAL REWINDS: Final Creditors Meeting Set August
CLOCKWORK WEB: Liquidator Calls Final Meeting
COSTAIN GROUP: Fitch Withdraws Ratings
COSTAIN GROUP: Artemis Ups Stake to Over 3%

DALERI LIMITED: Gives Creditors Until September to File Claims
DESIGNER DECORATING: Winding-up Report Out Next Week
FG FINCH: Liquidator's Report Out Mid-August
HALL & BROWN: Creditors to Meet Next Week
IM3D LIMITED: Calls in Administrators

INDEPENDENT COURIER: Hires Administrator from Sanderlings
INNER CIRCLE: Liquidator Seeks Release
IRVINE BROS: Appoints Begbies Traynor Administrator
JENFLOW LIMITED: Joint Liquidators Call Creditors Meeting
J SAINSBURY: Reveals New Incentive Scheme

KGR LEISURE: Calls in Administrators
KNICKERBEAN LIMITED: Textile Retailer Under Administration
MG ROVER: Govt Nears Deal with Phoenix Over Workers' Pension
MG ROVER: Millennium Dome Savior Still Pursuing Rescue Offer
MIDLAND'S ESTATE: Falls into Administration

M.I.P. LIMITED: Appoints Sanderlings Administrator
MPC PLASTICS: Under Administration
NEEDHAM & CULLEN: Construction Firm Appoints Administrators
NETWORK RAIL: Fitch Affirms Ratings on Note Programs
PLAISTOW PRESS: Proofs of Claim Deadline Set Next Month

POLASTAR SAFETY: Appoints Administrator from Sanderlings
PROFIAD LIMITED: Calls in Joint Administrators
QXL RICARDO: To Post Quarterly Results Next Week
SIGNFORCE: Liquidator to Present Report August
SPIRENT PLC: To Reveal Half-year Figures Next Month
WATERFORD WEDGWOOD: Appoints New Chief Executive


                            *********


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


VA TECHNOLOGIE: Siemens Takeover Gets E.U. Clearance
----------------------------------------------------
The E.U. Commission has approved Siemens' bid to take over
Austria's VA Technologie AG (VA Tech).  The decision was
announced in Brussels on July 13, 2005.  This marks the
conclusion of the antitrust review of the takeover offer made by
Siemens AG Osterreich in December 2004.

When the deal is closed in a few days, Siemens will hold 97.15
percent of the VA Tech stock.  The purchase price is
approximately EUR1 billion.  For competitive reasons, the
European antitrust regulators did not approve a merger of the VA
Tech hydropower activities with Siemens.  As a result, Siemens
will immediately initiate the sale of the VA Tech power
generation unit.

Sales of the metallurgy, power transmission and distribution,
and infrastructure units, which will now be integrated into
Siemens, totaled over EUR3 billion in 2004.  Around 13,000
people are employed in these three business segments.  The power
generation unit posted sales of just under EUR900 million in
2004 with approximately 3,000 employees.

"The overall strategic goals have been reached with the takeover
of VA Tech," said Dr. Klaus Kleinfeld, CEO of Siemens AG,
following the Brussels decision.

"Our focus in this acquisition was on the metallurgy and power
transmission and distribution businesses.  In these areas, the
VA Tech portfolio and regional presence are an outstanding fit
for our Industrial Solutions and Services (I&S) and Power
Transmission and Distribution (PTD) Groups, respectively, and
support their global growth targets.  In addition, our takeover
of the infrastructure activities will considerably strengthen
Siemens' already solid market position in Austria and push the
expansion of our business, such as in the dynamic markets of
Eastern Europe.  The antitrust conditions met our expectations,"
Mr. Kleinfeld said.

"The Commission's decision marks a milestone in the development
of the Siemens Group in Austria and in the country's overall
industrial landscape," commented Albert Hochleitner, General
Director of Siemens AG Osterreich.

"Siemens will be one of the biggest industrial companies in
Austria.  The nearly one-year takeover formalities are thus
coming to a close for the good of all parties.  We will now work
hard to implement the integration as quickly as possible," Mr.
Hochleitner said.

The infrastructure unit of VA Tech (comprised of VA Tech Elin
EBG and ai informatics), which largely operates in Austria and
Eastern Europe, will be merged with Siemens Osterreich.  This
takeover will substantially strengthen and broaden the overall
portfolio of Siemens Osterreich and enhance the infrastructure
business of VA Tech.  The merger creates the largest Austrian
provider of electrotechnical equipment, systems and services for
industry, building and communal infrastructure, and for IT
services.  In fiscal 2004, VA Tech posted sales of nearly EUR900
million with around 3,900 employees in this sector.  With this
merged business, Siemens Osterreich can pursue an even more
aggressive growth strategy in Central and Southeast Europe.

Siemens will fully integrate the metallurgy business of VA Tech
-- Voest Alpine Industrieanlagenbau (VAI) -- into its Industrial
Solutions and Services Group (I&S), headquartered in Erlangen,
Germany.  VAI, which had sales of roughly EUR1.2 billion in 2004
with about 3,400 employees, will operate as an I&S Group Company
with headquarters in Linz, Austria, under the name Siemens VAI.
Siemens and VAI will be one of the world's leading providers for
developing and constructing iron, steel and aluminum plants.
While VAI previously focused above all on developing technical
solutions for the mechanical side of plant construction, I&S
concentrated on electrotechnical equipment.  As a result of the
merger, the mechanical and electrotechnical sides of the
industry will be bundled for the first time in the hands of a
single provider.

The power transmission and distribution unit (T&D) of the
Austrian company will be incorporated into the Siemens Power
Transmission and Distribution Group (PTD), which is
headquartered in Erlangen, Germany.  This will enable Siemens to
further reinforce its position as one of the leading
international companies in this sector and provide a solid basis
for sustained growth.  PTD will merge VA Tech's entire T&D
business with switchgear, transformers and automation solutions
into its own High Voltage, Transformers, Energy Automation and
Services Divisions.  VA Tech T&D had sales of EUR1.1 billion in
fiscal 2004 and around 5,400 employees.

Following the closing, it is intended to initiate a squeeze-out
procedure in order to buy out the remaining owners of VA Tech
shares in scattered holdings and to undertake a delisting of VA
Tech.

CONTACT:  VA TECHNOLOGIE AG
          Lunzerstrasse 64
          A-4031 Linz, Austria
          Phone: +43-732-6986-9222
          Fax: +43-732-6980-3416
          Web site: http://www.vatech.co.at

          SIEMENS AG
          Wittelsbacherplatz 2
          D-80333 Munich
          Phone: +49-89 636-00
          Fax: +49-89 636-52 000
          Web site: http://www.siemens.com

          Dr. Maria Lahaye-Geusen
          Head of Media Relations
          Phone: +49-89-636 36301

          Dr. Karl Strasser
          Company spokesman and General Secretary
          Phone: +43-5-1707 20003


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


STOMANA AD: Steelmaker Bows to Bankruptcy
-----------------------------------------
Steel manufacturer Stomana AD was officially declared bankrupt
by the Pernik Regional Court on July 7, 2005, Pari Daily says.

The court stripped Stomana's management of its powers, rendering
it incapable of liquidating assets.  The court sided with the
Agency for Government Claims, which sought a restart of
Stomana's insolvency proceedings.  In its petition, the agency
claimed Stomana had failed to satisfy its liabilities to the
state, despite undergoing a court-approved rescue plan.  The
court also reappointed Violeta Manolova receiver of the group on
July 12, 2005.

Stomana is a leading steel manufacturer in Bulgaria.  It has
been a player in the Balkan and international markets for more
than 50 years now.  It produces a wide range of products,
including heavy plate, merchant bars, grinding balls and
sections, as well as semi-finished products.

CONTACT:  STOMANA INDUSTRY S.A.
          1, Vladaisko Vastanie Str.
          2304 Pernik
          Bulgaria
          Phone: +359 - 76 - 68 10 13
          Fax: +359 - 76 - 68 19 51
          E-mail: contact@stomana.bg
          Web site: http://www.stomana.bg


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


VITKOVICE STEEL: Evraz Bags Government Stake
--------------------------------------------
The government chose Russia's Evraz group over local steelmaker
Trinecke zelezarny even if the latter tabled a slightly better
offer at the last minute, Czech Happenings reports.

Deputy Industry and Trade Minister Martin Pecina announced the
decision of the cabinet on Wednesday.  Evraz offered only
CZK7.05 billion for the government's 99% stake, but promised to
invest a further CZK800 million in the region.  The investment
in education, sports activities, and health care is spread over
ten years.

Trinecke finished third in the bidding with its CZK6 billion
offer, but upped the bid to CZK7.07 billion on Tuesday.  System
Capital Management came in second with a CZK7.02 billion offer.

The government opened the bidding in November, attracting as
much as 20 companies with offers ranging from CZK4 billion to
CZK5 billion.  Only five eventually submitted firm bids, but two
were eliminated even if they had offered more money.

According to Czech Happenings, Penta and Mittal Steel offered
CZK9 billion for the government stake.  Penta was cut after
failing to meet terms.  Mittal, on the other hand, was dropped
because of a pending dispute with Vitkovice Steel involving
claims worth hundreds of millions of crowns.

Considered the third-largest steelmaker in the country,
Vitkovice's heavy plates accounted for 85 percent of its 2003
sales.  It exports about two-thirds of its products mostly to
E.U. countries.  Employing 1,600 staff, it booked a profit of
CZK1.6 billion last year.

CONTACT:  VITKOVICE STEEL a.s.
          706 02 Ostrava
          Vitkovice
          Phone: +420 59 595 6306
                 +420 59 595 1111
          Fax: +420 59 595 6830
          Web site: http://www.vitkovicesteel.com

          EVRAZ HOLDING LIMITED LIABILITY COMPANY
          Ulitsa Dolgorukovskaya 15
          Moscow 127006.
          Phone: +7 (095) 234-4631
          Web site: http://www.evrazholding.ru


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


EUROTUNNEL SA: Keeps Restructuring Proposals Under Wraps
--------------------------------------------------------
In line with its previous announcements regarding the timing of
restructuring talks, Eurotunnel S.A. has presented its initial
reflections for restructuring its debt to the Ad Hoc Committee,
which represents the majority of Eurotunnel's creditors.  This
follows submission of the company's business plan in June.

The process of negotiation is likely to be complex, not least
because of the formation of a second creditors' committee.

The parties believe that the chances of success are increased if
the content of these talks remain confidential at this stage.
Consequently, Eurotunnel will not provide any detail on its
proposals.

                            *   *   *

Despite posting a 2% earnings growth in the first half of 2005,
Eurotunnel S.A.'s debt of GBP6.4 billion proved to be of greater
concern to both shareholders and creditors.  At the company's
AGM recently investors were more interested on how the company
will refinance its debt, as its interest bill reached GBP298
million in 2004.

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.

Recently, the company said this year started well and that it
was on track to meet or even beat expectations.  It registered
revenues of GBP286 million for the six months to June, up from
GBP263 million in 2004, benefiting from the collapse of a berth
at the Calais ferry port 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
=============


ADVANTAGE GMBH: Essen Court to Verify Claims Next Month
-------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against ADvantage GmbH on June 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 27, 2005 to register their claims with
court-appointed provisional administrator Dr. Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 2:25 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ADVANTAGE GmbH
          Bersonstrasse 13, 45141 Essen
          Contact:
          Michael Bernhard Sontgen, Manager
          Dreilindenstrasse 25, 59581 Warstein
          Gerhard Hornig, Manager
          Lohstrasse 29, 45356 Essen

          Dr. Guenter Trutnau, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Phone: (0201) 1095-3


ALPIN-SERVICE: Provisional Administrator Takes over Helm
--------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Alpin-Service Lowinger GmbH on June 16.  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 Jan Gartner.

Creditors and other interested parties are encouraged to attend
the meeting on August 11, 2005, 9:55 a.m. at the district court
of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, 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:  ALPIN-SERVICE LOWINGER GmbH
          Spitzhausstr. 26 in 01139 Dresden

          Jan Gartner, Administrator
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


ASD AUTO: First Creditors Meeting Set August 17
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ASD Auto Service Direkt GmbH on June 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 23,
2005 to register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 10:30 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 11, 2005, 10:35 a.m. at the same venue.

CONTACT:  ASD AUTO SERVICE DIREKT GmbH
          Muehlenstr. 62-65,13187 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


ASTRIS GRUNDSTUECKSVERWALTUNG: Falls into Bankruptcy
----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ASTRIS Grundstucksverwaltung GmbH on June
22.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until September
23, 2005 to register their claims with court-appointed
provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 10:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 16, 2005, 10:40 a.m. at the same venue.

CONTACT:  ASTRIS GRUNDSTUECKSVERWALTUNG GmbH
          Kleiststr. 3-6,10787 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


CREATIVE ARTISTS: Creditors' Claims Due August
----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
CREATIVE ARTISTS MANAGEMENT GmbH on June 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 12, 2005 to register their
claims with court-appointed provisional administrator Dr.
Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting on September 13, 2005, 11:15 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
1. Etage, Saal 142, 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:  CREATIVE ARTISTS MANAGEMENT GmbH
          An den Dominikanern 5, 50668 Koln
          Contact:
          Anja Wallendorf, Manager
          Neumarkt 27 - 29, 50667 Koln

          Dr. Ruediger Werres, Administrator
          Friesenplatz 17 a, 50672 Koln
          Phone: 0221/95 14 46 - 20
          Fax: +4922195144690


HAMALAND BAU: Proofs of Claim Deadline August 4
-----------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Hamaland Bau GmbH & Co. KG on June 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 4, 2005 to
register their claims with court-appointed provisional
administrator Werner F. Muehlenbrock.

Creditors and other interested parties are encouraged to attend
the meeting on August 19, 2005, 9:10 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG,
gelber Bereich, Saal 185, 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:  HAMALAND BAU GmbH & Co. KG
          Silvertstr. 37, 45772 Marl

          Werner F. Muehlenbrock, Administrator
          Bahnhofstr. 46, 45879 Gelsenkirchen
          Phone: 0209/1553490
          Fax: 0209-1553488


HELENE GASTRONOMIEBETRIEBS: Under Bankruptcy Administration
-----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Helene Gastronomiebetriebs GmbH on June 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 23,
2005 to register their claims with court-appointed provisional
administrator Christian Kohler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 10:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 16, 2005, 10:30 a.m. at the same venue.

CONTACT:  HELENE GASTRONOMIEBETRIEBS GmbH
          Einsteinufer 63-65, 10587 Berlin

          Christian Kohler-Ma, Administrator
          Kurfuerstendamm 212, 10719 Berlin


IM INTERNATIONALMEDIA: To Appoint New Supervisory Board Members
---------------------------------------------------------------
At the end of the Annual General Meeting on August 23, 2005, the
present members of the Supervisory Board of IM
Internationalmedia AG -- Antoinette Hiebeler-Hasner, Matthias
Deyle and Prof. Dr. Ronald Frohne -- will resign their posts.

The Supervisory Board intends to elect new persons to supervise
the company's modified direction, which was also aspired and
supported by the Supervisory Board without restrictions.  The
Supervisory Board has concluded that the company's new strategy
and the diversification of the business model should be
followed, as demanded by the capital markets, consequently and
without strains from the past.

The Management thanked resigning member of the Supervisory Board
for their commitment and the many important goals they have set
for the company.  The Supervisory Board has proposed the
appointment of Christian Bohmer, Oliver Kachele and Konstantin
Thoeren as new members of the Supervisory Board.  All of them
possess a substantial knowledge in the field of theatrical as
well as television business.  The composition of the new
Supervisory Board will reflect the equality of theatrical film
and television in the new business model.

Christian Bohmer was chief executive officer at several TV
stations and, until recently, director of strategic development
at RTL television.  At present, he works as an independent media
consultant.

Oliver Kachele is partner at McDermott Will & Emery and, as a
certified public accountant/tax consultant, possesses longtime
experience in the media sector, particularly in the field of
film financing.

Konstantin Thoeren is producer and was chief executive officer
at UFA International Film and TV Production.  His most recent
big production was the TV series DIE NIBELUNGEN, which was aired
on German SAT.1 at the end of 2004.

                            *   *   *

IM Internationalmedia AG is the Munich-based parent company of
the Internationalmedia group, a film company with offices in
London and Los Angeles.  The company went public on May 18,
2000.  On January 15, 2003, the worldwide operating company was
included in the Prime Standard Segment of the Frankfurt stock
exchange.

In March, IM Internationalmedia reported that overall revenues
for the fiscal year 2004 amounted to approximately EUR185
million (EUR248 million in the year before).  The company's
operating result (EBIT) for the year 2004 reached about -EUR18.7
million (-EUR19.5 million in the year before); depreciations on
film development totaled approximately EUR20.5 million (EUR23.8
million in the year before).  Net losses amounted to -EUR22.7
million.

Chairman Moritz Bormann admitted the market environment
continued to be difficult in 2004, while significant improvement
for the year 2005 is highly unlikely due to the uncertainties in
the field of film financing as well as the fact that
distribution partners are still cautious.

He added production activity in the years 2003 and 2004 was too
low to generate further minimum guarantees.  The company also
blamed the weak U.S. dollar exchange rate and the resulting
conversion losses for the results.

Mr. Bormann said in the current fiscal year, the first and
foremost priority would be the reinforcement of the company's
liquidity, which primarily can be achieved through new
productions.  Measures for profitability have to be subordinate
in the year 2005.  An increase of revenues is not possible
before 2006.

CONTACT:  IM INTERNATIONALMEDIA AG
          Cuvilliesstrasse 25
          81679 Munchen
          Deutschland
          Investor Relations
          Phone: +49 (89) 98 107 100
          Fax: +49 (89) 98 107 199
          E-mail: info@internationalmedia.de
          Web site: http://www.internationalmedia.de


MZK MEDIENZENTRUM: Koln Court Appoints Interim Administrator
------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
MZK Medienzentrum Koln GmbH on June 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 15, 2005 to register their
claims with court-appointed provisional administrator Dr.
Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 12:17 p.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, 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:  MZK MEDIENZENTRUM KOLN GmbH
          Neusser Landstrasse 2, 50735 Koln
          Contact:
          Constantin Herbert Arno Ende, Manager
          Mainstrasse 38, 50996 Koln

          Dr. Andreas Ringstmeier, Administrator
          Magnusstr. 13, 50672 Koln
          Phone: 0221/650 660
          Fax: +49221650661


ZAWIDZKI-WEIDINGER: Creditors Meeting Set August
------------------------------------------------
The district court of Coburg opened bankruptcy proceedings
against Zawidzki-Weidinger GmbH & Co. KG on June 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 18, 2005
to register their claims with court-appointed provisional
administrator Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting on August 15, 2005, 8:30 a.m. at the district court
of Coburg, Sitzungssaal G, I. Stock, Nebengebaude, 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:  ZAWIDZKI-WEIDINGER GmbH & Co. KG
          Gruber Str. 11 in 96271 Grub am Forst
          Contact:
          Jutta Zawidzki, Manager
          Rodacherstr. 6, 96317 Kronach-Neuses
          Manfred Weidinger, Manager
          Hahnweg 14, 96450 Coburg

          Thomas Linse, Administrator
          Rosenauer Strasse 22, 96450 Coburg
          Phone: 09561/80340
          Fax: 09561/803434


ZIMMEREI SAWALL: Court Names Dr. Karsten Forster Administrator
--------------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Zimmerei Sawall GmbH on June 30.
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 Dr. Karsten Forster.

Creditors and other interested parties are encouraged to attend
the meeting on September 27, 2005, 11:35 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, 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:  ZIMMEREI SAWALL GmbH
          Hauptstrasse 73, 15328 Golzow

          Dr. Karsten Forster, Administrator
          Herbert-Jensch-Strasse 111, 15234 Frankfurt (Oder)


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


ALITALIA SPA: Talks with Cabin Crew Start
-----------------------------------------
Talks started Wednesday between Alitalia and trade unions over
pay hike for flight attendants, Agenzia Giornalistica Italia
says.

The carrier opened talks with unions following Monday's strike,
which crippled several Alitalia flights.  The attendants have
been demanding better contracts and working conditions.  Unions
are expected to raise several issues: pay hike for the crew on
Japan flights; insurance for Milan-based attendants; career and
part-time contracts; and job security for temporary employees.

Both parties are expected to reach an agreement today or before
the week ends.  Prior to this, the carrier had been holding
informal talks with the unions.  To bolster its demand for pay
hikes, the SULT union will hold a 24-hour strike on July 18.

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


CIRIO FINANZIARIA: Prosecutors Dropping Case vs. Bankers
--------------------------------------------------------
Bankers accused of defrauding depositors by selling them Cirio
bonds are off the hook, according to La Repubblica.

The paper said Milan prosecutors are reportedly dropping their
investigation on Cesare Geronzi, chairman of Capitalia S.p.A.;
and Corrado Passera, CEO of Banca Intesa S.p.A., among others.
Prosecutors reportedly failed to single out any of the bankers
under investigation, as responsible for the bond sale to savers,
a conclusion also reached by market regulator CONSOB earlier.
Still, investigators are pursuing charges against other
individuals, including ex-Cirio CEO Sergio Cragnotti.

Several depositors loss their investment in Cirio when it
defaulted on EUR1 billion of bonds in 2003.  In March, the
Finance Ministry fined the banks that participated in the
irregular bond placement, two years after an in-depth probe was
launched by stock market regulator CONSOB.

Fined were Banca Intesa, Sanpaolo-Imi, Montepaschi, BNL,
Unicredito, Capitalia, Cassa di Risparmio di Firenze, Banca
Antonveneta, Banca Popolare di Ancona and Credito Emiliano for
violating financial intermediation regulations when they sold
the bonds to individual investors between 2000 and 2002.

The ministry found out that the banks did not have internal
measures, which could have made the transactions more efficient
and orderly.  The banks were also found guilty of failure to
inform buyers of the bonds' high-risk nature.  The banks were
fined EUR10.6 million, according to an earlier report of
Troubled Company Reporter-Europe.

CONTACT:  CIRIO DEL MONTE ITALIA S.p.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it

          CAPITALIA S.p.A.
          Via Marco Minghetti 17
          00187 Rome
          Phone: +39-06-6707-1
          Fax: +39-06-6707-0652
          Web site: http://www.capitalia.it

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


===================
K Y R G Y Z S T A N
===================


FIRMA NAZAR: Creditors Have Until August to File Claims
-------------------------------------------------------
LLC Firma Nazar Ltd., which recently became insolvent, will
accept proofs of claim at Bishkek, Shopokov Str. 89, Room 332
until August 29, 2005.  Call (0-312) 28-46-45 for more
information.


MERCANT: Claims Deadline Expires August 27
------------------------------------------
LLC Mercant, which recently became insolvent, will accept proofs
of claim at Bishkek, Microdistrict 5, 30/49 until August 27,
2005.

CONTACT:  MERCANT
          Bishkek, Microdistrict 5, 30/49


ROSSTROI: Sets Proofs of Claim Deadline
---------------------------------------
LLC Rosstroi, which recently became insolvent, will accept
proofs of claim at Bishkek, Baitik Baatyr Str. 102 until August
29, 2005.  Call (0-312) 54-85-32 for more information.


SUPPLY AND TRADE: Deadline for Filing Claims August 29
------------------------------------------------------
LLC Supply and Trade, which recently became insolvent, will
accept proofs of claim at Naryn, Ramazan Str. 11 until August
29, 2005.

CONTACT:  SUPPLY AND TRADE
          Naryn, Ramazan Str. 11


ZOVETSNAB: Bankruptcy Supervision Procedure Ends
------------------------------------------------
Talas Regional Union Zovetsnab has completed its bankruptcy
supervision procedure.  Call (0-34-22) 4-37-60 for more
information.


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


KAPPA BEHEER: Fitch Downgrades Senior Subordinated Notes to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded Kappa Beheer B.V.'s senior
subordinated notes to 'B-' (B minus) from 'B'.  At the same time
the agency has downgraded parent company Kappa Packaging B.V.'s
Senior Unsecured rating to 'B' from 'B+' and the rating for its
senior secured debt to 'BB-' (BB minus) from 'BB'.  The Short-
term rating is affirmed at 'B'.  The Outlook remains Stable.

Michelle De Angelis, Associate Director in Fitch's Leveraged
Finance Group, said: "A difficult operating environment has
taken its toll on Kappa's margins in the last few quarters and
the company's cash flow generation has suffered.

"Although Kappa still had EUR102 million of cash on balance
sheet at Q105, increasing interest and debt amortization
payments are unlikely to be met from internally generated cash
flow in 2005."

The ratings reflect Kappa's increased leverage and the need to
generate high levels of cash flow in order to meet the growing
mandatory debt interest and amortization payments.  The Stable
Outlook reflects liquidity in the form of EUR102 million of cash
on the balance sheet at Q105 and over EUR200 million available
under the revolving credit facility, which provide Kappa with
adequate financial flexibility in 2005.  However, thereafter
cash flow generation would have to improve to allow significant
de-leveraging and in order to maintain the Stable Outlook.

Results for Q105 showed total sales down by just 0.5% to EUR670
million from Q404, although this represents a 4.6% decrease on
Q104.  First quarter EBITDA (pre-exceptionals) was flat at EUR88
million compared to Q404 but declined 18.6% year-on-year.
Although the EBITDA margin of 13.2% was significantly lower than
the 15.4% EBITDA margin in Q104 (itself a reduction from 16.1%
at Q103), the deterioration versus previous quarters seems to
have stabilized.  At 13.2% Kappa's margin still compares
favorably with those of peers such as Jefferson Smurfit Group
(10.3% in Q105; rated 'B+').

However, as a result of declining EBITDA, net leverage has
increased to 4.6x at Q105 (4.0x at Q404 and Q403) despite debt
reduction of EUR141 million since Q104.  The company generated
net sales of EUR2,786 million and EBITDA before exceptional
items of EUR406 million in FY04.

Fitch notes that Kappa has announced talks with Smurfit on a
possible merger of the two businesses.  The senior subordinated
notes allow for redemption at 101% of principal amounts
outstanding following a change of control.  Fitch also notes
that Kappa has announced it will refinance its senior facilities
should the merger talks with Smurfit be unsuccessful, with the
senior debt tenor extended to 7-9 years from the refinancing
date, which in principle would reduce cash flow pressure in the
near term.

Kappa Beheer's senior subordinated notes due 2009 downgraded:

(a) EUR370 million 10.625%: 'B-' (B minus) from 'B';

(b) US$100 million 10.625%: 'B-' (B minus) from 'B';

(c) EUR145 million 12.5%: 'B-' (B minus) from 'B'; and

(d) EUR95 million 10.625%: 'B-' (B minus) from 'B'.

Fitch is also reviewing its ratings on Smurfit.

CONTACT:  FITCH RATINGS
          Michelle De Angelis, London
          Phone: +44 (0) 20 7417 3499
          Kirsten O'Byrne
          Phone: +44 (0) 20 7417 6297

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


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


POLSKIE LINIE: Five-month Loss Below Market Forecast
----------------------------------------------------
National carrier Polskie Linie Lotnicze LOT beat its net loss
forecast for the first five months of the year, Warsaw Business
Journal says.

The company had predicted losses for the period to reach PLZ77
million, but the final figure only amounted to PLZ28 million,
according to Piotr Dubno, a management board member.  For the
year the carrier expects a net profit of PLZ246.3 million, up
from PLZ17.1 million in 2004.  The extraordinary gain will come
from the sale of Polskie's 2% stake in Bank Pekao S.A.  Core
operation is expected to return a profit of PLZ101.7 million,
Mr. Dubno said.

"Our results depend on many factors, but one of the most
important are fuel prices.  They constitute 20% of all costs.
We will spend PLZ500 million in 2005 on this," he said.

A member of the Star Alliance, the company hopes to trade on the
Polish stock market in the future.

CONTACT:  POLSKIE LINIE LOTNICZE LOT
          Web site: http://www.lot.com/index1.htm

          BANK PEKAO S.A.
          Web site: http://www.pekao.com.pl/


STER-PROJEKT: Registers Newly Merged ABG Ster-Projekt S.A. Group
----------------------------------------------------------------
The merger between Ster-Projekt S.A. and ABG S.A. has been
submitted for registration under the National Court Register of
Poland.

The listing is said to be an important event in the merger
process, which involved increasing the initial capital of Ster-
Projekt through the issuance of 46.9 million shares that will be
taken over by ABG shareholders.

The new entity, ABG Ster-Projekt S.A., will have an initial
capital of 64.4 million shares, making it one of the largest IT
companies in the Polish market.  According to Ster-Projekt S.A.,
the merger's main target is to strengthen the position of the
newly created firm in the market of commissioned software
production. It is also targeted to handle projects for NATO
Agencies, win large contracts and widen activities
internationally by participating in E.U.-sponsored programs.

In 2004, Ster-Projekt lost at least PLN48.3 million.  This came
after it incurred a net loss of more than PLN10 million for the
third quarter of 2003, as sales plunged to record low.  The
result brought the company's total loss to PLN20.3 million at
the beginning of last year.

The firm encountered problems in 2003 after failing to
immediately sign a deal with TP S.A. for the construction of a
data processing center.  Things turned awry when it failed to
win more clients afterwards.  Even the acquisition of profitable
DRQ did not help improve its situation.

Last year, the company's new management announced a
restructuring program that included job cuts and shakeup of the
organizational structure.  Piotr Smolski, Ster-Projekt's
president, hoped this could help the company post a PLN10
million profit in 2005.

CONTACT:  STER-PROJEKT S.A.
          02-652 Warszawa, ul. Magazynowa 1
          Phone: (22) 60 77 200
          Fax: (22) 60 77 100
          E-mail: centrala@spsa.com.pl
          Web site: http://www.sterprojekt.com.pl


SWARZEDZ MARKET: Parent Offers Creditors Shares to Wrap up Rehab
----------------------------------------------------------------
Swarzedz shareholders will meet on July 29 to approve two key
measures to help bankrupt subsidiary, Swarzedz Market, the
Warsaw Business Journal reported early this week.

The first measure proposes two share offering worth PLZ1.5
million.  The first issue will be directed to the current
shareholders, while the second will be offered to the creditors
of Swarzedz Market.  The company hopes that through this
restructuring, its debt would be reduced to PLZ30 million from
PLZ80 million.

The firm hopes to finalize the issue prospectus by August so
that the first issue could take place in September.

The second measure will lower the nominal value of the company's
shares from PLZ2.5 to PLZ0.05.  This reduction has become
necessary because of the shares' low market price.  This measure
will be carried out by reducing the company's capital from
PLZ33.3 million to PLZ6.7 million.

Swarzedz is a leading domestic furniture producer, according to
the Journal.

CONTACT:  SWARZEDZ MARKET S.A.
          ul. Powsinska 16
          02-920 Warszawa
          Tel: +48 (22) 742 10 35
                        742 13 05
          Fax: +48 (22) 842 16 56
          E-mail: sekretariat@smeble.grupa-swarzedz.pl
          Web site: http://www.swarzedz-sa.com.pl/


=============
R O M A N I A
=============


MTS LEASING: German Parent Denies Declaring Bankruptcy
------------------------------------------------------
German executives of MTS Leasing GmbH deny the company has
applied for insolvency proceedings, Mediafax says.

The officials were reacting to reports by local media in
Romania, which purportedly quoted a company press release
stating that it had declared bankruptcy.  The German execs
confirmed, however, that one of its financial advisers, Calin
Armen, had embezzled company funds.

Local papers reported last week that both MTS Chairman Theo
Metzen and Mathias Metzen, manager of the representative office
in Romania, had left the country, bringing with them money or
documents belonging to MTS.  The German execs said their
departure was tied to the company's debt payment problems.

Mr. Armen, on the other hand, was released by the company about
a month ago.  This after his company, Bucharest Popular Leasing
Company, was accused of fraud.  He is nowhere to be found.

The German officials said the company remains committed in
Romania and assured customers it will stay in business.  They
promised to provide more details at a press conference sometime
this week.

MTS Leasing GmbH specializes in real estate financing for
constructions.  Based in Germany, it entered the Romanian market
by establishing a representative office early last year.

CONTACT:  MTS LEASING GMBH
          E-mail: office@mts-leasing.ro
          Web site: http://www.mts-leasing.ro


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


ALEKSINSKIY FACTORY: Tula Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Aleksinskiy Factory of Reinforced Concrete
Goods (TIN 7111003070) after finding the close joint stock
company insolvent.  The case is docketed as A68-121/B-04.  Ms.
I. Minakova has been appointed insolvency manager.

CONTACT:  ALEKSINSKIY FACTORY OF REINFORCED CONCRETE GOODS
          301340, Russia, Tula region,
          Aleksin, Lunacharskogo Str. 8

          Ms. I. Minakova
          Insolvency Manager
          300026, Russia, Tula region,
          Ryzanaskaya Str. 1, Office 608
          Post User Box 1451


AUTO COLUMN 1806: Bankruptcy Hearing Resumes October 3
------------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
supervision procedure on Auto Column 1806.  The case is docketed
as A09-1694/05-26.  Mr. N. Shirokov has been appointed temporary
insolvency manager.

Creditors have until July 25, 2005 to submit their proofs of
claim to 302004, Russia, Orel, 3rd Kurskaya Str. 15, 4th floor.
A hearing will take place on Oct. 3, 2005 at 11:00 a.m. at the
Arbitration Court of Bryansk region.

CONTACT:  AUTO COLUMN 1806
          Russia, Bryansk region,
          Zhukovskiy region, Zhukovka,
          Nekrasova Str. 37

          Mr. N. Shirokov
          Temporary Insolvency Manager
          302004, Russia, Orel,
          3rd Kurskaya Str. 15, 4th Floor


CHUCHKOVO-AGRO-PROM-SERVICE: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Ryazan region commenced bankruptcy
supervision procedure on OJSC Chuchkovo-Agro-Prom-Service.  The
case is docketed as A54-1767/2005 S1.  Mr. N. Tkachenko has been
appointed temporary insolvency manager.   A hearing will take
place on Oct. 6, 2005.

CONTACT: CHUCHKOVO-AGRO-PROM-SERVICE
          Russia, Ryazan region,
          Chuchkovo

          Mr. N. Tkachenko
          Temporary Insolvency Manager
          129110, Russia, Moscow,
          M. Ekaterininskaya Str. 17/21


DISTILLERY EXTRA: Bankruptcy Supervision Starts
-----------------------------------------------
The Arbitration Court of Kabardino Balkariya republic commenced
bankruptcy supervision procedure on LLC Distillery Extra.  The
case is docketed as A20-5614/2003.  Mr. E. Katyukha has been
appointed temporary insolvency manager.

CONTACT:  DISTILLERY EXTRA
          361400, Kabardino Balkariya republic,
          Chegem, Naberezhnaya Str. 1

          Mr. E. Katyukha,
          Temporary Insolvency Manager
          Russia, Kabardino Balkariya republic,
          Nalchik, Lermontova Str. 54/203


ICB: Fitch Gives Proposed Eurobond Low-B Rating
-----------------------------------------------
Fitch Ratings has assigned Or-ICB S.A.'s upcoming issue of
fixed-rate loan participation notes an expected Long-term 'B+'
rating.  The notes are to be used solely for financing a loan to
Russia's Industry and Construction Bank (rated Long-term foreign
currency 'B+'/Rating Watch Positive, Short-term 'B', Support
'4', Individual 'D').

Or-ICB S.A., a Luxembourg-domiciled special purpose vehicle,
will only pay noteholders principal and interest received from
ICB.  The assignment of the final rating is contingent on
receipt of final documents conforming materially to information
already received.

The SPV's claims under the loan agreement will rank at least
pari passu with the claims of other senior unsecured borrowers,
except for those preferred by bankruptcy, insolvency,
liquidation or similar laws.  Under Russian law, the claims of
retail depositors rank above those of other senior unsecured
creditors.  At end-2004, retail deposits accounted for
approximately 25% of ICB's total liabilities, according to the
bank's IFRS accounts.

The loan agreement between the SPV and ICB contains a number of
covenants including a cross default clause, with the aggregate
amount of overdue indebtedness not to exceed US$10 million.  The
notes will be subject to a negative pledge clause, which allows
for a degree of securitization by ICB.  Were such transactions
to be undertaken, Fitch comments that the nature and extent of
any over-collateralization would be assessed by the agency for
any potential impact on unsecured creditors.

Noteholders also have a put option in the event of a change of
control other than sale to state-owned Vneshtorgbank (rated
Long-term foreign currency 'BBB-' (BBB minus)).  Other covenants
stipulate that related party transactions are not to exceed 20%
of total assets, and dividends are not to exceed 20% of IFRS net
profit for the relevant year.

ICB is the leading privately owned bank in the North-west of
Russia, with an extensive branch network, and is also one of the
top 10 banks in the country with, at end-2004, total assets of
US$3.6 billion, net loans of US$1.9 billion and shareholders
equity of US$0.3 billion.  The bank is ultimately controlled by
the founders of an informal financial industrial group known as
the Bankers' House St. Petersburg.  BHSP was established in 1997
and has over 60 equity investments, the main ones being in the
banking and pulp and paper sectors.  In March 2005, VTB acquired
a 25% plus 1 share in the bank and an option to purchase a
further 51% minus 1 share.  (Further details on this transaction
can be found in Fitch's announcement dated 30 March 2005 on
http://www.fitchratings.com).

CONTACT:  FITCH RATINGS
          Dmitriy Piskulov
          James Watson
          Moscow
          Phone: +7 095 956 9901

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


KRASNOKUTSKAYA ROAD-BUILDING: Reaches Cul-de-sac
------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Krasnokutskaya Road-Building Movable Column
after finding the company insolvent.  The case is docketed as A-
57-239B/05-23.  Mr. V. Zvonkov has been appointed insolvency
manager.  Creditors have until July 25, 2005 to submit their
proofs of claim to 410009, Russia, Saratov, Post User Box 1110.

CONTACT:  KRASNOKUTSKAYA ROAD-BUILDING MOVABLE COLUMN
          413240, Russia, Saratov region,
          Krasnyj Kut, Urozhaynaya Str. 8

          Mr. V. Zvonkov
          Insolvency Manager
          410009, Russia, Saratov region,
          Post User Box 1110


KUZNETSKIY BRIDGE: Succumbs to Bankruptcy
-----------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on CJSC Kuznetskiy Bridge.  The case is
docketed as A27-10908/2005-4.  Mr. I. Lyamkin has been appointed
temporary insolvency manager.  A hearing will take place on
Sept. 29, 2005 at 10.00 a.m.

CONTACT:  KUZNETSKIY BRIDGE
          650099, Russia, Kemerovo region,
          Krasnaya Str. 4

          Mr. I. Lyamkin
          Temporary Insolvency Manager
          650000, Russia, Kemerovo region,
          Kuzbasskaya Str. 10, Office 58


MAMONTOVSKOYE AUTO-TRANSPORT: Proofs of Claim Deadline Set
----------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy supervision procedure on OJSC Mamontovskoye
Auto-Transport Enterprise.  The case is docketed as 75-
4683/2005.  Mr. V. Belonogov has been appointed temporary
insolvency manager.  Creditors have until July 25, 2005 to
submit their proofs of claim to 628310, Russia, Tyumen region,
Nefteyugansk-10, Post User Box 57.

CONTACT:  MAMONTOVSKOYE AUTO-TRANSPORT ENTERPRISE
          628300, Russia, Tyumen region,
          Pyt-Yakh, Promzone

          Mr. V. Belonogov
          Temporary Insolvency Manager
          628310, Russia, Tyumen region,
          Nefteyugansk-10, Post User Box 57


MEAT-PROM UST-ILIMSKIY: Insolvency Manager Takes over Helm
----------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against CJSC Meat-Prom Ust-Ilimskiy after finding
the close joint stock company insolvent.  The case is docketed
as A19-32107/04-29.  Mr. I. Kolotilin has been appointed
insolvency manager.  A hearing will take place on Nov. 3, 2005
at 10:50 a.m.

CONTACT:  MEAT-PROM UST-ILIMSKIY
          665779, Russia, Irkutsk region,
          Ust-Ilimsk, Prom.Zone

          Mr. I. Kolotilin
          Insolvency Manager
          664046, Russia, Irkutsk region,
          Post User Box 4710
          Phone/Fax: 24-03-22


PAUSTOVSKAYA SPINNING-WEAVING-MILL: Court Hearing Set October
-------------------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
supervision procedure on OJSC Paustovskaya Spinning-Weaving-
Mill.  The case is docketed as A11-3211/2005-K1-46B.  Mr. A.
Kislitsyn has been appointed temporary insolvency manager.  A
hearing will take place on Oct. 18, 2005 at 1:30 p.m. at the
Arbitration Court of Vladimir region, Russia, Vladimir,
Oktyabrskiy Pr. Room 57.

CONTACT:  PAUSTOVSKAYA SPINNING-WEAVING-MILL
          Russia, Vladimir region,
          Vyaznikovskiy region, Paustovo

          Mr. A. Kislitsyn
          Temporary Insolvency Manager
          600017, Russia, Vladimir region,
          Post User Box 94


SERGIEVSKOYE: Court Appoints Insolvency Manager
-----------------------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against Sergievskoye after finding the close joint
stock company insolvent.  The case is docketed as A23-3362/04B-
7-105.  Mr. A. Leonov has been appointed insolvency manager.
Creditors have until August 25, 2005 to submit their proofs of
claim to 249214, Russia, Kaluga region, Babyninskiy region,
Saburovshino.

CONTACT:  SERGIEVSKOYE
          249214, Russia, Kaluga region,
          Babyninskiy region, Saburovshino

          Mr. A. Leonov
          Insolvency Manager
          248000, Russia, Kaluga region,
          Post User Box 29


YUKOS OIL: LUKoil Prexy Admits Coveting Mazeikiu Nafta
------------------------------------------------------
LUKoil will bid for any Yukos assets, including its Lithuanian
subsidiary, Mazeikiu Nafta, LUKoil President Vagit Alekperov
told Vedomosti recently.

"For example, if the Yukos shareholders decide to sell
Lithuania's Mazeikiu Nafta, we will bid in the tender.  If
tenders for any of Yukos assets are organized, we are ready to
discuss such options," Mr. Alekperov said.

He admitted LUKoil had long coveted Yukos' assets, but it did
not participate in the sale of Yuganskneftegaz, which it deemed
complex.  State-owned Rosneft eventually took home the prized
asset in December 2004 by acquiring Baikal Finance Group, which
bought the 76.79% Yukos stake in Yugansk.

Yukos owns 53.7% of Mazeikiu Nafta, which refines and transports
15 million metric tons of oil a year.  It is located in
northwestern Lithuania, about 90 kilometers from sea terminals
in Bitinge, Klaipeda and Ventspils.

LUKoil is Russia's largest oil group with annual sales of US$20
billion, according to RIA Novosti.  Responsible for 2% of the
global oil output, it is the world's second largest private firm
in terms of proven hydrocarbon reserves.

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.ruc

          LUKOIL
          11 Sretenski Boulevard,
          101000, Moscow, RUSSIA
          Tel: (+7 095) 928 9841
          Fax: (+7 095) 916 0020
          Telex: 612 553 LUK SU
          Web site: http://www.lukoil.com/


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


AUNA OPERADORES: One Bid Higher than Asking Price
-------------------------------------------------
Shareholders of Spanish telecoms firm Auna Operadores de
Telecomunicaciones S.A. have reportedly received at least one
offer above their asking price of EUR11 billion.  Auna investors
Banco Santander Central Hispano S.A., Endesa S.A. and Union
Fenosa S.A. had initially sought EUR13 billion, before lowering
it to the current amount.

According to the Financial Times, Kohlberg Kravis Roberts, and
partners Goldman Sachs and BC Partners offered to buy the entire
business on Tuesday.  In May, the consortium was said to have
valued the company at EUR12.5 billion.  The paper, however, did
not confirm whether their bid was higher than the asking price.
It only said Merrill Lynch, the U.S. bank that handles the sale
talks, got another approach from an undisclosed bidder which was
lower than EUR11 billion.

Earlier, the consortium of U.S.-based Apax Partners, and U.K.-
based Cinven and CVC Capital Partners pulled out their bid,
while Spanish cable telecoms operator Ono proposed to buy Auna's
fixed-line division, Auna TLC, for EUR2.3 - EUR2.6 billion.

CONTACT:  AUNA OPERADORES DE TELECOMUNICACIONES S.A.
          Paseo de la Castellana, 83-85
          28046 Madrid, Spain
          Phone: +34-91-202-41-00
          Fax: +34-91-202-51-71
          Web site: http://www.grupoauna.com


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


BLAGODATNE: Crashes into Bankruptcy
-----------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Blagodatne (code EDRPOU 00413386) on May 25,
2005 after finding the open joint stock company insolvent.  The
case is docketed as 24-32/42-04-2136.  Mr. D. Pritula (License
Number AB 216843) has been appointed liquidator/insolvency
manager.

CONTACT:  BLAGODATNE
          Ukraine, Odessa region,
          Rozdilnyanskij district, Limanske,
          Mehanichnij Lane, 2

          Mr. D. Pritula
          Liquidator/Insolvency Manager
          Ukraine, Odessa region,
          Bilyavskij district, Nerubajske,
          Kosmonavtiv Str. 4

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


DORSERVICE: Liquidator Takes over Operations
--------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Dorservice (code EDRPOU 32563924) on May 25,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-48/13-05.  Mr. V. Lipchanskij (License
Number AA 487799) has been appointed liquidator/insolvency
manager.  The company holds account number 26007293020000 at
JSCB UkrSibbank, MFO 351641.

CONTACT:  DORSERVICE
          61003, Ukraine, Harkiv region,
          Universitetskij Lane, 1

          Mr. V. Lipchanskij
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Druzhbi Narodiv Str. 267/192

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


DROGOBICH AUTO 14607: Bankruptcy Supervision Begins
---------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Drogobich Auto Transport-14607
(code EDRPOU 03114827) on April 12, 2005.  The case is docketed
as 6/25-4/10.  Mr. Ruslan Krivich (License Number AA 669649) has
been appointed temporary insolvency manager.  The company holds
account number 25559435 at JSPPB Aval, Lviv regional branch, MFO
325570.

CONTACT:  DROGOBICH AUTO TRANSPORT-14607
          Ukraine, Lviv region,
          Drogobich, Sambirska Str. 3

          Mr. Ruslan Krivich
          Temporary Insolvency Manager
          79060, Ukraine, Lviv region,
          Pulyuj Str. 21/42

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


EAST TRADE: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC East Trade (code EDRPOU 30877056)
on April 15, 2005.  The case is docketed as 20/61 b.  Mr. Dmitro
Naumov (License Number AA 719867) has been appointed temporary
insolvency manager.  The company holds account numbers
26004197478001 and 26003197478002 at CB Privatbank, Lugansk
branch, MFO 304795.

CONTACT:  EAST TRADE
          91011, Ukraine, Lugansk region,
          Radyanskih kosmonavtiv Str. 42-a

          Mr. Dmitro Naumov
          Temporary Insolvency Manager
          91057, Ukraine, Lugansk region,
          Sonyachnij quarter, 29/82

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


GLUHIV ENTERPRISE: Declared Insolvent
-------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Gluhiv Enterprise Agrotehservice (code
EDRPOU 03760473) on April 25, 2005 after finding the open joint
stock company insolvent.  The case is docketed as 6/127-04.  Mr.
Malyovanij Oleksandr (License Number AA 250426) has been
appointed liquidator/insolvency manager.

CONTACT:  GLUHIV ENTERPRISE AGROTEHSERVICE
          41400, Ukraine, Sumi region,
          Gluhiv, 40 Richya Peremogi Str. 42

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


HVT-UKRAINE: Bankruptcy Supervision Starts
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC HVT-Ukraine (code EDRPOU 30546373)
on May 25, 2005.  The case is docketed as B 26/50/05.  Mr. Vadim
Koloshin (License Number AA 779332) has been appointed temporary
insolvency manager.  The company holds account number
26008115137001 at CB Privatbank, MFO 305299.

CONTACT:  HVT-UKRAINE
          Ukraine, Dnipropetrovsk region,
          Dnipropetrovsk district, Doslidnij,
          Naukova Str. 1

          Mr. Vadim Koloshin
          Temporary Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          Robocha Str. 152/47

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


IMPULS-TEKOM: Court Appoints Insolvency Manager
-----------------------------------------------
The Economic Court of Sevastopol commenced bankruptcy
proceedings against Enterprise IMPULS-TEKOM (code EDRPOU
22287077) on May 16, 2005 after finding the joint enterprise
insolvent.  The case is docketed as 20-4/331-12/260-9/463.  Mr.
V. Korsakov has been appointed liquidator/insolvency manager.

CONTACT:  IMPULS-TEKOM
          99011, Ukraine, AR Krym region,
          Sevastopol, Vakulenchuk Str. 22

          Mr. V. Korsakov
          Liquidator/Insolvency Manager
          Ukraine, AR Krym region,
          Sevastopol, Buryak Str. 9/37

          ECONOMIC COURT OF SEVASTOPOL
          99011, AR Krym region,
          Sevastopol, Pavlichenko Str. 5


PIVDENNIJ BUG: Temporary Insolvency Manager Comes in
----------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on Joint-Stock Production-Trade Enterprise
Pivdennij Bug (code EDRPOU 05467748).  The case is docketed as
5/105.  Mr. Volodimir Kabanov (License Number AA 116167) has
been appointed temporary insolvency manager.  The company holds
account number 260014158 at JSPPB Aval, Mikolaiv regional
branch, MFO 326182.

CONTACT:  PIVDENNIJ BUG
          55200, Ukraine, Mikolaiv region,
          Pervomajsk, Chernetskij Str. 110

          Mr. Volodimir Kabanov
          Temporary Insolvency Manager
          Ukraine, Mikolaiv region,
          Kosmonavtiv Str. 144/12

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


SHANA-TRANS: Names Andrij Bondar Liquidator
-------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC SHANA-TRANS (code EDRPOU 20621419) on
May 23, 2005 after finding the limited liability company
insolvent.  The case is docketed as 25/2b-2005.  Mr. Andrij
Bondar has been appointed liquidator/insolvency manager.  The
company holds account number 26009410041981 at JSCB Ukrsozbank,
Kyiv region branch, MFO 321013.

CONTACT:  SHANA-TRANS
          07400, Ukraine, Kyiv region,
          Brovari, Chkalov Str. 17

          Mr. Andrij Bondar
          Liquidator/Insolvency Manager
          01110, Ukraine, Kyiv region, a/b 14

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


STAVIVSKE: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Stavivske (code EDRPOU 03754780) on April
21, 2005 after finding the limited liability company insolvent.
The case is docketed as 70/14 b-05.  Mr. Yurij Bilik (License
Number AA 783144) has been appointed liquidator/insolvency
manager.  The company holds account number 260084024 at JSPPB
Aval, MFO 321575.

CONTACT:  STAVIVSKE
          09200, Ukraine, Kyiv region,
          Kagarlitskij district, Stavi, Lenin Str. 106

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


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


ADBURY PARK: Creditors to Receive Final Report
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Adbury Park Estate Ltd.

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
Adbury Park Estate Ltd. will be held at PricewaterhouseCoopers
LLP, Lennox House, Beaufort Buildings, Spa Road, Gloucester GL1
1XD, on August 19, 2005, at 10:00 a.m. for the purposes
mentioned in section 146 of the said Act, that is receiving the
Liquidator's report of the winding-up, and determining whether
the Liquidator should have his release under section 174 of the
said Act.

G. Parr, Liquidator
July 8, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Lennox House
          Beaufort Buildings
          Spa Road
          Gloucester GL1 1XD
          Phone: [44] (1452) 332200
          Fax: [44] (1452) 874622
          Web site: http://www.pwcglobal.com


ADM RIDGESIDE: Calls in Administrators from RSM Robson
------------------------------------------------------
In the High Court of Justice No. 4458 of 2005

Company Name: ADM Ridgeside Limited

Company No.: 5006004

Nature of Business: Sale of Computers and Associated Products

Address of Registered Office: The Technology Factory, Stamford
Street, Sheffield, South Yorkshire S21 1SW

Date of Appointment: 6 July 2005

Joint Administrators' Names and Addresses: Geoffrey Paul Rowley
(IP No 8919), RSM Robson Rhodes LLP, 186 City Road, London EC1V
2NU and David Riley (IP No 8950), RSM Robson Rhodes LLP, Colwyn
Chambers, 19 York Street, Manchester M2 3BA


AL DOWNLOADING: Under Administration
------------------------------------
In the High Court of Justice (Chancery Division)
London No. 2842 of 2005

Company name: A.L. Downloading Services Limited

Company No.: 02421932

Nature of Business: Other Computer Related Activities

Trade Classification: 11

Date of Appointment: 10 May 2005

Administrator's Name and Address: Rina Rohilla (TC111), The
Richmond Partnership, 82-86 Sheen Road, Richmond, Surrey TW9 1UF


ASH MECHANICAL: Last Day for Filing Claims August 31
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Ash Mechanical Services Ltd.

We, Simon James Underwood and Paul David Williams, of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW,
give notice, in accordance with Rule 4.106(1) of the Insolvency
Act 1986, that we were appointed Joint Liquidators of Ash
Mechanical Services Ltd. on June 30, 2005.

Notice is hereby given that the Creditors of the Company, which
is being voluntarily wound up, are required, on or before August
31, 2005, to prove their debt by sending to Simon J Underwood,
of Menzies Corporate Restructuring, 17-19 Foley Street, London
W1W 6DW, written statements of the amounts they claim to be due
to them from the Company and, if so requested, to provide such
further details or produce such documentary evidence as may
appear to the Joint Liquidators to be necessary.  A Creditor who
has not proved their debt before the declaration of any Dividend
is not entitled to disturb, by reason that they have not
participated in it, the distribution of that Dividend or any
other Dividend declared before their debt was proved.

S. J. Underwood, Joint Liquidator
July 5, 2005

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


AURORA LAW: Appoints Administrators
-----------------------------------
In the Leeds District Registry No. 575 of 2005

Company Name: Aurora Law LLP

Company No.: OC310002

Nature of Business: Provision of Legal Services

Trade Classification: 34

Date of Appointment: 26 May 2005

Administrators' Names and Address: Michael Chamberlain and
Andrew Wilkinson (IP Nos 8735 and 9344), both of Chamberlain &
Co, Aireside House, 24-26 Aire Street, Leeds LS1 4HT


BATH KEY: Final Report Out September
------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Bath Key and Security Limited

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that Meetings of the Members and Creditors
of Bath Key and Security Limited will be held at 58 Queen
Square, Bristol BS1 4LF, on September 12, 2005, at 10:30 a.m.
and 11:00 a.m. respectively, for the purpose of receiving an
account of the winding-up.  Members and Creditors wishing to
vote at the respective Meetings must lodge their proofs of debt
and, unless they are attending in person, proxies at the office
of Begbies Traynor, 58 Queen Square, Bristol BS1 4LF, no later
than 12:00 noon on the day before the Meetings.

S. Haskew, Joint Liquidator
July 5, 2005

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax: 0117 922 0114
          E-mail: bristol@begbies-traynor.com
          Web site: http://www.begbies.com


BLAZE B2B: Holds Final Meeting Next Month
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Blaze B2B Limited

Notice is hereby given that Final Meetings of the Members and
Creditors of Blaze B2B Limited will be held at the offices of
KPMG LLP, on August 22, 2005, at 11:00 a.m. and 11:30 a.m.
respectively, for the purposes of having an account laid before
them by the Liquidator, pursuant to section 106 of the
Insolvency Act 1986, showing the manner in which the winding-up
of the Company has been conducted and the property of the
Company disposed of, and of hearing any explanation that may be
given by the Liquidator.

A Member or Creditor entitled to vote at the above Meetings may
appoint a proxy to attend and vote in the Member or Creditor's
stead.  It is not necessary for the proxy to be a Member or
Creditor.  Proxy forms must be returned to the offices of KPMG
LLP, 1 Waterloo Way, Leicester LE1 6LP (fax: 0116 256 6033) by
no later than 4:00 p.m. or 12:00 noon respectively on August 19,
2005.

A. W. Graham, Joint Liquidator
June 29, 2005

CONTACT:  KPMG LLP
          1 Waterloo Way
          Leicester LE1 6LP
          Phone: (0116) 256 6000
          Fax: (0116) 256 6050
          Web site: http://www.kpmg.co.uk


BRITISH AMERICAN: Closure Notice Angers Workers Union
-----------------------------------------------------
Labor union Amicus has reacted angrily to news of British
American Tobacco plc's decision to close its plant in
Southampton with a loss of 530 jobs.

Amicus said that although a review was being carried out on the
impact of a previous shift in production, they are angry that
the closure announcement was made by BAT without any prior
consultation or discussion with the union.

Five hundred and thirty production workers at BAT's cigarette
manufacturing plant in Southampton are to lose their jobs over
the next 18 to 24 months according to a statement issued by the
company.  Production is to be shifted to Switzerland and Eastern
Europe.

Amicus, the union representing the workforce at Southampton, is
meeting with the company on Friday to ask why the decision was
taken without consultation or discussion with unions or staff at
a senior level.

The union wants a review of the decision as part of the 90-day
consultation period.  They said the workers would consider every
option to retain production at the Southampton plant.

Amicus' National Officer, Iain MacLean, said: "This is
devastating news for the workers and their families.  BAT is one
of the biggest employers in Southampton and I am extremely
disappointed that the company has decided to end production at
the plant.

"These jobs are of high quality and are very important to the
local economy.  It is very sad that companies like BAT have
found it difficult to operate in the U.K. and that the meltdown
in manufacturing here is continuing.

"The Government tells us they are drawing new jobs into the
economy, but try telling that to the workers and their families
at BAT.  The Government must now put in place a proper package
of support and help for the workers, their families and the
local area."

Mike Budd, Amicus' Regional Officer, said: "BAT has been
conducting a review at the Southampton site but we never
expected that to result in closure.  BAT has said their decision
is down to reducing transportation costs but the savings they
will make by shifting production to Switzerland and the Far East
are minuscule.

"This is a company that makes GBP1.5 billion profit a year.
It's unbelievable that for sake of few pennies they would be
prepared to sacrifice their loyal and long-serving employees in
Southampton."

The company's decision to cease production at Southampton comes
after the announcement on June 2 that a quarter of its export
production was to be switched to Singapore and Korea as part of
a BAT cost-cutting exercise.

CONTACT:  AMICUS
          General Secretary,
          35 King Street,
          Covent Garden,
          London
          WC2E 8JG
          Phone: 020 8462 7755
          Fax: 020 8315 8234
          Web site: http://www.amicustheunion.org

          BRITISH AMERICAN TOBACCO PLC
          Globe House, 4 Temple Place
          London
          WC2R 2PG, United Kingdom
          Phone: +44-20-7845-1000
          Fax: +44-20-7240-0555
          Web site: http://www.bat.com


BRITISH AMERICAN: To Carry out Talks on Closure Plans
-----------------------------------------------------
Operating companies of British American Tobacco plc in the U.K.
and Ireland are to initiate consultations on proposals to cease
manufacture and transfer production elsewhere.

In the U.K., it is proposed that the Southampton factory will
close within 18-24 months.  Subject to consultations, this will
result in the loss of some 530 jobs, primarily in manufacturing.

About 450 jobs would remain on the Southampton site, within
Group R&D, British American Shared Services (BASS), and the U.K.
supply chain.  The company's tobacco processing plant in Corby,
Northamptonshire, is not affected.

In Ireland, P J Carroll & Co Ltd. is to consult on a proposal to
stop manufacturing at its cigarette factory in Dundalk, Co.
Louth, employing 66 people.

The announcement comes as a result of separate reviews into the
prospects for both factories.  Regrettably, both reviews have
concluded, subject to consultations, that there is no viable
future for either.

The Southampton operation, which manufactures primarily for
export, announced last month that 25% of its production would be
localized to factories in Singapore and Korea.

The Dundalk factory manufactures largely for the Irish market
and is currently operating at only 45% of its capacity.
Industry volumes in Ireland have been adversely affected by
increases in excise tax on cigarettes as well as the public
places smoking ban.

Allan Short, Head of UK&I Operations, which manages both
facilities said: "This is a very difficult time for all of us.
We intend to start consultations immediately, and we are
committed to doing all we can to mitigate the impacts of any job
losses.

"Regrettably higher costs in western Europe and the increasing
trend towards local production have combined to turn the tide
against our manufacturing operations in the U.K. and Ireland."

The proposals would create combined restructuring charges of
approximately GBP160 million, the majority of which, it is
anticipated, would be charged in 2005.  Annual savings, once
full benefits have been realized, would be approximately GBP40
million.

British American Tobacco, the world's second largest publicly
quoted tobacco group, does business in 180 markets.  Its
portfolio of more than 300 brands include leading international
brands such as Lucky Strike, Kent, Dunhill and Pall Mall.

The Group has 81 cigarette factories in 64 countries, producing
some 853 billion cigarettes in 2004 (including the make-your-own
cigarette 'stix').

The Group also has 9 Other Tobacco Products (OTPs) factories in
7 countries, which manufacture cigars, roll-your-own and pipe
tobacco.  The group, including associated companies, employs
more than 90,000 people worldwide.

UK & Ireland Operations, based in Southampton, manufactures and
supplies cigarettes for the home and export markets.  About 90%
of all production in the Southampton factory is for export,
mostly to countries outside the EU.  Key brands include Lucky
Strike, State Express 555, Dunhill and Rothmans.

British American Tobacco directly employs about 1,000 people at
its Southampton site, including 652 people within U.K.
operations.  This comprises some 530 in manufacturing, 80 in
supply chain and 40 in support services.

Also on site, the Group R&D center and the BASS organization --
which are not part of the U.K. Operations -- employ some 220 and
120 people respectively.

The factory has a fully installed capacity of up to 50 billion
cigarettes per year.  Current volume is approximately 24
billion. Future volume (following localization of some
production to the Far East, and implementation of the EU export
ban) would be below 14.5 billion.

British American Shared Services (BASS) -- based in Southampton
and Brussels -- provides finance transactional services (e.g.
invoice processing and general accounting) to markets in Western
Europe.  The Southampton branch deals with transaction
processing.

Meanwhile, PJ Carroll & Co Ltd. became part of British American
Tobacco following the 1999 merger with Rothmans International.
Its cigarette manufacturing facility in Dundalk, Co Louth,
Ireland, is managed by UK&I Operations.  Key brands include
Carroll's No 1, Major and Sweet Afton.  It currently makes about
0.8 billion cigarettes per year.

CONTACT:  BRITISH AMERICAN TOBACCO PLC
          Globe House, 4 Temple Place
          London
          WC2R 2PG, United Kingdom
          Phone: +44-20-7845-1000
          Fax: +44-20-7240-0555
          Web site: http://www.bat.com


BROADBENT STANLEY: Appoints Kroll Administrator
-----------------------------------------------
In the High Court of Justice (Chancery Division)
Leeds District Registry No. 728 of 2005

Company Name: Broadbent Stanley Machine Tools Limited

Company No.: 04084020

Nature of Business: Other Business Activities

Address of Registered Office: Station Road, Sowerby, Halifax,
West Yorkshire HX6 3LA

Trade Classification: 7487

Date of Appointment: 4 July 2005

Joint Administrators' Names and Address: Charles Peter Holder
and Stuart Charles Edward Mackellar (IP Nos 9093 and 6883), both
of Kroll Limited, Wellington Plaza, 31 Wellington Street, Leeds
LS1 4DL


CENTRAL CONTRACTORS: Creditors Meeting Set Today
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Central Contractors Scotland Limited
                        (In Liquidation)

I, Alan C. Thomson, C.A., of Thomson Cooper, 3 Castle Court,
Carnegie Campus, Dunfermline KY11 8PB, hereby give Notice that I
was appointed Interim Liquidator of Central Contractors Scotland
Limited on June 3, 2005, by Interlocutor of the Lord Ordinary at
the Court of Session.

Notice is also given pursuant to Section 138(4) of the
Insolvency Act 1986 and Rule 4.12 of The Insolvency (Scotland)
Rules 1986, as amended by the Insolvency (Scotland) Amendment
Rules 1987, that the First Meeting of Creditors of Central
Contractors Scotland Limited will be held within the offices of
Thomson Cooper, 3 Castle Court, Carnegie Campus, Dunfermline
KY11 8PB on July 15, 2005 at 10:30 a.m. for the purpose of
choosing a Liquidator and determining whether to establish a
Liquidation Committee.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below.  A Resolution
will be passed when a majority of those voting have voted in
favor of it.  For the purposes of formulating claims, Creditors
should note that the date of commencement of the liquidation is
June 3, 2005.

Alan C. Thomson, C.A., Interim Liquidator
June 30, 2005

CONTACT:  THOMSON COOPER
          Castle Court
          Carnegie Campus
          Dunfermline
          Fife KY11 8PB
          Phone: 01383 722815


CENTRAL REWINDS: Final Creditors Meeting Set August
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Central Rewinds & Electrical Serv's

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of Creditors of
Central Rewinds & Electrical Serv's will be held at Baker Tilly,
Elgar House, Holmer Road, Hereford HR4 9SF, on August 18, 2005,
at 10:00 a.m. for the purpose of receiving the Liquidator's
report of the winding-up and determining whether the Liquidator
should have his release under section 174 of the said Act.  A
Creditor entitled to attend and vote at the Meeting may appoint
a proxy to attend and vote instead of him or her.  Proxies for
use at the Meeting must be lodged at the address below, no later
than 12:00 noon on the day before the Meeting.

E. F. Hunt, Liquidator
July 7, 2005

CONTACT:  BAKER TILLY
          Elgar House
          Holmer Road
          Hereford HR4 9SF
          Phone: 01432 352222
          Fax: 01432 269367
          Web site: http://www.bakertilly.co.uk


CLOCKWORK WEB: Liquidator Calls Final Meeting
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Clockwork Web Limited

Notice is hereby given that the Final Meetings of Members and
Creditors of Clockwork Web Limited will be held at the offices
of Grant Thornton U.K. LLP, 43 Queen Square, Bristol BS1 4QR, on
August 9, 2005, at 10:30 a.m. and 10:45 a.m. respectively, for
the purposes of having an account laid before them by the
Liquidator (pursuant to section 106 of the Insolvency Act 1986)
showing the manner in which the winding-up of the Company has
been conducted and the property of the Company disposed of, and
of hearing any explanation that may be given by the Liquidator.

A Member or Creditor entitled to attend and vote at the Meetings
may appoint a proxy to attend and vote in his place.  It is not
necessary for the proxy to be a Member or Creditor.  Proxy forms
must be returned to the offices of Grant Thornton, 43 Queen
Square, Bristol BS1 4QR, no later than 12:00 noon on August 8,
2005.

A. D. Conquest, Joint Liquidator
July 5, 2005

CONTACT:  GRANT THORNTON U.K. LLP
          43 Queen Square
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 926 5458
          Web site: http://www.grant-thornton.co.uk


COSTAIN GROUP: Fitch Withdraws Ratings
--------------------------------------
Fitch Ratings has affirmed U.K.-based Costain Group Plc's Senior
Unsecured and Short-term 'B' ratings and simultaneously
withdrawn them.  Fitch will no longer provide ratings or
analytical coverage of this issuer.

                            *   *   *

In May, Fitch Ratings affirmed Costain Group Plc's ratings at
Senior Unsecured 'B' and Short-term 'B'.  The Outlook is Stable.
The ratings reflected Costain's established market position in
the U.K. engineering and construction sector, and the progress
management have made in adopting a more risk-averse business
model.

Costain collapsed under heavy debt in the mid 1990s after
venturing into U.S. mining.  It is still trying to recover, with
its first dividend in years expected this year or next.  Its
core U.K. business reported a GBP10.5 million profit last year
after plunging into a 5 million loss in 2000.

The company has moved into asset management of water utilities
from civil engineering. In April, the board of Costain passed a
special resolution to reduce the share capital of the company
and cancel premium account.

CONTACT:  FITCH RATINGS
          Alex Herbert, London
          Phone: +44 (0) 20 7417 6334
          Monica Klingberg Insoll
          Phone: +44 (0) 20 7417 4281
          Web site: http://www.fitchratings.com

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


COSTAIN GROUP: Artemis Ups Stake to Over 3%
-------------------------------------------
Costain Group plc has been notified that Artemis U.K. Growth
Fund has increased its shareholding in the Company to 13,538,274
ordinary shares equivalent to 3.83% of the issued share capital.

The date on which the transaction was effected is not known.
Costain has also been notified that UBS AG, acting through its
business group and legal entities, has increased the number of
ordinary shares it holds in the Company to 10,936,952 ordinary
shares equivalent to 3.10% of the issued share capital of the
Company.  The date on which the transaction was effected is not
known.

                            *   *   *

In May, Fitch Ratings affirmed Costain Group Plc's ratings at
Senior Unsecured 'B' and Short-term 'B'.  The Outlook is Stable.
The ratings reflected Costain's established market position in
the U.K. engineering and construction sector, and the progress
management have made in adopting a more risk-averse business
model.

Costain collapsed under heavy debt in the mid 1990s after
venturing into U.S. mining.  It is still trying to recover, with
its first dividend in years expected this year or next.  Its
core U.K. business reported a GBP10.5 million profit last year
after plunging into a 5 million loss in 2000.

The company has moved into an asset manager for water utilities
from being a civil engineer. In April the board of Costain
passed a special resolution to reduce the share capital of the
company and cancel premium account.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444

          COLLEGE HILL
          Mark Garraway
          Matthew Gregorowski
          Phone: 020 7457 2020


DALERI LIMITED: Gives Creditors Until September to File Claims
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Daleri Limited

Notice is hereby given that the Creditors of Daleri Limited are
required, on or before September 1, 2005, to send their names
and addresses and particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to Andrew John
Pepper, the Joint Liquidator of the said Company, at Kroll, 10
Fleet Place, London EC4M 7RB, and, if so required by notice in
writing from the said Liquidator, by their Solicitors or
personally, to come in and prove their said debt or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debt are proved.

M. D. Rollings, Joint Liquidator
July 4, 2005

CONTACT:  KROLL EUROPE
          10 Fleet Place
          London EC4M 7RB
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


DESIGNER DECORATING: Winding-up Report Out Next Week
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Designer Decorating (U.K.) Ltd.

I, James Inglis Smith, Chartered Accountant, Suite 412, Baltic
Chambers, 50 Wellington Street, Glasgow, G2 6HJ, pursuant to
Section 105 of the Insolvency Act 1986, and Rule 4.13 of the
Insolvency (Scotland) Rules 1986, that an Annual Meeting of
Creditors of Designer Decorating (U.K.) Ltd. will be held in the
offices of Smith Inglis Ltd. Suite 412, Baltic Chambers, 50
Wellington Street, Glasgow, on July 22, 2005 at 12:00 noon, for
the purpose of receiving the liquidator's account of the
winding-up during the preceding year.

James Inglis Smith, Liquidator
June 24, 2005

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

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


FG FINCH: Liquidator's Report Out Mid-August
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF FG Finch Limited

Notice is hereby given that Final Meetings of the Members and of
the Creditors of the FG Finch Limited will be held at the
offices of KPMG, Arlington Business Park, Theale, Reading RG7
4SD, on August 15, 2005, at 10:30 a.m. and 11:00 a.m.
respectively, for the purposes of having an account laid before
them by the Liquidator, pursuant to section 106 of the
Insolvency Act 1986, showing the manner in which the winding-up
of the Company has been conducted and the property of the
Company disposed of, and of hearing any explanation that may be
given by the Liquidator.

A Member or Creditor entitled to vote at the above Meetings may
appoint a proxy to attend and vote in the Member or Creditor's
stead.  It is not necessary for the proxy to be a Member or
Creditor.  Proxy forms must be returned to the offices of KPMG
Corporate Recovery, Arlington Business Park, Theale, Reading RG7
4SD, fax +44 (0) 118 3731420, no later than 12:00 noon on August
12, 2005.

R. J. Hill, Liquidator
July 6, 2005

CONTACT:  KPMG LLP
          Arlington Business Park
          Theale
          Reading RG7 4SD
          Phone: (0118) 9642000
          Fax: (0118) 9642222
          Web site: http://www.kpmg.co.uk


HALL & BROWN: Creditors to Meet Next Week
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Hall & Brown Limited

I, Gerald Maurice Krasner, of Bartfields (U.K.) Limited, Burley
House, 12 Clarendon Road, Leeds LS2 9NF, give notice that I have
been duly appointed Liquidator of Hall & Brown Limited by the
Secretary of State on June 8, 2005.  All persons having in their
possession any of the effects of the Company must deliver them
to me, and all debt due to the Company must be paid to me.

Creditors who have not proved their debt must forward
particulars of their claim to me by September 8, 2005. Under
section 141 of the Insolvency Act 1986, I am required to give
notice that it is my intention to call a Meeting of Creditors on
July 22, 2005, at 2:00 p.m. at this office, for the purposes of
establishing a Creditors' Committee and approving the Resolution
that the Liquidator's fees and disbursements (category 1 & 2)
may be drawn on the basis of time spent by the Liquidator and
staff in attending to matters which may arise during the
administration of the liquidation.  Should any Creditor wish to
be represented on the Committee they should send me a letter of
confirmation.

G. M. Krasner, Liquidator
July 4, 2005

CONTACT:  BARTFIELDS (U.K.) LIMITED
          Burley House
          12 Clarendon Road
          Leeds LS2 9NF
          Phone: 0113 2449051
          Fax: 0113 2420098
          E-mail: info@bartfield.co.uk
          Web site: http://www.bartfield.co.uk


IM3D LIMITED: Calls in Administrators
-------------------------------------
In the High Court of Justice (Chancery Division)
Manchester District Registry No. 1573 of 2005

Company Name: IM3D Limited

Company No.: 04769095

Nature of Business: Manufacturing of Plastic Products

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

Date of Appointment: 1 July 2005

Joint Administrators' Names and Address: Kerry Bailey and
Jonathan D Newell (IP Nos 8780 and 6419), both of Sovereign
House, Queen Street, Manchester M2 5HR


INDEPENDENT COURIER: Hires Administrator from Sanderlings
---------------------------------------------------------
In the High Court of Justice (Chancery Division)
Birmingham District Registry No. 2456 of 2005

Company Name: Independent Courier Services Limited

Company No.: 05079261

Nature of Business: Courier Services

Address of Registered Office: 4 Camwal Road, St Phillips,
Bristol BS2 0UZ

Date of Appointment: 25 May 2005

Administrators' Names and Address: Paul John Webb (Office Holder
No 9306) of Sanderlings LLP, Sanderling House, 1071 Warwick
Road, Acocks Green, Birmingham B27 6QT


INNER CIRCLE: Liquidator Seeks Release
--------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Inner Circle Services Limited

A Meeting of Creditors has been summoned by the Liquidator under
section 146 of the Insolvency Act 1986 for the purpose of
determining whether the Liquidator should have his release under
section 172 of the Insolvency Act 1986.  The Meeting will be
held at Begbies Traynor, 32 Cornhill, London EC1V 3BT, on August
12, 2005, at 10:00 a.m.

A proxy form must be lodged with me not later than 12:00 noon on
the day before the Meeting to entitle you to vote by proxy at
the Meeting, together with a completed proof of debt form if you
have not already lodged one.

N. R. Hood, Liquidator
July 5, 2005

CONTACT:  BEGBIES TRAYNOR
          32 Cornhill
          London EC3V 3BT
          Phone: 020 7398 3800
          Fax: 020 7398 3799
          E-mail: london@begbies-traynor.com
          Web site: http://www.begbies.com


IRVINE BROS: Appoints Begbies Traynor Administrator
---------------------------------------------------
In the High Courts of Justice (Chancery Division)
Manchester District Registry No. 1588 of 2005

Company Name: Irvine Bros Limited

Company No.: 03343428

Nature of Business: Maintenance and Repair of Vehicles

Trade Classification: 46

Date of Appointment: 5 July 2005

Administrators' Names and Address: D Bailey and G N Lee (IP Nos
006739 and 009204), both of Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP


JENFLOW LIMITED: Joint Liquidators Call Creditors Meeting
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Jenflow Limited

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Meeting of the Creditors of Jenflow
Limited will be held at KPMG, 4 Lakeside, Festival Park, Stoke
on Trent ST1 5RY, on September 30, 2005, at 10:15 a.m. for the
purposes of receiving the report of the Joint Liquidators of the
winding-up and determining whether the Joint Liquidators should
have their release under section 174 of the Insolvency Act 1986.

Proxy forms, if applicable, must be lodged at KPMG Corporate
Recovery, KPMG, 4 Lakeside, Festival Park, Stoke on Trent ST1
5RY, not later than 12:00 noon on September 29, 2005.

P. Bateman, Joint Liquidator
July 8, 2005

CONTACT:  KPMG LLP
          4 Lakeside
          Festival Park
          Stoke-on-Trent ST1 5RY
          Phone: (01782) 216 363
          Fax: (01782) 216 373
          Web site: http://www.kpmg.co.uk


J SAINSBURY: Reveals New Incentive Scheme
-----------------------------------------
In his opening remarks at the J Sainsbury plc's Annual General
Meeting, Chairman Philip Hampton outlined the progress made by
the company over the past year.

He stressed that a key part of Sainsbury's strategy is going
back to the basics of the brand, offering customers outstanding
food and great value for money.  By rebuilding the business
around this principle, the company will be able to create long-
term shareholder value.

Mr. Hampton said: "When I started at Sainsbury's, the first
priority was the stabilization of the company to enable Justin
King and his team to concentrate on running the business well.
It has been my job to ensure there have been no distractions.

"My Board colleagues and I believe that Justin King and his
management team are the right people and they are doing the
right things.  We believe the plan outlined last October is
exactly the right way to return Sainsbury's to long-term
sustainable profitability.

"However, there is no point in having great plans if you can not
make them work.  The Board believes that incentives are vital to
the delivery of these plans.  Last year, the management team had
limited or no financial incentives linked to the interests of
the shareholders.  The Board decided that we needed a new
incentive plan, firmly tied to growth in both sales and profits.

"We consulted widely in the design of a new incentive scheme:
one that covers around 1,000 colleagues and includes all our
supermarket store managers.  Everyone will be judged by the same
strict and stretching criteria.

"Full details of the scheme were included in my letter and in
our Report and Accounts.  The maximum level of payout will only
be achieved if the management team delivers a level of growth
not seen at Sainsbury's for more than a decade.  Clearly if this
is achieved it will also be good news for all shareholders.
There will be no payments for failure; if profits and sales do
not grow, the incentives are worthless.  The Board sees this
scheme as an integral part of our recovery."

CONTACT:  J SAINSBURY PLC
          33 Holborn
          London EC1N 2HT
          Phone: +44-20-7695-6000
          Fax: +44-20-7695-7610
          Web site: http://www.j-sainsbury.co.uk

          Investor relations
          Roger Matthews
          Lynda Ashton
          Phone: +44 (0) 20 7695 7162

          Media Relations
          Pip Wood
          Gilian Taylor
          Phone: +44 (0) 20 7695 6127


KGR LEISURE: Calls in Administrators
------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No. 4025 of 2005

Company Name: KGR Leisure Limited

Company No.: 4233040

Nature of Business: Hotels and Motels with (or without)
Restaurant

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

Date of Appointment: 4 July 2005

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


KNICKERBEAN LIMITED: Textile Retailer Under Administration
----------------------------------------------------------
In the Cambridge County Court No. A/D 5 of 2005

Company Name: Knickerbean Limited

Company No.: 02418297

Nature of Business: Retail Sale of Textiles

Address of Registered Office: The Old Rectory, Euston, Thetford,
Norfolk IP24 2QL

Date of Appointment: 7 July 2005

Administrators' Names and Addresses: Ian Stewart Carr (IP No
8741), Grant Thornton U.K. LLP, Byron House, Cambridge Business
Park, Cowley Road, Cambridge CB4 0WZ, and Andrew David Conquest
(IP No 5329), Grant Thornton U.K. LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP


MG ROVER: Govt Nears Deal with Phoenix Over Workers' Pension
------------------------------------------------------------
Chances are high that MG Rover's parent, Phoenix Venture
Holdings, will reach a deal with the pensions regulator that
could guarantee the pensions of former employees.

The pensions of some 6,500 former workers have been rendered
uncertain since the British carmaker collapsed in April, partly
because the company's pension scheme has a GBP495 million hole.
But the government's new Pension Protection Fund could solve all
this but a deal must be reached with Phoenix.

The PPF, according to the Evening Gazette, can pay a maximum of
90% of an individual's pension.  In the case of MG Rover,
however, former employees and retirees must scale back their
pension entitlements to qualify for the program.  Also, Phoenix
Venture must pay into the pension scheme an amount that is now
the subject of negotiations between Phoenix and the independent
trustee appointed by the regulator.

Independent Trustee Services (ITS) confirmed to The Guardian in
a separate report that it has been negotiating with Phoenix
about the right amount to pay into the pension scheme.

"While there are a couple of hurdles to overcome, we are now
confident we will be in a position formally to confirm entry to
an assessment period in the near future," ITS Managing Director
Chris Martin said.

The first pension payouts from the PPF could begin within weeks,
reports say.

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


MG ROVER: Millennium Dome Savior Still Pursuing Rescue Offer
------------------------------------------------------------
David James, the 67-year-old physician who approached MG Rover
with a takeover offer over the weekend, is not giving up yet,
The Guardian said Tuesday.

Mr. James hopes to either restart talks with Chinese partner
SAIC or prod the government to back his effort.  His offer
unraveled Sunday because of SAIC's "reluctance to provide a
guarantee that it would buy former MG Rover assets from the
consortium in a year's time," the paper said.

"A guarantee would have allowed Mr. James and his colleagues to
get the working capital they required by bank borrowing," The
Guardian said.

Mr. James is now looking to the government to provide the
guarantee.  He told the paper he is urgently seeking talks with
the Department of Trade and Industry to allow his Project Kimber
consortium, composed of Birmingham businessmen, to raise working
capital.

"You have to keep pushing and shoving to get where you want to
go," Mr. James, who previously led the rescue of the Millennium
Dome told The Guardian.

"We have not accepted we are out.  We are quite determined that
there is still a dialogue to be had [with SAIC] if we can press
the right buttons," he added.

Mr. James entered into exclusive talks with PwC Saturday
morning, but by Sunday afternoon, the deal was off.  Under his
plan, SAIC would acquire the Powertrain engines and
transmissions business of MG Rover.  Powertrain would then
supply the MG TF sports car operation, which would be acquired
by the consortium.

Observers believe, however, that the main battle for MG Rover is
between SAIC and another Chinese carmaker Nanjing Auto.  A
Guardian source on Monday said Nanjing's plan involves design,
engineering and manufacturing in the West Midlands.  This will
reportedly require the rehiring of some 2,000 former Rover
workers.

"We are bidding for all the assets but we are not talking about
shipping all the assets to China.  Nanjing wants a global
presence and this is a key step," said the source who refused to
be named.

Nanjing's offer is reportedly attractive to both PwC and the
government because SAIC's offer is limited and it forces
administrators to find buyers for the remaining assets.

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


MIDLAND'S ESTATE: Falls into Administration
-------------------------------------------
In the Gloucester County Court No. CWU 14 of 2005

Company Name: Midland's Estate Agency Limited

Company No.: 03839807

Address of Registered Office: 100 Northgate Street, Gloucester
GL1 1SL

Nature of Business: Real Estate Agency

Trade Classification: 7031

Date of Appointment: 27 April 2005

Administrator's Name and Address: Philip John Gorman (Office
Holder No 8069), Hazlewoods, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT


M.I.P. LIMITED: Appoints Sanderlings Administrator
--------------------------------------------------
In the High Court of Justice (Chancery Division)
Birmingham District Registry No. 2517 of 2005

Company Name: M.I.P LIMITED

Company No.: 01767369

Nature of Business: Property Leasing

Address of Registered Office: M.I.P Limited, Park Lane,
Halesowen, West Midlands B63 2RE

Trade Classification: 7020

Date of Appointment: 13 June 2005

Administrator's Name and Address: Andrew Fender (Office Holder
No 6898), Sanderlings LLP, Sanderling House, 1071 Warwick Road,
Acocks Green, Birmingham B27 6QT


MPC PLASTICS: Under Administration
----------------------------------
In the High Court of Justice (Chancery Division)
Birmingham District Registry No. 2457 of 2005

Company Name: MPC Plastics (Mouldings) Limited

Company No.: 01348682

Nature of Business: Manufacture of Plastic Products

Trade Classification: 2524

Registered Office: 61 Enfield Industrial Estate, Redditch,
Worcestershire B97 6DE

Date of Appointment: 12 May 2005

Administrators' Names and Address: Andrew Fender (Office Holder
No 6898) of Sanderlings LLP, Sanderling House, 1071 Warwick
Road, Acocks Green, Birmingham B27 6QT


NEEDHAM & CULLEN: Construction Firm Appoints Administrators
-----------------------------------------------------------
In the High Court of Justice, Birmingham No. 2425 of 2005

Company Name: Needham & Cullen Road Services Ltd.

Company No.: 02672349

Address of Registered Office: Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB

Nature of Business: Road Construction

Date of Appointment: 29 April 2005

Administrators' Name and Address: Nigel Price and Colin Prescott
(Office Holder Nos 8778 and 9056), both of Moore Stephens
Corporate Recovery, 94-96 Newhall Street, Birmingham B3 1PB


NETWORK RAIL: Fitch Affirms Ratings on Note Programs
----------------------------------------------------
Fitch Ratings has affirmed its ratings for these Network Rail-
related financings:

(a) Network Rail CP Finance PLC's GBP4 billion commercial paper
    (CP) program: 'F1+';

(b) Network Rail MTN Finance PLC's GBP10 billion medium term
    note program: 'AAA'; and

(c) Network Rail Infrastructure Finance PLC's GBP20 billion debt
    issuance program: 'AAA'/'F1+'.

As at 31 March 2005, GBP14.3 billion of notes were outstanding
under the above funding programs.

These affirmations follow the implementation of a scheme dated
26 June 2005 transferring the property, rights and liabilities
of the Strategic Rail Authority, in relation to the above
Network Rail-related financings, to the Secretary of State for
Transport.  Consequently, the SRA's various obligations under
these program have been assumed by the SofS whose liabilities
are sovereign obligations of the U.K. and, as such, are rated
'AAA'/'F1+' with a Stable Outlook.

The prospective winding-up of the SRA was anticipated in the
documentation of the debt issuance program launched in November
2004 and revised documentation for the CP program.  Thus, in the
event of a transfer of the SRA's obligations, the substitute
provider had to be a Crown Body.

Network Rail CP Finance PLC is a special purpose vehicle wholly
owned by Network Rail Ltd., the holding company of the national
rail infrastructure group.  This CP issuer on-lends raised
amounts to Network Rail Infrastructure Ltd. (the licensee and
owner of the U.K.'s rail network).  The rating of this program
benefits from a direct agreement and a timely liquidity facility
totaling GBP4 billion, now from the SofS, relating to mechanisms
whereby, under certain circumstances, the notes can be put to,
or called by, the SofS.

Network Rail MTN Finance plc is an orphan special purpose
vehicle that on-lends amounts to Network Rail Infrastructure
Ltd.  Similar to the CP program, this transaction benefits from
a direct agreement and a timely liquidity facility totaling
GBP10bn, now from the SofS, for similar put and call mechanisms.
No more notes are expected to be issued under this program.

Network Rail Infrastructure Finance PLC is also an orphan
special purpose vehicle that on-lends amounts to Network Rail
Infrastructure Ltd.  The servicing and ultimate payment of this
entity's bonds benefit from a financial indemnity, now assumed
by the SofS.  This funding is expected to be the main vehicle
for the Network Rail group for the foreseeable future.

More details on the bonds under each program can be obtained on
the agency's subscription Web site http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          John Hatton, London
          Phone: +44 (0)20 7417 4283
          Philip Walsh
          Phone: +44 (0)20 7417 3556

          Alex Clelland, London
          Phone: +44 20 7862 4084


PLAISTOW PRESS: Proofs of Claim Deadline Set Next Month
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF THE Plaistow Press Limited

In accordance with Rule 4.106 of the Insolvency Rules 1986,
notice is hereby given that I, R L H Knight, of Vantis Business
Recovery, The White Cottage, 19 West Street, Epsom, Surrey KT18
7BS, was appointed Liquidator of the Plaistow Press Limited by
the Members on July 1, 2005.

Notice is hereby given that the Creditors of the Company, which
is being voluntarily wound up, are required, on or before August
5, 2005, to send in their full names, their addresses and
description, full particulars of their debt or claims and the
names and addresses of their Solicitors, if any, to the
undersigned, R L H Knight, of The White Cottage, 19 West Street,
Epsom, Surrey KT18 7BS, the Liquidator of the Company, and, if
so required by notice in writing from the said Liquidator, are,
personally or by their Solicitors, to come in and prove their
debt or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debt are
proved.

R. L. H. Knight, Liquidator
July 1, 2005

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage
          19 West Street
          Epsom KT18 7BS
          Phone: 01372 743 816
          Fax: 01372 720 940
          E-mail: epsom@vantisplc.com
          Web site: http://www.vantisplc.com


POLASTAR SAFETY: Appoints Administrator from Sanderlings
--------------------------------------------------------
In the High Court of Justice, Chancery Division
Birmingham District Registry No. 2385 of 2005

Company Name: Polastar Safety Systems Limited

Company No.: 04400077

Address of Registered Office: 1 Lancaster Place, Strand, London
WC2E 2EB.

Nature of Business: Safety Lighting Products and Systems

Trade Classification: 7484

Date of Appointment: 18 April 2005

Administrator's Name and Address: Andrew Fender (Office Holder
No 6898), Sanderlings LLP, Sanderling House, 1071 Warwick Road,
Acocks Green, Birmingham B27 6QT


PROFIAD LIMITED: Calls in Joint Administrators
----------------------------------------------
In the Reading County Court No. 66 of 2005

Company Name: Profiad Limited

Company No.: 03237523

Nature of Business: Provision of Clinical Trial Services

Trade Classification: 40

Date of Appointment: 1 July 2005

Administrators' Names and Address: Gareth Wyn Roberts and Paul
William Ellison (IP Nos 1162 and 7254), both of Hurst Morrison
Thomson Corporate Recovery LLP, 5 Fairmile, Henly-on-Thames,
Oxfordshire RG9 2JR


QXL RICARDO: To Post Quarterly Results Next Week
------------------------------------------------
QXL Ricardo plc will announce its results for the quarter ended
30 June 2005 on Thursday, 21 July 2005.

                            *   *   *

In June, QXL Ricardo revealed that its operating loss
(excluding exceptional items and goodwill) has decreased 90% to
GBP368,000, compared to GBP3.51 million for the year ended 31
March 2004.

It also registered a 79% drop on its loss on ordinary activities
before taxation, posting a loss of GBP1.35 million compared to
GBP6.47 million the year earlier.

CONTACT:  QXL RICARDO PLC
          The Matrix Complex
          91 Peterborough Road
          London SW6 3BU
          Contact:
          Mark Zaleski, Chief Executive Officer
          Robert Dighero, Chief Financial Officer
          Tom Parkinson, Company Secretary
          Phone: +44 (0)20 7384 6310

          Financial Dynamics
          James Melville-Ross
          Juliet Clarke
          Phone: +44 (0)20 7831 3113


SIGNFORCE: Liquidator to Present Report August
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                    IN THE MATTER OF Signforce

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986 and Rule 4.125 of the Insolvency Rules, that
a Final Meeting of the Creditors of Signforce will be held at
the offices of Haines Watts, Canterbury House, 85 Newhall
Street, Birmingham B3 1LH, on August 11, 2005, at 10:00 a.m. for
the purposes of receiving the Liquidator's report on the
winding-up and determining whether the Liquidator should have
his release under section 174 of the Insolvency Act 1986.  A
Creditor entitled to attend and vote at the Meeting may appoint
a proxy to attend and vote instead of him or her.  Proxies to be
used at the Meeting must be lodged at the address shown above no
later than 12:00 noon on August 10, 2005.

J. D. Travers, Liquidator
July 5, 2005

CONTACT:  HAINES WATTS
          71 Francis Road
          Edgbaston
          Birmingham B16 8SP
          Phone: 0121 456 1613
          Fax: 0121 456 1614
          Web site: http://www.hwca.com


SPIRENT PLC: To Reveal Half-year Figures Next Month
---------------------------------------------------
Spirent plc will release its interim results for the first half
of 2005 on Thursday, 11 August 2005, before the opening of the
U.K. market.

The Company will host a results presentation at 9:00 a.m. U.K.
time on Thursday, 11 August 2005.  A simultaneous Web cast of
the presentation will be available on the Spirent plc's Web site
at
http://www.spirent.com.

                            *   *   *

Some 180 workers at a division of Spirent plc could lose their
jobs as part of the firm's restructuring measures. This came
after Spirent warned in April that its Service Assurance
business could post an operating loss of about GBP10 million in
the first half of 2005.  The slowdown on customers delaying
capital spending, and the latest mergers among telecommunication
firms in the U.S. were blamed for the outcome.

The company revealed the restructuring could result to
annualized cost savings of about GBP8 million, of which GBP3
million will affect the second half of 2005.  It will also bring
in a one-time charge of around GBP2 million, which involves cash
of GBP1.3 million, in the first half of this year.  The figures
come on top of the GBP3 million charge that the company
disclosed in April.

CONTACT:  SPIRENT PLC
          Spirent House
          Crawley Business Quarter
          Fleming Way
          Crawley
          West Sussex RH10 9QL
          Phone: +44 (0)1293 767676
          Fax: +44 (0) 1293 767677
          E-mail: media@spirent.com

          Rupert Young
          Brunswick Group Limited
          16 Lincoln 's Inn Fields
          London WC2A 3ED
          Phone: +44 (0)20 7404 5959
          E-mail: ryoung@brunswickgroup.com


WATERFORD WEDGWOOD: Appoints New Chief Executive
------------------------------------------------
Waterford Wedgwood plc, the international luxury goods company,
Has appointed Moira Gavin as Chief Executive at Wedgwood, its
English fine bone china subsidiary.

Ms. Gavin, 48, currently the President of Wedgwood U.S.A., will
take over from Tony O'Reilly Jr. who is leaving his positions as
Chief Executive at Wedgwood and as a Director of the Group to
take up the role of Chief Executive Officer at Providence
Resources plc, the oil and gas exploration and production
company.

Mr. O'Reilly was appointed Deputy Chief Executive of the
Wedgwood Group in 2001, becoming Chief Executive a year later.
The change will be effective from September 1.

Ms. Gavin started her career as a buyer at Macy's, the American
department store company.  She joined Waterford Wedgwood Group
in 1987 and worked in a number of positions before leaving in
June 1997 to take a senior position at Lenox, the U.S. tableware
company.  She rejoined the Group in November 2001 and was
appointed President of Wedgwood USA in 2002.  She has since been
responsible for building Wedgwood in America into one of the top
brands in its sector. She has also been responsible for forging
the company's highly successful collaboration with designer Vera
Wang.

Ms. Gavin said: "It is a great honor to take over responsibility
for this globally admired and important business as it prepares
to celebrate the 250th anniversary of its foundation by Josiah
Wedgwood in 1759.  Tony O'Reilly has left Wedgwood with a legacy
of reduced costs and a design-led culture. I will further
develop and contemporize our offering so that the achievements
of our predecessors will fuel the successes of our future.

"I believe that, following the acquisition of Royal Doulton,
Wedgwood is well positioned for future growth.  I look forward
to continuing the culture of excellence."

Peter Cameron, Chief Operating Officer, said: "Tony has made a
terrific contribution to restructuring Wedgwood and the English
fine bone china industry over the past four years, including
leading the recent acquisition of Royal Doulton.  He leaves with
our gratitude and best wishes.  We have a rich bank of talent
within the Group and I feel fortunate that we can benefit from
Moira's leadership skills as well as her unique talents in sales
and marketing.  She will play a key role in the months and years
ahead."

                            *   *   *

As reported by TCR-Europe on May 6, Waterford Wedgwood is
proposing a fully underwritten rights issue to raise
approximately EUR100 million through the issue of 1.7 billion
New Stock Units at EUR0.06 each.  The proceeds will be used to
finance a major restructuring program which is expected to cost
around EUR90 million, including EUR6.5 million which has already
been spent.  Targeted annualized cost savings from the
restructuring program are EUR90 million.  The proceeds of the
Rights Issue will also improve the Group's liquidity.

CONTACT:  WATERFORD WEDGWOOD PLC
     Barlaston, Stoke-on-Trent
          Staffordshire
          United Kingdom
          Phone: +44 (0)1782 282686
          Fax: +44 (0)1782 204666
          E-mail: marni.shapiro@waterfordwedgwood.com
          Web site: http://www.waterfordwedgwood.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
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